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<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 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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: 0pt 0; 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: 0pt 0; text-align: center"><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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
<span id="xdx_906_edei--DocumentType_c20230101__20231231_ziHuQZkM1ut7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000015" name="dei:DocumentType">20-F</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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: 0pt 0; 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: 0pt 0; text-align: center"><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 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Mark
One)</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--DocumentRegistrationStatement_c20230101__20231231_zDAIqzrlt4cl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000016" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric></span></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>REGISTRATION
                                            STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_903_edei--DocumentAnnualReport_c20230101__20231231_zFrWnwYVuIl2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000017" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric></span></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>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: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the fiscal year ended <span id="xdx_903_edei--DocumentPeriodEndDate_c20230101__20231231_zkLVeiXZv5Ld"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayyearen" id="Fact000018" name="dei:DocumentPeriodEndDate"><span id="xdx_907_edei--CurrentFiscalYearEndDate_c20230101__20231231_z0u0br28x6g"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayen" id="Fact000019" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric></span>, <span id="xdx_90B_edei--DocumentFiscalYearFocus_c20230101__20231231_zNypYFFsG9Ne"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000020" name="dei:DocumentFiscalYearFocus">2023</ix:nonNumeric></span></ix:nonNumeric></span>.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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 0; 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: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--DocumentTransitionReport_c20230101__20231231_zcvmYVFbUZg4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000021" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span></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>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: 0pt 0; 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: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_edei--DocumentShellCompanyReport_c20230101__20231231_zOYeLPuhkgMd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000022" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric></span></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>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: 0pt 0; text-align: center"><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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
of event requiring this shell company report________<span style="text-decoration: underline"></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the transition period from ________<span style="text-decoration: underline"></span>to________</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission
file number: <span id="xdx_90F_edei--EntityFileNumber_c20230101__20231231_zYxgzm6B0kUj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000023" name="dei:EntityFileNumber">001-38877</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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: 0pt 0; 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: 0pt 0; text-align: center"><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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_90B_edei--EntityRegistrantName_c20230101__20231231_zA7HOfciTFdc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000024" name="dei:EntityRegistrantName">Yunji
Inc.</ix:nonNumeric></span></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Translation
of Registrant&#8217;s name into English)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zkI41Eqvvrwj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000025" name="dei:EntityIncorporationStateCountryCode">Cayman
Islands</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Jurisdiction
of incorporation or organization)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityAddressAddressLine1_c20230101__20231231_zNOu6AJNUzBj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000026" name="dei:EntityAddressAddressLine1">15/F,
South Building</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityAddressAddressLine2_c20230101__20231231_zzaepIXysBA2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000027" name="dei:EntityAddressAddressLine2">Hipark
Phase 2</ix:nonNumeric></span>, <span id="xdx_90E_edei--EntityAddressAddressLine3_c20230101__20231231_z9DBRE0cKTKl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000028" name="dei:EntityAddressAddressLine3">Xiaoshan District</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_edei--EntityAddressCityOrTown_c20230101__20231231_z6RZZTsG21Md"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000029" name="dei:EntityAddressCityOrTown">Hangzhou</ix:nonNumeric></span>,
Zhejiang, <span id="xdx_907_edei--EntityAddressPostalZipCode_c20230101__20231231_zRlgGEDHXYK5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000030" name="dei:EntityAddressPostalZipCode">310000</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>People&#8217;s
Republic of <span id="xdx_903_edei--EntityAddressCountry_c20230101__20231231_z2Yb5WAvuMd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:countrynameen" id="Fact000031" name="dei:EntityAddressCountry">China</ix:nonNumeric></span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zunto2V9l4k1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000032" name="dei:ContactPersonnelName">Yeqing
Cui</ix:nonNumeric></span>, Senior Financial Director</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z5N2WLVgLg2"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000033" name="dei:EntityAddressAddressLine1">15/F,
South Building</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z6ZvruB4RAa1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000034" name="dei:EntityAddressAddressLine2">Hipark
Phase 2</ix:nonNumeric></span>, <span id="xdx_90B_edei--EntityAddressAddressLine3_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zG6ZS2zZqwxa"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000035" name="dei:EntityAddressAddressLine3">Xiaoshan District</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zmWoTZW1ZKw9"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000036" name="dei:EntityAddressCityOrTown">Hangzhou</ix:nonNumeric></span>,
Zhejiang, <span id="xdx_906_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zWZZCqHehqh8"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000037" name="dei:EntityAddressPostalZipCode">310000</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>People&#8217;s
Republic of <span id="xdx_90A_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z8s0zFdw1QHg"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000038" name="dei:EntityAddressCountry">China</ix:nonNumeric></span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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 0; text-align: justify"><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: 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; vertical-align: bottom; text-align: center; width: 42%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of Each Class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; 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; vertical-align: bottom; text-align: center; width: 16%"><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>Trading</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>Symbol</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; 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; vertical-align: bottom; text-align: center; width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Each Exchange On Which Registered</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--Security12bTitle_c20230101__20231231__us-gaap--StatementClassOfStockAxis__dei--AdrMember_z11Vc1uGhPK4"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_AdrMember" id="Fact000042" name="dei:Security12bTitle">American
    depositary shares, each American depositary share representing one hundred Class A ordinary shares</ix:nonNumeric></span> <span id="xdx_902_edei--Security12bTitle_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zwhPgjqBuR3j"><ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_CommonClassAMember" id="Fact000043" name="dei:Security12bTitle">Class A ordinary shares</ix:nonNumeric></span>, par value
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    shares.</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"><b><span id="xdx_90A_edei--TradingSymbol_c20230101__20231231__us-gaap--StatementClassOfStockAxis__dei--AdrMember_zICXirYTF02a"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_AdrMember" id="Fact000046" name="dei:TradingSymbol">YJ</ix:nonNumeric></span></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"><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_904_edei--SecurityExchangeName_c20230101__20231231__us-gaap--StatementClassOfStockAxis__dei--AdrMember_zBz9mS1SBXu5"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_AdrMember" format="ixt-sec:exchnameen" id="Fact000047" name="dei:SecurityExchangeName">The
    Nasdaq Stock Market LLC</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"><b>(The
    Nasdaq Capital Market)</b></span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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 0; 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: 0pt 0; text-align: center"><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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, there were <span id="xdx_90E_edei--EntityCommonStockSharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zJS1gO25Htwf"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonStockMember" id="Fact000048" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,966,378,532</ix:nonFraction></span> ordinary shares outstanding, par value US$0.000005 per share, being the sum of <span id="xdx_90D_edei--EntityCommonStockSharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrKm7uZdPs24"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonClassAMember" id="Fact000049" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,016,418,532</ix:nonFraction></span>
Class A ordinary shares (excluding treasury shares), par value US$0.000005 per share and <span id="xdx_908_edei--EntityCommonStockSharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zQIZMegVo8Hg"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact000050" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">949,960,000</ix:nonFraction></span> Class B ordinary shares, par value
US$0.000005 per share.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_90A_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zOMJ3TKiEYn8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_905_edei--EntityVoluntaryFilers_c20230101__20231231_zVlF4muZzcO8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000052" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_908_edei--EntityCurrentReportingStatus_c20230101__20231231_zXvDZPLRBBoe"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000053" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9744; No</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). &#9746; <span id="xdx_90E_edei--EntityInteractiveDataCurrent_c20230101__20231231_zFy6721TFZq4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9744; No</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 </span>of the Exchange Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 23%; text-align: justify"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: justify"><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: 3%; text-align: justify"><span 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: justify"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: justify"><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: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--EntityFilerCategory_c20230101__20231231_zFarCCsiL5Dh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000055" name="dei:EntityFilerCategory">Non-accelerated
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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 id="xdx_90E_edei--EntityEmergingGrowthCompany_c20230101__20231231_zTNL4AfYZA7b"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000056" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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_90E_edei--IcfrAuditorAttestationFlag_c20230101__20231231_z6BOWq7gsfg4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000057" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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_905_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_z0kJKsdvsODd"> <ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000058" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 incentive-based compensation
received by any of the registrant&#8217;s executive officers 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 15%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--DocumentAccountingStandard_c20230101__20231231_zFkgU7A3ZSH7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000059" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span 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%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Financial Reporting Standards as issued</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    &#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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
the International Accounting Standards Board</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 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>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 </span>of the
Exchange Act). &#9744; Yes &#9746; <span id="xdx_905_edei--EntityShellCompany_c20230101__20231231_zDx85o76Jrc5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000060" name="dei:EntityShellCompany">No</ix:nonNumeric></span></p>

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

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

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

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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; background-color: rgb(204,238,255)">
    <td colspan="2" 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="#p_003">INTRODUCTION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td colspan="2" 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="#p_004">FORWARD-LOOKING STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="2" 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="#p_005">PART I.</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">3</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; padding-left: 10pt; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    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"><a href="#p_006">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><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; vertical-align: top; background-color: rgb(204,238,255)">
    <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">Item
    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"><a href="#p_007">OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    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"><a href="#p_008">KEY INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    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"><a href="#p_010">INFORMATION ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">76</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    4A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#ZZZ_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNRESOLVED STAFF COMMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">117</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#ZZZ_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">118</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    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"><a href="#p_011">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">138</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    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"><a href="#p_012">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">148</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    8.</span></td>
    <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="#p_013">FINANCIAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">151</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    9.</span></td>
    <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="#p_014">THE OFFER AND LISTING</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">152</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    10.</span></td>
    <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="#p_015">ADDITIONAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">153</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    11.</span></td>
    <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="#p_016">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">163</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    12.</span></td>
    <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="#p_017">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">164</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="2" 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="#p_018">PART II.</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">166</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    13.</span></td>
    <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="#p_019">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">166</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    14.</span></td>
    <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="#p_020">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">166</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    15.</span></td>
    <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="#p_021">CONTROLS AND PROCEDURES</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">166</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16A.</span></td>
    <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="#p_022">AUDIT COMMITTEE FINANCIAL EXPERT</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">167</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16B.</span></td>
    <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="#p_023">CODE OF ETHICS</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">167</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16C.</span></td>
    <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="#p_024">PRINCIPAL ACCOUNTANT FEES AND SERVICES</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">167</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16D.</span></td>
    <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="#p_025">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</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">168</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16E.</span></td>
    <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="#p_026">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</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">168</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16F.</span></td>
    <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="#p_027">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</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">168</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16G.</span></td>
    <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="#p_028">CORPORATE GOVERNANCE</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">168</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16H.</span></td>
    <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="#p_029">MINE SAFETY DISCLOSURE</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">168</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16I.</span></td>
    <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="#p_030">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</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">168</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16J.</span></td>
    <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="#p_031">INSIDER TRADING POLICIES</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">169</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16K.</span></td>
    <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="#p_032">CYBERSECURITY</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">169</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td colspan="2" 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="#p_033">PART III.</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">170</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    17.</span></td>
    <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="#p_034">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">170</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    18.</span></td>
    <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="#p_035">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">170</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; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    19.</span></td>
    <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="#p_036">EXHIBITS</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">170</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td colspan="2" 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="#p_037">SIGNATURES</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">172</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span 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 style="text-transform: uppercase"><b><span id="p_003"></span>INTRODUCTION</b></span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated or the context otherwise requires, references in this annual report on Form 20-F to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0.5in"/><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">&#8220;ADRs&#8221;
                                            are to the American depositary receipts which may evidence the ADSs;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;ADSs&#8221;
                                            are to the American depositary shares, each of which represents one hundred Class A ordinary
                                            shares;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;Average
                                            spending per buyer&#8221; in a given period is calculated by dividing total GMV in that period
                                            by the number of buyers in the same period;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;buyer&#8221;
                                            in a given period are to a user who places at least one order on our platform during such
                                            period, regardless of whether any product in such order is ultimately sold or delivered or
                                            whether any product in such order is returned;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;China&#8221;
                                            or the &#8220;PRC&#8221; are to the People&#8217;s Republic of China, excluding, for the
                                            purposes of this annual report only, Hong Kong, Macau and Taiwan;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;Class
                                            A ordinary shares&#8221; are to our Class A ordinary shares of par value US$0.000005 per
                                            share;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;Class
                                            B ordinary shares&#8221; are to our Class B ordinary shares of par value US$0.000005 per
                                            share;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;GMV&#8221;
                                            are to the total value of all orders for merchandise placed in our merchandise business and
                                            marketplace business, including the value of the merchandise sold as part of the membership
                                            packages, as well as the VAT and tax surcharges paid, regardless of whether the merchandises
                                            are returned and without taking into consideration any discounts and incentives. GMV includes
                                            the value from orders placed on our mobile apps as well as orders placed on third-party mobile
                                            apps and websites that are fulfilled by us, by our third-party merchants, or by our third-party
                                            business partners. Our revenues recognized on a gross basis are net of the VAT and related
                                            tax surcharges paid, discounts and incentives, the value of the merchandises returned, and
                                            any adjustments due to the timing difference between shipping and receipt, which are included
                                            in the above GMV measure. Our revenues recognized on a net basis are net of the corresponding
                                            amount to be paid to the vendor, the principal in the transaction, in addition to the items
                                            mentioned above, which are included in the above GMV measure;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;Jishang
                                            Preferred&#8221; are to Zhejiang Jishang Preferred E-Commerce Co., Ltd.;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;member&#8221;
                                            are to an individual who registers an account on our flagship Yunji app or mini program and
                                            satisfies certain requirements;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;mini
                                            program&#8221; or &#8220;mini programs&#8221; are to services run on third-party platforms,
                                            such as WeChat, that provide functions similar to those of standalone mobile applications;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;ordinary
                                            shares&#8221; are to our ordinary shares, par value US$0.000005 per share;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;our
                                            WFOE&#8221; or &#8220;WFOE&#8221; are to Hangzhou Yunchuang Sharing Network Technology Co.,
                                            Ltd. or Yunchuang Sharing;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;RMB&#8221;
                                            and &#8220;Renminbi&#8221; are to the legal currency of China;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;SPUs&#8221;
                                            are to standard product units offered on our platform. The number of SPUs does not represent
                                            the number of distinct products offered on our platform. We assign the same SPU to the same
                                            type of product without distinguishing product specifics such as colors and sizes;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;US$,&#8221;
                                            &#8220;U.S. dollars,&#8221; &#8220;$,&#8221; and &#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 0 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>

<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: 0.5in"/><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">&#8220;users&#8221;
                                            are to individuals who access our platform through our mobile apps or sharing interfaces,
                                            including our members;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;VIE&#8221;
                                            are to variable interest entity, and &#8220;the VIEs&#8221; or &#8220;VIEs&#8221; are to
                                            (i) Zhejiang Yunji Preferred E-Commerce Co., Ltd., or Yunji Preferred, and (ii) Hangzhou
                                            Chuanchou Network Technology Co., Ltd., or Hangzhou Chuanchou;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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; background-color: white">&#8220;Yunji,&#8221;
                                            &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our company,&#8221; &#8220;our&#8221; and &#8220;Group&#8221;
                                            are to Yunji Inc., our Cayman Islands holding company and its subsidiaries. Yunji Inc. is
                                            a holding company with no operations of its own. Our PRC subsidiaries and the VIEs conduct
                                            operations in China, and the VIEs are consolidated for accounting purposes in accordance
                                            with U.S. GAAP only but are not entities in which we have any equity interest. Unless otherwise
                                            specified, in the context of describing our business and operations in China, we are referring
                                            to the business and operations conducted by our PRC subsidiaries and the VIEs</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">;
                                            and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>

<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: 0.5in"/><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">&#8220;Zhejiang
                                            Jiyuan&#8221; are to Zhejiang Jiyuan Network Technology Co., Ltd.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reporting currency is the Renminbi because our business is mainly conducted in China and all of our revenues are denominated in Renminbi.
This annual report contains translations of Renminbi amounts into U.S. dollars at specific rates solely for the convenience of the reader.
The conversion of Renminbi into U.S. dollars in this annual report is based on the exchange rate set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from
U.S. dollars to Renminbi in this annual report are made at a rate of RMB7.0999 to US$1.00, the exchange rate in effect as of the end
of December 29, 2023, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. We make no
representation that any Renminbi or U.S. dollar amounts 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. The PRC government imposes control over its foreign currency reserves in part through
direct regulation of the conversion of Renminbi into foreign exchange and through restrictions on foreign trade.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><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 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="p_004"></span>FORWARD-LOOKING
STATEMENTS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report on Form 20-F contains forward-looking statements that relate to our current expectations and views of future events. These
statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements
to be materially different from those expressed or implied by the forward-looking statements. These statements are made under the &#8220;safe
harbor&#8221; provisions of the U.S. Private Securities Litigations Reform Act of 1995.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
can identify some of these forward-looking statements 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;is/are likely to,&#8221; &#8220;potential,&#8221; &#8220;continue&#8221; or other similar expressions. We have based these forward-looking
statements largely on our current expectations and projections about future events that we believe may affect our financial condition,
results of operations, business strategy and financial needs. These forward-looking statements include statements relating to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></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: 0.5in"/><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">our
                                            mission, goals 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">&#160;</td><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"/><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
                                            future business development, financial conditions 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">&#160;</td><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"/><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
                                            expected growth of the online retail industry 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">&#160;</td><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"/><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
                                            expectations regarding demand for and market acceptance of our 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">&#160;</td><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"/><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
                                            expectations regarding our relationships with our members, users, suppliers, third-party
                                            merchants and other partners;</span></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">&#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"/><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">competition
                                            in our industry; 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">&#160;</td><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"/><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">government
                                            policies and regulations relating to us, and their future development.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking
statements are reasonable, our expectations may later be found to be incorrect. Our actual results could be materially different from
our expectations. Important risks and factors that could cause our actual results to be materially different from our expectations are
generally set forth in &#8220;Item 3. Key Information&#8212;D. Risk Factors,&#8221; &#8220;Item 4. Information on the Company&#8212;B.
Business Overview,&#8221; &#8220;Item 5. Operating and Financial Review and Prospects,&#8221; and other sections in this annual report.
You should read thoroughly this annual report and the documents that we refer to with the understanding that our actual future results
may be materially different from and worse than what we expect. We qualify all of our forward-looking statements by these cautionary
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise, 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 refer to in this annual report completely
and with the understanding that our actual future results may be materially different from what we expect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="p_005"></span>PART
I.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; 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: 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>Item
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><span id="p_006"></span>IDENTITY
                                            OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 0; text-align: justify; text-indent: 0.5in"><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 0; text-align: justify; text-indent: 0.5in"><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>Item
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><span id="p_007"></span>OFFER
                                            STATISTICS AND EXPECTED TIMETABLE</b></span></td></tr></table>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></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>Item
                                            3.</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 id="p_008"></span>KEY
                                            INFORMATION</b></span></td></tr></table>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunji
Inc. is not an operating company in China but a Cayman Islands holding company with no equity ownership in the VIEs. We conduct our business
in China through (i) our PRC subsidiaries and (ii) the VIEs with which we have maintained contractual arrangements. PRC laws and regulations
restrict and impose conditions on foreign investment in value-added telecommunication services, audio and video services and certain
other businesses. Accordingly, we operate these businesses in China through the VIEs, and rely on contractual arrangements among our
PRC subsidiaries, the VIEs and their respective shareholders to direct the business operations of the VIEs. Revenues contributed by the
VIEs accounted for 23.8%, 30.3% and 49.4% of our total revenues for the years of 2021, 2022 and 2023, respectively. <span style="background-color: white">As
used in this annual report, &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our company&#8221; and &#8220;our&#8221; refers to Yunji Inc.,
our Cayman Islands holding company and its subsidiaries. Yunji Inc. is a holding company with no operations of its own. Our PRC subsidiaries
and the VIEs conduct operations in China, and the VIEs are consolidated for accounting purposes in accordance with U.S. GAAP only but
are not entities in which we have any equity interest. Unless otherwise specified, in the context of describing our business and operations
in China, we are referring to the business and operations conducted by our PRC subsidiaries and the VIEs. Holders of our ADSs hold equity
interest in Yunji Inc., our Cayman Islands holding company, and do not have direct or indirect equity interest in the VIEs</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
series of contractual agreements, including proxy agreement and powers of attorney, equity interest pledge agreement, exclusive service
agreement, and exclusive option agreement, have been entered into by and among our wholly owned PRC subsidiary, Yunchuang Sharing, the
VIEs and their respective shareholders. Terms contained in each set of contractual arrangements with the VIEs and their respective shareholders
are substantially similar. As a result of the contractual arrangements, we are able to direct the activities of and derive economic benefits
from the VIEs. We are considered the primary beneficiary of the VIEs for accounting purposes, and we have consolidated the financial
results of the VIEs in our consolidated financial statements. Neither we nor our investors has an equity ownership in, direct foreign
investment in, or control through such ownership or investment of, the variable interest entities, and the contractual arrangements are
not equivalent to an equity ownership in the business of the variable interest entities. For more details of these contractual arrangements,
see &#8220;Item 4. Information on the Company&#8212;C. Organizational Structure.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">However,
the contractual arrangements is not as effective as direct ownership and we may incur substantial costs to enforce the terms of the
arrangements. Our corporate structure is subject to risks associated with the contractual arrangements with the VIEs. The VIE
structure is used to provide investors with exposure to foreign investment in China-based companies where Chinese law prohibits or
restricts direct foreign investment in the operating companies. Investors may never hold equity interests in the Chinese operating
companies. If the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply
with PRC laws and regulations, or if these laws and regulations change or are interpreted differently in the future, we could be
subject to severe penalties or be forced to relinquish our interests in those operations. The PRC regulatory authorities could
disallow the VIE structure, which would likely result in a material adverse change in our operations, and our ADSs may decline
significantly in value or become worthless. Specifically, there are substantial uncertainties regarding the interpretation and
application of current and future PRC laws, regulations and rules regarding the status of the rights of our Cayman Islands holding
company with respect to its contractual arrangements with the VIEs and their respective shareholders. It is uncertain whether any
new PRC laws or regulations relating to VIE structures will be adopted or if adopted, what they would provide. If we or the VIEs are
found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required
permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such
violations or failures. Our holding company, our PRC subsidiaries and the VIEs, and investors of our company face uncertainty about
potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIEs
and, consequently, significantly affect the financial performance of the VIEs and our company as a whole. In addition, as of the
date of this annual report, these agreements have not been tested in a court of law. For a detailed description of the risks
associated with our corporate structure, please refer to risks disclosed under &#8220;Item 3. Key Information&#8212;D. Risk
Factors&#8212;Risks Related to Our Corporate Structure.&#8221;</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We
face various legal and operational risks and uncertainties relating to doing business in China. Our business operations are primarily
conducted in China, and we are subject to complex and evolving PRC laws and regulations. Recent statements and enhanced regulatory actions
by PRC government, such as those related to filing procedures on offerings conducted overseas by China-based issuers, enhancing supervision
over China-based companies listed overseas using VIE structures, adopting new measures to extend the scope of cybersecurity reviews,
and expanding efforts in anti-monopoly enforcement, have or may impact our ability to conduct certain businesses, accept foreign investments,
maintain our listing status on a United States stock exchange or list on a foreign stock exchange outside of mainland China. For example,
these statements and enhanced regulatory actions require issuers that have been listed in an overseas market by March 31, 2023, such
as our company, to complete certain filing procedures with the CSRC in connection with future securities offerings and listings outside
of mainland China, including follow-on offerings, issuance of convertible bonds, offshore relisting after going-private transactions,
and other equivalent offering activities. See &#8220;Item 3. Key Information&#8212;Permissions Required from the PRC Authorities for
our Operations.&#8221; As the statements and regulatory developments relating to these areas are relatively new and rapidly evolving,
substantial uncertainties remain in relation to their interpretation and implementation. Any such action could result in a material adverse
change in our operations and the value of our ADSs, affect our ability to accept foreign investments or list on another foreign stock
exchange outside of mainland China, including significantly limit or completely hinder our ability to continue to offer securities to
investors, or cause the value of such securities to significantly decline or become worthless. The PRC government may promulgate additional
laws, rules and regulations that may impose significant obligations and liabilities on China-based companies. These laws and regulations
can be complex and stringent, and many are subject to change and uncertain interpretation, which could lead to potential claims, change
to our data and other business practices, regulatory investigations, penalties, increased operational costs, declines in user <span style="background-color: white">numbers</span>
or engagement, or otherwise affect our business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">PRC
government has significant authority in regulating our operations and may influence our operations. It may exert more oversight over
offerings conducted overseas by, and/or foreign investment in, China-based issuers, which could significantly limit or completely hinder
our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations in this nature may cause
the value of such securities to significantly decline or become worthless. For more details, see &#8220;Item 3. Key Information&#8212;D.
Risk Factors&#8212;Risks Related to Doing Business in China&#8212;The PRC government&#8217;s significant oversight over our business
operations could result in a material adverse change in our operations and the value of our ADSs.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
and uncertainties regarding the interpretation and enforcement of laws and quickly evolving rules and regulations in China, could result
in a material adverse change in our operations and the value of our ADSs. For more details, see &#8220;Item 3. Key Information&#8212;D.
Risk Factors&#8212;Risks Related to Doing Business in China&#8212;There are uncertainties regarding the interpretation and enforcement
of PRC laws, rules and regulations.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chart below summarizes our corporate structure, including our principal subsidiaries, the VIEs and the VIEs&#8217; principal subsidiaries,
as of the date of this annual report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_001.jpg" alt="" style="height: 649px; width: 569px"/></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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 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"/><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">Mr.
                                            Shanglue Xiao and Mr. Shangce Xiao each holds 99.0099% and 0.9901% of the equity interests
                                            in Yunji Preferred, respectively. Mr. Shanglue Xiao is beneficial owner of our company. Mr.
                                            Shanglue Xiao also serves as the chairman of our board of directors and the chief executive
                                            officer of our company. Mr. Shangce Xiao is a relative of Mr. Shanglue Xiao.</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"/><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">Mr.
                                            Wenwei Shu holds 100% of equity interests in Hangzhou Chuanchou. Mr. Wenwei Shu is a former employee
                                            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; 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">(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">Zhejiang
                                            Fengji holds 90% of the equity interest in Zhejiang Jiyuan, and the remaining 10% equity
                                            interest in Zhejiang Jiyuan is held by Yunchuang Sharing.</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"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">Zhejiang
                                            Jixiang holds 95% of the equity interest in Ningbo Meishan, and the remaining 5% equity interest
                                            in Ningbo Meishan is held by Ningbo Meishan Bonded Port Zone Jichuang Investment Partnership
                                            (Limited Partnership), in which Hangzhou Jichuang and Mr. Shanglue Xiao each hold of 95%
                                            and 5% of the equity interests, respectively.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>


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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractual
Arrangements with the VIEs and Their Respective Shareholders</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
PRC laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies that engage in value-added
telecommunication services and certain other businesses. We are an exempted company incorporated in the Cayman Islands. Yunchuang
Sharing is our PRC subsidiary and a foreign-invested enterprise under PRC laws. To comply with PRC laws and regulations, we conduct
certain of our business in China through the VIEs based on a series of contractual arrangements by and among Yunchuang Sharing, or
our WFOE, the VIEs and their shareholders. Historically, we also maintained contractual arrangements by and among our WFOE, Yunji Sharing and its shareholders. In order to streamline
our corporate structure, in December 2023, our WFOE acquired Yunji Sharing by purchasing all equity interests held by the shareholders
in Yunji Sharing and Yunji Sharing has since become a wholly owned subsidiary of our WFOE. Accordingly, the contractual arrangements with
Yunji Sharing and its shareholders were effectively terminated in December 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
contractual arrangements with the VIEs and their respective shareholders allow us to (i) direct the activities of the VIEs, (ii) receive
substantially all of the economic benefits of the VIEs, and (iii) have an exclusive option to purchase all or part of the equity interests
in the VIEs when and to the extent permitted by PRC law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of our direct ownership in our WFOE and the contractual arrangements with the VIEs, we are regarded as the primary beneficiary
of the VIEs, and we treat them and their subsidiaries as the consolidated VIEs under U.S. GAAP. We have consolidated the financial results
of the VIEs and their subsidiaries in our consolidated financial statements in accordance with U.S. GAAP for accounting purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the currently effective contractual arrangements among our WFOE, the VIEs and their shareholders:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
a series of proxy agreements and power of attorney, pursuant to which, the shareholders of the VIEs irrevocably authorized our WFOE,
or any person designated by our WFOE, to act as their attorney-in-fact to exercise all of their rights as the shareholders of the VIEs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
a series of equity interest pledge agreements, pursuant to which, the shareholders of the VIEs have pledged 100% equity interests in
the VIEs to our WFOE to guarantee performance by the shareholders of their obligations under the exclusive option agreements, the exclusive
service agreements, the proxy agreements and power of attorney, as well as the performance by the VIEs of their obligations under the
exclusive option agreements and the exclusive service agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
a series of exclusive service agreements, pursuant to which, our WFOE has the exclusive right to provide the VIEs with operational supports
as well as consulting and technical services required by the VIEs&#8217; business. Without our WFOE&#8217;s prior written consent, the
VIEs may not accept the same or similar operational supports as well as consulting and technical services provided by any third party
during the term of the agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
a series of exclusive option agreements, pursuant to which, the shareholders of the VIEs irrevocably granted our WFOE an exclusive option
to purchase all or part of their equity interests in the VIEs, and the VIEs irrevocably granted our WFOE an exclusive option to purchase
all or part of their assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
a loan agreement, pursuant to which, our WFOE made loans to the shareholders of Yunji Preferred for the sole purpose of making capital
contribution to Yunji Preferred. The shareholders of Yunji Preferred can only repay the loans by the sale of all or part of their equity
interests in Yunji Preferred to our WFOE or its designated person pursuant to the amended and restated exclusive option agreement, and,
to the extent permitted under PRC law, pay all of the proceeds from sale of such equity interests to our WFOE.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)
spousal consent letters, whereby the spouses of the shareholders of Yunji Preferred agreed that the equity interests in Yunji Preferred
held by and registered under the name of the respective shareholders will be disposed pursuant to the contractual agreements with our
WFOE and they agreed not to assert any rights over the equity interest in Yunji Preferred.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more details of these contractual agreements, see &#8220;Item 4. Information on the Company&#8212;C. Organizational Structure&#8212;Contractual
Arrangements with the VIEs and Their Respective Shareholders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the opinion of Han Kun Law Offices, our PRC legal counsel:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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 structures of the VIEs in China and our WFOE are not in violation of applicable
                                            PRC laws and regulations 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">&#160;</td><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"/><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
                                            contractual arrangements between our WFOE, the VIEs and their respective shareholders governed
                                            by PRC law are valid, binding and enforceable, and will not result in any violation of applicable
                                            PRC laws and regulations currently in effect.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
our PRC legal counsel has also advised us that there are substantial uncertainties regarding the interpretation and application of
current and future PRC laws, regulations and rules. Accordingly, the PRC regulatory authorities may take a view that is contrary to
the opinion of our PRC legal counsel. It is uncertain whether any new PRC laws or regulations relating to variable interest entity
structures will be adopted or if adopted, what they would provide. If we or any of the VIEs are found to be in violation of any
existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC
regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See &#8220;Item 3.
Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Corporate Structure&#8212;<span style="background-color: white">If
the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC
regulations relating to 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, and our ADSs may
decline in value or become worthless</span>.&#8221; and &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to
Doing Business in China&#8212;There are uncertainties regarding the interpretation and enforcement of PRC laws, rules and
regulations.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permissions
Required from the PRC Authorities for Our Operations</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Our
operations in China are governed by PRC laws and regulations. After consulting our PRC legal counsel, Han Kun Law Offices, we believe,
as of the date of this annual report, except as otherwise stated in &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks
Related to Our Business and Industry&#8212;Any lack of requisite approvals, licenses or permits applicable to our business or failure
to comply with any requirements of PRC laws, regulations and policies may have a material and adverse impact on our business, financial
condition and results of operations,&#8221; our PRC subsidiaries and the VIEs have obtained all the requisite operational licenses and
permits from the PRC government authorities that are necessary for the business operations of our holding company, our PRC subsidiaries
and the VIEs in China, namely, the VATS License, the Network Culture Business Permit, the Production and Operation of Broadcasting and
Television Programs Permit, the ICP filing, the Internet Pharmaceutical Information Services Qualification Certificate, the Record-Filing
of Third-Party Platforms Providing Online Trading Service for Medical Devices, the Record-Filing for Business Operations of Class Two
Medical Devices, the Publication Operation Permit, the Food Operation Permit, the Record-Filing Application as A Third-Party Platform
Provider for Online Food Trading, the registration and record-filing of cosmetic products and the filing of APP (including mini-applet)
organizer. We, our PRC subsidiaries, and the VIEs have not been denied for any permission or approval by any PRC authority with respect
to the operation of our business as of the date of this annual report. However, given the uncertainties of interpretation and implementation
of the laws and regulations and the enforcement practice by the 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. For more detailed information, see &#8220;Item
3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Business and Industry&#8212;Any lack of requisite approvals, licenses
or permits applicable to our business or failure to comply with any requirements of PRC laws, regulations and policies may have a material
and adverse impact on our business, financial condition and results of operations,&#8221; &#8220;&#8212;Failure to comply with the E-Commerce
Law may have a material adverse impact on our business, financial conditions and results of Operations,&#8221; &#8220;&#8212;Our and
the VIEs&#8217; business generates and processes a large amount of data, and we are required to comply with PRC and other applicable
laws relating to data privacy and cybersecurity. Many of these laws and regulations are subject to change and uncertain interpretation,
and improper use or disclosure of data could have a material and adverse effect on our business and prospects,&#8221; and &#8220;Item
3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China&#8212;We and the VIEs may be adversely affected
by the complexity, uncertainties and changes in PRC regulation of internet-related businesses and companies.&#8221;</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Permissions
Required from the PRC Authorities for Overseas Financing Activities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with our historical issuance of securities to foreign investors, under current PRC laws, regulations and rules, as of the
date of this annual report, we, our PRC subsidiaries and the VIEs, are not required to (i) obtain any permission or approval from the
China Securities Regulatory Commission, or the CSRC, (ii) go through cybersecurity review by the Cyberspace Administration of China,
or (iii) obtain permission or approval from any other PRC government authority. In addition, we, our PRC subsidiaries and the VIEs, have
not been asked to obtain nor were denied for any permission or approval by any PRC government authority in connection with our historical
issuance of securities to foreign investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
PRC government has indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign
investment in China-based issuers. On February 17, 2023, the CSRC promulgated the Circular of the People&#8217;s Republic of China on
Administrative Arrangements for Filing of Overseas Offering and Listing of Domestic Enterprises, or the Circular of Overseas Listing
and Offering, and the Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies and five relevant
guidelines, or the Overseas Listing Trial Measures. The Overseas Listing Trial Measures became effective on March 31, 2023. Pursuant
to the Overseas Listing Trial Measures, PRC domestic companies that seek to offer and list securities in overseas markets, either in
direct or indirect means, are required to fulfill the filing procedure with the CSRC and report relevant information. According to the
Circular of Overseas Listing and Offering, issuers that have already been listed in an overseas market by March 31, 2023, such as our
company, are not required to make any immediate filing. As advised by our PRC legal counsel, Han Kun Law Offices, as our ADSs have been
listed on Nasdaq prior to March 31, 2023, we will be deemed as an &#8220;existing issuer&#8221; pursuant to the Overseas Listing Trial
Measures and are not required to complete the filing procedures with the CSRC for our initial public offering and other historical issuance
of securities to foreign investors. However, under the Overseas Listing Trial Measures, such issuers will be required to complete certain
filing procedures with the CSRC in connection with future securities offerings and listings outside of mainland China, including follow-on
offerings, issuance of convertible bonds, offshore relisting after going-private transactions, and other equivalent offering activities.
There remain substantial uncertainties about the interpretation, application and implementation of the Overseas Listing Trial Measures.
Therefore, we will be required to complete the filing procedures with the CSRC for our overseas offering of equity and equity linked
securities in the future within the applicable scope of the Overseas Listing Trial Measures. If we fail to obtain required approval or
complete other review or filing procedures, under the Overseas Listing Trial Measures or otherwise, for any future securities offerings
and listings outside of mainland China, we may face sanctions by the CSRC or other PRC regulatory authorities, which may include fines
and penalties on our operations in mainland China, limitations on our operating privileges in mainland China, restrictions on or prohibition
of the payments or remittance of dividends by our subsidiaries in mainland China, restrictions on or delays to our future financing transactions
offshore, or other actions that could have a material and adverse effect on our business, financial condition, results of operations,
reputation and prospects, as well as the trading price of our ADSs. For more detailed information, see &#8220;Item 3. Key Information&#8212;D.
Risk Factors&#8212;Risks Related to Doing Business in China&#8212;The approval and/or other requirements of the CSRC or other PRC governmental
authorities may be required in connection with an offering under PRC rules, regulations or policies, and, if required, we cannot predict
whether or how soon we will be able to obtain such approval or complete such other requirements.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
December 28, 2021, the </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cyberspace Administration of
China <span style="background-color: white">and other PRC governmental authorities jointly issued the Cybersecurity Review Measures,
which took effect on February 15, 2022, requiring that, among others, operators of &#8220;critical information infrastructure&#8221;
or data processors holding over one million users&#8217; personal information seeking to list on a stock exchange in a foreign
country are subject to a cybersecurity review. Our PRC legal counsel has consulted the relevant PRC government authority, which
confirmed that, under the currently effective PRC laws and regulations, a company already listed in a foreign stock exchange before
promulgation of the Cybersecurity Review Measures is not required to go through a cybersecurity review by the </span>Cyberspace
Administration of China <span style="background-color: white">to maintain its listing status on the foreign stock exchange on which
its securities have been listed. Therefore, we believe that under the currently effective PRC laws and regulations, we are not
required to go through a cybersecurity review by the </span>Cyberspace Administration of China <span style="background-color: white">for
our past issuance of securities to foreign investors and maintaining our listing status on the Nasdaq Capital
Market.</span></span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
(i) we do not receive or maintain any permits or approvals required of us, (ii) we inadvertently concluded that certain permits or approvals
have been acquired or are not required, or (iii) applicable laws, regulations, or interpretations thereof change and we become subject
to the requirement of additional permits or approvals in the future, we cannot assure you that we will be able to obtain such permissions
or approvals in a timely manner, or at all, and such approvals may be rescinded even if obtained. Any such circumstance could subject
us to penalties, including fines, suspension of business and revocation of required licenses, which could materially and adversely affect
our business, financial condition and results of operations. For more detailed information, see &#8220;Item 3. Key Information&#8212;D.
Risk Factors&#8212;Risks Related to Doing Business in China&#8212;There are uncertainties regarding the interpretation and enforcement
of PRC laws, rules and regulations.&#8221;</span></p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Pursuant
to the Holding Foreign Companies Accountable Act, or the HFCAA, as amended by the Consolidated Appropriations Act, if the Securities
and Exchange Commission, or the SEC, determines that we have filed audit reports issued by a registered public accounting firm that has
not been subject to inspections by the Public Company Accounting Oversight Board, or the PCAOB, for two consecutive years, the SEC will
prohibit our shares or the ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the
United States and this could result in a determination by the national securities exchange to delist our securities. On December 29,
2022, the Consolidated Appropriations Act, 2023, was signed into law, which amended the HFCAA to reduce the number of consecutive non-inspection
years required for triggering the prohibitions under the HFCAA from three years to two, thereby reducing the time before our securities
may be prohibited from trading or delisted. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that
the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong
Kong, including our auditor. Our independent registered public accounting firm, PricewaterhouseCoopers Zhong Tian LLP, is headquartered
in mainland China. In May 2022, the SEC conclusively listed us as a Commission-Identified Issuer under the HFCAA because we filed an
annual report on Form 20-F for the year ended December 31, 2021 with the SEC on April 26, 2022 with an audit report issued by PricewaterhouseCoopers
Zhong Tian LLP, a registered public accounting firm retained by the Company, for the preparation of the audit report on our Company&#8217;s
financial statements included therein. PricewaterhouseCoopers Zhong Tian LLP is a registered public accounting firm headquartered in
mainland China, a jurisdiction where the PCAOB determined that it had been unable to inspect or investigate completely registered public
accounting firms headquartered there until December 2022. On December 15, 2022, the PCAOB issued a report that vacated its December 16,
2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate
completely registered public accounting firms. For this reason, we were not identified as a Commission-Identified Issuer under the HFCAA
after we filed our annual report on Form 20-F for the fiscal year ended December 31, 2022 and do not expect to be so identified after
we file this annual report on Form 20-F for the fiscal year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Each
year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other
jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting
firms in mainland China and Hong Kong and we continue to use an accounting firm headquartered in one of these jurisdictions to issue
an audit report on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the
filing of the annual report on Form 20-F for the relevant fiscal year. There can be no assurance that we would not be identified as a
Commission-Identified Issuer for any future fiscal year, and if we were so identified for two consecutive years, we would become subject
to the prohibition on trading under the HFCAA. In accordance with the HFCAA, our securities would be prohibited from being traded on
a national securities exchange or in the over-the-counter trading market in the United States if we are identified as a Commission-Identified
Issuer for two consecutive years in the future. Furthermore, whether the PCAOB will be able to continue to conduct inspections and investigations
completely to its satisfaction of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to
uncertainty and depends on a number of factors out of our, and our auditor&#8217;s, control, including positions taken by authorities
of the PRC or any other foreign jurisdiction. If authorities in the PRC or another foreign jurisdiction were to take a position at any
time in the future that would prevent the PCAOB from continuing to inspect or investigate completely registered public accounting firms
headquartered in mainland China or Hong Kong, and if such lack of inspection were to extend for the requisite period of time under the
HFCAA, our securities will be prohibited from being traded on U.S. markets and this could result in a determination by Nasdaq to delist
our securities. If our shares and ADSs are prohibited from trading 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. A prohibition of being able to
trade in the United States would substantially impair your ability to sell or purchase our ADSs when you wish to do so, and the risk
and uncertainty associated with delisting would have a negative impact on the price of our ADSs. Also, such a prohibition 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. For more details, see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to
Doing Business in China&#8212;The PCAOB had historically been unable to inspect our auditor in relation to their audit work performed
for our financial statements and the inability of the PCAOB to conduct inspections of our auditor in the past has deprived our investors
with the benefits of such inspections&#8221; and &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business
in China&#8212;Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect
or investigate completely auditors located in mainland China and Hong Kong. The delisting of the ADSs, or the threat of their being delisted,
may materially and adversely affect the value of your investment.&#8221;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunji
Inc. is a holding company with no operations of its own. We conduct our business in China through our subsidiaries and the VIEs in China.
As a result, although other means are available for us to obtain financing at the holding company level, Yunji Inc.&#8217;s ability to
pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries and license
and service fees paid by the VIEs. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing
such debt may restrict its ability to pay dividends to Yunji Inc. In addition, our PRC subsidiaries are permitted to pay dividends to
Yunji Inc. only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Further,
our PRC subsidiaries and the VIEs are required to make appropriations to certain statutory reserve funds or may make appropriations to
certain discretionary funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies.
For more details, see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Holding
Company Structure.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
PRC laws and regulations, our PRC subsidiaries and the VIEs are subject to certain restrictions with respect to paying dividends or otherwise
transferring any of their net assets to us. Remittance of dividends by a wholly foreign-owned enterprise out of China is also subject
to examination by the banks designated by State Administration of Foreign Exchange, or the SAFE. The amounts restricted include the paid-up
capital and the statutory reserve funds of our PRC subsidiaries and the net assets of the VIEs in which we have no legal ownership, totaling
RMB451.4 million, RMB453.4 million and RMB639.4 million (US$90.1 million) as of December 31, 2021, 2022 and 2023, respectively. Furthermore,
cash transfers from our PRC subsidiaries and the VIEs to entities outside of China are subject to PRC government controls on currency
conversion. <span style="background-color: white">Shortages in the availability of foreign currency may temporarily delay the ability
of our PRC subsidiaries and the VIEs to remit sufficient foreign currency to pay dividends or other payments to us, or otherwise satisfy
their foreign currency denominated obligations. There is no assurance the PRC government will not intervene in or impose restrictions
on the ability of Yunji Inc., our subsidiaries, and the VIEs to transfer cash. As of the date of this annual report, there is not equivalent
or similar restriction or limitation in Hong Kong on cash transfers in, or out of, our Hong Kong entities. However, if certain restrictions
or limitations in mainland China were to become applicable to cash transfers in and out of Hong Kong entities in the future, the funds
in our Hong Kong entities may not be available to fund operations or for other use outside of Hong Kong. To the extent cash in the business
is in mainland China or Hong Kong or a mainland China or Hong Kong entity, the funds may not be available to fund operations or for other
use outside of mainland China or Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of
us or our subsidiaries by the PRC government to transfer cash. For risks relating to the fund flows of our operations in China, see &#8220;Item
3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China&#8212;We may rely on dividends and other distributions
on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of
our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business&#8221; and
&#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China&#8212;Governmental control of currency
conversion may limit our ability to utilize our revenues effectively and affect the value of your investment&#8221; and &#8220;Item
3. Key Information&#8212;Risk Factors&#8212;Risks Related to Doing Business in China&#8212;PRC regulation of loans to and direct investment
in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the
proceeds to make loans to our PRC subsidiaries and the VIEs in China, which could materially and adversely affect our liquidity and our
ability to fund and expand our business.&#8221;</span></span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
PRC law, Yunji Inc. may provide funding to our PRC subsidiaries only through capital contributions or loans, and to the VIEs only through
loans, subject to satisfaction of applicable government registration and approval requirements. For the years ended December 31, 2021,
2022 and 2023, Yunji Inc. extended loans with principal amount of nil, nil and RMB22.0 million (US$3.0 million), respectively, to our
intermediate holding companies and subsidiaries and received repayments of RMB294.8 million, RMB19.7 million and nil, respectively, from
our intermediate holding companies and subsidiaries. For the years ended December 31, 2021, 2022 and 2023, the VIEs didn&#8217;t receive
any loans from Yunji Inc. and Yunji Inc. didn&#8217;t receive any repayments from the VIEs. The VIEs may transfer cash to our WFOE by
paying service fees according to the exclusive service agreements. For the years ended December 31, 2021, 2022 and 2023, no service fees
were paid by the VIEs to our WFOE under the exclusive service agreements. <span style="background-color: white">We plan to continue to
determine the amount of service fee and payment method with the VIEs and their shareholders based on the working capital needs of the
VIEs, and settle fees under the contractual arrangements with the VIEs when required in the future.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We
have established stringent controls and procedures for cash flows within our organization. Each transfer of cash between our Cayman Islands
holding company and a subsidiary, the VIEs or the subsidiaries of the VIEs is subject to internal approval. The cash of our group is
under the unified management of our finance department, and is dispatched and applied to each operating entity based on the budget and
operating conditions of the specific operating entity. The cash management policy is not contractual in nature. The controls and procedures
on cash transfers in the policy adhere to relevant regulatory requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunji
Inc. has not declared or paid any cash dividends, nor does it has any present plan to pay any cash dividends on our ordinary shares in
the foreseeable future. We currently intend to retain all of our available funds and any future earnings to operate and expand our business.
We currently do not have any plan to require our PRC subsidiaries to distribute their retained earnings and intend to retain them to
operate and expand our business in the PRC. See &#8220;Item 8. Financial Information&#8212;A. Consolidated Statements and Other Financial
Information&#8212;Dividend Policy.&#8221; For PRC and United States federal income tax considerations of an investment in our ADSs, see
&#8220;Item 10. Additional Information&#8212;E. Taxation.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of illustration, the following discussion reflects the hypothetical taxes that might be required to be paid within mainland
China, assuming that: (i) we have taxable earnings, and (ii) we determine to pay a dividend in the future:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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="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"><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>Tax calculation<sup>(1)</sup></b></span></p></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: 81%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hypothetical pre-tax earnings<sup>(2)</sup></span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">100</td><td style="width: 2%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax on earnings at statutory rate of 25%<sup>(3)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(25</td><td style="text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net earnings available for distribution 75%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">75</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withholding tax at standard rate of 10%<sup>(4)</sup></span></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="text-align: left">Net distribution to Parent/Shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">67.5</td><td style="text-align: left">%</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 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 0; 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 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: 0.25in"><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">For
                                            purposes of this example, the tax calculation has been simplified. The hypothetical book
                                            pre-tax earnings amount, not considering timing differences, is assumed to equal taxable
                                            income 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">&#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"><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">Under
                                            the terms of VIE contractual arrangements, our WFOE may charge the VIEs for services provided
                                            to VIEs. These service fees shall be recognized as expenses of the VIEs, with a corresponding
                                            amount as service income by our WFOE and eliminate in consolidation. For income tax purposes,
                                            our WFOE and the VIEs file income tax returns on a separate company basis. The service fees
                                            paid are recognized as a tax deduction by the VIEs and as income by our WFOE and are tax
                                            neutral.</span></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"><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">Certain
                                            of our subsidiaries and the VIEs qualifies for a 15% preferential income tax rate in China.
                                            However, such rate is subject to qualification, is temporary in nature, and may not be available
                                            in a future period when distributions are paid. For purposes of this hypothetical example,
                                            the table above reflects a maximum tax scenario under which the full statutory rate would
                                            be effective.</span></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"><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">The
                                            PRC Enterprise Income Tax Law imposes a withholding income tax of 10% on dividends distributed
                                            by a foreign invested enterprise, or FIE, to its immediate holding company outside of China.
                                            A lower withholding income tax rate of 5% is applied if the FIE&#8217;s immediate holding
                                            company is registered in Hong Kong or other jurisdictions that have a tax treaty arrangement
                                            with China, subject to a qualification review at the time of the distribution. For purposes
                                            of this hypothetical example, the table above assumes a maximum tax scenario under which
                                            the full withholding tax would be applied.</span></td></tr></table>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table above has been prepared under the assumption that all profits of the VIEs will be distributed as fees to our WFOE under tax neutral
contractual arrangements. If, in the future, the accumulated earnings of the VIEs exceed the service fees paid to our WFOE (or if the
current and contemplated fee structure between the intercompany entities is determined to be non-substantive and disallowed by Chinese
tax authorities), the VIEs could make a non-deductible transfer to our WFOE for the amounts of the stranded cash in the VIEs. This would
result in such transfer being non-deductible expenses for the VIEs but still taxable income for the WFOE. Such a transfer and the related
tax burdens would reduce our after-tax income to approximately 50.6% of the pre-tax income. Our management believes that there is only
a remote possibility that this scenario would happen.</span></p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables provide condensed consolidating schedules depicting the financial position, cash flows, and results of operations for
Yunji Inc., its subsidiaries, the VIEs and their subsidiaries, and any eliminating adjustments and consolidated totals (in thousands
of RMB) as of and for the dates presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selected
Condensed Consolidating Statements of Comprehensive (Loss)/Income Information</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#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="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: left">&#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">Yunji<br/> Inc.</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">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: 40%; text-align: left">Third-party revenues</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; 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: 6%; text-align: right">34</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <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="font-weight: bold; text-align: left">Total revenues</td><td style="font-weight: bold">&#160;</td>
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    <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>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(8,557</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(15,520</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(272,602</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(439,047</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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">234,447</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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>
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    <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>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(15,486</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(58,645</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">&#8212;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,750</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,651</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,975</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(58,948</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">(69,374</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(53,631</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><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">(77,600</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">282,348</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)">
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    <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">4,044</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">(195,193</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">282,348</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">(149,993</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Income tax 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">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(6,683</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,168</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">(7,851</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Equity in loss of affiliates, net of tax</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">(705</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">(832</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,102</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><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <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">282,348</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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">
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    <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">8</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><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="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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>
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    <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>
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    <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">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#8212;</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">&#8212;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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>
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  <tr style="vertical-align: bottom; background-color: White">
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    <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">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <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">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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%">
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    <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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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>
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    <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>
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<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selected
Condensed Consolidating Balance Sheets Information</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(103,987</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">189,991</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(969,685</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">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">39,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">206,152</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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>
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    <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>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">48,584</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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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">
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    <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>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(49,134</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,240,616</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">214,450</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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>
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    <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>
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  <tr style="vertical-align: bottom; background-color: White">
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    <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">679,898</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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">1,358,882</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>
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  <tr style="vertical-align: bottom; background-color: White">
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    <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">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">71,007</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">67,896</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">138,903</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,398</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,350</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">21,748</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <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">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">207,331</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">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">207,331</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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">393,425</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">900,852</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,070,413</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,364,690</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">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,852</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,477</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">91,469</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">41,729</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">145,527</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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">&#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">13,080</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">9,922</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>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 2 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">110,729</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">763,134</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">158,148</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">251,794</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>
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    <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>
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    <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>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,489,841</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">215,293</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selected
Condensed Consolidating Cash Flows Information</span></p>

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

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


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

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#8212;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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    <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">(463</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <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>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,457</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(16,909</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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5,024</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,654</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><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 0; 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; 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">Represents
                                            the elimination of intercompany balances among Yunji Inc., the Primary Beneficiary of VIEs,
                                            the Other Subsidiaries, and the VIEs and their subsidiaries that we consolidate.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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: 21; Value: 2 -->
    <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>
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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><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"><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 Yunji Inc., the Primary Beneficiary of VIEs, the Other
                                            Subsidiaries, and 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">&#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"><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
                                            the elimination of the intercompany sales of goods and rendering of services at the consolidation.</span></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"><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">Includes
                                                                                                                                              the financial information of Yunji Sharing Technology Co., Ltd., or Yunji Sharing, until the termination of the VIE arrangement with Yunji Sharing and its shareholders  in December 2023. In December 2023, our WFOE acquired Yunji Sharing by purchasing all equity interests held by the shareholders in Yunji Sharing and Yunji
Sharing has since become a wholly owned subsidiary of our WFOE. The financial information of Yunji Sharing has been included in Other
Subsidiaries after becoming a wholly owned subsidiary of our WFOE.</span></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"><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">Includes
                                                                                                                                              the financial information of Yunji Sharing. The VIE arrangement with Yunji Sharing and its shareholders was terminated in December
                                                                                                                                              2023.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><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: 0.25in"><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">[Reserved]</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 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: 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: 0.25in"><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">Capitalization
                                            and Indebtedness</span></b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><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 0 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: 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: 0.25in"><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">Reasons
                                            for the Offer and Use of Proceeds</span></b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: 0.5in"><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 0 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: 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: 0.25in"><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">Risk
                                            Factors</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><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 0; 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 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
in our ADSs involves significant risks. You should carefully consider all of the information in this annual report before making an investment
in our ADSs. Below is a summary of material risks we and the VIEs face, organized under relevant headings. <span style="background-color: white">All
the operational risks associated with being based in and having operations in mainland China also apply to operations in Hong Kong. With
respect to the legal risks associated with being based in and having operations in mainland China, the laws, regulations and the discretion
of mainland China governmental authorities discussed in this annual report are expected to apply to mainland China entities and businesses,
rather than entities or businesses in Hong Kong which operate under a different set of laws from mainland China. </span>These risks are
discussed more fully in Item 3. Key Information&#8212;D. Risk Factors.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and the VIEs are subject to risks and uncertainties related to our business and industry, including, but not limited to, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">We have experienced declining revenues, negative operating cash flow, and
net losses since 2018, and we cannot assure you that our financial performance will improve 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">&#160;</td><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; width: 0.5in"/><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">If
                                            we fail to maintain membership loyalty or generate membership growth, or fail to maintain
                                            member relationships effectively and retain existing members, our business and operating
                                            results 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">&#160;</td><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; width: 0.5in"/><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">If
                                            we fail to anticipate user needs and provide products and services attractive to users, or
                                            fail to adapt our services or business model to changing user needs, emerging industry standards
                                            or rapid technological evolution, or fail to provide products at a satisfactory quality to
                                            our users, our business may be materially and adversely affected.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><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: 0.5in"/><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">We
                                            will not be able to exert the same level of influence or control over members and service
                                            managers as we could if they were our employees, and we may be subject to significant costs
                                            and reputational harm in the event our members violate any laws or regulations applicable
                                            to our 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">&#160;</td><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; width: 0.5in"/><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">Any
                                            harm to our Yunji brand or reputation may materially and adversely affect our business 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">&#160;</td><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; width: 0.5in"/><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">If
                                            our business model were found to be in violation of applicable laws and regulations, our
                                            business, financial condition and results of operations would 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">&#160;</td><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; width: 0.5in"/><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">Any
                                            change, disruption or discontinuity in the features and functions of major social networks
                                            in China could severely limit our ability to retain or grow our member and user base, and
                                            our business 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">&#160;</td><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; width: 0.5in"/><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">Our
                                            and the VIEs&#8217; business generates and processes a large amount of data, and we are required
                                            to comply with PRC and other applicable laws relating to data privacy and cybersecurity.
                                            Many of these laws and regulations are subject to change and uncertain interpretation, and
                                            improper use or disclosure of data could have a material and adverse effect on our business
                                            and prospects.</span></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">&#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; width: 0.5in"/><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">We
                                            face risks related to natural disasters, health epidemics and other outbreaks, which could
                                            significantly disrupt our 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">&#160;</td><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; width: 0.5in"/><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">We
                                            face intense competition. We may lose market share and users if we fail to compete effectively.</span></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">&#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; width: 0.5in"/><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">If
                                            we are unable to successfully manage our relationships with third-party service companies,
                                            we may lose service managers, or fail to provide superior customer services, which could
                                            negatively affect our business and operations.</span></td></tr></table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and the VIEs are also subject to risks and uncertainties related to our corporate structure, including, but not limited to, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">Yunji
                                            Inc. is a Cayman Islands holding company with no equity ownership in the VIEs, and we conduct
                                            our operations in China primarily through (i) our PRC subsidiaries and (ii) the VIEs with
                                            which we have maintained contractual arrangements. Holders of our ADSs hold equity interest
                                            in Yunji Inc., our Cayman Islands holding company, and do not have direct or indirect equity
                                            interest in the VIEs. <span style="background-color: white">If the PRC government determines
                                            that the contractual arrangements constituting part of the VIE structure do not comply with
                                            PRC regulations relating to 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, and our ADSs may decline in value
                                            or become worthless.</span> Our holding company in the Cayman Islands, the VIEs, and investors
                                            of Yunji face uncertainty about potential future actions by the PRC government that could
                                            affect the enforceability of the contractual arrangements with the VIEs and, consequently,
                                            significantly affect the financial performance of the VIEs and our company as a whole.</span></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">&#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; width: 0.5in"/><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">We
                                            rely on contractual arrangements with the VIEs and their respective shareholders for a large
                                            portion of our business operations, which is not as effective as direct ownership.</span></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">&#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; width: 0.5in"/><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">Any
                                            failure by the VIEs or their respective shareholders to perform their obligations under our
                                            contractual arrangements with them would have a material and adverse effect on our 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">&#160;</td><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; width: 0.5in"/><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
                                            shareholders of the VIEs may have potential conflicts of interest with us, which may materially
                                            and adversely affect our business and financial condition.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and the VIEs face risks and uncertainties related to doing business in China in general, including, but not limited to, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">Changes
                                            in China&#8217;s economic, political or social conditions or government policies could have
                                            a material adverse effect on our business and 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">&#160;</td><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; width: 0.5in"/><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; background-color: white">Risks
                                            and uncertainties arising from</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            interpretation and enforcement of <span style="background-color: white">laws and quickly
                                            evolving rules and regulations in China, could result in a material adverse change in our
                                            operations and the value of our ADSs. With respect to the legal risks associated with being
                                            based in and having operations in mainland China, the laws, regulations and the discretion
                                            of mainland China governmental authorities discussed in this annual report are expected to
                                            apply to mainland China entities and businesses, rather than entities or businesses in Hong
                                            Kong which operate under a different set of laws from mainland China. As of the date of this
                                            annual report, regulatory actions related to data security or anti-monopoly concerns in Hong
                                            Kong do not have a material impact on our ability to conduct business, accept foreign investment
                                            in the future or continue to list on a United States stock exchange. However, the PRC government
                                            may exert influence over our operations in Hong Kong at any time and new regulatory actions
                                            related to data security or anti-monopoly concerns in Hong Kong may be taken in the future,
                                            which may have a material impact on our ability to conduct business, accept foreign investment
                                            or continue to list on a United States stock exchange. For more details, see &#8220;Item
                                            3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China&#8212;</span>There
                                            are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations<span style="background-color: white">.&#8221;
                                            These risks could result in a material adverse change in our operations and the value of
                                            our ADSs, significantly limit or completely hinder our ability to continue to offer securities
                                            to investors, or cause the value of such securities to significantly decline or be worthless.
                                            For a detailed description of risks related to doing business in China, see &#8220;Item 3.
                                            Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China.&#8221;</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">&#160;</td><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; width: 0.5in"/><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
                                            PRC government&#8217;s significant authority in regulating our operations and its oversight
                                            and control over offerings conducted overseas by, and foreign investment in, China-based
                                            issuers could significantly limit or completely hinder our ability to offer or continue to
                                            offer securities to investors. Implementation of industry-wide regulations in this nature
                                            may cause the value of such securities to significantly decline. For more details, see &#8220;Item
                                            3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China&#8212;The
                                            PRC government&#8217;s significant oversight over our business operations could result in
                                            a material adverse change in our operations and the value of our ADSs.&#8221;</span></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">&#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; width: 0.5in"/><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
                                            approval and/or other requirements of the CSRC or other PRC governmental authorities may
                                            be required in connection with an offering under PRC rules, regulations or policies, and,
                                            if required, we cannot predict whether or how soon we will be able to obtain such approval
                                            or complete such other requirements. Any failure to obtain or delay in obtaining such approval
                                            for this offering, or a rescission of obtained approval, would subject us to sanctions imposed
                                            by the CSRC or other PRC government authorities. For more details, see &#8220;Item 3. Key
                                            Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China&#8212;The
                                            approval and/or other requirements of the CSRC or other PRC governmental authorities may
                                            be required in connection with an offering under PRC rules, regulations or policies, and,
                                            if required, we cannot predict whether or how soon we will be able to obtain such approval
                                            or complete such other requirements.&#8221;</span></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">&#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; width: 0.5in"/><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">Our
                                            ADSs may be prohibited from trading in the United States under the HFCAA in the future if
                                            the PCAOB is unable to inspect or fully investigate auditors located in mainland China and
                                            Hong Kong. The PCAOB had historically been unable to inspect our auditor in relation to their
                                            audit work performed for our financial statements and the inability of the PCAOB to conduct
                                            inspections of our auditor in the past has deprived our investors with the benefits of such
                                            inspections. The delisting of our ADSs, or the threat of their being delisted, may materially
                                            and adversely affect the value of your investment. For more details, see &#8220;Item 3. Key
                                            Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China&#8212;The
                                            PCAOB had historically been unable to inspect our auditor in relation to their audit work
                                            performed for our financial statements and the inability of the PCAOB to conduct inspections
                                            of our auditor in the past has deprived our investors with the benefits of such inspections&#8221;
                                            and &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business
                                            in China&#8212;Our ADSs may be prohibited from trading in the United States under the HFCAA
                                            in the future if the PCAOB is unable to inspect or investigate completely auditors located
                                            in mainland China and Hong Kong. The delisting of the ADSs, or the threat of their being
                                            delisted, may materially and adversely affect the value of your investment.&#8221;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><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: 0.5in"/><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">Cash
                                            transfers from our PRC subsidiaries to entities outside of mainland China are subject to
                                            PRC government controls on currency conversion. There is no assurance the PRC government
                                            will not intervene in or impose restrictions on the ability of Yunji Inc., our subsidiaries,
                                            and the VIEs to transfer cash. To the extent cash in the business is in mainland China or
                                            Hong Kong or a mainland China or Hong Kong entity, the funds may not be available to fund
                                            operations or for other use outside of mainland China or Hong Kong due to interventions in
                                            or the imposition of restrictions and limitations on the ability of us or our subsidiaries
                                            by the PRC government to transfer cash. For more details, see &#8220;Item 3. Key Information&#8212;D.
                                            Risk Factors&#8212;Risks Related to Doing Business in China&#8212;We may rely on dividends
                                            and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing
                                            requirements we may have, and any limitation on the ability of our PRC subsidiaries to make
                                            payments to us could have a material and adverse effect on our ability to conduct our business.&#8221;</span></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">&#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; width: 0.5in"/><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">Any
                                            loans to our wholly foreign-owned subsidiaries in China, which are treated as foreign-invested
                                            enterprises under PRC law, are subject to PRC regulations and foreign exchange loan registrations.
                                            For more details, see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related
                                            to Doing Business in China&#8212;PRC regulation of loans to and direct investment in PRC
                                            entities by offshore holding companies and governmental control of currency conversion may
                                            delay or prevent us from using the proceeds to make loans to our PRC subsidiaries and the
                                            VIEs in China, which could materially and adversely affect our liquidity and our ability
                                            to fund and expand our business.&#8221;</span></td></tr></table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face risks and uncertainties related to our ADSs, including, but not limited to, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">Our
                                            ADSs may be delisted from the Nasdaq <span style="background-color: white">Capital</span>
                                            Market as a result of our failure of meeting the Nasdaq <span style="background-color: white">Capital
                                            </span>Market continued listing requirements.</span></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">&#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; width: 0.5in"/><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
                                            trading price of our 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">&#160;</td><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; width: 0.5in"/><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
                                            concentration of our share ownership among executive officers, directors, and principal shareholders
                                            and their affiliated entities will likely limit your ability to influence corporate matters
                                            and could discourage others from pursuing any change of control transaction that holders
                                            of our ordinary shares and ADSs may view as beneficial.</span></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">&#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; width: 0.5in"/><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">It
                                            is likely that we will be classified as a passive foreign investment company, or PFIC, for
                                            U.S. federal income tax purposes for the taxable year ended December 31, 2023, and possibly
                                            for the current taxable year and future taxable years, which could result in adverse U.S.
                                            federal income tax consequences to U.S. holders of our ADSs or ordinary shares.</span></td></tr></table>

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

<p style="font: bold 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; text-indent: 0in"></p>

<p style="font: italic bold 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
have experienced declining revenues, negative operating cash flow, and net losses since 2018, and we cannot assure you that our financial
performance will improve in the future.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total revenues have declined each year since 2018, from a high of RMB13,015 million in 2018 to RMB640.2 million (US$90.2&#160;million)
in 2023. We have experienced negative operating cash flow each year since 2018. We have incurred net losses each year since 2018 with
the exception of 2021, when we recorded net income of RMB132.3 million that was primarily due to RMB80.1 million in financial income
and RMB112.9 million in non-operating income, both of which were due to investments we made in other companies. Our average spending
per buyer has decreased each year since 2020, from RMB2,061 in 2020 to RMB1,195 in 2023. We cannot assure you that we will be able to
increase our revenue or generate net profits or positive cash flow from operating activities in the future. Our ability to achieve and
maintain profitability will depend in large part on our ability to, among other things, increase our number of members and other users,
grow and diversify our supplier and third-party merchant base, and optimize our cost structure. We may not be able to achieve any of
the above.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>

<p style="font: italic bold 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">If
we fail to maintain membership loyalty or generate membership growth, or fail to maintain member relationships effectively and retain
existing members, our business and operating results may be materially and adversely affected.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a membership-based social e-commerce platform and therefore membership loyalty and growth are essential to our business. The success of our business depends on our ability to maintain
and increase the number of members on our platform and improve the level of their engagement. Our membership system has experienced various
changes in the past few years. Currently, one can become a member of our platform by accepting invitation from existing members in the
form of an invitation link or QR code whereby the invitee can register an account on the Yunji app or mini program. See &#8220;Item 4.
Information on the Company&#8212;B. Business Overview&#8212;Our Member Community&#8212;Members&#8221; for more details of the previous
changes in our membership system. Our recent change in membership system may not be well received by our members and may negatively impact
membership loyalty and retention and result in a decline in the level of engagement of our members. Damage to our reputation or our failure
to anticipate needs of and provide value-added services to our members, among other things, could also diminish membership loyalty and
reduce activity of members on our platform, which could cause our revenue and operating income to decline and negatively impact our profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
membership growth depends on existing members to promote our products and invite new members through their social networks. Our members
may decide not to promote our products or invite new members at any time. To increase our revenue, we must increase the number of, or
level of activity of, our members. However, we may not be able to accurately predict how the number and level of activity of members
may fluctuate, because we outsource provision of member services to third-party service companies. We work with third-party service companies
and enter into agreements with them on an annual basis or for a longer term. These third-party service companies select service managers
based on the standards we provide in our agreements and they hire, train and compensate service managers to provide training to our members.
However, we cannot guarantee service managers selected by these third-party service companies will provide satisfactory performance.
If the service managers fail to motivate our members or facilitate members&#8217; product sales, we may lose our existing members and
the level of activity of members may reduce on our platform. Service managers may voluntarily terminate their contracts with third-party
service companies at any time. The loss of service managers or the loss of a significant number of members for any reason, could negatively
impact our business operations and impair our ability to attract new members. In addition, if our existing and new business opportunities
and incentives, products, services and other initiatives do not generate sufficient enthusiasm and economic incentive to retain our existing
members or attract new members on a sustained basis, our operating results could be adversely affected. As a result, in order to grow
our business in the future, we need to increase our retention of existing members and attract additional
members.</span></p>

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


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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">If
we fail to anticipate user needs and provide products and services attractive to users, or fail to adapt our services or business model
to changing user needs, emerging industry standards or rapid technological evolution, or fail to provide products at a satisfactory quality
to our users, our business may be materially and adversely affected.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
e-commerce market in which we operate and user needs and preferences are constantly evolving. As a result, we must continually respond
to changes in the market and user demand and preferences to remain competitive. We
intend to further diversify our product and service offerings to contribute to our revenue sources in the future. We launched our marketplace
business in the first quarter of 2019 whereby third-party merchants can sell products on our platform and pay us commissions on their
sales. New products and services, new types of customers or new business models may involve risks and challenges we do not currently
face. We continually introduce new sales format on our platform to improve user engagement and our productivity. Any new initiatives
may require us to devote significant financial and management resources and may not perform as well as expected. Furthermore, we may
have difficulty in anticipating user demand and preferences, and the products offered on our platform may not be accepted by the market
or be rendered obsolete or uneconomical. Therefore, any inability to adapt to these changes may result in a failure to capture new members
and other users or retain existing members and other users, the occurrence of which would materially and adversely affect our business,
financial condition and results of operations. In addition, if we are unable to provide products to users at a satisfactory quality,
in a timely manner, in sufficient quantities or at an acceptable cost, our business could be negatively impacted. We may also be subject
to claims if our users are not satisfied with the quality of the products or do not have satisfactory experiences in general.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, to remain competitive, we must continue to enhance and improve the responsiveness, functionality and features of our platform.
The internet and the e-commerce markets are characterized by rapid technological evolution, changes in user requirements and preferences,
frequent introductions of new products, features and services embodying new technologies and the emergence of new industry standards
and practices, any of which could render our existing technologies and systems obsolete. Our success will depend, in part, on our ability
to identify, develop and adapt to new technologies useful in our business, and respond to technological advances and emerging industry
standards and practices, in particular with respect to mobile internet, in a cost-effective and timely way. We cannot assure you that
we will be successful in these efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will not be able to exert the same level of influence or control over members and service managers as we could if they were our employees,
and we may be subject to significant costs and reputational harm in the event our members violate any laws or regulations applicable
to our operations.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Members
and service managers, most of whom are also our members, are not our employees and do not enter into any employment contracts with us.
Accordingly, we are not in a position to provide the same level of control over and oversight of members and service managers as we would
if they were our employees. However, our members play an important role in promoting our products and inviting new members to our platform,
including promoting our products via live streaming sessions on our Yunji app, on our Yunji Endorsement app and through our official
account on other live streaming platforms. Some members also interact frequently with the users in their social network regarding our
products and platform. Therefore, such users may associate the members with us and hold us accountable for any misconduct by our members.
Also, service managers provide services to our members and communicate with them on a regular basis. The members they serve may view
us as vicariously liable for any misconduct by service managers. We may be subject to lawsuits or reputational harm if, for example,
a member misrepresents the functionality or provides inaccurate information of our products through the member&#8217;s social network
or via the live streaming sessions they host, or a member or service manager conducts any wrongdoings or otherwise violates applicable
laws. While we have implemented policies and procedures designed to govern conduct of our members to comply with the regulatory regime
in China and protect our goodwill, including content control policies and live streaming standards, and the third-party service companies
have adopted policies to regulate the conduct of the service managers, there can be no assurance that members or service managers will
comply with the policies and procedures. Violations by members or service managers of applicable law or of the policies and procedures
could reflect negatively on our products and operations and harm our business reputation. While we have not experienced any significant
problems affecting our products, operations or business reputation caused by violations by members or service managers of the policies
and procedures, we cannot assure you that we will not face such problems in the future.</span></p>

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


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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">Any
harm to our Yunji brand or reputation may materially and adversely affect our business and results of operations.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the recognition and reputation of our Yunji (&#20113;&#38598;) brand among our members, other users, suppliers, third-party
merchants and other third-party service providers and partners are critical to our business and competitiveness. Many factors,
some of which are beyond our control, are important to maintaining and enhancing our brand and may negatively impact our brand if not
properly managed. These factors include our ability to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">provide
                                            a superior shopping experience to our users;</span></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">&#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; width: 0.5in"/><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">maintain
                                            and grow our member and user base and keep our community, members and other users highly
                                            engaged;</span></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">&#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; width: 0.5in"/><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">maintain
                                            the popularity, attractiveness, diversity, quality and authenticity of our product offerings;</span></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">&#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; width: 0.5in"/><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">maintain
                                            the efficiency, reliability and quality of our fulfillment services to our users;</span></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">&#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; width: 0.5in"/><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">maintain
                                            or improve users&#8217; satisfaction with our after-sale 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">&#160;</td><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; width: 0.5in"/><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">increase
                                            brand awareness through marketing and brand promotion activities; 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">&#160;</td><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; width: 0.5in"/><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">preserve
                                            our reputation and goodwill in the event of any negative publicity on customer service, product
                                            quality, price or authenticity, data privacy and security, our industry and other players
                                            within the industry or other issues affecting us or other social e-commerce and e-commerce
                                            businesses in China.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
perception that non-authentic, counterfeit or defective goods are sold on our platform or that we or third-party service providers do
not provide satisfactory customer service, even if factually incorrect or based on isolated incidents, could damage our reputation, diminish
the value of our brand, undermine the trust and credibility we have established and have a negative impact on our ability to attract
new users or retain our current users. If we are unable to maintain our reputation, enhance our brand recognition or increase positive
awareness of our platform, products and services, it may be difficult to maintain and grow our member and user base, and our business
and growth prospects 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our business model were found to be in violation of applicable laws and regulations, our business, financial condition and results of
operations 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2005, the State Council promulgated the Regulations on the Prohibition of Pyramid Selling, which prohibits individuals and entities
in China from engaging in pyramid selling. See &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulations&#8212;Regulations
Relating to Pyramid Selling in the PRC.&#8221; In May 2017, we received a formal notice from the local Administration for Market Regulation
in Hangzhou, which ruled that our sales and marketing practice prior to February 2016 violated the Regulations on the Prohibition of
Pyramid Selling and imposed a fine of approximately RMB9.6 million (US$1.4 million). Since the early stage of our operations in 2015,
the local governmental authorities in Hangzhou had been in discussion with us on potential violation by our then-existing business model
of the Regulations on the Prohibition of Pyramid Selling, and we have adjusted our business practices since February 2016 to comply with
the Regulations on the Prohibition of Pyramid Selling and other applicable regulations. We fully paid the fine in June 2017. In December
2018, we and Han Kun Law Offices, our PRC legal counsel, consulted with the competent government authority in Hangzhou, the district
branch of the State Administration for Market Regulation, having direct jurisdiction over our PRC entities that currently operate our
membership-based social e-commerce platform, and the government authority verbally confirmed that these entities have conducted their
business operations lawfully and none of these entities are in violation of the Regulations on the Prohibition of Pyramid Selling or
any other applicable laws. Based on our discussion with the competent government authorities and the advice of Han Kun Law Offices, we
believe that our current business model is not in violation of applicable PRC laws and regulations, including the Regulations on the
Prohibition of Pyramid Selling. However, there is no assurance that the competent governmental authorities in China that we communicated
with will not change their views, or the other government authorities will share the same view as our PRC legal counsel, or they will
find our business model not in violation of any applicable regulations, given the uncertainties in the interpretation and application
of existing PRC laws, regulations and policies relating to our current business model, including, but not limited to, regulations regulating
pyramid selling. Moreover, new laws, regulations or policies may also be promulgated in the future, and there is no assurance that our
current business model will be in full compliance with the new laws, regulations or policies. If our business model were to be found
in violation in the future, we will have to make adjustment to our business model or cease certain of our business operations, and the
governmental authorities may confiscate any illegal gains and impose a fine, which would have a material and adverse impact on our business,
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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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">Any
change, disruption or discontinuity in the features and functions of major social networks in China could severely limit our ability
to retain or grow our member and user base, and our business may be materially and adversely affected.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends on our ability to attract and retain new members and other users and expand our member and user base. We leverage social
networks in China as a tool for member and user acquisition and engagement. For example, we leverage social networks, such as WeChat,
QQ and Weibo, to enable members to share product information and their experiences with products on our platform to their friends, family
and other social contacts, who can purchase such products directly via the links shared by the members through social networks. A substantial
portion of our member and user traffic comes from such member recommendation through social networks. To the extent that we are banned
from using some or all functions of such social networks, or fail to leverage such social networks, our ability to attract or retain
members and other users, and maintain an active community may be severely harmed. If WeChat, QQ or Weibo changes its functions or support,
such as charging fees for functions or support that is currently provided for free, or stops offering its functions or support to us
or discontinues its functions or support in general, we may not be able to locate alternative platforms of similar scale to provide similar
functions or support in a timely manner, or at all. Furthermore, we may fail to establish or maintain relationships with additional social
network operators to support the growth of our business on economically viable terms, or at all. Any interruption to or discontinuation
of our relationships with major social network operators may severely and negatively impact our ability to retain or grow our user
base, and any occurrence of the circumstances mentioned above may have a material adverse effect on our business, 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
and the VIEs&#8217; business generates and processes a large amount of data, and we are required to comply with PRC and other applicable
laws relating to data privacy and cybersecurity. Many of these laws and regulations are subject to change and uncertain interpretation,
and improper use or disclosure of data could have a material and adverse effect on our business and prospects.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
and the VIEs&#8217; business generates and processes a large quantity of data. We face risks inherent in handling and protecting large
volume of data. In particular, we face a number of challenges relating to data from transactions and other activities on our platform,
including (i) protecting the data in and hosted on our system, including against attacks on our system by outside parties or fraudulent
behavior or improper use by our employees; (ii) addressing concerns related to privacy and sharing, safety, security and other factors;
and (iii) complying with applicable laws, rules and regulations relating to the collection, use, storage, transfer, disclosure and security
of personal information, including any requests from regulatory and government authorities relating to this data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Data
security and data protection compliance receives heightened attention from domestic and global regulators and attracts great public scrutiny,
which could increase our compliance costs going forward and subject us to heightened risks and challenges associated with data security
and protection. If we are unable to manage these risks, we could become subject to penalties, including fines, suspension of business
and revocation of required licenses, and our reputation and results of 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC regulatory and enforcement regime with regard to data security and data protection is evolving and may be subject to different interpretations
or significant changes. Different PRC regulatory bodies, including the Standing Committee of the National People&#8217;s Congress, the
Ministry of Industry and Information Technology, the Cyberspace Administration of China, the Ministry of Public Security and the State
Administration for Market Regulation, have enforced data privacy and protections laws and regulations with varying standards and applications.
See &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulations&#8212;Regulations Relating to Cyber Security,
Data Security, National Security and Personal Information Protection.&#8221; The following summarizes recent PRC regulatory activities
in this area:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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="width: 0.5in">&#160;</td>
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 10, 2021, the Standing Committee of the PRC National
People&#8217;s Congress published the PRC Data Security Law, which took effect on September 1, 2021. The PRC Data Security Law is a foundational
law in the field of data security, which requires data processing, (which includes the collection, storage, use, processing, transmission,
provision, publication of data, etc.) to be conducted in a legitimate and proper manner.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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="width: 0.5in">&#160;</td>
  <td style="text-align: justify; width: 0.25in">&#9679;</td>
  <td style="text-align: justify"> On August 20, 2021, the Standing Committee of the National People&#8217;s Congress of China promulgated the PRC Personal Information
Protection Law, which integrates the scattered rules with respect to personal information rights and privacy protection and took effect
on November 1, 2021. The PRC Personal Information Protection Law aims at protecting personal information rights and interests, regulating
the processing of personal information, ensuring the orderly transmission of personal information in accordance with law and promoting
the reasonable use of personal information.</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#9679;</td>
  <td style="text-align: justify">On November 14, 2021, the Cyberspace Administration of China released the Regulations on the Network Data Security Management
(Draft for Comments), which set out general guidelines applicable to the protection of personal information, security of important data,
security management of cross-border data transfer, obligations of internet platform operators, as well as the supervision, management,
and legal liabilities related to the foregoing. As of the date of this annual report, these draft regulations have not been formally adopted,
and it remains to be seen when and in what form such draft regulations will be enacted.</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#160;</td>
  <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
  <td style="text-align: justify">&#9679;</td>
  <td style="text-align: justify">On December 28, 2021, the Cyberspace Administration of China and other PRC governmental authorities jointly issued the Cybersecurity
Review Measures, which took effect on February 15, 2022. These measures specify the circumstances necessitating cybersecurity review,
such as (i) critical information infrastructure operators purchasing network products or services or "online platform operators" conducting
data processing activities with similar implications, that affect or may affect national security, and (ii) data processors holding over
one million users&#8217; personal information seeking to list on a foreign stock exchange. Additionally, the measures outline the required
declaration materials and basic procedures for cybersecurity review.</td></tr>
</table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of
this annual report, we have not been involved in any formal investigations on cybersecurity review made by the <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cyberspace
Administration of China<span style="background-color: white">, nor have we received any inquiry, notice, warning, or sanctions from the
</span>Cyberspace Administration of China <span style="background-color: white">regarding cybersecurity, data security and personal data
protection </span>that would have a material impact on our business, results of operations or financial condition or our previous issuance
of securities to foreign investors<span style="background-color: white">. Our PRC legal counsel has consulted the PRC government authority,
which confirmed that, under the currently effective PRC laws and regulations, a company already listed in a foreign stock exchange before
promulgation of the Cybersecurity Review Measures is not required to go through a cybersecurity review by the </span>Cyberspace Administration
of China <span style="background-color: white">to maintain its listing status on the foreign stock exchange on which its securities have
been listed. Based on the foregoing, we believe, as of the date of this annual report, we are compliant with the currently effective
PRC laws relating to cybersecurity, data security, and personal data and privacy laws that have been issued by the </span>Cyberspace
Administration of China <span style="background-color: white">in all material respects. However, many of the data-related legislations are relatively new and certain concepts thereunder remain subject to interpretation by
the regulators. If any data that we possess belongs to data categories that are subject to heightened scrutiny, we may be required to
adopt stricter measures for protection and management of such data. These regulations remain unclear on whether the requirements will
be applicable to companies that are already listed in the United States, such as us. We cannot predict the impact of these regulations,
if any, at this stage, and we will closely monitor and assess any development in the rule-making process. If the enacted version of these
regulations mandate clearance of cybersecurity review and other specific actions to be taken by issuers like us, we face uncertainties
as to whether these additional procedures can be completed by us timely, or at all, which may subject us to government enforcement actions
and investigations, fines, penalties, suspension of our non-compliant operations, or removal of our app from the relevant application
stores, and materially and adversely affect our business and results of operations.</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, we have been taking, and will continue to take, reasonable measures to comply with laws and regulations
relating to privacy, personal information, data security and cybersecurity. Pursuant to PRC laws and regulations regarding data security
and personal information protection, and in response to the current supervisory tendency from the Cyberspace Administration of China,
we have taken certain internal and external measures to ensure compliance with the legal obligation required by the supervisory authorities
and to ensure data security concerning customers. With respect to external management, on the one hand, we have timely updated our personal
information processing rules, and we have disclosed the updated personal information processing rules to our customers and obtained their
consent to such update; on the other hand, we have executed data processing agreements with external logistic companies to clarify each
party&#8217;s rights and obligations when assigning personal information processing tasks to such logistic companies. With respect to
internal management, we have established an integrated data compliance management structure and enacted a series of data compliance policies
such as the data security management policy (including the requirements for data compliance audit), the data classification and grading
policy, the personal information protection impact assessment policy, the data storage and management policy, information security incidents
and emergency response measures.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have also utilized a series of compliance tools to ensure proper implementation of the aforementioned policies. While we take all reasonable
measures to comply with applicable data privacy and protection laws and regulations, we cannot guarantee the effectiveness of the measures
undertaken by us and business partners, and such measures may still be determined as insufficient, improper, or even as user-privacy
invasive, by the authorities, which may result in penalties against us. The activities of third parties such as our customers and business
partners are beyond our control. If our business partners violate the PRC Cyber Security Law and other laws and regulations relating
to the protection of personal information, or fail to fully comply with the service agreements with us, or if any of our employees fail
to comply with our internal control measures and misuse the information, we may be subject to penalties and other legal liabilities.
Any failure or perceived failure to comply with all applicable data privacy and protection laws and regulations or to take prompt rectification
actions as required by the enforcement authorities, or any failure or perceived failure of our business partners to do so, or any failure
or perceived failure of our employees to comply with our internal control measures, may result in negative publicity and legal proceedings
or regulatory actions against us, and could damage our reputation, discourage current and potential users and customers from using our
products or services and subject us to fines, damages and rectification, which could have a material adverse effect 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, compliance with the existing PRC laws and regulations, as well as additional laws and regulations that PRC regulatory bodies
may enact in the future, related to data security and personal information protection, may be costly and result in additional expenses
to us, and subject us to negative publicity, which could harm our reputation and business operations. There are also uncertainties with
respect to how such laws and regulations will be implemented and interpreted in practice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, regulatory authorities around the world have adopted or are considering a number of legislative and regulatory proposals
concerning data protection. These legislative and regulatory proposals, if adopted, and the uncertain interpretations and
application thereof could, in addition to the possibility of fines, result in an order requiring that we change our data practices
and policies, which could have an adverse effect on our business and results of operations. The European Union General Data
Protection Regulation, or GDPR, which came into effect on May 25, 2018, includes operational requirements for companies that receive
or process personal data of residents of the European Economic Area. The GDPR establishes new requirements applicable to the
processing of personal data, affords new data protection rights to individuals and imposes penalties for serious data breaches.
Individuals also have a right to compensation under the GDPR for financial or non-financial losses. Although we do not conduct any
business in the European Economic Area, in the event that residents of the European Economic Area access our website or our mobile
platform and input protected information, we may become subject to provisions of the GDPR. In addition, to the extent we have
accessed data in Hong Kong, we have been in compliance with relevant laws and regulations in Hong Kong regarding data security, such
as the Personal Data (Privacy) Ordinance and the Unsolicited Electronic Messages Ordinance which impose protocols and obligations
regarding the handling of personal data including that, among other things, (i) personal data shall be collected for a lawful
purpose, necessary and not excessive, (ii) personal data shall be collected by means that are lawful and fair in the circumstances
of the case, and (iii) the person from whom personal data is collected is informed of the purpose of collecting the data. We believe
that the laws and regulations in Hong Kong regarding data security do not have a material impact on our business, as of the date of
this annual report. However, to the extent that certain laws and regulations in Hong Kong were to result in additional oversight
over data security that impacts our business in Hong Kong, we may be required to incur additional cost to ensure our compliance to
such laws and regulations, and any violation could result in a material adverse impact on our business, reputation and results of
operations.</span></p>

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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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
face risks related to natural disasters, health epidemics and other outbreaks, which could significantly disrupt our operations.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business could be materially and adversely affected by natural disasters, health epidemics or other public safety concerns affecting
the PRC. Natural disasters may give rise to server interruptions, breakdowns, system failures, technology platform failures or internet
failures, which could cause the loss or corruption of data or malfunctions of software or hardware as well as adversely affect our ability
to operate our platform and provide services and solutions. Our business could also be adversely affected if our employees are affected
by health epidemics, such as new variants of COVID-19 or outbreaks of other diseases. Our business operations could be disrupted if any
of our employees is suspected of having any transmissible health epidemic, since this may cause our employees to be quarantined and/or
our offices to be temperately shut down. In addition, our results of operations could be adversely affected to the extent that any health
epidemic harms the Chinese economy in general. Our headquarters are located in China, where most of our directors and management and
many of our employees currently reside. Most of our system hardware and back-up systems are hosted in facilities located in China. Consequently,
if any natural disasters, health epidemics or other public safety concerns were to affect China, our operation may experience material
disruptions, which may materially and adversely affect our business, 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face intense competition. We may lose market share and users if we fail to compete effectively.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
e-commerce industry in China is intensely competitive. We compete to attract, engage and retain members, other users, orders, suppliers,
third-party merchants and other participants on our platform. Our current or potential competitors include all major e-commerce companies
in China and other internet companies in China that engage in social e-commerce businesses. See &#8220;Item 4. Information on the Company&#8212;B.
Business Overview&#8212;Competition.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current or potential competitors may have longer operating histories, greater brand recognition, better relationships with supplier and
third-party merchants, larger customer bases, higher user activity and loyalty or greater financial, technical or marketing resources
than we do. Our competitors may leverage their brand recognition, experience and resources to compete with us in a variety of ways, including
making investments and acquisitions for the expansion of their product and service offerings. Some of our competitors may be able to
secure more favorable terms from suppliers and third-party merchants, devote greater resources to marketing and promotional campaigns,
adopt more aggressive pricing or inventory policies and devote substantially more resources to their IT systems and technology than us.
In particular, some of these competitors have substantially greater financial resources that may allow them to initiate and sustain aggressive
price competition and we experience increased competition when our competitors offer discounts or clearance sale for various reasons.
If we are unable to offer products on our platform at competitive prices, we may experience increased negative pressure on pricing for
our products and loss of users. Some of our competitors may also utilize social networks to attract users, which may divert traffic or
attention of our potential users. In addition, new and enhanced technologies may increase the competition in the e-commerce industry.
Increased competition may reduce our profitability, market share, user base and brand recognition. We cannot assure you that we will
be able to compete successfully against current or future competitors, and competitive pressures may have a material and adverse effect
on our business, 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
disruption to our IT systems could materially affect our ability to maintain the satisfactory performance of our IT systems and deliver
consistent services to our users.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
proper functioning of our IT systems is essential to our business. The satisfactory performance, reliability and availability of our
IT systems are critical to our success, our ability to attract and retain members and other users and our ability to maintain and deliver
consistent services on our platform. However, our technology infrastructure may fail to keep pace with increased sales on our platform,
in particular with respect to our new product and service offerings or in association with traffic and order surges during promotional
events and holiday seasons, and therefore our users may experience delays as we seek to source additional capacity, which would adversely
affect our results of operations as well as our reputation.</span></p>

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

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we must continue to upgrade and improve our technology infrastructure to support our business. However, we cannot assure you that
we will be successful in executing these system upgrades. We currently use cloud services
and servers operated by external cloud service providers to store our data, to allow us to analyze a large amount of data simultaneously
and to update our user database and profiles quickly. Any interruption or delay in the functionality of these external cloud service
and server providers may materially and adversely affect the operations of our business.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be unable to monitor and ensure high-quality maintenance and upgrade of our IT systems and infrastructure on a real-time basis, and
users may experience service outages and delays in accessing and using our platform to place orders. In addition, we may experience surges
in online traffic and orders associated with promotional activities and generally as we scale, which can put additional demand on our
platform at specific times. Our technology or infrastructure may not function properly at all times. Any system interruptions caused
by telecommunications failures, computer viruses, physical or electronic break-ins or other attempts to harm our systems could result
in the unavailability or slowdown of our platform or reduced order fulfillment performance, which in turn could reduce the volume of
products sold and the attractiveness of product offerings on our platform. Any of such occurrences could cause severe disruption to our
daily operations. As a result, our reputation may be materially and adversely affected, our market share could decline and we could be
subject to liability claims. In addition, in order to ensure that our technology infrastructure can be comprehensively and rapidly upgraded,
we need to constantly enhance our technology. Otherwise, we face the risk of our technology infrastructure becoming unstable and susceptible
to security breaches, which we may be unable to identify or rectify rapidly and effectively. Such instability or susceptibility could
create serious challenges to the security and uninterrupted operation of our platform and services, which would materially and adversely
affect our business and reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may face challenges in expanding our product offerings and optimizing our product mix.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
platform carries a wide range of products including, among others, beauty and personal care, healthcare products, household goods, apparel,
shoes and bags, beverage, food and fresh produce, computer, electronics and home appliances, childcare products, and baby and maternity
products. Expansion into diverse new product categories and increase in number of products we offer involve new risks and challenges.
Our lack of familiarity with these products and lack of user data relating to these products may make it more difficult for us to anticipate
user demand and preferences. We may misjudge user demand, resulting in inventory buildup and possible inventory write-down. It may also
make it more difficult for us to inspect and control quality and ensure proper handling, storage and delivery. We may experience higher
return rates on new products, receive more complaints from members and other users about them and face costly product liability claims,
which would harm our brand and reputation as well as our financial performance. Furthermore, we may not have much purchasing power in
new categories of products and we may not be able to negotiate favorable terms with suppliers and third-party merchants. We may need
to price aggressively to gain market share or remain competitive in new categories. It may be difficult for us to achieve profitability
in the new product categories and our profit margin for these new product categories, if any, may be lower than we anticipate, which
would adversely affect our overall profitability and results of operations. We cannot assure you that we will be able to recoup our investments
in introducing these new product categories. In addition, some of our existing product categories may have lower profit margins than
others, and failure to grow our existing product categories with higher profit margins may adversely impact our overall profitability
and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have incurred net loss in the past and we may experience losses in the future.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred a net loss of RMB165.1 million (US$23.3 million) in 2023, compared to a net loss of RMB138.4 million and a net income of RMB132.3
million in 2022 and 2021, respectively. In the years ended December 31, 2021, 2022 and 2023, our operating cash flow was negative. We
cannot assure you that we will be able to generate net profits or positive cash flow from operating activities in the future. Our ability
to achieve and maintain profitability will depend in large part on our ability to, among other things, increase our number of members
and other users, grow and diversify our supplier and third-party merchant base, and optimize our cost structure. We may not be able to
achieve any of the above. We intend to continue to invest for the foreseeable future in the technology platform to support an even more
carefully curated selection of products and to offer additional value-added services. As a result of the foregoing, we believe that we
may incur net losses in the future.</span></p>

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


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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">If
we fail to manage and expand our relationships with suppliers and third-party merchants, or otherwise fail to procure products at favorable
terms, our business and business prospects may suffer.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
source products from third-party suppliers for our merchandise sales business. We also operate a marketplace business whereby third-party
merchants sell products on our platform. As of December 31, 2023, we had 945 suppliers and third-party merchants on our platform. Our
suppliers and third-party merchants include merchants of mainstream brands and emerging brands, and manufacturing partners we cooperate
with. Maintaining strong relationships with these suppliers and third-party merchants is important to our business. In
particular, we depend significantly on our ability to procure products from suppliers on favorable pricing terms and attract third-party
merchants to offer their products on commercially attractive terms. We typically enter into one-year framework agreements with our suppliers
and third-party merchants on an annual basis, and these framework agreements are typically renewed automatically on an annual basis unless
either party chooses to discontinue the business relationship. Should any of our supplier or third-party merchant choose to discontinue
their business relationship with us on existing terms, we cannot ensure the availability of products or the continuation of particular
pricing practices or payment terms beyond the end of the contractual term. In addition, except in the case of our collaboration with
certain top-quality emerging brands for the production of Yunji exclusive products, our agreements with suppliers and third-party merchants
typically do not restrict them from selling products to others or on other platforms. We cannot assure you that our current suppliers
and third-party merchants will continue to sell products to us or on our platform on commercially acceptable terms, or at all, after
the term of the current agreement expires. Even if we maintain good relations with our suppliers and third-party merchants, their ability
to supply products to us or on our platform in sufficient quantity and at competitive prices may be adversely affected by economic conditions,
labor actions, regulatory or legal decisions, natural disasters or other causes. For example, the compulsory quarantine and other restrictions
imposed as a result of the COVID-19 pandemic in early 2022 caused various degrees of temporary shutdowns and delays in production
and operation of our suppliers (especially private label suppliers) and third-party merchants, leading to temporary supply shortages
of certain merchandises and delays in the research and development and new product launch processes associated with our private label
suppliers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that we are not able to purchase products at favorable prices, our revenues and cost of sales may be materially and adversely
affected. In the event any brand owner does not have authority from the relevant manufacturer to sell certain products to us or on our
platform, such brand owner may cease selling such products to us or on our platform at any time. If our suppliers and third-party merchants
cease to provide us with favorable payment terms, our need for working capital may increase and our operations may be materially and
adversely affected. We will also need to establish new supplier and third-party merchant relationships to ensure that we have access
to a steady supply of products on favorable commercial terms. If we are unable to develop and maintain good relationships with suppliers
and third-party merchants that would allow us to obtain a sufficient amount and variety of authentic and quality products on acceptable
commercial terms, it may inhibit our ability to offer sufficient products sought by our users, or to offer these products at competitive
prices. Any adverse developments in our relationships with suppliers and third-party merchants could materially and adversely affect
our business and business prospects. If we
fail to attract new suppliers and third-party merchants to sell their products to us or on our platform due to any reason, our business and business prospects 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations could be materially adversely affected if we fail to effectively manage our relationships with, or lose the services of, third-party
manufacturing partners.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on third-party manufacturing partners to manufacture our private label products. Our ability to grow revenues in the future will
depend in part on our success in maintaining successful relationships with our manufacturing partners. As we do not enter into long-term
contracts with third-party manufacturing partners, they may decide not to accept our future orders on the same or similar terms, or at
all. If a manufacturing partner decides to substantially reduce its volume of supply to us or to terminate its business relationship
with us, we may not be able to find a proper replacement in a timely manner, or at all. This may negatively impact our revenues and adversely
affect our reputation, causing a material adverse effect on our financial condition, results of operations and prospects. In particular,
a substantial portion of our GMV from private label products is generated from the sale of Suye (&#32032;&#37326;) and Qing Zi Yang (&#36731;&#23039;&#20859;).
If there is any adverse change to the nature of our relationship with the manufacturer of Suye or Qing Zi Yang or if the manufacturer
of Suye or Qing Zi Yang decides to terminate its cooperation with us, the sale of our private label products and thus our results of
operations may be negatively impacted. Moreover, some manufacturing partners may not fully comply with certain laws and regulations,
such as consumer protection, labor and environmental laws. If any of our manufacturing partners is found to have violated laws and regulations
in China, media reports on such violations may negatively affect our reputation and image, resulting in material adverse impact on our
business, financial condition and results of operations. In addition, while we provide the designs of our products to the manufacturing
partner, as well as guidance for manufacturing the products ordered by us, we do not have direct control over the manufacturing partners.
If any of them is involved in unauthorized production and sale of goods using our brand name, our reputation, financial condition and
results of operations may be materially adversely affected.</span></p>

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


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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
and the third-party merchants in our marketplace business use third-party logistics service providers to deliver our orders. If these
third-party logistics service providers fail to provide reliable delivery services, our business and reputation 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and the third-party merchants in our marketplace business cooperate with a number of third-party logistics service providers to deliver
products sold on our platform to end customers. Interruptions to or failures in these third parties&#8217; delivery services could prevent
the timely or proper delivery of our products or may cause product damage or product loss during transit. These interruptions may be
due to events that are beyond our control or the control of these third-party logistics companies, such as inclement weather, natural
disasters, health epidemics, transportation disruptions or labor unrest. In addition, if our third-party logistics service providers
fail to comply with applicable rules and regulations in China, our delivery services may be materially and adversely affected. We may
not be able to find alternative third-party logistics companies to provide delivery services in a timely and reliable manner, or at all.
Delivery of our products could also be affected or interrupted by the merger, acquisition, insolvency or shut-down of the delivery companies
we engage to make deliveries, especially those local companies with relatively small business scales. If our products are not delivered
in proper condition or on a timely basis, our users may refuse to accept products purchased on our platform and lose confidence in our
platform, and our business and reputation could suffer.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
delivery personnel of contracted third-party logistics service providers act on our behalf and interact with our users personally. We
need to effectively manage these third-party logistics service providers to ensure the quality of customer services. We have in the past
received user complaints from time to time regarding our delivery and return and exchange services. Any failure to provide high-quality
delivery services to our users may negatively impact the shopping experience of our users, damage our reputation and cause us to lose
users.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
marketplace business is subject to risks associated with third-party merchants.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, there were 543 third-party merchants under our marketplace business. We do not have as much control over the storage
and delivery of products sold on our online marketplace as we do over the products that we sell directly ourselves under our merchandise
sales business. With the exception of third-party merchants outside of China for whom we handle the logistics and delivery process within
China, our third-party merchants use their own facilities to store their products and their own or third-party delivery systems to deliver
their products to our customers, which makes it more difficult for us to ensure that our customers get the same high-quality service
for all products sold on our platform. If any third-party merchant does not control the quality of the products that it sells on our
platform, or if it does not deliver the products or delivers them late or delivers products that are materially different from its description
of them, or if it sells counterfeit or unlicensed products on our platform, or if it sells certain products without licenses or permits
as required by the laws and regulations even though we have requested such licenses or permits in our standard form agreement with third-party
merchants, the reputation of our marketplace business and our Yunji brand may be materially and adversely affected and we could face
claims that we should be held liable for any losses. Moreover, despite our efforts to prevent it, some products sold under our marketplace
business may compete with the products we sell directly, which may cannibalize our merchandise sales business. In addition, the supplier
relationships, customer acquisition dynamics and other requirements for our marketplace business may not be the same as those for our
merchandise sales operations, which may complicate the management of our business. In order for our marketplace business to be successful,
we must continue to identify and attract third-party merchants, and we may not be successful in this regard.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
harm to the operations and reputation of our private label brands could have a material adverse effect on our results of operations.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
sell an increasing amount of products under our private label brands such as Suye, Qing Zi Yang, Yuan Sheng Huang, Unibeauty, P&amp;S,
Li Ba Tian, and Bai Yue Shan, both on our platform and through external channels. Maintaining consistent product quality, competitive
pricing and availability of these products is essential to developing and maintaining consumer loyalty to these brands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our private label brands experience any material disruption in its operations or a loss of consumer acceptance or confidence, our revenues
and operating results could be adversely affected. Negative public perception of our private labels could reflect negatively on our platform,
the other products sold on our platform and harm our business reputation. While we have not experienced any significant problems affecting
the products, operations or business reputation of our private labels, we cannot assure you that we will not face such problems in the
future.</span></p>

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


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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">Failure
to deal effectively with any fictitious transactions or other fraudulent conduct that take place under our marketplace business would
materially and adversely affect our 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may face risks with respect to fraudulent activities under our marketplace business. Although we have implemented various measures to
detect and reduce the occurrence of fraudulent activities within our marketplace business, there can be no assurance that such measures
will be effective in combating fraudulent transactions or improving overall satisfaction among third-party merchants and customers. In
addition to fraudulent transactions with legitimate customers, merchants may also engage in fictitious or &#8220;phantom&#8221; transactions
with themselves or collaborators in order to artificially inflate their own ratings on our platform, reputation and search results rankings.
This activity may harm other merchants by enabling the perpetrating merchant to be favored over legitimate merchants, and may harm our
customers by deceiving them into believing that a merchant is more reliable or trusted than the merchant actually is. This activity may
also result in inflated GMV from our marketplace business. Moreover, illegal, fraudulent or collusive activities by our employees could
also subject us to liability or negative publicity. Although we have internal controls and policies with regard to the review and approval
of sales activities and other relevant matters, we cannot assure you that such controls and policies will prevent fraud or illegal activity
by our employees. Negative publicity and user sentiment generated as a result of actual or alleged fraudulent or deceptive conduct on
our platform or by our employees would severely diminish consumer confidence in us, reduce our ability to attract new or retain current
third-party merchants and customers, damage our reputation and diminish the value of our brand, and materially and adversely affect our
business, 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to successfully manage our relationships with third-party service companies, we may lose service managers, or fail to provide
superior customer services, which could negatively affect our business and operations.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
outsource provision of member services to third-party service companies and they hire, train and compensate service managers at our request.
Service managers enter into service contracts with third-party service companies and are not our employees. We currently work with three
third-party service companies and enter into agreements with them on an annual basis or for a longer term. These third-party service
companies select service managers based on the standards we provide in our agreements. While we may oversee the performance of service
managers and request these third-party service companies to replace service managers that do not meet our standards, management of service
managers through third parties may not be as timely and effective as were they our employees. If we are unable to enter into new agreements
or extend existing agreements with these third-party service companies on terms and conditions acceptable to us, we may lose service
managers. We may not be able to find alternative third-party service companies to provide similar services in a timely and reliable manner,
or at all. Accordingly, our members may not receive sufficient training or support for promoting the products sold on our platform and
they may become less motivated to promote our products via their social networks. Any termination of our arrangements with these third-party
service companies, or their refusal to select service managers for us, could have a material adverse effect on our business, 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
to comply with the E-Commerce Law may have a material adverse impact on our business, financial conditions 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the e-commerce industry is still evolving in China, new laws and regulations may be adopted from time to time to address new issues that
arise from time to time. For example, in August 2018, the Standing Committee of the National People&#8217;s Congress promulgated the
E-Commerce Law, which became effective on January 1, 2019. The E-Commerce Law imposes a number of new requirements and obligations on
e-commerce platform operators. In addition, on March 15, 2021, the SAMR promulgated the Measures for the Supervision and Administration
of Online Trading, which took effect from May 1, 2021 and became an important departmental regulation for the implementation of the E-commerce
Law. See &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulations&#8212;Regulations Relating to E-Commerce&#8221;
for further details. We have adopted a series of measures to comply with such requires under the E-Commerce Law. We cannot assure you
that our current business operations satisfy the obligations provided under the E-Commerce Law in all respects. If the PRC governmental
authorities determine that we are not in compliance with all the requirements proposed under the E-Commerce Law, we may be subject to
fines and/or other sanctions.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
E-Commerce Law also imposes a requirement on operators of e-commerce platforms, such as our company, to assist in tax collection with
respect to income generated by sellers from transactions conducted on e-commerce platforms, including, among others, submitting to the
tax authority information on the identities of sellers on e-commerce platforms and other information relating to tax payment. Failure
to comply with the requirement may result in operators of e-commerce platforms being subject to fines and, in severe circumstances, suspension
of business operations of e-commerce platforms. Substantial uncertainties exist regarding the interpretation and implementation of the
E-Commerce Law. We encourage and incentivize members to promote the products on our platform. If the members were deemed to be selling
our products on consignment basis, the PRC tax authorities may require our members to make tax registration and request our assistance
in these efforts, pursuant to the E-Commerce Law, and our members may be subject to more stringent tax compliance requirements. Due to
the lack of detailed interpretation and implementation rules, we are in discussion, from time to time, with the government authorities
on how to comply with the requirements under the E-Commerce Law. The PRC government may adopt additional requirements from time to time,
and we may be requested by tax authorities to provide further assistance in the enforcement of tax regulations, such as disclosure of
transaction records and bank account information of the members, and withholding taxes for our members. If any of these were to occur,
we may lose our existing members or fail to attract new members and the level of activity of members may reduce on our platform. We may
also incur increased costs and expenses as a result. The tightened tax enforcement by PRC tax authorities in the e-commerce industry,
such as imposition of reporting or withholding obligations on operators of e-commerce platforms with respect to tax payable of merchants
on e-commerce platforms, may have a material and adverse effect on our business, 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may incur liability or become subject to administrative penalties for counterfeit or unauthorized products sold on our platform, or for
products sold on our platform or content posted on our platform that infringe on third-party intellectual property rights, or for other
misconduct.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
sourced our products from 402 suppliers as of December 31, 2023. Third-party merchants under our marketplace business are separately
responsible for sourcing the products they sell on our platform. As of December 31, 2023, we had 5443 third-party merchants on our online
marketplace. We have been and may continue to be subject to allegations and lawsuits claiming that products sold or listed on our platform
are counterfeit, unauthorized, illegal, or otherwise infringe third-party copyrights, trademarks and patents or other intellectual property
rights, or that content posted on our user interfaces or shared by members through their social networks contain misleading or inaccurate
information on description of products and comparable prices. Although we have adopted strict measures to protect us against these potential
liabilities, including proactively verifying the authenticity and authorization of products sold on our platform through conducting offline
investigations and immediately removing any counterfeit or illegal products or misleading information found on our platform, these measures
may not always be successful or timely.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that counterfeit, unauthorized or infringing products are sold on our platform or infringing or misleading content is posted
on our platform, we could face claims or be imposed with penalties. We have in the past received claims alleging the sales of defective,
counterfeit or unauthorized items on our platform. Irrespective of the validity of such claims, we could incur significant costs and
efforts in either defending against or settling such claims. If there is a successful claim against us, we might be required to pay substantial
damages or refrain from further sale of the relevant products. Potential liabilities under PRC law for negligence in participating or
assisting in infringement activities associated with counterfeit goods include injunctions to cease infringing activities, rectification,
compensation, administrative penalties and even criminal liability. Moreover, such third-party claims or administrative penalties could
result in negative publicity and our reputation could be severely damaged. In addition, in the event that any of our suppliers or third-party
merchants fail to obtain proper authorization to sell certain products to us or on our platform, they may be prevented from selling products
to us or on our platform and we may become subject to claims or disputes alleging that some products are sold on our platform without
proper authorization. Any of these events could have a material and adverse effect on our business, results of operations or financial
condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our standard form agreements, we require suppliers and third-party merchants to indemnify us for any losses we suffer or any costs that
we incur due to any products we source from these suppliers or any products sold by these third-party merchants. However, not all of
our agreements with suppliers and third-party merchants have such terms, and for those agreements that have such terms, we may not be
able to successfully enforce our contractual rights and may need to initiate legal proceedings in China to protect our rights. See &#8220;&#8212;Risks
Related to Doing Business in China&#8212;We and the VIEs may be adversely affected by the complexity, uncertainties and changes in PRC
regulation of internet-related businesses and companies.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to manage our inventory effectively, our results of operations, financial condition and liquidity 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
scale and business model of our merchandise sales business require us to manage a large volume of inventory effectively. We depend on
our demand forecasts for various kinds of products to make purchase decisions and to manage our inventory. Demand for products, however,
can change significantly between the time inventory is ordered and the date by which we hope to sell it. Demand may be affected by seasonality,
new product launches, changes in product cycles and pricing, product defects, changes in consumer spending patterns, changes in consumer
tastes with respect to our products and other factors, and our users may not order products in the quantities that we expect. In addition,
when we begin selling a new product, it may be difficult to establish supplier relationships, determine appropriate product selection,
and accurately forecast demand. The acquisition of certain types of inventory may require significant lead time and prepayment and they
may not be returnable. We do not have the right to return unsold items to some of our suppliers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
net inventories have decreased in recent periods, from RMB84.5 million as of December 31, 2021 to RMB54.7 million as of December 31,
2022, and further to RMB42.7 million (US$6.0 million) as of December 31, 2023. Our inventory turnover days were 29.7 days in 2021,
38.4 days in 2022 and 52.7 days in 2023. The decreases in net inventories in 2022 and 2023 are primarily due to the decreases in
merchandise sales during the same periods. We may include more products in our inventory, which will make it more challenging for us
to manage our inventory effectively and will put more pressure on our warehousing system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to manage our inventory effectively, we may be subject to a heightened risk of inventory obsolescence, a decline in inventory
values, and significant inventory write-downs or write-offs. In addition, we may be required to lower sale prices in order to reduce
inventory level, which may lead to lower margins. High inventory levels may also require us to commit substantial capital resources,
preventing us from using that capital for other important purposes. If we underestimate demand for our products, or if our suppliers
fail to supply quality products in a timely manner, we may experience inventory shortages, which might result in missed sales, diminished
brand loyalty and lost revenues, any of which could harm our business and reputation. Any of the above 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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">Failure
to successfully manage our fulfillment infrastructure or any interruption in the operation of the warehouse facilities for an extended
period may negatively affect our business, prospects 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our fulfillment infrastructure, consisting of strategically located warehouses, is essential to our success. Currently all
of the warehouses we use are operated by third-party vendors over which we have limited control. We provide our operating standards under
our operating agreements with third-party vendors and typically renew these agreements on an annual basis. Any decrease in the quality
of service offered by these third-party vendors will adversely affect our reputation and business operations. The warehouse facilities
may be vulnerable to damage caused by fire, flood, power outage, telecommunications failure, break-ins, earthquake, health epidemics,
human error and other events. If any of the warehouse facilities were rendered incapable of operations, then we may be unable to fulfill
our orders on a timely basis. We do not carry business interruption insurance, and the occurrence of any of the foregoing risks could
have a material adverse effect on our business, prospects, 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the first quarter of 2019, we launched our marketplace business, allowing third-party merchants to sell their products on our platform
and pay commissions on their sales to us. Unlike our merchandise sales business where we handle the fulfillment process for the products
sold, substantially all of the third-party merchants under our marketplace business handle the fulfillment logistics for their products
sold on our platform, thereby lessening the demand for expansion of our fulfillment infrastructure. We have started and will continue
integrating and consolidating our warehouse facilities to enhance the efficiency in fulfilling orders placed from all areas in China
under our merchandise sales business. Our fulfillment network is complex and challenging to manage. We may not be able to recruit a sufficient
number of qualified employees in connection with managing our fulfillment infrastructure. In addition, the integration and consolidation
of our fulfillment infrastructure may strain our managerial, financial, operational and other resources. If we fail to manage such integration
and consolidation successfully, our business and results of 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to recoup the investments we make to improve our technology capabilities.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have invested  in upgrading our technology platform. We may not be able to recover
our capital expenditures or investments, in part or in full, or the recovery of these capital expenditures or investments may take longer
than expected. As a result, the carrying value of the related assets may be subject to an impairment charge, which could adversely affect
our financial condition and results of operation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allegations
or lawsuits against us or our management may harm our reputation and business.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been, and may in the future be, subject to allegations or lawsuits in the ordinary course of our business brought by our competitors,
customers, employees or other individuals or entities, including, among others, those involving our marketing practices and labor related
disputes. If we are deemed to have violated labor laws and regulations or if potential allegation or lawsuits, with or without merit,
or any perceived unfair, unethical, fraudulent or inappropriate business practice by us or perceived malfeasance by our management could
harm our reputation and customer base and distract our management from our daily operations. The outcome of any allegations or lawsuits
is inherently uncertain, and in any event defending against these claims could be both costly and time-consuming, and could significantly
divert the efforts and resources of our management and other personnel. An adverse determination in any allegations or lawsuits against
us could cause us to pay damages, incur legal and other costs and may also generate negative publicity that significantly harms our reputation,
which may materially and adversely affect our customer base and our ability to attract app developers and members. There can be no assurance
that we will prevail in any of these cases, and any adverse outcome of any allegations or lawsuits could have a material adverse impact
on our business, results of operation and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to implement and maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley
Act of 2002, we may be unable to accurately report our results of operations, meet our reporting obligations or prevent fraud, and investor
confidence and the market price of our ADSs 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC, as required under Section 404 of the Sarbanes-Oxley Act of 2002, has adopted rules requiring public companies to include a report
of management on the effectiveness of such companies&#8217; internal control over financial reporting in their respective annual reports.
In addition, an independent registered public accounting firm for a public company may be required to issue an attestation report on
the effectiveness of such company&#8217;s internal control over financial reporting. However, as a &#8220;non-accelerated filer&#8221;
as defined under Rule 12b-2 of the Exchange Act, we are not required to have an attestation report on internal control over financial
reporting from our external auditors.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management conducted an evaluation of the effectiveness of our internal control over financial reporting and concluded that our internal
control over financial reporting was effective as of December 31, 2023. However, if we fail to maintain the effectiveness of our internal
control over financial reporting, our management may not be able to conclude on an ongoing basis that we have effective internal control
over financial reporting in accordance with the Sarbanes-Oxley Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. It is
possible that, had our independent registered public accounting firm conducted an audit of our internal control over financial reporting,
such accountant might have identified material weaknesses and deficiencies or might issue a qualified report if it is not satisfied with
our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the requirements
differently from us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
effective internal control over financial reporting is necessary for us to produce reliable financial reports. As a result, any failure
to maintain effective internal control over financial reporting could result in the loss of investor confidence in the reliability of
our financial statements, which in turn could negatively impact the trading price of our ADSs or ordinary shares. Furthermore, we may
need to incur additional costs and use additional management and other resources in an effort to comply with Section 404 of the Sarbanes-Oxley
Act and other requirements going forward.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
lack of requisite approvals, licenses or permits applicable to our business or failure to comply with any requirements of PRC laws, regulations
and policies may have a material and adverse impact on our 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Our
business is subject to governmental supervision and regulation by the PRC governmental authorities, including the Ministry of Commerce,
the </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ministry of Industry and Information Technology<span style="background-color: white">,
the </span>State Administration for Market Regulation<span style="background-color: white">, the </span>Cyberspace Administration of
China<span style="background-color: white">, the National Radio and Television Administration, and other governmental authorities in
charge of the relevant categories of products sold and services provided by us. Together, these government authorities promulgate and
enforce regulations that cover many aspects of our operation of social e-commerce platform, including entry into this industry, the scope
of permissible business activities, licenses and permits for various business activities, and foreign investment. We are required to
hold a number of licenses and permits for our business operations. Currently, we have obtained the following valid licenses: the VATS
license, the Network Culture Business Permit, the Production and Operation of Broadcasting and Television Programs Permit, the ICP filing,
the Internet Pharmaceutical Information Services Qualification Certificate, the Record-Filing of Third-Party Platforms Providing Online
Trading Service for Medical Devices, the Record-Filing for Business Operations of Class Two Medical Devices, the Publication Operation
Permit, the Food Operation Permit, the Record-Filing Application as A Third-Party Platform Provider for Online Food Trading, the registration
and record-filing of cosmetic products and the filing of APP (including mini-applet) organizer. However, we can not guarantee that we
have obtained all licenses, permits and filings for selling certain specific products or services on our platform from time to time.
See &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulations&#8212;Licenses, Permits and Filings.&#8221;
For example, we have not obtained the internet audio-visual program transmission license for the audio-visual program services on our
platform, for which we are not qualified to apply according to current applicable laws and regulations. In addition, we have not completed
filing for distributing publications and providing e-commerce live streaming services on our platform, and as of the date of this annual
report, we have not been informed that we shall make such filing by any government authorities. We are in the process of applying for
these licenses, permits and filings as permitted by the laws, regulations and practice of PRC governmental authorities.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, we have not received any notice of warning or been subject to penalties or other disciplinary actions
from the governmental authorities regarding our business operations without the required licenses, permits or filings. However, we cannot
assure you that we will not be subject to any penalties or disciplinary actions in the future. There exist substantial uncertainties
with respect to interpretation and application of existing PRC laws, regulations and policies, and new laws, regulations or policies
regulating the internet industry may also be promulgated in the future, which together result in substantial uncertainties regarding
the legality of existing and future foreign investments in, and the businesses activities of, internet businesses in China, including
our social e-commerce platform.</span></p>

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


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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
may be held liable for information or content displayed on, retrieved from or linked to our platform, or distributed to our users, and
PRC authorities may impose legal sanctions on us, including, in serious cases, suspending or revoking the licenses necessary to operate
our platforms.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of our members engaged in sales promotion activities through our live streaming sessions on our Yunji app, on our Yunji Endorsement app
and through our official account on other live streaming platforms, and they interacted and exchanged information with our users and
generated and distributed content. However, because a majority of the communications through our live streaming sessions and on our platforms
was conducted in real time, we were unable to verify the sources of all information communicated or posted thereon or examine the content
generated by our members and users before they were posted. We also allowed users to upload user-generated content on our platform. It
is possible that activities of users or the content uploaded on our platform by users may engage in illegal, obscene or incendiary conversations
or activities, including inappropriate or illegal information or content that may be deemed unlawful under PRC laws and regulations or
that may expose us to allegations by third parties of infringement of intellectual property rights, unfair competition, invasion of privacy,
defamation and other violations of third-party rights. When users register on our platform, they agree to our standard agreement, under
which they agree not to disseminate any content infringing on third-party copyright on our platform. However, if any information or content
on our platform is deemed illegal, obscene or incendiary, or if appropriate licenses and third-party consents have not been obtained,
claims may be brought against us for defamation, libel, negligence, intellectual property rights or other rights infringement, other
unlawful activities or other theories and claims based on the nature and content of the information delivered on or otherwise accessed
through our platform. We also may face liability for intellectual property rights infringement, fraud, and other claims based on the
nature and content of the materials that are delivered, shared or otherwise accessed through or published on our platform. Under PRC
laws and regulations, online service providers, which provide storage space for users to upload works, may be held liable for copyright
infringement under various circumstances pursuant to applicable PRC laws and regulations, including situations where the online service
provider knows or should reasonably have known that the relevant content uploaded or linked to on its platform infringes upon the copyright
of others and the online service provider profits from such infringing activities. In certain cases in China, the courts have found an
online service provider to be liable for the copyrighted content posted by users which was accessible from and stored on such provider&#8217;s
servers. Defending any such actions could be costly and involve significant time and attention of our management and other resources,
and there can be no assurance that we will obtain final outcomes that are favorable to us. In addition, if it is found that we have not
adequately managed the information or content on our platform, PRC authorities may impose legal sanctions on us, including, in serious
cases, suspending or revoking the licenses necessary to operate our platform. As a result, our business, financial condition and results
of 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends on the continuing efforts of our senior management and key employees. If our senior management is unable to work together
effectively or efficiently or if we fail to hire, retain and motivate key employees, our business may be severely disrupted.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success is significantly dependent upon the continued services of our management and other key employees. In particular, our founder
and chief executive officer, Mr. Shanglue Xiao, and other management members are critical to our vision, strategic direction, culture
and overall business success. If our senior management cannot work together effectively or efficiently, our business may be severely
disrupted. If one or more of our senior management were unable or unwilling to continue in their present positions, we might not be able
to locate suitable or qualified replacements easily or at all, and our business, financial condition and results of operations may be
materially and adversely affected. If any of our senior management or key employees joins a competitor or forms a competing business,
we may lose users, suppliers, third-party merchants, know-how and key professionals and staff members. Our senior management has entered
into employment agreements and confidentiality and non-competition agreements with us. However, if any dispute arises between any of
them and us, we may have to incur substantial costs and expenses in order to enforce such agreements in China or we may be unable to
enforce such agreements at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increasing scale of our business also requires us to hire and retain a wide range of capable and experienced personnel and technology
talents who can adapt to a dynamic, competitive and challenging business environment. Competition for talents is intense, and the availability
of suitable and qualified candidates in China is limited. Competition for talents could cause us to offer higher compensation and other
benefits to attract and retain them. Even if we were to offer higher compensation and other benefits, these individuals may not choose
to join or continue to work for us. Any failure to attract or retain key management and personnel could severely disrupt our business.</span></p>

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


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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
may be subject to claims under consumer protection laws, including health and safety claims and product liability claims, if people or
properties are harmed by the products sold on our platform.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
sell products manufactured by third parties and third-party merchants sell their products on our platform. Some of the products sold
on our platform may be defectively designed or manufactured. Sales of such products could expose us to increasing liability associated
with consumer protection laws in those areas, including product liability or health and safety claims relating to personal injury or
illness, death, or environmental or property damage, and may require product recalls or other actions. Moreover, pursuant to applicable
consumer protection laws in China, consumers or any third parties subject to such injury or damage may bring claims or legal proceedings
against the e-commerce platforms as sellers of such products. Although we would have legal recourse against the manufacturer or third-party
seller of such products, as applicable, under PRC law if the liabilities are attributable to the manufacturer or third-party seller,
attempting to enforce our rights against the manufacturer or third-party seller, as applicable, may be expensive, time-consuming and
ultimately futile. In addition, we do not currently maintain any third-party liability insurance or product liability insurance in relation
to most of the products we sell. As a result, any material product liability claim or litigation could have a material and adverse effect
on our business, financial condition and results of operations. Even unsuccessful claims could result in the expenditure of funds and
managerial efforts in defending them and could have a negative impact on our reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
to protect confidential information of our users and network against security breaches could damage our reputation and brand and substantially
harm our 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
significant challenge to the e-commerce industry is the secure storage of confidential information and its secure transmission over public
networks. A substantial amount of the orders and the payments for products offered on our platform are made through our mobile apps.
In addition, all online payments for our products are settled through third-party online payment services. We also share certain personal
information about our users with contracted third-party suppliers and logistics service providers, such as their names, addresses, phone
numbers and transaction records. Maintaining complete security for the storage and transmission of confidential information on our technology
platform, such as user&#8217;s personal information, payment-related information and transaction information, is essential to maintaining
user confidence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted security policies and measures, including encryption technology, to protect our proprietary data and user information. However,
advances in technology, the expertise of hackers, new discoveries in the field of cryptography or other events or developments could
result in a compromise or breach of the technology that we use to protect confidential information. We may not be able to prevent third
parties, especially hackers or other individuals or entities engaging in similar activities, from illegally obtaining such confidential
or private information we hold with respect to users on our platform. In addition, we have limited control or influence over the security
policies or measures adopted by third-party providers of online payment services through which some of our users may elect to make payment
for purchases. The contracted third-party suppliers and logistics service providers we use may also violate their confidentiality obligations
and disclose or use information about our users illegally. Individuals or entities obtaining our users&#8217; confidential or private
information illegally may further engage in various other illegal activities using such information, which may cause losses to our users
and undermine their trust in our platform. We have received complaints from our users that their personal and transaction information
has been leaked and used by others to conduct fraud or other illegal activities, which resulted in losses to these users. We have examined
our security system and measures after receiving the complaints, and believe that it is not us or our employees who leaked the user information
to others or any other reasons attributable to us and we should not be held liable for the losses suffered by the users in accordance
with the applicable PRC laws. To better protect the users on our platform, we have taken further measures to enhance our data protection
policies and measures, require contracted third-party suppliers and logistics service providers to comply with their confidentiality
obligations, and alert our users about the potential illegal activities associated with leakage of user information. There can be no
assurance, however, that the measures we have taken are sufficient and effective to ensure the confidentiality and integrity of our data
and confidential user information stored or transmitted through our platform. Any negative publicity on our platform&#8217;s safety or
privacy protection mechanisms and policies, and any claims asserted against us or fines imposed upon us as a result of actual or perceived
failures, could have a material and adverse effect on our public image, reputation, financial condition and results of operations. Any
compromise of our information security or the information security measures of our contracted third-party suppliers or logistics service
providers or third-party online payment service providers could have a material and adverse effect on our reputation, business, prospects,
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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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
rely on third-party online payment service providers for payment processing and escrow services on our platform. If these payment services
are restricted or curtailed in any way or become unavailable to us or our users for any reason, our business 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
online payments for products sold on our platform are settled through third-party online payment service providers. Our business depends
on the billing, payment and escrow systems of these payment service providers to maintain accurate records of payments of sales proceeds
by users and collect such payments. If the quality, utility, convenience or attractiveness of these payment processing and escrow services
declines, or we have to change the pattern of using these payment services for any reason, the attractiveness of our platform 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
involving online payment services is subject to a number of risks that could materially and adversely affect third-party online payment
service providers&#8217; ability to provide payment processing and escrow services to us, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">dissatisfaction
                                            with these online payment services or decreased use of their services by our users;</span></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">&#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; width: 0.5in"/><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">increasing
                                            competition, including from other established PRC internet companies, payment service providers
                                            and companies engaged in other financial technology 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">&#160;</td><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; width: 0.5in"/><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">changes
                                            to rules or practices applicable to payment systems that link to third-party online payment
                                            service 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">&#160;</td><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; width: 0.5in"/><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">breach
                                            of users&#8217; personal information and concerns over the use and security of information
                                            collected from users;</span></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">&#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; width: 0.5in"/><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">service
                                            outages, system failures or failures to effectively scale our system;</span></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">&#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; width: 0.5in"/><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">increasing
                                            costs to third-party online payment service providers, including fees charged by banks to
                                            process transactions through online payment channels, which would also increase our costs
                                            of revenues; 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">&#160;</td><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; width: 0.5in"/><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">failure
                                            to manage funds accurately or loss of funds, whether due to employee fraud, security breaches,
                                            technical errors or otherwise.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
commercial banks in China impose limits on the amounts that may be transferred by automated payment from users&#8217; bank accounts to
their linked accounts with third-party online payment services. We cannot predict whether these and any additional restrictions that
could be put in place would have a material adverse effect on our platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the commercial banks and third-party online payment service providers that we work with are subject to the supervision of the
People&#8217;s Bank of China. The People&#8217;s Bank of China may publish rules, guidelines and interpretations from time to time regulating
the operation of financial institutions and payment service providers, which may in turn affect how they provide payment services to
us. For example, in November 2017, the People&#8217;s Bank of China published a notice, on the investigation and administration of illegal
offering of settlement services by financial institutions and payment service providers to unlicensed entities. The notice intends to
prevent unlicensed entities from using licensed payment service providers as a conduit for conducting unlicensed payment settlement service
business, to safeguard the fund security and information security. We launched the marketplace business in the first quarter of 2019,
and cooperate with third-party online payment service providers and commercial bank to receive payment from the buyers and distribute
payment to third-party merchants and us. We believe our current cooperation with third-party online payment service providers and commercial
bank are not in violation of the notice. We will continue to expand cooperation with third-party online payment service providers and
commercial banks to cover all of our marketplace business and to support the new initiatives. We cannot assure you that the People&#8217;s
Bank of China or other governmental authorities will find our cooperation model with third-party online payment service providers and
commercial banks with respect to the marketplace business model to be in compliance with the notice. If required by the People&#8217;s
Bank of China or other governmental authorities in the future, we may need to adjust or suspend our cooperation model with third-party
payment service providers, and be subject to fines and other sanctions.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we cannot assure you that we will be successful in entering into and maintaining amicable relationships with these online payment
service providers and commercial banks. Identifying, negotiating and maintaining relationships with these providers require significant
time and resources. Our current agreements with these service providers also do not prohibit them from working with our competitors.
They could choose to terminate their relationships with us or propose terms that we cannot accept. In addition, these service providers
may not perform as expected under our agreements with them, and we may have disagreements or disputes with such payment service providers,
any of which could adversely affect our brand and reputation as well as our business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in our return and exchange policies may adversely affect our results of operations.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the consumer protection law in China, as amended, except for certain types of products, such as custom-made goods, fresh and perishable
goods, consumers are generally entitled to return the products purchased within seven days upon receipt without giving any reasons. We
have adopted user-friendly return and exchange policies that make it convenient and easy for users to change their minds after completing
purchases, including allowing users to return products purchased within seven days upon receipt without giving any reasons. We may be
required by new laws or regulations to adopt new or amend existing return and exchange policies from time to time. These policies may
subject us to additional costs and expenses which we may not recoup through increased revenue. If our return and exchange policy is misused
by a significant number of users, our costs may increase significantly and our results of operations may be materially and adversely
affected. If we revise these policies to reduce our costs and expenses, our users may be dissatisfied, which may result in loss of existing
users or failure to acquire new users at a desirable pace, which may materially and adversely affect our results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
use of some leased properties could be challenged by third parties or government authorities, which may cause interruptions to our business
operations.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
lease properties in China, mainly for offices and warehouse facilities. If our lessors are not the owners of the properties and they
have not obtained consents from the owners or their lessors or permits from the government authorities, our leases could be invalidated.
If this occurs, we may have to renegotiate the leases with the owners or the parties who have the right to lease the properties, and
the terms of the new leases may be less favorable to us. We may not be able to find alternative properties to lease in a timely and reliable
manner, or at all. Some of the leased properties were also subject to mortgage at the time the leases were entered into. If no consent
had been obtained from the mortgage holder under such circumstances, the lease may not be binding on the transferee of the property in
the event that the mortgage holder forecloses on the mortgage and transfers the property to another party. In addition, a substantial
portion of our leasehold interests in leased properties have not been registered with the PRC government authorities as required by PRC
law, which may expose us to potential fines if we fail to remediate after receiving any notice from the PRC government authorities. We
have subleased a portion of our leased properties to our PRC subsidiaries, the VIEs and their subsidiaries as well as other third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, we are not aware of any claims or actions being contemplated or initiated by government authorities,
property owners or any other third parties with respect to our leasehold interests in or use of such properties. However, we cannot assure
you that our use of such leased properties will not be challenged. In the event that our use of properties is successfully challenged,
we may be subject to fines and forced to relocate the affected operations. In addition, we may become involved in disputes with the property
owners or third parties who otherwise have rights to or interests in our leased properties. We can provide no assurance that we will
be able to find suitable replacement sites on terms acceptable to us on a timely basis, or at all, or that we will not be subject to
material liability resulting from third parties&#8217; challenges on our use of such properties. As a result, our business, financial
condition and results of 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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">Failure
to renew our current leases or locate desirable alternatives for our leased properties could materially and adversely affect our business.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
lease properties for most of our offices. We may not be able to successfully extend or renew such leases upon expiration of the current
term on commercially reasonable terms or at all, and may therefore be forced to relocate our affected operations. This could disrupt
our operations and result in significant relocation expenses, which could adversely affect our business, financial condition and results
of operations. In addition, we may compete with other businesses for premises at certain locations or of desirable sizes. As a result,
even though we could extend or renew our leases, rental payments may significantly increase as a result of the high demand for the leased
properties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have granted, and may continue to grant, options and other types of awards under our share incentive plan, which may result in increased
share-based compensation expenses.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
adopted a share incentive plan in 2017, which was subsequently replaced by the 2019 Share Incentive Plan adopted in March 2019, or the
2019 Plan, for the purpose of granting share-based compensation awards to employees, directors, officers, consultants and other personnel
to incentivize their performance and align their interests with ours. We recognize expenses in our consolidated financial statements
in accordance with U.S. GAAP. Under the 2019 Plan, we are authorized to grant options, restricted shares, restricted share units and
other types of awards. As of February 29, 2024, the awards that had been granted to our directors, officers, employees, consultants and
other personnel and remained outstanding included (i) 14,114,750 restricted share units, excluding restricted share units that were forfeited,
cancelled, or vested after the relevant grant date, and (ii) options to purchase an aggregate of 14,355,570 Class A ordinary shares,
excluding options that were forfeited, cancelled, or exercised after the relevant grant date. See &#8220;Item 6. Directors, Senior Management
and Employees&#8212;B. Compensation of Directors and Executive Officers&#8212;2019 Share Incentive Plan.&#8221; We believe the granting
of share-based compensation is of significant importance to our ability to attract and retain key personnel and employees, and we will
continue to grant share-based compensation to employees in the future. As a result, our expenses associated with share-based compensation
may increase, which may have an adverse effect on our results of operations. We may re-evaluate the vesting schedules, lock-up period,
exercise price or other key terms applicable to the grants under our currently effective share incentive plans from time to time. If
we choose to do so, we may experience substantial change in our share-based compensation charges in the reporting periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
results of operations are subject to seasonal fluctuations which could result in volatility or have an adverse effect on the market price
of our ADSs.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
experience seasonality in our business, reflecting a combination of seasonal fluctuations in internet usage and traditional retail seasonality
patterns. For example, we generally experience less user traffic and purchase orders during the Chinese New Year holiday season in the
first quarter of each year. Furthermore, online sales in China are significantly higher in the fourth quarter of each calendar year than
in the preceding three quarters. E-commerce companies in China hold special promotional campaigns on November 11 each year and we hold
a special promotional campaign in the second quarter of each year, both of which can affect our results for those quarters. As a result, the trading price of our ADSs may fluctuate from time to time due to seasonality.</span></p>

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


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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">Future
strategic alliances, investments or acquisitions may have a material and adverse effect on our business, reputation 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may in the future enter into strategic alliances with various third parties to further our business purposes from time to time. Strategic
alliances with third parties could subject us to a number of risks, including risks associated with sharing proprietary information,
non-performance by the counterparty, and an increase in expenses incurred in establishing new strategic alliances, any of which may materially
and adversely affect our business. We may have little ability to control or monitor their actions. To the extent the third parties suffer
negative publicity or harm to their reputations from events relating to their business, we may also suffer negative publicity or harm
to our reputation by virtue of our association with such third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if we are presented with appropriate opportunities, we may invest in or acquire additional assets, technologies or businesses
that are complementary to our existing business. Future investments or acquisitions and the subsequent integration of new assets and
businesses into our own would require significant attention from our management and could result in a diversion of resources from our
existing business, which in turn could have an adverse effect on our business operations. The costs of identifying and consummating investments
and acquisitions may be significant. We may also incur significant expenses in obtaining necessary approvals from the government authorities
in China and elsewhere in the world. Acquired assets or businesses may not generate the financial results we expect. In addition, investments
and acquisitions could result in the use of substantial amounts of cash, potentially dilutive issuances of equity securities, the occurrence
of significant goodwill impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities
of the acquired business. The cost and duration of integrating newly acquired businesses could also materially exceed our expectations.
Any such negative developments could have a material adverse effect on our business, 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may need additional capital, and financing may not be available on terms acceptable to us, or at all.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the years ended December 31, 2021, 2022 and 2023, our operating cash flow was negative. It is possible that we will continue to have
negative cash flow in the future. We believe that our current cash and cash equivalents and our anticipated cash flows from operations
will be sufficient to meet our anticipated working capital requirements and capital expenditures for at least the next 12 months. We
may, however, require additional cash resources due to changed business conditions or other future developments, including any changes
in our account payable policy, marketing initiatives or investments we may decide to pursue. If these resources are insufficient to satisfy
our cash requirements, we may seek to obtain a credit facility or sell additional equity or debt securities. The sale of additional equity
securities could result in dilution of our existing shareholders. The incurrence of indebtedness would result in increased debt service
obligations and could result in operating and financing covenants that would restrict our operations. It is uncertain whether financing
will be available in amounts or on terms acceptable to us, if at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to prevent others from unauthorized use of our intellectual property, which could harm our business and competitive position.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
regard our trademarks, copyrights, patents, domain names, know-how, proprietary technologies, and similar intellectual property as critical
to our success, and we rely on a combination of intellectual property laws and contractual arrangements, including confidentiality, invention
assignment and non-compete agreements with our employees and others, to protect our proprietary rights. Although we are not aware of
any copycat mobile apps that attempt to cause confusion or diversion of traffic from us at the moment, we may become an attractive target
to such attacks in the future because of our brand recognition in the e-commerce industry in China. Despite these measures, any of our
intellectual property rights could be challenged, invalidated, circumvented or misappropriated, or such intellectual property may not
be sufficient to provide us with competitive advantages. In addition, there can be no assurance that (i) our application for registration
of trademarks, patents, and other intellectual property rights will be approved, (ii) any intellectual property rights will be adequately
protected, or (iii) such intellectual property rights will not be challenged by third parties or found by a judicial authority to be
invalid or unenforceable. Furthermore, because of the rapid pace of technological change in our industry, parts of our business rely
on technologies developed or licensed by third parties, and we may not be able to obtain or continue to obtain licenses and technologies
from these third parties at all or on reasonable terms.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is challenging to register, maintain and enforce intellectual property rights in China. 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 our intellectual property rights or to enforce our contractual rights in China. Policing any
unauthorized use of our intellectual property is difficult and costly and the steps we take may be inadequate to prevent the infringement
or misappropriation of our intellectual property. In the event that we resort to litigation to enforce our intellectual property rights,
such litigation could result in substantial costs and a diversion of our managerial and financial resources, and could put our intellectual
property at risk of being invalidated or narrowed in scope. We can provide no assurance that we will prevail in such litigation, and
even if we do prevail, we may not obtain a meaningful recovery. In addition, our trade secrets may be leaked or otherwise become available
to, or be independently discovered by, our competitors. Any failure in maintaining, protecting or enforcing our intellectual property
rights could have a material adverse effect on our business, 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt our business and operations.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot be certain that our operations or any aspects of our business do not or will not infringe upon or otherwise violate patents, copyrights
or other intellectual property rights held by third parties. We have been, and from time to time in the future may be, subject to legal
proceedings and claims relating to the intellectual property rights of others. In addition, there may be other third-party intellectual
property that is infringed by our products, services or other aspects of our business. There could also be existing patents of which
we are not aware that our products may inadvertently infringe. We cannot assure you that holders of patents purportedly relating to some
aspect of our technology platform or business, if any such holders exist, would not seek to enforce such patents against us in China,
the United States or any other jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we strive to closely monitor the products offered on our platform, and also require suppliers and third-party merchants to
indemnify us for any losses we suffer or any costs that we incur in relation to the products we source from such suppliers or the products
offered by such third-party merchants on our platform. However, we cannot be certain that these measures would be effective in completely
preventing the infringement of trademarks, patents, copyrights, know-how or other intellectual property rights held by third parties.
Further, the application and interpretation of China&#8217;s patent laws and the procedures and standards for granting patents in China
are still evolving and are uncertain, and we cannot assure you that PRC courts or regulatory authorities would agree with our analysis.
If we are found to have violated the intellectual property rights of others, we may be subject to liability for our infringement activities
or may be prohibited from using such intellectual property, and we may incur licensing fees or be forced to develop alternatives of our
own. In addition, we may incur significant expenses, and may be forced to divert management&#8217;s time and other resources from our
business and operations to defend against these third-party infringement claims, regardless of their merits. Successful infringement
or licensing claims made against us may result in significant monetary liabilities and may materially disrupt our business and operations
by restricting or prohibiting our use of the intellectual property in question. Finally, we use open source software in connection with
our products and services. Companies that incorporate open source software into their products and services have, from time to time,
faced claims challenging the ownership of open source software and compliance with open source license terms. As a result, we could be
subject to suits by parties claiming ownership of what we believe to be open source software or noncompliance with open source licensing
terms. Some open source software licenses require users who distribute open source software as part of their software to publicly disclose
all or part of the source code to such software and make available any derivative works of the open source code on unfavorable terms
or at no cost. Any requirement to disclose our source code or pay damages for breach of contract could be harmful to our 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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
rely on proper operation and maintenance of our mobile platform and internet infrastructure and telecommunications networks in China.
Any malfunction, capacity constraint or operation interruption may have an adverse impact on our business.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
substantially all of our sales of products are generated online through our mobile platform and mini program. Therefore, the satisfactory
performance, reliability and availability of our mobile platform are critical to our success and our ability to attract and retain users.
Our business depends on the performance and reliability of the internet infrastructure in China. The reliability and availability of
our mobile platform depends on telecommunications carriers and other third-party providers for communications and storage capacity, including
bandwidth and server storage, among other things. If we are unable to enter into and renew agreements with these providers on acceptable
terms, or if any of our existing agreements with such providers are terminated as a result of our breach or otherwise, our ability to
provide products and services could be adversely affected. Access to internet in China is maintained through state-owned telecommunications
carriers under administrative control, and we obtain access to end-user networks operated by such telecommunications carriers and internet
service providers to give users access to our mobile platform. The failure of telecommunications network operators to provide us with
the requisite bandwidth could also interfere with the speed and availability of our mobile platform. Service interruptions prevent users
from accessing our mobile platform and placing orders, and frequent interruptions could frustrate users and discourage them from attempting
to place orders, which could cause us to lose users and in turn suppliers and third-party merchants and harm our operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
employees or business partners or other parties with whom we maintain business relationship may engage in misconduct or other improper
activities, which may disrupt our business, hurt our reputation 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
employees or business partners, including suppliers, third-party merchants, third-party logistics service providers and other business
partners, may be subject to regulatory penalties or punishments or other legal proceedings because of their wrongdoings or regulatory
compliance failures, which may disrupt our business and harm our reputation. Although any existing or alleged non-compliance behaviors
of our business partners are not under our control, and we are not directly involved in such existing or alleged non-compliance behaviors,
our business operation and reputation may still be adversely affected. In August 2021, one of our business partners from whom we received
certain payments for goods during our ordinary course of business was subject to an administrative investigation due to certain alleged
non-compliance in its business activities, which led to the freezing of a couple of its business-related bank accounts for a total amount
of RMB120 million by a competent PRC court. Due to our business relationship with such company at the time, the competent PRC court also
froze certain amount of money in our bank accounts during such administrative investigation. In November 2021, the competent PRC court
revoked all the freezing decisions associated with such administrative investigation, and our bank accounts were released from the freezing
activities. Since then, we have terminated our business relationship with such company. The temporary freezing of our bank accounts and
the subsequent termination of business relationship with such company did not materially negatively impact our business operations and
results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to the risk of fraud or other misconduct by our employees or third parties partners with whom we have business arrangements.
Misconduct by employees or third-party partners could include inadvertent or intentional failures to comply with the laws and regulations
to which we are subject or with our policies, provide accurate information to regulatory authorities, comply with ethical, social, product,
labor and environmental standards, comply with fraud and abuse laws and regulations, report financial information or data accurately,
or disclose unauthorized activities to us. We have no control over the off-work time and behaviors of our employees and the operations
of our third-party partners. Any legal liabilities of, or regulatory actions against, our employees, especially key employees, or business
partners may affect our business activities and reputation and, in turn, our results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have limited insurance coverage, which could expose us to significant costs and business disruption.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain various insurance policies to safeguard against risks and unexpected events. In addition to providing social security insurance
for our employees as required by PRC law, we also provide supplemental commercial medical insurance, which covers life insurance, for
our employees upon request. We do not maintain business interruption insurance, nor do we maintain product liability insurance or key-man
life insurance. We cannot assure you that our insurance coverage is sufficient to prevent us from any loss or that we will be able to
successfully claim our losses under our current insurance policy on a timely basis, or at all. If we incur any loss that is not covered
by our insurance policies, or the compensated amount is significantly less than our actual loss, our business, financial condition and
results of 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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">Our
failure to comply with anti-corruption laws and regulations, or effectively control the corruptive activities of our employees, could
severely damage our reputation, and materially and adversely affect our business, financial condition, results of operations and prospects.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to risks in relation to actions taken by us or our employees that may constitute violations of the anti-corruption laws and
regulations. While we adopt strict internal procedures and work closely with relevant government agencies to assure compliance of our
business operations with laws and regulations, our efforts may not be sufficient to ensure that we comply with laws and regulations at
all times or prevent corruptive activities of our employees. If we or our employees violate any such laws, rules or regulations, we could
be subject to fines and/or other penalties. Our reputation, corporate image, and business operations may be materially and adversely
affected if we or our employees engage in corruptive activities or violate any anti-corruption laws or regulations or if we become the
target of any negative publicity as a result of corruptive actions taken by us or our employees, which may in turn have a material adverse
effect on our business, financial condition, results of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may increasingly become a target for public scrutiny, including complaints to regulatory agencies, which could severely damage our reputation
and materially and adversely affect our business and prospects. Negative media coverage or publicity of us, our management or our employees
or public dissemination of malicious assessments of our business could harm our reputation and cause us to lose market share, users and
revenues and adversely affect the price of our ADSs.</span></p>

<p style="font: italic bold 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: 0.5in">Regulatory and public
concerns over consumer protection, consumer safety and data privacy and security issues may subject us to legal and social
responsibilities and increased scrutiny and negative publicity over these issues. We may become the target of detrimental conduct by third
parties, which include complaints, anonymous or otherwise, to regulatory agencies. We may be subject to government or regulatory investigation
as a result of such third-party conduct and may be required to expend significant time and incur substantial costs to address such third-party
conduct, and there is no assurance that we will be able to conclusively refute each of the allegations within a reasonable period of
time, or at all. There is no assurance that we would not become a target for
regulatory or public scrutiny in the future or that scrutiny and public exposure would not severely damage our reputation as well as
our business and prospects. Any illegal or immoral conducts by our management or employees could also result in negative publicity of
us and thus harm our public image and reputation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, allegations, directly or indirectly against us, may be posted in social media or on blogs or websites by anyone, whether or
not related to us, on an anonymous basis. Consumers value readily available information concerning retailers, manufacturers, and their
goods and services and often act on such information without further investigation or authentication and without regard to its accuracy.
The availability of information on social media platforms and devices is virtually immediate, as is its impact. Social media platforms
and devices immediately publish the content their subscribers and participants post, often without filters or checks on the accuracy
of the content posted. Information posted may be inaccurate and adverse to us, and it may harm our financial performance, prospects or
business. The harm may be immediate without affording us an opportunity for redress or correction. Our reputation may be negatively affected
as a result of the public dissemination of anonymous allegations or malicious statements about our business, which in turn may cause
us to lose market share, users and revenues 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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><b>&#160;</b></p>

<p style="font: italic bold 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">A
severe or prolonged downturn in the Chinese or global economy could materially and adversely affect our business and financial condition.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
success of our business ultimately depends on consumer spending. We derive substantially all of our revenues from China. As a result,
our revenues and financial results are impacted to a significant extent by economic conditions in China and globally, as well as economic
conditions specific to online retail. COVID-19 had a severe and negative impact on the Chinese and the global economy from 2020 through
2022, and the global macroeconomic environment still faces numerous challenges. The growth rate of the Chinese economy has been slowing
since 2010 and the Chinese population began to decline in 2022. The Federal Reserve and other central banks outside of China have raised
interest rates. The Russia-Ukraine conflict, the Hamas-Israel conflict and the attacks on shipping in the Red Sea have heightened geopolitical
tensions across the world. The impact of the Russia-Ukraine conflict on Ukraine food exports has contributed to increases in food prices
and thus to inflation more generally. There have also been concerns about the relationship between China and other countries which may
potentially have economic effects. In particular, there is significant uncertainty about the future relationship between the United States
and China with respect to a wide range of issues including trade policies, treaties, government regulations and tariffs. Economic conditions
in China are sensitive to global economic conditions, as well as changes in domestic economic and political policies and the expected
or perceived overall economic growth rate in China. Any severe or prolonged slowdown in the global or Chinese economy may have a negative
impact on our business, results of operations and financial condition, and continued turbulence in the international markets may adversely
affect our ability to access the capital markets to meet liquidity needs. Our customers may reduce or delay spending with us, and to the extent we offer credit to any customer and the customer experiences financial difficulties due to the economic slowdown,
we could have difficulty collecting payment from the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased
both our costs and the risk of non-compliance.</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are or will be subject to rules and regulations by various governing bodies, including, for example, the Securities and Exchange Commission,
which is charged with the protection of investors and the oversight of companies whose securities are publicly traded, and the various
regulatory authorities in China and the Cayman Islands, and to new and evolving regulatory measures under applicable law. Our efforts
to comply with new and changing laws and regulations have resulted in and are likely to continue to result in, increased general and
administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time
as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs
necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations
and any subsequent changes, we may be subject to penalty and our business may be harmed.</span></p>

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

<p style="font: bold 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">If
the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC regulations
relating to 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, and our ADSs may decline in value or become
worthless</span><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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
ownership of certain parts of our businesses, including value-added telecommunications services, is subject to restrictions under current
PRC laws and regulations. For example, foreign investors are not allowed to own more than 50% of the equity interests in a value-added
telecommunication service provider (excluding e-commerce, domestic multi-parties communications, storage and forwarding categories, call
centers), and foreign investors are prohibited from engaging in the edition, publishment and production of audio visual products and
the operation of Internet culture in China in accordance with the Special Administrative Measures for Market Access of Foreign Investment
(Negative List) promulgated in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Cayman Islands holding company with no equity ownership in the VIEs and we conduct our operations in China through (i) our PRC
subsidiaries and (ii) the VIEs with which we have maintained contractual arrangements. Holders of our ADSs hold equity interest in Yunji
Inc., our Cayman Islands holding company, and do not have direct or indirect equity interest in the VIEs. If the PRC government deems
that our contractual arrangements with the 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 or are interpreted differently in the future,
we and the VIEs could be subject to severe penalties or be forced to relinquish our interests in those operations. Our holding company
in the Cayman Islands, the VIEs, and investors of us face uncertainty about potential future actions by the PRC government that could
affect the enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect the financial performance
of the VIEs and our company as a group.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted Cayman Islands company and our PRC subsidiaries are considered foreign-invested enterprises. Accordingly, none of these
PRC subsidiaries is eligible to provide internet content-related services. As a result, we conduct such business activities through  the VIEs, (i) Yunji Preferred, whose wholly-owned subsidiary holds a VATS License for online data processing and transaction processing
business (operating e-commerce, excluding internet finance and e-hailing services) and internet content-related services (excluding information
search and inquiry services and real-time interactive information services); and (ii) Hangzhou Chuanchou, who holds a VATS License for
internet content-related services (excluding information search and inquiry services and real-time interactive information services).
Yunji Preferred is 99.0099% owned by Mr. Shanglue Xiao, the chairman of our board of directors and our chief executive officer, and 0.9901%
owned by Mr. Shangce Xiao, a relative of Mr. Shanglue Xiao. Mr. Shanglue Xiao and Mr. Shangce Xiao are PRC citizens. Hangzhou Chuanchou
is 100% owned by Mr. Wenwei Shu, a former employee of our company. Mr. Wenwei Shu is PRC Citizen. Our WFOE has entered into a series of contractual
arrangements with the VIEs (including Yunji Preferred and Hangzhou Chuanchou) and their respective shareholders, which enable us to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></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: 0.5in"/><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">direct
                                            the activities of the 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">&#160;</td><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"/><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">receive
                                            substantially all of the economic benefits and bear the obligation to absorb substantially
                                            all of the losses of the 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">&#160;</td><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"/><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">have
                                            an exclusive option to purchase all or part of the equity interests in the 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 0.75in; 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; text-indent: 0.5in"><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 VIEs and hence consolidate their financial results
and their subsidiaries into our consolidated financial statements under U.S. GAAP <span style="background-color: white">for accounting
purposes.</span> In 2021, 2022 and 2023, we derived 23.8%, 30.3% and 49.4% of our total revenues from the VIEs, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the opinion of Han Kun Law Offices, our PRC legal counsel, (i) the structures of our WFOE and the VIEs in China are not in violation
of PRC laws and regulations currently in effect; and (ii) the contractual arrangements between our WFOE, the VIEs and their respective
shareholders governed by PRC law are not in violation of PRC laws or regulations currently in effect, and valid and binding upon each
party to such arrangements and enforceable against each party thereto in accordance with their terms and applicable PRC laws and regulations
currently in effect. However, <span style="background-color: white">as of the date of this annual report, the legality and enforceability
of our contractual arrangements, as a whole, have not been tested in a court of law, and we cannot guarantee you that the contractual
arrangements, as a whole, would ultimately be legal or enforceable if they were to be tested in a PRC court. See &#8220;&#8212;D. Risk
Factors&#8212;Risks Related to Our Corporate Structure&#8221; for more details on the risks relating to the VIE structure. </span>Our
PRC legal counsel has also advised us that there are substantial uncertainties regarding the interpretation and application of current
and future PRC laws, regulations and rules, including, but not limited to, the laws and regulations governing our and the VIEs&#8217;
business, or the enforcement and performance of our contractual arrangements with the VIEs and their perspective shareholders. These
laws and regulations may be subject to change, and their interpretation and enforcement may involve uncertainty. New laws and regulations
that affect existing and proposed future businesses may also be applied retroactively. Accordingly, the PRC regulatory authorities may
take a view that is contrary to the opinion of our PRC legal counsel. Due to the uncertainty and complexity of the regulatory environment,
we cannot assure you that we and the VIEs would always be in full compliance with applicable laws and regulations, the violation of which
may have a material and adverse effect on our and the VIEs&#8217; business and our reputation. <span style="background-color: white">If
the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC laws and
regulations, or if these regulations change or are interpreted differently in the future, our ADSs may decline in value or become worthless
if we are unable to assert our contractual control rights over the assets of the VIEs.</span></span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we believe we, our PRC subsidiaries and the VIEs are not in violation of current PRC laws and regulations, we cannot assure you that
the PRC government would agree that our 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. The PRC government has
broad discretion in determining rectifiable or punitive measures for non-compliance with or violations of PRC laws and regulations.
If the PRC government determines that we or the VIEs do not comply with applicable law, it could revoke the VIEs&#8217; business and
operating licenses, require the VIEs to discontinue or restrict the VIEs&#8217; operations, restrict the VIEs&#8217; right to
collect revenues, block the VIEs&#8217; websites, require the VIEs to restructure our operations, impose additional conditions or
requirements with which the VIEs may not be able to comply, impose restrictions on the VIEs&#8217; business operations or on their
customers, or take other regulatory or enforcement actions against the VIEs that could be harmful to their business. Any of these or
similar occurrences could significantly disrupt our or the VIEs&#8217; business operations or restrict the VIEs from conducting a
substantial portion of their business operations, which could materially and adversely affect the VIEs&#8217; business, financial
condition and results of operations. If any of these occurrences results in our inability to direct the activities of any of the
VIEs that most significantly impact its economic performance, and/or our failure to receive the economic benefits from any of the
VIEs, we may not be able to consolidate these entities in our consolidated financial statements in accordance with U.S. GAAP for accounting purposes. In
addition, our shares may decline in value or become worthless if we are unable to assert our contractual control rights over the
assets of our PRC subsidiaries that conduct a significant part of our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current corporate structure and business operations may be affected by the Foreign Investment Law.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2019, the National People&#8217;s Congress approved the Foreign Investment Law, which took effect on January 1, 2020, and on
December 26, 2019, the State Council promulgated the Implementation Rules of Foreign Investment Law, which took effect on January 1,
2020. The Foreign Investment Law does not explicitly classify whether the variable interest entities that we direct business operations
through contractual arrangements would be deemed as foreign invested enterprises if they are ultimately &#8220;controlled&#8221; by foreign
investors. However, it has a catch-all provision under definition of &#8220;foreign investment&#8221; that includes investments made
by foreign investors in China through other means as provided by laws, administrative regulations or the State Council. Therefore it
still leaves leeway for future laws, administrative regulations or provisions of the State Council to provide for contractual arrangements
as a form of foreign investment. Therefore, there can be no assurance that our ability to direct the business operations of the VIEs
through contractual arrangements will not be deemed as foreign investment in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Foreign Investment Law grants national treatment to foreign-invested entities, except for those foreign-invested entities that operate
in industries specified as either &#8220;restricted&#8221; or &#8220;prohibited&#8221; from foreign investment in the Special Administrative
Measures (Negative List) for Foreign Investment Access jointly promulgated by the <span style="background-color: white">Ministry of Commerce</span>,
and the National Development and Reform Commission, as amended from time to time. The Foreign Investment Law provides that foreign-invested
entities are barred from operating in &#8220;prohibited&#8221; industries and will require market entry clearance and other approvals
from the PRC government authorities if operating in &#8220;prohibited&#8221; industries. On December 26, 2019, the Supreme People&#8217;s
Court issued the Interpretations on Certain Issues Regarding the Application of Foreign Investment Law, which came into effect on January
1, 2020. In accordance with the interpretations, any claim to invalidate an investment agreement will be supported by courts if such
agreement is found to be entered into for purposes of making investments in the &#8220;prohibited industries&#8221; under the negative
list or for purposes of investing in &#8220;restricted industries&#8221; while failing to satisfy the conditions set out in the Negative
List. If our ability to direct the business operations of the VIEs through contractual arrangements are deemed as foreign investment
in the future, and any business of the VIEs is &#8220;restricted&#8221; or &#8220;prohibited&#8221; from foreign investment under the
&#8220;negative list&#8221; effective at the time, we may be deemed to be in violation of the Foreign Investment Law, the contractual
arrangements that allow us to direct the business operations of the VIEs may be deemed as invalid and illegal, and we may be required
to unwind such contractual arrangements and/or restructure our business operations, any of which may have a material adverse effect on
our business operation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
if future laws, administrative regulations or provisions 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. Failure
to take timely and appropriate measures to cope with any of these or similar regulatory compliance challenges could materially and adversely
affect our current corporate structure and business operations.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on contractual arrangements with the VIEs and their respective shareholders for a large portion of our business operations, which
is not as effective as direct ownership.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have relied and expect to continue to rely on contractual arrangements with the VIEs and their respective shareholders to conduct our
business. For a description of these contractual arrangements, see &#8220;Item 4. Information on the Company&#8212;C. Organizational
Structure.&#8221; These contractual arrangements is not as effective as direct ownership. For example, the VIEs and their respective
shareholders could breach their contractual arrangements with us by, among other things, failing to conduct their operations in an acceptable
manner or taking other actions that are detrimental to our interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we had direct ownership of the VIEs, we would be able to exercise our rights as a shareholder to effect changes in the board of directors
of the VIEs, which in turn could effect changes, subject to any applicable fiduciary obligations, at the management level. However, under
the current contractual arrangements, we rely on the performance by the VIEs and their respective shareholders of their obligations under
the contracts to direct the business operations of the VIEs. The shareholders of the VIEs may not act in the best interests of our company
or may not perform their obligations under these contracts. Such risks exist throughout the period in which we intend to operate our
business through the contractual arrangements with the VIEs. If any dispute relating to these contracts remains unresolved, we will have
to enforce our rights under these contracts through the operations of PRC law and courts. See &#8220;&#8212;Any failure by the VIEs or
their respective shareholders to perform their obligations under our contractual arrangements with them would have a material and adverse
effect on our business.&#8221; Therefore, our contractual arrangements with the VIEs is not as effective in ensuring the relevant portion
of our business operations as direct ownership would be.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
failure by the VIEs or their respective shareholders to perform their obligations under our contractual arrangements with them would
have a material and adverse effect on our business.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the VIEs or their respective shareholders fail to perform their respective obligations under the contractual arrangements, we may have
to incur substantial costs and expend additional resources to enforce such arrangements. We may also have to rely on legal remedies under
PRC law, including seeking specific performance or injunctive relief, and claiming damages, which we cannot assure you will be effective.
For example, if the shareholders of the VIEs were to refuse to transfer their equity interest in the 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,
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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the agreements under our contractual arrangements are governed by PRC law and provide for the resolution of disputes through arbitration
in China. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance
with PRC legal procedures. Uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations could limit
our ability to enforce these contractual arrangements. 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.&#8221; Meanwhile, 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, and as a result it may be difficult to predict how an arbitration panel would view such contractual arrangements. Additionally,
under PRC law, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jishang
Preferred, a wholly-owned subsidiary of Yunji Preferred, one of the VIEs, holds a VATS License for online data processing and transaction
processing business (operating e-commerce, excluding internet finance and e-hailing services) and internet content-related services (excluding
information search and inquiry services and real-time interactive information services) and a Production and Operation of Broadcasting
and Television Programs Permit. In the event we are unable to enforce our contractual arrangements, we may not be able to direct the
activities of and derive economic benefits from Yunji Preferred, and our ability to conduct these businesses may be negatively affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shareholders of the VIEs may have potential conflicts of interest with us, which may materially and adversely affect our business and
financial condition.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shareholders of the VIEs may have potential conflicts of interest with us. The shareholders may breach, or cause the VIEs to breach, or refuse
to renew, the existing contractual arrangements we have with them and the VIEs, which would have a material and adverse effect on our
ability to direct the business operations of the VIEs and receive substantially all the economic benefits from them. For example, the
shareholders may be able to cause our agreements with the VIEs to be performed in a manner adverse to us by, among other things, failing
to remit payments due under the contractual arrangements to us on a timely basis. We cannot assure you that when conflicts of interest
arise, any or all of these shareholders will act in the best interests of our company or such conflicts will be resolved in our favor.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
we do not have any arrangements to address potential conflicts of interest between these shareholders and our company, except that we
could exercise our purchase option under the exclusive option agreements with these shareholders to request them to transfer all of their
equity interests in the VIEs to a PRC entity or individual designated by us, to the extent permitted by PRC law. For individuals who
are also our directors and officers, we rely on them to abide by the laws of the Cayman Islands, which provide that directors and officers
owe a fiduciary duty to the company that requires them to act in good faith and in what they believe to be the best interests of the
company and not to use their position for personal gains. The shareholders of the VIEs have executed shareholders&#8217; voting rights
proxy agreement to appoint our WFOE or a person designated by our WFOE to vote on their behalf and exercise voting rights as shareholders
of the VIEs. If we cannot resolve any conflict of interest or dispute between us and the shareholders of the VIEs, we would have to rely
on legal proceedings, which could result in disruption of our business and subject us to substantial uncertainty as to the outcome of
any such legal proceedings.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shareholders of the VIEs may be involved in personal disputes with third parties or other incidents that may have an adverse effect on
their respective equity interests in the relevant VIEs and the validity or enforceability of our contractual arrangements with the relevant
entity and its shareholders. For example, in the event that any of the shareholders of the VIEs divorces his or her spouse, the spouse
may claim that the equity interest of the relevant VIE held by such shareholder is part of their community property and should be divided
between such shareholder and his or her spouse. If such claim is supported by the court, the relevant equity interest may be obtained
by the shareholder&#8217;s spouse or another third party who is not subject to obligations under our contractual arrangements, which
could result in a loss of our ability to direct the activities of and derive economic benefits from the relevant VIE. Similarly, if any
of the equity interests of the VIEs is inherited by a third party with whom the current contractual arrangements are not binding, we
could lose our ability to direct the business operations of the relevant VIE or have to maintain such ability by incurring unpredictable
costs, which could cause significant disruption to our business and operations and harm 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
under our current contractual arrangements, (i) each of the spouses of each individual shareholder of Yunji Preferred, Mr. Shanglue Xiao and
Mr. Shangce Xiao, has respectively executed a spousal consent letter, under which each spouse agrees that she will not raise any claims
against the equity interest, and will take every action to ensure the performance of the contractual arrangements, and (ii) the VIEs
and the their shareholders shall not assign any of their respective rights or obligations to any third party without the prior written
consent of our WFOE, we cannot assure you that these undertakings and arrangements will be complied with or effectively enforced. In
the case any of them is breached or becomes unenforceable and leads to legal proceedings, it could disrupt our business, distract our
management&#8217;s attention and subject us to substantial uncertainties as to the outcome of any such legal proceedings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><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 VIEs that are critical to the operation of our business if the VIEs declare
bankruptcy or become subject to a dissolution or liquidation proceeding.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
VIEs hold certain assets that may be critical to the operation of our business. If the shareholders of any of the VIEs breach the contractual
arrangements and voluntarily liquidate any VIE, or if any VIE declares bankruptcy or all or part of its assets become subject to liens
or rights of third-party creditors or is otherwise disposed of without our consent, we may be unable to continue some or all of our business
operations, which could materially and adversely affect our business, financial condition and results of operations. In addition, if
any of the VIEs or their subsidiaries undergoes a voluntary or involuntary liquidation proceeding, their shareholders or unrelated third-party
creditors may claim rights to some or all of their assets, thereby hindering our ability to operate our business, which could materially
or adversely affect our business, 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractual
arrangements in relation to the VIEs may be subject to scrutiny by the PRC tax authorities and they may determine that we or the VIEs
owe additional taxes, which could negatively affect our financial condition and the value of your investment.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><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. We could face material and adverse tax consequences if the PRC tax authorities determine that the variable interest
entity contractual arrangements 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, rules and regulations, and adjust the income of the VIEs 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 the VIEs for PRC tax
purposes, which could in turn increase their tax liabilities. In addition, the PRC tax authorities may impose punitive interest on the
VIEs for the adjusted but unpaid taxes at the rate of 5% over the basic RMB lending rate published by the People&#8217;s Bank of China
for a period according to the applicable regulations. Our financial position could be materially and adversely affected if the VIEs&#8217;
tax liabilities increase or if they are required to pay punitive interest.</span></p>

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<p style="font: bold 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">Risks
Related 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in China&#8217;s economic, political or social conditions or government policies could have a material adverse effect on our business
and operations.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of our assets and operations are located in China. Accordingly, our business, financial condition, results of operations and prospects
may be influenced to a significant degree by political, economic and social conditions in China generally and by continued economic growth
in China as a whole.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various
sectors of the economy. Any adverse changes in economic conditions in China, in the policies of the PRC government or in the laws and
regulations in China could have a material adverse effect on the overall economic growth of China. Such developments could adversely
affect our business and operating results, lead to reduction in demand for our solutions and services and adversely affect our competitive
position. The Chinese government has implemented various measures to encourage economic growth and guide the allocation of resources.
Some of these measures may benefit the overall Chinese economy, but may have a negative effect on us. For example, our financial condition
and results of operations may be adversely affected by changes in tax regulations.</span></p>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations in China are governed by PRC laws and regulations. Our PRC subsidiaries are subject to laws and regulations applicable to
foreign investment in China. The PRC legal system is a civil law system based on written statutes. Prior court decisions under the civil
law system may be cited for reference but have limited precedential value. In addition, any new or changes in PRC laws and regulations
related to foreign investment in China could affect the business environment and our ability to operate our business in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may have to resort to administrative and court proceedings to enforce our legal rights. Since PRC administrative and
court authorities have significant discretion in interpreting and implementing statutory provisions and contractual terms, it may be
difficult to evaluate the outcome of administrative and court proceedings. These uncertainties may impede our ability to enforce the
contracts we have entered into and could materially and adversely affect 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the legal system in mainland China is based in part on government policies and mainland China is geographically large and divided into
various provinces and municipalities. As such, different regulations and policies may have different and varying applications and interpretations
in different parts of mainland China, and it is possible that we may not be aware of our violation of any of these policies and rules
until sometime 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
government has significant oversight over the conduct of our business and it has indicated an intent to exert more oversight over offerings
that are conducted overseas and/or foreign investment in China-based issuers. Any such action could significantly limit or completely
hinder our ability to offer or continue to offer securities to investors 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government&#8217;s significant oversight over our business operations could result in a material adverse change in our operations
and the value of our ADSs.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We
conduct our business in China. Our operations in China are governed by PRC laws and regulations. The PRC government has significant oversight
over the conduct of our business in China. Although the PRC government does not directly interfere with our operations in China, we cannot
rule out the possibility that the PRC government may, by enacting new or amending existing laws and regulations or taking regulatory
actions in the future, exert influence on our operations as the government deems appropriate to advance regulatory and societal goals
and policy positions. We cannot rule out the possibility that the PRC government will in the future release regulations or policies that
directly or indirectly affect our industry or require us to seek additional permission to continue our operations, which could result
in a material adverse change in our operation and/or cause the value of our ADSs to significantly decline. Therefore, investors of our
company and our business face potential uncertainty from further actions to be taken by the PRC government affecting our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
approval and/or other requirements of the CSRC or other PRC governmental authorities may be required in connection with an offering under
PRC rules, regulations or policies, and, if required, we cannot predict whether or how soon we will be able to obtain such approval or
complete such other requirements.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&amp;A Rules, adopted by six PRC regulatory
agencies in 2006 and amended in 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of
PRC domestic companies and controlled by PRC persons or entities 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. The interpretation and application of the regulations
remain unclear, and our offshore offerings may ultimately require approval of the CSRC. If the CSRC approval is required, it is uncertain
whether we can or how long it will take us to obtain the approval and, even if we obtain such CSRC approval, the approval could be rescinded.
Any failure to obtain or delay in obtaining the CSRC approval for any of our offshore offerings, or a rescission of such approval if
obtained by us, would subject us to sanctions imposed by the CSRC or other PRC regulatory authorities, which could include fines and
penalties on our operations in China, restrictions or limitations on our ability to pay dividends outside of China, and other forms of
sanctions that may materially and adversely affect our business, 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 6, 2021, the PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with
the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on
overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory
systems to deal with the risks and incidents faced by China-based overseas-listed companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in">A<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">s
a follow up, on February 17, 2023, the CSRC issued the Overseas Listing Trial Measures, which became effective on March 31, 2023.
Pursuant to the Overseas Listing Trial Measures, PRC domestic companies that seek to offer and list securities in overseas markets,
either in direct or indirect means, are required to fulfill the filing procedure with the CSRC and report relevant information.
According to the Circular of Overseas Listing and Offering, issuers that have already been listed in an overseas market by March 31,
2023, such as our company, are not required to make any immediate filing. However, under the Overseas Listing Trial Measures, such
issuers will be required to complete certain filing procedures with the CSRC in connection with future securities offerings and
listings outside of mainland China, including follow-on offerings, issuance of convertible bonds, offshore relisting after
going-private transactions, and other equivalent offering activities. There remain substantial uncertainties about the
interpretation, application and implementation of the Overseas Listing Trial Measures. For more details of the Overseas Listing
Trial Measures, please refer to &#8220;Item 4.B. Information on the Company&#8212;Business
Overview&#8212;Regulation&#8212;Regulations Relating to Overseas Listings and M&amp;A.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
on February 24, 2023, the CSRC released the Provisions on Strengthening the Confidentiality and Archives Administration Related to the
Overseas Securities Offering and Listing by Domestic Enterprises, or, the Confidentiality Provisions, which came into effect on March
31, 2023. Pursuant to the Confidentiality Provisions, any future inspection or investigation conducted by overseas securities regulator
or the competent authorities on our PRC domestic companies with respect to our overseas issuance and listing shall be carried out in
the manner in compliance with PRC laws and regulations.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we cannot assure you that any new rules or regulations promulgated in the future will not impose additional requirements on
us. If it is determined in the future that approval and filing from the CSRC or other regulatory authorities or other procedures, including
the cybersecurity review under the enacted version of the Cybersecurity Review Measures and the Regulations on the Network Data Security
Management (Draft for Comments), are required for our offshore offerings, it is uncertain whether we can or how long it will take us
to obtain such approval or complete such filing procedures and any such approval or filing could be rescinded or rejected. Any failure
to obtain or delay in obtaining such approval or completing such filing procedures for our offshore offerings, or a rescission of any
such approval or filing if obtained by us, would subject us to sanctions by the CSRC or other PRC regulatory authorities for failure
to seek CSRC approval or filing or other government authorization for our offshore offerings. These regulatory authorities may impose
fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operating privileges in
China, delay or restrict the repatriation of the proceeds from our offshore offerings into China or take other actions that could materially
and adversely affect our business, financial condition, results of operations, and prospects, as well as the trading price of our listed
securities. The CSRC or other PRC regulatory authorities also may take actions requiring us, or making it advisable for us, to halt our
offshore offerings before settlement and delivery of the shares offered. Consequently, if investors engage in market trading or other
activities in anticipation of and prior to settlement and delivery, they do so at the risk that settlement and delivery may not occur.
In addition, if the CSRC or other regulatory authorities later promulgate new rules or explanations requiring that we obtain their approvals
or accomplish the required filing or other regulatory procedures for our prior offshore offerings, we may be unable to obtain a waiver
of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties or negative publicity
regarding such approval requirement could materially and adversely affect our business, prospects, financial condition, reputation, and
the trading price of our listed securities.</span></p>

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<p style="font: italic bold 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
and the VIEs may be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet-related businesses
and companies.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government extensively regulates the internet industry, including foreign ownership of, and the licensing and permit requirements
pertaining to, companies in the internet industry. These internet-related laws and regulations are evolving, and their interpretation
and enforcement involve significant uncertainties. As a result, in certain circumstances it may be difficult to determine what actions
or omissions may be deemed to be in violation of applicable laws and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
only have contractual control over our <i>Yunji </i>mobile app. We do not directly own the mobile apps due to the restrictions on foreign
investment in businesses providing internet content-related services. This may significantly disrupt our business, subject us to sanctions,
compromise enforceability of related contractual arrangements, or have other harmful effects on us.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
evolving PRC regulatory system for the internet industry may lead to the establishment of new regulatory agencies. For example, in May
2011, the State Council announced the establishment of the Cyberspace Administration of China (with the involvement of the State Council
Information Office, the Ministry of Industry and Information Technology, and the Ministry of Public Security). The primary role of the
Cyberspace Administration of China is to facilitate the policy-making and legislative development in this field, to direct and coordinate
with the relevant departments in connection with online content administration and to deal with cross-ministry regulatory matters in
relation to the internet industry.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
online platform, operated by Jishang Preferred, a wholly-owned subsidiary of Yunji Preferred, may be deemed to be providing commercial
internet content-related services and online data processing and transaction processing services, which would require Jishang Preferred
to obtain an ICP License and an EDI License. Each of ICP License and EDI License is under the category of value-added telecommunications
business operating licenses, or VATS License. The Circular on Strengthening the Administration of Foreign Investment in and Operation
of Value-added Telecommunications Business, issued by the Ministry of Industry and Information Technology in July 2006, prohibits domestic
telecommunications service providers from leasing, transferring or selling telecommunications business operating licenses to any foreign
investor in any form, or providing any resources, sites or facilities to any foreign investor for their illegal operation of a telecommunications
business in China. The circular also requires each license holder to have the necessary facilities, including servers, for its approved
business operations and to maintain such facilities in the regions covered by its license. According to the recent practice in China,
if any commercial internet content-related service or online data processing and transaction processing service is to be carried out
via mobile apps, such mobile apps are required to be registered on the VATS License of the operator of such mobile apps. Our <i>Yunji
</i>mobile app has been registered on the VATS License held by Jishang Preferred.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
interpretation and application of existing PRC laws, regulations and policies and possible new laws, regulations or policies relating
to the internet industry 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 our business. We cannot assure you that we have obtained
all the permits or licenses required for conducting our business in China or will be able to maintain our existing licenses or obtain
new ones.</span></p>

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<p style="font: italic bold 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
PCAOB had historically been unable to inspect our auditor in relation to their audit work performed for our financial statements and
the inability of the PCAOB to conduct inspections of our auditor in the past has deprived our investors with the benefits of such inspections.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><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, as
an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the
United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards.
The auditor is located in mainland China, a jurisdiction where the PCAOB was historically unable to conduct inspections and investigations
completely before 2022. As a result, we and investors in the ADSs were deprived of the benefits of such PCAOB inspections. The inability
of the PCAOB to conduct inspections of auditors in mainland China and Hong Kong in the past has made it more difficult to evaluate the
effectiveness of our independent registered public accounting firm&#8217;s audit procedures or quality control procedures as compared
to auditors outside of mainland China and Hong Kong that are subject to the PCAOB inspections. On December 15, 2022, the PCAOB issued
a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where
it is unable to inspect or investigate completely registered public accounting firms. However, if the PCAOB determines in the future
that it no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong, and we use
an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC,
we and investors in our ADSs would be deprived of the benefits of such PCAOB inspections again, which could cause investors and potential
investors in the ADSs to lose confidence in our audit procedures and reported financial information and the quality of our financial
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate
completely auditors located in mainland China and Hong Kong. The delisting of the ADSs, or the threat of their being delisted, may materially
and adversely affect the value of your investment.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Pursuant
to the HFCAA, as amended by the Consolidated Appropriations Act, if the SEC determines that we have filed audit reports issued by a registered
public accounting firm that has not been subject to inspections by the PCAOB for two consecutive years, the SEC will 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 and this could
result in a determination by the national securities exchange to delist our securities. On December 29, 2022, the Consolidated Appropriations
Act, 2023, was signed into law, which amended the HFCAA to reduce the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCAA from three years to two, thereby reducing the time before our securities may be prohibited from trading
or delisted.</span></p>

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate
completely registered public accounting firms headquartered in mainland China and Hong Kong, and our auditor was subject to that determination.
In May 2022, the SEC conclusively listed us as a Commission-Identified Issuer under the HFCAA, because we filed an annual report on Form
20-F for the year ended December 31, 2021 with the SEC on April 26, 2022 with an audit report issued by PricewaterhouseCoopers Zhong
Tian LLP, a registered public accounting firm retained by the Company, for the preparation of the audit report on our Company&#8217;s
financial statements included therein. PricewaterhouseCoopers Zhong Tian LLP is a registered public accounting firm headquartered in
mainland China, a jurisdiction where the PCAOB determined that it had been unable to inspect or investigate completely registered public
accounting firms headquartered there until December 2022. On December 15, 2022, the PCAOB removed mainland China and Hong Kong from the
list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. For this reason, we
were not identified as a Commission-Identified Issuer under the HFCAA after we filed our annual report on Form 20-F for the fiscal year
ended December 31, 2022 and do not expect to be so identified after we file this annual report on Form 20-F for the fiscal year ended
December 31, 2023.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Each
year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other
jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting
firms in mainland China and Hong Kong and we use an accounting firm headquartered in one of these jurisdictions to issue an audit report
on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the
annual report on Form 20-F for the relevant fiscal year. In accordance with the HFCAA, our securities would be prohibited from being
traded on a national securities exchange or in the over-the-counter trading market in the United States if we are identified as a Commission-Identified
Issuer for two consecutive years in the future. Furthermore, whether the PCAOB will be able to continue to conduct inspections and investigations
completely to its satisfaction of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to
uncertainty and depends on a number of factors out of our, and our auditor&#8217;s, control, including positions taken by authorities
of the PRC or any other foreign jurisdiction. If authorities in the PRC or another foreign jurisdiction were to take a position at any
time in the future that would prevent the PCAOB from continuing to inspect or investigate completely registered public accounting firms
headquartered in mainland China or Hong Kong, and if such lack of inspection were to extend for the requisite period of time under the
HFCAA, our securities will be prohibited from being traded on U.S. markets and this could result in a determination by Nasdaq to delist
our securities. If our shares and ADSs are prohibited from trading 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. A prohibition of being able to
trade in the United States would substantially impair your ability to sell or purchase our ADSs when you wish to do so, and the risk
and uncertainty associated with delisting would have a negative impact on the price of our ADSs. Also, such a prohibition 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.</span></p>

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<p style="font: italic bold 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">It
may be difficult for overseas regulators to conduct investigations or collect evidence within China.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
claims or regulatory investigations that are common in jurisdictions outside China are difficult to pursue as a matter of law or practicality
in China. For example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations
or litigation initiated outside China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities
regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with the
securities regulatory authorities in the United States or other jurisdictions may not be efficient in the absence of a mutual and practical
cooperation mechanism. Furthermore, according to Article 177 of the PRC Securities Law, or Article 177, 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, and without the consent by the Chinese securities regulatory authorities and the other competent governmental agencies, no
entity or individual may provide documents or materials related to securities business to any foreign party. The Confidentiality Provisions
which took effect on March 31, 2023 also provide that where an overseas securities regulator and a competent overseas authority requests
to inspect, investigate or collect evidence from a domestic company concerning its overseas offering and listing, such inspection, investigation
and evidence collection shall be conducted under a cross-border regulatory cooperation mechanism, and the domestic company shall first
obtain approval from the CSRC or other competent PRC authorities before cooperating with the inspection and investigation by the overseas
securities regulator or competent overseas authority, or providing documents and materials requested in such inspection and investigation.
While detailed interpretation of or implementation relevant rules have yet to be promulgated, the inability of an overseas securities
regulator to directly conduct investigation or evidence collection activities within China and the potential obstacles for information
provision may further increase difficulties you face in protecting your interests. See also &#8220;&#8212;Risks Related to Our 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us
or our management named in the annual report based on foreign laws.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated under the laws of the Cayman Islands, we conduct substantially all of our operations in China and
substantially all of our assets are located in China. In addition, all our senior executive officers reside within China for a significant
portion of the time and all of them are PRC nationals. As a result, it may be difficult for you to effect service of process upon us
or those persons inside mainland China. It may also be difficult for you to enforce in U.S. courts judgments obtained in U.S. courts
based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors as none of them
currently resides in the United States or has substantial assets located in the United States. In addition, there is uncertainty as to
whether the courts of the Cayman Islands or the PRC would recognize or enforce judgments of U.S. courts against us or such persons predicated
upon the civil liability provisions of the securities laws of the United States or any state. Due to jurisdictional limitations, matters
of comity and various other factors, the SEC, U.S. Department of Justice and other U.S. authorities may also experience difficulties
in bringing and enforcing actions against us or our directors and officers, including in instances of fraud or other wrongdoing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce
foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the
country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other forms
of written arrangement with the United States that provide for the reciprocal recognition and enforcement of foreign judgments. In addition,
according to the PRC Civil Procedures Law, the PRC courts will not enforce a foreign judgment against us or our directors and officers
if they decide that the judgment violates the basic principles of PRC laws or national sovereignty, security or public interest. As a
result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, shareholder claims that are common in the United States, including class action securities law and fraud claims, may be difficult
to pursue as a matter of law or practicality in China. Under the PRC Civil Procedures Law, foreign shareholders may originate actions
based on PRC law against a company in China for disputes if they can establish sufficient nexus to the PRC for a PRC court to have jurisdiction,
and meet other procedural requirements, including, among others, the plaintiff must have a direct interest in the case, and there must
be a concrete claim, a factual basis and a cause for the suit. It will be, however, difficult for U.S. shareholders to originate actions
against us in the PRC in accordance with PRC laws because we are incorporated under the laws of the Cayman Islands and it will be difficult
for U.S. shareholders, by virtue only of holding the ADSs or our ordinary shares, to establish a connection to the PRC for a PRC court
to have jurisdiction as required under the PRC Civil Procedures Law.</span></p>

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<p style="font: italic bold 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">Fluctuations
in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><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 People&#8217;s Bank of China. The
Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. The value of Renminbi against the U.S. dollar
and other currencies is affected by changes in China&#8217;s political and economic conditions and by China&#8217;s foreign exchange
policies, among other things. We cannot assure you that 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 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
significant appreciation or depreciation of Renminbi may materially and adversely affect our revenues, earnings and financial position,
and the value of, and any dividends payable on, our ADSs in U.S. dollars. For example, to the extent that we need to convert U.S. dollars
we receive into Renminbi to pay our operating expenses, appreciation of Renminbi against the U.S. dollar would have an adverse effect
on the RMB amount we would receive from the conversion. Conversely, a significant depreciation of Renminbi against the U.S. dollar may
significantly reduce the U.S. dollar equivalent of our earnings, which in turn could 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our revenues are denominated in Renminbi, while a portion of our financial assets are denominated in U.S. dollars. Very limited hedging
options are available in China to reduce our exposure to exchange rate fluctuations. We are currently not a party to any hedging transactions
that are conducted in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging transactions
in the future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge our exposure
or at all. As a result, fluctuations in exchange rates may have a material adverse effect on your investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governmental
control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of
currency out of China. To the extent cash in our business is in the PRC or a PRC entity, such cash may not be available to fund operations
or for other use outside of the PRC due to restrictions and limitations imposed by the governmental authorities on currency conversion,
cross-border transactions and cross-border capital flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
receive substantially all of our revenues in Renminbi. Under our current corporate structure, our Cayman Islands holding company primarily
relies on dividend payments from our PRC subsidiary to fund any cash and financing requirements we may have. Under existing PRC foreign
exchange regulations, payments of current account items, including profit distributions, interest payments and trade and service-related
foreign exchange transactions, can be made in foreign currencies without prior approval of the State Administration of Foreign Exchange,
or SAFE, by complying with certain procedural requirements. Specifically, under the existing exchange restrictions, without prior approval
of SAFE, cash generated from the operations of our PRC subsidiary in China may be used to pay dividends to our company. However, approval
from or registration with appropriate government authorities is required where Renminbi is to be converted into foreign currency and
remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. As a result, we need
to obtain SAFE approval to use cash generated from the operations of our PRC subsidiaries and the VIEs to pay off their respective debt
in a currency other than Renminbi owed to entities outside China, or to make other capital expenditure payments outside China in a currency
other than Renminbi.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands,
we may not be able to utilize cash held in China or generated by a PRC entity to fund our operations outside of China or pay dividends
in foreign currencies to our shareholders, including holders of our ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertainties
exist with respect to the interpretation and implementation of Anti-Monopoly Guidelines for Internet Platforms and how it may impact
our business operations.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2021, the Anti-Monopoly Guidelines for Internet Platforms was promulgated by the Anti-monopoly Commission of the State Council.
The Anti-Monopoly Guidelines for Internet Platforms is consistent with the Anti-Monopoly Law of PRC and prohibits monopoly agreements,
abuse of dominant position and concentration of undertakings that may have the effect of eliminating or restricting competitions in the
field of platform economy. More specifically, the Anti-Monopoly Guidelines for Internet Platforms outlines certain practices that may,
if without justifiable reasons, constitute abuse of dominant position, including without limitation, tailored pricing using big data
and analytics, actions or arrangements seen as exclusivity arrangements, using technology means to block competitors&#8217; interface,
using bundled services to sell services or products, and compulsory collection of user data. Besides, Anti-Monopoly Guidelines for Internet
Platforms expressly states that concentration involving VIE will also be subject to antitrust filing requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2021, the State Administration for Market Regulation together with certain other PRC government authorities convened an administrative
guidance meeting, focusing on unfair competition acts in community group buying, self-inspection and rectification by major internet
companies of possible violations of anti-monopoly, anti-unfair competition, tax and other related laws and regulations, and requesting
such companies to comply with laws and regulations strictly and be subject to public supervision. In addition, many internet companies,
including the over 30 companies which attended such administrative guidance meeting, are required to conduct a comprehensive self-inspection
and make necessary rectification accordingly. The State Administration for Market Regulation has stated it will organize and conduct
inspections on the companies&#8217; rectification results. We have not been imposed with any penalties or requested to take any further
rectifications.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 24, 2022, the Standing Committee of the National People&#8217;s Congress adopted the Decision to Amend the Anti-Monopoly Law, which
became effective on August 1, 2022. Such amendment stipulates that where a concentration of undertakings does not meet the threshold
for declaration set by the State Council, but there is evidence that the concentration of undertakings has or may have the effect of
excluding or limiting competition, the law enforcement agencies may order the relevant participants to file the concentration of undertakings.
Enforcement agencies have a wide discretion in their enforcement actions. Certain transactions may not trigger reporting requirements
prima facie but turn out to be subject to relevant reporting obligations. Not only ongoing transactions, but also historical transactions
are subject to their enforcement review. Due to the enhanced implementation of the Anti-Monopoly Law, we may be under heightened regulatory
scrutiny, which will increase our compliance costs and subject us to heightened risks and challenges.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the Anti-Monopoly Guidelines for Internet Platforms and the amendments to the Anti-Monopoly Law are relatively new, uncertainties still
exist in relation to their interpretation and implementation. Although we do not believe we engage in any foregoing situations, we cannot
assure you that our business operations will comply with such regulations in all respects, and any failure or perceived failure by us
to comply with such regulations may result in governmental investigations, fines and/or other sanctions on us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Approvals from the
Ministry of Commerce</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> may be required for our
acquisitions of certain PRC subsidiaries.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the M&amp;A Rules, if an overseas company established or controlled by PRC companies or individuals, or the PRC Citizens, intends
to acquire equity interests or assets of any other PRC domestic company affiliated with the PRC Citizens, such acquisition must be submitted
to <span style="background-color: white">the Ministry of Commerce</span> for approval. Our WFOE acquired certain PRC subsidiaries that
were wholly owned, directly or indirectly, by Yunji Sharing Technology Co., Ltd., or Yunji Sharing, in 2018. Such acquisitions may be
subject to <span style="background-color: white">the Ministry of Commerce</span> approvals, but were not submitted to <span style="background-color: white">the
Ministry of Commerce </span>for approval. There is no definite penalty provided under M&amp;A Rules for failure to obtain <span style="background-color: white">the
Ministry of Commerce</span> approval in any transaction where such approval is required. If it is determined that <span style="background-color: white">the
Ministry of Commerce</span> approvals are required for the acquisitions, we may be required to revert the transactions. Nevertheless,
considering that all the PRC subsidiaries involved in such transactions were wholly owned, directly or indirectly, by Yunji Sharing,
which was then a VIE, before the acquisitions, and the acquisition of the PRC subsidiaries are inter-group companies transactions, we
understand that the failure to obtain <span style="background-color: white">the Ministry of Commerce</span> approvals for the acquisitions
of the PRC subsidiaries will not have a material adverse effect on our financial condition and results of operations. We conducted a
few other inter-group restructuring transactions in 2019, which may also be subject to <span style="background-color: white">the Ministry
of Commerce</span> approvals, but were not submitted to <span style="background-color: white">the Ministry of Commerce</span> for approval.
For example, our WFOE acquired Shanghai Suye Cosmetics Co., Ltd, or Shanghai Suye, which was owned by an affiliated entity of Mr. Shanglue
Xiao, in January 2019, and Shanghai Suye was then transferred to Yunji Preferred from our WFOE in February 2019. Our WFOE also acquired
Yunji Sharing in December 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
regulations relating to offshore investment activities by PRC residents may limit our PRC subsidiaries&#8217; ability to change their
registered capital or distribute profits to us or otherwise expose us or our PRC resident beneficial owners to liability and penalties
under PRC laws.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2014, 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. SAFE Circular 37 requires PRC
residents (including PRC individuals and PRC corporate entities as well as foreign individuals that are deemed as PRC residents for foreign
exchange administration purpose) to register with SAFE or its local branches in connection with their direct or indirect offshore investment
activities. SAFE Circular 37 further requires amendment to the SAFE registrations in the event of any changes with respect to the basic
information of the offshore special purpose vehicle, such as change of a PRC individual shareholder, name and operation term, or any
significant changes with respect to the offshore special purpose vehicle, such as increase or decrease of capital contribution, share
transfer or exchange, or mergers or divisions. SAFE Circular 37 is applicable to our shareholders who are PRC residents and may be applicable
to any offshore acquisitions that we make in the future.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our shareholders who are PRC residents fail to make the required registration or to update the previously filed registration, our PRC
subsidiaries may be prohibited from distributing their profits or the proceeds from any capital reduction, share transfer or liquidation
to us, and we may also be prohibited from making additional capital contributions into our PRC subsidiaries. In February 2015, SAFE promulgated
a Notice on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment, or SAFE Notice 13, effective
June 2015. Under SAFE Notice 13, applications for foreign exchange registration of inbound foreign direct investments and outbound overseas
direct investments, including those required under SAFE Circular 37, will be filed with qualified banks instead of SAFE. The qualified
banks will directly examine the applications and accept registrations under the supervision of SAFE.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our shareholders who we are aware of being subject to the SAFE regulations have completed the initial registrations with the local
SAFE branch or qualified banks as required by SAFE Circular 37. However, we may not be informed of the identities of all the PRC residents
holding direct or indirect interest in our company, and we cannot provide any assurance that these PRC residents will comply with our
request to make or obtain any applicable registrations or continually comply with all requirements under SAFE Circular 37 or other related
rules. The failure or inability of the relevant shareholders to comply with the registration procedures set forth in these regulations
may subject us to fines and legal sanctions, such as restrictions on our cross-border investment activities, on the ability of our wholly
foreign-owned subsidiaries in China to distribute dividends and the proceeds from any reduction in capital, share transfer or liquidation
to us. Moreover, failure to comply with the various foreign exchange registration requirements described above could result in liability
under PRC law for circumventing applicable foreign exchange restrictions. As a result, our business operations and our ability to distribute
profits to you 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
failure to comply with PRC regulations regarding the registration requirements for employee stock incentive plans may subject the PRC
plan participants or us to fines and other legal or administrative sanctions.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2012, SAFE promulgated the Notices on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating
in Stock Incentive Plan of Overseas Publicly Listed Company, replacing earlier rules promulgated in 2007. Pursuant to these rules, PRC
citizens and non-PRC citizens who reside in China for a continuous period of not less than one year who participate in any stock incentive
plan of an overseas publicly listed company, subject to a few exceptions, are required to register with SAFE through a domestic qualified
agent, which could be the PRC subsidiaries of such overseas-listed company, and complete certain other procedures. In addition, an overseas-entrusted
institution must be retained to handle matters in connection with the exercise or sale of stock options and the purchase or sale of shares
and interests. We and our executive officers and other employees who are PRC citizens or who reside in China for a continuous period
of not less than one year and who have been granted options are subject to these regulations as our company is an overseas-listed company.
Failure to complete SAFE registrations may subject them to fines of up to RMB300,000 for entities and up to RMB50,000 for individuals,
and legal sanctions and may also limit our ability to contribute additional capital into our PRC subsidiary and limit our PRC subsidiary&#8217;s
ability to distribute dividends to us. We also face regulatory uncertainties that could restrict our ability to adopt additional incentive
plans for our directors, executive officers and employees under PRC law. See &#8220;Item 4. Information on the Company&#8212;B. Business
Overview&#8212;Regulations&#8212;Regulations Relating to Labor Protection in the PRC&#8212;Employee Stock Incentive Plan.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the State Administration of Taxation has issued certain circulars concerning employee share options and restricted shares.
Under these circulars, our employees working in China who exercise share options or are granted restricted shares will be subject to
PRC individual income tax. Our PRC subsidiaries have obligations to file documents related to employee share options or restricted shares
with relevant tax authorities and to withhold individual income taxes of those employees who exercise their share options. If our employees
fail to pay or we fail to withhold their income taxes according to the laws and regulations, we may face sanctions imposed by the tax
authorities or other PRC government authorities. See &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulations&#8212;Regulations
Relating to Labor Protection in the PRC&#8212;Employee Stock Incentive Plan.&#8221;</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may
have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our
ability to conduct our business.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We
are an exempted Cayman Islands holding company and we may rely on dividends and other distributions on equity paid by our PRC subsidiaries
for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders
and service any debt we may incur. If any of our PRC subsidiaries incur debt on their own behalf in the future, the instruments governing
the debt may restrict their ability to pay dividends or make other distributions to us. Under PRC laws and regulations, our PRC subsidiaries,
each of which is a wholly foreign-owned enterprise, may pay dividends only out of its respective accumulated profits as determined in
accordance with PRC accounting standards and regulations. However, our PRC subsidiaries and the VIEs are subject to certain restrictions
with respect to paying dividends or make distributions to shareholders of our securities, or otherwise transferring any of their net
assets to us. A wholly foreign-owned enterprise is required to set aside at least 10% of its after-tax profits each year, if any, to
fund a certain statutory reserve fund, until the aggregate amount of such fund reaches 50% of its registered capital. A wholly foreign-owned
enterprise is also required to allocate a portion of its after-tax profits based on PRC accounting standards to a staff welfare and bonus
fund, although the amount to be set aside, if any, is determined at the discretion of its board of directors. The amounts restricted
also include the net assets of the VIEs in which we have no legal ownership. These reserve fund and staff welfare and bonus fund cannot
be distributed to us as dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
PRC subsidiaries generate primarily all of their revenue 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 use their Renminbi revenues to pay dividends to
us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government may continue to strengthen its capital controls, and more restrictions and substantial vetting process may be put forward
by SAFE for cross-border transactions falling under both the current account and the capital account. Any limitation on the ability of
our PRC subsidiaries to pay dividends or make other kinds of payments to us could materially and adversely limit our ability to grow,
make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax rate of up to 10% will be applicable
to dividends payable by PRC companies to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements
between the PRC central government and governments of other countries or regions where the non-PRC-resident enterprises are incorporated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
funds in our PRC subsidiaries or the VIEs in mainland China may not be available to fund operations or for other use outside of mainland
China due to the interventions in, or the imposition of restrictions and limitations on, the ability of our holding company, our subsidiaries,
or the VIEs by the PRC government on cash transfers. Although currently there are not equivalent or similar restrictions or limitations
in Hong Kong on cash transfers in, or out of, our Hong Kong entities, if certain restrictions or limitations in mainland China were to
become applicable to cash transfers in and out of Hong Kong entities in the future, the funds in our Hong Kong entities, likewise, may
not be available to fund operations or for other use outside of Hong Kong. <span style="background-color: white">To the extent cash in
the business is in mainland China or Hong Kong or a mainland China or Hong Kong entity, the funds may not be available to fund operations
or for other use outside of mainland China or Hong Kong due to interventions in or the imposition of restrictions and limitations on
the ability of us or our subsidiaries by the PRC government to transfer cash.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><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 delay or prevent us from using the proceeds to make loans to our PRC subsidiaries and the VIEs in China, which could materially and
adversely affect our liquidity and our ability to fund and expand our business.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an offshore holding company conducting our operations in China through our PRC subsidiaries and the VIEs. We may make loans to our
PRC subsidiaries and the VIEs subject to the approval from governmental authorities and limitation of amount, or we may make additional
capital contributions to our wholly foreign-owned subsidiaries in China.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
loans to our wholly foreign-owned subsidiaries in China, which are treated as foreign-invested enterprises under PRC law, are subject
to PRC regulations and foreign exchange loan registrations. For example, loans by us to our wholly foreign-owned subsidiaries in China
to finance their activities cannot exceed statutory limits and must be registered with the local counterpart of SAFE. In addition, a
foreign invested enterprise shall use its capital pursuant to the principle of authenticity and self-use within its business scope. The
capital of a foreign invested enterprise shall not be used for the following purposes: (i) directly or indirectly used for payment beyond
the business scope of the enterprises or payment prohibited by laws and regulations; (ii) directly or indirectly used for investment
in securities or investments other than banks&#8217; principal-secured products unless otherwise provided by laws and regulations; (iii)
the granting of loans to non-affiliated enterprises, except where it is expressly permitted in the business license; and (iv) paying
the expenses related to the purchase of real estate that is not for self-use (except for foreign-invested real estate enterprises).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Furthermore,
cash transfers from our PRC subsidiaries and the VIEs to entities outside of mainland China are subject to PRC government controls on
currency conversion. </span><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 SAFE Circular 19, effective June 2015, which was last amended in March 2023. According to SAFE Circular 19, the flow
and use of the RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company is regulated
such that RMB capital may not be used for the issuance of RMB entrusted loans, the repayment of inter-enterprise loans or the repayment
of banks loans that have been transferred to a third party. Although SAFE Circular 19 allows RMB capital converted from foreign currency-denominated
registered capital of a foreign-invested enterprise to be used for equity investments within China, it also reiterates the principle
that RMB 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
China 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 SAFE Circular 16, effective on June 9, 2016, which was last
amended in December 2023, and reiterates some of the rules set forth in SAFE Circular 19, but changes the prohibition against using RMB
capital converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted loans to
a prohibition against using such capital to issue loans to non-associated enterprises. <span style="background-color: white">To the extent
cash in our business is in mainland China or an entity in mainland China, such cash may not be available to fund operations or for other
use outside of mainland China due to restrictions and limitations imposed by the governmental authorities on the ability of us, our subsidiaries,
or the VIEs to transfer cash outside of the PRC. Shortages in the availability of foreign currency may temporarily delay the ability
of our PRC subsidiaries and the VIEs to remit sufficient foreign currency to pay dividends or make distributions to shareholder of our
securities, or other payments to us, or otherwise satisfy their foreign currency denominated obligations. In view of the foregoing, to
the extent cash in our business is held in mainland China or by an entity in mainland China, such cash may not be available to fund operations
or for other use outside of mainland China. </span>Violations of SAFE Circular 19 and SAFE Circular 16 could result in administrative
penalties. SAFE Circular 19 and SAFE Circular 16 may significantly limit our ability to transfer any foreign currency we hold, including
the net proceeds, to our PRC subsidiaries, which may adversely affect our liquidity and our ability to fund and expand our business in
China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><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 the VIEs or future capital contributions by us
to our wholly foreign-owned subsidiaries in China. As a result, uncertainties exist as to our ability to provide prompt financial support
to our PRC subsidiaries or the VIEs when needed. If we fail to complete such registrations or obtain such approvals, our ability to use
the proceeds and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely
affect our liquidity and our ability to fund and expand our business.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences
to us and our non-PRC shareholders or ADS holders.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with &#8220;de facto management
body&#8221; within China is considered a &#8220;resident enterprise&#8221; and will be subject to the enterprise income tax on its global
income at the rate of 25%. The implementation rules define the term &#8220;de facto management body&#8221; as the body that exercises
full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise.
In 2009, the State Administration of Taxation, issued the Circular of the State Administration of Taxation on Issues Relating to Identification
of PRC-Controlled Overseas Registered Enterprises as Resident Enterprises in Accordance With the De Facto Standards of Organizational
Management, or SAT Circular 82, which was last amended in December 2017, and provides certain specific criteria for determining whether
the &#8220;de facto management body&#8221; of a PRC-controlled enterprise that is incorporated offshore is located in China. Although
this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC
individuals or foreigners, the criteria set forth in the circular may reflect SAT&#8217;s general position on how the &#8220;de facto
management body&#8221; text should be applied in determining the tax resident status of all offshore enterprises. According to SAT Circular
82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident
by virtue of having its &#8220;de facto management body&#8221; in China and will be subject to PRC enterprise income tax on its global
income only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in China;
(ii) decisions relating to the enterprise&#8217;s financial and human resource matters are made or are subject to approval by organizations
or personnel in China; (iii) the enterprise&#8217;s primary assets, accounting books and records, company seals, and board and shareholder
resolutions, are located or maintained in China; and (iv) at least 50% of voting board members or senior executives habitually reside
in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we are not 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; If the PRC tax authorities determine that we are a PRC resident enterprise for enterprise income tax purposes, we could
be subject to PRC tax at a rate of 25% on our worldwide income, which could materially reduce our net income, and we may be required
to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises, including the holders
of our ADSs. In addition, non-resident enterprise shareholders (including our ADS holders) may be subject to PRC tax on gains realized
on the sale or other disposition of ADSs or Class A ordinary shares, if such income is treated as sourced from within China. Furthermore,
if we are deemed a PRC resident enterprise, dividends payable to our non-PRC individual shareholders (including our ADS holders) and
any gain realized on the transfer of ADSs or Class A ordinary shares by such shareholders may be subject to PRC tax at a rate of 10%
in the case of non-PRC enterprises or a rate of 20% in the case of non-PRC individuals unless a reduced rate is available under an applicable
tax treaty. It is unclear whether non-PRC shareholders of our company would be able to claim the benefits of any tax treaties between
their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. Any such tax may reduce the
returns on your investment in the ADSs or Class A ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2015, the State Administration of Taxation issued the Public Notice Regarding Certain Enterprise Income Tax Matters on Indirect
Transfer of Properties by Non-Resident Enterprises, or SAT Public Notice 7, which was last amended in December 2017. SAT Public Notice
7 extends its tax jurisdiction to not only indirect transfers but also transactions involving transfer of other taxable assets, through
the offshore transfer of a foreign intermediate holding company. In addition, SAT Public Notice 7 provides certain criteria on how to
assess reasonable commercial purposes and has introduced safe harbors for internal group restructurings and the purchase and sale of
equity through a public securities market. SAT Public Notice 7 also brings challenges to both the foreign transferor and transferee (or
other person who is obligated to pay for the transfer) of the taxable assets. Where a non-resident enterprise conducts an &#8220;indirect
transfer&#8221; by transferring the taxable assets indirectly by disposing of the equity interests of an overseas holding company, the
non-resident enterprise being the transferor, or the transferee, or the PRC entity which directly owns the taxable assets may report
to the relevant tax authority such indirect transfer. Using a &#8220;substance over form&#8221; principle, the PRC tax authority may
disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose
of reducing, avoiding or deferring PRC tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income
tax, and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently
at a tax rate of 10%, for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be
subject to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes. However,
according to the aforesaid safe harbor rule, the PRC tax would not be applicable to the transfer by any non-resident enterprise of ADSs
of the Company acquired and sold on public securities markets.</span></p>

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 17, 2017, the State Administration of Taxation issued the Public Notice on Issues Relating to Withholding at Source of Income
Tax of Non-resident Enterprises, or the SAT Public Notice 37, which came into effect on December 1, 2017. According to SAT Public Notice
37, where the non-resident enterprise fails to declare its tax payable pursuant to Article 39 of the PRC Enterprise Income Tax Law, the
tax authority may order it to pay its tax due within required time limits, and the non-resident enterprise shall declare and pay its
tax payable within such time limits specified by the tax authority. If the non-resident enterprise voluntarily declares and pays its
tax payable before the tax authority orders it to do so, it shall be deemed that such enterprise has paid its tax payable in time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face uncertainties on the reporting and consequences of future private equity financing transactions, share exchanges or other transactions
involving the transfer of shares in our company by investors that are non-PRC resident enterprises. The PRC tax authorities may pursue
such non-resident enterprises with respect to a filing or the transferees with respect to withholding obligation, and request our PRC
subsidiaries to assist in the filing. As a result, we and non-resident enterprises in such transactions may become at risk of being subject
to filing obligations or being taxed under SAT Public Notice 7 and SAT Public Notice 37, and may be required to expend valuable resources
to comply with them or to establish that we and our non-resident enterprises should not be taxed under these regulations, which may 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
custodians or authorized users of our controlling non-tangible assets, including chops and seals, may fail to fulfill their responsibilities,
or misappropriate or misuse these assets.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
China, a company chop or seal serves as the legal representation of the company towards third parties even when unaccompanied by a signature.
Each legally registered company in China is required to maintain a company chop, which must be registered with the local Public Security
Bureau. In addition to this mandatory company chop, companies may have several other chops which can be used for specific purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to secure the use of our chops and seals, we have established internal control procedures and rules for using these chops and seals.
In any event that the chops and seals are intended to be used, the responsible personnel will submit the application through our office
automation system and the application will be verified and approved by authorized employees in accordance with our internal control procedures
and rules. In addition, in order to maintain the physical security of our chops, we generally have them stored in secured locations accessible
only to authorized employees. Although we monitor such authorized employees, the procedures may not be sufficient to prevent all instances
of abuse or negligence. There is a risk that our employees could abuse their authority, for example, by entering into a contract not
approved by us or seeking to gain control of one of our subsidiaries or the VIEs or their subsidiaries. To the extent those chops are
not kept safely, are stolen or are used by unauthorized persons or for unauthorized purposes, the corporate governance of these entities
could be severely and adversely compromised and those corporate entities may be bound to abide by the terms of any documents so chopped,
even if they were chopped by an individual who lacked the requisite power and authority to do so. If any employee obtains, misuses or
misappropriates our chops and seals or other controlling non-tangible assets for whatever reason, we could experience disruption to our
normal business operations. We may have to take corporate or legal action, which could involve significant time and resources to resolve
and divert management from our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
litigation and negative publicity surrounding China-based companies listed in the U.S. may result in increased regulatory scrutiny of
us and negatively impact the trading price of our ADSs.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that litigation and negative publicity surrounding companies with operations in China that are listed in the U.S. have negatively
impacted stock prices for such companies. Various equity-based research organizations have published reports on China-based companies
after examining, among other things, their corporate governance practices, related party transactions, sales practices and financial
statements that have led to special investigations and stock suspensions on national exchanges. Any similar scrutiny of us, regardless
of its lack of merit, could result in a diversion of management resources and energy, potential costs to defend ourselves against rumors,
decreases and volatility in the ADS trading price, and increased directors and officers insurance premiums, and could have a material
adverse effect upon our 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>

<p style="font: bold 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">Risks
Related to Our ADSs</span></p>

<p style="font: bold 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ADSs may be delisted from the Nasdaq <span style="background-color: white">Capital</span> Market as a result of our failure of meeting
the Nasdaq <span style="background-color: white">Capital</span> Market continued listing requirements.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ADSs are currently listed on the Nasdaq Capital Market under the symbol &#8220;YJ.&#8221; We have received letters from the Listing Qualifications
Department of Nasdaq, notifying us that we no longer meet the Nasdaq minimum bid price requirement under Nasdaq Listing Rule 5450(a)(1),
and we have subsequently regained compliance within the 180-day grace period. On October 5, 2023, we received another letter from the
Listing Qualifications Department of Nasdaq, notifying us that we no longer meet the Nasdaq minimum bid price requirement. In response,
we submitted an application to transfer the listing of our ADSs from the Nasdaq Global Market to the Nasdaq Capital Market. The transfer
was approved by the Listing Qualifications Department of Nasdaq on April 3, 2024 and took effect on April 5, 2024. In connection with
the transfer of the listing of our ADSs to the Nasdaq Capital Market, Nasdaq granted us an additional 180-day grace period, or until
September 30, 2024, to regain compliance with the minimum bid price requirement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are monitoring the closing bid price of our ADSs, there can be no assurance that we will be able to regain compliance with the Nasdaq
minimum bid price requirement or our ADSs will remain in compliance with the Nasdaq <span style="background-color: white">Capital</span>
Market continued listing requirements going forward. If Nasdaq determines to delist our ADSs, or if we fail to list our ADSs on other
stock exchanges or find alternative trading venue for our ADSs, the market liquidity and the value of an investment in our ADSs 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading price of our ADSs may be volatile, which could result in substantial losses to you.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading prices of our ADSs is likely 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 PRC companies&#8217; securities after their offerings, including internet and e-commerce companies,
may affect the attitudes of investors toward PRC companies listed in the United States, which consequently may impact the trading performance
of our 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 PRC companies may also negatively affect the attitudes
of investors towards PRC companies in general, including us, regardless of whether we have conducted any inappropriate activities. In
addition, securities markets may from time to time experience significant price and volume fluctuations that are not related to our operating
performance, which may have a material and adverse effect on the trading 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above factors, the price and trading volume of our 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; text-align: justify; text-indent: 0.5in"><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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the low volume of trading in our ADSs;</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">&#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; width: 0.5in"/><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, users, suppliers or third-party sellers;</span></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">&#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; width: 0.5in"/><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">announcements
                                            of studies and reports relating to the quality of our product and service 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">&#160;</td><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; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><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 e-commerce 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">&#160;</td><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; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><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 our quarterly results of operations and changes or revisions
                                            of our 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">&#160;</td><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; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><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">&#160;</td><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; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><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 e-commerce market;</span></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">&#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; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><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 us 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">&#160;</td><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; width: 0.5in"/><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">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">&#160;</td><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; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">public
                                            perception or negative news about our products or 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">&#160;</td><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; width: 0.5in"/><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">our
                                            share repurchase program;</span></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">&#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; width: 0.5in"/><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">litigation,
                                            government investigation or other legal or regulatory proceedings;</span></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">&#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; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><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 RMB 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">&#160;</td><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; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><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 issued and outstanding shares
                                            or 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">&#160;</td><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; width: 0.5in"/><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">sales
                                            or perceived potential sales of additional Class A ordinary shares or 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">&#160;</td><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; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><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 or political conditions in China or elsewhere in the world.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these factors may result in large and sudden changes in the volume and price at which our ADSs will trade.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were named as a defendant in putative shareholder class action lawsuits in the United States, and we may be involved in more class action
lawsuits in the future. Such lawsuits could divert a significant amount of our management&#8217;s attention and other resources from
our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations.
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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is likely that we will be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for the taxable
year ended December 31, 2023, and possibly for the current taxable year and future taxable years, which could result in adverse U.S.
federal income tax consequences to U.S. Holders of our ADSs or ordinary shares.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be a &#8220;passive foreign investment company,&#8221; or &#8220;PFIC,&#8221; if, in any particular taxable year, either (a) 75%
or more of our gross income for such year consists of certain types of &#8220;passive&#8221; income or the income test, or (b) 50% or
more of the average quarterly value of our assets (as determined on the basis of fair market value) during such year produce or are held
for the production of passive income, or the asset test. Based upon our current and expected income and assets, which generally includes
any unbooked goodwill (the value of which is determined by reference to the market value of our ADSs), it is likely that we were a PFIC
for the taxable year ended December 31, 2023, and could continue to be a PFIC for the current and subsequent taxable years. In addition,
it is possible that any subsidiary that we own or are treated as owning for U.S. federal income tax purposes would also be a PFIC for
such taxable years.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC in any taxable year during which a U.S. holder (as defined in &#8220;Item 10. Additional Information&#8212;E. Taxation&#8212;United
States Federal Income Tax Considerations&#8221;) holds our ADSs or ordinary shares, such holder may incur significantly increased U.S.
income tax on gain recognized on the sale or other disposition of the ADSs or ordinary shares and on the receipt of distributions on
the ADSs or ordinary shares to the extent such gain or distribution is treated as an &#8220;excess distribution&#8221; under the U.S.
federal income tax rules, and such holder may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year
during which a U.S. Holder holds our ADSs or ordinary shares, we will generally continue to be treated as a PFIC for all succeeding years
during which such holder holds our ADSs or ordinary shares, even if we subsequently cease to be a PFIC. For more information see &#8220;Item
10. Additional Information&#8212;E. Taxation&#8212;United States Federal Income Tax Considerations&#8212;Passive Foreign Investment Company
Considerations.&#8221;</span></p>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><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 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
companies listed in the United States that have a substantial majority 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be the subject of unfavorable allegations made by short sellers in the future. Any such allegations may be followed by periods
of instability in the market price of our ADSs and negative publicity. If and when we become the subject of any unfavorable
allegations, whether such allegations are proven to be true or untrue, we could 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 federal or state law or issues of commercial confidentiality. Such a situation could be costly and time-consuming and
could distract our management from our business strategies and operations. Even if such allegations are ultimately proven to be groundless, allegations
against us could severely impact our business operations and shareholders&#8217; equity, and the value of any investment in our ADSs
could be greatly reduced or rendered worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
concentration of our share ownership among executive officers, directors, and principal shareholders and their affiliated entities will
likely limit your ability to influence corporate matters and could discourage others from pursuing any change of control transaction
that holders of our ordinary shares and ADSs may view as beneficial.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of February 29, 2024, our executive officers, directors, and principal shareholders and their affiliated entities together beneficially
own approximately 78.0% of our total outstanding ordinary shares. As a result of the concentration of ownership, these shareholders will
have 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. Such shareholders may take actions that are not in the
best interest of us or our other shareholders. This concentration of ownership may discourage, delay or prevent a change in control of
our company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium for their shares
as part of a sale of our company and may reduce the price of our ADSs. This concentrated control will limit your ability to influence
corporate matters and could discourage others from pursuing any potential merger, takeover or other change of control transactions that
holders of our 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><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 our business, or if they
adversely change their recommendations regarding our ADSs, the market price for our ADSs and trading volume could decline.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our ADSs will depend in part on the research and reports that securities or industry analysts publish about us or
our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who covers
us downgrades our ADSs or publishes inaccurate or unfavorable research about our business, the market price for our 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 our ADSs to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 the ADSs may view as beneficial.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a dual-class ordinary share structure. Our authorized and issued ordinary shares consist of Class A ordinary shares and Class B
ordinary shares (with certain shares remaining undesignated, with power for our directors to designate and issue such classes of shares
as they think fit). In respect of matters requiring the votes of shareholders, holders of Class A ordinary shares and Class B ordinary
shares vote together as a single class except as may otherwise be required by law. Holders of Class A ordinary shares are entitled to
one vote per share, while holders of Class B ordinary shares are entitled to ten votes 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 thereof to any person or entity that is not
an affiliate of such holder, such Class B ordinary shares shall be automatically and immediately converted into an equal number of Class
A ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of February 29, 2024, the chairman of our board of directors and our chief executive officer, Mr. Shanglue Xiao, beneficially own an
aggregate of 949,960,000 Class B ordinary shares, which represent 90.3% of our total voting power. Therefore, Mr. Shanglue Xiao has decisive
influence over matters requiring shareholders&#8217; approval, including election of directors and significant corporate transactions,
such as a merger or sale of our company or our assets. This concentrated control will limit your ability to influence corporate matters
and could discourage others from pursuing any potential merger, takeover or other change of control transactions that holders of our
Class A ordinary shares and the ADSs may view as beneficial.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our ADSs for return on your investment.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently intend to retain all of our available funds and any future earnings to fund the development and growth of our business. As
a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our
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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><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, subject to certain requirements of Cayman Islands law.
In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our
directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account; provided
that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in
the ordinary course of business. 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 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 our ADSs will likely depend entirely upon any future
price appreciation of our ADSs. There is no guarantee that our ADSs will appreciate in value or even maintain the price at which you
purchased the ADSs. You may not realize a return on your investment in our ADSs and you may even lose your entire investment in our ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
voting rights of holders of ADSs are limited by the terms of the deposit agreement, and you may not be able to exercise your right to
direct how the Class A ordinary shares represented by your ADSs are voted.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of ADSs do not have the same rights as our registered shareholders. As a holder of our ADSs, you will not have any direct right to attend
general meetings of our shareholders or to cast any votes at such meetings. As an ADS holder, you will only be able to exercise the voting
rights carried by the underlying Class A ordinary shares represented by your ADSs indirectly by giving voting instructions to the depositary
in accordance with the provisions of the deposit agreement. Under the deposit agreement, you may vote only by giving voting instructions
to the depositary. Upon receipt of your voting instructions, the depositary will try, as far as is practicable, to vote the Class A ordinary
shares underlying your ADSs in accordance with your instructions. If we ask for your instructions, then upon receipt of your voting instructions,
the depositary will try to vote the underlying Class A ordinary shares in accordance with these instructions. If we do not instruct the
depositary to ask for your instructions, the depositary may still vote in accordance with instructions you give, but it is not required
to do so. You will not be able to directly exercise your right to vote with respect to the underlying Class A ordinary shares represented
by your ADSs unless you withdraw the shares, and become the registered holder of such shares prior to the record date for the general
meeting. When a general meeting is convened, you may not receive sufficient advance notice of the meeting to withdraw the Class A ordinary
shares represented by your ADSs and become the registered holder of such shares to allow you to attend the general meeting and to vote
directly with respect to any specific matter or resolution to be considered and voted upon at the general meeting. In addition, under
our memorandum and articles of association, for the purposes of determining those shareholders who are entitled to attend and vote at
any general meeting, our directors may close our register of members and/or fix in advance a record date for such meeting, and such closure
of our register of members or the setting of such a record date may prevent you from withdrawing the Class A ordinary shares represented
by your ADSs and becoming the registered holder of such shares prior to the record date, so that you would not be able to attend the
general meeting or to vote directly. If we ask for your instructions, the depositary will notify you of the upcoming vote and will arrange
to deliver our voting materials to you. We have agreed to give the depositary notice of shareholder meetings sufficiently in advance
of such meetings. Nevertheless, we cannot assure you that you will receive the voting materials in time to ensure that you can instruct
the depositary to vote the underlying Class A ordinary shares represented by your ADSs. In addition, the depositary and its agents are
not responsible for failing to carry out voting instructions or for their manner of carrying out your voting instructions. This means
that you may not be able to exercise your right to direct how the Class A ordinary shares represented by your ADSs are voted and you
may have no legal remedy if the Class A ordinary shares represented by 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. Except in limited circumstances, the depositary
for our ADSs will give us a discretionary proxy to vote the Class A ordinary shares underlying your ADSs if you do not vote at shareholders&#8217;
meetings, which could adversely affect your interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the deposit agreement for the ADSs, if you do not vote, the depositary will give us a discretionary proxy to vote the Class A ordinary
shares underlying your ADSs at shareholders&#8217; meetings unless:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">we
                                            have instructed the depositary that we do not wish a discretionary proxy to be given;</span></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">&#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; width: 0.5in"/><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">we
                                            have informed the depositary that there is substantial opposition as to a matter to be voted
                                            on at the meeting;</span></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">&#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; width: 0.5in"/><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">a
                                            matter to be voted on at the meeting would have a material adverse impact on shareholders;
                                            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">&#160;</td><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; width: 0.5in"/><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
                                            voting at the meeting is to be made on a show of hands.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of this discretionary proxy is that you cannot prevent our Class A ordinary shares underlying your ADSs from being voted, except
under the circumstances described above. This may make it more difficult for shareholders to influence the management of our company.
Holders of our Class A ordinary shares are not subject to this discretionary proxy.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0in"><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 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><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 United States 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 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; 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; text-indent: 0in"><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 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary will pay cash dividends 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 on our Class A ordinary shares in the foreseeable
future. To the extent that there is a distribution, the depositary of our ADSs 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 any 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; 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; text-indent: 0in"><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 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><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. The depositary may close its books from time to time for
a number of reasons, including in connection with corporate events such as a rights offering, during which time the depositary needs
to maintain an exact number of ADS holders on its books for a specified period. The depositary may also close its books in emergencies,
and on weekends and public holidays. 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
judgments obtained against us or our directors and management by our shareholders may not be enforceable.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We
are an exempted company incorporated under the laws of the Cayman Islands. We conduct our operations in China and substantially all of
our assets are located in China. In addition, all of our directors and executive officers are located in mainland China as of the date
of this annual report, and most of the assets of these persons are located within mainland China. As a result, it may be difficult or
impossible for you to bring an action against us or against these individuals 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, the laws of the Cayman Islands and mainland China may render you unable to enforce a judgment against our assets or the
assets of our directors and officers. You may also experience difficulties in enforcing judgments of the United States courts obtained
against us or our directors or executive officers in mainland China as the United States and mainland China do not have a bilateral treaty
or multilateral convention in force on reciprocal recognition and enforcement of judgments. As a result, any United States judgment may
only be enforceable in mainland China provided that the conditions set forth in the laws of these jurisdictions are determined by the
courts of mainland China to have been fulfilled. For details of the limitations relating to the enforceability of civil liabilities,
see &#8220;Item 6. Directors, Senior Management and Employees&#8212;E.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
Ownership<span style="background-color: white">&#8212;Enforceability of Civil Liabilities.&#8221;</span></span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
investment in our ADSs may be impacted if we are encouraged to issue CDRs in the future.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC central government once proposed rules that would allow PRC technology companies listed outside China to list on the PRC stock exchanges
through the creation of Chinese Depositary Receipts, or CDRs. It is uncertain if and when the CDR mechanism will be finalized and put
in place due to evolving PRC government policies. Once the CDR mechanism is in place, we might consider and be encouraged to issue CDRs
and allow investors to trade our CDRs on PRC stock exchanges. However, there are uncertainties as to whether a pursuit of CDRs in China
would bring positive or negative impact on your investment in our ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
rights to pursue claims against the depositary as a holder of ADSs are limited by the terms of the deposit agreement.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the deposit agreement, any action or proceeding against or involving the depositary, arising out of or based upon the deposit agreement
or the transactions contemplated thereby or by virtue of owning the ADSs may only be instituted in a state or federal court in New York,
New York, and you, as a holder of our ADSs, will have irrevocably waived any objection which you may have to the laying of venue of any
such proceeding, and irrevocably submitted to the exclusive jurisdiction of such courts in any such action or proceeding. The depositary
may, in its sole discretion, require that any dispute or difference arising from the relationship created by the deposit agreement be
referred to and finally settled by an arbitration conducted under the terms described in the deposit agreement, which may include claims
arising under the federal securities laws, although the arbitration provisions of the deposit agreement do not preclude you from pursuing
claims under the U.S. federal securities laws in federal courts. 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 the U.S. federal securities
laws and the rules and regulations promulgated thereunder. The state and federal courts sitting in New York generally respect the contractual
decision of the parties to submit their disputes to arbitration and such arbitration provisions are generally enforceable under federal
law and the laws of the State of New York, subject to certain exceptions, such as corruption, fraud or undue means. Therefore, we believe
that the arbitration provision in the deposit agreement is enforceable under federal law and the laws of the State of New York.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><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 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><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, subject to the depositary&#8217;s right
to require a claim to be submitted to arbitration, the federal or state courts in the City of New York have exclusive jurisdiction to
hear and determine claims arising under the deposit agreement and in that regard, 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; 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; text-indent: 0.5in"><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 the 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.
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; 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; text-indent: 0.5in"><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; 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; text-indent: 0.5in"><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 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>

<p style="font: italic bold 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">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 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed
by our memorandum and articles of association, the Companies Act (As Revised) of the Cayman Islands and the common law of the Cayman
Islands. The rights of shareholders to take action against our directors, actions by our minority shareholders and the fiduciary responsibilities
of our directors to us under Cayman Islands law are to a large extent governed by 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 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. The
rights of our shareholders and the fiduciary responsibilities 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 has
a less developed body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially
interpreted bodies of corporate law than the Cayman Islands. In addition, with respect to Cayman Islands companies, plaintiffs may face
special obstacles, including but not limited to those relating to jurisdiction and standing, in attempting to assert derivative claims
in state or federal courts of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><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 (other than
copies of the memorandum and articles of association, the register of mortgages and charges, and any special resolutions passed by the
shareholders) or to obtain copies of lists of shareholders of these companies. Under Cayman Islands law, the names of our current directors
can be obtained from a search conducted at the Registrar of Companies. Our directors have discretion under our 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 motion 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; 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; text-indent: 0.5in"><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 United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
memorandum and articles of association contain anti-takeover provisions that could discourage a third party from acquiring us and adversely
affect the rights of holders of our Class A ordinary shares and the ADSs.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
third amended and restated memorandum and articles of association contain provisions to 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. 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 Class A ordinary shares, in the form of ADS or otherwise. 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 our ADSs may fall and the voting and other rights of the holders of our Class A ordinary shares
and 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0in"><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 exempt from certain provisions
applicable to U.S. domestic public companies.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><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 exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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
                                            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;</span></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">&#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; width: 0.5in"/><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
                                            sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations
                                            in respect of a security registered under the Exchange Act;</span></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">&#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; width: 0.5in"/><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
                                            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</span></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">&#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; width: 0.5in"/><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
                                            selective disclosure rules by issuers of material nonpublic information under Regulation
                                            FD.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish
our results on a quarterly basis as press releases, distributed pursuant to the rules and regulations of the Nasdaq Stock Market. Press
releases relating to financial results and material events will also be furnished to the SEC on Form 6-K.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 U.S. 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate
governance matters that differ significantly from Nasdaq&#8217;s corporate governance requirements; these practices may afford less protection
to shareholders than they would enjoy if we complied fully with Nasdaq&#8217;s corporate governance requirements.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a Cayman Islands company listed on the Nasdaq <span style="background-color: white">Capital</span> Market, we are subject to Nasdaq&#8217;s
corporate governance requirements. However, Nasdaq rules permit a foreign private issuer like us to follow the corporate governance practices
of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly
from Nasdaq&#8217;s corporate governance requirements. Nasdaq Rule 5620 requires each issuer to hold an annual meeting of shareholders
no later than one year after the end of the issuer&#8217;s fiscal year-end. However, Nasdaq Rule 5615(a)(3) permits foreign private issuers
like us to follow &#8220;home country practice&#8221; in certain corporate governance matters. We followed home country practice and
did not hold an annual meeting of shareholders in 2021, 2022 and 2023. As a result of this and other home country practice we may follow
in the future, our shareholders may be afforded less protection than they otherwise would under Nasdaq&#8217;s corporate governance requirements
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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;controlled company&#8221; within the meaning of the Nasdaq Stock Market Rules and, as a result, may rely on exemptions from
certain corporate governance requirements that provide protection to shareholders of other companies.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;controlled company&#8221; as defined under the Nasdaq Stock Market Rules because Mr. Shanglue Xiao, the chairman of our
board of directors and our chief executive officer, will own more than 50% of our total voting power. For so long as we remain a controlled
company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules,
including an exemption from the rule that a majority of our board of directors must be independent directors or that we have to establish
a nominating committee and a compensation committee composed entirely of independent directors. As a result, you will not have the same
protection afforded to shareholders of companies that are subject to these corporate governance requirements.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are deemed an &#8220;investment company&#8221; under the Investment Company Act of 1940, it could adversely affect the price of the
ADSs and could materially and adversely affect our business, results of operations, and financial condition.</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"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not intend to become registered as an &#8220;investment company&#8221; under Section 3(a) of the Investment Company Act of 1940, or
the Investment Company Act. We are primarily engaged in businesses of operating a membership-based social e-commerce platform in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Section 3(a)(1)(C) of the Investment Company Act, a company is deemed to be an &#8220;investment company&#8221; if it is engaged, or
proposes to engage, in the business of investing, reinvesting, owning, holding, or trading in securities and owns or proposes to acquire
investment securities having a value exceeding 40% of the value of its total assets (exclusive of government securities and cash items)
on an unconsolidated basis. As a result, if we and/or certain of our subsidiaries are deemed to be an investment company within the meaning
of the Investment Company Act, we would have to dispose of investment securities in order to fall outside the definition of an investment
company. Additionally, we may have to forgo potential future acquisitions of interests in companies that may be deemed to be investment
securities within the meaning of the Investment Company Act. Failure to avoid being deemed an investment company under the Investment
Company Act, coupled with our inability as a foreign private issuer to register under the Investment Company Act, could make us unable
to comply with our reporting obligations as a public company in the United States and lead to our being delisted from the Nasdaq, which
would materially and adversely affect the liquidity and value of the ADSs. We would also be unable to raise capital through the sale
of securities in the United States or to conduct business in the United States. In addition, we may be subject to SEC enforcement action
or purported class action lawsuits for alleged violations of U.S. securities laws. Defending ourselves against any such enforcement action
or lawsuits would require significant attention from our management and divert resources from our existing businesses and could materially
and adversely affect our 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; text-indent: 0.5in"><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">Item
  4.</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="p_010"></span> 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-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 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
<span style="text-decoration: underline">History and Development of the Company</span></span></p>

<p style="font: bold 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
commenced operations through Yunji Sharing, and launched our Yunji app in May 2015.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2017, Yunji Inc. was established in the Cayman Islands as our offshore holding company to facilitate financing and offshore
listing. Shortly following its incorporation, Yunji Inc. established a wholly-owned subsidiary in Hong Kong, Yunji Holding Limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2018, Yunji Holding Limited established a wholly-owned subsidiary in China, Yunchuang Sharing, or our WFOE. In April 2018, we gained the
ability to direct the business operations of Yunji Sharing through Yunchuang Sharing by entering into a series of contractual arrangements
with Yunji Sharing and its shareholders, which were subsequently amended and restated in December
2018. In March 2018, Hangzhou Chuanchou, was established. In October 2020, we gained the ability to direct the business operations of Hangzhou
Chuanchou through Yunchuang Sharing by entering into a series of contractual arrangements with Hangzhou Chuanchou and its shareholder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in">In <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
2018, Yunji Preferred, was established. In the same month, we gained the ability to direct the business operations of Yunji
Preferred through Yunchuang Sharing by entering into a series of contractual arrangements with Yunji Preferred and its shareholders.
The contractual arrangements with Yunji Preferred were subsequently amended and restated in December 2018 and March 2023. We subsequently migrated all of our business operations under Yunji Sharing and its subsidiaries to Yunji Preferred and Yunchuang Sharing and
their subsidiaries. </span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 3, 2019, our ADSs commenced trading on the Nasdaq under the symbol &#8220;YJ.&#8221; We raised approximately US$109.0 million in
net proceeds from the issuance of new shares from the IPO and related over-allotment option arrangement after deducting underwriting
commissions and the offering expenses payable by us.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 20, 2023, we effected a change in the ratio of our ADSs to Class A ordinary shares from one ADS representing ten Class A ordinary
shares to one ADS representing one hundred Class A ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, our WFOE acquired Yunji Sharing by purchasing all equity interests held by the shareholders in Yunji Sharing and Yunji
Sharing has since become a wholly owned subsidiary of our WFOE. Accordingly, the contractual arrangements with Yunji Sharing and its
shareholders were effectively terminated in December 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at 15/F, South Building, Hipark Phase 2, Xiaoshan District, Hangzhou, People&#8217;s Republic
of China. Our telephone number at this address is +86-571-8168-8920.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
registered office in the Cayman Islands is located at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands. Our agent for service of process in the United States is Puglisi &amp; Associates, located at 850 Library
Avenue, Suite 204, Newark, Delaware 19711. We maintain our web site at <span style="text-decoration: underline">www.yunjiglobal.com</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC maintains a web site at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers
that file electronically with the SEC using its EDGAR system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 5. Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Material Cash Requirements&#8221;
for a discussion of our capital expenditures.</span></p>

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

<p style="font: bold 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate a social e-commerce platform in China using a unique, membership-based model that leverages the power of social interaction.
We offer high-quality products at attractive prices and incentivize our members to promote our platform and share our products with their
social contacts. We empower prime emerging brands and manufacturers with deep understanding of market trends and customer behavior to
produce high-quality innovative products to better meet the demands of our members. We have also developed several private labels in
the mass consumption field, which are sold on our own platform as well as offered and sold through external channels.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Members
are the key participants on our platform. Our members gain access to a dedicated app and mini program
that provides access to a curated selection of products, exclusive membership benefits and features. Our membership system has experienced
various changes in the past few years. Currently, one can become a member of our platform by accepting invitation from existing members.
See &#8220;&#8212;Our Member Community&#8212;Members&#8221; for more details of the previous changes in our membership system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
members, typically middle-class consumers, are highly social and are interested in discussing and sharing their shopping experiences
and various products within their social circles. Members often refer others to become members and are rewarded for doing so. Members
can also promote products on various social platforms and are rewarded if those users purchase our products. We also provide support
such as training, technology support and customer services to make the process easier for them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer products across a large variety of categories with the aim of catering to the various daily needs of our users and their households.
We also add to our product offerings based on feedback and understanding of our members and users based on various analytics. Additionally,
we stay abreast of trends and carefully curate and promote seasonal best-selling products, such as seasonal fruits and festive gifts.
While we offer products from mainstream and emerging brands, we also strategically work with manufacturers directly to develop private
labels and exclusive differentiated products. In particular, we engage in minority-interest equity investments in high-quality innovative
manufacturers to develop private labels, combining their unique manufacturing capabilities and supply channels with our deep understanding
of end customers through our various user analytics to develop innovative and differentiated products specifically designed to meet the
demands of our members and users. In this way, we empower our manufacturer and brand partners, especially our private labels, with products
improvement advices based on our understanding of market trends and insights on customer behavior and precise marketing and customer
education through our active communities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
complement our existing merchandise sales business under which we acquire products from suppliers and sell them directly to customers,
we launched our marketplace business in the first quarter of 2019 whereby third-party merchants can sell products on our platform and
pay us commissions on their sales. We attract and select third-party merchants to offer high quality products at attractive prices to
our users through our marketplace business and monitor the third-party merchants&#8217; performance and activities on our platform closely
to ensure that they meet our requirements for authentic products and high-quality logistics and customer service. In each product category
in the marketplace model, we will only select a limited number of brands, fostering a healthy competitive environment where we only select
and work with the best third-party merchants to offer our members a broad range of carefully curated high-quality products. Products
offered through our marketplace business are directly sold and fulfilled by third-party merchants. Our marketplace business allows us
to improve the shopping experience on our platform.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are extremely focused on the quality and pricing of our products under both the merchandise sale business and the marketplace
business. We have been intentionally maintaining a balance between expanding the product category coverage to meet our users&#8217;
evolving demand and controlling the number of SPUs in each category to ensure that we only offer curated products with high value
and quality to our users. We currently generate revenues mainly by selling products directly on our platform to users, including
both members and non-members, and earning commissions on the sales of products by third-party merchants on our platform. Our total
revenues were RMB2,155.4 million, RMB1,154.1 million and RMB640.2 million (US$90.2 million) in 2021, 2022 and 2023, respectively. We
recorded net income of RMB132.3&#160;million in 2021, net loss of RMB138.4&#160;million in 2022, and net loss of RMB165.1 million
(US$23.3 million) in 2023.</span></p>

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

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate a social e-commerce platform in China using a unique, membership-based model that leverages the power of social interaction.
We offer high-quality products at attractive prices and incentivize our members to promote our platform and share our products with their
social contacts. We operate on our platform both our merchandise sales business, under which we acquire products from suppliers and sell
them directly to customers, and our marketplace business that launched in the first quarter of 2019, under which third-party merchants
can sell products on our platform and pay us commissions on their sales. We have also developed several private labels whose products
are sold both on our own platform and external sales channels through our merchandise sales business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our merchandise sales business, we work with a mix of mainstream brands, emerging brands and private labels to offer products across
a large variety of categories based on feedback and understanding of our members and users based on various analytics. In particular,
we empower quality manufacturers with products improvement advices based on our understanding of market trends and insights on customer
behavior and precise marketing and customer education through our active communities, thereby supporting the growth of our manufacturing
partners and develop private labels.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
complement our existing merchandise sales business, we launched our marketplace business in the first quarter of 2019. We attract and
select third-party merchants to offer high quality products at attractive prices to our users through our marketplace business and monitor
the third-party merchants&#8217; performance and activities on our platform closely to ensure that they meet our requirements for authentic
products and high-quality logistics and customer service. Products offered through our marketplace business are directly sold and fulfilled
by third-party merchants. Our marketplace business allows us to improve the shopping experience on our platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
generated under the marketplace business are recognized on a net basis, while revenues generated under our merchandise sales business
are recognized on a gross basis.</span></p>

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

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conduct our social e-commerce business primarily through our flagship Yunji app. In addition, we create visually appealing interfaces
in mini programs and HTML-5 webpages available in major social platforms in China, including WeChat, QQ, Weibo, to promote our platform
and products. To reach a wider audience, we collaborate with content creators and post content on lifestyle platforms and live streaming
platforms, such as Xiaohongshu, Douyin and WeChat video channel, to promote certain of our products or items. Through these promotional
channels, potential users can learn about our platform and visit our mobile apps.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Our members can easily share the mini programs and links to HTML-based webpages with their family, friends and other social contacts
who may be interested in buying products on our platform. The promotional interfaces visually aid the shopping experience on our platform,
and enable viral dissemination of product information on a large scale at low costs.&#160;</span></p>

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


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<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>

<p style="font: italic bold 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">Yunji
App</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
flagship Yunji app is used by our members and non-member users to discover, explore and purchase a wide range of high-quality products
at attractive prices and to access other membership features and benefits. We provide services to members and non-member users under
the same app so as to open up our platform and provide better user experience.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">One
                                            can become a member of our platform by accepting invitation from existing members in the
                                            form of an invitation link or QR code whereby the invitee can register an account on the
                                            Yunji app or mini program. We have modified the rules that administrated our membership system
                                            in the past few years. See &#8220;&#8212;Our Member Community&#8212;Members&#8221; for more
                                            details of the previous changes in our membership system.</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>

<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: 0.5in"/><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
                                            member can choose to view our product offerings on our user-friendly app interface by accessing
                                            our various sales formats, such as flash sale (&#29305;&#21334;), channels (&#39057;&#36947;)
                                            and Yunji Dynamic Showcase. See &#8220;&#8212;Our Product Offerings&#8212;Sales Formats.&#8221;</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>

<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: 0.5in"/><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
                                            member can click on the desired product to view detailed product description and a short
                                            video that showcases the product and consider whether to make the purchase. In addition to
                                            the attractive price, the app also offers features to encourage the member to recommend his/her
                                            family, friends or other social contacts to purchase our products. In the product listings,
                                            the member can see the amount of incentives he/she will earn if someone purchases products
                                            via the links he/she shares through his/her social network. Our app provides the member with
                                            ready-to-use promotional materials containing product description, short videos and reviews,
                                            which can be easily posted on social network platforms such as WeChat, QQ and Weibo with
                                            the seamless integration of our platform with such social network platforms. The member may
                                            also create promotional materials on his/her own and share them with other members.</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>

<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: 0.5in"/><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">We
                                            also provide our members with community features to see what other members are buying and
                                            the sharing of their shopping experience, including product reviews, photos and short videos.
                                            In 2019 we introduced the live streaming function where members can host live video broadcasts
                                            to express their opinions on, share their experience with and promote to other members products
                                            on our platform. During the live streaming session, as the host member is sharing his/her
                                            experience and interacting with other users viewing the session, direct links to the products
                                            being discussed are displayed on the screen to facilitate convenient purchasing of the products.
                                            Similar to product referrals made by members via their social networks, the live streaming
                                            hosts receive referral incentives for products sold via their live broadcasts. In 2022, we
                                            strategically upgraded live streaming by emphasizing the development of short videos and
                                            content marketing in order to improve viewer conversion efficiency. By creating shorter,
                                            more digestible videos, we effectively retain those viewers who may not have enough time
                                            or patience to watch longer content.</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>

<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">
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                                            cater to the needs of our members by featuring popular and in-demand products in dedicated
                                            channels, making it easier for members to find what they are looking for. We also stay up
                                            to date with seasonal trends in our product offerings.</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>


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<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>

<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"></span></p>

<p style="font: bold 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">Our
Member Community</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
member community is driven by social connections. Users access our platform mostly through invitation and recommendation by our existing
members via their social networks both online and offline. As a result, new users come to us with established trust in their own family,
friends and neighbors, as well as shared interests and similar purchasing preferences with our existing members. Therefore, they are
more likely to find our platform credible and refer our platform and products through their social networks to other friends, neighbors
and family members. We keep close contacts with our member community to learn their changing consumption needs and preferences, which
serve as crucial references to product curation and procurement for our supply chain team. We have also established professional vertical
product category communities in food, beauty and healthcare based on our insights on the members&#8217; interests and brought well-trained
service managers to these communities to increase engagement of our members.</span></p>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
can become a member of our platform by accepting invitation from existing members in the form of an invitation link or QR code whereby
the invitee can register an account on the Yunji app. Previously, the invitee can then become a member through purchasing a membership
package, which consists of a set of selected products or services and access to the Yunji app containing membership benefits and features.
Membership packages are offered at a fixed price, depending on the different selection of products or services included in the package.
In order to stimulate our users&#8217; interest in transacting on our platform and attract more members, starting in January 2020, we
refined our membership enrollment system by allowing any user to become a member and enjoy membership benefits free of charge for one
year by simply registering for an account on the Yunji app. If the user meets a certain cumulative spending threshold or certain other
requirements during the initial one-year period, the user may extend his or her membership for an extra year. We have ceased allowing
users to become members free of charge since April 1, 2021 and required new users and renewing members to pay an annual membership fee
to become or continue as a member and enjoy membership benefits until September 2022. Starting from October 2022, one can become a member
of our platform by accepting an invitation from existing members. We may further refine and develop our membership enrollment and benefits
system to expand our membership base and incentivize existing members to maximize their benefits by sharing product links through their
social networks. Our members enjoy more benefits than non-member users when purchasing products on our platform, and receive incentives
for promoting and initiating transactions of our products through their social networks, as well as for inviting new members to our platform.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide members with benefits both in the form of Yun-coins and cash incentives. Through these benefits, we attract members to our platform
and encourage and motivate our members to share product reviews and promotional materials of our products via their social networks.
Members receive referral incentives for products sold via the links they share through their social networks. For each transaction completed
from the promotion by a member, such member earns a certain percentage of the listed price, with the percentage being determined based
on the market price and margin of the product. Additionally, we may provide extra incentive to a member depending on the number of completed
promotions or purchases made as a result of the member&#8217;s referral. The referral incentive is allocated to the member&#8217;s account
immediately following payment for the transaction, and may be used by the member after seven days following the receipt of product by
the buyer. We also provide members with a variety of tools and support to enable them to promote our products via their social networks,
including ready-to-use product promotional materials, online and offline training to facilitate product sales, and centralized order
fulfillment, product delivery and real-time customer service.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
members generally come from middle-class households and make purchase decisions for their respective households. The majority of our
members are female. Our members typically spend much time on social networks and take an interest in discussing trends and sharing shopping
experience and product information among their social contacts both online and offline. We offer social experience as an integral part
of our member experience. Our members not only enjoy shopping as supported by membership benefits and features on our platform, but also
can become more involved in the promotion of our products and platform and the building of our member community. Many of our members
promote our products via their social networks, and some of them become influential opinion leaders within their social networks affecting
the consumption preferences of many others. Our members also form groups and engage in interactive activities both online and offline
based on their existing social network, geographic locations and interests, which allow them to obtain relevant product information more
easily, establish trust relationships among themselves and keep them engaged with our platform. We facilitate member groups to provide
support to members and enable further communication among members. The grouping system helps us enhance member engagement and promote
community value. In particular, we encourage members to form neighborhood-based groups based on geographic proximity which allows for
easier and more frequent organization of offline events to foster social interaction and enhance the trust relationship among our members.
The majority of our offline events were not intended to drive product sales or promotions, but instead to provide our members with opportunities
to learn something new, share their experience and better interact with each other. As a result, our offline events have attained positive
feedback from our members and have played a key part in the continual enhancement of member engagement and loyalty on our platform. In
2023, we had approximately 75.43% repeat purchase rate from our transacting members. We define transacting member in a given period as
a member who successfully promotes our products to generate at least one order or places at least one order on our platform, regardless
of whether any product in such order is ultimately sold or delivered or whether any product in such order is returned. We calculate the
repeat purchase rate for a given period by dividing the number of transacting members who purchased not less than twice by the total
number of transacting members during such period.</span></p>

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<p style="font: italic bold 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">Service
managers</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
outsource some member services to third-party service companies and they hire service managers based on the standards we provide in our
agreements with the third-party service companies. Most of service managers are also our members. Third-party service companies select
service managers based on their capability in facilitating members&#8217; product sales and in training members, and assign them to provide
services to a group of members. The member groups operate both online on social network platforms such as WeChat, QQ and Weibo and offline
through trainings and experience-sharing gatherings hosted by our neighborhood-based groups, generating diversified forms of interactive
social experiences as an integral part of our member benefits.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
promote the use of short videos and live streaming function to better introduce our products to our members and users and promote further
social sharing. Accordingly, we have on-boarded a group of service managers with the appropriate skills to create content-driven short
videos and host live video broadcasts introducing and selling the products on our platform. Other service managers could also share the
short videos and live streaming function to members to promote sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Starting
in the second quarter of 2020, we also began to develop professional vertical product category communities based on our insights on the
members&#8217; interests and service managers&#8217; capabilities. For each vertical product category, we bring in lecturers experienced
in marketing and training in such product category to provide our service managers with highly relevant training session that help to
improve the quality and the authenticity of the product-related content produced by these service managers and thus increase engagement
of our members. Currently, we have established professional vertical product category communities for food, beauty and healthcare categories
and achieved high user engagement in those communities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our members were served by more than 117,000 service managers. Service managers provide training and support to
our members, including teaching members how to use our apps and platform, responding to questions from members on a daily basis, and
organizing both online and offline training courses to share their sales experience. Service managers also facilitate members&#8217;
product sales, including monitoring and collecting member feedback on a real-time basis, designing and implementing marketing strategies
for popular products in the member group, and helping to address member queries related to our products.</span></p>

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<p style="font: italic bold 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">Non-Member
Users</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We rely on
our members&#8217; word-of-mouth referral via their social networks, both online and offline, to build trust and attract and retain users. Users actively purchase products on our platform. Since our platform is recommended by family, friends
and neighbors, users may find us more credible and have more confidence in the quality of products offered on our platform. In addition,
users could also purchase our private label products through third-party channels, and they are also considered our non-member users.</span></p>

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<p style="font: bold 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">Our
Product Offerings</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer broad coverage of product categories from mainstream brands, emerging brands and private labels on our platform under the combination
of our merchandise sales business and our marketplace business with an aim of catering to the various daily needs of our users and their
households, including beauty and personal care, healthcare products, household goods, apparel, shoes and bags, beverage, food and fresh
produce, computer, electronics and home appliances, childcare products, baby and maternity products. Our top product categories that
each contributed to more than 10% of our GMV are (i) beauty and personal care, food and fresh produce, apparel, bags and cases in 2021,
(ii) beauty and personal care, food and fresh produce, apparel, bags and cases in 2022, and (iii) beauty and personal care, food and
fresh produce, apparel and shoes and bags, household goods in 2023, while each of the other product categories contributed less than
10% of our GMV in each of 2021, 2022 and 2023. Within each product category, we offer carefully curated items meeting the preferences
of our users with attractive pricing. In December 2021, December 2022 and December 2023, we offered an average of 10,919, 7,631 and 5,785
SPUs for sale on our platform on a daily basis, respectively. In December 2021, December 2022 and December 2023, products offered under
our marketplace business accounted on average for 87%, 83% and 83% of SPUs for sale on our platform on a daily basis, respectively.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
and Supplier Selection</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
our merchandise sales business, our product procurement team, consisting of 144 employees as of December 31, 2023, possess extensive
knowledge and understanding of existing and potential users&#8217; needs and preferences, and our big data capabilities enable us to
better analyze market trends and understand customer behavior. We reflect such knowledge and understanding in product selection and when
working with our suppliers and when developing our private labels. This customer-to-manufacturer (C2M) model allows us to source products
in response to evolving customer needs and preferences, and enable us to help our suppliers, especially our manufacturing partners, provide
products better designed for end customers and manage regional inventory storage. From time to time, we are directly involved in the
product design process of our manufacturing partners. We review and continually monitor the performance of each SPU based on a few key
dimension, in particular revenue contribution and margin, and suspend and replace SPUs with poor performance each month.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe it is crucial for us to carefully select the suppliers with high-quality product offerings, and empower them with our understanding
of market trends and insights on customer behavior to better design products meeting customer preferences. We have adopted a set of selection
guidelines for identifying potential suppliers. Our key supplier selection criteria include manufacturing capability, reputation, sales
records among consumers similar to those in our user community, and product offerings. Once a potential supplier is identified, we conduct
due diligence reviews on its qualifications. We generally choose to work with reputable brand owners with good track records and high-quality
product offerings. For manufacturing partners producing private labels, we conduct on-site visits and examine candidates based on our
selection criteria, including the relevant qualifications and governmental permits. We also conduct detailed factory auditing on the
supplier&#8217;s manufacturing capability and production process to control product quality.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
follow similar selection guidelines for identifying potential third-party merchants. We conduct careful diligence and select third-party
merchants in our marketplace business in terms of scale, reputation and brand recognition, sales records among consumers similar to those
in our user community, logistics and customer service capabilities, and product offerings to ensure that the merchants are able to offer
high quality products at competitive prices, possess in-depth knowledge of the current trends in their particular product categories
and have the operation flexibility and logistics and customer service efficiency to meet our members&#8217; demands. Furthermore, in
each product category in the marketplace model, we will only select a limited number of brands in each category and we will replace the
underperformers on a quarterly basis with newly curated brands in our marketplace model. In this way, we are committed to selecting and
working with only the best third-party merchants, fostering a healthy competitive environment where the merchants can establish deep
collaborations with us in our marketplace business to offer our members a broad range of carefully curated high-quality products at attractive
prices.</span></p>

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Formats</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer products in various sales formats on our platform, such as flash sale, channels and Yunji Dynamic Showcase, through each of which
users could view our product offerings.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Flash
sale </i>(&#29305;&#21334;). We organize flash sale events every day to sell a finite quantity of discounted products for a limited period
of time beginning at 9:00 a.m. (Beijing time) each day. To foster user interest, we periodically analyze historical data, seasonality
and user feedback to determine the types of products we should offer for different hours and days. In addition, we carefully adjust our
product mix to achieve a balanced and complementary product offering across different product categories so as to maximize sales.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Channels
</i>(&#39057;&#36947;). We organize all of our product offerings on our Yunji app and mini programs based on product characteristics
such as category, functionality and brand into different channels on our Yunji app and mini programs to facilitate easy browsing by our
users. Specifically, we operate category-based channels such as food, beauty and personal care, apparel and overseas products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Yunji
Dynamic Showcase</i>. We create graphics, texts or short promotional videos to showcase our featured products on our main event page,
effectively displaying our promotional offerings. The showcase features a wide range of products selected from our private labels, gourmet
food, and trending mega-hit products from the live streaming channels. Service managers can explore the showcase&#8217;s products, choose
the ones they are interested in, and conveniently generate product-related content to share with members or on social media.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to sales on our own platform, our private label products are also sold through external sales channels such as third-party e-commerce
platforms and live streaming platforms, such as Tmall and Douyin.</span></p>

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<p style="font: italic bold 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">Pricing</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
strive to offer attractive pricing for all the products offered on our platform and our private label products offered through external
channels. We make continual efforts to maintain and improve an efficient cost structure and create incentives for our suppliers and our
third-party merchants to provide us with competitive prices. For the products with recognized brand names, we set our prices to be competitive
with those on other major e-commerce platforms in China. We typically negotiate with our suppliers and our third-party merchants for
discounted prices based on our large sales volume and other value propositions. For the products we offer with private labels, we set
our prices to be not only appealing to the users but also satisfactory to us in terms of margin contribution. For these products, we
typically have more discretion in setting the retail price and more leverage in negotiating with our manufacturing partners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also offer a selection of discounted products on special occasions, such as the anniversary of the founding of our company on May 16
and China&#8217;s new online shopping festival on November 11, and on important holidays. We also hold daily promotions through flash
sale events for selected products for a limited period of time. Special promotions attract bargain hunters and give our users an additional
incentive to visit our platform regularly.</span></p>

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<p style="font: italic bold 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">Quality
Control</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a dedicated team and stringent quality assurance and control procedures to ensure product quality and prevent counterfeit products.
We carefully scrutinize the products before listing them on our platform and selling through other platforms, in the case of our private
labels. We diligently examine the product sourcing channel and qualification of our suppliers and our third-party merchants, carefully
inspect products delivered to the warehouses, and reject or return products that do not meet our quality standards or the purchase order
specifications. We also reject any products with broken or otherwise compromised packaging. In addition, we inspect all products before
shipment to our users and conduct random periodic quality checks on our inventory. For products sold by third-party merchants whose order
fulfillment is handled by the third-party merchants themselves and are not processed by our logistics centers, we carefully scrutinize
the product sourcing channels of the third-party merchants and impose penalties, typically in amounts equal to several times the value
of the relevant products, for any quality non-compliance that we discover through customer feedback.</span></p>

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<p style="font: bold 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">Our
Suppliers and Third-Party Merchants</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seeking
to offer a balanced mix of products of mainstream brands, emerging brands and private labels on our platform, we provide values to a
variety of suppliers and third-party merchants. We help owners of mainstream brands expand their business in China or certain specific
regions in China cost effectively. We often cooperate with third-party mainstream brands to help launch and market their new products
on our platform, providing feedback on the new products based on various user analytics and effectively introducing the new products
to our members and users through our active social communities. We also support owners of emerging brands in reaching a wider customer
base and gaining better recognition and reputation. We are particularly focused on establishing partnerships with top emerging brands
that produce quality products in different industries in order to generate more high quality <i>Yunji </i>exclusive products that appeal
to our customers and accelerate our supply chain differentiation. When forming such partnerships, we are focused on selecting emerging
brands that sell different categories of fast-moving consumer goods with high turnover, repurchase rates and gross profit margins and
that have annual sales in excess of RMB100 million, such as those in the healthcare and cosmetics industries. For example, in 2020, we
partnered with a top healthcare emerging brand to develop an exclusive weight loss dietary supplement which achieved over 600 million
in sales through the effective promotion by our service managers on our platform. When collaborating with the emerging brands to develop
new products, we also employ user feedback to improve product features and strive to roll out new versions of products regularly to keep
up with users&#8217; evolving tastes.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we engage in minority-interest equity investments in high-quality manufacturers and innovative brands, combining their unique
manufacturing capabilities and supply channels with our deep understanding of end customers through our various user analytics to develop
innovative products through private labels specifically designed to meet the demands of our members and users, such as <i>Yunji </i>exclusive
products. In addition to financial support, we also help to channel traffic to the products produced by such joint venture brands to
help our members and users gain easy access to these quality products while also promoting the growth of such brands. In this way, we
empower our manufacturer and brand partners with products improvement advices based on our understanding of market trends and insights
on customer behavior and precise marketing and customer education through our active communities. Our suppliers and third-party merchants
included merchants of mainstream brands and emerging brands and manufacturing partners we cooperate with. Our private labels include
Suye, Qing Zi Yang, Yuan Sheng Huang, Unibeauty, P&amp;S, Li Ba Tian, and Bai Yue Shan, among others. In particular, in 2021, we launched
several private label food brands to sell high-quality food products and strengthen our food category offerings. Some of the products under our private labels are also offered and sold on other third-party e-commerce platforms and live
streaming platforms such as Tmall and Douyin.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Starting
in 2019, we have been particularly focused on developing our crafted sale cooperation with suppliers, in which we collaborate with leading
global manufacturers to incubate products and brands distinguishable with the following characteristics: high quality, attractive design,
compelling value and high throughput. Through the crafted sales cooperation with suppliers, we are able to cultivate brands with individual
&#8220;super products&#8221; capable of generating millions or even billions of RMB in sales, increase incomes for our service managers,
provide more value to our members, and improve the profitability of our platform. For example, through our crafted sales cooperation
with suppliers, we have empowered multiple brands in the fruit category in 2019 to achieve million-dollar sales volume on a per-day and
per-SKU basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generally enter into framework supply agreements with suppliers and third-party merchants annually based on our standard form. We constantly
communicate with our suppliers to keep them informed of any changes to the inventory levels of their products in order for them to timely
respond to our sales demands. With the exception of third-party merchants outside of China for whom we handle the logistics and delivery
process within China, substantially all of the third-party merchants under the marketplace business take responsibility for the procurement,
storage and management of their own inventory. Before hosting a major sales event, we provide advance notice to our suppliers and third-party
merchants so that they can prepare ample stock to meet a potential surge in demand and increased purchases. Our standard form agreement
requires suppliers and third-party merchants to represent that their goods are authentic and from lawful sources and do not infringe
upon the intellectual property rights or other lawful rights of third parties and to pay us liquidated damages for any breach.</span></p>

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<p style="font: bold 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">Fulfillment
and Customer Service</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
deliver a compelling customer experience by fulfilling orders quickly and accurately. We provide centralized and comprehensive fulfillment
and customer service to users regardless of whether they purchase products on our apps directly or through the introduction of our members.
Our fulfillment infrastructure for the prompt receipt, storage and shipment of products is primarily comprised of a nationwide warehouse
and delivery network, which we operate mainly through collaboration with contracted third-party logistics service providers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Products
offered through our marketplace business are directly sold and fulfilled by third-party merchants, who take responsibility for the entire
fulfillment and customer service process. We closely monitor the speed and service quality of the third-party merchants through customer
surveys and feedbacks from our members to ensure member satisfaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
products are strategically stored at warehouses we use and the suppliers&#8217; warehouses. The volume of products to be stored at the
warehouses and the choice of warehouse to be placed are determined based on customer demand. When a user places an order and makes payment,
our warehouse management system automatically processes the order and assigns it to the warehouse or warehouses with the appropriate
inventory. The third-party logistics service provider that we have hired in the region picks up the order at the warehouse to make the
delivery. Once the order has shipped, our warehouse management system automatically updates the inventory level for each product in the
order, ensuring that additional inventory will be ordered as needed. For some of our products that are not stored at the warehouses,
such as fresh produce or home appliances, the third-party logistics service providers will pick up the order from the facilities of the
respective suppliers to make the delivery. To further enhance inventory accountability and security, we track our inventory at all stages
of the receiving and order fulfillment process. Our users can track the shipping status of their orders through our platform at each
step of the process.</span></p>

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<p style="font: italic bold 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">Payment</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide our users with a number of payment options, including credit or debit cards or e-wallets. We cooperate with major third-party
online payment platforms such as Alipay, WeChat Pay, JD Pay and UnionPay to provide these options.</span></p>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
strategically select the locations for warehouse facilities and choose the type of warehouse facilities at these locations based on the
density of orders we expect to be fulfilled. As of December 31, 2023, warehouse facilities in our fulfillment network included two central
warehouse, six regional warehouses, with an aggregate gross floor area of approximately 35,000 square meters in eight cities. We have been integrating and consolidating our warehouse
facilities to enhance the efficiency in fulfilling orders placed from all areas in China under our merchandise sales business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cooperate with third-party vendors to operate our warehouse facilities. As of December 31, 2023, all of the eight warehouses we use were
operated by third-party vendors. We establish our operating standards under our operating agreements with third-party vendors and typically
renew these agreements on an annual basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
each warehouse location, inventory is bar-coded and tracked through our warehouse management system, allowing real-time monitoring of
inventory levels across our fulfillment network and item tracking at each warehouse location. We repackage all products to our standardized
boxes for optimized storage at the warehouses. Our warehouse management system is specifically designed to support the frequent curated
sales events on our platform and the large volume of inventory turnover.</span></p>

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<p style="font: italic bold 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">Delivery</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
deliver products to users across China through collaboration with third-party logistics service providers. The warehouses have a dispatch
system to more effectively manage the pick-up and delivery services by third-party logistics service providers. We closely monitor the
speed and service quality of the third-party logistics service providers through our internal tracking system as well as customer surveys
and feedbacks to ensure customer satisfaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
ensure timely delivery of our products, third-party logistics service providers are bound by the terms of cooperation agreements with
us to deliver the products within the stipulated timeframe that we had promised to our users at the time of purchase. We leverage our
large-scale operations and reputation to obtain favorable contractual terms from third-party logistics service providers. To reduce the
risk of reliance on any single logistics service provider and to ensure timely delivery at all times, we maintain close working relationships
with several leading third-party logistics service providers in China and typically contract with two or more local delivery companies
in each major city or region. We typically negotiate and enter into agreements on an annual basis.</span></p>

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<p style="font: italic bold 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">Customer
Service</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Providing
superior customer service is our high priority. Our commitment to users is reflected in the high service levels provided by our customer
service staff as well as in our product return policy.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Customer
service team. </i>We have a customer service team in our Hangzhou headquarters to provide real-time assistance to our users. Users can
communicate with online representatives through our mobile apps. We train our customer service representatives to answer user inquiries
and proactively educate potential users about our products and promptly resolve customer complaints.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Product
returns. </i>We generally allow users to return unused goods within seven days, counting from the date when the user receives the product.
Once a user submits a return application request on our mobile app, our customer service representative will review and process the request
or contact the user through our mobile app or by phone if there are any questions relating to the request. Upon receipt of the returned
product, we credit the user&#8217;s payment account with the purchase price. The same policies apply to products sold through our marketplace
business. We believe our product return policy helps build user trust and increase user loyalty.</span></p>

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<p style="font: bold 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">Technology</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our operations are supported by our technological capabilities. Our technology team, coupled with our proprietary
technology and infrastructure and the large volume of data generated and collected on our platform, have created opportunities for continuous
improvements in our technology capabilities. The key components of our technology include big data analytics and artificial intelligence
(AI), which are also the focus of our research and development efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Big
Data and Artificial Intelligence</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are able to obtain feedback timely from users on our platform, and gain access to a large volume of transaction and user behavioral data.
We develop and leverage big data analytics to enhance the accuracy of user behavior predictions and user profiling, optimize targeted
marketing and platform operations, and deliver best-in-class user experience. We utilize AI and machine learning technologies to conduct
modeling exercises and data mining in order to gain actionable and effective insights from the data. For example, we not only look into
the basic order information but also user behavioral data, and then build predictive and statistical models based on the data we have
accumulated. Our big data capabilities enable us to better analyze market trends and understand customer behavior, and we reflect such
understanding in SPU selection and when working with our suppliers and third-party merchants. This customer-to-manufacturer (C2M) model
allows us to source products in response to evolving customer needs and preferences, and enable us to help our suppliers and third-party
merchants, especially our manufacturing partners, provide products better designed for end customers and manage regional inventory storage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
access to a massive amount of data, we believe we are in a strong position to capitalize on the use of AI and machine learning technologies
in the new e-commerce arena. To date, we have applied various AI and machine learning technologies on our platform in multiple areas,
such as personalization of product recommendation, intelligent inventory management, automated risk assessment, automated fulfillment
process, and automated question answering. We will continue to explore the application of the big data and AI technologies on our platform
and use them in more areas such as intelligent customer services to enhance user experience.</span></p>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
build our technology infrastructure to support our business in a cost-effective manner. We have built a reliable and smart network infrastructure
to ensure high availability and a low risk of downtime. We currently utilize third-party clouds in China to host our network infrastructure,
renting public servers and bandwidth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
focus on maintaining and enhancing the reliability, stability and scalability of our service-oriented technology infrastructure. Our
technology infrastructure enables us to accurately process and fulfill increasingly large numbers of orders at peak periods while maintaining
processing speed and quality consistency, as well as powering full supply chain visibility and control. For example, we have adopted
a micro-service architecture that is built on top of our technology infrastructure to support horizontal scaling at all times. We have
also designed a complex transaction processing system and supply chain management system to support our
business.</span></p>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
invest significant resources in research and development to improve our technology and develop solutions supporting our platform operations.
We incurred RMB124.9 million, RMB81.4 million and RMB53.5 million (US$7.5 million) of technology and content expenses 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
technology team primarily consists of four groups. We have a team of engineers who focus on the development and implementation of new
functions or features of our transaction and supply chain management systems. We have a team of research and development personnel who
focus on technology development and providing user support services. A team of data scientists who leverage big data analytics to support
our business decision making. We also have a team of IT personnel who provide internal system maintenance and system operations and development.
As of December 31, 2023, our technology team had a total of 98 personnel.</span></p>

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<p style="font: italic bold 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">Data
Privacy and Security</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are committed to protecting our users&#8217; personal information and privacy. We have established and implemented a strict platform-wide
policy on data collection, processing and usage. We collect personal information and other data that is related to the services we provide
and use the collected data for our platform operations, all with users&#8217; consent.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
ensure the confidentiality and integrity of our data, we maintain a comprehensive and rigorous data security program. We anonymize and
encrypt confidential personal information and take other technological measures to ensure the secure processing, transmission and usage
of data. We have also established stringent internal protocols under which we grant classified access to confidential personal data only
to limited employees with strictly defined and layered access authority.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
back-up our user and other forms of data on a daily basis in separate and various secured data back-up systems to minimize the risk of
data loss. We also conduct frequent reviews of our back-up systems to ensure that they function properly and are well maintained. Our
back-end security system is capable of handling malicious attacks each day to safeguard the security of our platform and to protect the
privacy of our users.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Business and Industry&#8212;Our failure to comply with
anti-corruption laws and regulations, or effectively control the corruptive activities of our employees, could severely damage our reputation,
and materially and adversely affect our business, financial condition, results of operations and prospects&#8221; and &#8220;Item 3.
Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Business and Industry&#8212;Failure to protect confidential information
of our users and network against security breaches could damage our reputation and brand and substantially harm our business and results
of operations.&#8221;</span></p>

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<p style="font: bold 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">Intellectual
Property</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
regard our trademarks, copyrights, patents, domain names, know-how, proprietary technologies, and similar intellectual property as critical
to our success, and we rely on trademark, copyright and patent law and confidentiality, invention assignment and non-compete agreements
with our employees and others to protect our proprietary rights. As of December 31, 2023, we owned 108 computer software copyrights in
China relating to various aspects of our operations and maintained 1,211 trademark registrations inside China and 23 trademark registrations
outside China. As of December 31, 2023, we had 62 trademark applications inside China. As of December 31, 2023, we had 6 patent applications
pending in China. As of December 31, 2023, we had registered 42 domain names, including <i>www.yunjiglobal.com</i>, among others.</span></p>

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<p style="font: bold 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">Marketing</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on word-of-mouth referrals via users&#8217; social networks
and organization of offline interactive events to attract and retain users and members. Our
ability to do so depends on whether we can continue to provide superior user experience and promote and enhance our community value.
To enhance our brand awareness, we also have engaged in offline marketing and brand promotion activities. For example, we host offline
promotion campaigns for the shopping festival on November 11 each year in major cities in China.</span></p>

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain official accounts on various social networking and live streaming platforms in China to continually engage and communicate with
our members and to promote awareness of our brand. We utilize diverse content formats for our online marketing, such as short-form video
and live streaming, which enables us to better present and promote our products sourced from our quality supply chain, especially our
private label products and products developed through our collaboration with emerging brands. We also engage passionate members and service
managers as well as KOLs to host live streaming sessions to promote our products on various live streaming platforms. In particular,
we have established online store and video account on Douyin&#8217;s e-commerce business and will utilize the live streaming platform
to introduce and promote more quality products sourced from our supply chain to a broader range of consumers. In addition, we also organize
product category-specific educational live streaming sessions through our official accounts to help consumers gain general knowledge
that will help them make well-informed consumption.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
to promote our private label brands such as Suye, Qing Zi Yang and Yuan Sheng Huang, we have launched various marketing initiatives,
including appointing celebrity brand ambassadors, featuring them in promotional materials, conducing marketing events through video and
short-video platforms, KOL promotion on livestreams and offline advertising activities.</span></p>

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<p style="font: bold 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">Competition</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
e-commerce industry in China is intensely competitive. Our competitors include all major e-commerce companies in China, and other internet
companies in China that engage in social e-commerce businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that the e-commerce industry will continually evolve and will continue to experience rapid technological change, evolving
industry standards, shifting customer requirements, and frequent innovation. We must continually innovate to remain competitive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
compete primarily on the basis of the following factors: (i) our private labels established based on our understanding of market trends
and insights on customer behavior, (ii) differentiated, reliable and flexible supply chain with customer-to-manufacturer (C2M) capability
and strong manufacturing partner network, (iii) our ability to attract, cultivate and retain a large number of well-trained service managers
who are highly effective in and passionate about fostering our close-knit community and promoting our products, (iv) our ability to attract
and retain a large number of members and other users and establish strong community bonding and maintain member loyalty through social
interaction effectively, (v) our full-serviced platform that enables users to buy products easily, and (vi) advanced technology infrastructure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we are well-positioned to effectively compete on the basis of the factors listed above. However, some of our current or
future competitors may have longer operating histories, greater brand recognition, better supplier relationships, larger user base or
greater financial, technical or marketing resources than we do, and they may also adopt membership-based or social network-driven e-commerce
models or other similar models on their platforms.</span></p>

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<p style="font: bold 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">Seasonality</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
experience seasonality in our business, reflecting a combination of seasonal fluctuations in internet usage and traditional retail seasonality
patterns. For example, we generally experience less user traffic and purchase orders during the Chinese New Year holiday season in the
first quarter of each year. Furthermore, sales are significantly higher in the fourth quarter of each calendar year than in the preceding
three quarters. E-commerce companies in China hold special promotional campaigns on November 11 each year that boost sales in the fourth
quarter relative to other quarters, and we hold a special promotional campaign in the second quarter of each year, on May 16, to celebrate
the anniversary of the founding of our platform.  Overall, the historical seasonality of our business has been relatively mild but
may increase in the future. Due to our limited operating history, the seasonal trends that we have experienced in the past may not apply
to, or be indicative of, our future operating results.</span></p>

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

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain various insurance policies to safeguard against risks and unexpected events. In addition to providing social security insurance
for our employees as required by PRC law, we also provide supplemental commercial medical insurance, which covers life insurance, for
our employees upon request. We do not maintain business interruption insurance, nor do we maintain product liability insurance or standalone
key-man life insurance.</span></p>

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<p style="font: bold 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">Regulations</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section sets forth a summary of the most significant rules and regulations that affect our business and operations in China.</span></p>

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<p style="font: bold 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">Regulations
Relating to Foreign Investment</span></p>

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<p style="font: bold 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">Guidance
Catalog of Industries for Foreign Investment</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
in the PRC by foreign investors and foreign-invested enterprises were regulated by (i) the 2021 Negative List, which was jointly promulgated
by <span style="background-color: white">the Ministry of Commerce</span> and the National Development and Reform Commission on December
27, 2021 and took effect on January 1, 2022, and (ii) the Catalog of Industries for Encouraged Foreign Investment (2022 Version), or
the 2022 Encouraged Catalog, which was jointly promulgated by <span style="background-color: white">the Ministry of Commerce</span> and
the National Development and Reform Commission on October 26, 2022 and took effect on January 1, 2023. Industries that are not listed
in either the 2021 Negative List or the 2022 Encouraged Catalog are permitted areas for foreign investments, and are generally open to
foreign investment unless specifically restricted by other PRC regulations. According to the 2021 Negative List, foreign equity ownership
in any given value-added telecommunications services provider shall not exceed 50% (excluding e-commerce, domestic multi-party telecommunication,
storage and forwarding business, and call center). As a result, foreign investors can only conduct investment activities through equity
or contractual joint ventures with certain shareholding requirements and approvals from competent authorities. PRC partners are required
to hold the majority interests in the joint ventures and the joint ventures are required to obtain approval from <span style="background-color: white">the
Ministry of Commerce</span> and the Ministry of Industry and Information Technology for their incorporation and business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to coincide with the implementation of the Foreign Investment Law and the Implementing Regulations of the Foreign Investment Law,
<span style="background-color: white">the Ministry of Commerce</span> and the State Administration for Market Regulation promulgated
the Measures for Reporting of Information on Foreign Investment on December 30, 2019, effective from January 1, 2020, which provides
that foreign investors or foreign-invested enterprises shall submit investment information by submitting initial reports, change reports,
deregistration reports, and annual reports through an enterprise registration system and a national enterprise credit information publicity
system. Announcement of the Ministry of Commerce [2019] No.62&#8212;Announcement on Matters Concerning the Reporting of Information on
Foreign Investment promulgated by <span style="background-color: white">the Ministry of Commerce</span> on December 31, 2019 and Circular
of the State Administration for Market Regulation on Effective Work on Registration of Foreign-invested Enterprises for the Implementation
of the Foreign Investment Law promulgated by SMAR on December 28, 2019 further refine the related rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Provisions on Administration of Foreign-Invested Telecommunications Enterprises, promulgated by the State Council in December
2001 and most recently amended in March 2022 and effective on May 1, 2022, the ultimate foreign equity ownership in a value-added telecommunications
services provider may not exceed 50%, except as otherwise stipulated by the state. The foreign investors must apply for VATs license
to operate value-added telecommunications services from the Ministry of Industry and Information Technology. The Ministry of Information
Industry of the PRC (which is the predecessor of the Ministry of Industry and Information Technology) issued the Notice of the Ministry
of Information Industry on Strengthening the Administration of Foreign Investment in Value-added Telecommunications Business in July
2006. The notice reiterated the regulations on foreign investment in telecommunications businesses, which require foreign investors to
set up foreign invested enterprises and obtain telecommunications business operating licenses to conduct any value-added telecommunications
business in China. Under the notice, a domestic company that holds operating license for telecommunications business is prohibited from
leasing, transferring or selling the license to foreign investors in any form, and is prohibited from providing any assistance, including
providing resources, sites or facilities, to foreign investors that conduct value-added telecommunications business illegally in China.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to publicly available information, the PRC government has issued telecommunications business operating licenses to only a limited number
of foreign-invested enterprises, most of which are Sino-foreign joint ventures engaging in the value-added telecommunication business.
In June 2015, the Ministry of Industry and Information Technology issued the Circular on Removing the Restrictions on Equity Ratio Held
by Foreign Investors in Online Data Processing and Transaction Processing (Operating E-Commerce) Business to amend the relevant provisions
in the Provisions on Administration of Foreign-Invested Telecommunications Enterprises, allowing foreign investors to own more than 50%
of equity interest in an operator that &#8220;conducts e-commerce&#8221; business. However, other requirements provided by the Foreign
Investment Telecommunications Rules (such as the track record and experience requirement for a major foreign investor) still apply, and
foreign investors are still prohibited from holding more than 50% of equity interest in a provider of other subcategories of value-added
telecommunications services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
comply with PRC laws and regulations, we rely on contractual arrangements with the VIEs to operate our e-commerce business in China.
See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Corporate Structure&#8212;We rely on contractual
arrangements with the VIEs and their respective shareholders for a large portion of our business operations, <span style="background-color: white">which
is not as effective as direct ownership</span>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2019, the National People&#8217;s Congress approved the Foreign Investment Law, which took effect on January 1, 2020. On December
26, 2019, the State Council promulgated the Implementation Rules of Foreign Investment Law and the Supreme People&#8217;s Court issued
the Interpretations on Certain Issues Regarding the Application of Foreign Investment Law, both of which took effect on January 1, 2020.
The Foreign Investment Law embodies an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line
with prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign and domestic
invested enterprises in China. The Foreign Investment Law establishes the basic framework for the access to, and the promotion, protection
and administration of foreign investments in view of investment protection and fair competition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Foreign Investment Law, &#8220;foreign investment&#8221; refers to investment activities directly or indirectly conducted by one
or more natural persons, business entities, or otherwise organizations of a foreign country (collectively referred to as &#8220;foreign
investor&#8221;) within China, and the investment activities include the following situations: (i) a foreign investor, individually or
collectively with other investors, establishes a foreign-invested enterprise within China; (ii) a foreign investor acquires stock shares,
equity shares, shares in asset, or other like rights and interests of an enterprise within China; (iii) a foreign investor, individually
or collectively with other investors, invests in a new project within China; and (iv) investments in other means as provided by laws,
administrative regulations, or the State Council.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Foreign Investment Law, the State Council will publish or approve to publish a catalogue for special administrative measures,
or the &#8220;negative list.&#8221; The Foreign Investment Law grants national treatment to foreign invested entities, except for those
foreign invested entities that operate in industries deemed to be either &#8220;restricted&#8221; or &#8220;prohibited&#8221; in the
&#8220;negative list.&#8221; Because the &#8220;negative list&#8221; has yet to be published, it is unclear whether it will differ from
the current Special Administrative Measures for Market Access of Foreign Investment (Negative List). The Foreign Investment Law provides
that foreign invested entities operating in foreign restricted or prohibited industries will require market entry clearance and other
approvals from the PRC governmental authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the Foreign Investment Law provides that foreign invested enterprises established before the implementation of the Foreign Investment
Law may maintain their structure and corporate governance within five years after the implementing of the Foreign Investment Law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Foreign Investment Law also provides several protective rules and principles for foreign investors and their investments
in the PRC, including, among others, that local governments shall abide by their commitments to the foreign investors; foreign-invested
enterprises are allowed to issue stocks and corporate bonds; except for special circumstances, in which case statutory procedures shall
be followed and fair and reasonable compensation shall be made in a timely manner, expropriation or requisition of the investment of
foreign investors is prohibited; mandatory technology transfer is prohibited; and the capital contributions, profits, capital gains,
proceeds out of asset disposal, licensing fees of intellectual property rights, indemnity or compensation legally obtained, or proceeds
received upon settlement by foreign investors within China, may be freely remitted inward and outward in RMB or a foreign currency. Also,
foreign investors or the foreign investment enterprise should be imposed legal liabilities for failing to report investment information
in accordance with the requirements.</span></p>

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


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<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>

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

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 29, 2023, the Standing Committee of the National People&#8217;s Congress promulgated the amended Company Law of the PRC,
which will come into effect on July 1, 2024, to supersede the existing PRC Company Law which was amended in October 2018. Foreign-invested companies must comply with the amended PRC Company Law, unless otherwise
stipulated. Among others, the amended PRC Company Law introduces a rule requiring the registered capital of limited liability companies
to be fully paid within five years as of the date of establishment, which applies to all PRC limited liability companies. Companies
incorporated before the promulgation and implementation of the Revised Company Law are required to gradually adjust to meet the
deadline. In consequence, we may be required to accelerate payment of capital contributions towards the registered capital of our
PRC subsidiaries and joint ventures. Specific implementation measures of the amended PRC Company Law shall be prescribed by the State
Council, of which, as of the date of this annual report, final versions are yet to be released.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Licenses,
Permits and Filings</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government extensively regulates the telecommunications industry, including the internet sector. The State Council, the Ministry
of Industry and Information Technology, <span style="background-color: white">the Ministry of Commerce</span>, the State Administration
for Market Regulation, the former State Administration of Press, Publication, Radio, Film and Television (which has been replaced by
the <span style="background-color: white">National Radio and Television Administration</span>), and other relevant government authorities
have promulgated an extensive regulatory scheme governing telecommunications, on-line sales and e-commerce. New laws and regulations
may be adopted from time to time that will require us to obtain additional licenses and permits in addition to those that we currently
have, and will require us to address new issues that arise from time to time. In addition, substantial uncertainties exist regarding
the interpretation and implementation of current and any future PRC laws and regulations applicable to the telecommunications, on-line
sales and e-commerce.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to hold certain licenses and permits and to make certain filings with the PRC governmental authorities in connection with
various aspects of our business, including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value-Added
Telecommunication Business Operating Licenses</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Telecommunications Regulations, which were issued by the State Council in 2000 and were most recently amended in February 2016, are
the primary governing law on telecommunication services. The regulations set out the general framework for the provision of telecommunication
services by PRC entities. Under the regulations, telecommunications service providers are required to procure operating licenses prior
to their commencement of operations. The regulations draw a distinction between &#8220;basic telecommunications services&#8221; and &#8220;value-added
telecommunications services.&#8221; A &#8220;Catalog of Telecommunications Business&#8221; was issued as an attachment to the regulations
to categorize telecommunications services as basic or value-added. The Ministry of Industry and Information Technology released the Catalog
of Telecommunication Business (2015 Revision), on December 28, 2015 and implemented on March 1, 2016, and most recently amended on June
6, 2019. Under which, both the online data processing and transaction processing business (i.e. operating e-commerce business) and information
service business, continue to be categorized as value-added telecommunication services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2009, The Ministry of Industry and Information Technology issued the Administrative Measures for Telecommunications Business Operating
Permit, which was most recently amended on July 3, 2017 and became effective on September 1, 2017. Pursuant to these measures, the operation
scope of the value-added telecommunication business operating license, or VATS license, shall detail the permitted activities of the
enterprise to which it is granted. An approved telecommunication services operator shall conduct its business in accordance with the
specifications recorded on its VATS License. The VATS Licenses can be further categorized based on the specific business operations permitted
to be carried out under such licenses, including among others, the VATS License for internet information services, or the ICP License,
and the VATS License for electronic data interchange business, or the EDI License. In addition, a VATS License holder is required to
obtain approval from the original permit-issuing authority prior to any change to its shareholders, business scope or other information
recorded on such license. In February 2015, the State Council has issued the Decisions on Cancelling and Adjusting a Batch of Administrative
Approval Items, which, among others, replaced the pre-registration approval requirement for foreign investment in telecommunications
business with post-registration approval requirement.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2000, the State Council promulgated the Administrative Measures on Internet Information Services, which was most recently amended
in January 2011. Under these measures, &#8220;internet information services&#8221; refer to the provision of information through the
internet to online users, and are divided into &#8220;commercial internet information services&#8221; and &#8220;non-commercial internet
information services.&#8221; Commercial internet information services operators shall obtain an ICP License from the relevant government
authorities within China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jishang
Preferred, a wholly-owned subsidiary of Yunji Preferred, one of the VIEs, holds a VATS License for online data processing and transaction
processing business (operating e-commerce, excluding internet finance services such as online lending information intermediaries). Zhejiang
Jixiang E-commerce Co., Ltd., or Zhejiang Jixiang, a wholly-owned subsidiary of Jishang Preferred, holds a VATS License for online data
processing and transaction processing business (operating e-commerce, excluding internet finance services such as online lending information
intermediaries) and information services (internet information services only, excluding information search and query services, information
community services, timely information interaction services and information protection and processing services). Hangzhou Chuanchou,
one of the VIEs, holds a VATS License for information services (internet information services only). Yunji Preferred holds a VATS License
for online data processing and transaction processing business (operating e-commerce, excluding internet finance services such as online
lending information intermediaries). </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing
by Third-Party Platforms Providers for Publications Online Trading Services and by Sellers of Publications via Online Trading</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also subject to regulations relating to online trading platform services provided for distribution of publications including books
and audio-video products. According to the Provisions on the Administration of the Publication Market, which were jointly promulgated
by General Administration of Press and Publication and <span style="background-color: white">the Ministry of Commerce</span> in May 2016
and implemented in June 2016, an online trading platform that provides services for the distribution of publications shall complete record-filing
formalities with the competent publication administrative authority, and is required to examine the identity of a dealer distributing
publications through the platform, verify its business license and Publications Operation Permit, establish a mechanism to prevent and
control the trading risks and take effective measures to rectify illicit actions conducted by the dealers distributing publications on
the platform. If any entity subject to such requirements fails to complete the filing or fails to fulfill the duties of examination and
management in accordance with the Provisions on the Administration of the Publication Market, it may be subject to an order to cease
illegal acts and a warning by the competent publication administrative authority, as well as a penalty not exceeding RMB30,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Provisions on the Administration of the Publication Market, an entity engaged in the wholesale or retail of publications shall
obtain an operation permit for publications. If an entity fails to obtain operation permit for publications, it may be subject to an
order to cease illegal acts, fines or confiscation of illegal gains and devices, equipment used for the illegal business operation. In
cases where an entity that is engaged in the distribution of publications via the internet or other information networks within the approved
business scope has obtained the operation permit for publications, such entity shall complete its record-filing formalities with the
publication administrative department that has approved its business scope within 15 days after launching its online distribution business.
Zhejiang Jiyuan Network Technology Co., Ltd. holds an operation permit for publications whose scope includes online and retail sales
of publications. Zhejiang Jixiang holds an operation permit for publications whose scope includes retail of publications and online publishing
and has not completed on-line platform filing for distributing publications on the online platform, since such filing for online distribution
business has not been open for trading platform services provided through mobile applications like Yunji app in practice. Zhejiang Jixiang
will submit its record-filing application with the competent authority for providing services for distribution of publications as soon
as practical.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing
by Third-Party Platforms Providers for Medical Device Online Trading Services and by Sellers of Medical Devices via Online Trading</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Regulations on the Supervision and Administration of Medical Devices, which was most recently amended on February 9, 2021 and
became effective on June 1, 2021, an enterprise engaging in the operation of medical devices shall have business premises and storage
facilities suitable for the operation scale and scope, and shall have quality control mechanism or personnel suitable for the medical
devices it operates. An enterprise engaged in the distribution of class two medical devices shall complete record-filing formalities
with the drug regulatory department of the municipal government and provide supporting materials to satisfy the conditions of engaging
in the operation of medical devices, while an enterprise engaged in the distribution of class three medical devices shall apply for an
operation permit with the drug regulatory department of the municipal government and provide supporting materials to satisfy the conditions
of engaging in the operation of medical devices. Each of Zhejiang Jixiang and Jishang Preferred has completed the record-filing of third-party
platforms providing online trading service for medical devices. Our PRC subsidiaries, including but not limited to Zhejiang Jiyuan, Zhejiang
Jixiang, Jishang Preferred, and Youji Supply Chain, have completed the record-filing for the operation of class two medical devices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
former China Food and Drug Administration, which has been merged into the State Administration for Market Regulation, promulgated the
Measures for the Supervision and Administration of Online Sale of Medical Devices, in December 2017, which became effective in March
2018, and the Administrative Measures for Online Drug Information Service, or the Measures for Online Drug Information Service, in July
2004 and amended in November 2017. Pursuant to these measures and the Measures for Online Drug Information Service, a provider of a third-party
platform for online trading services for medical devices shall complete filing procedures with the competent provincial food and drug
administrative department and obtain an Internet Pharmaceutical Information Services Qualification Certificate. A provider of a third-party
platform for online trading services for medical devices that fails to complete the filing in accordance with these measures may be ordered
by the competent provincial food and drug administrative department to make rectification within a prescribed time limit, and failure
to make such rectification may be subject to public exposure of incompliance and a penalty of not exceeding RMB30,000. In the case of
any engagement in the online drug information service without obtaining a valid Internet Pharmaceutical Information Services Qualification
Certificate, the provider of a third-party platform may be subject to an order to cease illegal acts and a warning by the competent administrative
authority.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Measures for the Supervision and Administration of Online Sale of Medical Devices and the Measures for Online Drug Information
Service, a seller of medical devices via online transactions shall complete record-filing procedures with the competent food and drug
administrative department, or such seller may be ordered to make rectification within a prescribed time limit, and failure to make such
rectification may be subject to public exposure of incompliance and a penalty of up to RMB10,000. Jishang Preferred obtained the Internet
Pharmaceutical Information Services Qualification Certificate in March 2019, which has been renewed on March 25, 2024, and completed
the record-filing application for its online trading services for medical devices in April 2019. Zhejiang Jixiang obtained the Internet
Pharmaceutical Information Services Qualification Certificate in August 2019.</span></p>

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<p style="font: bold 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">Food
Operation Permit</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China
has adopted a licensing system for food supply operations under the Food Safety Law and its implementation rules. Entities or
individuals that intend to engage in food production, food distribution or food service businesses must obtain licenses or permits
for such businesses. On June 7, 2023, the State Administration for Market Regulation promulgated the Administrative Measures on Food
Operation Licensing and Filing, which took effect on December 1, 2023. Pursuant to the Administrative Measures on Food Operation
Licensing and Filing, an enterprise needs to obtain a Food Operation Permit from the local State Administration for Market
Regulation except for the sale of prepackaged food only, and the permits already obtained by food business operators prior to the
effective date of these new measures will remain valid for their originally approved validity period. Enterprises that only sell
prepackaged food shall file with the local State Administration for Market Regulation. On October 13, 2023, the State Administration
for Market Regulation issued the Notice on the Issuance of Compliance Guidelines for Special Food Safety in Online Sales, which
further supplemented and detailed the food safety responsibilities that should be borne by third-party platforms for online food
transactions. Our PRC subsidiaries, including but not limited to Zhejiang Jiyuan and Youji Supply Chain, hold the Food Operation
Permit. The VIEs and their subsidiaries, including but not limited to Jishang Preferred, Zhejiang Jixiang, Yunji Preferred and Hangzhou Chuanchou, hold the Food Operation Permit.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing
by Third-Party Platform Providers for Food Online Trading</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
China Food and Drug Administration promulgated the Measures for Investigation and Handling of Illegal Acts Involving Online Food Safety
in July 2016, implemented on October 1, 2016 and most recently amended and implemented on June 1, 2021, pursuant to which a third-party
platform provider for online food trading in the PRC shall file a record with the provincial administration for market regulation to
obtain a filing number. within 30 working days upon approval by the competent communications authorities. Where an online food trading
third-party platform provider fails to complete such filing, the provider may be ordered to make rectifications and given a warning by
the competent administration for market regulation, and failure to make such rectification may be subject to fines ranging from RMB5,000
to RMB30,000. Each of Jishang Preferred and Zhejiang Jixiang has completed its record-filing application as a third-party platform provider
for online food trading in March 2021.</span></p>

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<p style="font: bold 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">Licenses
Relating to Internet Audio-Visual Program Services</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
former State Administration of Radio Film and Television, which is the predecessor of <span style="background-color: white">the National
Radio and Television Administration</span> and the former Ministry of Information Industry jointly issued the Administrative Regulations
on Internet Audio-Visual Program Service, or the Internet Audio-Visual Program Regulations, in December 2007 which became effective as
of January 31, 2008 and was subsequently amended in August 2015. The Internet Audio-Visual Program Regulations 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 providing uploading and audio-video programs transmission services to a third party. Entities engaging
in internet audio-visual programs services must obtain the internet audio-visual program transmission license, or the Audio-Visual License
issued by th<span style="background-color: white">e National Radio and Television Administration</span>, which is only issued to state-owned
or state-controlled entities unless the license applicants have obtained internet audio-visual program transmission licenses prior to
the promulgation of the Audio-visual Program Provisions in accordance with the then-in-effect laws and regulations. According to the
Categories of the Internet Audio-Video Program Services (Trial) promulgated by the State Administration of Radio Film and Television
in March 2017, &#8220;aggregation of internet audio-visual programs&#8221; means &#8220;editing and arranging the internet audio-visual
programs on the same website and providing searching and watching services to public users&#8221;, which falls into the definition of
the aforementioned &#8220;internet audio-visual programs services.&#8221; As of the date of this annual report, we have not obtained
the Audio-Visual License for our business, and are not qualified to apply for the Audio-Visual License according to currently applicable
law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Administrative Regulations on Production of Broadcasting and Television Programs, which was promulgated by the State Administration
of Radio Film and Television on July 19, 2004 and partly amended by the Decision of the State Administration of Press, Publication, Radio,
Film and Television on Revising Certain Regulations and Normative Documents on August 28, 2015 and the Decision of <span style="background-color: white">the
National Radio and Television Administration</span> on the First Batch of Departmental Rules to be Repealed or Amended on October 29,
2020, an entity engaged in producing broadcasting and television programs shall obtain the Production and Operation of Broadcasting and
Television Programs Permit. If an entity engages in producing broadcasting and television programs without such permit, the governmental
authority may order such entity to cease its operations and confiscate its relevant equipment and impose a fine. We provide and display
video programs on our apps, and therefore, are required obtain the Production and Operation of Broadcasting and Television Programs Permit.
Zhejiang Jixiang obtained the Production and Operation of Broadcasting and Television Programs Permit in April 2021, which was renewed
on April 1, 2023 and will be valid until March 31, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
State Administration of Press, Publication, Radio, Film and Television, which is the predecessor of <span style="background-color: white">the
National Radio and Television Administration</span>, issued the Notice on Strengthening the Management of Live Streaming Service for
the Network Audio-visual Programs in September 2016, pursuant to which an internet live streaming service provider shall (i) equip personnel
to review the content of the live-stream; (ii) establish the technical methods and work mechanisms in order to emergently replace the
unlawful content by using backup program; (iii) record the live streaming program and keep records for at least 60 days to fulfill the
inspections requirements from the competent administrative authorities. The Cyberspace Administration of China promulgated the Administrative
Provisions on Internet Live Streaming Services in November 2016, pursuant to which an internet live streaming service provider shall
(i) establish a live streaming content review platform; (ii) conduct authentication registration of internet live streaming issuers based
on their identity certificates, business licenses and organization code certificates, etc.; and (iii) enter into a service agreement
with internet live streaming services user to specify both parties&#8217; rights and obligations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Notice of Filing by Entities Engaged in Live Streaming Services which was issued by the Cyberspace Administration of China on
July 12, 2017, an entity that operates as a transmission platform for live streaming activities shall complete record-filing procedures
with local branch of the Cyberspace Administration of China, and local branch of the Cyberspace Administration of China shall take the
initiative to notify online live-streaming service enterprises within their jurisdiction to conduct record-filing, and urge the relevant
enterprises to submit materials on site within 30 days upon receipt of the notice. As of the date of this annual report, we have not
been informed that we shall make such record-filing by any government authorities. According to the Circular on Strengthening the Administration
of Online Live Services which was issued jointly by National Working Group of Attacking Pornography and Illegal Publications, the Ministry
of Industry and Information Technology, the Ministry of Public Security, the Ministry of Culture and Tourism, the State Administration
of Radio Film and Television and the Cyberspace Administration of China on August 1, 2018, online live streaming service providers shall
fulfill the website ICP filing formalities with competent authority according to applicable laws, and shall fulfill the public security
filing formalities with the local public security organs within 30 days of their live services being launched. Moreover, the Cyberspace
Administration of China, the Ministry of Public Security, <span style="background-color: white">the Ministry of Commerce</span>, the
Ministry of Culture and Tourism, the SAT, the State Administration for Market Regulation, <span style="background-color: white">the National
Radio and Television Administration</span> jointly issued Administrative Measures for Online Live Streaming Marketing (Trial) on April
23, 2021, pursuant to which online live streaming marketing platforms are required, among other things, to set up a system to internally
rank streamers by metrics such as views and transaction volumes, and take heightened regulatory measures in relation to key live streaming
operators. In addition, online live streaming marketing platforms are also required to establish and maintain risk management systems
to guard against high-risk marketing activities, including taking measures such as pop-up warnings, limiting traffic, and suspending
live streaming. On October 29, 2019, the State Administration of Radio Film and Television issued the Notice on Strengthening Administration
of Online Audio-visual and E-commerce Live Programs and Advertising Programs During the &#8220;Double 11&#8221; Period, pointing out
that online audio-visual e-commerce live programs and advertising programs (including information services, product placement, creative
interpolation, live streaming shopping, short-video shopping, etc.) are important components of online audio-visual program services,
and the content of the programs shall comply with both advertising management laws and regulations and regulations on the management
of online audio-visual programs. However, there are substantial uncertainties as to the interpretation and implementation of this notice,
and it is unclear as to whether and to what extent companies engaged in live streaming shopping will be subject to these new requirements.
We have no longer provided the live-stream shopping service on our own platforms, and we strategically upgraded live streaming by emphasizing
the development of short videos and content marketing since 2022.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 8, 2022, <span style="background-color: white">the National Radio and Television Administration</span> and the Ministry of Culture
and Tourism jointly released the Code of Conduct for Live Streaming Hosts, which came into effect on the same day. According to such
code, online performance platforms, online audio-visual platforms and brokerage agencies must strictly perform their statutory obligations,
establish and improve the entry, training, daily management, performance scoring files and management and other internal systems and
norms on live streaming hosts. The live streaming hosts who violate the applicable regulations and rules should be warned, and the live
streaming hosts with serious problems and repeated indiscipline shall be included in the &#8220;blacklist&#8221; or &#8220;warning list&#8221;
and be prohibited from conducting any live streaming activities by use of any account of any platform.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhejiang
Jixiang updated ICP filing in August 2022, and obtained the VATS License for online data processing and transaction processing business
(operating e-commerce, excluding internet finance services such as online lending information intermediaries) and information services
(internet information services only, excluding information search and query services, information community services, timely information
interaction services and information protection and processing services) on May 22, 2019. Zhejiang Jixiang has also obtained the Production
and Operation of Broadcasting and Television Programs Permit in April 2021, which was renewed on April 1, 2023 and will be valid until
March 31, 2025.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2011, the Ministry of Culture, the predecessor of the Ministry of Culture and Tourism, promulgated the Internet Culture
Administration Tentative Measures, which was most recently amended in December 2017. These measures require ICP operators engaging in
&#8220;Internet culture activities&#8221; to obtain a permit from the Ministry of Culture and Tourism. The term &#8220;Internet culture
activities&#8221; includes, among other things, online dissemination of Internet cultural products (such as audio-video products, gaming
products, performances of plays or programs, works of art and cartoons) and the production, reproduction, importation, publication and
broadcasting of Internet cultural products, and are divided into operational activities and non-operational activities. An enterprise
engaging in operational cultural activities needs to obtain the Internet Culture Operation License. On February 21, 2023, Zhejiang Jixiang
obtained the Internet Culture Operation License from the Department of Culture and Tourism of Zhejiang Province, which allowed it to
operate music entertainment products through the Internet and will be valid for a period of three years.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing
by APP Organizer</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 21, 2023, the Ministry of Industry and Information Technology issued the Notice on the Filing of Mobile Internet Applications, requiring
that APP organizers (including organizers for mini-applets, fast applications and other distribution platforms) engaging in Internet
information services shall fulfill the filing formalities with the local administrations in accordance with the provisions by March 2024,
and those who have not fulfilled the filing formalities are not allowed to engage in APP Internet information services. As of the date
of this annual report, Zhejiang Jixiang has completed such record-filing.</span></p>

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<p style="font: bold 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">Regulations
on Commercial Factoring</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Circular on the Pilot Work of Commercial Factoring, which was promulgated by t<span style="background-color: white">he Ministry
of Commerce</span> on June 27, 2012, a trial implementation of commercial factoring pilot work was permitted in Tianjin Binhai New Area
and Shanghai Pudong New Area to explore the approaches to develop the commercial factoring. Certain specific requirements for establishment
of commercial factoring companies in Tianjin Binhai New Area and Shanghai Pudong New Area were provided under the Reply Letter on Pilot
Plan of Commercial Factoring issued by <span style="background-color: white">the Ministry of Commerce</span> on October 9, 2012 and amended
on October 28, 2015. In December 2012, the said trial implementation of commercial factoring pilot work was extended to Guangzhou and
Shenzhen under the Notice on Trial Establishment of Commercial Factoring Companies in Shenzhen and Guangzhou by Service Providers from
Hong Kong and Macau, which allowed qualified investors from Hong Kong and Macau to establish commercial factoring companies in the said
cities. The <span style="background-color: white">Ministry of Commerce</span> issued the Notice on Industrial Administration of Commercial
Factoring on August 15, 2013, which imposes reporting requirements on commercial factoring companies established in the trial zones.
Pursuant to the Reply of the Ministry of Commerce on Launching Pilot Commercial Factoring Business in the Chongqing Liangjiang New Area,
the Sunan Modernization Development Demonstration Zone and the Suzhou Industrial Park, released by <span style="background-color: white">the
Ministry of Commerce</span> on August 26, 2013 and amended on October 28, 2015, the trial implementation of commercial factoring was
extended to Chongqing Liangjiang New Area, Sunan Modernization Development Demonstration Zone, and the Suzhou Industrial Park.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
Relating to Financing Lease</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 18, 2013, <span style="background-color: white">the Ministry of Commerce</span> issued the Administration Measures of Supervision
on Financing Lease Enterprises, to regulate and administer the business operations of financing lease enterprises. According to these
measures, financing lease enterprises are allowed to carry out financing lease business in such forms as direct lease, sublease, sale-and-lease-back,
leveraged lease, entrusted lease and joint lease in accordance with the provisions of laws, regulations and rules. However, these measures
prohibit financing lease enterprises from engaging in financial business such as accepting deposits, providing loans or entrusted loans.
Without the approval from the authorities, financing lease enterprises shall not engage in inter-bank borrowing and other businesses.
In addition, financing lease enterprises are prohibited from carrying out illegal fund-raising activities in the name of financing lease.
These measures require financing lease enterprises to establish and improve their financial and internal risk control systems, and a
financing lease enterprise&#8217;s risk assets shall not exceed ten times of its total net assets. Risk assets generally refer to the
adjusted total assets of a financing lease enterprise excluding cash, bank deposits, sovereign bonds and entrusted leasing assets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
Relating to OEM Production and Labeling of Domestic Cosmetic Products</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Regulations on the Supervision and Administration of Cosmetics was promulgated by the State Council on June 16, 2020 and become effective
from January 1, 2021. These regulations clarify or amend certain provisions including, without limitation, the followings:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsibilities
                                            of the different parties in the operation of cosmetics. Firstly, these regulations for the
                                            first time introduce the concepts of registrant and record-filing applicant of cosmetics.
                                            The applicant for registration or record-filing of cosmetics shall undertake the main responsibilities
                                            for the quality, safety and effectiveness claims of cosmetics. Specifically, an applicant
                                            for registration or record-filing of cosmetics shall be responsible for the registration
                                            or filing before sale of such cosmetics, the monitoring of adverse reactions, the evaluation
                                            and reporting, product risk control and recall, and safety re-evaluation of the products
                                            and raw materials after sale of such cosmetics to ensure quality and safety of the registered/filed
                                            products. In addition, the claims for the effectiveness of all types of cosmetics shall be
                                            supported by sufficient scientific basis and an extract of the papers, research data or product
                                            evaluation material on which such effectiveness is claimed to be based shall be made public
                                            on websites designated by the regulatory authority. An applicant registering or filing the
                                            record for cosmetics shall be subject to the supervision of the National Medical Products
                                            Administration. Secondly, an applicant for registration or record-filing of cosmetics may
                                            entrust another enterprise (OEMs) with the production of cosmetics. The OEMs shall obtain
                                            the corresponding license for production of cosmetics and shall carry out production in accordance
                                            with the laws, regulations, mandatory national standards, technical specifications and contractual
                                            agreements, and be responsible for production activities and accept the supervision of the
                                            applicant for registration or record-filing of cosmetics. With respect to our business operation,
                                            we will become the applicant for registration or record-filing of cosmetics under the these
                                            regulations and undertake main responsibilities for quality, safety and effectiveness claims
                                            of our cosmetics products.</span></td></tr></table>

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<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">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Categories
                                            of cosmetics. Cosmetics are divided into special cosmetics and ordinary cosmetics instead
                                            of special purpose cosmetic products and non-special purpose cosmetic products. Special cosmetics
                                            refer to cosmetics for hair dye, hair perm, freckle removal and whitening, sun protection
                                            and hair loss prevention as well as those purporting to have new functions and effects, and
                                            ordinary cosmetics refer to cosmetics other than special cosmetics. The production and import
                                            of special cosmetics shall be registered with the National Medical Products Administration.
                                            The production and import of ordinary cosmetics is subject to the record-filing administration.
                                            As of the date of this annual report, each of Suye products has completed its registration
                                            of special cosmetics and record-filing of ordinary cosmetics by Shanghai Suye, Youji Supply
                                            Chain and their relevant OEMs (as the case may be).</span></td></tr></table>

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<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">(iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
                                            consequences of violations. These regulations have raised the limit for penalties for noncompliance.
                                            For example, monetary penalties on production of cosmetics without requisite permits, production
                                            of unregistered special cosmetics, use of banned materials and illegal use of materials may
                                            be subject to a fine of 30 times the value of the concerned products. Violations of the provisions
                                            of these regulations will result in different penalties ranging from fines (fixed range or,
                                            in cases of severe violations, based on the values of the illegally manufactured goods),
                                            confiscation of raw materials, products illegally manufactured or sold and illegally obtained
                                            gains, revoking licenses, and suspension of business. Furthermore, pursuant to these regulations,
                                            the responsible individual shall be subject to an industry operation banning period for five
                                            or ten years or even criminal liability.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Administrative Provisions on the Labeling of Cosmetics, which was promulgated in August 2007 by the General Administration of Quality
Supervision, Inspection and Quarantine and became effective in September 2008, requires labels of cosmetic products to contain information
such as name and address of the producers, date of production, expiry date, batch number, applicable industrial standards, quality inspection
certificates, and production license number. No claim or implication that a cosmetic product has medical or therapeutic effects is permitted
to be included in the labels of such cosmetic product. The Administrative Measures on the Labeling of Cosmetics, which was promulgated
in May 31, 2021 by the National Medical Products Administration and became effective on May 1, 2022, further requires labels of cosmetic
products to contain basic product information, characteristics and safety warnings. Cosmetic products shall have Chinese labels, which
shall contain information such as the Chinese name of the products, special cosmetic registration certificate number, name and address
of the registrants and the filers, name and address of the producers, standard number of product implementation, full components, net
contents, expiry date, necessary safety warnings, etc.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
Relating to E-Commerce</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 24, 2016, the SAT, the Ministry of Finance, and the General Administration of Customs jointly issued the Circular on Tax Policy
for Cross-Border E-Commerce Retail Imports, which took effect in April 2016. Pursuant to this circular, goods imported through the cross-border
e-commerce retail are subject to tariff, import value-added tax, and consumption tax based on the types of goods. Individuals purchasing
any goods imported through cross-border e-commerce retail are taxpayers, and e-commerce companies, companies operating e-commerce transaction
platforms or logistic companies are required to withhold the taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 31, 2018, the Standing Committee of the National People&#8217;s Congress promulgated the E-Commerce Law, which became effective
on January 1, 2019. The E-Commerce Law sets forth a series of requirements on e-commerce platform operators. According to the E-Commerce
Law, e-commerce platform operators shall verify and register platform merchants, and cooperate with the market regulatory administrative
department and tax administrative department to conduct industry and commerce registrations and tax registrations for merchants. The
e-commerce platform operators shall also prepare a contingency plan for cybersecurity events and take technological measures and other
measures to prevent online illegal and criminal activities. The E-Commerce Law also expressly requires platform operators to take necessary
actions to ensure fair dealing on their platforms to safeguard the legitimate rights and interests of consumers, including to prepare
platform service agreements and transaction information record-keeping and transaction rules, to prominently display such documents on
the platform&#8217;s website, and to keep such information for no less than three years following the completion of a transaction. To
legally handle intellectual property infringement disputes, upon receipt of the notice specifying preliminary evidence for alleged infringement,
the platform operators are required to take necessary measures in a timely manner, such as deleting, blocking and disconnecting the hyperlinks,
terminating transactions and services, and to forward notices to merchants on its platform. If an e-commerce platform operator fails
to take necessary measures when it knows or should have known that a merchant on the platform infringes any third-party intellectual
property rights, products or services provided by a merchant on its platform do not meet the requirements regarding personal or property
safety, or any merchant otherwise impairs the lawful rights and interests of consumers, the e-commerce platform operator will be held
jointly liable with the merchants on its platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
the E-Commerce Law imposes a requirement on operators of e-commerce platforms to assist in tax collection with respect to income generated
by sellers from transactions conducted on e-commerce platforms, including among others, submitting to the tax authority information on
the identities of sellers on e-commerce platforms and other information relating to tax payment. Failure to comply with the requirement
may result in operators of e-commerce platform being subject to fines and, in severe circumstances, suspension of business operations
of e-commerce platforms. If the members on our platform were deemed to be selling our products on consignment basis, the PRC tax authorities
may require our members to make tax registration and request our assistance in these efforts, pursuant to the E-Commerce Law and our
members may be subject to more stringent tax compliance requirements. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks
Related to Our Business and Industry&#8212;Failure to comply with the E-Commerce Law may have a material adverse impact on our business,
financial conditions and results of operations.&#8221; According to the PRC Enterprise Income Tax Law, the VAT Law and other applicable
regulations, sellers that conduct transactions on e-commerce platforms are generally subject to enterprise income tax at a rate of 25%,
and value-added tax at a rate of 13% or 9% for services or products sold on the e-commerce platforms. Certain sellers that are deemed
as small taxpayers under PRC law are subject to reduced value-added tax at a rate of 3%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2021, the State Administration for Market Regulation issued the Measures for the Supervision and Management of Online Trading,
which became effective from May 1, 2021. The Online Transactions Measures implements relevant legislative principles and purpose of the
E-Commerce Law and refines a series of relevant laws and regulations. It further specifies the responsibilities of online trading platform
operators and the requirements for protecting online consumers&#8217; rights and interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
Relating to Pyramid Selling in the PRC</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Regulations on Prohibition of Pyramid Selling, that were promulgated by the State Council in August 2005 and became effective in November
2005, prohibit pyramid selling activities. According to the Regulations on Prohibition of Pyramid Selling, the following activities taken
by organizers or operators are considered as &#8220;pyramid selling&#8221;: (i) taking in new members and compensating each member by
giving material awards or other financial benefits, based upon the number of new members directly or indirectly introduced by such member
on a rolling basis, so as to gain illegal benefits; or (ii) requesting a sum of money as entry fee or as a condition to membership for
new members, either directly or through purchasing commodities, so as to gain illegal benefits; or (iii) requesting members to introduce
additional members to establish a multi-level relationship and compensating each member based on the level of sales generated by the
additional members introduced by such member, so as to gain illegal benefits. The PRC laws and regulations have not defined &#8220;illegal
benefit&#8221; and the determination of gaining &#8220;illegal benefit&#8221; is to a large extent subject to discretionary view of the
competent authorities in the PRC. Any individual or entity engaging in organization of pyramid selling may be subject to confiscation
of illegal gains and fines ranging from RMB0.5 million to RMB2.0 million (US$0.3 million), and even criminal liabilities if a crime is
constituted. On March 23, 2016, the former State of Administration of Industry and Commerce (which has been merged into the State Administration
for Market Regulation) promulgated the Risk Warning for New Types of Pyramid Selling, which provides that if an activity satisfies the
three features stated above at the same time, it will be identified as pyramid selling, regardless of whether any illegal benefit is
obtained.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2017, we received a formal notice from the local Administration for Market Regulation in Hangzhou, which ruled that our sales and
marketing practice adopted in our early stage of development prior to February 2016 violated the Regulations on the Prohibition of Pyramid
Selling and imposed a penalty of approximately RMB9.6 million (US$1.4 million). We fully paid this fine in June 2017 and have adjusted
our business practices since February 2016 to comply with the Regulations on the Prohibition of Pyramid Selling and other applicable
regulations. We have adjusted our practices specifically as follows: (i) to avoid being deemed as requesting a sum of money as entry
fee through purchasing commodities, we have adjusted our membership package, which individuals are required purchase to become a member
of our platform, to include a set of selected products or services and access to the Yunji app containing membership benefits and features;
(ii) to avoid being deemed as giving material awards or other financial benefits to existing members for new member referrals, we have
adjusted the rewards that we grant to our members upon a successful new member referral to Yun-coins, which are not redeemable for cash
and can only be used as coupons for future purchases on our platform; and (iii) to avoid establishing multilevel relationship of members,
we grant members incentives only for products sold directly via the links that such member shares through his/her social network, and
not for products sold via links shared by any other member that was originally invited by such member. In addition, since we have provided
products of value and services to our members as consideration for purchasing our membership package, and the products on our platform
are offered at market prices, we believe our current business practices do not constitute as gaining &#8220;illegal benefits.&#8221;
In December 2018, we and Han Kun Law Offices, our PRC legal counsel, consulted with the competent government authority in Hangzhou on
our current business model and operations, and the district branch of the State Administration for Market Regulation having direct jurisdiction
over our PRC entities that currently operate our membership-based social e-commerce platform verbally confirmed that these entities have
conducted their business operations lawfully and none of these entities is in violation of the Regulations on the Prohibition of Pyramid
Selling or any other applicable laws. Based on our discussion with the competent government authorities and the advice of Han Kun Law
Offices, we believe that our current business model is not in violation of applicable PRC laws and regulations, including the Regulations
on the Prohibition of Pyramid Selling. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Business and
Industry&#8212;If our business model were found to be in violation of applicable laws and regulations, our business, financial condition
and results of operations would 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
Relating to Cyber Security, Data Security, National Security and Personal Information Protection</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internet
information in China is regulated from a national security standpoint. The National People&#8217;s Congress has enacted the Decisions
on Preserving Internet Security in December 2000 and amended in August 2009, which subject violators to potential criminal punishment
in China for any attempt 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 the Administrative Measures for the Computer Information Network and Internet Security
Protection in December 1997 and amended in January 2011, which prohibits use of the internet in ways which, among other things, result
in a leak of state secrets or a spread of socially destabilizing content. If an internet information service provider violates these
measures, the Ministry of Public Security and its local branches may issue warning, confiscate the illegal gains, impose fines, and,
in severe cases, advice competent authority to revoke its operating license or shut down its websites.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><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 Ministry of Industry and Information
Technology in December 2011 and implemented in March 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 the user. An internet information service provider
must expressly inform the users of the method, content and purpose of the collection and processing of such user personal information
and may only collect such information 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 likely leak of the user&#8217;s personal information,
the internet information service provider must take immediate remedial measures and, in severe circumstances, immediately report to the
telecommunications authority.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2012, the Standing Committee of the National People&#8217;s Congress promulgated the Decision on Strengthening Network Information
Protection, to enhance the legal protection of information security and privacy on the internet. The decision also requires internet
operators to take measures to ensure confidentiality of information of users. According to the PRC National Security Law issued by the
SCNPC on February 22, 1993 and latest revised on July 1, 2015, China shall establish systems and mechanisms for national security review
and supervision, conduct national security review on key technology, network information technology products and services related to
national security to prevent and neutralize national security risks in an effective way. In July 2013, the Ministry of Industry and Information
Technology promulgated the Provisions on Protection of Personal Information of Telecommunication and Internet Users to regulate the collection
and use of users&#8217; personal information in the provision of telecommunication service and internet information service in China.
In August 2015, the Standing Committee of the National People&#8217;s Congress promulgated the Ninth Amendment to the Criminal Law, which
became effective in November 2015 and amended the standards of crime of infringing citizens&#8217; personal information and reinforced
the criminal culpability of unlawful collection, transaction, and provision of personal information. It further provides that 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. In November 2016, the Standing Committee of the National People&#8217;s
Congress promulgated the PRC Cyber Security Law, which requires, among others, that network operators take security measures to protect
the network from unauthorized interference, damage and unauthorized access and prevent data from being divulged, stolen or tampered with.
Network operators are also required to collect and use personal information in compliance with the principles of legitimacy, properness
and necessity, and strictly within the scope of authorization by the subject of personal information unless otherwise prescribed by laws
or regulations. We are subject to such requirements as we are operating website and mobile applications and providing certain internet
services mainly through our mobile applications. The Cyber Security Law further requires internet information service providers to formulate
contingency plans for network security incidents, report to the competent departments immediately upon the occurrence of any incident
endangering cyber security and take corresponding remedial measures. In addition, the Interpretations of the Supreme People&#8217;s Court
and the Supreme People&#8217;s Procuratorate of the PRC on Several Issues Concerning the Application of Law in Handling Criminal Cases
of Infringing Personal Information, issued in May 2017 and implemented in June 2017, clarified certain standards for the conviction and
sentencing of the criminals in relation to personal information infringement. The Civil Code promulgated in 2020 also provides specific
provisions regarding the protection of personal information.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internet
information service providers are also required to maintain the integrity, confidentiality and availability of network data. The Cyber
Security Law reaffirms the basic principles and requirements specified in other existing laws and regulations on personal data protection,
such as the requirements on the collection, use, processing, storage and disclosure of personal data, and internet information service
providers being required to take technical and other necessary measures to ensure the security of the personal information they have
collected and prevent the personal information from being divulged, damaged or lost. Any violation of the Cyber Security Law may subject
the internet information service provider to warnings, fines, confiscation of illegal gains, revocation of licenses, cancellation of
filings, shutdown of websites or criminal liabilities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 23, 2019, the Office of the Central Cyberspace Affairs Commission and other three authorities jointly issued the Circular on
the Special Campaign of Correcting Unlawful Collection and Usage of Personal Information via Apps. Pursuant to this 2019 circular, (i)
App operators are prohibited from collecting any personal information irrelevant to the services provided by such operator; (ii) information
collection and usage policy should be presented in a simple and clear way, and such policy should be consented by the users voluntarily;
(iii) authorization from users should not be obtained by coercing users with default or bundling clauses or making consent a condition
of a service. App operators violating such rules can be ordered by authorities to correct its incompliance within a given period of time,
be reported in public; or even quit its operation or cancel its business license or operational permits.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 28, 2019, the State Administration for Market Regulation, the Office of the Central Cyberspace Affairs Commission, the Ministry
of Industry and Information Technology and the Ministry of Public Security jointly issued the Notice on the Method for Identifying the
Illegal Collection and Use of Personal Information by Apps, which aims to provide reference for supervision and administration departments,
provide guidance for APP operators&#8217; self-examination and self-correction, as well as social supervision by netizens. The Method
further elaborates the forms of behavior constituting illegal collection and use of the personal information, which include: (i) failing
to publish the rules on the collection and use of personal information; (ii) failing to explicitly explain the purposes, methods and
scope of the collection and use of personal information; (iii) collecting and using personal information without the users&#8217; consent;
(iv) collecting personal information unrelated to the services they provide and beyond the necessary principle; (v) providing personal
information to others without the users&#8217; consent; (vi) failing to provide the function of deleting or correcting the personal information
according to the laws or failing to publish information such as ways of filing complaints and reports.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 28, 2020, the National People&#8217;s Congress of the PRC approved the PRC Civil Code, which came into effect on January 1, 2021.
The PRC Civil Code, in addition to the systematic codification of provisions from existing legislations, introduces more generally acceptable
provisions on the right to privacy and the protection of personal information, and provides clearer legal basis for civil actions against
privacy and personal information related infringements and breaches. Personal information is the information recorded electronically
or in other ways that can be used, by itself or in combination with other information, to identify a natural person, including the name,
date of birth, identification number, biometric information, residential address, telephone number, email address, health information,
whereabouts, and the like, of the person. Pursuant to the PRC Civil Code, the collection, storage, use, process, transmission, provision
and disclosure of personal information should follow the principles of legitimacy, properness and necessity. According to the PRC Civil
Code, any organization or individual that needs to access other&#8217;s personal information must do so in accordance with law and guarantee
the safety of such information, and may not illegally collect, use, process, or transmit other&#8217;s personal information, or illegally
trade, provide, or publicize such information. An information processor shall not disclose or tamper with the personal information he
collects and stores, and shall not illegally provide to others the personal information of a natural person without the latter&#8217;s
consent, unless the information, after being processed, cannot be used to identify any specific individual and cannot be restored to
its original status. An information processor shall take technical measures and other necessary measures to ensure the security of the
personal information he collects and stores, and prevent the information from being leaked, tampered with, or lost. Where a person&#8217;s
personal information has been or is likely to be leaked, tampered with, or lost, he shall take remedial measures in a timely manner,
notify the natural persons concerned in accordance with the regulations, and report to the competent authorities. Where a natural person
discovers that an information processer has violated the provisions of laws or administrative regulations, or breached the agreement
between both parties while processing his personal information, he has the right to request the information processor to delete it in
a timely manner.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, according to the Administrative Provisions on Mobile Internet Application Information Services, which was promulgated by the
Cyberspace Administration of China in 2016, the mobile internet applications providers shall acquire qualifications required by laws
and regulations and implement the information security management responsibilities strictly and fulfill their obligations, including,
among others, adopting a real-name system, protection of users&#8217; information, and examination and management of information content.
The Cyberspace Administration of China amended these provisions in June 2022, which became effective from August 1, 2022, and emphasizes
that mobile internet applications providers shall comply with provisions on the scope of necessary personal information when engaging
in personal information processing activities. The application providers shall not compel the user to agree to the processing of personal
information for any reason, and shall not refuse the user to use its basic functions and services as the user does not agree to provide
non-essential personal information.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 27, 2022, the Cyberspace Administration of China promulgated the Administrative Provisions on the Account Information of Internet
Users, which became effective from August 1, 2022. These provisions apply to the registration, use, and management of internet users&#8217;
account information by internet information service providers. These provisions stipulate that internet information service providers
shall, in accordance with laws, administrative regulations and state regulations, formulate and disclose internet user account management
rules and platform conventions, sign service agreements with internet users, and clarify the rights and obligations related to account
information registration, use, and management. These provisions also requires that the internet information service providers shall protect
and handle internet users&#8217; account information in accordance with law, and take measures to prevent unauthorized access and leakage,
tampering, and loss of personal information. The internet information service providers shall set up convenient complaints and reporting
portals in prominent locations, publicize complaints and reporting methods, improve mechanisms for acceptance, screening, disposal, and
feedback, clarify processing procedures and time limits for feedback, and promptly handle complaints and reports from users and the public.
Failure to comply with the above requirements may subject to warning, be ordered to rectify within a prescribed time limit and may be
imposed a fine ranging from RMB10,000 to RMB100,000.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 10, 2021, the Standing Committee of the PRC National People&#8217;s Congress published the PRC Data Security Law, which took effect
on September 1, 2021. The PRC Data Security Law requires data processing, (which includes the collection, storage, use, processing, transmission,
provision, publication of data, etc.) to be conducted in a legitimate and proper manner. The PRC Data Security Law provides for data
security and privacy obligations on entities and individuals carrying out data activities. The PRC Data Security Law also introduces
a data classification and hierarchical protection system based on the importance of data in economic and social development, and the
degree of harm it shall cause to national security, public interests, or legitimate rights and interests of individuals or organizations
if such data are tampered with, destroyed, leaked, illegally acquired or illegally used. The appropriate level of protection measures
is required to be taken for each respective category of data. For example, a processor of important data is required to designate the
personnel and the management body responsible for data security, carry out risk assessments of its data processing activities and file
the risk assessment reports with the competent authorities. Moreover, the PRC Data Security Law provides a national security review procedure
for those data activities which 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the PRC Data Security Law also provides that any organization or individual within the territory of the PRC shall not provide
any foreign judicial body and law enforcement body with any data without the approval of the competent PRC governmental authorities.
On July 6, 2021, certain PRC regulatory authorities issued Opinions on Severely Cracking Down on Illegal Securities Activities, which,
among others, provides for improving laws and regulations on data security, cross-border data transmission, and confidential information
management. It provided that efforts will be made to revise the regulations on strengthening the confidentiality and file management
relating to the offering and listing of securities overseas, to implement the responsibility on information security of overseas listed
companies, and to strengthen the standardized management of cross-border information provision mechanisms and procedures.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 30, 2021, the State Council promulgated the Regulations on Security Protection of Critical Information Infrastructure, which became
effective on September 1, 2021. Pursuant to such regulation, critical information infrastructure refers to any important network facilities
and information systems of an important industry and field such as public communication and information service, energy, transport, water
conservation, finance, public services, e-government affairs and national defense related science and technology industry, and other
industries and fields that may seriously 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 important industry and field are responsible
for formulating eligibility criteria and determining the critical information infrastructure in the respective industry or field. The
operators will be informed by the regulatory authority about the final determination as to whether they are categorized as &#8220;critical
information infrastructure operators.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 20, 2021, the Standing Committee of the National People&#8217;s Congress of China promulgated the PRC Personal Information Protection
Law, which integrates the scattered rules with respect to personal information rights and privacy protection and took effect on November
1, 2021. Pursuant to the PRC Personal Information Protection Law, &#8220;personal information&#8221; refers to any kind of information
related to an identified or identifiable individual as electronically or otherwise recorded but excluding the anonymized information.
The processing of personal information includes the collection, storage, use, processing, transmission, provision, disclosure and deletion
of personal information. The PRC Personal Information Protection Law applies to the processing of personal information of individuals
within the territory of the PRC, as well as personal information processing activities outside the territory of PRC, for the purpose
of providing products or services to natural persons located within China, for analyzing or evaluating the behaviors of natural persons
located within China, or for other circumstances as prescribed by laws and administrative regulations. The PRC Personal Information Protection
Law provides a personal information processor may process the personal information of this individual only under the following circumstances:
(i) where consent is obtained from the individual; (ii) where it is necessary for the execution or performance of a contract to which
the individual is a party, or where it is necessary for carrying out human resource management pursuant to employment rules legally adopted
or a collective contract legally concluded; (iii) where it is necessary for performing a statutory responsibility or statutory obligation;
(iv) where it is necessary in response to a public health emergency, or for protecting the life, health or property safety of a natural
person in the case of an emergency; (v) where the personal information is processed within a reasonable scope to carry out any news reporting,
supervision by public opinions or any other activity for public interest purposes; (vi) where the personal information, which has already
been disclosed by an individual or otherwise legally disclosed, is processed within a reasonable scope; or (vii) any other circumstance
as provided by laws or administrative regulations. In principle, the consent of an individual must be obtained for the processing of
his or her personal information, except under the circumstances of the aforementioned items (ii) to (vii). Where personal information
is to be processed based on the consent of an individual, such consent shall be a voluntary and explicit indication of intent given by
such individual on a fully informed basis. If laws or administrative regulations provide that the processing of personal information
shall be subject to the separate consent or written consent of the individual concerned, such provisions shall prevail. In addition,
the processing of the personal information of a minor under 14 years old must obtain the consent by a parent or a guardian of such minor
and the personal information processors must adopt special rules for processing personal information of minors under 14 years old. It
also stipulates certain specific provisions with respect to the obligations of a personal information processor. In addition, it imposes
further obligations on a personal information processor that provides for basic internet platform services, has large amount of users
and carries out complicated business activities, including the establishment of an independent institution mainly composed of external
personnel to supervise its personal information processing, termination of provisions with providers on the platform whose personal information
processing activities are in material violation of laws and regulations, and issuing personal information protection social responsibilities
reports regularly. Furthermore, the PRC Personal Information Protection Law stipulates the rules for cross-border transfer of personal
information. Any cross-border transfer of personal information is subject to the condition that it is necessary to provide the personal
information to a recipient outside the territory of the PRC due to any business need or any other need, as well as the satisfaction of
at least one of the following conditions: (i) where a security assessment organized by the national cyberspace administration has been
passed; (ii) where a certification of personal information protection has been passed from a professional institution in accordance with
the provisions issued by the national cyberspace administration; (iii) where a standard contract formulated by the national cyberspace
administration has been entered into with the overseas recipient; or (iv) any other condition prescribed by laws, administrative regulations
or any other requirements by the national cyberspace administration. Critical information infrastructure operators and personal information
processors who have processed personal information in an amount reaching a threshold prescribed by the national cyberspace administration,
must store in the territory of the PRC the personal information collected or generated within the territory of the PRC. If it is necessary
to provide such information to an overseas recipient, a security assessment organized by the national cyberspace administration must
be passed.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 14, 2021, the Cyberspace Administration of China released the Regulations on the Network Data Security Management (Draft for
Comments). Such draft regulation provides that data processors refer to individuals or organizations that autonomously determine the
purpose and the manner of processing data, and the data processors conducting the following activities shall apply for cybersecurity
review in accordance with the regulations: (i) merger, reorganization or separation of Internet platform operators that have acquired
a large number of data resources related to national security, economic development or public interests affects or may affect national
security; (ii) listing abroad of data processors processing over one million users&#8217; personal information; (iii) listing in Hong
Kong which affects or may affect national security; (iv) other data processing activities that affect or may affect national security.
In addition, such draft regulation also provides that (i) the operators of large Internet platforms who set up headquarters or, operation
centers or R&amp;D centers overseas shall report to the national cyberspace administration and competent authorities and (ii) a data
processor processing important data or going public overseas shall conduct an annual data security assessment by themselves or entrust
a data security service institution to do so, and submit the data security assessment report of the previous year to the local branch
of the Cyberspace Administration of China before January 31 of each year. As of the date of this annual report, the Regulations on the
Network Data Security Management (Draft for Comments) has not been formally adopted.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2021, the Cyberspace Administration of China and other PRC governmental authorities jointly released the Measures for Cyber
Security Review, which took effect on February 15, 2022. Pursuant to the Measures for the Cyber Security Review, operators of &#8220;critical
information infrastructure&#8221; or data processors holding over one million users&#8217; personal information which intends to be listed
in a foreign country are subject to a cybersecurity review. The cybersecurity review will evaluate, among others, the risk of critical
information infrastructure, core data, important data, or the risk of a large amount of personal information being influenced, controlled
or maliciously used by foreign governments after going public, and cyber information security risk.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government authorities also further enhanced the supervision and regulation of cross-border data transmission. On July 7, 2022, the
Cyberspace Administration of China promulgated the Measures for the Security Assessment of Cross-border Data Transfer, which became effective
on September 1, 2022. In accordance with such measures, data processors will be subject to security assessment conducted by the Cyberspace
Administration of China prior to any cross-border transfer of data if the transfer involves (i) important data; (ii) personal information
transferred overseas by operators of critical information infrastructure or a data processor that has processed personal data of more
than one million persons; (iii) personal information transferred overseas by a data processor which has already provided personal data
of 100,000 persons or sensitive personal data of 10,000 persons overseas since January 1 of the preceding year; or (iv) other circumstances
as required by the Cyberspace Administration of China. In addition, any cross-border data transfer activities conducted in violation
of the Measures for the Security Assessment of Cross-border Data Transfer before the effectiveness of such measures are required to be
rectified within six months of the effectiveness date thereof. Since these measures are relatively new, there are still substantial uncertainties
with respect to the interpretation and implementation of these measures in practice and how they will affect our business operation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 8, 2022, the Ministry of Industry and Information Technology published of the Administrative Measures for Data Security Management
Measures in the Field of Industry and Information Technology (Trial), which came into effect on January 1, 2023. These measures require
the industrial and telecom data processors to further implement data classification and hierarchical management, take necessary measures
to ensure that data remains effectively protected and being lawfully applied, and conduct data security risk monitoring. It also provides
the definitions of &#8220;core data&#8221; and &#8220;important data&#8221; in the field of industry and information technology.</span></p>

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<p style="font: bold 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">Regulations
Relating to Product Quality and Consumer Protection</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Product Quality Law, which was promulgated by <span style="background-color: white">the Ministry of Commerce</span> in February 1993
and most recently amended in December 2018, applies to all production and sale activities in China. Pursuant to the PRC Product Quality
Law, products offered for sale must satisfy the relevant quality and safety standards. Enterprises may not produce or sell counterfeit
products in any fashion, including forging brand labels or giving false information regarding a product&#8217;s manufacturer. Violations
of state or industrial standards for health and safety and any other related violations may result in civil liabilities and administrative
penalties, such as compensation for damages, fines, suspension or shutdown of business, as well as confiscation of products illegally
produced and sold and the proceeds from such sales. Severe violations may subject the responsible individual or enterprise to criminal
liabilities. Where a defective product causes physical injury to a person or damage to another person&#8217;s property, the victim may
claim compensation from the manufacturer or from the seller of the product. If the seller pays compensation and it is the manufacturer
that should bear the liability, the seller has a right of recourse against the manufacturer. Similarly, if the manufacturer pays compensation
and it is the seller that should bear the liability, the manufacturer has a right of recourse against the seller.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Consumer Rights and Interests Protection Law, as amended in October 2013 and implemented in March 2014 sets out the obligations of
business operators and the rights and interests of the consumers. Pursuant to which, business operators must guarantee that the sold
commodities satisfy the requirements for personal or property safety, provide consumers with authentic information about the commodities,
and guarantee the quality, function, usage and term of validity of the commodities, failure of which may subject business operators to
civil liabilities such as refunding purchase prices, exchange of commodities, repairing, ceasing damages, compensation, and restoring
reputation, and even subject the business operators or the responsible individuals to criminal penalties if business operators commit
crimes by infringing the legitimate rights and interests of consumers. The law further strengthens the protection of consumers and imposes
more stringent requirements and obligations on business operators, especially on the business operators through the internet. For example,
the consumers are entitled to return the goods (except for certain specific goods) within seven days upon receipt without any reasons
when they purchase the goods from business operators via the internet. The consumers whose interests are harmed due to their purchase
of goods or acceptance of services on online marketplace platforms may claim damages from the sellers or service providers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the PRC Consumer Rights and Interests Protection Law and the Online Trading Measures, have provided stringent requirements and obligations
on business operators, including internet business operators and platform service providers. For example, consumers are entitled to return
goods purchased online, subject to certain exceptions, within seven days upon receipt of such goods for no reason. To ensure that sellers
and service providers comply with such regulations, the platform operators are required to implement rules governing transactions on
the platform, monitor the information posted by sellers and service providers, and report any violations by such sellers or service providers
to the competent authorities. In addition, online platform providers may, pursuant to the PRC consumer protection laws, be exposed to
liabilities if rights and interests of any consumer are infringed upon in connection with consumers&#8217; purchase of goods or acceptance
of services on such online platforms and the online marketplace platform providers fail to provide consumers with the contact information
of the seller or manufacturer. In addition, online marketplace platform providers may be jointly and severally liable with sellers and
manufacturers of relevant goods or services if they are aware or should be aware that such sellers or manufacturers are using the online
platform to infringe the rights and interests of any consumers and fail to take measures necessary to prevent or stop such activities.</span></p>

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March 15, 2024, the State Council promulgated the Regulations for the Implementation of the PRC Consumer Rights and Interests Protection
Law. These regulations are set to take effect on July 1, 2024, and provide detailed guidelines for business operators to ensure that
the goods or services they offer to consumers meet the necessary standards for personal and property safety. These regulations specify
that business operators must ensure that even items provided to consumers for free, such as rewards, gifts, or trials, adhere to these
safety standards. Under these regulations, consumers are empowered to report any concerns regarding potentially defective goods or services
that could pose risks to personal or property safety to the business operators or the administrative authorities. Additionally, without
the knowledge of consumers, business operators are prohibited from setting different prices or charging criteria for the same goods or
services under the same transaction conditions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to Part VII Tort Liability of the PRC Civil Code, which was enacted by the PRC National People&#8217;s Congress in May 2020 and came
into effect on January 1, 2021, if damages to other persons are caused by defective products due to the fault of third parties, such
as the parties providing transportation or warehousing, the producers and the sellers of the products have the right to recover their
respective losses from such third parties. If defective products are identified after they have been put into circulation, the producers
or the sellers shall take remedial measures such as issuance of a warning, recall of products, etc., in a timely manner. The producers
or the sellers shall be liable under tort if they fail to take remedial measures in a timely manner or have not made efforts to take
remedial measures, thus causing damages. If the products are produced or sold with known defects, causing deaths or severe adverse health
issues, the infringed party has the right to claim punitive damages in addition to compensatory damages.</span></p>

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<p style="font: bold 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">Regulations
Relating to Payment Services</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2010, the People&#8217;s Bank of China issued the Administrative Measures for the Payment Services of Non-Financial Institutions,
which was amended in April 2020. Under this rule, a non-financial institution must obtain a payment business license, or Payment License,
to provide payment services and qualifies as a paying institution. With the Payment License, a non-financial institution may serve as
an intermediary between payees and payers and provide some or all of the following services: online payment, issuance and acceptance
of prepaid card, bank card acceptance, and other payment services as specified by the People&#8217;s Bank of China. Without the People&#8217;s
Bank of China&#8217;s approval, no non-financial institution or individual may engage in payment business whether explicitly or in a
disguised form.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2017, the People&#8217;s Bank of China published the Notice on Further Enhancing the Rectification of Unlicensed Operation of
Payment Services, on the investigation and administration of illegal offering of settlement services by financial institutions and third-party
payment service providers to unlicensed entities. The notice intended to prevent unlicensed entities from using licensed payment service
providers as a conduit for conducting the unlicensed payment settlement services, so as to safeguard the fund security and information
security. We believe that our cooperation with third-party online payment service providers is not in violation of the notice, because
we sell the products on our platform to users and receive payment from users through the third-party online payment service providers.
See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Business and Industry&#8212;We rely on third-party
online payment service providers for payment processing and escrow services on our platform. If these payment services are restricted
or curtailed in any way or become unavailable to us or our users for any reason, our business may be materially and adversely affected.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
Relating to Intellectual Property in the PRC</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Trademark Law was promulgated by the SCNPC in August 1982 and last amended in April 2019, and the Implementation Rules of the PRC
Trademark Law was promulgated by the State Council in August 2002 and last amended in April 2014. The PRC Trademark Law and its implementation
rules protect registered trademarks. The Trademark Office of National Intellectual Property Administration under the State Administration
for Market Regulation is responsible for the registration and administration of trademarks throughout the PRC. The Trademark Law has
adopted a &#8220;first-to-file&#8221; principle with respect to trademark registration. Registered trademarks are granted a valid term
of ten years, which could be renewed each time for another ten years commencing from the day after the expiry date of the last period
of validity if the required renewal formalities have been completed. Pursuant to the PRC Trademark Law, counterfeit or unauthorized production
of the label of another person&#8217;s registered trademark, or sale of any label that is counterfeited or produced without authorization
will be deemed as an infringement to the exclusive right to use a registered trademark. The infringing party will be ordered to stop
the infringement immediately, a fine may be imposed and the counterfeit goods will be confiscated. The infringing party may also be held
liable for the right holder&#8217;s damages, which will be equal to the gains obtained by the infringing party or the losses suffered
by the right holder as a result of the infringement, including reasonable expenses incurred by the right holder for stopping the infringement.</span></p>

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Name</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ministry of Industry and Information Technology promulgated the Measures on Administration of Internet Domain Names, on August 24, 2017,
which took effect on November 1, 2017. The Ministry of Industry and Information Technology is the major regulatory body responsible for
the administration of the PRC internet domain names, under supervision of which the China Internet Network Information Center, or CNNIC,
is responsible for the daily administration of &#8220;.cn&#8221; domain names and Chinese domain names. CNNIC adopts a &#8220;first-to-file&#8221;
principle with respect to the registration of domain names. Applicants for registration of domain names must provide the true, accurate
and complete information of their identities 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>

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<p style="font: bold 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">Copyright</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Copyright Law, which was last amended on November 11, 2020, and became effective on June 1, 2021, provides that Chinese citizens,
legal persons, or other organizations shall, whether published or not, own copyright in their copyrightable works, which include, among
others, works of literature, art, natural science, social science, engineering technology and computer software. Copyright owners enjoy
certain legal rights, including right of publication, right of authorship and right of reproduction. The law extends copyright protection
to Internet activities, products disseminated over the Internet and software products. In addition, the law provides for a voluntary
registration system administered by the China Copyright Protection Center. According to the PRC Copyright Law, an infringer of the copyrights
shall be subject to various civil liabilities, which include ceasing infringement activities, apologizing to the copyright owners and
compensating the loss of copyright owner. Infringers of copyright may also subject to fines and/or administrative or criminal liabilities
in severe situations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Computer Software Copyright Protection Regulations promulgated by the State Council on December 20, 2001 and amended on January
30, 2013, Chinese citizens, legal persons and other organizations shall enjoy copyright on software they develop, regardless of whether
the software is released publicly. Software copyright commences from the date on which the development of the software is completed.
The protection period for software copyright of a legal person or other organizations shall be 50 years, concluding on December 31 of
the 50th year after the software&#8217;s initial release. The software copyright owner may go through the registration formalities with
a software registration authority recognized by the State Council&#8217;s copyright administrative department. The software copyright
owner may authorize others to exercise that copyright, and is entitled to receive remuneration.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the PRC Patent Law promulgated by the SCNPC on March 12, 1984 with the current effective version took effect from June 1, 2021, and
the Implementation Rules of the PRC Patent Law, which was promulgated by the State Council in June 2001 and last amended in December
2023, the State Intellectual Property Office is responsible for administering patent law in the PRC. The patent administration departments
of provincial, autonomous region or municipal governments are responsible for administering patent law within their respective jurisdictions.
The Chinese patent system adopts a first-to-file principle, which means that when more than one person files different patent applications
for the same invention, only the person who files the application first is entitled to obtain a patent of the invention. Patents in China
fall into three categories: invention, utility model and design. To be patentable, an invention or a utility model must meet three criteria:
novelty, inventiveness and practicability. The protection period is 20 years for an invention patent and 10 years for a utility model
patent and 15 years for a design patent, commencing from their respective application dates. Any individual or entity that utilizes a
patent or conducts any other activities that infringe a patent without prior authorization of the patent holder shall pay compensation
to the patent holder and is subject to a fine imposed by the administrative authorities and, if constituting a crime, shall be held criminally
liable in accordance with the law. According to the PRC Patent Law, any organization or individual that applies for a patent in a foreign
country for an invention or utility model patent established in China is required to report to the National Intellectual Property Administration
for confidentiality examination.</span></p>

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<p style="font: bold 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">Regulations
Relating to Labor Protection in the PRC</span></p>

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<p style="font: bold 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">Labor
Contract Law</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Labor Contract Law, which became effective on January 1, 2008 and was amended on December 28, 2012, is primarily aimed at regulating
rights and obligations of employer and employee relationships, including the establishment, performance and termination of labor contracts.
Pursuant to the law, labor contracts shall be concluded in writing if labor relationships are to be or have been established between
employers and the 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 must be paid to employees in a timely manner.</span></p>

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<p style="font: bold 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">Interim
Provisions on Labor Dispatch</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Interim Provisions on Labor Dispatch, promulgated by the Ministry of Human Resources and Social Security on January 24, 2014 and
became effective on March 1, 2014, dispatched workers are entitled to equal pay with full-time employees for equal work. Employers are
allowed to use dispatched workers for temporary, auxiliary or substitutive positions, and the number of dispatched workers may not exceed
10% of the total number of employees.</span></p>

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<p style="font: bold 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">Social
Insurance and Housing Fund</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
required under the Regulation of Insurance for Labor Injury implemented on January 1, 2004 and amended in 2010, the Provisional Measures
for Maternity Insurance of Employees of Corporations implemented on January 1, 1995, the Decisions of the State Council on the Establishment
of a Unified Program for Old-Aged Pension Insurance issued on July 16, 1997, the Decisions of the State Council on the Establishment
of the Medical Insurance Program for Urban Workers promulgated on December 14, 1998, the Unemployment Insurance Measures promulgated
on January 22, 1999 and the Social Insurance Law of the PRC implemented on July 1, 2011, which was amended on December 29, 2018, employers
are required to provide their employees in the PRC with welfare benefits covering pension insurance, unemployment insurance, maternity
insurance, labor injury insurance and medical insurance. These payments are made to local administrative authorities. Any employer that
fails to make social insurance contributions may be order to rectify the non-compliance and pay the required contributions within a prescribed
time limit and be subject to a late fee. If the employer still fails to rectify the failure to make the relevant contributions within
the prescribed time, it may be subject to a fine ranging from one to three times the amount overdue. In accordance with the <i>Regulations
on the Management of Housing Fund </i>which was promulgated by the State Council in 1999 and last amended in March 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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
Stock Incentive Plan</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Circular 7, which was issued by the SAFE on February 15, 2012, employees, directors, supervisors, and
other senior management who participate in any stock incentive plan of a publicly-listed overseas company and who are PRC citizens or
non-PRC citizens residing in China for a continuous period of no less than one year, subject to a few exceptions, are required to register
with SAFE through a qualified domestic agent, which may be a PRC subsidiary of such overseas listed company, and complete certain other
procedures.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the State Administration of Taxation has issued certain circulars concerning employee stock options and restricted shares.
Under these circulars, 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 the tax authorities and to withhold individual income taxes of employees who exercise their stock option or
purchase restricted shares. If the employees fail to pay or the PRC subsidiaries fail to withhold income tax in accordance with the laws
and regulations, the PRC subsidiaries may face sanctions imposed by the tax authorities or other PRC governmental authorities.</span></p>

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<p style="font: bold 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">Regulations
Relating to Tax in the PRC</span></p>

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<p style="font: bold 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">Income
Tax</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Enterprise Income Tax Law, imposes a uniform enterprise income tax rate of 25% on all PRC resident enterprises, including foreign-invested
enterprises, unless they qualify for certain exceptions. The enterprise income tax is calculated based on the PRC resident enterprise&#8217;s
global income as determined under PRC tax laws and accounting standards. If a non-resident enterprise sets up an organization or establishment
in the PRC, it will be subject to enterprise income tax for the income derived from such organization or establishment in the PRC and
for the income derived from outside the PRC but with an actual connection with such organization or establishment in the PRC. The law
and its implementation rules permit certain &#8220;high and new technology enterprises strongly supported by the state&#8221; that independently
own core intellectual property and meet statutory criteria, to enjoy a reduced 15% enterprise income tax rate. In January 2016, the SAT,
the Ministry of Science and Technology and the Ministry of Finance jointly issued the Administrative Rules for the Certification of High
and New Technology Enterprises specifying the criteria and procedures for the certification of High and New Technology Enterprises.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 22, 2009, the State Administration of Taxation issued the Circular of the State Administration of Taxation on Issues Relating to
Identification of PRC-Controlled Overseas Registered Enterprises as Resident Enterprises in accordance with the De Facto Standards of
Organizational Management, or the SAT Circular 82, which provides certain specific criteria for determining whether the &#8220;de facto
management body&#8221; of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only
applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners,
the criteria set forth in the circular 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 all offshore enterprises. According to the SAT Circular 82, an offshore
incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of
having its &#8220;de facto management body&#8221; in China and will be subject to PRC enterprise income tax on its global income only
if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions
relating to the enterprise&#8217;s financial and human resource matters are made or are subject to approval by organizations or personnel
in the PRC; (iii) the enterprise&#8217;s primary assets, accounting books and records, company seals, and board and shareholder resolutions,
are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.
Further to SAT Circular 82, on July 27, 2011, the State Administration of Taxation issued the Announcement of the State Administration
of Taxation on Printing and Distributing the Administrative Measures for Income Tax on PRC-controlled Resident Enterprises Incorporated
Overseas (Trial Implementation), which took effect in September 2011, to provide more guidance on the implementation of SAT Circular
82. The announcement provides for procedures and administration details of determination on resident status and administration on post-determination
matters.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Provisional Regulations of the PRC on Value-added Tax were implemented in January 1, 2009 and latest 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) was promulgated
by the Ministry of Finance on December 25, 1993 and subsequently amended on December 15, 2008 and October 28, 2011, or collectively,
the VAT Law. On November 19, 2017, the State Council promulgated the Decisions on Abolishing the Provisional Regulations of the PRC on
Business Tax and Amending the Provisional Regulations of the PRC on Value-added Tax, or the Order 691. On April 4, 2018, the Ministry
of Finance and the State Administration of Taxation jointly promulgated the Circular on Adjustment of Value-Added Tax Rates, or Circular
32. On March 31, 2019, the Ministry of Finance, the State Administration of Taxation and General Administration of Customs jointly issued
the Announcement on Relevant Polices for Deepening Value-added Tax Reform, or Announcement No. 39. According to the VAT Law, the Order
691 and the Circular 32, all enterprises and individuals engaged in the sale of goods, the provision of processing, repair and replacement
services, sales of services, intangible assets, real property and the importation of goods within the territory of the PRC are the taxpayers
of VAT. According to Announcement No. 39, the VAT tax rates generally applicable are simplified as 13%, 9%, 6% and 0%, and the VAT tax
rate applicable to the small-scale taxpayers is 3%.</span></p>

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<p style="font: bold 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">Dividend
Withholding Tax</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Enterprise Income Tax Law provides that since January 1, 2008, an income tax rate of 10% will normally be applicable to dividends
derived from sources within the PRC and declared to non-PRC resident investors which do not have an establishment or place of business
in the PRC, or which have an establishment or place of business that is not effectively connected with the relevant income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
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 Incomes, and other applicable PRC laws, if a Hong Kong resident enterprise
is determined by the competent PRC tax authority to have satisfied the conditions and requirements under such arrangement and other applicable
laws, the 10% withholding tax on 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, in 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. According to the Circular on Several Questions regarding the &#8220;Beneficial Owner&#8221; in
Tax Treaties, which was issued on February 3, 2018 by the State Administration of Taxation and took effect on April 1, 2018, when determining
the applicant&#8217;s status as the &#8220;beneficial owner&#8221; regarding tax treatments in connection with dividends, interest or
royalties in the tax treaties, several factors, including, without limitation, whether the applicant is obligated to pay more than 50%
of his or her income over a twelve-month period to residents in a third country or region, whether the business operated by the applicant
constitutes actual business activities, and whether the counterparty country or region to the tax treaty does not levy any tax, exempts
the relevant income from tax, or levies tax at an extremely low rate, will be taken into account, and it will be analyzed according to
the actual circumstances of the specific cases. This circular further provides that applicants who intend to prove his or her &#8220;beneficial
owner&#8221; status shall submit the relevant documents to the relevant tax bureau according to the Announcement on Issuing the Measures
for the Administration of Non-Resident Taxpayers&#8217; Enjoyment of the Treatment under Tax Agreements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 3, 2015, the State Administration of Taxation issued the Public Notice Regarding Certain Enterprise Income Tax Matters on Indirect
Transfer of Properties by Non-Tax Resident Enterprises, or the SAT Public Notice 7. The SAT Public Notice 7 extends its tax jurisdiction
to cover not only the indirect transfer by a non-resident enterprise of equity interests in a PRC resident enterprise through disposition
of equity interests in an overseas holding company, or an Indirect Transfer, but also to transactions involving the transfer of other
taxable assets through the offshore transfer of a foreign intermediate holding company. The SAT Public Notice 7 also brings challenges
to both foreign transferor and transferee (or other person who is obligated to pay for the transfer) of taxable assets. Where a non-resident
enterprise transfers taxable assets indirectly by disposing of the equity interests of an overseas holding company, which is an Indirect
Transfer, the non-resident enterprise as either transferor or transferee, or the PRC entity that directly owns the taxable assets, may
report such Indirect Transfer to the relevant tax authority. Using a &#8220;substance over form&#8221; principle, the PRC tax authority
may disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose
of reducing, avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income
tax, and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently
at a rate of 10%, for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject
to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes.</span></p>

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 17, 2017, the State Administration of Taxation issued the Public Notice on Issues Relating to Withholding at Source of Income
Tax of Non-Resident Enterprises, or the SAT Public Notice 37, which came into effect on December 1, 2017 and was amended on June 15,
2018. According to SAT Public Notice 37, where the non-resident enterprise fails to declare its tax payable pursuant to Article 39 of
the PRC Enterprise Income Tax Law, the tax authority may order it to pay its tax due within required time limits, and the non-resident
enterprise shall declare and pay its tax payable within such time limits specified by the tax authority. If the non-resident enterprise
voluntarily declares and pays its tax payable before the tax authority orders it to do so, it shall be deemed that such enterprise has
paid its tax payable in time.</span></p>

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<p style="font: bold 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">Regulations
relating to Foreign Exchange</span></p>

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<p style="font: bold 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">General
Administration of Foreign Exchange</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PRC Foreign Currency Administration Rules promulgated on January 29, 1996 and most recently amended on August 5, 2008 and various
regulations issued by the SAFE and other 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.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Foreign-invested enterprises 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 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Circular of the SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment, or the
SAFE Circular 59, which was promulgated by SAFE on November 19, 2012, and became effective on December 17, 2012 and was amended on May
4, 2015, October 10, 2018 and December 30, 2019, approval of SAFE is not required for opening a foreign exchange account and depositing
foreign exchange into the accounts relating to the direct investments. The SAFE Circular 59 also simplified foreign exchange-related
registration required for the foreign investors to acquire the equity interests of Chinese companies and further improve the administration
on foreign exchange settlement for foreign-invested enterprises.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Circular on Further Simplifying and Improving the Foreign Currency Management Policy on Direct Investment, or the SAFE Circular 13, effective
from June 1, 2015, 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 the SAFE Circular 13, the investors shall
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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Circular on Reforming the Management Approach regarding the Settlement of Foreign Capital of Foreign-invested Enterprise, or the SAFE
Circular 19, which was promulgated by the SAFE on March 30, 2015 and became effective on June 1, 2015 and latest amended in March 23,
2023, provides that a foreign-invested enterprise may, according to its actual business needs, settle with a bank the portion of the
foreign exchange capital in its capital account for which the foreign exchange administration has confirmed monetary capital contribution
rights and interests (or for which the bank has registered the injection of the monetary capital contribution into the account). Pursuant
to the SAFE Circular 19, for the time being, foreign-invested enterprises are allowed to settle 100% of their foreign exchange capital
on a discretionary basis; a foreign-invested enterprise shall truthfully use its capital for its own operational purposes within the
scope of business; where an ordinary foreign-invested enterprise makes domestic equity investment with the amount of foreign exchanges
settled, the invested enterprise must first go through domestic re-investment registration and open a corresponding account for foreign
exchange settlement pending payment with the foreign exchange administration or the bank at the place where it is registered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Circular on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or the SAFE Circular
16, which was promulgated by the SAFE and became effective on June 9, 2016 and amended in December 4, 2023, provides that enterprises
registered in the PRC may also convert their foreign debts from foreign currency into Renminbi on self-discretionary basis. The SAFE
Circular 16 also provides an integrated standard for conversion of foreign exchange under capital account items (including but not limited
to foreign currency capital and foreign debts) on self-discretionary basis, which applies to all enterprises registered in the PRC.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Measures for Reporting of Information on Foreign Investment, the Regulations on the Registration of Market Entities, which was
promulgated by the State Council on July 27, 2021, and became effective on March 1, 2022, and other laws and regulations governing the
foreign invested enterprises and company registrations, the establishment of a foreign invested enterprise and any capital increase and
other major changes in a foreign invested enterprise shall be registered with the State Administration for Market Regulation or its local
counterparts, and shall be filed via the foreign investment comprehensive administrative system, if such foreign invested enterprise
does not involve special access administrative measures prescribed by the PRC government.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the SAFE Circular 13 and other laws and regulations relating to foreign exchange, when setting up a new foreign invested enterprise,
the foreign invested enterprise shall register with the bank located at its registered place after obtaining the business license, and
if there is any change in capital or other changes relating to the basic information of the foreign-invested enterprise, including, without
limitation, any increase in its registered capital or total investment, the foreign invested enterprise must register such changes with
the bank located at its registered place after obtaining approval from or completing the filing with competent authorities. Pursuant
to the foreign exchange laws and regulations, the above-mentioned foreign exchange registration with the banks will typically take less
than four weeks upon the acceptance of the registration application.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the foregoing, if we intend to provide funding to our wholly foreign owned subsidiaries through capital injection at or after their
establishment, we must register the establishment of and any follow-on capital increase in our wholly foreign owned subsidiaries with
the State Administration for Market Regulation or its local counterparts, file such via the foreign investment comprehensive administrative
system and register such with the local banks for the foreign exchange related matters.</span></p>

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

<p style="font: bold 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: 0.5in"><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 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 contributing assets
or equity interests in an offshore special purpose vehicle, which is defined as offshore enterprises directly established or indirectly
controlled by PRC residents for investment and financing purposes, with the enterprise assets or interests they hold in China or overseas.
The term &#8220;control&#8221; means obtain the operation rights, right to proceeds or decision-making power of a special purpose vehicle
through acquisition, trust, holding shares on behalf of others, voting rights, repurchase, convertible bonds or other means. An amendment
to registration or subsequent filing with the local SAFE branch by such PRC resident 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; 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; text-indent: 0.5in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal laws and regulations regulating the dividend distribution of dividends by foreign-invested enterprises in the PRC include the
PRC Company Law, as amended in 1999, 2004, 2005, 2013, 2018 and 2023, the latest amendment of which will take into effect on July 1,
2024, and the Foreign Investment Law take into effect on January 1, 2020. Under the current regulatory regime in the PRC, foreign-invested
enterprises 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. 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>

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<p style="font: bold 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">Regulations
on Anti-monopoly</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 30, 2007, the SCNPC adopted the PRC Anti-Monopoly Law, which was recently amended on June 24, 2022 and became effective on August
1, 2022. According to the Anti-Monopoly Law of the PRC and other regulations, the relevant operators of a concentration of undertakings
which reaches the standard for declaration shall make an advance declaration to the PRC Anti-Monopoly Law enforcement authority under
the State Council. The fines for illegal concentration of business operators shall be &#8220;no more than ten percent of its preceding
year&#8217;s sales revenue if the concentration of business operator has or may have an effect of excluding or limiting competition;
or a fine of up to RMB5 million if the concentration of business operator does not have an effect of excluding or limiting competition.&#8221;
Pursuant to the PRC Anti-Monopoly Law, the authority may require the operators to make a declaration where there is evidence that the
concentration has or may have the effect of eliminating or restricting competition, even if such concentration does not reach the filing
threshold.</span></p>

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<p style="font: bold 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">Regulations
Relating to Overseas Listings and M&amp;A</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 8, 2006, six PRC governmental and regulatory agencies, including <span style="background-color: white">the Ministry of Commerce
</span>and the CSRC, jointly promulgated the M&amp;A Rules, a new regulation with respect to the mergers and acquisitions of domestic
enterprises by foreign investors that became effective on September 8, 2006 and revised on June 22, 2009. Foreign investors shall comply
with the M&amp;A rules when they purchase equity interests of a domestic company or subscribe for the increased capital of a domestic
company, and thus changing the nature of the domestic company into a foreign-invested enterprise; or when the foreign investors establish
a foreign-invested enterprise in the PRC for the purpose of purchasing the assets of a domestic company and operating the asset; or when
the foreign investors purchase the asset of a domestic company, establish a foreign-invested enterprise by injecting such assets, and
operate the assets. The M&amp;A rules, among other things, purports to require that an offshore special vehicle, or a special purpose
vehicle, formed for listing purposes and controlled directly or indirectly by PRC companies or individuals, shall 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 6, 2021, the PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with
the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on
overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory
systems to deal with the risks and incidents faced by China-based overseas-listed companies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 27, 2021, the National Development and Reform Commission and <span style="background-color: white">the Ministry of Commerce
</span>jointly issued the 2021 Negative List, which became effective on January 1, 2022. Pursuant to such Special Administrative Measures,
if a domestic company engaging in the prohibited business stipulated in the 2021 Negative List seeks an overseas offering and listing,
it shall obtain the approval from the competent governmental authorities. Besides, the foreign investors of the company shall not be
involved in the company&#8217;s operation and management, and their shareholding percentage shall be subject, mutatis mutandis, to the
regulations on the domestic securities investments by foreign investors.</span></p>

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2023, the CSRC, as approved by the State Council, released the Overseas Listing Trial Measures. According to the Overseas
Listing Trial Measures, domestic companies in the Chinese mainland that directly or indirectly offer or list their securities in an overseas
market, are required to file with the CSRC. Specifically, the securities under the Overseas Listing Trial Measures refer to stocks, depositary
receipts, convertible corporate bonds, exchangeable bonds and other equity-linked securities to be issued and offered in overseas markets
by domestic companies directly or indirectly, while a direct offering and listing refers to the overseas offering and listing of a joint-stock
company incorporated in the Chinese mainland, and an indirect offering and listing refers to the overseas offering and listing of a domestic
company which conducts its business operations primarily in the Chinese mainland, in the name of an offshore company and based on the
underlying equities, assets, earnings or similar interests of the domestic company. In particular, the determination of an indirect offering
and listing will be conducted on a &#8220;substance over form&#8221; basis, and an offering and listing should be considered as an indirect
overseas offering and listing by a domestic company if the issuer meets both of the following conditions: (i) any of the revenue, profits,
total assets or net assets of such domestic company in the most recent financial year account for more than 50% of the corresponding
data in the issuer&#8217;s audited consolidated financial statements for the same period; and (ii) the majority of its business operations
are conducted in the Chinese mainland or its principal place of business is located in the Chinese mainland, or the majority of senior
management in charge of business operations are Chinese citizens or have domicile in the Chinese mainland. According to the Overseas
Listing Trial Measures, an overseas offering and listing is prohibited under any of the following circumstances: (i) if the intended
securities offering and listing is specifically prohibited by the laws, administrative regulations and national provisions; (ii) if the
intended securities offering and listing may constitute a threat to or endangers national security as reviewed and determined by competent
authorities under the State Council in accordance with law; (iii) the domestic companies or their controlling shareholders or actual
controllers have committed corruption, bribery, embezzlement, misappropriation of property, or other criminal offenses disruptive to
the order of the socialist market economy in the past three years; (iv) the domestic companies are currently under investigations in
connection with suspicion of having committed criminal offenses or material violations of applicable laws and regulations, and there
is still no explicit conclusion; (v) there are material ownership disputes over the shareholdings held by the controlling shareholder
or the shareholder under the control of the controlling shareholder or the actual controllers. According to the Overseas Listing Trial
Measures, the issuer or its affiliated domestic company, as the case may be, is required to file with the CSRC (i) with respect to its
initial public offering and listing and its subsequent securities offering in an overseas market different from the market where it has
listed, within three business days after its submission of listing application documents to the relevant regulator in the place of intended
listing, (ii) with respect to its follow-on offering in the same overseas market where it has listed (including issuance of any corporate
convertible bonds, exchangeable bonds and other equity-linked securities, but excluding the offering for employees incentive, dividend
distribution by shares and share split), within three business days after completion of such follow-on offering, (iii) with respect to
listing by means of single or multiple acquisitions, share swap, transfers of shares and similar transactions, within three business
days after its initial filing of the listing application or the first public announcement of the transaction, as case may be. Failure
to comply with the filing requirements may result in an order of rectification, a warning and fines up to RMB10 million to the non-compliant
domestic companies, and the directly responsible persons of the companies will be warned and fined between RMB500,000 and RMB5 million.
Furthermore, if the controlling shareholder and the actual controller of the non-compliant companies organizes or instigates the breach,
they will be fined between RMB1 million and RMB10 million. In addition to above filing requirements, the Filings Rules also requires
an issuer to report to the CSRC within three business days after occurrence of any the following events: (i) its change of control; (ii)
its being subject to investigation or sanctions by any overseas securities regulators or overseas authorities; (iii) its change of listing
status or listing segment; (iv) voluntary or mandatory delisting; and (v) material change of its principal business operations to the
extent that it ceases to be subject to the filing requirements of the Overseas Listing Trial Measures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 24, 2023, the CSRC and several other administrations jointly released the Provisions on Strengthening Confidentiality and Archives
Administration of Overseas Securities Offering and Listing by Domestic Companies, or the Confidentiality Provisions, which became effective
on March 31, 2023. The Confidentiality Provisions includes both overseas direct offerings and overseas indirect offerings. The Confidentiality
Provisions provide that, among other things, (i) in relation to the overseas listing activities of domestic enterprises, the domestic
enterprises are required to strictly comply with the requirements on confidentiality and archives management, establish a sound confidentiality
and archives system, and take necessary measures to implement their confidentiality and archives management responsibilities; (ii) during
the course of an overseas offering and listing, if a domestic enterprise needs to publicly disclose or provide to securities companies,
accounting firms or other securities service providers and overseas regulators, any materials that contain relevant state secrets or
that have a sensitive impact (i.e. be detrimental to national security or the public interest if divulged), the domestic enterprise should
complete the approval/filing and other regulatory procedures; and (iii) working papers produced in the PRC by securities companies and
securities service institutions, which provide domestic enterprises with securities services during their overseas issuance and listing,
should be stored in the PRC, and the transmission of all such working papers to recipients outside of the PRC is required to be approved
by competent authorities of the PRC. Since the Confidentiality Provisions are relatively new, as of the date of this annual report, substantial
uncertainties exist with respect to the interpretations and implementations of the Confidentiality Provisions.</span></p>

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: bold 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">C.
<span style="text-decoration: underline">Organizational Structure</span></span></p>

<p style="font: bold 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chart below summarizes our corporate structure, including our principal subsidiaries, the VIEs and the VIEs&#8217; principal subsidiaries,
as of the date 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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 649px; width: 569px"/></span></p>

<p style="font: 10pt Times 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>

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<p style="font: 10pt Times 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">Notes:</span></p>

<p style="font: 10pt Times New Roman, Times, 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: 0.25in"><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">Mr. Shanglue Xiao and Mr. Shangce Xiao each holds 99.0099%
and 0.9901% of the equity interests in Yunji Preferred, respectively. Mr. Shanglue Xiao is beneficial owner of our company. Mr. Shanglue
Xiao also serves as the chairman of our board of directors and the chief executive officer of our company. Mr. Shangce Xiao is a relative
of Mr. Shanglue Xiao.</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>

<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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Wenwei Shu holds 100% of equity interests in Hangzhou Chuanchou.
Mr. Wenwei Shu is a former employee of our company.</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>

<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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhejiang Fengji holds 90% of the equity interest in Zhejiang
Jiyuan, and the remaining 10% equity interest in Zhejiang Jiyuan is held by Yunchuang Sharing.</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>

<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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhejiang Jixiang holds 95% of the equity interest in Ningbo
Meishan, and the remaining 5% equity interest in Ningbo Meishan is held by Ningbo Meishan Bonded Port Zone Jichuang Investment Partnership
(Limited Partnership), in which Hangzhou Jichuang and Mr. Shanglue Xiao each hold of 95% and 5% of the equity interests, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the currently effective contractual arrangements relating to Yunji Preferred and Hangzhou Chuanchou.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractual
Arrangements with the 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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
PRC laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies that engage in value-added
telecommunication services and certain other businesses. We are an exempted company incorporated in the Cayman Islands. Yunchuang
Sharing, or our WFOE, is our PRC subsidiary and a foreign-invested enterprise under PRC laws. To comply with PRC laws and
regulations, we conduct certain of our business in China through the VIEs based on a series of contractual arrangements by and among
Yunchuang Sharing, or our WFOE, the VIEs and their shareholders. Historically, we also maintained contractual arrangements by and among our WFOE, Yunji Sharing and its shareholders. In order to streamline
our corporate structure, in December 2023, our WFOE acquired Yunji Sharing by purchasing all equity interests held by the shareholders
in Yunji Sharing and Yunji Sharing has since become a wholly owned subsidiary of our WFOE. Accordingly, the contractual arrangements with
Yunji Sharing and its shareholders were effectively terminated in December 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
contractual arrangements with the VIEs and their respective shareholders allow us to (i) direct the activities of the VIEs, (ii) receive
substantially all of the economic benefits of the VIEs, and (iii) have an exclusive option to purchase all or part of the equity interests
in the VIEs when and to the extent permitted by PRC law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of our direct ownership in our WFOE and the contractual arrangements with the VIEs, we are regarded as the primary beneficiary
of the VIEs, and we treat them and their subsidiaries as the consolidated VIEs under U.S. GAAP. We have consolidated the financial results
of the VIEs and their subsidiaries in our consolidated financial statements in accordance with U.S. GAAP <span style="background-color: white">for
accounting purposes</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreements
that enable us to direct the activities of the VIEs</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Proxy
Agreement and Power of Attorney.</i> Pursuant to the amended and restated proxy agreement and power of attorney, dated March 15, 2023,
among our WFOE, Yunji Preferred and the shareholders of Yunji Preferred, each of the shareholders of Yunji Preferred has executed a power
of attorney to irrevocably authorize our WFOE, or any person designated by our WFOE, to act as its attorney-in-fact to exercise all of
its rights as a shareholder of Yunji Preferred, including, but not limited to, the right to (i) convene and attend shareholders&#8217;
meetings, (ii) sign and deliver written resolutions on behalf of such shareholder, (iii) vote on any resolution that requires shareholders
to vote, such as the sale, transfer and disposal of all or part of the assets owned by a shareholder, and (iv) sell, transfer, pledge
or dispose all or part of a shareholder&#8217;s equity interests in Yunji Preferred. The powers of attorney will remain effective until
such shareholder ceases to be a shareholder of Yunji Preferred or otherwise instructed by our WFOE.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 23, 2020, our WFOE, Hangzhou Chuanchou and the shareholder of Hangzhou Chuanchou entered into a proxy agreement and power of
attorney, and the shareholder of Hangzhou Chuanchou executed a power of attorney, which contained terms substantially similar to the
proxy agreement and power of attorney by and among our WFOE, Yunji Preferred and the shareholders of Yunji Preferred described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity
Interest Pledge Agreements. </i>Pursuant to the amended and restated equity interest pledge agreement, dated March 15, 2023, among our
WFOE, Yunji Preferred and the shareholders of Yunji Preferred, the shareholders of Yunji Preferred have pledged 100% equity interests
in Yunji Preferred to our WFOE to guarantee performance by the shareholders of their obligations under the exclusive option agreement,
the exclusive service agreement, the proxy agreement and power of attorney, as well as the performance by Yunji Preferred of its obligations
under the exclusive option agreement and the exclusive service agreement. In the event of a breach by Yunji Preferred or any of its shareholders
of contractual obligations under these contractual arrangements, our WFOE, as pledgee, will have the right to dispose of the pledged
equity interests in Yunji Preferred and will have priority in receiving the proceeds from such disposal. The shareholders of Yunji Preferred
also covenant that, without the prior written consent of our WFOE, they will not dispose of, create or allow any encumbrance on the pledged
equity interests. The equity interest pledge agreement will remain effective until the pledges are released.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 23, 2020, our WFOE, Hangzhou Chuanchou and the shareholder of Hangzhou Chuanchou entered into an equity interest pledge agreement,
which contained terms substantially similar to the equity interest pledge agreement by and among our WFOE, Yunji Preferred and the shareholders
of Yunji Preferred described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have completed the registration of the equity interests pledged under the amended and restated equity interest pledge agreements in relation
to each of Yunji Preferred and Hangzhou Chuanchou with the local office of the State Administration of Market Regulation.</span></p>

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

<p style="font: italic bold 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">Agreements
that allow us to receive economic benefits from the VIEs</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive
Service Agreements. </i>Pursuant to the amended and restated exclusive service agreement, dated March 15, 2023, between our WFOE and
Yunji Preferred, our WFOE has the exclusive right to provide Yunji Preferred with operational supports as well as consulting and technical
services required by Yunji Preferred&#8217;s business. Without our WFOE&#8217;s prior written consent, Yunji Preferred may not accept
the same or similar operational supports as well as consulting and technical services provided by any third party during the term of
the agreement. Yunji Preferred agrees to pay our WFOE service fees at an amount determined by our WFOE in its sole discretion, which
should be paid within ten business days upon receipt of invoice from our WFOE. Our WFOE has the exclusive ownership of all the intellectual
property rights created as a result of the performance of the exclusive service agreement. To guarantee Yunji Preferred&#8217;s performance
of its obligations thereunder, the shareholders of Yunji Preferred have pledged all of their equity interests in Yunji Preferred to our
WFOE pursuant to the equity interest pledge agreement. The exclusive service agreement has an initial term of ten years and shall automatically
renew at the end of each term for a further term of ten years, unless otherwise terminated by our WFOE in its sole discretion with 30
days&#8217; prior written notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 23, 2020, our WFOE and Hangzhou Chuanchou entered into an exclusive service agreement, which contains terms substantially similar
to the exclusive service agreement between our WFOE and Yunji Preferred described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreements
that provide us with the option to purchase the equity interests in and assets of the VIEs</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive
Option Agreements. </i>Pursuant to the amended and restated exclusive option agreement, dated March 15, 2023, among our WFOE, Yunji Preferred
and the shareholders of Yunji Preferred, each of the shareholders has irrevocably granted our WFOE an exclusive option to purchase all
or part of its equity interests in Yunji Preferred, and Yunji Preferred has irrevocably granted our WFOE an exclusive option to purchase
all or part of its assets. Our WFOE may exercise such options at a price equal to the loan provided by our WFOE to the shareholders of
Yunji Preferred, which price may be adjusted based on the proportion of the equity interests or assets to be transferred. Yunji Preferred
and the shareholders of Yunji Preferred covenant that, without our WFOE&#8217;s prior written consent, they will not, among other things,
(i) create any pledge or encumbrance on their equity interests in Yunji Preferred, other than those created under the equity interest
pledge agreement, (ii) transfer or otherwise dispose of their equity interests in Yunji Preferred, (iii) change Yunji Preferred&#8217;s
registered capital, (iv) amend Yunji Preferred&#8217;s articles of association, (v) dispose any assets of Yunji Preferred or enter into
any material contract (except in the ordinary course of business), or (vi) merge Yunji Preferred with any other entity. The exclusive
option agreement has an initial term of ten years and shall automatically renew at the end of each term for a further term of ten years,
unless otherwise terminated by our WFOE in its sole discretion with ten days&#8217; prior written notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 23, 2020, our WFOE, Hangzhou Chuanchou and the shareholder of Hangzhou Chuanchou entered into an exclusive option agreement,
which contained terms substantially similar to the exclusive option agreement by and among our WFOE, Yunji Preferred and the shareholders
of Yunji Preferred described above, except that our WFOE may exercise the options to purchase the equity interests and assets of Hangzhou
Chuanchou at the price of RMB1.00 or the lowest price permitted under applicable PRC law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Loan
Agreement. </i>Pursuant to the loan agreement, dated March 15, 2023, between our WFOE and the shareholders of Yunji Preferred, our WFOE
made loans in an aggregate amount of RMB50.5 million to the shareholders of Yunji Preferred for the sole purpose of making capital contribution
to Yunji Preferred. The shareholders of Yunji Preferred can only repay the loans by the sale of all or part of their equity interests
in Yunji Preferred to our WFOE or its designated person pursuant to the amended and restated exclusive option agreement, and, to the
extent permitted under PRC law, pay all of the proceeds from sale of such equity interests to our WFOE. In the event that the shareholders
of Yunji Preferred sell their equity interests in Yunji Preferred to our WFOE or its designated person at a purchase price equal to or
less than the principal amount of the loans, the loans will be interest free and the loans shall be deemed to be duly repaid. If the
purchase price is higher than the principal amount of the loans, the excess amount will be deemed as interest on the loans and shall
be paid to our WFOE. The term of the loan agreement is ten years from the date of the loan agreement, which may be extended upon mutual
agreement.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Spousal
Consent Letters. </i>The spouses of the shareholders of Yunji Preferred have each signed a spousal consent letter agreeing that the equity
interests in Yunji Preferred held by and registered under the name of the respective shareholders will be disposed pursuant to the contractual
agreements with our WFOE. Each spouse agreed not to assert any rights over the equity interest in Yunji Preferred held by the respective
shareholder. Mr. Wenwei Shu, the sole shareholder of Hangzhou Chuanchou has no spouse yet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the opinion of Han Kun Law Offices, our PRC legal counsel:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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 structures of the VIEs in China and our WFOE are not in violation of applicable
                                            PRC laws and regulations currently in effect; and</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>

<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: 0.5in"/><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
                                            contractual arrangements between our WFOE, the VIEs and their respective shareholders governed
                                            by PRC law are valid, binding and enforceable, and will not result in any violation of applicable
                                            PRC laws and regulations currently in effect.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
our PRC legal counsel has also advised us that there are substantial uncertainties regarding the interpretation and application of
current and future PRC laws, regulations and rules. Accordingly, the PRC regulatory authorities may take a view that is contrary to
the opinion of our PRC legal counsel. It is uncertain whether any new PRC laws or regulations relating to variable interest entity
structures will be adopted or if adopted, what they would provide. If we or any of the VIEs are found to be in violation of any
existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC
regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See &#8220;Item 3.
Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Corporate Structure&#8212;<span style="background-color: white">If
the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC
regulations relating to 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, and our ADSs may
decline in value or become worthless</span>.&#8221; and &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to
Doing Business in China&#8212;There are uncertainties regarding the interpretation and enforcement of PRC laws, rules and
regulations.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
<span style="text-decoration: underline">Property, Plant and Equipment</span></span></p>

<p style="font: bold 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are headquartered in Hangzhou, China and have leased an aggregate of approximately 6,153 square meters of office space in Hangzhou. We
also own an aggregate of approximately 4,259 square meters of office space in Hangzhou, which we bought on June 28, 2021 with total consideration
of RMB161.9 million paid separately in 2021 and 2022 and we moved into the office space in the second quarter of 2023. As of the date
of this annual report, we have also leased an aggregate of approximately 1,100 square meters of office space in Shenzhen, China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, warehouse facilities in our fulfillment network included two central warehouse and six regional warehouses in China.
We engage third-party vendors for all of our warehouse facilities in eight cities with an aggregate floor area of approximately 35,000
square meters, including providing physical space for such facilities and operating the day-to-day activities of such facilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will adjust our fulfillment infrastructure as needed over the next several years to accommodate our future business expansion plans,
improve logistic efficiency and enhance customer experience.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ZZZ_001"></span>Item
4A. UNRESOLVED STAFF COMMENTS</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>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 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"><span id="ZZZ_002"></span>Item
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>You
should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated
financial statements and the related notes included elsewhere in this annual report on Form 20-F. This discussion may contain forward-looking
statements based upon current expectations that involve risks and uncertainties. Our 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 on Form 20-F.</i></span></p>

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

<p style="font: bold 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">A.
<span style="text-decoration: underline">Operating Results</span></span></p>

<p style="font: bold 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate a social e-commerce platform in China using a membership-based model that leverages the power of social interaction. We offer
high-quality products at attractive prices and incentivize our members to promote our platform and share our products with their social
contacts. We generate our revenues mainly by selling the products on our platform to users, including members and non-member users, and
earning commissions on the sales of products by third-party merchants on our platform under our marketplace business that launched in
the first quarter of 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total revenues were RMB2,155.4 million, RMB1,154.1 million and RMB640.2 million (US$90.2 million) in 2021, 2022 and 2023,
respectively. We recorded net income of RMB132.3&#160;million in 2021, net loss of RMB138.4&#160;million in 2022, and net loss of
RMB165.1 million (US$23.3 million) in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
results of operations and financial condition are affected by the general factors affecting China&#8217;s retail industry, including,
among others, China&#8217;s overall economic growth, the increase in per capita disposable income, the growth in consumer spending and
consumption upgrade, and the competitive environment in China. In addition, they are also affected by factors driving online retail in
China, such as the growing number of online shoppers, the improved logistics infrastructure and the increasing adoption of mobile payments.
Unfavorable changes in any of these general factors could materially and adversely affect our results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
our business is influenced by general factors affecting our industry, our results of operations are more directly affected by company
specific factors, including the following major factors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to engage and retain members and users and increase their activities</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Engaging
and retaining users have been one of our key focuses since our inception. We measure our effectiveness in engaging and retaining users through the key performance indicator of average spending per buyer, which
is calculated by dividing total GMV in that period by the number of buyers in the same period. We believe this metric more accurately
reflects our ability to increase member and user activities and loyalty and bring value to members and users through carefully curated
products, compared to other metrics we historically used such as number of buyers and number of orders fulfilled. Our average spending
per buyer was RMB1,975, RMB1,658 and RMB1,195 in 2021, 2022 and 2023, respectively. Our average spending per buyer decreased from 2021
to 2023, primarily due to the negative impact of COVID-19 on the Chinese economy in 2022 which led to a reduction in consumer demand,
as individuals focused on stockpiling essential goods with lower unit prices. Furthermore, the pandemic influenced consumer confidence
and altered consumption habits.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to engage and retain users and increase user activities and loyalty depends on our ability to continue to offer carefully
curated authentic products at attractive prices, provide superior shopping and social experience, and promote and enhance community
value among members and other users. We rely on word-of-mouth referrals via our members&#8217; social networks and both online and
offline interactive events to attract and retain users and members. Only when our members are satisfied with the products and experience on our platform, would they stay
active on our platform, and in turn promote our products and recommend platform to their family, friends and other social contacts.
To keep our user base engaged, we have implemented a distinctive product offering strategy whereby we offer broad coverage of
product categories with an aim of catering to the various daily needs of users and their households, but carefully select items
within each category meeting the preferences of users with attractive pricing, and we design our sales formats to meet our
members&#8217; evolving needs and preferences. We also facilitate communications among members based on geographical location or
shared interest. Furthermore, we provide incentives and organize campaign activities to enhance user activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to manage product offerings and supply chain</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
results of operations are also affected by whether we can successfully implement our product selection strategy and manage our product
offerings. We offer broad coverage of product categories to cater to the various daily needs of our users and their households, but provide
carefully curated items within each category to meet the preferences of our users. In December 2023, we offered an average of 5,785 SPUs
on our platform on a daily basis, including products of mainstream brands, emerging brands and our own brands. We review and continually monitor the performance of each SPU, supplier
and third-party merchant, and carefully manage the mix of products we offer, based on a number of metrics such as the preferences of
users, revenue contribution and margin.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
make continual efforts to maintain and improve an efficient cost structure and create incentives for our suppliers and third-party merchants
to provide us and our members with competitive prices. We strive to obtain more favorable terms from suppliers, including pricing terms
and volume-based rebates. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to manage our mix of product and service offerings</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
results of operations are also affected by the mix of products and services we offer. We commenced our e-commerce business by primarily
selling products directly on our platform to users, including both members and non-members.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
launched our marketplace business in the first quarter of 2019 whereby third-party merchants can sell products on our platform and pay
us commissions on their sales. We offer a wide range of products and services and aim to provide one-stop shopping to maximize our wallet
share. Our mix of products and services also affects our gross margin. Revenues generated under the marketplace business were recognized
on a net basis, while revenues generated under our merchandise sales business were recognized on a gross basis. The split between our
merchandise sales business and our marketplace business thus has a major influence on our revenue and our gross margins. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to conduct sales and marketing efficiently</span></p>

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

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members&#8217; social networking activities to conduct sales and marketing efficiently. We provide incentives to members for
promoting our products and inviting new members through their social networks, and the referral incentives are recorded as reduction
of our revenues. We outsource some member services to third-party service companies, which select, hire and train service managers
to provide the services. Most of the service managers are members. We pay member management fees to the third-party service
companies for their product sales facilitation services. The member management fees have accounted for the substantial majority of
our sales and marketing expenses.</p>

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


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<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>

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

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ability to fulfill orders cost-effectively</span></p>

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

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results of operations depend in part on our ability to fulfill orders quickly and accurately, as it is an important part of a compelling
customer experience. We provide centralized and comprehensive fulfillment and customer service to users primarily through collaboration
with contracted third-party vendors. As of December 31, 2023, warehouse facilities in our fulfillment network included two central warehouse
and six regional warehouses, with an aggregate gross floor area of approximately 35,000 square meters in eight cities. In the first quarter
of 2019, we launched our marketplace business, allowing third-party merchants to sell their products on our platform and pay commissions
on their sales to us. Unlike our merchandise sales business where we handle the fulfillment process for the products sold, substantially
all of the third-party merchants under our marketplace business handle the fulfillment logistics for their products sold on our platform,
thereby lessening the demand for our fulfillment services. We have primarily relied on third-party logistics service providers to operate
the warehouses and provide last-mile delivery, and third-party online payment platforms to provide various payment options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
Components of Results of Operations</span></p>

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

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

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are comprised of sale of merchandise, net, marketplace revenue and other revenues. The following table sets forth the components of our
revenues by amounts and percentages of our total revenues for the periods presented:</span></p>

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

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<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>

<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>

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<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>

<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">Notes:</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 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: 0.25in"><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">Starting from 2021, revenue from membership program is combined
into other revenues and is no longer a separate revenue line. Revenue breakdown for previous years presented in this annual report have
been adjusted to be presented in the same manner.</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>


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<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>

<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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
generated from sales of most products on our platform are recorded as revenues from sale of merchandise, net of discounts, coupons, referral
incentives provided to members, return allowances and VAT. We acquire products from suppliers and sell them to users. For our private
label products, we acquire products from suppliers and sell them to users both on our platform and through external channels. We expect
revenues generated from sale of merchandise will continue to account for a majority of our total revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the first quarter of 2019, we launched our marketplace business, allowing third-party merchants to sell their products on the platform
and pay commissions on their sales to us. The revenues from the marketplace business are recognized on a net basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
revenues include revenues from membership program and revenues earned on net basis from sales of certain products on our platform,
such as air tickets. We earn membership fees from our members, who pay a fixed fee in exchange for (1) a package of selected
products, (2) the right to receive member exclusive discounts for products sold on our flagship Yunji app, (3) access rights to our
flagship Yunji app and its member-exclusive features, (4) the right to receive units of Yun-coin upon a successful new member
referral, (5) member exclusive training, and (6) certain units of Yun-coin. Yun-coin can only be used as credits when making
purchases on our platform, with one unit of Yun-coin representing RMB1.00. Yun-coins cannot be redeemed for cash. Members may
transfer Yun-coins to others for free. Starting in January 2020, we refined our membership enrollment system by allowing any user to
become a member and enjoy membership benefits free of charge for one year by simply registering for an account on the Yunji app. If
the user meets a certain cumulative spending threshold or certain other requirements during the initial one-year period, the user
may extend his or her membership for an extra year. We have ceased allowing users to become members free of charge since April 2021.
From April 2021 to September 2022, we  required new users and renewing members to pay an annual membership fee to become or
continue as a member and enjoy membership benefits. Starting from October 2022, one can become a member of our
platform by accepting invitation from existing members. In addition, members who joined through purchasing a membership
package are now referred to as our diamond members and enjoy free lifelong membership and membership benefits. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
Cost and Expenses</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
cost and expenses consist primarily of cost of revenues, fulfillment expenses, sales and marketing expenses, research and development
expenses, and general and administrative expenses. The following table sets forth the components of our operating expenses by amounts
and percentages of total revenues for the periods presented:</span></p>

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

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


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<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"><i></i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of revenues. </i>Cost of revenues consists of purchase price of merchandise, inbound shipping charges, write-downs of inventory and member
training costs. Inbound shipping charges to receive merchandise from suppliers are included in the inventories, and recognized as cost
of revenues upon sale of the merchandise to the customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fulfillment
expenses. </i>Fulfillment expenses represent packaging material costs and those costs incurred in outbound shipping, operating and staffing
our fulfillment and customer service centers, including costs attributable to buying, receiving, inspecting and warehousing inventories,
picking, packaging and preparing customer orders for shipment, processing payment and related transaction costs and responding to inquiries
from customers, depreciation expenses, payroll costs including share-based compensation expenses, and other daily expenses which are
related to the purchasing functions. Fulfillment costs also contain third-party payment transaction fees, such as bank card processing
and debit card processing fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales
and marketing expenses. </i>Sales and marketing expenses comprise primarily of member management fees, promotion expenses, marketplace
coupons, payroll costs including share-based compensation expenses, depreciation expenses and other daily expenses which are related
to the sales and marketing functions. We engage third-party vendors to provide member management services, which are ultimately performed
by service managers who enter into employment contracts with the third-party vendors. Certain of our members (customers) have been engaged
by third-party vendors to serve as service managers. We have concluded that the member management services provided by the service managers,
including those who are also members, are for distinct services at fair value, and records the member management fees paid to the third-party
vendors as sales and marketing expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Technology
and content expenses. </i>Technology and content expenses are expensed as incurred and primarily consist of payroll costs including share-based
compensation expenses, rental expenses, costs associated with the computing, storage and telecommunications infrastructure for internal
use that support our system and the services of our apps and other expenses related to the technology and content functions, which are
responsible for technology research and development and content editing. We account 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. Costs capitalized for developing such software application were not material for the periods presented in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
and administrative expenses. </i>General and administrative expenses consist of payroll costs including share-based compensation expenses
and other expenses which are related to the general corporate functions, including accounting, finance, tax, legal and human relations,
costs associated with use by these functions of facilities and equipment, such as depreciation expenses, rental and other general corporate
related expenses.</span></p>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands currently levies no taxes on corporations based upon profits, income, gains or appreciation. 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 after execution brought within the jurisdiction of the Cayman Islands. There are no exchange control regulations or currency
restrictions in the Cayman Islands. In addition, the Cayman Islands does not impose withholding tax on dividend payments.</span></p>

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

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

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subsidiary incorporated in Hong Kong, Yunji Hong Kong Limited, is subject to 16.5% Hong Kong profit tax on their taxable income generated
from operations in Hong Kong. Under the Hong Kong tax laws, we are exempted from the Hong Kong income tax on our foreign-derived income.
In addition, payments of dividends from our Hong Kong subsidiary to us are not subject to any Hong Kong withholding tax. No provision
for Hong Kong profits tax was made as we had no estimated assessable profit that was subject to Hong Kong profits tax during 2016 and
2017.</span></p>

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


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<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>

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

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

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accordance with PRC Enterprise Income Tax Law, foreign-invested enterprises and domestic companies are subject to enterprise income tax
on their taxable income at a statutory rate of 25%, subject to preferential tax treatments available to qualified enterprises in certain
encouraged sectors of the economy. In accordance with the implementation rules of PRC Enterprise Income Tax Law, a qualified &#8220;High
and New Technology Enterprise&#8221; is eligible for a preferential tax rate of 15%. The &#8220;High and New Technology Enterprise&#8221;
certificate is effective for a period of three years. An entity may re-apply for the &#8220;High and New Technology Enterprise&#8221;
certificate when the prior certificate expires.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jishang
Preferred obtained its &#8220;High and New Technology Enterprise&#8221; certificate on November 30, 2018. Therefore, Jishang Preferred
is eligible to enjoy a preferential tax rate of 15% from 2018 to 2020 to the extent it has taxable income under the PRC Enterprise Income
Tax Law, as long as it maintains the &#8220;High and New Technology Enterprise&#8221; qualification and duly conducts relevant tax filing
procedures with the relevant tax authority. From July 2019, Jishang Preferred started to function as a procurement company within the
Group and is not able to continue its status as an &#8220;High and New Technology Enterprise&#8221; to enjoy a preferential tax rate
of 15% since 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
other PRC subsidiaries, the VIEs and their subsidiaries are subject to the statutory income tax rate of 25%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the laws and regulations promulgated by the State Administration of Taxation effective from 2008 onwards, enterprises
engaging in research and development activities are entitled to claim 150% of their qualified research and development expenses so incurred
as tax deductible expenses when determining their assessable profits for the year. The additional deduction of 50% of qualified research
and development expenses can only be claimed directly in the annual tax filing and subject to the approval from the tax authorities.
Effective from 2018 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their qualified
research and development expenses so incurred as tax deductible expenses. The additional deduction of 75% of qualified research and development
expenses can be directly claimed in the annual tax filing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to value-added tax rate of 13% on our sales of products (which was 16% prior to April 1, 2019), and 6% on the services provided
to members (such as technology support, product promotion consulting and support, online training, customer service and order fulfillment),
in each case less any deductible value-added tax we have already paid or borne. While we generate a portion of our revenues by selling
products to end users through member referrals, such referrals are treated as if selling products to members while the members being
deemed as selling products to end users on a consignment basis under PRC tax law. We are also subject to surcharges on value-added tax
payments in accordance with the PRC tax law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid by our WFOE 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 China and the Hong Kong Special Administrative Region on
the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income and Capital and receives approval from
the relevant tax authority. If our Hong Kong subsidiary satisfies all the requirements under the tax arrangement and receives approval
from the relevant tax authority, then the dividends paid to the Hong Kong subsidiary would be subject to withholding tax at the standard
rate of 5%. Effective from November 1, 2015, the above mentioned approval requirement has been abolished, but a Hong Kong entity is still
required to file application package with the relevant tax authority, and settle the overdue taxes if the preferential 5% tax rate is
denied based on the subsequent review of the application package by the relevant tax authority. See &#8220;Item 3. Key Information&#8212;D.
Risk Factors&#8212;Risks Related to Doing Business in China&#8212;We may rely on dividends and other distributions on equity paid by
our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries
to make payments to us could have a material and adverse effect on our ability to conduct our business.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><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%. See &#8220;Item
3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China&#8212;If we are classified as a PRC resident
enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders
or ADS holders.&#8221;</span></p>

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


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<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>

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

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following table sets forth a summary of our consolidated results of operations for the periods presented, both in absolute amount and
as a percentage of our total revenues for the periods presented. This information should be read together with our consolidated financial
statements and related notes included elsewhere in this annual report. The results of operations in any period are not necessarily indicative
of our future trends.</span></p>

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

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<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>

<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>

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<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>

<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">Notes:</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 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: 0.25in"><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">Starting from 2021, revenue from membership program is combined
into other revenues and is no longer a separate revenue line. Revenue breakdown for previous years presented in this annual report have
been adjusted to be presented in the same manner.</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>

<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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based compensation expenses were allocated as follows:</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left; padding-left: 0pt">General and administrative</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">49,052</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0pt">Fulfillment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">930</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,525</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(356</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">55,910</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,150</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(885</td><td style="text-align: left">)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times 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>

<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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Starting from 2020, we present government grants, which are
received from local government to support and reward our ongoing business and operations, as other operating income instead of other
non-operating (loss)/income, net.</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>


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<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>

<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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
ended December 31, 2023 compared to year ended December 31, 2022</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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 0.25in; text-align: justify; text-indent: 0in"><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 0.25in; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenues decreased by 44.5% from RMB1,154.1 million in 2022 to RMB640.2 million (US$90.2 million) in 2023, primarily due to soft consumer
confidence and our continued strategy to refine our product selection across all categories and optimize our selection of suppliers and
merchants, which had a near-term impact on sales.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
average spending per buyer decreased from RMB1,658 in 2022 to RMB1,195 in 2023, primarily due to the negative impact of soft consumer
confidence and consumers were more inclined to stock up on necessities with lower unit prices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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>Revenue
                                            from sale of merchandise, net</i>. Our revenue from sale of merchandise, net decreased by
                                            48.2% from RMB965.8 million in 2022 to RMB500.7 million (US$70.5 million) in 2023, primarily
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                                            as well as the negative impact of soft consumer confidence.</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>

<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: 0.5in"/><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>Revenue
                                            from marketplace business</i>. Revenue from the marketplace business decreased by 23.7% from
                                            RMB170.6 million in 2022 to RMB130.2 million (US$18.3 million) in 2023, primarily due to
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                                            as well as the negative impact of soft consumer confidence.</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>

<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: 0.5in"/><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>Other
                                            revenues</i>. Other revenues decreased by 47.5% from RMB17.7 million in 2022 to RMB9.3 million
                                            (US$1.4 million) in 2023.</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: italic bold 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">Operating
cost and expenses</span></p>

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total operating cost and expenses decreased by 41.3% from RMB1,254.3 million in 2022 to RMB735.8 million (US$103.7 million) in 2023.
This decrease was due to decreases in all of our operating cost and expenses line items.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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>Cost
                                            of revenues</i>. Our cost of revenues decreased by 48.9% from RMB651.6 million, representing
                                            56.5% of our total revenues, in 2022 to RMB332.8 million (US$46.9 million), representing
                                            52.0% of our total revenues, in 2023, which was mainly attributable to the change in merchandise
                                            sales, for which revenues and cost of revenues are recognized on a gross basis.</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>

<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: 0.5in"/><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>Fulfillment
                                            expenses</i>. Our fulfillment expenses decreased by 33.1% from RMB160.7 million, representing
                                            13.9% of our total revenues, in 2022 to RMB107.5 million (US$15.1 million), representing
                                            16.8% of our total revenues, in 2023. This decrease was primarily attributable to (i) reduced
                                            warehousing and logistics expenses due to lower merchandise sales, (ii) reduced personnel
                                            costs as a result of staffing structure refinements, and (iii) decreased service fees charged
                                            by third-party payment settlement platforms.</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>

<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: 0.5in"/><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>Sales
                                            and marketing expenses</i>. Our sales and marketing expenses decreased by 43.6% from RMB214.8
                                            million, representing 18.6% of our total revenues, in 2022 to RMB121.0 million (US$17.1 million),
                                            representing 18.9% of our total revenues, in 2023. The decrease in sales and marketing expenses
                                            was primarily attributable to (i) a decrease in member management fees, and (ii) reduced
                                            business promotion expenses.</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>

<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: 0.5in"/><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>Technology
                                            and content expenses</i>. Our technology and content expenses decreased by 34.3% from RMB81.4
                                            million, representing 7.1% of our total revenues, in 2022 to RMB53.5 million (US$7.5 million),
                                            representing 8.4% of our total revenues, in 2023, primarily due to (i) the reduction in personnel
                                            costs as a result of staffing structure refinements, and (ii) reduced server costs.</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>

<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: 0.5in"/><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>General
                                            and administrative expenses</i>. Our general and administrative expenses decreased by 17.1%
                                            from RMB145.9 million, representing 12.6% of our total revenues, in 2022 to RMB121.0 million
                                            (US$17.1 million), representing 18.9% of our total revenues, in 2023. The decrease was primarily
                                            attributable to the reduction in personnel costs as a result of staffing structure refinements
                                            and share-based compensation expenses, partially offset by an increase in the allowance for
                                            credit losses.</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>


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<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>

<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"></span></p>

<p style="font: italic bold 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">Loss
from operations</span></p>

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
loss from operations was RMB80.6 million (US$11.4 million) in 2023, compared to RMB78.6 million in 2022 as a result of a decrease in
revenues, partially offset by improvements in our operating efficiency and increased gross margin.</span></p>

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

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial expense, net was RMB60.2 million (US$8.5 million) in 2023, compared to RMB14.4 million in 2022 as a result of a decrease in
fair value changes of equity securities investments.</span></p>

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

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recorded foreign exchange loss, net of RMB6.7 million (US$950 thousand) in 2023, compared to RMB15.7 million in 2022, as a result of
fluctuations of the exchange rates of Renminbi against U.S. dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
non-operating (loss)/income, net</span></p>

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recorded other non-operating loss, net of RMB2.4 million (US$339 thousand) in 2023, compared to other non-operating income, net of RMB2.1
million in 2022.</span></p>

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

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recorded income tax expense of RMB7.9 million (US$1.1 million) in 2023, compared to income tax expense of RMB24.8 million in 2022, primarily
due to the decrease in our income before income tax expense.</span></p>

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

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, we recorded net loss of RMB165.1 million (US$23.3 million) in 2023, compared to RMB138.4 million in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
ended December 31, 2022 compared to year ended December 31, 2021</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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 0.25in; text-align: justify; text-indent: 0in"><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 0.25in; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenues decreased by 46.5% from RMB2,155.4 million in 2021 to RMB1,154.1 million in 2022, primarily due to decreases in both our revenue
from sale of merchandise and revenue from marketplace business, which were primarily driven by our decision to upgrade our strategy to
refine our product selection across all categories as well as the negative impact of the outbreaks of the highly transmissible Delta
and Omicron variants of COVID-19 in 2022 on our operations. In line with our long-term growth strategy to focus on profitability, we
optimized our selection of suppliers and merchants across our platform, which caused sales decreases in both marketplace business and
merchandise sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
average spending per buyer decreased from RMB1,975 in 2021 to RMB1,658 in 2022, primarily due to the negative impact of COVID-19 on the
Chinese economy in 2022 which led to reduced consumer demand and consumers were more inclined to stock up on necessities with lower unit
prices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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>Revenue
                                            from sale of merchandise, net</i>. Our revenue from sale of merchandise, net decreased by
                                            46.3% from RMB1,798.9 million in 2021 to RMB965.8 million in 2022, primarily due to our decision
                                            to upgrade our strategy to refine our product selection across all categories as well as
                                            the negative impact of COVID-19 outbreak in 2022 on our operations as discussed above.</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>

<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: 0.5in"/><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>Revenue
                                            from marketplace business</i>. Revenue from the marketplace business decreased by 47.0% from
                                            RMB321.8 million in 2021 to RMB170.6 million in 2022, primarily due to due to our decision
                                            to upgrade our strategy to refine our product selection across all categories as well as
                                            the negative impact of COVID-19 outbreak in 2022 on our operations as discussed above.</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>


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<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>

<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>

<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: 0.5in"/><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>Other
                                            revenues</i>. Other revenues decreased by 48.8% from RMB34.6 million in 2021 to RMB17.7 million
                                            in 2022.</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: italic bold 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">Operating
cost and expenses</span></p>

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total operating cost and expenses decreased by 42.8% from RMB2,192.4 million in 2021 to RMB1,254.3 million in 2022. This decrease was
due to decreases in all of our operating cost and expenses line items.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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>Cost
                                            of revenues</i>. Our cost of revenues decreased by 51.5% from RMB1,343.4 million, representing
                                            62.3% of our total revenues, in 2021 to RMB651.6 million, representing 56.5% of our total
                                            revenues, in 2022, which was mainly attributable to the decline in merchandise sales, for
                                            which revenues are recognized on a gross basis. Total cost of revenues was mainly comprised
                                            of the costs related to the sales of merchandise.</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>

<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: 0.5in"/><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>Fulfillment
                                            expenses</i>. Our fulfillment expenses decreased by 20.5% from RMB202.0 million, representing
                                            9.4% of our total revenues, in 2021 to RMB160.7 million, representing 13.9% of our total
                                            revenues, in 2022. This decrease was primarily attributable to (i) reduced warehousing and
                                            logistics expenses due to lower merchandise sales, and (ii) decreased service fees charged
                                            by third-party payment settlement platforms.</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>

<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: 0.5in"/><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>Sales
                                            and marketing expenses</i>. Our sales and marketing expenses decreased by 27.5% from RMB296.0
                                            million, representing 13.7% of our total revenues, in 2021 to RMB214.8 million, representing
                                            18.6% of our total revenues, in 2022. The decrease in sales and marketing expenses was primarily
                                            attributable to (i) the reduction in personnel costs as a result of staffing structure refinements,
                                            (ii) a decrease in member management fees, and (iii) a decrease in marketplace business platform
                                            promotion expenses, partially offset by an increase in private label promotion expenses.</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>

<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: 0.5in"/><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>Technology
                                            and content expenses</i>. Our technology and content expenses decreased by 34.8% from RMB124.9
                                            million, representing 5.8% of our total revenues, in 2021 to RMB81.4 million, representing
                                            7.1% of our total revenues, in 2022, primarily due to (i) the reduction in personnel costs
                                            as a result of staffing structure refinements, and (ii) reduced cloud services costs.</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>

<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: 0.5in"/><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>General
                                            and administrative expenses</i>. Our general and administrative expenses decreased by 35.5%
                                            from RMB226.1 million, representing 10.5% of our total revenues, in 2021 to RMB145.9 million,
                                            representing 12.6% of our total revenues, in 2022. The decrease was primarily attributable
                                            to (i) reduced personnel costs as a result of staffing structure refinements, (ii) lower
                                            professional service fees, and (iii) a decrease in share-based compensation expenses.</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: italic bold 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">Income/(loss)
from operations</span></p>

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
loss from operations was RMB78.6 million in 2022, compared to our income from operations RMB17.4 million in 2021 as a result of a decrease
in revenues, partially offset by improvements in our operating efficiency and increased gross margin.</span></p>

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

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial expense, net was RMB14.4 million in 2022, compared to financial income, net of RMB80.1 million in 2021 as a result of a decrease
in fair value changes of equity securities investments.</span></p>

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

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recorded foreign exchange loss, net of RMB15.7 million in 2022, compared to RMB1.3 million in 2021, as a result of fluctuations of the
exchange rates of Renminbi against U.S. dollars.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
non-operating (loss)/income, net</span></p>

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recorded other non-operating income, net of RMB2.1 million in 2022, compared to other non-operating income, net of RMB112.9 million in
2021.</span></p>

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

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recorded income tax expense of RMB24.8 million in 2022, compared to income tax expense of RMB60.5 million in 2021, primarily due to the
decrease in our income before income tax expense.</span></p>

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

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, we recorded net loss of RMB138.4 million in 2022, compared to net income of RMB132.3 million in 2021.</span></p>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
adopted ASC Topic 606, &#8220;Revenue from Contracts with Customers,&#8221; for all periods presented. Consistent with the criteria of
Topic 606, we recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration
to which we expect to receive in exchange for those goods or services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
achieve that core principle, we apply the five steps defined under Topic 606: (i) identify the contract(s) with a customer, (ii) identify
the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance
obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We assess its revenue
arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple
performance obligations are divided into separate distinct goods or services. We allocate the transaction price to each performance obligation
based on the relative standalone selling price of the goods or services provided. Revenue is recognized upon the transfer of control
of promised goods or services to a customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is recorded net of value-added tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
recognition policies for each type of revenue steam are as follows:</span></p>

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

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
primarily sell merchandise through its Yunji Apps. We present the revenue generated from its sales of merchandise on a gross basis as
we have control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. In making this
determination, we also assess whether it is primarily obligated in these transactions, is subject to inventory risk, has latitude in
establishing prices, or has met several but not all of these indicators. The cash collected from the sales of merchandise is initially
recorded in deferred revenue in the Consolidated Balance Sheets and subsequently recognized as revenue when the receipt of merchandise
is confirmed by the customers, which is the point that the control of the merchandise is transferred to the customer. For products sold
through independent distributors, or the distribution sales, control is transferred upon acceptance, based on the contract terms. The
revenue is recorded net of value-added tax, discounts, coupons, incentives and return allowances. Return allowances are estimated based
on historical experiences and updated at the end of each reporting period.</span></p>

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

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2019, we launched our marketplace business model, under which we operate our e-commerce platform, Yunji app, as a marketplace for third-party
merchants to sell their merchandise to the users of Yunji app. When the transactions are completed on the Yunji app, we charge merchants
commissions at their respective agreed percentage of the amount of merchandise sold by merchants. We act as an agent in these transactions
and do not control the underlying merchandise provided by merchants before they are transferred to users, as we are not responsible for
fulfilling the promise to provide the merchandise to users and have no inventory risk. In addition, we have no discretion in establishing
prices of the merchandise provided by merchants. Revenues are recognized on a net basis to the extent of the commissions we earn at the
point of users&#8217; acceptance of merchandise.</span></p>

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


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<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>

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

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remaining performance obligations associated with our sale of merchandise represent the cash collected upfront from the customers for
their purchase of merchandise on our apps, but the underlying merchandise has not yet been received by the customers, which is included
in the presentation of deferred revenue and are expected to be recognized as revenue when the receipt of merchandise is confirmed by
the customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remaining performance obligations associated with our marketplace revenue represents the portion of commissions included in the payment
collected from the users for their purchase of merchandise on the Yunji app on behalf of the merchants, but the underlying merchandise
has not yet been received by the users, which is included in the presentation of deferred revenue and are expected to be recognized as
revenue when the transactions are completed.</span></p>

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

<p style="font: italic bold 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer loans to qualified customers, including the merchants, and changes an interest based on the principal through factoring arrangements.
We extend loans to merchants for their expected orders in addition to the loans to the same merchants who factored their accounts receivable
generated from their transactions completed on Yunji app with recourse. We also extend loans to unrelated customers who factored their
accounts receivable derived from their own business with recourse. We record factoring receivables, which is included in accounts receivable,
when the cash is advanced to the customers. The interests are recognized over the term of loans, normally one year or less. From cash
flow perspective, when we have legal rights to net settle the factoring receivables from merchants with its payable to merchants, we
settle the factoring receivables with the payables to the same merchant respectively, provided by the legal rights as per agreement between
the two parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also provide technical services, advertising services and membership services to customers. The service revenues mainly represent the
service fees from third parties that are recognized over the service period.</span></p>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
grant certain units of Yun-coin and other coupons (collectively referred to as coupons), from time to time, to our customers at our discretion
in different situations. Yun-coins are not redeemable for cash and can be used as a coupon for the customer&#8217;s future purchase on
our Yunji app. The coupons granted are not concurrent with a revenue transaction, thus not accounted for when they are granted and are
recognized as a reduction of revenue when they are applied in future sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Starting
from 2019, in order to promote our marketplace business, from time to time, we at our own discretion issues coupons in various forms
to users without any concurrent transactions in place or any substantive action needed from the recipient. These coupons can be used
in purchase of goods in a broad range of merchants as an immediate discount of their next purchase, some of which can only be used when
the purchase amount exceeds pre-defined threshold. We settle with the merchants in cash for the coupons used by the users. As the users
are required to make purchases of the merchants&#8217; merchandises to redeem the coupons, we recognize the amounts of redeemed coupons
as sales and marketing expenses when the purchases are made.</span></p>

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

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

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consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventory is determined
using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable
value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand,
and promotional environment. Write-downs of RMB25.7 million, RMB4.8 million and RMB9.3 million (US$1.3 million) are recorded in cost
of revenues in the consolidated statements of comprehensive (loss)/income 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 19, 2017, we adopted the 2017 Share Incentive Plan, or the 2017 Plan, which allows the compensation committee to grant options
and restricted share units to our directors and employees, and other personnel to acquire our ordinary shares at an exercise price as
determined by the compensation committee at the time of grant. The 2017 Plan was amended and restated in its entirety in March 2019,
and is referred to as the 2019 Plan. The awards granted and outstanding under the 2017 Plan survive the termination of the 2017 Plan
and remain effective and binding under the 2019 Plan. See &#8220;Item 6. Directors, Senior Management and Employees&#8212;B. Compensation
of Directors and Executive Officers&#8212;2019 Share Incentive Plan.&#8221; Under the 2019 Plan, 227,401,861 ordinary shares were authorized
and reserved for issuance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
adoption of the 2017 Plan, which was subsequently replaced by the 2019 Plan in March 2019, we granted options and restricted share units
to our employees. All options and restricted share units granted have a contractual term of six years from the grant date, and vest over
a period of four years of continuous service, half (1/2) of which vest upon the second anniversary of the stated vesting commencement
date and one-fourth (1/4) of the remaining will vest upon the third and fourth anniversaries of the stated vesting commencement date.
Under the 2017 Plan and the 2019 Plan, which replaced the 2017 plan in its entirety in March 2019, options are exercisable subject to
the grantee&#8217;s continuous service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
accounted for the share based compensation costs on a straight-line bases over the requisite service period for the award based on the
fair value on their respectively grant date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 31, 2019, we granted 4,968,000 stock options and 14,925,000 restricted share units to our directors and employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 3, 2019, we granted 720,000 stock options to certain independent directors. In addition, on May 3, 2019, we were authorized by our
board of directors to grant stock options and restricted share units to non-employees under the 2019 Plan, and granted options to purchase
an aggregate of 10,409,050 Class A ordinary shares and 3,332,040 restricted share units to non-employees by batches during the year ended
December 31, 2019.</span></p>

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

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January 1 2020, we granted 356,210 and 49,964,000 restricted share units to two external consultants and our employees, respectively.
In addition, on July 1, 2020, we granted 13,890,000 restricted share units to our directors and employees.</span></p>

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

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January 1, 2021 and February 1, 2021, we granted 29,170,000 and 26,818,000 RSUs to our employees, respectively. In addition, on February
1, 2021, we modified the exercise price and vesting schedules of certain stock options.</span></p>

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

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January 1, 2022 and August 1, 2022, we granted 8,690,000 and 1,160,000 RSUs to our employees, respectively.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><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 underlying awards and the estimated fair
value of the underlying stock at each reporting date (December 31, 2021: US$0.06, December 31, 2022: US$0.08, December 31, 2023: US$0.71).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use the Binominal option pricing model to estimate the fair value of stock options. The assumptions used to value our options modified
were as follow:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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%">
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    <td style="text-align: left">Expected forfeiture rate (post-vesting)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free
interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at
the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable
companies with a time horizon close to the expected expiry of the term of the options. We have never declared or paid any cash dividends
on its capital stock, and we do not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of
the options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation expense is recorded on a straight-line basis over the requisite service period, which is generally four years from the date
of grant. We recognized share-based compensation expenses of RMB20.8 million, RMB1.8 million and share-based compensation benefits of
RMB5.6 million for share options granted under the 2017 Plan and the 2019 Plan, which replaced the 2017 Plan in its entirety in March
2019, in the consolidated statements of comprehensive (loss)/income for the years ended 2021, 2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, 2022 and 2023, there were RMB2.6 million, RMB0.6 million and RMB1.0 thousand, respectively, in total unrecognized
compensation expense, related to unvested share options, which we expect to be recognized over a weighted average period of 0.95, 0.4
and 0.08 years, respectively. The unrecognized compensation expense may be adjusted for future changes in actual forfeitures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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: 132; Value: 2 -->
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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Restricted share units</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of activities of the service-based restricted share units for the years ended December 31, 2021, 2022 and 2023 is presented below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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"></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="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of each restricted share units granted with service conditions is estimated based on the fair market value of the underlying
our ordinary shares on the date of grant.</span></p>

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

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of December 31, 2021, 2022 and 2023, 12,908,750 restricted share units, 10,326,250 restricted share units and 1,587,950 restricted share
units were vested. For the years ended December 31, 2021, 2022 and 2023, our total share-based compensation expenses recognized for the
restricted share units granted were RMB35.1 million, RMB28.3 million and RMB4.7 million, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, 2022 and 2023, there were RMB60.2 million, RMB14.6 million and RMB3.5 million in total unrecognized compensation
expense, related to unvested RSUs, which we expect to be recognized over a weighted average period of 2.55, 1.87 and 1.17 years, respectively.</span></p>

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

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of December 31, 2022 and 2023, information about inputs into the fair value measurement of our assets and liabilities that are measured
or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:</span></p>

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

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
available, we use quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available,
we will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters,
such as interest rates and currency rates. The following is a description of the valuation techniques that we use to measure the fair
value of assets that we report in our consolidated balance sheets at fair value on a recurring basis:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short-term
investments. </i>Short-term investment consists of wealth management products and time deposits, which are valued by us on a recurring
basis. We value our short-term wealth management products investments held in certain banks using model-derived valuations based upon
discounted cash flow, in which significant inputs, mainly including expected return, are observable or can be derived principally from,
or corroborated by, observable market data, and accordingly, we classify the valuation techniques that use these inputs as Level 2. The
expected return of the financial products were determined based on the prevailing interest rates in the market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Long-term
investments. </i>Equity securities with readily determinable fair values are measured and recorded at fair value on a recurring basis
with changes in fair value. We value these equity securities at its quoted prices in stock market, and accordingly we classify the valuation
techniques that use these inputs as Level 1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use measurement alternative for recording equity investments without readily determinable fair values at cost, less impairment, adjusted
for subsequent observable price changes. Based on ASU 2016-01, entities that elect the measurement alternative will report changes in
the carrying value of the equity investments in current earnings. If measurement alternative is used, changes in the carrying value of
the equity investment will be recognized whenever there are observable price changes in orderly transactions for the identical or similar
investment of the same issuer, and impairment charges will be recorded when any impairment indicators are noted and the fair value is
lower than the carrying value. We classify the valuation techniques on investments that use similar identifiable transaction prices as
Level 2 of fair value measurements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently
Issued Accounting Pronouncements</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
list of recently issued accounting pronouncements that are relevant to us is included in note 2 of our 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
<span style="text-decoration: underline">Liquidity and Capital Resources</span></span></p>

<p style="font: bold 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a summary of our cash flows for the periods presented:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, our primary sources of liquidity have been issuances of equity securities in our initial public offering and historical private
placements. As of December 31, 2023, our cash, cash equivalents and restricted cash were RMB544.7 million (US$76.7 million). Our cash
and cash equivalents consist of currency on hand, deposits held by financial institutions that can be added to or withdrawn without limitation,
and short-term, highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the
date of purchase of three months or less. Cash held in accounts with third-party online payment platforms are recorded as other receivables.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
accounts payable include merchandise purchase payables, warehouse and logistics fees payables and payable to merchants representing the
unpaid balances to the merchants of cash collected by us on behalf of the merchants for products sold on our platform when we are viewed
as the agent in the sales arrangement. As of December 31, 2021, 2022 and 2023, our accounts payable amounted to RMB254.8 million, RMB138.9
million and RMB96.8 million (US$13.6 million), respectively. These changes were primarily contributed by the changes in merchandise purchase
payables, which decreased from RMB150.2 million as of December 31, 2021 to RMB87.5 million as of December 31, 2022 and further decreased
to RMB61.0 million (US$8.6 million) as of December 31, 2023. These decreases were primarily due to decreases in merchandise sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
merchandise purchase payable turnover days were 59.3 days in 2021, 65.7 days in 2022, and 80.3 days in 2023. Merchandise purchase payable
turnover days for a given period equal to average merchandise purchase payable at the beginning and the end of the period divided by
cost of revenues during the period and then multiplied by the number of days during the period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, 2022 and 2023, our net inventories amounted to RMB84.5 million, RMB54.7 million and RMB42.7 million (US$6.0 million),
respectively. These decreases were primarily due to decreases in merchandise sales. Our inventory turnover days were 29.4 days in 2021,
38.4 days in 2022 and 52.7 days in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventory
turnover days for a given period equal to average inventory balances at the beginning and the end of the period divided by cost of revenues
during the period and then multiplied by the number of days during the period. Our inventory balances will fluctuate over time due to
a number of factors, including changes in our product mix. Our inventory balances typically increase when we prepare for special promotion
events, such as the special promotional campaign on our founding anniversary May 16 and the online shopping festival on November 11.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our current cash and cash equivalents and our anticipated cash flows from operations will be sufficient to meet our anticipated
working capital requirements and capital expenditures for at least the next 12 months from the date of this annual report. After this
report, we may decide to enhance our liquidity position or increase our cash reserve for future investments through additional capital
and finance funding. The issuance and sale of additional equity would result in further dilution to our shareholders. The incurrence
of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations.
We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had RMB544.7 million (US$76.7 million) in cash, cash equivalents and restricted cash, of which approximately
18.8% were held in Renminbi, 80.7% in U.S. dollars, and the remainder in other currencies.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we consolidate the results of the VIEs and their subsidiaries, we only have access to the assets or earnings of the VIEs and their subsidiaries
through our contractual arrangements with the VIEs and their shareholders. See &#8220;Item 4. Information on the Company&#8212;C. Organizational
Structure&#8212;Contractual Arrangements with the VIEs and Their Respective Shareholders.&#8221; For restrictions and limitations on
liquidity and capital resources as a result of our corporate structure, see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;B.
Liquidity and Capital Resources&#8212;Holding Company Structure.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
majority of our future revenues are likely to continue to be in the form of Renminbi. Under existing PRC foreign exchange regulations,
Renminbi may be converted into foreign exchange for current account items, including profit distributions, interest payments and trade-and
service-related foreign exchange transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that substantially all of our future revenues will be denominated in Renminbi. Under existing PRC foreign exchange regulations,
payments of current account items, including profit distributions, interest payments and trade and service-related foreign exchange transactions,
can be made in foreign currencies without prior SAFE approval as long as certain routine procedural requirements are fulfilled. Therefore,
our PRC subsidiaries are allowed to pay dividends in foreign currencies to us without prior SAFE approval by following certain routine
procedural requirements. However, approval from or registration with competent government authorities is required where the Renminbi
is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated
in foreign currencies. The PRC government may at its discretion restrict access to foreign currencies for current account transactions
in the future.</span></p>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities in 2023 was RMB188.3 million (US$26.5 million), as compared to net loss of RMB165.1 million (US$23.3
million) in the same period. In 2023, the principal items accounting for the difference between our net cash used in operating activities
and our net loss were (i) a decrease in incentive payables to members of RMB82.4 million (US$11.6 million), (ii) a decrease in accounts
payable of RMB42.1 million (US$5.9 million), (iii) a decrease in other payable and accrued liabilities of RMB41.0 million (US$5.8 million),
and (iv) an increase in accounts receivable of RMB39.4 million (US$5.5 million), partially offset by (i) a non-cash changes in fair value
for equity securities of RMB80.9 million (US$11.4 million), (ii) a non-cash allowance for credit losses of RMB37.1 million (US$5.2 million),
and (iii) a decrease in prepaid expenses and other current assets of RMB32.5 million (US$4.6 million). The decrease in incentive payables
to members was primarily due to the derecognition of long-aged payables to inactive members. The decrease in accounts payable was primarily
due to the decrease in merchandise sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities in 2022 was RMB216.8 million, as compared to net loss of RMB138.4 million in the same period. In 2022,
the principal items accounting for the difference between our net cash used in operating activities and our net loss were (i) a decrease
in accounts payable of RMB108.0 million, (ii) a decrease in deferred revenue of RMB84.0 million and (iii) a decrease in incentive payables
to members of RMB58.3 million, partially offset by (i) a decrease in prepaid expenses and other current assets of RMB95.2 million and
(ii) a non-cash changes in fair value for equity securities of RMB35.2 million. The decrease in accounts payable was primarily due to
the decrease in merchandise sales. The decrease in deferred revenue was primarily due to the decrease in deferred merchandise revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities in 2021 was RMB26.0 million, as compared to net income of RMB132.3 million in the same period. In 2021,
the principal items accounting for the difference between our net cash used in operating activities and our net income were (i) a decrease
in accounts payable of RMB212.7 million, (ii) a non-cash gain on disposal of long-term investments and subsidiaries of RMB112.4 million
and (iii) a decrease in other payable and accrued liabilities of RMB84.9 million, partially offset by (i) a non-cash shared-based compensation
of RMB55.9 million and (ii) an increase in deferred revenue of RMB54.9 million. The decrease in accounts payable was primarily due to
the decrease in merchandise sales. The gain on disposal of long-term investments and subsidiaries was primarily due to our investment
in a fast-growing dairy company in China.</span></p>

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


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<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>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash generated from investing activities in 2023 was RMB294.0 million (US$41.4 million), primarily due to (i) cash received from maturity
of short-term investments of RMB214.4 million (US$30.2 million), (ii) cash received from repayment of loans provided to third parties
of RMB83.4 million (US$11.8 million), and (iii) cash received from factorings services of RMB50.7 million (US$7.1 million), partially
offset by cash paid for long-term investments of RMB40.8 million (US$5.7 million).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash generated from investing activities in 2022 was RMB92.6 million, primarily due to (i) cash received from maturity of short-term
investments of RMB651.4 million and (ii) cash received from factorings services of RMB102.4 million, partially offset by cash paid for
short-term investments of RMB465.2 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities in 2021 was RMB513.8 million, primarily due to (i) cash paid for short-term investments of RMB377.8
million, (ii) cash paid for long-term investments of RMB198.8 million, (iii) cash paid for factorings services of RMB194.1 million and
(iv) cash paid for loans provided to third parties of RMB159.2 million, partially offset by (i) cash received from factorings services
of RMB169.0 million, (ii) cash received from disposal of long-term investments of RMB135.9 million and (iii) cash received from maturity
of short-term investments of RMB126.6 million.</span></p>

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

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities in 2023 was RMB25.3 million (US$3.6 million), which consists of cash paid for repurchase of common
stocks of RMB21.0 million (US$3.0 million) and cash paid for reverse stock splits expense of RMB4.3 million (US$0.6 million).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities in 2022 was RMB94.6 million, primarily due to cash paid for repurchase of common stocks of RMB95.4
million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities in 2021 was RMB463 thousand, primarily due to cash paid to non-controlling shareholders for acquisition
of equity shares in subsidiaries of RMB1.2 million, partially offset by net proceeds from exercise of share options of RMB1.0 million.</span></p>

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

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
material cash requirements as of December 31, 2023 and any subsequent interim period mainly include capital expenditures and operating
lease obligations.</span></p>

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

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capital expenditures were RMB87.0 million, RMB92.3 million and RMB12.4 million (US$1.7 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating lease obligations relate to our leases of offices and operation space. The following table sets forth our operating lease obligations
as of December 31, 2023.</span></p>

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

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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">4,598</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">4,018</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to fund our existing and future material cash requirements with our existing cash balance and cash flow from operating activities.
We will continue to make cash commitments, including capital expenditures, to support our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition,
we have not entered into any derivative contracts that are indexed to our shares and classified as shareholder&#8217;s equity or that
are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets
transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable
interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing,
hedging or product development services with us.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as shown above, we did not have any significant capital and other commitments, long-term obligations or guarantees as of December
31, 2023.</span></p>

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

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunji
Inc. is a holding company with no material operations of its own. We conduct our operations primarily through our PRC subsidiaries, the
VIEs and their subsidiaries in China. As a result, our 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 its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations.
Under PRC law, each of our subsidiaries and the VIEs and their subsidiaries in China is 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 their registered capital. In
addition, our wholly foreign-owned subsidiaries in China may allocate a portion of their after-tax profits based on PRC accounting standards
to enterprise expansion funds and staff bonus and welfare funds at their discretion, and the VIEs and their subsidiaries may allocate
a portion of its after-tax profits based on PRC accounting standards to a 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; 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 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
<span style="text-decoration: underline">Research and Development, Patents and Licenses, Etc. </span></span></p>

<p style="font: bold 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; text-indent: 0.5in"><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;Technology&#8221; and &#8220;Item 4. Information On the Company&#8212;B.
Business Overview&#8212;Intellectual Property.&#8221;</span></p>

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

<p style="font: bold 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; text-indent: 0.5in"><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 period since January 1, 2024 that are reasonably likely to have a material adverse effect on our net sales or revenues, income from
continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily
to be indicative of future operating results or financial condition.</span></p>

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

<p style="font: bold 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
discussion and analysis of our financial condition and results of operations relates to our consolidated financial statements, which
have been prepared in accordance with United States of America generally accepted accounting principles, or the 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 on-going 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; 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; text-indent: 0.5in"><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 our 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; 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; text-indent: 0.5in"><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 &#8220;Note 2&#8212;Summary of Significant
Accounting Policies&#8221; of our consolidated financial statements included elsewhere in this annual report. You should read the following
description of critical accounting estimates in conjunction with our 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowance
for credit losses</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allowance for credit losses represents our estimate of the expected lifetime credit losses over the remaining expected life of our financial
assets measured at amortized cost as of the balance sheet date. The allowance for credit losses comprises:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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
                                            allowance for credit losses on accounts receivable;</span></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">&#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; width: 0.5in"/><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
                                            allowance for credit losses on prepaid expenses and other current assets and other non-current
                                            assets.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nature
of Estimates Required. The allowance for credit losses involves significant judgment on a number of matters including development and
weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of
risk ratings, valuation of collateral, non-performing loan ratio of commercial banks by industry and the forward-looking macroeconomic
conditions. Refer to Note 2.12 of our consolidated financial statements included elsewhere in this annual report for further information
on these judgments as well as our policies and methodologies used to determine the allowance for credit losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Assumptions
Used. </i>Our allowance for credit losses is based on our assumptions regarding:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">Probability
                                            of default. The expected probability of payment and time to default, which include assumptions
                                            about macroeconomic factors and recent performance; 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">&#160;</td><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; width: 0.5in"/><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">Loss
                                            given default. The percentage of the expected balance due at default that is not recoverable.
                                            The loss given default takes into account expected collateral value and future recoveries;
                                            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">&#160;</td><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; width: 0.5in"/><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-performing
                                            loan ratio of commercial banks by industry; 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">&#160;</td><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; width: 0.5in"/><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">Forward-looking
                                            macroeconomic conditions used in our models are country specific and include variables such
                                            as consumer price index, producer price index, and gross domestic product.</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>

<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>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><span id="p_011"></span>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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><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; 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: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Executive Officers</b></span></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: 8%"><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>Age</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: 56%"><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>Position/Title</b></span></p></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">Shanglue
    Xiao</span></td>
    <td>&#160;</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">45</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Board of Directors and Chief Executive Officer</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">Dan
    Li</span></td>
    <td>&#160;</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">42</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</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">Li-Lan
    Cheng</span></td>
    <td>&#160;</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">59</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</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">Xuefeng
    Chen</span></td>
    <td>&#160;</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">44</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</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">Chen
    Chen</span></td>
    <td>&#160;</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">43</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</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">Yeqing
    Cui</span></td>
    <td>&#160;</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">32</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Financial Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Shanglue Xiao </i>is our founder, and has served as the chairman of our board of directors and chief executive officer since our inception.
Xiao is a serial entrepreneur with more than 15 years of experience in the e-commerce industry. Prior to founding our company, Mr. Xiao
founded the Xiaoye Perfume, an online cosmetics retailer in China, in 2003. Mr. Xiao received his EMBA from China Europe International
Business School.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ms.
Dan Li </i>has served as our director since October 2021. Ms. Li is a managing director at CDH Investments Management (Hong Kong) Limited,
where she has been employed since August 2014. Ms. Li served as a senior manager and director in Dinghui Investment Management (Tianjin)
Company Limited from May 2012 to July 2014 and as a manager in the private asset management department of Ping An Trust from October
2010 to April 2012. Ms. Li obtained her bachelor&#8217;s degree in accounting from the Civil Aviation University of China in 2003 and
her Master of Business Administration degree from Concordia University in Canada in 2007. Ms. Li is a Chartered Financial Analyst with
the CFA Institute and a Hong Kong SFC licensed representative (Type 1 and 4).</span></p>

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


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<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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Li-Lan Cheng </i>has served as our director since May 2019. Mr. Cheng has served as the acting chief financial officer of Leju Holdings
Limited (NYSE: LEJU) since June 2017. Mr. Cheng also served as Leju&#8217;s executive director from March 2014 to March 2017. Mr. Cheng
has served as the chief operating officer of E-House (China) Holdings Limited, a real estate services company in China, since April 2012.
He was E-House&#8217;s chief financial officer from November 2006 to April 2012. Prior to joining E-House, Mr. Cheng served as the chief
financial officer of SouFun Holdings Limited, a real estate internet company in China, from 2005 to 2006. From 2002 to 2004, Mr. Cheng
served as an executive director and the chief financial officer of SOHO China Limited, a real estate developer in Beijing. Mr. Cheng
was an assistant director and the head of the Asian transportation sector investment banking group of ABN AMRO Asia from 1997 to 2002.
Mr. Cheng currently serves as an independent director of 51job, Inc. (NASDAQ: JOBS), a human resource service provider, an independent
director of LAIX Inc. (NYSE: LAIX), an artificial intelligence company for English language training, and an executive director of E-House
(China) Enterprise Holdings Limited (2048.HK), a real estate transaction service provider in China. Mr. Cheng received a bachelor&#8217;s
degree in Economics from Swarthmore College and a Ph.D. degree in Economics from the Massachusetts Institute of Technology. Mr. Cheng
is a chartered financial analyst (CFA).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Xuefeng Chen</i> has served as our director since September 2023. Mr. Chen joined Shenzhen Tiantu Capital Co., Ltd., or Tiantu, in 2015
and currently serves as its Managing Director and Head of Investment and Financing Management Department. He is responsible for fund
management and post-investment project management. Prior to joining Tiantu, Mr. Chen served as a vice president of Shenzhen Jinxin Industrial
Group from 2012 to 2015. He served as a partner at Guangdong Ruiting Law Firm from 2010 to 2012, accumulating rich capital market experience.
Prior to that, he worked at Guangdong Jundao Law Firm from 2007 to 2010. Mr. Chen is a certified public accountant and a certified tax
agent. He received his bachelor&#8217;s degree in law from Southwest University of Political Science and Law in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Chen Chen</i> has served as our director since January 2024. Mr. Chen has served as a director of ATRenew Inc., or ATRenew (NYSE: RERE)
since May 2021. Mr. Chen joined ATRenew as a chief financial officer in January 2021 and currently serves as president and chief financial
officer of ATRenew and oversees group finance, accounting and tax, capital markets, and public affairs functions. Prior to joining ATRenew,
Mr. Chen served as the chief financial officer of Yunji Inc. from May 2018 to December 2020. Prior to that, Mr. Chen was a partner at
Deloitte and served various positions at Deloitte since July 2002. Mr. Chen currently also serves as an independent director and the
chairman of the audit committee of Q&amp;K International Group Limited, and an independent non-executive director and the chairman of
the audit committee of Zhou Hei Ya International Holdings Company Limited (HKEx: 1458). Mr. Chen is a member of China Institute of Certified
Public Accountants (CICPA). Mr. Chen received his bachelor&#8217;s degree from Shanghai Jiaotong University.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mr.
Yeqing Cui</i> has served as our senior financial director since August 2023. Mr. Cui has extensive finance experience and has held various
roles in the Company since joining Yunji in May 2018, including Audit Manager, Senior Finance Manager, Financial Director and Senior
Finance Director. Prior to joining the Company, he worked at Deloitte Touche Tohmatsu Certified Public Accountants LLP for five years
from October 2013 to January 2018. Mr. Cui received his bachelor&#8217;s degree in economics from Shanghai University of International
Business and Economics in 2013.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.25in"><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
                                            of Directors and Executive Officers</span></b></span></td></tr></table>

<p style="font: bold 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal year ended December 31, 2023, we paid an aggregate of RMB2.0 million (US$0.3 million) in cash to our executive officers, and
we did not pay any compensation to our non-executive directors. 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 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.</span></p>

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


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<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>&#160;</b></span></p>

<p style="font: bold 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">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; 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: 0.5in"><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, for certain acts of the executive officer,
such as continued failure to satisfactorily perform, willful misconduct or gross negligence in the performance of agreed duties, conviction
or entry of a guilty or nolo contendere plea of any felony or any misdemeanor involving moral turpitude, or dishonest act that results
in material to our detriment or material of the employment agreement. We may also terminate an executive officer&#8217;s employment without
cause upon 60-day advance written notice. In such case of termination by us, we will provide severance payments to the executive officer
as may be agreed between the executive officer and us. The executive officer may resign at any time with a 60-day advance written notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
executive officer has agreed to hold, both during and 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 clients or prospective
clients, 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 right, title and interest 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; 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; text-indent: 0.5in"><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) solicit from any customer doing business with us during the effective term of the employment agreement business of the same or
of a similar nature to our business; (ii) solicit from any of our known potential customer business of the same or of a similar nature
to that which has been the subject of our known written or oral bid, offer or proposal, or of substantial preparation with a view to
making such a bid, proposal or offer; (iii) solicit the employment or services of, or hire or engage, any person who is known to be employed
or engaged by us; or (iv) otherwise interfere with our business or accounts, including, but not limited to, with respect to any relationship
or agreement between any vendor or supplier and us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have also entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree
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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019
Share Incentive Plan</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2019, we adopted the 2019 Share Incentive Plan, or the 2019 Plan, which replaced the 2017 Plan in its entirety. The awards granted
and outstanding under the 2017 Plan survive the termination of the 2017 Plan and remain effective and binding under the 2019 Plan. The
maximum aggregate number of ordinary shares that may be issued under 2019 Plan is initially 227,401,861 ordinary shares, which shall
be increased by a number equal to 1% of the then total issued and outstanding ordinary shares on an as-converted and fully diluted basis,
on each of the first, second, third, fourth and fifth anniversary of the date of effectiveness of the 2019 Plan. As of February 29, 2024,
options to purchase a total of 14,355,570 Class A ordinary shares and 14,114,750 restricted share units were outstanding under the 2019
Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following paragraphs summarize the principal terms of the 2019 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Type
of Awards. </i>The 2019 Plan permits the awards of options, restricted share units, restricted shares, share appreciation rights, dividend
equivalents and share payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Plan
Administration. </i>Our board of directors or a committee appointed by the board of directors will administer the 2019 Plan. The plan
administrator will determine the participants to receive awards, the type and number of awards to be granted to each participant, and
the terms and conditions of each grant.</span></p>

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


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<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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Award
Agreement. </i>Awards granted under the 2019 Plan are evidenced by an award agreement that sets forth the terms, conditions and limitations
for each award, which may include the term of the award, the provisions applicable in the event that the grantee&#8217;s employment or
service terminates, and our authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind the award.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Eligibility.
</i>We may grant awards to our directors, employees, consultants and members.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vesting
Schedule. </i>In general, the plan administrator determines the vesting schedule, which is specified in the relevant award agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise
of Options. </i>The plan administrator determines the exercise price for each award, which is stated in the relevant award agreement.
Options that are vested and exercisable will terminate if they are not exercised prior to the time as the plan administrator determines
at the time of grant. However, the maximum exercisable term is ten years from the date of effectiveness of the 2019 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transfer
Restrictions. </i>Awards may not be transferred in any manner by the participant other than in accordance with the exceptions provided
in the 2019 Plan or the relevant award agreement or otherwise determined by the plan administrator, such as transfers by will or the
laws of descent and distribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Termination
and Amendment of the 2019 Plan. </i>Unless terminated earlier, the 2019 Plan has a term of ten years from the date of effectiveness of
the 2019 Plan. Our board of directors has the authority to terminate, amend, suspend or modify the 2019 Plan in accordance with our articles
of association. However, without the prior written consent of the participant, no such action may adversely affect in any material way
any award previously granted pursuant to the 2019 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes, as of February 29, 2024, the number of ordinary shares underlying outstanding options and restricted share
units that we granted to our current directors and executive officers.</span></p>

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

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<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>

<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">Note:</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">*
All awards granted to such director or officer were less than 1% of our total ordinary shares on an as-converted basis outstanding
as of the date of this annual report.</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 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">Represents
                                            restricted share units.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of February 29, 2024, our employees, other than our directors and executive officers held options to purchase 196,490 Class A ordinary
shares, with exercise prices ranging from US$0.1 per share to US$0.5 per share and 10,400,250 restricted share units.</span></p>

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


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<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>&#160;</b></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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors consists of five directors. A director is not required to hold any shares in our company by way of qualification.
A director who is in any way, whether directly or indirectly, interested in a contract or transaction or proposed contract or transaction
with our company is required to declare the nature of his interest at a meeting of our directors. Subject to the Nasdaq Stock Market
Rules and disqualification by the chairman of the relevant board meeting, a director may vote in respect of any contract or transaction
or proposed contract or transaction notwithstanding that he may be interested therein, and if he does so his vote shall be counted and
he shall be counted in the quorum at any meeting of our directors at which any such contract or transaction or proposed contract or transaction
is considered. Our directors may exercise all the powers of our company to raise or borrow money and to mortgage or charge its undertaking,
property and assets (present and future) and uncalled capital or any part thereof, to issue debentures, debenture stock, bonds and other
securities, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party.</span></p>

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

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have established three committees under the board of directors: an audit committee, a compensation committee and a nominating and corporate
governance committee. We have adopted a charter for each of the three committees. Each committee&#8217;s members and functions are described
below.</span></p>

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Committee. </i>Our audit committee consists of Mr. Li-Lan Cheng, Mr. Chen Chen and Mr. Xuefeng Chen. Mr. Li-Lan Cheng is the chairman
of our audit committee. We have determined that Mr. Li-Lan Cheng, Mr. Chen Chen and Mr. Xuefeng Chen satisfy the &#8220;independence&#8221;
requirements of the Nasdaq Stock Market Rules and Rule 10A- under the Exchange Act. We have determined that Mr. Li-Lan Cheng qualifies
as an &#8220;audit committee financial expert.&#8221; The audit committee will oversee our accounting and financial reporting processes
and the audits of the financial statements of our company. The audit committee is responsible for, among other things:</span></p>

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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><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">reviewing
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><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">monitoring
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<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>

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Committee. </i>Our compensation committee consists of Mr. Li-Lan Cheng, Mr. Chen Chen and Mr. Xuefeng Chen. Mr. Li-Lan Cheng is the chairman
of our compensation committee. We have determined that Mr. Li-Lan Cheng, Mr. Chen Chen and Mr. Xuefeng Chen satisfy the &#8220;independence&#8221;
requirements of the Nasdaq Stock Market Rules. The compensation committee will assist the board in reviewing and approving the compensation
structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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">
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<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>


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<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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nominating
and Corporate Governance Committee. </i>Our nominating and corporate governance committee consists of Mr. Li-Lan Cheng, Mr. Chen Chen
and Mr. Xuefeng Chen. Mr. Li-Lan Cheng is the chairman of our nominating and corporate governance committee. We have determined that
Mr. Li-Lan Cheng, Mr. Chen Chen and Mr. Xuefeng Chen satisfy the &#8220;independence&#8221; requirements of the Nasdaq Stock Market Rules.
The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our
directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible
for, among other things:</span></p>

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

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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<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>

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<p style="font: bold 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>

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Cayman Islands law, our directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly and a duty
to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper
purpose. Our directors also owe to our company a duty to exercise the skill they actually possess and such care and diligence that a
reasonably prudent person would exercise in comparable circumstances. It was previously considered that a director need not exhibit in
the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience.
However, English and Commonwealth Courts have moved toward an objective standard with regard to the required skill and care and these
authorities are likely to be followed in the Cayman Islands. 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. In certain limited exceptional circumstances, a shareholder may have the right to seek damages in our name
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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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                                            shareholders&#8217; annual and extraordinary general meetings and reporting its work to shareholders
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><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>
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<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>

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<p style="font: bold 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>

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directors may be elected by an ordinary resolution of our shareholders. Alternatively, our board of directors may, by the affirmative
vote of a simple majority of the directors present and voting at a board meeting appoint any person as a director to fill a casual vacancy
on our board or as an addition to the existing board. Our directors are not automatically subject to a term of office and hold office
until such time as they are removed from office by an ordinary resolution of our shareholders. In addition, a director will cease to
be a director if he (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found to be or becomes
of unsound mind; (iii) resigns his office by notice in writing; (iv) without special leave of absence from our board, is absent from
meetings of our board for three consecutive meetings and our board resolves that his office be vacated; or (v) is removed from office
pursuant to any other provision of our articles of association.</span></p>

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


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<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>

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officers are appointed by and serve at the discretion of the board of directors, and may be removed by our board of directors.</span></p>

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

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

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><b>Enforceability of Civil Liabilities</b></p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Our business operations are primarily conducted in mainland China, and substantially all of our assets are located in mainland China.
All of our directors and executive officers are located in mainland China as of the date of this annual report. As a result, it may be
difficult for a shareholder to effect service of process within the United States upon these individuals, to bring an action against us
or these individuals in the United States, or to enforce against us or them judgments obtained in United States courts, including judgments
predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.</p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">We have been informed by Maples and Calder (Hong Kong) LLP, our Cayman Islands legal counsel, that the United States and the Cayman Islands
do not have a treaty providing for reciprocal recognition and enforcement of judgments of U.S. courts in civil and commercial matters
and the courts of the Cayman Islands and that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize
or enforce judgments of U.S. courts obtained against us or our directors or officers, predicated upon the civil liability provisions of the securities laws of the United
States or any state in the United States, or (ii) entertain original actions brought in the Cayman Islands against us or our directors
or officers, predicated upon the securities laws of the United States or any state in the United States.</p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">We have also been advised by our Cayman Islands legal counsel that although there is no statutory enforcement in the Cayman Islands of
judgments obtained in the federal or state courts of the United States, the courts of the Cayman Islands will, at common law, recognize
and enforce a foreign money judgment of a foreign court of competent jurisdiction without any re-examination of the merits of the underlying
dispute based on the principal that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the
liquidated sum for which such judgment has been given, provided such judgment (i) is given by a foreign court of competent jurisdiction,
(ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given, (iii) is final and conclusive,
(iv) is not in respect of taxes, a fine or a penalty, and (v) was not obtained in a manner and is not of a kind the enforcement of which
is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce
a judgment obtained from the United States courts under the civil liability provisions of the securities laws if such judgment is determined
by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. A Cayman Islands
court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.</p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Our PRC legal counsel,
Han Kun Law Offices, has advised us that there is uncertainty as to whether the courts of <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">mainland
China would:</span></p>

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

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognize or enforce judgments
  of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities
  laws of the United States or any state in the United States; or</span></td></tr>
</table>


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

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
  <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entertain original actions
  brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States
  or any state in the United States.</span></td></tr>
</table>


<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our PRC legal counsel has further advised us that the recognition and enforcement of foreign judgments are provided for under the PRC
Civil Procedures Law. Courts of mainland China may recognize and enforce foreign judgments in accordance with the requirements of the
PRC Civil Procedures Law and other applicable laws and regulations based either on treaties between mainland China and the country where
the judgment is made or on principles of reciprocity between jurisdictions. Mainland China does not have any treaties or other form of
reciprocity with the United States or the Cayman Islands that provide for the reciprocal recognition and enforcement of foreign judgments.
As such, the courts of mainland China will review and determine the applicability of the reciprocity principle on a case-by-case basis
and the length of the procedure is uncertain. In addition, according to the PRC Civil Procedures Law, courts in mainland China will not
enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of
PRC law or national sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a court of mainland
China would enforce a judgment rendered by a court in the United States or in the Cayman Islands. Under the PRC Civil Procedures Law,
foreign shareholders may originate actions based on PRC law against a company in mainland China for disputes if they can establish sufficient
nexus to mainland China for a court of mainland China to have jurisdiction, and meet other procedural requirements. It will be, however,
difficult for U.S. shareholders to originate actions against us in mainland China in accordance with PRC laws because we are incorporated
under the laws of the Cayman Islands and it will be difficult for U.S. shareholders, by virtue only of holding the ADSs or ordinary shares,
to establish a connection to mainland China for a court of mainland China to have jurisdiction as required under the PRC Civil Procedures
Law.</span></p>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had a total of 425 employees. We had a total of 655 employees and 493 employees as of December 31, 2021 and
2022, respectively. The following table gives breakdowns of our employees as of December 31, 2023 by function:</span></p>

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

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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Function</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Technology</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">98</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left; padding-bottom: 1.5pt">General and Administrative</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
outsource provision of member services to third-party service companies and they select, hire, train and compensate service managers
at our request. Most of the service managers are our members. Service managers enter into contracts with third-party service companies
and are not our employees. As of December 31, 2023, our members were served by more than 117,000 service managers. We currently work
with three third-party service companies and enter into agreements with them on an annual basis. These third-party service companies
select service managers based on the standards we provide in our agreements. We have the right to supervise the performance of the service
managers and may request third-party service companies to replace service managers who do not meet our standards. We pay training fees
to third-party service companies based on the number of members managed by these service companies through service managers that provide
training and support to our members. We pay member management fees to third-party service companies for their product sales facilitation
services. The service companies compensate the service managers based on the length of work hours and other performance criteria.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
required by regulations in China, we participate in various government statutory employee benefit plans, including social insurance funds,
namely, medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits, as well as a
housing provident fund. We are required under PRC law to contribute to employee benefit plans at specified percentages of the salaries,
bonuses and certain allowances of our employees up to a maximum amount specified by the local government from time to time.</span></p>

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

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enter into standard labor contracts with our employees. We also enter into standard confidentiality and non-compete agreements with all
of our employees. The non-compete restricted period typically expires two years after the termination of employment, and we agree to
compensate the employee with a certain percentage of his/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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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success depends on our ability to attract, retain and motivate qualified employees that share our values. We place great emphasis on
our corporate culture to ensure that we maintain consistently high standards everywhere we operate. We believe that we maintain a good
working relationship with our employees, and we have not experienced any major labor disputes in the past. None of our employees are
represented by labor unions.</span></p>

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

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<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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
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as specifically noted, the following table sets forth information with respect to the beneficial ownership of our ordinary shares as
of February 29, 2024 by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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">
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                                            of our current 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">&#160;</td><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; width: 0.5in"/><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">each
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<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>

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calculations in the table below are based on 1,966,378,532 ordinary shares as of February 29, 2024, including (i) <span style="background-color: white">1,016,418,</span>532
Class A ordinary shares (excluding the company&#8217;s repurchase of 192,412,690 Class A ordinary shares in the form of ADSs held as
treasury shares and reserved for future issuance upon the exercising or vesting of awards granted under our share incentive plans); and
(ii) 949,960,000 Class B ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined in accordance with the rules and regulations of the SEC. 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, warrant or other right or the conversion of any other security. These shares, however,
are not included in the computation of the percentage ownership of any other person.</span></p>

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

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Directors and Executive Officers**:</td><td>&#160;</td>
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    <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>
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    <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>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">146,202,400</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">110,803,324</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>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">107,250,000</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>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<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>

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<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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less than 1% of our total 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>


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<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>

<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="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">**</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
                                            as indicated otherwise below, the business address of our directors and executive officers
                                            is 15/F, South Building, Hipark Phase 2, Xiaoshan District, Hangzhou 310000, Zhejiang Province,
                                            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">&#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"><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 or group included in this column, percentage of total voting power represents
                                            voting power based on both Class A and Class B ordinary shares held by such person or group
                                            with respect to all outstanding shares of our Class A and Class B ordinary shares as a single
                                            class. Each holder of our Class A ordinary shares is entitled to one vote per share. Each
                                            holder of our Class B ordinary shares is entitled to ten votes per share. Our Class B ordinary
                                            shares are convertible at any time by the holder into Class A ordinary shares on a one-for-one
                                            basis, while Class A ordinary shares are not convertible into Class B ordinary shares under
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<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">
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                                            (i) 949,960,000 Class B ordinary shares held by Lanlan Ltd., a BVI business company and (ii)
                                            15,000,000 Class A ordinary shares issuable to Mr. Shanglue Xiao upon vesting of restricted
                                            share units within 60 days after February 29, 2024. Lanlan Ltd. is wholly owned by Mr. Shanglue
                                            Xiao. The registered address of Lanlan Ltd. is Maples Corporate Services (BVI) Limited of
                                            Kingston Chambers, PO Box 173, 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">&#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"><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">The
                                            business address of Ms. Dan Li is 3/F, Vstone Building, 1 Yan&#8217;an Dong Road, Huangpu
                                            District, Shanghai, 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">&#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"><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
                                            business address of Mr. Li-Lan Cheng is 11/F Floor, Yinlin Building, No. 788 Guangzhong Road,
                                            Shanghai, 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">&#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"><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">The
                                            business address of Mr. Chen Chen is 12th Floor, Building 6, No. 433 Songhu Road, Yangpu
                                            District, Shanghai, 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">&#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"><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">The
                                            business address of Mr. Xuefeng Chen is 2-3F, 23rd Floor, Building B, Wisdom Plaza, No. 4068
                                            Qiaoxiang Road, Nanshan District, Shenzhen, 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">&#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">
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                                            949,960,000 Class B ordinary shares held by Lanlan Ltd., a BVI business company. Lanlan Ltd.
                                            is wholly owned by Mr. Shanglue Xiao. The registered address of Lanlan Ltd. is Maples Corporate
                                            Services (BVI) Limited of Kingston Chambers, PO Box 173, 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">&#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">
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                                            (i) 115,800,000 Class A ordinary shares and (ii) 1,000,000 ADSs, representing 100,000,000
                                            Class A ordinary shares held by CPYD Singapore Pte. Ltd., a Singapore exempted private company
                                            limited by share. The registered address of CPYD Singapore Pte. Ltd. is Marker Icon, 1 Temasek
                                            Avenue, #20-01 Millennia Tower, Singapore 039192. CPYD Singapore Pte. Ltd. is beneficially
                                            owned and controlled by Mr. David Hand. CPYD Singapore Pte. Ltd. is a fund managed by Crescent
                                            Point.</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td><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
                                            (i) 126,820,000 Class A ordinary shares and (ii) 193,824 ADSs, representing 19,382,400 Class
                                            A ordinary shares, held by Fasturn Overseas Limited, a BVI business company. Information
                                            regarding beneficial ownership is reported as of December 31, 2023, based on the information
                                            contained in the Schedule 13G/A filed by Fasturn Overseas Limited with the SEC on February
                                            5, 2024. Fasturn Overseas Limited is wholly owned by Mr. Yuan Chen. The registered address
                                            of Fasturn Overseas Limited is Palm Grove House, P.O. Box 438, 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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</span></td><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
                                            110,803,324 Class A ordinary shares held by Acceleration S Limited, a BVI business company.
                                            Acceleration S Limited is ultimately controlled by Mr. Shangzhi Wu. The registered address
                                            of Acceleration S Limited is Maples Corporate Services (BVI) Limited, Kingston Chambers,
                                            PO Box 173, 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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</span></td><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
                                            (i) 94,350,000 Class A ordinary shares and (ii) 129,000 ADSs, representing 12,900,000 Class
                                            A ordinary shares, held by Trustbridge Partners IV, LP a Cayman Islands limited partnership.
                                            Information regarding beneficial ownership is reported as of December 31, 2023, based on
                                            the information contained in the Schedule 13G/A filed by TB Alternative Assets Ltd with the
                                            SEC on February 5, 2024. Trustbridge Partners IV, LP is controlled by TB Alternative Assets
                                            Ltd, an investment adviser organized under the Cayman Islands and registered under Section
                                            203 of the Investment Advisors Act of 1940. TB Alternative Assets Ltd acts as the investment
                                            adviser of Trustbridge Partners IV LP. The registered address of Trustbridge Partners IV,
                                            LP is c/o Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town,
                                            Grand Cayman KY1-9005, Cayman Islands. The business address of TB Alternative Assets Ltd
                                            is c/o Maples Corporate Services Limited, Ugland House, Grand Cayman, Cayman Islands, KY1-1104.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
our knowledge, as of February 29, 2024, 731,057,880 of our ordinary shares were held by one record holder in the United States, which
was Deutsche Bank Trust Company Americas, the depositary of our ADS program. The number of beneficial owners of our ADSs in the United
States is likely to be much larger than the number of record holders of our ordinary shares in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares are entitled
to one vote per share, while holders of Class B ordinary shares are entitled to ten votes per share.</span></p>

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


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<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>&#160;</b></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: 0.25in"><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">Disclosure
                                            of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</span></b></span></td></tr></table>

<p style="font: bold 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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>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><span id="p_012"></span>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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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: bold 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">Contractual
Arrangements with the VIEs and Their Shareholders</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 4. Information on the Company&#8212;C. Organizational Structure&#8212;Contractual Arrangements with the 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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
Agreement</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
entered into our amended and restated shareholders agreement on June 4, 2018 with our shareholders, which consist of holders of ordinary
shares and preferred shares. The shareholders agreement provides for certain shareholders&#8217; rights, including information and inspection
rights, right of participation, right of first refusal and co-sale rights, and contains provisions governing our board of directors and
other corporate governance matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
Rights Granted to Shareholders</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have granted certain registration rights to our shareholders. Set forth below is a description of the registration rights granted under
the shareholders agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Demand
Registration Rights. </i>At any time after the earlier of (i) June 4, 2021 or (ii) six months after the completion of our initial public
offering, holders of at least twenty percent (20%) of the registrable securities (including preferred shares and ordinary shares issued
upon conversion of preferred shares) then issued and outstanding have the right to demand that we file a registration statement of all
registrable securities that the holders request to be registered and included in such registration by written notice. Other than required
by the underwriter(s) in connection with our initial public offering, at least twenty-five percent (25%) of the registrable securities
requested by the holders to be included in the underwriting and registration shall be so included. We have the right to defer filing
of a registration statement for a period of not more than 90 days after the receipt of the request of the initiating holders if we furnish
to the holders requesting registration a certificate signed by our president or chief executive officer stating that in the good faith
judgment of our board of directors, it would be materially detrimental to us and our shareholders for such registration statement to
be filed at such time. However, we cannot exercise the deferral right more than once in any twelve-month period. We are obligated to
effect no more than three demand registrations, other than demand registration to be effected pursuant to registration statement on Form
F-3, for which an unlimited number of demand registrations shall be permitted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Piggyback
Registration Rights. </i>If we propose to file a registration statement for a public offering of our securities, we must offer shareholders
an opportunity to include in the registration all or any part of the registrable securities held by such holders. If the managing underwriters
of any underwritten offering determine in good faith that marketing factors require a limitation of the number of shares to be underwritten,
and the number of shares that may be included in the registration and the underwriting shall be allocated (i) first, to us, (ii) second,
to each holder requesting inclusion of its registrable securities in such registration statement on a pro rata basis based on the total
number of registrable securities then held by each such holder; provided that at least twenty-five percent (25%) of the registrable securities
requested by the holders to be included in the underwriting and registration shall be so included and all shares that are not registrable
securities shall first be excluded from such registration and underwriting before any registrable securities are so excluded.</span></p>

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


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<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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Form
F-3 Registration Rights. </i>Our shareholders may request us in writing to file an unlimited number of registration statements on Form
F-3. We shall effect the registration of the securities on Form F-3 as soon as practicable, except in certain circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Expenses
of Registration. </i>We will bear all registration expenses, other than underwriting discounts and commissions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Termination
of Registration Rights. </i>Our shareholders&#8217; registration rights will terminate (i) after two years of the initial public offering,
or (ii) all such registrable securities proposed to be sold by a shareholder may then be sold under Rule 144 promulgated under the Securities
Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;B. Compensation of Directors and Executive Officers&#8212;Employment
Agreements and Indemnification Agreements.&#8221;</span></p>

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

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;B. Compensation of Directors and Executive Officers&#8212;2019 Share
Incentive Plan.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
with Our Founder&#8217;s Related Entity</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transactions
with Small Ye Group, or Small Ye. </i>Small Ye is under control of Mr. Shanglue Xiao, our chairman and chief executive officer. In 2021,
2022 and 2023, we didn&#8217;t purchase any products from Small Ye. As of December 31, 2021, 2022 and 2023, we had RMB0.7 million, RMB0.7
million and RMB0.7 million, respectively, due to Small Ye, representing the payments due to Small Ye for products purchased from Small
Ye.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
with Our Equity Investees</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Beijing Siwei Technology and Culture Co., Ltd., or Beijing Siwei. </i>Beijing Siwei is our equity investee and our supplier. In
2021, 2022 and 2023, we purchased products from Beijing Siwei in the amount of RMB2.4 million, nil and nil, respectively. As of December
31, 2021, 2022 and 2023, we had RMB0.1 million, nil and nil, respectively, due to Beijing Siwei, representing the payments due to Beijing
Siwei for products purchased from Beijing Siwei.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Guangdong Weixin Technology Co Ltd., or Guangdong Weixin. </i>Guangdong Weixin is our equity investee and our supplier. In 2021,
2022 and 2023, we purchased products from Guangdong Weixin in the amount of RMB14.5 million, RMB32 thousand and nil, respectively. As
of December 31, 2021, 2022 and 2023, we had RMB5.4 million, RMB5.4 million and RMB0.1 million, respectively, due to Guangdong Weixin,
representing the payments and deposits due to Guangdong Weixin for products purchased from Guangdong Weixin.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Guangzhou Misili Personal care Co., Ltd., or Guangzhou Misili. </i>Guangzhou Misili is our equity investee and our supplier. In
2021, 2022 and 2023, we purchased products from Guangzhou Misili in the amount of RMB1.1 million, nil and RMB0.3 million, respectively.
As of December 31, 2021, 2022 and 2023, we had RMB0.1 million, RMB0.1 million and RMB0.1 million, respectively, due to Guangzhou Misili,
representing the payments and deposits due to Guangzhou Misili for products purchased from Guangzhou Misili.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Hainan Yunding Supply Chain Management Co., Ltd, or Hainan Yunding. </i>Hainan Yunding is our equity investee and our supplier.
In 2021, 2022 and 2023, we purchased products from Hainan Yunding in the amount of RMB0.9 million, nil and nil, respectively.</span></p>

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


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<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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Hangzhou Bixin Biology Technology Co., Ltd., or Hangzhou Bixin. </i>Hangzhou Bixin is our equity investee and our supplier. In 2021,
2022 and 2023, we purchased products from Hangzhou Bixin in the amount of RMB7.6 million, RMB3.3 million and RMB1.9 million, respectively.
As of December 31, 2021, 2022 and 2023, we had RMB1.2 million, RMB0.4 million and RMB1.1 million, respectively, due to Hangzhou Bixin,
representing the payments and deposits due to Hangzhou Bixin for products purchased from Hangzhou Bixin. In 2021, 2022 and 2023, we provided
marketplace service to Hangzhou Bixin in the amount of RMB2.3 million, RMB1.2 million and RMB1.1 million, respectively. In 2021, 2022
and 2023, we provided other services to Hangzhou Bixin in the amount of nil, nil and RMB0.2 million, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Hangzhou Huaji Brand Marketing Management Co., Ltd, or Hangzhou Huaji. </i>Hangzhou Huaji was our equity investee and our related-party
supplier. The investment in Hangzhou Huaji was disposed by us in 2022. In 2021, 2022 and 2023, we purchased products from Hangzhou Huaji
in the amount of RMB 4.3 million, nil and nil, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Hangzhou Tianshi Technology Co. Ltd., or Tianshi. </i>Tianshi was our equity investee and our related-party supplier. The investment
in Tianshi was disposed by us in 2023. In 2021, 2022 and 2023, we purchased products from Tianshi in the amount of RMB11.3 million, RMB2.7
million and nil, respectively. As of December 31, 2021, 2022 and 2023, we had RMB1.0 million, RMB0.9 million and nil, respectively, due
to Tianshi, representing the payments due to Tianshi for products purchased from Tianshi. In 2021, 2022 and 2023, we provided other services
to Tianshi in the amount of nil, RMB0.1 million and nil, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Hangzhou Yuncheng Brand Management Co., Ltd, or Hangzhou Yuncheng. </i>Hangzhou Yuncheng wasour equity investee and our related-party
supplier. The investment in Hangzhou Yuncheng was disposed by us in 2022. In 2021, 2022 and 2023, we purchased products from Hangzhou
Yuncheng in the amount of RMB13.1 million, nil and nil, respectively. In 2021, 2022 and 2023, we provided marketplace service to Hangzhou
Yuncheng in the amount of RMB3.3 million, nil and nil, respectively. In 2021, 2022 and 2023, we provided other services to Hangzhou Yuncheng
in the amount of RMB0.2 million, nil and nil, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Huzhou Boyun E-commerce Co., Ltd, or Huzhou Boyun. </i>Huzhou Boyun was our equity investee and our related-party supplier. The
investment in Huzhou Boyun was disposed by us in 2022. In 2021, 2022 and 2023, we purchased products from Huzhou Boyun in the amount
of RMB0.8 million, nil and nil, respectively. As of December 31, 2021, 2022 and 2023, we had RMB0.4 million, nil and nil, respectively,
due to Huzhou Boyun.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Shanxi Yunnong Supply Chain Management Co., Ltd., or Shanxi Yunnong. </i>Shanxi Yunnong is our equity investee and our supplier.
In 2021, 2022 and 2023, we purchased products from Shanxi Yunnong in the amount of RMB4.3 million, nil and RMB1.3 million, respectively.
As of December 31, 2021, 2022 and 2023, we had RMB1.2 million, RMB0.7 million and RMB0.4 million, respectively, due to Shanxi Yunnong,
representing the payments and deposits due to Shanxi Yunnong for products purchased from Shanxi Yunnong.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Zhejiang Jimi E-commerce Co., Ltd, or Zhejiang Jimi. </i>Zhejiang Jimi is our equity investee and our supplier. As of December 31,
2021, 2022 and 2023, we had nil, RMB0.1 million and RMB1.1 million, respectively, due from Zhejiang Jimi, representing the advance payments
due from Zhejiang Jimi for products purchased from Zhejiang Jimi. As of December 31, 2021, 2022 and 2023, we had RMB0.8 million, RMB0.1
million and RMB0.1 million, respectively, due to Zhejiang Jimi, representing the payments due to Zhejiang Jimi for products purchased
from Zhejiang Jimi. In 2021, 2022 and 2023, we purchased products from Zhejiang Jimi in the amount of RMB17.5 million, RMB7.6 million
and RMB16.4 million, respectively. In 2021, 2022 and 2023, we provided marketplace service to Zhejiang Jimi in the amount of RMB5.6 million,
RMB1.7 million and RMB1.5 million, respectively. In 2021, 2022 and 2023, we provided other services to Zhejiang Jimi in the amount of
RMB0.3 million, RMB0.1 million and RMB0.1 million, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Zhejiang Jibi Technology Co., Ltd., or Zhejiang Jibi. </i>Zhejiang Jibi is our equity investee and our supplier. As of December
31, 2021, 2022 and 2023, we had RMB0.7 million, RMB0.6 million and RMB0.8 million, respectively, due to Zhejiang Jibi, representing the
payments due to Zhejiang Jibi for products purchased from Zhejiang Jibi.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction
with Hangzhou Xingsheng Brand Marketing Management Co., Ltd., or Xingsheng. </i>Xingsheng was our equity investee and our related-party
supplier. The investment in Xingsheng was disposed by us in 2023. In 2021, 2022 and 2023, we purchased products from Xingsheng in the
amount of RMB11.8 million, RMB7.4 million and nil, respectively. As of December 31, 2021, 2022 and 2023, we had RMB1.5 million, RMB1.2
million and nil, respectively, due to Xingsheng, representing the payments due to Xingsheng for products purchased from Xingsheng. In
2021, 2022 and 2023, we provided other services to Xingsheng in the amount of nil, RMB0.6 million and nil, respectively.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the terms of the transactions with Beijing Siwei, Guangdong Weixin, Guangzhou Misili, Hainan Yunding, Hangzhou Bixin, Hangzhou
Huaji, Tianshi, Hangzhou Yuncheng, Huzhou Boyun, Shanxi Yunnong, Zhejiang Jimi, Zhejiang Jibi and Xingsheng are comparable to those with
third-party suppliers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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>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><span id="p_013"></span>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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><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; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
Proceedings</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may be involved in disputes and legal or administrative proceedings in the ordinary course of our business. In May 2017,
we received a notice from the local Administration for Market Regulation in Hangzhou, which ruled that our sales and marketing practice
adopted in our early stage of development prior to February 2016 violated the Regulations on the Prohibition of Pyramid Selling and imposed
a penalty of approximately RMB9.6 million (US$1.4 million). We paid this fine in June 2017 and have adjusted our business practices since
February 2016 to comply with the Regulations on the Prohibition of Pyramid Selling and other applicable regulations. See &#8220;Item
4. Information on the Company&#8212;B. Business Overview&#8212;Regulations&#8212;Regulations Relating to Pyramid Selling in the PRC&#8221;
and &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Business and Industry&#8212;Any lack of requisite
approvals, licenses or permits applicable to our business or failure to comply with any requirements of PRC laws, regulations and policies
may have a material and adverse impact on our business, financial condition and results of operations.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Starting
in November 2019, we and certain of our officers and directors and others were named as defendants in putative securities class actions
captioned In Re Yunji Inc., Securities Litigation, No. 1:19-cv-06403-LDH (U.S. District Court for the Eastern District of New York, Amended
Complaint filed March 19, 2020), or the Federal Court Action, Axel Lindholm v. Yunji Inc. et al., Case No. 21635/2020E (Bronx County
Supreme Court of the State of New York, filed on January 31, 2020), or the Lindholm Case, Christopher Guilford v. Yunji, et al., Case
No. 23095/2020E (Bronx County Supreme Court of the State of New York, filed on March 3, 2020), or the Guilford Case, and Stephanie Ng
v. Yunji, et al., Case No. 24906/2020E (Bronx County Supreme Court of the State of New York, filed on May 29, 2020), or the Ng Case.
The actions alleged that defendants made misstatements and omissions in connection with our initial public offering in May 2019 in violation
of the Securities Act of 1933. On March 31, 2021, the Court granted our motion to dismiss the Federal Court Action. In November 2021,
Plaintiffs in the Lindholm Case, the Guilford Case, and the Ng Case voluntarily discontinued their actions, and all four of the above-described
securities class actions are now considered closed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, we, as one of the five co-defendants, were involved in an on-going legal proceeding that arose in
the ordinary course of business, or the Case. The plaintiff sought monetary damages jointly and severally from all co-defendants. As
of the date of this annual report, the Case is still under the appeal trial process and subject to final judgment by the Guangzhou Intermediate
People&#8217;s Court, and the amount involved is approximately RMB23.1 million. Based on the currently available information, management
believes that the claims by the plaintiff have no merit and we have valid defence and will defend vigorously in the Case. Accordingly,
we have not made accrual for the Case yet.</span></p>

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

<p style="font: bold 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">Dividend
Policy</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition,
our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors.
In either case, all dividends are subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends
out of profits or share premium, and provided always that in no circumstances may a dividend be paid if this would result in our company
being unable to pay its debts as they fall due in the ordinary course of business. Even if we decide to pay dividends, the form, frequency
and amount will depend upon 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.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not have any present plan to pay any cash dividends on our ordinary shares in the foreseeable future. We currently intend to retain
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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company incorporated in the Cayman Islands. We may rely on dividends from our subsidiaries in China for our cash requirements,
including any payment of dividends to our shareholders. PRC regulations may restrict the ability of our PRC subsidiaries to pay dividends
to us. See &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulations&#8212;Regulations on Dividend Distribution.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we pay any dividends on our ordinary shares, we will pay those dividends which are payable in respect of the Class A ordinary shares
underlying the ADSs to the depositary, as the registered holder of such Class A ordinary shares, and the depositary then will pay such
amounts to the ADS holders in proportion to the Class A ordinary shares underlying the ADSs held by such ADS holders, subject to the
terms of the deposit agreement, including the fees and expenses payable thereunder. Cash dividends on our 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; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not experienced any 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; text-indent: 0.5in"><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>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><span id="p_014"></span>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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;&#8212;C. Markets&#8221; below for our host market and trading symbol. We have a dual-class structure in which Class B ordinary
shares have different voting rights from Class A ordinary shares. Class B ordinary shares are each entitled to ten votes, whereas Class
A ordinary shares are each entitled to one vote. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our
ADSs&#8212;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 the ADSs may view as beneficial.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ADSs have been listed on Nasdaq since May 3, 2019. The ADSs trade under the symbol &#8220;YJ.&#8221; On <span style="background-color: white">June
20, 2023</span>, we effected an ADS ratio change to adjust our ordinary share to ADS from one ADS representing 10 Class A ordinary shares
to one ADS representing 100 Class A ordinary shares. On October 5, 2023, we received a letter from the Listing Qualifications Department of Nasdaq, notifying us that
we no longer meet the Nasdaq minimum bid price requirement. Nasdaq has granted us a grace period until September 30, 2024 to regain compliance
with the minimum bid price requirement. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our ADSs&#8212;Our
ADSs may be delisted from the Nasdaq Capital Market as a result of our failure of meeting the Nasdaq Capital Market continued listing
requirements.&#8221;</span></p>

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


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<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; text-transform: uppercase"><b>&#160;</b></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>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><span id="p_015"></span>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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are summaries of material provisions of our current amended and restated memorandum and articles of association and of the
Companies Act, insofar as they relate to the material terms of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Objects
of Our Company</i>. Under our amended and restated memorandum and articles of association, the objects of our company are unrestricted
and we have the full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ordinary
Shares. </i>Our ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. Holders of our Class A ordinary
shares and Class B ordinary shares will have the same rights except for voting and conversion rights. Our ordinary shares are issued
in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who
are nonresidents of the Cayman Islands may freely hold and vote their shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Class B ordinary share is convertible into an equal number of Class A ordinary shares upon the occurrence of certain matters as set forth
in our memorandum and articles of association, including upon any direct or indirect sale, transfer, assignment or disposition of Class
B ordinary shares by a holder thereof to any person other than holders of Class B ordinary shares or their affiliates. Class A ordinary
shares are not convertible into Class B ordinary shares under any circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividends</i>.
Our directors may from time to time declare dividends (including interim dividends) and other distributions on our shares in issue and
authorize payment of the same out of the funds of our company lawfully available therefor. In addition, our shareholders may declare
dividends by ordinary resolution, but no dividend shall exceed the amount recommended by our directors. Our memorandum and articles of
association provide that dividends may be declared and paid out of the funds of our Company lawfully available therefor. Under the laws
of the Cayman Islands, our company may pay a dividend out of either profit or share premium account; provided that in no circumstances
may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights. </i>In respect of all matters subject to a shareholders&#8217; vote, each holder of Class A ordinary shares is entitled to one
vote per share and each holder of Class B ordinary shares is entitled to ten votes per share. Our Class A ordinary shares and Class B
ordinary shares votes together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required
by law. Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of
such meeting or any one shareholder holding not less than 10% of the votes attaching to the shares present in person or by proxy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching
to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the
votes cast attaching to the issued and outstanding ordinary shares at a meeting. A special resolution will be required for important
matters such as a change of name or making changes to our memorandum and articles of association. Our shareholders may, among other things,
divide or combine their shares by ordinary resolution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
Meetings of Shareholders. </i>As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders&#8217;
annual general meetings. Our memorandum and articles of association provide that we may (but are not obliged to) in each year hold a
general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices calling it, and the annual
general meeting shall be held at such time and place as may be determined by our directors.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&#8217;
general meetings may be convened by the chairman of our board of directors or by our directors (acting by a resolution of our board).
Advance notice of at least seven days is required for the convening of our annual general shareholders&#8217; meeting (if any) and any
other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the
meeting proceeds to business, one or more of our shareholders holding shares which carry in aggregate (or representing by proxy) not
less than one-third of all votes attaching to all of our shares in issue and entitled to vote at such general meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with
any right to put any proposal before a general meeting. However, these rights may be provided in a company&#8217;s articles of association.
Our memorandum and articles of association provide that upon the requisition of any one or more of our shareholders holding shares which
carry in aggregate not less than one-third of all votes attaching to all issued and outstanding shares of our company entitled to vote
at general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such
meeting. However, our memorandum and articles of association do not provide our shareholders with any right to put any proposals before
annual general meetings or extraordinary general meetings not called by such shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Conversion</i>.
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. Upon any sale of Class B ordinary shares by a holder thereof
to any person or entity, such Class B ordinary shares will be automatically and immediately converted into an equal number of Class A
ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transfer
of Ordinary Shares</i>. Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her ordinary
shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up
or on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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
                                            instrument of transfer is lodged with us, accompanied by the certificate for the ordinary
                                            shares to which it relates and such other evidence as our board of directors may reasonably
                                            require to show the right of the transferor to make the transfer;</span></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">&#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; width: 0.5in"/><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
                                            instrument of transfer is in respect of only one class of 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">&#160;</td><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; width: 0.5in"/><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
                                            instrument of transfer is properly stamped, if required;</span></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">&#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; width: 0.5in"/><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">in
                                            the case of a transfer to joint holders, the number of joint holders to whom the ordinary
                                            share is to be transferred does not exceed four; 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">&#160;</td><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; width: 0.5in"/><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">a
                                            fee of such maximum sum as the Nasdaq Stock Market may determine to be payable or such lesser
                                            sum as our directors may from time to time require is paid to us in respect thereof.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our directors refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged,
send to each of the transferor and the transferee notice of such refusal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registration of transfers may, on ten calendar days&#8217; notice being given by advertisement in such one or more newspapers, by electronic
means or by any other means in accordance with the rules of the Nasdaq Stock Market be suspended and the register closed at such times
and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers
shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidation</i>.
On the winding up of our company, if the assets available for distribution among our shareholders shall be more than sufficient to repay
the whole of the share capital at the commencement of the winding up, the surplus shall be distributed among our shareholders in proportion
to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect
of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available for distribution
are insufficient to repay all of the paid-up capital, such the assets will be distributed so that, as nearly as may be, the losses are
borne by our shareholders in proportion to the par value of the shares held by them.</span></p>

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


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<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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Calls
on Shares and Forfeiture of Shares</i>. Our board of directors may from time to time make calls upon shareholders for any amounts unpaid
on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares
that have been called upon and remain unpaid are subject to forfeiture.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Redemption,
Repurchase and Surrender of Shares. </i>We may issue shares on terms that such shares are subject to redemption, at our option or at
the option of the holders of these shares, on such terms and in such manner as may be determined, before the issue of such shares, by
our board of directors or by our shareholders by special resolution. Our company may also repurchase any of our shares on such terms
and in such manner as have been approved by our board of directors or by an ordinary resolution of our shareholders. Under the Companies
Act, the redemption or repurchase of any share may be paid out of our Company&#8217;s profits or out of the proceeds of a new issue of
shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption
reserve) if our company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In
addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption
or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our company
may accept the surrender of any fully paid share for no consideration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Variations
of Rights of Shares. </i>Whenever the capital of our company is divided into different classes the rights attached to any such class
may, subject to any rights or restrictions for the time being attached to any class, only be materially adversely varied with the consent
in writing of the holders of all of the issued shares of that class or with the sanction of an ordinary resolution passed at a separate
meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred
or other rights shall not, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to
be materially adversely varied by the creation, allotment or issue of further shares ranking pari passu with or subsequent to them or
the redemption or purchase of any shares of any class by our company. The rights of the holders of shares shall not be deemed to be materially
adversely varied by the creation or issue of shares with preferred or other rights, including, without limitation, the creation of shares
with enhanced or weighted voting rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuance
of Additional Shares</i>. Our memorandum and articles of association authorizes our board of directors to issue additional ordinary shares
from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
memorandum and articles of association also authorizes our board of directors to establish from time to time one or more series of preference
shares and to determine, with respect to any series of preference shares, the terms and rights of that series, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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
                                            designation of the series;</span></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">&#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; width: 0.5in"/><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
                                            number of shares of the series;</span></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">&#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; width: 0.5in"/><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
                                            dividend rights, dividend rates, conversion rights, voting rights; 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">&#160;</td><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; width: 0.5in"/><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
                                            rights and terms of redemption and liquidation preferences.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors may issue preference shares without action by our shareholders to the extent authorized but unissued. Issuance of
these shares may dilute the voting power of holders of ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inspection
of Books and Records</i>. Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies
of our list of shareholders or our corporate records (other than copies of our memorandum and articles of association, our register of
mortgages and charges, and any special resolutions passed by our shareholders). However, we intend to provide our shareholders with annual
audited financial statements. Under Cayman Islands law, the names of our current directors can be obtained from a search conducted at
the Registrar of Companies.</span></p>

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


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<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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Anti-Takeover
Provisions</i>. Some provisions of our memorandum and articles of association may discourage, delay or prevent a change of control of
our company or management that shareholders may consider favorable, including provisions that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">authorize
                                            our board of directors to issue preference shares in one or more series and to designate
                                            the price, rights, preferences, privileges and restrictions of such preference shares without
                                            any further vote or action by our shareholders; 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">&#160;</td><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; width: 0.5in"/><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">limit
                                            the ability of shareholders to requisition and convene general meetings of shareholders.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our memorandum and articles of
association for a proper purpose and for what they believe in good faith to be in the best interests of our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exempted
Company</i>. We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary
resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside
of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the
same as for an ordinary company except that an exempted company:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">does
                                            not have to file an annual return of its shareholders with the Registrar of 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">&#160;</td><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; width: 0.5in"/><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">is
                                            not required to open its register of members for inspection;</span></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">&#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; width: 0.5in"/><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">does
                                            not have to hold an annual general meeting;</span></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">&#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; width: 0.5in"/><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">may
                                            issue negotiable or bearer shares or shares with no par 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">&#160;</td><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; width: 0.5in"/><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">may
                                            obtain an undertaking against the imposition of any future taxation (such undertakings are
                                            usually given for 20 years in the first instance);</span></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">&#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; width: 0.5in"/><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">may
                                            register by way of continuation in another jurisdiction and be deregistered in the 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">&#160;</td><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; width: 0.5in"/><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">may
                                            register as a limited duration company; 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">&#160;</td><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; width: 0.5in"/><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">may
                                            register as a segregated portfolio company.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Limited
liability&#8221; means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the
company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper
purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have 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 7. Major Shareholders and Related Party Transactions&#8212;B. Related Party Transactions,&#8221;
or elsewhere in 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; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><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 Relating to Foreign Exchange.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of certain Cayman Islands, PRC and U.S. federal income tax considerations of an investment in our ADSs or ordinary
shares is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which are subject
to change. This summary does not deal with all possible tax considerations relating to an investment in our ADSs or ordinary shares,
such as tax considerations under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands,
the People&#8217;s Republic of China and the United States.</span></p>

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


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<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>&#160;</b></span></p>

<p style="font: bold 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">Cayman
Islands Taxation</span></p>

<p style="font: bold 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: 0.5in"><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 appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to holders of our ADSs or
ordinary shares levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
of dividends and capital in respect of our 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 our ordinary shares or the ADSs, nor will gains derived from the
disposal of our ordinary shares or the ADSs 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; 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; text-indent: 0in"><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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with a &#8220;de facto management
body&#8221; within the PRC is considered a resident enterprise and will be subject to the enterprise income tax at the rate of 25% on
its global income. The implementation rules define the term &#8220;de facto management body&#8221; as the body that exercises full and
substantial control over and overall management of the business, production, personnel, accounts and properties of an enterprise. In
April 2009, the State Administration of Taxation issued a circular, known as SAT Circular 82, which provides certain specific criteria
for determining whether the &#8220;de facto management body&#8221; of a PRC-controlled enterprise that is incorporated offshore is located
in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those
controlled by PRC individuals or foreigners, the criteria set forth in the circular 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 all offshore enterprises.
According to SAT Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded
as a PRC tax resident by virtue of having its &#8220;de facto management body&#8221; in China only if all of the following conditions
are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise&#8217;s
financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise&#8217;s
primary assets, accounting books and records, company seals, and board and shareholder resolutions are located or maintained in the PRC;
and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC. Further to the SAT Circular 82, the
State Administration of Taxation issued the Announcement of the State Administration of Taxation on Printing and Distributing the Administrative
Measures for Income Tax on PRC-controlled Resident Enterprises Incorporated Overseas (Trial Implementation), which became effective since
September 2011, to provide more guidance on the implementation of the SAT Circular 82. The announcement provides for detailed procedures
and administration with respect to determination of residence status and administration of post-determination matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Yunji Inc. is not a PRC resident enterprise for PRC tax purposes. Yunji Inc. is not controlled by a PRC enterprise or PRC
enterprise group and we do not believe that Yunji Inc. meets all of the conditions above. Yunji Inc. is a company incorporated outside
the PRC. As a holding company, its key assets are its ownership interests in its subsidiaries, and its key assets are located, and its
records (including the resolutions of its board of directors and the resolutions of its shareholders) are maintained, outside the PRC.
For the same reasons, we believe our other entities outside of China are not PRC resident enterprises either. 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; There can be no assurance that the PRC government will ultimately take a view that
is consistent with us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the PRC tax authorities determine that Yunji Inc. is a PRC resident enterprise for enterprise income tax purposes, we may be required
to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises, including the holders
of the ADSs. In addition, non-resident enterprise shareholders (including the ADS holders) may be subject to a 10% PRC tax on gains realized
on the sale or other disposition of ADSs or ordinary shares, if such income is treated as sourced from within the PRC. It is unclear
whether our non-PRC individual shareholders (including the ADS holders) would be subject to any PRC tax on dividends or gains obtained
by such non-PRC individual shareholders in the event we are determined to be a PRC resident enterprise. If any PRC tax were to apply
to such dividends or gains, it would generally apply at a rate of 20% unless a reduced rate is available under an applicable tax treaty.
It is also unclear whether non-PRC shareholders of Yunji Inc. would be able to claim the benefits of any tax treaties between their country
of tax residence and the PRC in the event that Yunji Inc. is treated as a PRC resident enterprise.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided
that our Cayman Islands holding company, Yunji Inc., is not deemed to be a PRC resident enterprise, holders of the ADSs and ordinary
shares who are not PRC residents will not be subject to PRC income tax on dividends distributed by us or gains realized from the sale
or other disposition of our shares or ADSs. However, under SAT Public Notice 7 and SAT Public Notice 37, where a non-resident enterprise
conducts an &#8220;indirect transfer&#8221; by transferring taxable assets, including, in particular, equity interests in a PRC resident
enterprise, indirectly by disposing of the equity interests of an overseas holding company, the non-resident enterprise, being the transferor,
or the transferee, or the PRC entity which directly owns such taxable assets may report to the relevant tax authority such indirect transfer.
Using a &#8220;substance over form&#8221; principle, the PRC tax authority may disregard the existence of the overseas holding company
if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result,
gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or other person who is obligated
to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests
in a PRC resident enterprise. We and our non-PRC resident investors may be at risk of being required to file a return and being taxed
under SAT Public Notice 7 and SAT Public Notice 37, and we may be required to expend valuable resources to comply with SAT Public Notice
7 and SAT Public Notice 37, or to establish that we should not be taxed under these circulars. See &#8220;Item 3. Key Information&#8212;D.
Risk Factors&#8212;Risks Related to Doing Business in China&#8212;We face uncertainty with respect to indirect transfers of equity interests
in PRC resident enterprises by their non-PRC holding companies.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of
the ADSs or ordinary shares by a U.S. Holder (as defined below) that acquires the ADSs and holds the ADSs or ordinary shares as &#8220;capital
assets&#8221;(generally, property held for investment) under the U.S. Internal Revenue Code of 1986, as amended. This discussion is based
upon existing U.S. federal tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling
has been sought from the Internal Revenue Service, or the IRS, with respect to any U.S. federal income tax considerations described below,
and there can be no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address
the U.S. federal estate, gift, and alternative minimum tax considerations, the Medicare tax on certain net investment income or any state,
local and non-U.S. tax considerations relating to the ownership or disposition of the ADSs or ordinary shares. The following summary
does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual
circumstances or to persons in special tax situations such as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">banks
                                            and other financial institutions;</span></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">&#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; width: 0.5in"/><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">insurance
                                            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">&#160;</td><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; width: 0.5in"/><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">pension
                                            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">&#160;</td><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; width: 0.5in"/><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">cooperatives;</span></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">&#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; width: 0.5in"/><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">regulated
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<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">&#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; width: 0.5in"/><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">real
                                            estate investment trusts;</span></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">&#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; width: 0.5in"/><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">broker-dealers;</span></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">&#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; width: 0.5in"/><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">traders
                                            that elect to use a mark-to-market method of accounting;</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>


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<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>

<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: 0.5in"/><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">certain
                                            former U.S. citizens or long-term residents;</span></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">&#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; width: 0.5in"/><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">tax-exempt
                                            entities (including private foundations);</span></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">&#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; width: 0.5in"/><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">holders
                                            who acquire their ADSs or ordinary shares pursuant to any employee share option or otherwise
                                            as compensation;</span></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">&#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; width: 0.5in"/><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">investors
                                            that will hold their ADSs or ordinary shares as part of a straddle, hedge, conversion, constructive
                                            sale or other integrated transaction for U.S. 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">&#160;</td><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; width: 0.5in"/><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">investors
                                            that have a functional currency other than 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">&#160;</td><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; width: 0.5in"/><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">persons
                                            that actually or constructively own 10% or more of our stock (by vote or value); 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">&#160;</td><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; width: 0.5in"/><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">partnerships
                                            or other entities taxable as partnerships for U.S. federal income tax purposes, or persons
                                            holding the ADSs or ordinary shares through such entities,</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">all
of whom may be subject to tax rules that differ significantly from those 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
U.S. Holder should consult its tax advisor regarding the application of U.S. federal taxation to its particular circumstances, and the
state, local, non-U.S. and other tax considerations of the ownership and disposition of the ADSs or ordinary shares.</span></p>

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

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &#8220;U.S. Holder&#8221; is a beneficial owner of the ADSs or ordinary shares that is, for U.S. federal
income tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">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">&#160;</td><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; width: 0.5in"/><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">a
                                            corporation (or other entity treated as a corporation for U.S. federal income tax purposes)
                                            created in or organized under the law of the United States or 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">&#160;</td><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; width: 0.5in"/><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">an
                                            estate the income of which is includible in gross income for U.S. federal income tax purposes
                                            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">&#160;</td><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; width: 0.5in"/><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">a
                                            trust (A) the administration of which is subject to the primary supervision of a U.S. court
                                            and which has one or more U.S. persons who have the authority to control all substantial
                                            decisions of the trust or (B) that has otherwise validly elected to be treated as a U.S.
                                            person under the U.S. Internal Revenue Code of 1986, as amended.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of the ADSs or ordinary
shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of
the partnership. Partnerships holding the ADSs or ordinary shares and their partners are urged to consult their tax advisors regarding
an investment in the ADSs or ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion below assumes that the representations contained in the deposit agreement are and will continue to be true, and that the obligations
in the deposit agreement and any related agreement have been and will be complied with in accordance with their terms. For U.S. federal
income tax purposes, a U.S. Holder of ADSs will generally be treated as the beneficial owner of the underlying shares represented by
the ADSs. Accordingly, deposits or withdrawals of ordinary shares for ADSs will generally not be subject to U.S. federal income tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passive
Foreign Investment Company Considerations</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if
either (i) 75% or more of its gross income for such year consists of certain types of &#8220;passive&#8221; income or (ii) 50% or more
of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or
are held for the production of passive income. For this purpose, cash and assets readily convertible into cash are generally treated
as passive assets, and the company&#8217;s goodwill and other unbooked intangibles are taken into account. Passive income generally includes,
among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning
a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly
or indirectly, more than 25% (by value) of the stock.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the law in this regard is not entirely clear, we treat the VIEs and their subsidiaries as being owned by us for U.S. federal income tax
purposes because we have the ability to direct their management decisions and are entitled to substantially all of the economic benefits
associated with them. <span style="background-color: white">As a result, we are considered the primary beneficiary of these entities
and consolidate their results of operations in our consolidated U.S. GAAP financial statements for accounting purposes and include their
assets and income in calculations for purposes of the tests described above. If it were determined, however, that we are not the owner
of the VIEs for U.S. federal income tax purposes, it may increase the likelihood that we will be classified as a PFIC for a given taxable
year.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon our income and assets (which generally includes any unbooked goodwill), as well as the market price of our ADSs, we believe we will
likely be classified as a PFIC for the taxable year ended December 31, 2023. Depending upon the composition of our income and assets
and the market price of our ADSs and ordinary shares during the current and subsequent taxable years, we could continue to be classified
as a PFIC for such years; however, PFIC status is a factual determination made annually that is not generally determinable until the
close of each taxable year. Furthermore, even if the composition of our assets and income were to change such that we did not believe
we were a PFIC, there are uncertainties in the application of the relevant rules, and it is possible that the IRS may challenge our classification
of certain income or assets as non-passive, or our valuation of our goodwill and other unbooked intangibles, each of which may increase
the likelihood of us becoming classified as a PFIC for the current or subsequent taxable years. Accordingly, there can be no assurance
regarding our PFIC status for our current or subsequent taxable years, and U.S. Holders of our ADSs or ordinary shares should be willing
to assume the risks of investing in a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any year during which a U.S. Holder holds our ADSs or ordinary shares, the PFIC rules discussed below under &#8220;Passive
Foreign Investment Company Rules&#8221; will generally apply to such U.S. Holder for such taxable year, and in the absence of certain
elections will continue to apply in future years even if we cease to be a PFIC.</span></p>

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

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above, we were likely a PFIC for our most recent taxable year ended December 31, 2023, and may also be a PFIC for our current taxable
year. Accordingly, the treatment most likely to apply to a U.S. Holder is set forth below in &#8220;Passive Foreign Investment Company
Rules.&#8221; If our ADSs or ordinary shares are not treated as stock of a PFIC with respect to a particular U.S. Holder, the following
rules generally apply.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
cash distributions paid on the ADSs or ordinary shares (including the amount of any PRC tax withheld) out of our current or accumulated
earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross income of a U.S.
Holder as dividend income on the day actually or constructively received by the U.S. Holder, in the case of ordinary shares, or by the
depositary, in the case of ADSs. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax
principles, you should expect to treat the full amount of any distribution as a &#8220;dividend&#8221; for U.S. federal income tax purposes.
Dividends received on the ADSs or ordinary shares will not be eligible for the dividends-received deduction allowed to corporations in
respect of dividends received from U.S. corporations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
received by individuals and other non-corporate U.S. Holders will be subject to tax at the lower capital gain tax rate applicable to
&#8220;qualified dividend income&#8221; if certain conditions are satisfied, including that (1) the ADSs or ordinary shares on which
the dividends are paid are readily tradable on an established securities market in the United States, or, in the event that we are deemed
to be a PRC resident enterprise under the PRC tax law, we are eligible for the benefit of the United States-PRC income tax treat, (2)
we are neither a PFIC nor treated as such with respect to a U.S. Holder (as discussed below) for the taxable year in which the dividend
is paid and the preceding taxable year, and (3) certain holding period and other requirements are met.</span></p>

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


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
this purpose, ADSs listed on the Nasdaq <span style="background-color: white">Capital</span> Market will generally be considered to be
readily tradable on an established securities market in the United States, although there can be no assurances that the ADS will continue
to be so listed. Although the law in this regard is not entirely clear, since we do not expect our ordinary shares will be listed on
any securities market, we do not believe that ordinary shares that are not represented by ADSs will generally be considered to be readily
tradable on an established securities market in the United States. Moreover, as discussed above, we believe we will likely be classified
as a PFIC for the taxable year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law (see &#8220;Item 10. Additional
Information&#8212;E. Taxation&#8212;People&#8217;s Republic of China Taxation&#8221;), we may be eligible for the benefits of the United
States-PRC income tax treaty. If we are eligible for such benefits, dividends we pay on our ordinary shares, regardless of whether such
shares are represented by the ADSs, and regardless of whether the ADSs are readily tradable on an established securities market in the
United States, should be eligible for the reduced rates of taxation described in the preceding paragraph (assuming that the other requirements
discussed above were to be met, including with respect to our PFIC status). U.S. Holders should to consult their tax advisors regarding
the availability of the lower rate for dividends paid with respect to the ADSs or ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
U.S. foreign tax credit purposes, dividends paid on the ADSs or ordinary shares will generally be treated as income from foreign sources
and will generally constitute passive category income. In the event that we are deemed to be a PRC resident enterprise under the PRC
Enterprise Income Tax Law, a U.S. Holder may be subject to PRC withholding taxes on dividends paid on the ADSs or ordinary shares (see
&#8220;Item 10. Additional Information&#8212;E. Taxation&#8212;People&#8217;s Republic of China Taxation&#8221;). Depending on the U.S.
Holder&#8217;s particular facts and circumstances and subject to a number of complex conditions and limitations, PRC income taxes paid
or withheld on dividends that are non-refundable under the United States-PRC income tax treaty may be treated as foreign taxes eligible
for credit against a U.S. Holder&#8217;s U.S. federal income tax liability. A U.S. Holder who does not elect to claim a foreign tax credit
for foreign tax withheld may instead claim a deduction for U.S. federal income tax purposes in respect of such withholding, but only
for a year in which such holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are
complex and U.S. Holders should consult their tax advisors regarding the availability of the foreign tax credit under their particular
circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale
or Other Disposition</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion below under &#8220;Passive Foreign Investment Company Rules,&#8221; a U.S. Holder will generally recognize gain or
loss upon the sale or other disposition of ADSs or ordinary shares in an amount equal to the difference between the amount realized upon
the disposition and the holder&#8217;s adjusted tax basis in such ADSs or ordinary shares. The gain or loss will generally be capital
gain or loss and will be long-term if the ADSs or ordinary shares have been held for more than one year. The deductibility of a capital
loss may be subject to limitations. Any such gain or loss that the U.S. Holder recognizes will generally be treated as U.S. source income
or loss for foreign tax credit limitation purposes, which could limit the availability of foreign tax credits. Nevertheless, in the event
we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law, we may be eligible for the benefits of the United
States-PRC income tax treaty. In such event, if PRC tax were to be imposed on any gain from the disposition of the ADSs or ordinary shares,
a U.S. Holder that is eligible for the benefits of the United States-PRC income tax treaty may elect to treat such gain as PRC source
income. Pursuant to the United States Treasury regulations, however, if a U.S. Holder is not eligible for the benefits of the United
States-PRC income tax treaty or does not elect to apply it, then such U.S. Holder may not be able to use the foreign tax credit arising
from any PRC tax imposed on the disposition of the ADSs or ordinary shares. Each U.S. Holder is advised to consult its tax advisor regarding
the tax consequences if a foreign tax is imposed on a disposition of the ADSs or ordinary shares, including the availability of the foreign
tax credit under its particular circumstances.</span></p>

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


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<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><i>&#160;</i></b></span></p>

<p style="font: italic bold 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">Passive
Foreign Investment Company Rules</span></p>

<p style="font: italic bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds the ADSs or ordinary shares, and unless the U.S. Holder
makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess
distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that
is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder&#8217;s
holding period for the ADSs or ordinary shares), and (ii) any gain realized on the sale or other disposition including, under certain
circumstances, a pledge of ADSs or ordinary shares. Under the PFIC rules:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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
                                            excess distribution or gain will be allocated ratably over the U.S. Holder&#8217;s holding
                                            period for the ADSs or 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">&#160;</td><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; width: 0.5in"/><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
                                            amount allocated to the current taxable year and any taxable years in the U.S. Holder&#8217;s
                                            holding period prior to the first taxable year in which we are classified as a PFIC (each,
                                            a &#8220;pre-PFIC year&#8221;) will be taxable 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">&#160;</td><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; width: 0.5in"/><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
                                            amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject
                                            to tax at the highest tax rate in effect for individuals or corporations, as appropriate,
                                            for that year, increased by an additional tax equal to the interest on the resulting tax
                                            deemed deferred with respect to each such taxable year.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which a U.S. Holder holds the ADSs or ordinary shares, and any of our subsidiaries, the VIEs
or any of their subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares
of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders should consult their tax advisors regarding the application
of the PFIC rules to any of our subsidiaries, the VIEs or their subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an alternative to the foregoing rules, a U.S. Holder of &#8220;marketable stock&#8221; (as defined below) in a PFIC may make a mark-to-market
election with respect to such stock. If a U.S. Holder makes this election with respect to the ADSs, the holder will generally (i) include
as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of ADSs held at the end of the
taxable year over the adjusted tax basis of such ADSs and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis
of the ADSs over the fair market value of such ADSs held at the end of the taxable year, but such deduction will only be allowed to the
extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder&#8217;s adjusted tax basis
in the ADSs would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market
election in respect of the ADSs and we cease to be classified as a PFIC, the holder will not be required to take into account the gain
or loss described above during any period that we are not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any
gain such U.S. Holder recognizes upon the sale or other disposition of the ADSs in a year when we are a PFIC will be treated as ordinary
income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount
previously included in income as a result of the mark-to-market election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mark-to-market election is available only for &#8220;marketable stock,&#8221; which is stock that is traded in other than de minimis
quantities on at least 15 days during each calendar quarter, or regularly traded, on a qualified exchange or other market, as defined
in applicable United States Treasury regulations. The ADSs, but not our ordinary shares, will be treated as marketable stock if our ADSs
are listed on the Nasdaq <span style="background-color: white">Capital</span> Market. If the Nasdaq <span style="background-color: white">Capital
</span>Market delists our ADSs, the ADSs will not be treated as marketable stock for the purposes of the mark-to-market election. If
our ADSs continue to be listed on the Nasdaq <span style="background-color: white">Capital</span> Market, we anticipate that the ADSs
should qualify as being regularly traded, but no assurances may be given in this regard.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
a mark-to-market election cannot technically be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject
to the PFIC rules with respect to such U.S. Holder&#8217;s indirect interest in any investments held by us that are treated as an equity
interest in a PFIC for U.S. federal income tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would
result in tax treatment different from (and generally less adverse than) the general tax treatment for PFICs described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder owns the ADSs or ordinary shares during any taxable year that we are a PFIC, the holder must generally file an annual IRS
Form 8621. You should consult your tax advisor regarding the U.S. federal income tax consequences of owning and disposing of the ADSs
or ordinary shares if we are or become a PFIC.</span></p>

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


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<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>&#160;</b></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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required
to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F no later than four months
after the close of each fiscal year. All information we file with the SEC can be obtained over the internet at the SEC&#8217;s website
at <i><span style="text-decoration: underline">www.sec.gov</span></i>. 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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will furnish Deutsche Bank Trust Company Americas, the depositary of the ADSs, with our annual reports, which will include a review of
operations and annual audited consolidated financial statements prepared in conformity with U.S. GAAP, and all notices of shareholders&#8217;
meetings and other reports and communications that are made generally available to our shareholders. The depositary will make such notices,
reports and communications available to holders of ADSs and, upon our request, will mail to all record holders of ADSs the information
contained in any notice of a shareholders&#8217; meeting received by the depositary from us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Nasdaq Stock Market Rule 5250(d), we will post this annual report on Form 20-F on our website at <i>www.yunjiglobal.com.
</i>In addition, we will provide hardcopies of our annual report free of charge to shareholders and ADS holders upon request.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.</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">Annual
                                            Report to Security Holders</span></b></span></td></tr></table>

<p style="font: bold 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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>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><span id="p_016"></span>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: bold 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">Market
Risks</span></p>

<p style="font: bold 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; text-indent: 0in"><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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conversion of Renminbi into other currencies, including U.S. dollars, is based on rates set by the People&#8217;s Bank of China. The
Renminbi has fluctuated against other currencies, at times significantly and unpredictably. The value of Renminbi against other currencies
is affected by changes in China&#8217;s political and economic conditions and by China&#8217;s foreign exchange policies, among other
things. It is difficult to predict how market forces or government policies may impact the exchange rate between Renminbi and other currencies
in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><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 our operations, appreciation of the Renminbi against the U.S. dollar
would have an adverse effect on the RMB amount we receive 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 us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our revenues are denominated in RMB, while a portion of our financial assets are denominated in U.S. dollars. We are currently not
a party to any hedging transactions that are entered into in an effort to reduce our exposure to foreign currency exchange risk. We do
not believe that we currently have any significant direct foreign exchange risk. Although our exposure to foreign exchange risks should
be limited in general, the value of your investment in our ADSs will be affected by the exchange rate between U.S. dollar and Renminbi
because the value of our business is effectively denominated in RMB, 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had Renminbi-denominated cash, cash equivalents and restricted cash of RMB227.6 million, U.S. dollar-denominated
cash, cash equivalents and restricted cash of US$44.8 million. Assuming we had converted RMB227.6 million into U.S. dollars at the exchange
rate of RMB7.0999 for US$1.00 as of December 29, 2023, our U.S. dollar-denominated cash, cash equivalents and restricted cash would have
been US$76.9 million. If the RMB had depreciated by 10% against the U.S. dollar, our U.S. dollar cash, cash equivalents and restricted
cash would have been US$73.9 million instead. Assuming we had converted US$44.8 million into RMB at the exchange rate of RMB7.0999 for
US$1.00 as of December 29, 2023, our Renminbi-denominated cash, cash equivalents and restricted cash would have been RMB545.7 million.
If the RMB had depreciated by 10% against the U.S. dollar, our Renminbi-denominated cash, cash equivalents and restricted cash would
have been RMB577.5 million instead.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
exposure to interest rate risk primarily relates to the interest income generated by excess cash, which is mostly held in interest-bearing
bank deposits. Interest-earning instruments carry a degree of interest rate risk. We have not been exposed to material risks due to changes
in interest rates, and we have not used any derivative financial instruments to manage our interest risk exposure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may invest the net proceeds 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; text-indent: 0.5in"><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>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><span id="p_017"></span>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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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: 0.25in"><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 0.25in; 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: bold 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">Fees
and Charges the ADS Holders May Have to Pay</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an ADS holder, you will be required to pay the following service fees to the depositary bank 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 your ADSs):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 colspan="2" style="border-bottom: Black 1.5pt solid"><p style="font: 10pt Times 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>Service</b></span></p>

</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times 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>Fees</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 4%">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> To
    any person to which ADSs are issued or to any person to which a distribution is made in respect of ADS distributions pursuant to
    stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted
    to cash)</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up
    to US$0.05 per ADS issued</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">&#160;</td>
    <td>&#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>&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation
    of ADSs, including the case of termination of the deposit agreement</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">Up
    to US$0.05 per ADS cancelled</span></td></tr>
  </table>

<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>


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    <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>
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<p style="font: 10pt Times New Roman, Times, 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="width: 4%">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Distribution
    of cash dividends</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up
    to US$0.05 per ADS held</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">&#160;</td>
    <td>&#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>&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
    of cash entitlements (other than cash dividends) and/or cash proceeds from the sale of rights, securities and other entitlements</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">Up
    to US$0.05 per ADS held</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">&#160;</td>
    <td>&#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>&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
    of ADSs pursuant to exercise of rights</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">Up
    to US$0.05 per ADS held</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">&#160;</td>
    <td>&#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>&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
    of securities other than ADSs or rights to purchase additional ADSs</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">Up
    to US$0.05 per ADS held</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">&#160;</td>
    <td>&#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>&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Depositary
    services</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">Up
    to US$0.05 per ADS held on the applicable record date(s) established by the depositary bank</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an ADS holder, you will also be responsible to pay certain fees and expenses incurred by the depositary bank 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 your ADSs) such as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.5in"/><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">Fees
                                            for the transfer and registration of ordinary shares charged by the registrar and transfer
                                            agent for the ordinary shares in the Cayman Islands (i.e. upon deposit and withdrawal of
                                            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">&#160;</td><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; width: 0.5in"/><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">Expenses
                                            incurred for converting foreign currency into U.S. dollars.</span></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">&#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; width: 0.5in"/><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">Expenses
                                            for cable, telex and fax transmissions and for delivery of 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">&#160;</td><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; width: 0.5in"/><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">Taxes
                                            and duties upon the transfer of securities, including any applicable stamp duties, any stock
                                            transfer charges or withholding taxes (i.e. when ordinary shares are deposited or withdrawn
                                            from deposit).</span></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">&#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; width: 0.5in"/><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">Fees
                                            and expenses incurred in connection with the delivery or servicing of ordinary shares on
                                            deposit.</span></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">&#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; width: 0.5in"/><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">Fees
                                            and expenses incurred in connection with complying with exchange control regulations and
                                            other regulatory requirements applicable to ordinary shares, deposited securities, ADSs and
                                            ADRs.</span></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">&#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; width: 0.5in"/><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">Any
                                            applicable fees and penalties thereon.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary fees payable upon the issuance and cancellation of ADSs are typically paid to the depositary bank by the brokers (on behalf
of their clients) receiving the newly issued ADSs from the depositary bank and by the brokers (on behalf of their clients) delivering
the ADSs to the depositary bank for cancellation. The brokers in turn charge these fees to their clients. Depositary fees payable in
connection with distributions of cash or securities to ADS holders and the depositary services fee are charged by the depositary bank
to the holders of record of ADSs as of the applicable ADS record date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary fees payable for cash distributions are generally deducted from the cash being distributed or by selling a portion of distributable
property to pay the fees. In the case of distributions other than cash (i.e. share dividends, rights), the depositary bank charges the
applicable fee to the ADS record date holders concurrent with the distribution. In the case of ADSs registered in the name of the investor
(whether certificated or uncertificated in direct registration), the depositary bank sends invoices to the applicable record date ADS
holders. In the case of ADSs held in brokerage and custodian accounts (via DTC), the depositary bank generally collects its fees through
the systems provided by DTC (whose nominee is the registered holder of the ADSs held in DTC) from the brokers and custodians holding
ADSs in their DTC accounts. The brokers and custodians who hold their clients&#8217; ADSs in DTC accounts in turn charge their clients&#8217;
accounts the amount of the fees paid to the depositary banks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of refusal to pay the depositary fees, the depositary bank may, under the terms of the deposit agreement, refuse the requested
service until payment is received or may set off the amount of the depositary fees from any distribution to be made to the ADS holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees
and Other Payments Made by the Depositary to Us</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary may make payments to us or reimburse us for certain costs and expenses, by making available a portion of the ADS fees collected
in respect of the ADR program or otherwise, upon such terms and conditions as we and the depositary bank agree from time to time. For
the year ended December 31, 2023, we did not receive any reimbursement from the depositary.</span></p>

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


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    <!-- 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-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="p_018"></span>PART
II.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-transform: uppercase; text-align: center; 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: 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>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><span id="p_019"></span>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; text-indent: 0.5in"><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; text-indent: 0.5in"><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>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><span id="p_020"></span>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; text-indent: 0in"><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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8212;Ordinary Shares&#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; 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; text-indent: 0in"><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; 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: 0.5in"><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; text-indent: 0.5in"><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>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><span id="p_021"></span>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; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluation
of Disclosure Controls and Procedures</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management, under the supervision and with the participation of our chief executive officer, has performed an evaluation of the effectiveness
of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by
this report, as required by Rule 13a-15(b) under the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon that evaluation, our management, with the participation of our chief executive officer, has concluded that, as of December 31, 2023,
our disclosure controls and procedures were effective in ensuring that the information required to be disclosed by us in the reports
that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the
SEC&#8217;s rules and forms, and that the information required to be disclosed by us in the reports that we file or submit under the
Exchange Act is accumulated and communicated to our management, including our chief executive 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; 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; text-indent: 0in"><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; 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: 0.5in"><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)
and 15d-15(f) under the Securities Exchange Act of 1934, as amended. Our internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for
external purposes in accordance with Generally Accepted Accounting Principles (GAAP) in the United States of America and includes those
policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of our company; (ii) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of consolidated financial statements in accordance with GAAP, and that receipts and expenditures of our company
are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding
prevention or timely detection of the unauthorized acquisition, use or disposition of our company&#8217;s assets that could have a material
effect on the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect all potential misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
required by Section 404 of the Sarbanes-Oxley Act of 2002 and related rules as promulgated by the Securities and Exchange Commission,
our management, including our chief executive officer, assessed the effectiveness of internal control over financial reporting as of
December 31, 2023 using the criteria set forth in the report &#8220;Internal Control&#8212;Integrated Framework (2013)&#8221; published
by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that our internal
control over financial reporting was effective as of December 31, 2023.</span></p>

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


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<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>&#160;</b></span></p>

<p style="font: bold 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">Attestation
Report of the Registered Public Accounting Firm</span></p>

<p style="font: bold 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report does not include an attestation report of our independent registered public accounting firm regarding internal control
over financial reporting. As a non-accelerated filer, as defined under Rule 12b-2 of the Exchange Act, we are not subject to the auditor
attestation requirements of Section 404 of the Sarbanes-Oxley Act (and the SEC rules and regulations thereunder). It is possible that,
had our independent registered public accounting firm conducted an audit of our internal control over financial reporting, such accountant
might have identified material weaknesses and deficiencies or might issue a qualified report if it is not satisfied with our internal
controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the requirements differently
from us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0in"><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; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no changes in our internal controls over financial reporting that occurred during the period covered by this annual report 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; text-indent: 0.5in"><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>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><span id="p_022"></span>AUDIT
                                            COMMITTEE FINANCIAL EXPERT</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;C. Board Practices.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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>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><span id="p_023"></span>CODE
                                            OF ETHICS</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors adopted a code of business conduct and ethics that applies to our directors, officers and employees in March 2019.
We have posted a copy of our code of business conduct and ethics on our website at <i>www.yunjiglobal.com.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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>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><span id="p_024"></span>PRINCIPAL
                                            ACCOUNTANT FEES AND SERVICES</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; text-indent: 0.5in"><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 its affiliates, our principal external auditors, for the periods indicated. We did not pay
any other fees to our principal auditor during the periods indicated below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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="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>
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    <td style="text-align: left">&#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 style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">(in thousands of RMB)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit fees<sup>(1)</sup></span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">8,680</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">7,100</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax fees<sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">612</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">300</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">All other fees</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">&#8212;</td><td style="text-align: left">&#160;</td></tr>
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<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"> <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; 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; 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">&#8220;Audit
                                            fees&#8221; means the aggregate fees billed for professional services rendered by our principal
                                            auditors for the audit of our annual financial statements and the review of our comparative
                                            interim 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">&#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"><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
                                            fee&#8221; means the aggregate fees billed in each of the fiscal years listed for professional
                                            services rendered by our principal auditors for tax compliance, tax advice, and tax planning.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
policy of our audit committee is to pre-approve all audit and other service provided by PricewaterhouseCoopers Zhong Tian LLP and its
affiliates as described above, other than those for de minimis services which are approved by the audit committee prior to the completion
of the audit.</span></p>

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


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<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; text-transform: uppercase"><b>&#160;</b></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>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><span id="p_025"></span>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 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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>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><span id="p_026"></span>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 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 16, 2022, our board of directors authorized a share repurchase program to repurchase up to US$20 million of our ordinary shares
(including in the form of ADSs) over the next six months through September 15, 2022. On August 25, 2022, our board of directors approved
to extend the term of the share repurchase program for another six months through March 15, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had repurchased a total of approximately 0.5 million ADSs under this share repurchase program. The table below
is a summary of the shares repurchased by us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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="padding-bottom: 1.5pt">&#160;</td>
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                                                                                 Number<br/>
 of ADSs<br/>
 Purchased</b></span></p> </td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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                                                                                 Price</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>Paid
Per <br/>
ADS ($)</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: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
                                                                                 Number</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>of ADSs</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>Purchased</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>as
Part of the</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>Publicly</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>Announced
Plan</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: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate</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>Dollar
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that May</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>Yet
                        Be<br/>
 Purchased</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>Under
the <br/>
Plan ($)</b></span></p> </td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Period</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: 36%; text-align: left">January 2023</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">261,123</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: 12%; text-align: right">6.11</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: 12%; text-align: right">1,652,561</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: 12%; text-align: right">4,225,384</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">February 2023</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">274,942</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.44</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,927,503</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,731,066</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">Total</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">536,065</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">5.76</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">1,927,503</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">2,731,066</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  </table>


<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#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>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><span id="p_027"></span>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 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; text-indent: 0.5in"><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; text-indent: 0.5in"><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>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><span id="p_028"></span>CORPORATE
                                            GOVERNANCE</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a Cayman Islands company listed on the Nasdaq <span style="background-color: white">Capital</span> Market, we are subject to Nasdaq&#8217;s
corporate governance requirements. However, Nasdaq rules permit a foreign private issuer like us to follow the corporate governance practices
of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly
from Nasdaq&#8217;s corporate governance requirements. Nasdaq Rule 5620 requires each issuer to hold an annual meeting of shareholders
no later than one year after the end of the issuer&#8217;s fiscal year-end.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
Nasdaq Rule 5615(a)(3) permits foreign private issuers like us to follow &#8220;home country practice&#8221; in certain corporate governance
matters. Maples and Calder (Hong Kong) LLP, our Cayman Islands counsel, has provided a letter to the Nasdaq Stock Market certifying that
neither the Companies Act of the Cayman Islands nor our memorandum and articles of association requires we hold annual general meetings
every year. We followed home country practice and did not hold an annual meeting of shareholders in 2023. We may, however, hold annual
shareholders meetings in the future. As a result of this and other home country practice we may follow in the future, our shareholders
may be afforded less protection than they otherwise would under Nasdaq&#8217;s corporate governance requirements applicable to U.S. domestic
issuers. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our ADSs&#8212;As an exempted company incorporated
in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ
significantly from Nasdaq&#8217;s corporate governance requirements; these practices may afford less protection to shareholders than
they would enjoy if we complied fully with Nasdaq&#8217;s corporate governance requirements.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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>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><span id="p_029"></span>MINE
                                            SAFETY DISCLOSURE</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; text-indent: 0.5in"><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; text-indent: 0.5in"><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"><b>ITEM
                                            16I.</b></td><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 id="p_030"></span>DISCLOSURE
                                                                                                                                          REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b>.</span></td></tr></table>

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


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<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; text-transform: uppercase"><b>&#160;</b></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; text-transform: uppercase"><b>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; text-transform: uppercase"><b><span id="p_031"></span>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; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.5in"><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; text-transform: uppercase"><b>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; text-transform: uppercase"><b><span id="p_032"></span>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; text-transform: uppercase"><b>&#160;</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"><b>Risk
Management and Strategy</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have implemented comprehensive cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy
and governance and reporting cybersecurity risks. We have also integrated cybersecurity risk management into our overall enterprise risk
management system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have developed a comprehensive cybersecurity threat defense system to address both internal and external threats. This system encompasses
various levels, including network, host and application security and incorporates systematic security capabilities for threat defense,
monitoring, analysis, response, deception and countermeasures. We strive to manage cybersecurity risks and protect sensitive information
through various means, such as technical safeguards, procedural requirements, an intensive program of monitoring on our corporate network,
continuous testing of aspects of our security posture internally, a robust incident response program and regular cybersecurity awareness
training for employees. Besides, we engage third-party service providers to assess our internal cybersecurity programs and compliance
with applicable practices and standards. Our IT department work closely with third-party service providers to ensure their compliance
with our cybersecurity standards and to assess risks arising from our engagements with them. Our information security department regularly
monitors the performance of our apps, platforms and infrastructure to enable us to respond quickly to potential problems, including potential
cybersecurity threats.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity
threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial
condition.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
nominating and corporate governance committee of our board of directors is responsible for overseeing the Company&#8217;s cybersecurity
risk management and be informed on risks from cybersecurity threats. The nominating and corporate governance committee shall review,
approve and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) related to cybersecurity
matters in the periodic reports (including annual report on Form 20-F) of the Company. In addition, on the management level, we have
established a cybersecurity committee, which is consisted of four top executives and chaired by our cybersecurity officer, who has experience
in dealing with confidentiality-related cybersecurity issues. Our cybersecurity committee is responsible for overseeing the process of
assessing, identifying and managing material risks from cybersecurity threats and monitoring the prevention, detection, mitigation and
remediation of material cybersecurity incident. Our cybersecurity committee reports to our nominating and corporate governance committee
on (i) a quarterly basis on updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats
to our company, and the disclosure issues, if any, and (ii) on disclosure concerning cybersecurity matters in our annual report on Form
20-F. If a cybersecurity incident occurs, our cybersecurity committee will promptly organize relevant personnel for internal assessment
and, depending on the situation, seek the opinions of external experts and legal advisors. If it is determined that the incident could
potentially be a material cybersecurity event, our cybersecurity committee will promptly report the investigation and assessment results
to our nominating and corporate governance committee and our disclosure committee. If such disclosure is determined to be necessary,
our cybersecurity committee shall promptly prepare disclosure material for review and approval by our nominating and corporate governance
committee or board of directors, as appropriate, before it is disseminated to the public.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="p_033"></span>PART
III.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-transform: uppercase; text-align: center; 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: 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>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><span id="p_034"></span>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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements pursuant to &#8220;Item 18. Financial Statements.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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>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><span id="p_035"></span>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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of Yunji Inc. 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; text-indent: 0.5in"><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>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><span id="p_036"></span>EXHIBITS</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 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; white-space: nowrap; width: 0.75in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit<br/>
    Number</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 0.1in">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
    of Document</b></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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</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/1759614/000119312519082092/d633184dex32.htm" style="-sec-extract: exhibit">Third Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.2 to the Form F-1 filed on March 21, 2019 (File No. 333-230424))</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</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/1759614/000119312519234482/d56400dex43.htm" style="-sec-extract: exhibit">Registrant&#8217;s Specimen American Depositary Receipt (included in Exhibit 2.3) (incorporated herein by reference to Exhibit 4.3 to the Form S-8 filed on August 30, 2019 (File No. 333-233539))</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</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/1759614/000119312519082092/d633184dex42.htm" style="-sec-extract: exhibit">Registrant&#8217;s Specimen Certificate for Class A Ordinary Shares (incorporated herein by reference to Exhibit 4.2 to the Form F-1 filed on March 21, 2019 (File No. 333-230424))</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</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/1759614/000119312519234482/d56400dex43.htm" style="-sec-extract: exhibit">Deposit Agreement among the Registrant, the depositary and holder of the American Depositary Receipts (incorporated herein by reference to Exhibit 4.3 to the Form S-8 filed on August 30, 2019 (File No. 333-233539))</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</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/1759614/000119312519082092/d633184dex44.htm" style="-sec-extract: exhibit">Amended and Restated Shareholders Agreement between the Registrant and other parties thereto dated June 4, 2018 (incorporated herein by reference to Exhibit 4.4 to the Form F-1 filed on March 21, 2019 (File No. 333-230424))</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5*</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="ex2-5.htm">Description of Securities</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</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/1759614/000119312519082092/d633184dex101.htm" style="-sec-extract: exhibit">2019 Share Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Form F-1 filed on March 21, 2019 (File No. 333-230424))</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</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/1759614/000119312519082092/d633184dex102.htm" style="-sec-extract: exhibit">Form of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated herein by reference to Exhibit 10.2 to the Form F-1 filed on March 21, 2019 (File No. 333-230424))</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</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/1759614/000119312519082092/d633184dex103.htm" style="-sec-extract: exhibit">Form of Employment Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit 10.3 to the F-1 filed on March 21, 2019 (File No. 333-230424))</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4*</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="ex4-4.htm">English translation of the executed form of Proxy Agreement and Power of Attorney by and among a VIE, its shareholders and the WFOE of the Registrant, as currently in effect, and a schedule of all executed Proxy Agreements and Powers of Attorney adopting the same form in respect of each of the VIEs</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5*</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="ex4-5.htm">English translation of the executed form of Equity Pledge Agreement by and among a VIE, its shareholders and the WFOE of the Registrant, as currently in effect, and a schedule of all executed Equity Pledge Agreements adopting the same form in respect of each of the VIEs</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6*</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="ex4-6.htm">English translation of the executed form of Exclusive Service Agreement by and between a VIE and the WFOE of the Registrant, as currently in effect, and a schedule of all executed Exclusive Service Agreements adopting the same form in respect of each of the VIEs</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7*</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="ex4-7.htm">English translation of the executed form of Exclusive Option Agreement by and among a VIE, its shareholders and the WFOE of the Registrant, as currently in effect, and a schedule of all executed Exclusive Option Agreements adopting the same form in respect of each of the VIEs</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8*</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="ex4-8.htm">English translation of Loan Agreement among Mr. Shanglue Xiao, Mr. Shangce Xiao and the WFOE of the Registrant, dated March 15, 2023</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>


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<p style="font: 10pt Times New Roman, Times, 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; vertical-align: bottom; white-space: nowrap; text-align: center"><b>Exhibit<br/>
    Number</b></td>
    <td style="padding-bottom: 1.5pt; text-align: center; 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">Description
    of Document</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 0.75in; text-align: center"><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/1759614/000119312522119026/d254550dex49.htm" style="-sec-extract: exhibit">English translation of Commodity Premises Subscription Form and two supplementary agreements to the Commodity Premises Subscription Form between a subsidiary of the Registrant, Zhejiang Fengji Technology Co., Ltd., and Hangzhou Shimao Ruiying Real Estate Co., Ltd., dated June 28, 2021 (incorporated herein by reference to Exhibit 4.9 to the Form 20-F filed on April 26, 2022 (File No. 001-38877))</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; white-space: nowrap; text-align: center"><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">Principal Subsidiaries and Consolidated Variable Interest Entities of the Registrant</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; white-space: nowrap; text-align: center"><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/1759614/000119312519082092/d633184dex991.htm" style="-sec-extract: exhibit">Code of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the F-1 filed on March 21, 2019 (File No. 333-230424))</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; white-space: nowrap; text-align: center"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-1.htm">Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</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="ex12-2.htm">Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</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; white-space: nowrap; text-align: center"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-1.htm">Certification by Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2**</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="ex13-2.htm">Certification by Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</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; white-space: nowrap; text-align: center"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex15-1.htm">Consent of PricewaterhouseCoopers Zhong Tian LLP, an independent registered public accounting firm</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; white-space: nowrap; text-align: center"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex15-2.htm">Consent of Han Kun Law Offices</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; white-space: nowrap; text-align: center"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex15-3.htm">Consent of Maples and Calder (Hong Kong) LLP</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; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97.1*</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="ex97-1.htm">Clawback Policy of the Registrant</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; white-space: nowrap; text-align: center"><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 &#8211; this instance document does not appear in 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; white-space: nowrap; text-align: center"><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
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<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 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
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  this Annual Report on Form 20-F.</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>

<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="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            with this Annual Report on Form 20-F.</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>


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<p style="font: 10pt Times 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>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="p_037"></span>SIGNATURES</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-transform: uppercase; text-align: center; 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: 0.5in"><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 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; 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: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunji
    Inc.</span></td></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: 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; text-align: left; 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; text-align: left; 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; 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; text-align: left"><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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    </i>Shanglue Xiao</span></td></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanglue
    Xiao</span></td></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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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">Founder,
    Chairman, and Chief</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">Executive
    Officer</span></p></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">Date:
April 25, 2024</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC. </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">&#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>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    of Independent Registered Public Accounting Firm</a> (PCAOB ID:<span id="xdx_909_edei--AuditorFirmId_c20230101__20231231_zldW1VCWuBBl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000061" name="dei:AuditorFirmId">1424</ix:nonNumeric></span>) </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_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: center"><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: 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="#a_003">Consolidated
    Statements of Comprehensive Income/(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: center"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_004">Consolidated
    Statements of Changes in Shareholders&#8217; Equity for the years ended December 31, 2021, 2022 and 2023</a></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">F-9</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="#a_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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-12</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_006">Notes
    to the Consolidated Financial Statements</a></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">F-15</span></td></tr>
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<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>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 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><span id="a_001"></span>Report
of Independent Registered Public Accounting Firm </b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 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 Yunji 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"><b><i>Opinion
on the Financial Statements</i></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">&#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 Yunji Inc. and its subsidiaries (the &#8220;Company&#8221;) as of December
31, 2023 and 2022, and the related consolidated statements of comprehensive income/(loss), of changes in shareholders&#8217; equity and of cash flows
for each of the three 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, 2023 and 2022<b>, </b>and the results of its operations and its cash flows for each of the
three 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"><b><i>&#160;</i></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><i>Basis
for Opinion</i></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">&#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 of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether the consolidated 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
audits 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"><b><i>Critical
Audit Matters</i></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">&#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
critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that
was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material
to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication
of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are
not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or
disclosures to which it relates.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Allowance
for credit losses &#8211; factoring receivables and receivables from the distribution sales</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></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">As
described in Notes 2 and 5 to the consolidated financial statements, the Company&#8217;s balances of factoring receivables and receivables
from the distribution sales were RMB29,147 thousand and RMB62,576 thousand, respectively, as of December 31, 2023. The allowance for
credit losses for these balances made up the majority of the allowance for credit losses for accounts receivable of RMB35,159 thousand
as of December 31, 2023. Management determined the allowance for credit losses for factoring receivables on a collective (pooled) basis
that share similar risk characteristics. The assumptions considered when determining the allowance for credit losses for factoring receivables
include probability of default (&#8220;PD&#8221;) and loss given default (&#8220;LGD&#8221;), adjusted for forward-looking macroeconomic
conditions. Management determined the allowance for credit losses for receivables from the distribution sales on an individual basis,
using the non-performing loan ratio (&#8220;NPLR&#8221;) of commercial banks by industry, adjusted for forward-looking macroeconomic
conditions.</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>&#160;</b></span></p>


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<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>Report
of Independent Registered Public Accounting Firm (Cont&#8217;d)</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">&#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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">The principal considerations
for our determination that performing procedures relating to the allowance for credit losses for factoring receivables and receivables
from the distribution sales is a critical audit matter are (i) the significant judgement and estimation by management in determining PD,
LGD, NPLR, as applicable for the relevant allowance, and the forward-looking macroeconomic conditions, which in turn led to a high degree
of auditor judgment, subjectivity, and effort in performing procedures and in evaluating the audit evidence obtained, and (ii) the audit
effort involved the use of professionals with specialized skill and knowledge to assist in performing these procedures and evaluating
the audit evidence obtained from these procedures.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">Addressing the matter involved
performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.
These procedures included testing the effectiveness of controls relating to the allowance for credit losses for factoring receivables
and receivables from the distribution sales. These procedures also included, among others, (i) testing management&#8217;s process for
estimating the allowance for credit losses, (ii) evaluating the appropriateness of the models and methodologies used in management&#8217;s
credit loss estimates, (iii) evaluating the reasonableness of certain assumptions, including PD, LGD and NPLR as applicable for the relevant
allowance, (iv) evaluating the reasonableness of the forward-looking macroeconomic conditions used in the models, and (v) testing the
completeness, accuracy and relevance of data used in the estimation process. Professionals with specialized skill and knowledge were also
used to assist in evaluating the appropriateness of the methodologies and mathematical accuracy of the calculations, the reasonableness
of the PD, LGD, NPLR, as applicable, and the forward-looking macroeconomic conditions.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><i>/s/</i> <span id="xdx_907_edei--AuditorName_c20230101__20231231_zXxzGAZZJMvh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000062" name="dei:AuditorName">PricewaterhouseCoopers
Zhong Tian LLP</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_90D_edei--AuditorLocation_c20230101__20231231_zKw6KByErA89"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000063" name="dei:AuditorLocation">Shanghai, the People&#8217;s Republic of China</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">April 25, 2024</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">We have served as the Company&#8217;s auditor since
2018.</p>

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


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<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>&#160;</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>YUNJI
INC.</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>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_002"></span>CONSOLIDATED
BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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-right: 0pt; 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 thousands, except for share and per share data, unless otherwise noted)</b></span></p>

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

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<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_408_eus-gaap--ShortTermInvestments_i02I_uRMB_maACz22G_z7a4za1WR7ga" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    investments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2023-12-31" id="Fact000082" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,195</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--ShortTermInvestments_i02I_pn3n3_uUSD_maACz22G_c20231231_z3hsikcCSyri" title="Short-term investments" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2023-12-31" id="Fact000084" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,013</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--AccountsReceivableNetCurrent_i02I_uRMB_maACz22G_zRPflclA0yK9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts
    receivable, net (Allowance for credit losses of RMB <span id="xdx_90A_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_uRMB_c20221231_zmlJ8xKjuZUk" title="Allowance for credit losses, accounts receivable"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2022-12-31" id="Fact000089" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">16,762</ix:nonFraction></span> and RMB <span id="xdx_903_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iI_uRMB_c20231231_zwqAYoc6Wxkj" title="Allowance for credit losses, accounts receivable"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2023-12-31" id="Fact000091" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">35,159</ix:nonFraction></span>, respectively)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2022-12-31" id="Fact000086" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">94,111</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-12-31" id="Fact000087" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">64,312</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--AccountsReceivableNetCurrent_i02I_pn3n3_uUSD_maACz22G_c20231231_zQC5bYqtM2A1" title="Accounts receivable, net (Allowance for credit losses of RMB 16,762 and RMB 35,159, respectively)" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-12-31" id="Fact000093" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,058</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_ecustom--AdvancesToSuppliers_i02I_uRMB_maACz22G_zyAJPQLipuej" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Advance
    to suppliers</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:AdvancesToSuppliers" contextRef="AsOf2022-12-31" id="Fact000095" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">32,738</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:AdvancesToSuppliers" contextRef="AsOf2023-12-31" id="Fact000096" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,058</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_ecustom--AdvancesToSuppliers_i02I_pn3n3_uUSD_maACz22G_c20231231_zjSzmDxCI9Jk" title="Advance to suppliers" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:AdvancesToSuppliers" contextRef="AsOf2023-12-31" id="Fact000098" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,980</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--InventoryNet_i02I_uRMB_maACz22G_zj2J8phK60N" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Inventories,
    net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2022-12-31" id="Fact000100" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">54,651</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2023-12-31" id="Fact000101" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">42,716</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--InventoryNet_i02I_pn3n3_uUSD_maACz22G_c20231231_z4T4h8FYFODi" title="Inventories, net" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2023-12-31" id="Fact000103" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,016</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--OtherReceivables_i02I_uRMB_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maACz22G_zmg89dHW4y96" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amounts
    due from related parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact000105" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">202</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000106" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,361</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_eus-gaap--OtherReceivables_i02I_pn3n3_uUSD_maACz22G_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zqFpaoP6UZR" title="Amounts due from related parties" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000108" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">192</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_uRMB_maACz22G_zb4SEHBVoa21" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid
    expenses and other current assets (Allowance for credit losses of RMB <span id="xdx_908_ecustom--PrepaidExpensesAndOtherCurrentAssetsAllowanceForCreditLosses_iI_uRMB_c20221231_zS6MUJ20UVk1" title="Prepaid expenses and other current assets allowance for credit losses"><ix:nonFraction name="YJ:PrepaidExpensesAndOtherCurrentAssetsAllowanceForCreditLosses" contextRef="AsOf2022-12-31" id="Fact000113" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,510</ix:nonFraction></span> and RMB <span id="xdx_900_ecustom--PrepaidExpensesAndOtherCurrentAssetsAllowanceForCreditLosses_iI_uRMB_c20231231_zLW9zifwt0el" title="Prepaid expenses and other current assets allowance for credit losses"><ix:nonFraction name="YJ:PrepaidExpensesAndOtherCurrentAssetsAllowanceForCreditLosses" contextRef="AsOf2023-12-31" id="Fact000115" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">13,017</ix:nonFraction></span>, respectively)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2022-12-31" id="Fact000110" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">362,065</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2023-12-31" id="Fact000111" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">134,247</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_pn3n3_uUSD_maACz22G_c20231231_zAMQ3dfJ07Ic" title="Prepaid expenses and other current assets (Allowance for credit losses of RMB 14,510 and RMB 13,017, respectively)" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2023-12-31" id="Fact000117" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,908</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--AssetsCurrent_i02TI_uRMB_maAzAJN_mtACz22G_zg1J86ab8r4f" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2022-12-31" id="Fact000119" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,212,513</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--AssetsNoncurrentAbstract_i01B_uRMB_zO2rkKZOoI59" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentNet_i02I_uRMB_maANz1gC_zlsZ88mEZfJf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    equipment and software, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31" id="Fact000127" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">168,928</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact000128" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">175,451</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentNet_i02I_pn3n3_uUSD_maANz1gC_c20231231_zlOQhLCSxl57" title="Property, equipment and software, net" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact000130" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,712</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--LongTermInvestments_i02I_uRMB_maANz1gC_z3x52FpnU2j5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    investments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2022-12-31" id="Fact000132" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">414,325</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2023-12-31" id="Fact000133" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">364,159</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--LongTermInvestments_i02I_pn3n3_uUSD_maANz1gC_c20231231_ze3efcbNhuLi" title="Long-term Investments" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermInvestments" contextRef="AsOf2023-12-31" id="Fact000135" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">51,291</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--DeferredIncomeTaxAssetsNet_i02I_uRMB_maANz1gC_zViU5iHYsBm2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0137">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0138">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--DeferredIncomeTaxAssetsNet_i02I_pn3n3_uUSD_maANz1gC_c20231231_zXfB4XdWbcth" title="Deferred tax assets" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0140">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_uRMB_maANz1gC_zeit4XHclIlg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
    lease right of use assets, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-12-31" id="Fact000142" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">231</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2023-12-31" id="Fact000143" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">16,507</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_pn3n3_uUSD_maANz1gC_c20231231_z3F8nnZ0wBcd" title="Operating lease right of use assets, net" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2023-12-31" id="Fact000145" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,325</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--OtherAssetsNoncurrent_i02I_uRMB_maANz1gC_zzHwEeFQdL73" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    non-current assets (Allowance for credit losses of RMB <span id="xdx_90D_ecustom--OtherNonCurrentAssetsAllowanceForCreditLosses_iI_uRMB_c20221231_zPN6HLmsGj1a" title="Allowance for credit losses, other non current assets"><ix:nonFraction name="YJ:OtherNonCurrentAssetsAllowanceForCreditLosses" contextRef="AsOf2022-12-31" id="Fact000150" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,091</ix:nonFraction></span> and RMB <span id="xdx_90E_ecustom--OtherNonCurrentAssetsAllowanceForCreditLosses_iI_uRMB_c20231231_zctlaXRkOat5" title="Allowance for credit losses, other non current assets"><ix:nonFraction name="YJ:OtherNonCurrentAssetsAllowanceForCreditLosses" contextRef="AsOf2023-12-31" id="Fact000152" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">22,213</ix:nonFraction></span>, respectively)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2022-12-31" id="Fact000147" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">96,414</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact000148" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">189,067</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--OtherAssetsNoncurrent_i02I_pn3n3_uUSD_maANz1gC_c20231231_ziMSnDuU1fvj" title="Other non-current assets (Allowance for credit losses of RMB 2,091 and RMB 22,213, respectively)" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact000154" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,630</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--AssetsNoncurrent_i02TI_uRMB_maAzAJN_mtANz1gC_zeUoGk0LNwGc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current assets</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact000157" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">745,184</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--AssetsNoncurrent_i02TI_pn3n3_uUSD_maAzAJN_mtANz1gC_c20231231_zzAjQXsRyvYi" title="Assets, Noncurrent" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact000159" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">104,958</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    assets</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-12-31" id="Fact000161" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,892,411</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_eus-gaap--Assets_i01TI_pn3n3_uUSD_mtAzAJN_c20231231_zplFnd9fD9nl" title="Total assets" style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2023-12-31" id="Fact000164" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">218,846</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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-right: 0pt; 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 thousands, except for share and per share data, unless otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_uRMB_zs0b58N2fPu" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">LIABILITIES
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts
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  <tr id="xdx_400_eus-gaap--DeferredRevenueCurrent_i02I_uRMB_maLCzcy1_z8Bassk8NyGi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredRevenueCurrent" contextRef="AsOf2023-12-31" id="Fact000182" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,412</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--DeferredRevenueCurrent_i02I_uUSD_maLCzcy1_c20231231_z6175TjATiW5" title="Deferred revenue" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredRevenueCurrent" contextRef="AsOf2023-12-31" id="Fact000184" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,326</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--IncentivesPayableToMembersCurrent_i02I_uRMB_maLCzcy1_zmMqG1ud8Xh3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Incentive
    payables to members</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:IncentivesPayableToMembersCurrent" contextRef="AsOf2022-12-31" id="Fact000186" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">207,331</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:IncentivesPayableToMembersCurrent" contextRef="AsOf2023-12-31" id="Fact000187" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">124,889</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_ecustom--IncentivesPayableToMembersCurrent_i02I_uUSD_maLCzcy1_c20231231_zuXDxYMOdUu2" title="Incentive payables to members" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:IncentivesPayableToMembersCurrent" contextRef="AsOf2023-12-31" id="Fact000189" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17,590</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--ManagementFeesPayablesToVendorsCurrent_i02I_uRMB_maLCzcy1_zitQxZproGvi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Member
    management fees payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:ManagementFeesPayablesToVendorsCurrent" contextRef="AsOf2022-12-31" id="Fact000191" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,087</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:ManagementFeesPayablesToVendorsCurrent" contextRef="AsOf2023-12-31" id="Fact000192" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,373</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_ecustom--ManagementFeesPayablesToVendorsCurrent_i02I_uUSD_maLCzcy1_c20231231_zUhExYYdopg1" title="Member management fees payable" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:ManagementFeesPayablesToVendorsCurrent" contextRef="AsOf2023-12-31" id="Fact000194" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">616</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_i02I_uRMB_maLCzcy1_zYR1rUpZFkF5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    payable and accrued liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000196" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">145,527</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000197" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">109,200</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_i02I_uUSD_maLCzcy1_c20231231_z2qcfvuEZ9Q2" title="Other payable and accrued liabilities" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000199" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,381</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--OtherLiabilities_i02I_uRMB_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLCzcy1_zzFmteLJ8hF3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amounts
    due to related parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact000201" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">10,608</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000202" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,535</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--OtherLiabilities_i02I_uUSD_maLCzcy1_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zcTyp8KPHEgi" title="Amounts due to related parties" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000204" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">498</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_uRMB_maLCzcy1_zRp5u4IJhKEi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Operating
    lease liabilities, current</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact000206" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,162</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000207" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,376</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_uUSD_maLCzcy1_c20231231_z6jG6knySd41" title="Operating Lease, Liability, Current" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000209" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">476</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--LiabilitiesCurrent_i02TI_uRMB_mtLCzcy1_maLz5Is_zDcChlQ7xMba" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000211" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">536,366</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000212" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">351,567</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--LiabilitiesCurrent_i02TI_uUSD_mtLCzcy1_maLz5Is_c20231231_zfDryu6tNpk7" title="Total current liabilities" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000214" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,518</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_uRMB_zxPSSebvEnP8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-current
    liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_uRMB_maLNzN85_zjlAEBVgk7e1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
    lease liabilities, non-current</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact000219" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">145</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000220" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,122</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_uUSD_maLNzN85_c20231231_zrnMtpjTWzg9" title="Operating lease liabilities non-current" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000222" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,566</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--DeferredTaxAndOtherLiabilitiesNoncurrent_i02I_uRMB_maLNzN85_zNDEMPZJ8wmh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0224">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0225">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--DeferredTaxAndOtherLiabilitiesNoncurrent_i02I_uUSD_maLNzN85_c20231231_zKub80L0zUx5" title="Deferred tax liabilities" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0227">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--LiabilitiesNoncurrent_i02TI_uRMB_mtLNzN85_maLz5Is_zhvIUl57godl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current liabilities</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2022-12-31" id="Fact000229" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">145</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact000230" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,122</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--LiabilitiesNoncurrent_i02TI_uUSD_mtLNzN85_maLz5Is_c20231231_z3VyBYxl4Jo9" title="Total non-current liabilities" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact000232" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,566</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--Liabilities_i01TI_uRMB_maLASEzAGz_mtLz5Is_zQSLJbsqret8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    liabilities</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-12-31" id="Fact000234" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">536,511</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31" id="Fact000235" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">362,689</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--Liabilities_i01TI_uUSD_mtLz5Is_c20231231_ztIduMprxQv6" title="Liabilities" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31" id="Fact000237" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">51,084</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--CommitmentsAndContingencies_i01I_uRMB_maLASEzAGz_z1xRMIDIpEV2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Commitments
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: 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></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: 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></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--CommitmentsAndContingencies_iI_uUSD_c20231231_ztNTzTlvq24g" title="Commitments and contingencies (Note 27)" style="font-family: 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></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 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>YUNJI
INC.</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>&#160;</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>CONSOLIDATED
BALANCE SHEETS (CONTINUED)</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>AS
OF DECEMBER 31, 2022 AND 2023</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>(All
amounts in thousands, except for share and per share data, unless otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--CommonStockValue_i02I_uRMB_maSEzjkK_zPRSbnHsdFRf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ordinary
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    and <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_uShares_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zWyvCkV516cj" title="Common stock, shares issued"><span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_uShares_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zSKomTv4Lxh1" title="Common stock, shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact000262" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-12-31_us-gaap_CommonClassBMember" id="Fact000264" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">949,960,000</ix:nonFraction></ix:nonFraction></span></span> Class B ordinary shares issued as of December 31, 2022 and 2023; <span id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_pid_uShares_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zIOirAHYT0n7" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31_us-gaap_CommonClassAMember" id="Fact000266" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,068,437,352</ix:nonFraction></span> and <span id="xdx_907_eus-gaap--CommonStockSharesOutstanding_iI_pid_uShares_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zILk3xO4sJl2" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonClassAMember" id="Fact000268" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,016,418,532</ix:nonFraction></span> Class A ordinary
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    paid-in capital</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2022-12-31" id="Fact000276" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,333,144</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2023-12-31" id="Fact000277" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,328,680</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--AdditionalPaidInCapital_i02I_uUSD_maSEzjkK_c20231231_zvudRYWKQla1" title="Additional paid-in capital" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2023-12-31" id="Fact000279" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,032,223</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    reserve</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:StatutoryReserve" contextRef="AsOf2023-12-31" id="Fact000282" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">16,254</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40F_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_uRMB_maSEzjkK_zqVIWw4BYyF7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    other comprehensive income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2022-12-31" id="Fact000286" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">63,113</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2023-12-31" id="Fact000287" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">85,291</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_uUSD_maSEzjkK_c20231231_zVvNFzb24sEh" title="Accumulated other comprehensive income/(loss)" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2023-12-31" id="Fact000289" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,013</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--TreasuryStockValue_i02NI_di_uRMB_msSEzjkK_zvwgNdFmY026" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:TreasuryStockValue" contextRef="AsOf2022-12-31" id="Fact000291" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">98,709</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:TreasuryStockValue" contextRef="AsOf2023-12-31" id="Fact000292" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">116,108</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--TreasuryStockValue_i02NI_di_uUSD_msSEzjkK_c20231231_zd4nQopIMBMe" title="Less: Treasury stock (25,525,810 and 12,255,830 shares as of December 31, 2020 and 2021, respectively)" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:TreasuryStockValue" contextRef="AsOf2023-12-31" id="Fact000298" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,353</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_408_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_uRMB_maSEzjkK_zqaPDCJReOR" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    deficit</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-12-31" id="Fact000300" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">5,958,666</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-12-31" id="Fact000301" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">6,123,971</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_uUSD_maSEzjkK_c20231231_zje7MipWwHU1" title="Accumulated deficit" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-12-31" id="Fact000303" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">862,543</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--StockholdersEquity_i02TI_uRMB_maSEIPAzrxC_mtSEzjkK_z40SrQoJD3A" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    Yunji Inc. shareholders&#8217; equity</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-12-31" id="Fact000305" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,355,030</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2023-12-31" id="Fact000306" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,190,216</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--StockholdersEquity_i01TI_uUSD_maSEIPAzrxC_mtSEzjkK_c20231231_zxzVBI0hrRze" title="Total Yunji Inc. shareholders' equity" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2023-12-31" id="Fact000308" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">167,639</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--MinorityInterest_i01I_uRMB_maSEIPAzrxC_zYsv7V7o1Egf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interests</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2022-12-31" id="Fact000310" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">870</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2023-12-31" id="Fact000311" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">879</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--MinorityInterest_iI_uUSD_maSEIPAzrxC_c20231231_zkwGEMrxdBvb" title="Non-controlling interests" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2023-12-31" id="Fact000313" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">123</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i01TI_uRMB_maLASEzAGz_mtSEIPAzrxC_zxnr23ak7EDb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
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  </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>

<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">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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><span id="a_003"></span>CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)</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>FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023</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>(All
amounts in thousands, except for share and per share data, unless otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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 cellpadding="0" cellspacing="0" id="xdx_30B_113_pn3n3_zjdLOch7NM7a" summary="xdx: Statement - Consolidated Statements of Comprehensive Income/(Loss)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Revenues:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--Revenues_pn3n3_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--SalesOfMerchandiseMember_ziCky7v2vBLh" title="Sales of merchandise, net" style="font-family: Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-012023-12-31_custom_SalesOfMerchandiseMember" id="Fact000333" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">70,515</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2022-01-012022-12-31_custom_MarketPlaceRevenueMember" id="Fact000336" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">170,561</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-012023-12-31_custom_MarketPlaceRevenueMember" id="Fact000337" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">130,188</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--Revenues_pn3n3_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--MarketPlaceRevenueMember_zhwD4yGxJPwa" title="Marketplace revenue" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-012023-12-31_custom_MarketPlaceRevenueMember" id="Fact000339" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,337</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
    revenues</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2021-01-012021-12-31_custom_OtherRevenueMember" id="Fact000341" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">34,635</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-012023-12-31_custom_OtherRevenueMember" id="Fact000343" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,370</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    revenues</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2021-01-012021-12-31" id="Fact000347" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,155,361</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2022-01-012022-12-31" id="Fact000348" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,154,114</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-01to2023-12-31" id="Fact000349" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">640,209</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--Revenues_i01_pn3n3_uUSD_maOILzkI3_c20230101__20231231_zgyljDGsC399" title="Total revenues" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2023-01-01to2023-12-31" id="Fact000351" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">90,172</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--OperatingCostsAndExpensesAbstract_iB" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
    cost and expenses:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--CostOfRevenue_i01N_pn3n3_di_uRMB_maOCAEzLsO_zJYdxaQMXGsa" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Cost
    of revenues</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-01-012021-12-31" id="Fact000357" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,343,386</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2022-01-012022-12-31" id="Fact000358" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">651,578</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2023-01-01to2023-12-31" id="Fact000359" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">332,774</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--CostOfRevenue_i01N_pn3n3_di_uUSD_maOCAEzLsO_c20230101__20231231_zOcM7LVwgtZh" title="Cost of revenues" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2023-01-01to2023-12-31" id="Fact000361" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">46,870</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_407_ecustom--Fulfilment_i01N_pn3n3_di_uRMB_maOCAEzLsO_z5DdnKdc2zdk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Fulfilment</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:Fulfilment" contextRef="From2021-01-012021-12-31" id="Fact000363" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">202,026</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:Fulfilment" contextRef="From2022-01-012022-12-31" id="Fact000364" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">160,680</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:Fulfilment" contextRef="From2023-01-01to2023-12-31" id="Fact000365" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">107,472</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_ecustom--Fulfilment_i01N_pn3n3_di_uUSD_maOCAEzLsO_c20230101__20231231_zxmYNgdY6V58" title="Fulfilment" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:Fulfilment" contextRef="From2023-01-01to2023-12-31" id="Fact000367" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,137</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--SellingAndMarketingExpense_i01N_pn3n3_di_uRMB_maOCAEzLsO_z1jgj93XLwx" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Sales
    and marketing</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2021-01-012021-12-31" id="Fact000369" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">296,049</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2022-01-012022-12-31" id="Fact000370" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">214,783</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000371" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">121,039</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--SellingAndMarketingExpense_i01N_pn3n3_di_uUSD_maOCAEzLsO_c20230101__20231231_zZilzu2wdTw8" title="Sales and marketing" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000373" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17,048</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--CommunicationsAndInformationTechnology_i01N_pn3n3_di_uRMB_maOCAEzLsO_zuTpPsRjGZo2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Technology
    and content</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CommunicationsAndInformationTechnology" contextRef="From2021-01-012021-12-31" id="Fact000375" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">124,854</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CommunicationsAndInformationTechnology" contextRef="From2022-01-012022-12-31" id="Fact000376" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">81,382</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CommunicationsAndInformationTechnology" contextRef="From2023-01-01to2023-12-31" id="Fact000377" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">53,490</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--CommunicationsAndInformationTechnology_i01N_pn3n3_di_uUSD_maOCAEzLsO_c20230101__20231231_zyhDLEj29bFl" title="Technology and content" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CommunicationsAndInformationTechnology" contextRef="From2023-01-01to2023-12-31" id="Fact000379" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,534</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--GeneralAndAdministrativeExpense_i01N_pn3n3_di_uRMB_maOCAEzLsO_z8qn1pw6Zoca" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2021-01-012021-12-31" id="Fact000381" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">226,110</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2022-01-012022-12-31" id="Fact000382" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">145,857</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000383" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">120,951</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--GeneralAndAdministrativeExpense_i01N_pn3n3_di_uUSD_maOCAEzLsO_c20230101__20231231_zT9Ie6KwzfVe" title="General and administrative" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000385" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17,036</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--OperatingCostsAndExpenses_i01NT_pn3n3_di_uRMB_mtOCAEzLsO_msOILzkI3_zdIECfwx8FDi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    operating cost and expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2021-01-012021-12-31" id="Fact000387" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,192,425</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2022-01-012022-12-31" id="Fact000388" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,254,280</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2023-01-01to2023-12-31" id="Fact000389" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">735,726</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--OperatingCostsAndExpenses_i01NT_pn3n3_di_uUSD_mtOCAEzLsO_msOILzkI3_c20230101__20231231_zY7ugINNRtQi" title="Total operating cost and expenses" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2023-01-01to2023-12-31" id="Fact000391" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">103,625</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--OtherOperatingIncome_i01_pn3n3_uRMB_maOILzkI3_zCMeCUkExv8b" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
    operating income</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherOperatingIncome" contextRef="From2021-01-012021-12-31" id="Fact000393" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">54,416</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherOperatingIncome" contextRef="From2022-01-012022-12-31" id="Fact000394" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">21,599</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherOperatingIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000395" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,898</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--OtherOperatingIncome_i01_pn3n3_uUSD_maOILzkI3_c20230101__20231231_zscctssoFca9" title="Other operating income" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherOperatingIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000397" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,098</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--OperatingIncomeLoss_i01T_pn3n3_uRMB_mtOILzkI3_maILFCOzWat_z7fVjDgFGofh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31" id="Fact000399" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">17,352</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--FinancialIncomeExpensesNet_uRMB_maILFCOzWat_zntGIvNJYa5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Financial
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:FinancialIncomeExpensesNet" contextRef="From2022-01-012022-12-31" id="Fact000406" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">14,356</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:FinancialIncomeExpensesNet" contextRef="From2023-01-01to2023-12-31" id="Fact000407" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">60,226</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_ecustom--FinancialIncomeExpensesNet_pn3n3_uUSD_maILFCOzWat_c20230101__20231231_zQvGijI5JRp3" title="Financial income/(expense), net" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:FinancialIncomeExpensesNet" contextRef="From2023-01-01to2023-12-31" id="Fact000409" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">8,483</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_uRMB_maILFCOzWat_zqlQXg4Nesge" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    exchange loss, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2021-01-012021-12-31" id="Fact000411" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,300</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2022-01-012022-12-31" id="Fact000412" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">15,697</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2023-01-01to2023-12-31" id="Fact000413" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">6,743</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_pn3n3_uUSD_maILFCOzWat_c20230101__20231231_zGI0YYqByOfi" title="Foreign exchange loss, net" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2023-01-01to2023-12-31" id="Fact000415" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">950</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OtherNonoperatingIncomeExpense_uRMB_maILFCOzWat_zYpP3RX5vdNk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
    non-operating income/(loss), net</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2021-01-012021-12-31" id="Fact000417" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">112,909</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2022-01-012022-12-31" id="Fact000418" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,072</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000419" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,405</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_uUSD_maILFCOzWat_c20230101__20231231_zhyJ3HCUHJAa" title="Other non-operating income/(loss), net" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000421" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">339</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_iT_pn3n3_uRMB_mtILFCOzWat_maPLzUbE_z1v8GRDcZjT2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" contextRef="From2021-01-012021-12-31" id="Fact000423" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">209,022</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" contextRef="From2022-01-012022-12-31" id="Fact000424" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">106,548</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000425" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">149,993</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_iT_pn3n3_uUSD_mtILFCOzWat_maPLzUbE_c20230101__20231231_z3imCQeUSTX3" title="Income/(loss) before income tax expense, and equity in income of affiliates, net of tax" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000427" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">21,127</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--IncomeTaxExpenseBenefit_iN_pn3n3_di_uRMB_msPLzUbE_zktU4L3aINc2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less:
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000449" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_pn3n3_uUSD_msNILziVf_c20230101__20231231_zT0gOcig7xyi" title="net income/(loss) attributable to non- controlling interests shareholders" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000451" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    income/(loss) attributable to YUNJI INC.</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  </table>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 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>YUNJI
INC.</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>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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 COMPREHENSIVE INCOME/(LOSS) (CONTINUED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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-right: 0pt; 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 thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--ProfitLoss_uRMB_maCINOTzt7I_z8uBZRso87p2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 40%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    income/(loss)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000459" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">132,284</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000460" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">138,390</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000461" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">165,120</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--ProfitLoss_pn3n3_uUSD_maCINOTzt7I_c20230101__20231231_zBsRYlBdhvB7" title="Net income/(loss)" style="font-family: Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000463" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">23,258</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_408_eus-gaap--OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_iB_uRMB_z86eHFgLkUg7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    comprehensive (loss)/income</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_i01_pn3n3_uRMB_maCINOTzt7I_zeOWGnKveB6k" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency translation adjustment</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2021-01-012021-12-31" id="Fact000469" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">25,116</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2022-01-012022-12-31" id="Fact000470" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">78,777</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000471" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">22,178</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_i01_pn3n3_uUSD_maCINOTzt7I_c20230101__20231231_zDcvUEq5N4w4" title="Foreign currency translation adjustment" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000473" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,124</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_i01T_pn3n3_uRMB_mtCINOTzt7I_maCINOTzmt5_zxR3Vm54lcm8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    comprehensive income/(loss)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2021-01-012021-12-31" id="Fact000475" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">107,168</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact000476" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">59,613</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000477" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">142,942</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_i01T_pn3n3_uUSD_mtCINOTzt7I_maCINOTzmt5_c20230101__20231231_zHnzkqAGYzD6" title="Total comprehensive income/(loss)" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000479" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">20,134</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_i01_pn3n3_uRMB_msCINOTzmt5_zBueoHJmKgd5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_i01_pn3n3_uUSD_msCINOTzmt5_c20230101__20231231_zE8GuBjqunN5" title="Less: total comprehensive income/(loss) attributable to non-controlling interests shareholders" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000485" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--ComprehensiveIncomeNetOfTax_iT_pn3n3_uRMB_mtCINOTzmt5_zdPvrWTx0Qc2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_uRMB_zapy0QSDeTz6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_uShares_zZTYachLUzY7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">-
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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">&#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>YUNJI
INC.</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>&#160;</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><span id="a_004"></span>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY</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>FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023</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>(All
amounts in thousands, except for share and per share data, unless otherwise noted)</b></span></p>

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

<table cellpadding="0" cellspacing="0" id="xdx_30D_114_pn3n3_zhzX9lhlpawl" summary="xdx: Statement - Consolidated Statements of Changes in Shareholders' Equity" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Shares</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
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    <td colspan="2" id="xdx_4BA_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_znbMiT0Cdk7a" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>paid-in</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>capital</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" id="xdx_4B0_us-gaap--StatementEquityComponentsAxis_custom--StatutoryReserveMember_zBwn5SNFBEGk" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Statutory</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>reserve</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" id="xdx_4B1_us-gaap--StatementEquityComponentsAxis_us-gaap--AccumulatedOtherComprehensiveIncomeMember_z47gJtRtBeDg" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                                    <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>comprehensive</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>income/(loss)</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" id="xdx_4BB_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsMember_zTPwSXf1pAe4" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Accumulated</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>deficit</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" id="xdx_4BC_us-gaap--StatementEquityComponentsAxis_us-gaap--ParentMember_zEoeX99zoVYb" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                                    <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>shareholders&#8217;</b></span></p>
                                                                                                    <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>equity</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" id="xdx_4BB_us-gaap--StatementEquityComponentsAxis_us-gaap--NoncontrollingInterestMember_zs4UjKYUSREf" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>controlling</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>interest</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" id="xdx_4B0_zhcqqWeRYlfe" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>shareholders&#8217;</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>equity</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td></tr>
<tr style="font: 9pt Times New Roman, Times, Serif; 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"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Ordinary
                                            share</b></span></p>
                                                                                                    <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>(US$0.000005</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>par
                                            value)</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Treasury
    stock</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></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"><b>&#160;</b></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"><b>Additional</b></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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Accumulated</b></span></p>
                                                                  <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"></p>other</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Total</b></span></p>Yunji
Inc.</td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Non-</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Total</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 9pt Times New Roman, Times, Serif; 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"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Number&#160;of</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Shares&#160;issued</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Number&#160;of</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Shares</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>paid-in</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>capital</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Statutory</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>reserve</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                                    <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>comprehensive</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>income/(loss)</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Accumulated</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>deficit</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                                    <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>shareholders&#8217;</b></span></p>
                                                                                                    <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>equity</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>controlling</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>interest</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr id="xdx_439_c20210101__20211231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iS_zaFUNScZwiyd" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 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: 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_custom_StatutoryReserveMember" id="Fact000534" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,624</ix:nonFraction></span></td><td style="font: 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: 9pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 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: 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="Fact000535" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,452</ix:nonFraction></span></td><td style="font: 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: 9pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 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: 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="Fact000536" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">5,952,085</ix:nonFraction></span></td><td style="font: 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: 9pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 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: 9pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_ParentMember" id="Fact000537" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,312,007</ix:nonFraction></span></td><td style="font: 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: 9pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 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: 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="Fact000538" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,861</ix:nonFraction></span></td><td style="font: 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: 9pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 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: 9pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;&#160;&#160;<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31" id="Fact000539" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,314,868</ix:nonFraction></span></td><td style="font: 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></tr>
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  </table>

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

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


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<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>YUNJI
INC.</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>&#160;</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>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY (CONTINUED)</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>FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023</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>(All
amounts in thousands, except for share and per share data, unless otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 20.1pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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; 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"><b>&#160;</b></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"><b>&#160;</b></span></td>
    <td colspan="7" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Ordinary
                                            share</b></span></p>
                                                                                                  <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>(US$0.000005</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>par
                                            value)</b></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"><b>&#160;</b></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"><b>Treasury
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    <td colspan="2" style="font: bold 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"><b>Additional</b></span></td><td style="font: bold 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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Accumulated</b></span></p>
                                                                      <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>other</b></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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Total</b></span></p>
                                                                      <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Yunji
                                            Inc.</b></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"><b>&#160;</b></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"><b>&#160;</b></span></td>
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
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                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Shares&#160;issued</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Number&#160;of</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Shares</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>paid-in</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>capital</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Statutory</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>reserve</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>comprehensive</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>(loss)/income</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Accumulated</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>deficit</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>shareholders&#8217;</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>equity</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>controlling</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>interest</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                                    <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>shareholders&#8217;</b></span></p>
                                                                                                    <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>equity</b></span></p></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 9pt Times New Roman, Times, Serif; 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="10" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>RMB</b></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: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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    <td colspan="2" style="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">RMB</span></td><td style="font: bold 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: bold 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: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">RMB</span></td><td style="font: bold 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: bold 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: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">RMB</span></td><td style="font: bold 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: bold 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: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">RMB</span></td><td style="font: bold 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: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
    <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"><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">&#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"><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">&#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"><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">&#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"><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">&#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"><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">&#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"><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">&#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"><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">&#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"><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">&#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"><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">&#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"><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">&#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"><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">&#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></tr>
  <tr id="xdx_43B_c20220101__20221231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iS_zzNzV9MpQtgj" 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: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Balance
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    <td style="border-bottom: Black 2.5pt double; font: 9pt Times 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 2.5pt double; 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:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_ParentMember" id="Fact000811" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,355,030</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><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: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 9pt Times 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 2.5pt double; 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:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000812" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">870</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><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: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 9pt Times 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 2.5pt double; 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:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31" id="Fact000813" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,355,900</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

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


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<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>YUNJI
INC.</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>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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; EQUITY (CONTINUED)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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-right: 0pt; 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 thousands, except for share and per share data, unless otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></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; 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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Ordinary
                                            share</b></span></p>
                                                                                                    <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>(US$0.000005</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>par
                                            value)</b></span></p></td><td style="font: bold 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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Treasury
    stock</b></span></td><td style="font: bold 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"><b>&#160;</b></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"><b>&#160;</b></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"><b>Additional</b></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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Accumulated</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>other</b></span></p></td><td style="font: bold 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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Total</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Yunji
                                            Inc.</b></span></p></td><td style="font: bold 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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 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"><b>Non-</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="2" style="font: bold 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"><b>Total</b></span></td><td style="font: bold 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"><b>&#160;</b></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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Number&#160;of</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Shares&#160;issued</b></span></p></td><td style="font: bold 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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Number&#160;of</b></span></p>
                                                                                                    <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Shares</b></span></p></td><td style="font: bold 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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Amount</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>paid-in</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>capital</b></span></p></td><td style="font: bold 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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Statutory</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>reserve</b></span></p></td><td style="font: bold 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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>comprehensive</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>income</b></span></p></td><td style="font: bold 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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Accumulated</b></span></p>
                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>deficit</b></span></p></td><td style="font: bold 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"><b>&#160;</b></span></td><td style="font: bold 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"><b>&#160;</b></span></td>
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                                                                                <p style="font: 9pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>shareholders&#8217;</b></span></p>
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  </table>

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

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

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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>&#160;</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>YUNJI
INC.</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>&#160;</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><span id="a_005"></span>CONSOLIDATED
STATEMENTS OF CASH FLOWS</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>FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023 </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>(All
amounts in thousands)</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>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_305_112_pn3n3_zNiGzrdyBldj" summary="xdx: Statement - Consolidated Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Adjustments
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  <tr id="xdx_40B_eus-gaap--DepreciationDepletionAndAmortization_i02_pn3n3_uRMB_maNCPBUzvY7_zamdpch4syck" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eus-gaap--ShareBasedCompensation_i02_pn3n3_uRMB_maNCPBUzvY7_ziSiKfL6cGWd" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-01-012022-12-31" id="Fact000970" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">30,150</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2023-01-01to2023-12-31" id="Fact000971" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">885</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_983_eus-gaap--ShareBasedCompensation_i02_pn3n3_uUSD_maNCPBUzvY7_c20230101__20231231_zC0idW5LE7gg" title="Shared-based compensation" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2023-01-01to2023-12-31" id="Fact000973" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">125</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_i02N_pn3n3_di_uRMB_msNCPBUzvY7_zNL0dldjA22i" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss/(gain)
    from disposal of property, equipment and software</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="From2021-01-012021-12-31" id="Fact000975" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">667</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="From2022-01-012022-12-31" id="Fact000976" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">143</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000977" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">350</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_i02N_pn3n3_di_uUSD_msNCPBUzvY7_c20230101__20231231_zImwzVKL3tnh" title="Loss/(gain) from disposal of property, equipment and software" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000979" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_407_eus-gaap--IncomeLossFromEquityMethodInvestments_i02N_pn3n3_di_uRMB_msNCPBUzvY7_zYRxxgtY27vc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Equity
    in loss of affiliates</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2021-01-012021-12-31" id="Fact000981" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">16,237</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2022-01-012022-12-31" id="Fact000982" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">7,051</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000983" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">7,276</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--IncomeLossFromEquityMethodInvestments_i02N_pn3n3_di_uUSD_msNCPBUzvY7_c20230101__20231231_zzCcQOqXnZ17" title="Equity in loss of affiliates" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact000985" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,025</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--EquitySecuritiesFvNiGainLoss_i02N_pn3n3_di_uRMB_msNCPBUzvY7_zSl1ofzGPCyh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Changes
    in fair value for equity securities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EquitySecuritiesFvNiGainLoss" contextRef="From2021-01-012021-12-31" id="Fact000987" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">59,690</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNiGainLoss" contextRef="From2022-01-012022-12-31" id="Fact000988" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">35,198</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNiGainLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000989" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">80,923</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--EquitySecuritiesFvNiGainLoss_i02N_pn3n3_di_uUSD_msNCPBUzvY7_c20230101__20231231_zv69kJYlcRlh" title="Changes in fair value for equity securities" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNiGainLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000991" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">11,398</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--MovementsOfInventoryWriteDown_i02_pn3n3_uRMB_maNCPBUzvY7_zLiDwtcj2iU2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Inventory
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:MovementsOfInventoryWriteDown" contextRef="From2021-01-012021-12-31" id="Fact000993" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">25,696</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:MovementsOfInventoryWriteDown" contextRef="From2022-01-012022-12-31" id="Fact000994" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,792</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:MovementsOfInventoryWriteDown" contextRef="From2023-01-01to2023-12-31" id="Fact000995" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,270</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_ecustom--MovementsOfInventoryWriteDown_i02_pn3n3_uUSD_maNCPBUzvY7_c20230101__20231231_zrhBv6gmTdt9" title="Inventory write-downs" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:MovementsOfInventoryWriteDown" contextRef="From2023-01-01to2023-12-31" id="Fact000997" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,306</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--ForeignCurrencyTransactionGainLossRealized_i02N_pn3n3_di_uRMB_msNCPBUzvY7_zLJMEFVU7Ktj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Foreign
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossRealized" contextRef="From2023-01-01to2023-12-31" id="Fact001001" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">8,313</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_408_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_i02_pn3n3_uRMB_maNCPBUzvY7_zFkej33uoJf9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Amortization
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" contextRef="From2021-01-012021-12-31" id="Fact001005" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,908</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" contextRef="From2022-01-012022-12-31" id="Fact001006" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,774</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" contextRef="From2023-01-01to2023-12-31" id="Fact001007" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,742</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_i02_pn3n3_uUSD_maNCPBUzvY7_c20230101__20231231_zaiXkSgmsGx6" title="Amortization of right of use assets" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" contextRef="From2023-01-01to2023-12-31" id="Fact001009" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">245</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--ChangeInEstimateOfRefundPayableToMembers_i02N_pn3n3_di_uRMB_msNCPBUzvY7_z94jQphXEVJe" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Change
    in estimate of refund payable to members</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:ChangeInEstimateOfRefundPayableToMembers" contextRef="From2021-01-012021-12-31" id="Fact001011" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,617</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:ChangeInEstimateOfRefundPayableToMembers" contextRef="From2022-01-012022-12-31" id="Fact001012" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,282</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1013">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_ecustom--ChangeInEstimateOfRefundPayableToMembers_i02N_pn3n3_di_uUSD_msNCPBUzvY7_c20230101__20231231_zLiJNZkKYxp6" title="Change in estimate of refund payable to members" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1015">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_ecustom--GainLossOnDisposalOfLongtermInvestmentsAndTheSubsidiary_i02N_pn3n3_di_uRMB_msNCPBUzvY7_zooqijEokOvj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(Gain)/loss
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:GainLossOnDisposalOfLongtermInvestmentsAndTheSubsidiary" contextRef="From2021-01-012021-12-31" id="Fact001017" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">112,354</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:GainLossOnDisposalOfLongtermInvestmentsAndTheSubsidiary" contextRef="From2022-01-012022-12-31" id="Fact001018" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,792</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:GainLossOnDisposalOfLongtermInvestmentsAndTheSubsidiary" contextRef="From2023-01-01to2023-12-31" id="Fact001019" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">23</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_ecustom--GainLossOnDisposalOfLongtermInvestmentsAndTheSubsidiary_i02N_pn3n3_di_uUSD_msNCPBUzvY7_c20230101__20231231_zDga5PDYZ5Rj" title="(Gain)/loss on disposal of long-term investments and subsidiaries" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:GainLossOnDisposalOfLongtermInvestmentsAndTheSubsidiary" contextRef="From2023-01-01to2023-12-31" id="Fact001021" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--ReverseStockSplitsExpense_i02_pn3n3_uRMB_maNCPBUzvY7_zYvI2okqtiga" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Reverse
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1023">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1024">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:ReverseStockSplitsExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001025" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,356</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_ecustom--ReverseStockSplitsExpense_i02_pn3n3_uUSD_maNCPBUzvY7_c20230101__20231231_zZWxm0AdA5Pa" title="Reverse stock splits expense" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:ReverseStockSplitsExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001027" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">614</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--ProvisionForDoubtfulAccounts_i02_pn3n3_uRMB_maNCPBUzvY7_zVejJNsueogl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Allowance
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2021-01-012021-12-31" id="Fact001029" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">24,045</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--ProvisionForDoubtfulAccounts_i02_pn3n3_uUSD_maNCPBUzvY7_c20230101__20231231_zGzDMYaSomLg" title="Allowance for credit losses" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2023-01-01to2023-12-31" id="Fact001033" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,225</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--DeferredIncomeTaxExpenseBenefit_i02_pn3n3_uRMB_maNCPBUzvY7_zB1cbQsXzZ09" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Deferred
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  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInInventories_i03N_pn3n3_di_uRMB_msNCPBUzvY7_z014GUGtf2Ml" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_ecustom--IncreaseDecreaseInAdvancesToSuppliers_i03N_pn3n3_di_uRMB_msNCPBUzvY7_z7VECpf9BX2l" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    in advance to suppliers</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_ecustom--IncreaseDecreaseInAdvancesToSuppliers_i03N_pn3n3_di_uUSD_msNCPBUzvY7_c20230101__20231231_zCorL0QWJCma" title="Decrease in advance to suppliers" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:IncreaseDecreaseInAdvancesToSuppliers" contextRef="From2023-01-01to2023-12-31" id="Fact001061" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,631</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i03N_pn3n3_di_uRMB_msNCPBUzvY7_zRWyk2IqfE1f" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInDueFromRelatedPartiesCurrent_i03N_pn3n3_di_uRMB_msNCPBUzvY7_zTaCWccRPBR3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Decrease/(increase)
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedPartiesCurrent" contextRef="From2022-01-012022-12-31" id="Fact001076" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">739</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedPartiesCurrent" contextRef="From2023-01-01to2023-12-31" id="Fact001077" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,159</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--IncreaseDecreaseInDueFromRelatedPartiesCurrent_i03N_pn3n3_di_uUSD_msNCPBUzvY7_c20230101__20231231_zTxj7oO6dB65" title="Decrease/(increase) in amounts due from related parties" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedPartiesCurrent" contextRef="From2023-01-01to2023-12-31" id="Fact001079" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">163</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--IncreaseDecreaseInAccountsPayableTrade_i03_pn3n3_uRMB_maNCPBUzvY7_zbomPZALX6nf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Decrease
    in accounts payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableTrade" contextRef="From2021-01-012021-12-31" id="Fact001081" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">212,735</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableTrade" contextRef="From2022-01-012022-12-31" id="Fact001082" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">108,003</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableTrade" contextRef="From2023-01-01to2023-12-31" id="Fact001083" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">42,121</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--IncreaseDecreaseInAccountsPayableTrade_i03_pn3n3_uUSD_maNCPBUzvY7_c20230101__20231231_zaiaEhb6sYU2" title="Decrease in accounts payable" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableTrade" contextRef="From2023-01-01to2023-12-31" id="Fact001085" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5,933</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_401_ecustom--IncreaseDecreaseInIncentivesPayablesToMembers_i03_pn3n3_uRMB_maNCPBUzvY7_z0bBu81iQeIc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Decrease
    in incentive payables to members</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:IncreaseDecreaseInIncentivesPayablesToMembers" contextRef="From2021-01-012021-12-31" id="Fact001087" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">46,558</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:IncreaseDecreaseInIncentivesPayablesToMembers" contextRef="From2022-01-012022-12-31" id="Fact001088" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">58,281</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:IncreaseDecreaseInIncentivesPayablesToMembers" contextRef="From2023-01-01to2023-12-31" id="Fact001089" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">82,442</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_ecustom--IncreaseDecreaseInIncentivesPayablesToMembers_i03_pn3n3_uUSD_maNCPBUzvY7_c20230101__20231231_z7cxQLLc8A16" title="Decrease in incentive payables to members" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:IncreaseDecreaseInIncentivesPayablesToMembers" contextRef="From2023-01-01to2023-12-31" id="Fact001091" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">11,612</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_405_ecustom--IncreaseDecreaseInMemberManagementFeesPayable_i03_pn3n3_uRMB_maNCPBUzvY7_zg0AsGfT0LHf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Decrease
    in member management fees payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:IncreaseDecreaseInMemberManagementFeesPayable" contextRef="From2021-01-012021-12-31" id="Fact001093" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">30,271</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:IncreaseDecreaseInMemberManagementFeesPayable" contextRef="From2022-01-012022-12-31" id="Fact001094" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">4,483</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:IncreaseDecreaseInMemberManagementFeesPayable" contextRef="From2023-01-01to2023-12-31" id="Fact001095" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">6,714</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_ecustom--IncreaseDecreaseInMemberManagementFeesPayable_i03_pn3n3_uUSD_maNCPBUzvY7_c20230101__20231231_zJWSaBI8jkQa" title="Decrease in member management fees payable" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:IncreaseDecreaseInMemberManagementFeesPayable" contextRef="From2023-01-01to2023-12-31" id="Fact001097" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">946</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInDeferredRevenue_i03_pn3n3_uRMB_maNCPBUzvY7_zumdBpu9u49g" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Increase/(decrease)
    in deferred revenue</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="From2021-01-012021-12-31" id="Fact001099" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">54,884</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="From2022-01-012022-12-31" id="Fact001100" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">84,004</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="From2023-01-01to2023-12-31" id="Fact001101" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">12,335</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--IncreaseDecreaseInDeferredRevenue_i03_pn3n3_uUSD_maNCPBUzvY7_c20230101__20231231_zNgf6bvRrhMk" title="Increase/(decrease) in deferred revenue" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDeferredRevenue" contextRef="From2023-01-01to2023-12-31" id="Fact001103" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,737</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--IncreaseDecreaseInDueToRelatedPartiesCurrent_i03_pn3n3_uRMB_maNCPBUzvY7_zqhAh4TDUOn8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Decrease
    in amount due to related parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Decrease
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<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">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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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>YUNJI
INC.</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>&#160;</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>CONSOLIDATED
STATEMENTS OF CASH FLOWS (CONTINUED)</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>FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023</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>(All
amounts in thousands)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 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; border-collapse: collapse; width: 100%">
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    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
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    <td style="font: 11pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 11pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 11pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: 11pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40B_eus-gaap--ProceedsFromSaleOfProductiveAssets_i01_pn3n3_uRMB_maNCPBUzInK_znifns3eY05k" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfProductiveAssets" contextRef="From2023-01-01to2023-12-31" id="Fact001135" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">640</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_988_eus-gaap--ProceedsFromSaleOfProductiveAssets_i01_pn3n3_uUSD_maNCPBUzInK_c20230101__20231231_zqJlHHl4q9Hk" title="Proceeds from disposal of property, equipment and software" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfProductiveAssets" contextRef="From2023-01-01to2023-12-31" id="Fact001137" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">90</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--PaymentsToAcquireShortTermInvestments_i01N_pn3n3_di_uRMB_msNCPBUzInK_zrhKl09n28dj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    paid for short term investments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2021-01-012021-12-31" id="Fact001139" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">377,756</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2022-01-012022-12-31" id="Fact001140" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">465,242</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact001141" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,159</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--PaymentsToAcquireShortTermInvestments_i01N_pn3n3_di_uUSD_msNCPBUzInK_c20230101__20231231_zTvLZ4o4j1Hh" title="Cash paid for short term investments" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact001143" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,008</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_i01_pn3n3_uRMB_maNCPBUzInK_zN0hZynyQ3n2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    received from maturity of short-term investments</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments" contextRef="From2021-01-012021-12-31" id="Fact001145" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">126,598</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments" contextRef="From2022-01-012022-12-31" id="Fact001146" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">651,402</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact001147" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">214,374</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--ProceedsFromSaleMaturityAndCollectionsOfInvestments_i01_pn3n3_uUSD_maNCPBUzInK_c20230101__20231231_zSDm3xx8Pt13" title="Cash received from maturity of short-term investments" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromSaleMaturityAndCollectionsOfInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact001149" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,194</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--CashProvidedToMerchantsForFactoringServices_i01N_pn3n3_di_uRMB_msNCPBUzInK_zjJ6dtJFHwm4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    paid for factorings services</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:CashProvidedToMerchantsForFactoringServices" contextRef="From2021-01-012021-12-31" id="Fact001151" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">194,070</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:CashProvidedToMerchantsForFactoringServices" contextRef="From2022-01-012022-12-31" id="Fact001152" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">73,322</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1153">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_ecustom--CashProvidedToMerchantsForFactoringServices_i01N_pn3n3_di_uUSD_msNCPBUzInK_c20230101__20231231_zdDoQdLEFpTf" title="Cash paid for factorings services" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1155">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--CashPrepaidFromMerchantsForFactoringServices_i01_pn3n3_uRMB_maNCPBUzInK_z1mA0okCtbD2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    received from factorings services</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:CashPrepaidFromMerchantsForFactoringServices" contextRef="From2021-01-012021-12-31" id="Fact001157" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">169,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:CashPrepaidFromMerchantsForFactoringServices" contextRef="From2022-01-012022-12-31" id="Fact001158" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">102,409</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:CashPrepaidFromMerchantsForFactoringServices" contextRef="From2023-01-01to2023-12-31" id="Fact001159" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,694</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_ecustom--CashPrepaidFromMerchantsForFactoringServices_i01_pn3n3_uUSD_maNCPBUzInK_c20230101__20231231_zBnewuYxPoXb" title="Cash received from factorings services" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:CashPrepaidFromMerchantsForFactoringServices" contextRef="From2023-01-01to2023-12-31" id="Fact001161" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,140</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--LoansProvidedToThirdParties_i01N_pn3n3_di_uRMB_msNCPBUzInK_zpd97GNoVSxf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:LoansProvidedToThirdParties" contextRef="From2021-01-012021-12-31" id="Fact001163" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">159,200</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:LoansProvidedToThirdParties" contextRef="From2022-01-012022-12-31" id="Fact001164" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsForProceedsFromLongtermInvestments" contextRef="From2022-01-012022-12-31" id="Fact001188" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">60,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--PaymentsForProceedsFromLongtermInvestments_i01N_pn3n3_di_uUSD_msNCPBUzInK_c20230101__20231231_zY1oPNjnKhqg" title="Cash paid for long-term investments" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsForProceedsFromLongtermInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact001191" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,742</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_405_eus-gaap--ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_i01_pn3n3_uRMB_maNCPBUzInK_zW7vb8zy2PVa" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

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

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


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<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>YUNJI
INC.</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>&#160;</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>CONSOLIDATED
STATEMENTS OF CASH FLOWS (CONTINUED)</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>FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023</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>(All
amounts in thousands)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    flows from financing activities:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--ProceedsFromStockOptionsExercised_i01_pn3n3_uRMB_maNCPBUztV8_zcQgDP7TGXt1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 40%"><span style="font-family: Times New Roman, Times, Serif">Net
    proceeds from exercise of share options</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromStockOptionsExercised" contextRef="From2021-01-012021-12-31" id="Fact001209" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,008</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromStockOptionsExercised" contextRef="From2022-01-012022-12-31" id="Fact001210" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">684</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1211">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--ProceedsFromStockOptionsExercised_i01_pn3n3_uUSD_maNCPBUztV8_c20230101__20231231_zNfGn8Cftb4b" title="Net proceeds from exercise of share options" style="font-family: Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1213">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--PaymentsForRepurchaseOfCommonStock_i01N_pn3n3_di_uRMB_msNCPBUztV8_zAavV9VjKwx3" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    paid for repurchase of common stocks</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfCommonStock" contextRef="From2021-01-012021-12-31" id="Fact001215" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">220</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfCommonStock" contextRef="From2022-01-012022-12-31" id="Fact001216" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">95,436</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfCommonStock" contextRef="From2023-01-01to2023-12-31" id="Fact001217" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">20,978</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--PaymentsForRepurchaseOfCommonStock_i01N_pn3n3_di_uUSD_msNCPBUztV8_c20230101__20231231_zJpdeNO4EcVh" title="Cash paid for repurchase of common stocks" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfCommonStock" contextRef="From2023-01-01to2023-12-31" id="Fact001219" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,954</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_408_ecustom--PaymentForReverseStockSplitsExpense_i01N_pn3n3_di_uRMB_msNCPBUztV8_zX5259Q1LOUk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1221">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1222">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:PaymentForReverseStockSplitsExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001223" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,356</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_ecustom--PaymentForReverseStockSplitsExpense_i01N_pn3n3_di_uUSD_msNCPBUztV8_c20230101__20231231_zuMfFLWT4fC7" title="Cash paid for reverse stock splits expense" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="YJ:PaymentForReverseStockSplitsExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001225" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">614</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--PaymentsToMinorityShareholders_i01N_pn3n3_di_uRMB_msNCPBUztV8_zi7NKXdDn1qj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eus-gaap--PaymentsOfDividendsMinorityInterest_i01N_pn3n3_di_uRMB_msNCPBUztV8_zZyEjBJgNo09" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--ProceedsFromMinorityShareholders_i01_pn3n3_uRMB_maNCPBUztV8_z5Q0uc0hZd64" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromMinorityShareholders" contextRef="From2022-01-012022-12-31" id="Fact001240" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">197</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1241">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--ProceedsFromMinorityShareholders_i01_pn3n3_uUSD_maNCPBUztV8_c20230101__20231231_zo2uegQzxCv" title="Capital injection from non-controlling shareholders" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1243">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_pn3n3_uRMB_mtNCPBUztV8_maCCERCz0nZ_zrH2x6gpKjv2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in financing activities</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact001245" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">463</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact001246" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">94,555</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact001247" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">25,334</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_pn3n3_uUSD_mtNCPBUztV8_c20230101__20231231_zrY5qc8lIuq3" title="Net cash used in financing activities" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact001249" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,568</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_406_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_uRMB_maCCERCz0nZ_z40gWVe45Jo" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Effect
    of exchange rate changes on cash, cash equivalents and restricted cash</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="From2021-01-012021-12-31" id="Fact001251" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">19,763</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="From2022-01-012022-12-31" id="Fact001252" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">45,823</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="From2023-01-01to2023-12-31" id="Fact001253" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,528</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_pn3n3_uUSD_maCCERCz0nZ_c20230101__20231231_zBjZClElMjP1" title="Effect of exchange rate changes on cash, cash equivalents and restricted cash" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="From2023-01-01to2023-12-31" id="Fact001255" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,060</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_pn3n3_uRMB_mtCCERCz0nZ_z4GkRXPPSB0g" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2021-01-012021-12-31" id="Fact001257" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">560,012</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2022-01-012022-12-31" id="Fact001258" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">172,989</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2023-01-01to2023-12-31" id="Fact001259" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">87,968</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_pn3n3_uUSD_mtCCERCz0nZ_c20230101__20231231_zeYrE6d6DO7" title="Net (decrease)/increase in cash, cash equivalents and restricted cash" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2023-01-01to2023-12-31" id="Fact001261" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,390</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iS_pn3n3_uRMB_z8vEjlb83Ye8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<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="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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<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">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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b><span id="a_006"></span>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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; text-align: center"></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001313" name="us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock"><p id="xdx_80F_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zyCUkKWZQPIb" style="font: 10pt Times 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>1.
<span id="xdx_82C_zU8lJeWs9Ymj">PRINCIPAL ACTIVITIES AND ORGANIZATION </span></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"><b>&#160;</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"><b>(a)
Principal activities</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunji
Inc. (&#8220;Yunji&#8221;, or &#8220;the Company&#8221;) was incorporated under the laws of the Cayman Islands in November 2017, as an
exempted company with limited liability.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, through its subsidiaries, consolidated variable interest entities (&#8220;VIEs&#8221;) and VIE&#8217;s subsidiaries (collectively,
the &#8220;Group&#8221;), offers a selection of high-quality products covering a broad range of categories at attractive prices through
its e-commerce platform, Yunji App. Starting from first quarter of 2019, the Group started to operate Yunji App as a marketplace platform
for third party merchants to sell their merchandise to Yunji App users. Starting from third quarter of 2020, the Group expanded to operate
its business, including marketplace, on a diverse range of sales channels and on other platforms. The Group&#8217;s principal operation
and geographic market is in the People&#8217;s Republic of China (&#8220;PRC&#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"><b>&#160;</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"><b>(b)
History of the Group and Basis of Presentation </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"><b>&#160;</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">Prior
to the incorporation of the Company and starting in May 2015, the Group&#8217;s business was carried out under subsidiaries (&#8220;Operating
Entities&#8221;) of Yunji Sharing Technology Co., Ltd. (&#8220;Yunji Sharing&#8221;), previously known as Hangzhou Bolue Biology Technology
Co., Ltd. (&#8220;Bolue&#8221;). Mr. Xiao Shanglue is the co-founder of Bolue (the &#8220;Co-Founder&#8221;). The Co-Founder, Mr. Wang
Peng, and the other two institutional investors were initial ordinary shareholders of Yunji Sharing (the four parties were collectively
named as the &#8220;Initial Ordinary Shareholders&#8221;). After Yunji Inc. was established in Cayman Island in November 2017, Yunji
Holdings Limited (&#8220;Yunji Holding&#8221;) was incorporated in Hong Kong as a wholly owned subsidiary of the Company, and Hangzhou
Yunchuang Sharing Network Technology Co., Ltd. (&#8220;Yunchuang Sharing&#8221; or &#8220;WFOE&#8221;) was established as a wholly owned
subsidiary of Yunji Holding in the PRC. Thereafter, the new PRC subsidiaries and Zhejiang Yunji Preferred E-commerce Co., Ltd., (&#8220;Yunji
Preferred&#8221;), which is a VIE to hold Internet Content Provider (&#8220;ICP&#8221;) license, were established. Consequently, a series
of contractual agreements were entered into among Yunchuang Sharing, Yunji Sharing, Yunji Preferred and its existing shareholders, including
loan agreement, exclusive service agreement, equity interest pledge agreement, exclusive option agreement, proxy agreement and power
of attorney, spousal consent letters that irrevocably authorized the existing shareholders designated by Yunchuang to exercise the equity
owner&#8217;s rights over Yunji Sharing and Yunji Preferred.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preparation of its initial public offering, the Group underwent a reorganization (the &#8220;Reorganization&#8221;) starting from December
2017. After the Reorganization, the prior shareholding interests at Yunji Sharing were mirrored to the shareholding interests of the
Group.</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>


<ix:exclude><!-- Field: Page; Sequence: 188 -->
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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)</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">&#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"><b>(b)
History of the Group and Basis of Presentation (continued)</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"><b>&#160;</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">The
Group&#8217;s consolidated financial statements include the financial statements of the Company, its subsidiaries, consolidated VIEs
and VIE&#8217;s 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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001315" name="YJ:ScheduleOfPrincipalSubsidiariesTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfPrincipalSubsidiariesTableTextBlock_z7MDSfLlGrpd" style="font: 10pt Times 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 Company&#8217;s principal subsidiaries are as follows:</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_8B4_zohilgj4z2B3" style="display: none">SCHEDULE
OF PRINCIPAL SUBSIDIARIES</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; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify; width: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiaries</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; text-align: right; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place
    of incorporation</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; text-align: right; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
    of incorporation or acquisition</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; text-align: right; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
    of direct or indirect</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; text-align: right; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
    activities</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunji
    Holding Limited</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    Kong</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--YunjiHoldingLimitedMember_zX6udkKzTfak" title="Date of incorporation or acquisition"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_YunjiHoldingLimitedMember" format="ixt:datemonthdayyearen" id="Fact001319" name="dei:EntityIncorporationDateOfIncorporation">December
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--YunjiHoldingLimitedMember_zalHjtkFAZyi" title="Percentage of direct or indirect"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_YunjiHoldingLimitedMember" id="Fact001321" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_pid_dp_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--YunjiHoldingLimitedMember_zYK4X24L3PRg" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_YunjiHoldingLimitedMember" id="Fact001323" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Investment
    holding</ix:nonNumeric></span></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">Zhejiang
    Youji Supply Chain Management Co., Ltd.</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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--EntityIncorporateStateCountryName_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangYoujiSupplyChainManagementCoLtdMember_zLZVe0GLR2Ah" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZhejiangYoujiSupplyChainManagementCoLtdMember" id="Fact001325" name="YJ:EntityIncorporateStateCountryName">Hangzhou</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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_90D_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangYoujiSupplyChainManagementCoLtdMember_zW5jxR01J825" title="Date of incorporation or acquisition"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZhejiangYoujiSupplyChainManagementCoLtdMember" format="ixt:datemonthdayyearen" id="Fact001327" name="dei:EntityIncorporationDateOfIncorporation">November
    30, 2016</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangYoujiSupplyChainManagementCoLtdMember_zrSxeWhx49Nh" title="Percentage of direct or indirect"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_ZhejiangYoujiSupplyChainManagementCoLtdMember" id="Fact001329" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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--EquityMethodInvestmentDescriptionOfPrincipalActivities_pid_dp_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangYoujiSupplyChainManagementCoLtdMember_zmNsCJQicdvl" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZhejiangYoujiSupplyChainManagementCoLtdMember" id="Fact001331" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Procurement</ix:nonNumeric></span></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">Zhejiang
    Jiyuan Network Technology Co., Ltd.</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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_90C_ecustom--EntityIncorporateStateCountryName_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangJiyuanNetworkTechnologyCoLtdMember_z5wYvJgbtEVe" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZhejiangJiyuanNetworkTechnologyCoLtdMember" id="Fact001333" name="YJ:EntityIncorporateStateCountryName">Hangzhou</ix:nonNumeric></span></span></td>
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    <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--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangJiyuanNetworkTechnologyCoLtdMember_z1ENJBG3i3t8" title="Percentage of direct or indirect"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_ZhejiangJiyuanNetworkTechnologyCoLtdMember" id="Fact001337" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</span></td>
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    <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--EquityMethodInvestmentDescriptionOfPrincipalActivities_pid_dp_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangJiyuanNetworkTechnologyCoLtdMember_znAjvhgnZPe2" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZhejiangJiyuanNetworkTechnologyCoLtdMember" id="Fact001339" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Sales
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <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">Yunji
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A8_zJTLN6sBPhz7" 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Starting from the fourth quarter of 2023, Yunji Sharing, which was originally
a VIE, was acquired by the Company and became a subsidiary of the Company.</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>


<ix:exclude><!-- Field: Page; Sequence: 189 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="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="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)</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">&#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"><b>(b)
History of the Group and Basis of Presentation (continued)</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"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001397" name="us-gaap:ScheduleOfVariableInterestEntitiesTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfVariableInterestEntitiesTextBlock_zdIIWCUvyYDe" style="font: 10pt Times 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 Company&#8217;s principal consolidated VIEs and VIE&#8217;s subsidiaries are as follows:</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_8B6_zFO3b7IsOr55" style="display: none">SCHEDULE
OF VARIABLE INTEREST ENTITIES</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; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1.5pt; text-align: right; width: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1.5pt; text-align: right; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    of incorporation</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1.5pt; text-align: right; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
    of incorporation or acquisition</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1.5pt; text-align: right; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    of direct or indirect</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1.5pt; text-align: right; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    activities</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    and VIE subsidiaries</span></b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-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">Zhejiang
    Yunji Preferred E-Commerce Co., Ltd.</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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_ecustom--EntityIncorporateStateCountryName_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangYunjiPreferredEcommerceCoLtdMember_z2tb2VDmhbGg" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZhejiangYunjiPreferredEcommerceCoLtdMember" id="Fact001399" name="YJ:EntityIncorporateStateCountryName">Hangzhou</ix:nonNumeric></span></span></td>
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    13, 2018</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangYunjiPreferredEcommerceCoLtdMember_zPXLASX0SAfd" title="Percentage of direct or indirect"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_ZhejiangYunjiPreferredEcommerceCoLtdMember" id="Fact001403" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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--EquityMethodInvestmentDescriptionOfPrincipalActivities_pid_dp_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangYunjiPreferredEcommerceCoLtdMember_z43uXYezWpVl" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZhejiangYunjiPreferredEcommerceCoLtdMember" id="Fact001405" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Investment
    holding</ix:nonNumeric></span></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">Zhejiang
    Jishang Preferred E-Commerce Co., Ltd.</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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--EntityIncorporateStateCountryName_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangJishangPreferredEcommerceCoLtdMember_zv9y8sdTN2wa" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZhejiangJishangPreferredEcommerceCoLtdMember" id="Fact001407" name="YJ:EntityIncorporateStateCountryName">Hangzhou</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangJishangPreferredEcommerceCoLtdMember_zq683v1Vvl78" title="Date of incorporation or acquisition"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZhejiangJishangPreferredEcommerceCoLtdMember" format="ixt:datemonthdayyearen" id="Fact001409" name="dei:EntityIncorporationDateOfIncorporation">April
    22, 2016</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangJishangPreferredEcommerceCoLtdMember_z17rcW7OPDoa" title="Percentage of direct or indirect"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_ZhejiangJishangPreferredEcommerceCoLtdMember" id="Fact001411" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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--EquityMethodInvestmentDescriptionOfPrincipalActivities_pid_dp_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangJishangPreferredEcommerceCoLtdMember_z5DYYdAtiIJf" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZhejiangJishangPreferredEcommerceCoLtdMember" id="Fact001413" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Procurement</ix:nonNumeric></span>
    </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">Zhejiang
    Jixiang E-commerce Co., Ltd. (&#8220;Jixiang&#8221;)</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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_ecustom--EntityIncorporateStateCountryName_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangJishangPreferredEcommerceCoLtdJixiangMember_zgnTQJm6E7jb" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZhejiangJishangPreferredEcommerceCoLtdJixiangMember" id="Fact001415" name="YJ:EntityIncorporateStateCountryName">Hangzhou</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangJishangPreferredEcommerceCoLtdJixiangMember_zut9zo8ED6" title="Percentage of direct or indirect"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_ZhejiangJishangPreferredEcommerceCoLtdJixiangMember" id="Fact001419" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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--EquityMethodInvestmentDescriptionOfPrincipalActivities_pid_dp_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ZhejiangJishangPreferredEcommerceCoLtdJixiangMember_zc8NA7yaQ7ee" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ZhejiangJishangPreferredEcommerceCoLtdJixiangMember" id="Fact001421" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">E-Commerce</ix:nonNumeric></span>
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  <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">Ningbo
    Meishan Bonded Port Area Jichuang Taihong Venture Capital Partnership (LP) (&#8220;Jichuang Taihong&#8221;)</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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_ecustom--EntityIncorporateStateCountryName_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NingboMeishanBondedPortAreaJichuangTaihongVentureCapitalPartnershiplpJichuangTaihongMember_zPGUYLaO88Sl" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_NingboMeishanBondedPortAreaJichuangTaihongVentureCapitalPartnershiplpJichuangTaihongMember" id="Fact001423" name="YJ:EntityIncorporateStateCountryName">Ningbo</ix:nonNumeric></span></span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NingboMeishanBondedPortAreaJichuangTaihongVentureCapitalPartnershiplpJichuangTaihongMember_z31Zq1dSmQLe" title="Date of incorporation or acquisition"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_NingboMeishanBondedPortAreaJichuangTaihongVentureCapitalPartnershiplpJichuangTaihongMember" format="ixt:datemonthdayyearen" id="Fact001425" name="dei:EntityIncorporationDateOfIncorporation">January
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    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <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--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NingboMeishanBondedPortAreaJichuangTaihongVentureCapitalPartnershiplpJichuangTaihongMember_zZTVYR9FbyMd" title="Percentage of direct or indirect"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_NingboMeishanBondedPortAreaJichuangTaihongVentureCapitalPartnershiplpJichuangTaihongMember" id="Fact001427" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">99.75</ix:nonFraction></span>%</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HangzhouJiweixiangFoodCoLtdMember_zleesQ2mujN5" title="Percentage of direct or indirect"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_HangzhouJiweixiangFoodCoLtdMember" id="Fact001435" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_pid_dp_c20230101__20231231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HangzhouJiweixiangFoodCoLtdMember_z6KePmLoKmp4" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HangzhouJiweixiangFoodCoLtdMember" id="Fact001437" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Distribution
    sales</ix:nonNumeric></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AE_z053htCOzF5h" 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>&#160;</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">Starting
from the third quarter of 2020, Jichuang Taihong, which was originally a subsidiary of the Company, became a subsidiary of the
Company&#8217;s consolidated VIEs as a result of equity transactions within the Group.</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>


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    <!-- Field: /Page --></ix:exclude>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)</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">&#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"><b>(c)
Consolidated variable interest entities</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">&#160;</span></p>

<p style="font: 10pt Times 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 comply with the PRC laws and regulations which prohibit or restrict foreign investments into companies involved in
restricted businesses, the Group operates its Apps and other restricted businesses in the PRC through certain PRC domestic
companies, whose equity interests are held by certain management members of the Company or onshore nominees of the Company
(&#8220;Nominee Shareholders&#8221;). The Company obtained operational control over these PRC domestic companies by entering into a
series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. These contractual
agreements cannot be unilaterally terminated by the Nominee Shareholders or the PRC domestic companies. Management concluded that
these PRC domestic companies are VIEs. As a result of these contractual arrangements, the Company&#8217;s wholly-owned subsidiaries
have the power to direct the activities of the VIEs that most significantly impact the VIEs&#8217; economic performances and are
entitled to substantially all of the economic benefits from the VIEs and are obligated to absorb all of the VIEs&#8217; expected
losses. Therefore, the Company has determined that it is the ultimate primary beneficiary of the VIEs for accounting purposes in
accordance with ASC 810, Consolidations under U.S. GAAP, and has consolidated the VIEs&#8217; results of operations, assets and
liabilities in the Group&#8217;s consolidated financial statements for all the periods presented. The principal terms of the
agreements entered into amongst the VIEs, their respective shareholders and the WFOE are further described below.</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"><i>Loan
Agreements</i></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the relevant loan agreements, the WFOE has granted interest-free loans to the relevant Nominee Shareholders of the relevant VIEs with
the sole purpose of providing funds necessary for the capital injection to the relevant VIEs. Only the WFOE can require the Nominee Shareholders
to settle the loan amount with the equity interests of relevant VIEs, subject to any applicable PRC laws, rules and regulations. The
relevant Nominee Shareholder has agreed that any proceeds from sale of the Nominee Shareholder&#8217;s equity interest in the relevant
VIE should be used to repay the loan amount to the WFOE. The term of the loan agreements is ten years and can be extended with the written
consent of both parties before expiration.</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"><i>Exclusive
Option Agreements</i></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the exclusive option agreement, the Nominee Shareholders of the VIEs have granted the WFOE the exclusive and irrevocable right to
purchase or to designate one or more person(s) at its discretion to purchase part or all of the equity interests in the VIEs (the &#8220;Target
Equity&#8221;) from the Nominee Shareholders at any time, and the VIEs have granted the WFOE the exclusive and irrevocable right to purchase
or to designate one or more person(s) at its discretion to purchase part or all of the assets of the VIEs (the &#8220;Target Assets&#8221;)
at any time. The total transfer price for the Target Equity and/or the Target Assets shall be equal to the loan provided by the WFOE
to the Nominee Shareholders under the Loan Agreements. The VIEs and their Nominee Shareholders have agreed that without prior written
consent of the WFOE, the Nominee Shareholders shall not sell, transfer, pledge or dispose of their equity interests, and the VIEs shall
not sell, transfer, pledge or dispose of their assets, including but not limit to significant assets, significant revenue and significant
business. In addition, the VIEs covenant that they shall not declare any dividend or change capitalization structure of the VIEs or enter
into any loan or investment agreements.</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"><i>&#160;</i></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"><i>Proxy
Agreement and Power of Attorney</i></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"><i>&#160;</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">Pursuant
to the Proxy Agreement and Power of Attorney, each of the Nominee Shareholders appointed the WFOE as their attorney-in-fact to exercise
all shareholder rights under PRC law and the relevant articles of association, including but not limited to, calling and attending shareholders
meetings, voting on their behalf on all matters requiring shareholder approval, including but not limited to the appointment and removal
of directors, as well as the sale, transfer and disposal of all or part of the equity interests owned by such shareholders. The powers
of attorney will remain effective for a given Nominee Shareholders until such shareholder ceases to be a shareholder of the relevant
VIE or otherwise instructed by the WFOE.</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"><i>&#160;</i></span></p>


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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><i>&#160;</i></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"><b>1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)</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"><i>&#160;</i></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"><b>(c)
Consolidated variable interest entities (continued)</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"><i>&#160;</i></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"><i>Exclusive
Service Agreement</i></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"><i>&#160;</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">Pursuant
to the exclusive service agreement, the WFOE has agreed to provide to the VIEs services, including, but not limited to, development,
maintenance and update of technology, design, installation, daily management, maintenance and updating of the network system, hardware
design, and marketing. The VIEs shall pay to the WFOE service fees determined by the WFOE in its sole discretion. The agreement has a
term of <span id="xdx_90B_ecustom--VariableInterestEntityAgreementWithOtherPartyTermOfContract_dtY_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--ExclusiveServiceAgreementMember_zOyvT4vILXH2" title="Agreement term"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ExclusiveServiceAgreementMember" format="ixt-sec:duryear" id="Fact001439" name="YJ:VariableInterestEntityAgreementWithOtherPartyTermOfContract">10</ix:nonNumeric></span> years and shall automatically renew at the end of each term for a further term of ten years, unless otherwise terminated by
the WFOE in its sole discretion with 30 days&#8217; prior written notice.</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"><i>&#160;</i></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"><i>Equity
Interest Pledge Agreements</i></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"><i>&#160;</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">Pursuant
to the relevant equity interest pledge agreements, the Nominee Shareholders of the VIEs have pledged <span id="xdx_90A_eus-gaap--VariableInterestEntityOwnershipPercentage_pid_dp_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--EquityInterestPledgeAgreementsMember_zQOUKNhGhu4l" title="Equity interest percentage"><ix:nonFraction name="us-gaap:VariableInterestEntityOwnershipPercentage" contextRef="From2023-01-012023-12-31_custom_EquityInterestPledgeAgreementsMember" id="Fact001441" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% equity interests in relevant
VIEs to the WFOE to guarantee performance by the Nominee Shareholders of their obligations under the exclusive option agreements, the
proxy agreement and power of attorney and the loan agreements, as well as the performance by the VIEs of their obligations under the
exclusive option agreements and the exclusive service agreements. All of the equity interest pledge agreements shall remain valid until
the pledges are released. In the event of a breach by the VIEs or any of their Nominee Shareholders of contractual obligations under
the exclusive option agreements, the proxy agreement and power of attorney, the exclusive service agreements, the loan agreements and
the equity interest pledge agreements, as the case may be, the WFOE, as pledgee, will have the right to dispose of the pledged equity
interests in the relevant VIE and will have priority in receiving the proceeds from such disposal. The Nominee Shareholders of the VIEs
also covenant that, without the prior written consent of the WFOE, they will not dispose of, create or allow any encumbrance on the pledged
equity interests. The equity pledge registrations of Yunji Preferred and Hangzhou Chuanchou with the relevant office of the State
Administration for Market Regulation were completed.</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"><i>Spousal
Consent Letters</i></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Spousal Consent Letters, each Nominee Shareholder (except for Mr. Wenwei Shu, the shareholder of Hangzhou Chuanchou, who has no
spouse yet), who is a natural person, and his or her spouse unconditionally and irrevocably agreed that the equity interests in the VIEs
held by such Nominee Shareholder will be disposed of pursuant to the equity interest pledge agreements, the exclusive option agreements,
the loan agreement and the proxy agreement and power of attorney. Each of their spouses agreed not to assert any rights over the equity
interests in the VIEs held by their respective spouses. In addition, in the event that any spouse obtains any equity interests in any
VIE held by his or her spouse for any reason, he or she agreed to be bound by the contractual arrangements.</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"><i>&#160;</i></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"><b>(d)
Risks in relations to the VIE structure</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">&#160;</span></p>

<p style="font: 10pt Times 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 set forth the assets, liabilities, results of operations and changes in cash, cash equivalents and restricted cash of
the consolidated VIEs and their subsidiaries taken as a whole, which were included in the Group&#8217;s consolidated financial statements
with intercompany transactions eliminated (It should be noted that the VIEs were not established until 2018 as the Reorganization occurred.
The following disclosures present the operations and financial positions of the businesses that currently constitute the VIE entities
as of and for the respective periods.):</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>


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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)</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">&#160;</span></p>

<p style="font: 10pt Times 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>(d)
Risks in relations to the VIE structure (continued)</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001443" name="srt:ScheduleOfCondensedBalanceSheetTableTextBlock"><p id="xdx_896_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_zIZudM7JsTHh" 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_8BE_zA68uyVi8ug7" style="display: none">SCHEDULE
OF RISKS IN RELATION IN BALANCE SHEET</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uRMB_zSsML6ZDqzTl" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001445" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">114,265</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001446" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">20,176</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--RestrictedCashEquivalentsCurrent_iI_pn3n3_uRMB_za3p08wiVeFe" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Restricted
    cash</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RestrictedCashEquivalentsCurrent" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001448" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">42,109</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RestrictedCashEquivalentsCurrent" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001449" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">27,169</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_uRMB_z76WtkgX1Zjk" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts
    receivable, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001451" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">23,683</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001452" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">60,608</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--AdvancesToSuppliers_iI_pn3n3_uRMB_zQbBibNakQN5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Advance
    to suppliers</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:AdvancesToSuppliers" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001454" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,434</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:AdvancesToSuppliers" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001455" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,774</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--InventoryNet_iI_pn3n3_uRMB_z2abpaqgUAv4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Inventories,
    net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001457" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,635</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001458" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,491</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--OtherReceivables_iI_pn3n3_uRMB_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_z9WPzFDxSr8a" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amounts
    due from the Group companies <span id="xdx_F46_zkfidmxstAna">(1)</span></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_us-gaap_NonrelatedPartyMember" id="Fact001460" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">719,655</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_us-gaap_NonrelatedPartyMember" id="Fact001461" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">530,998</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--OtherReceivables_iI_pn3n3_uRMB_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zEzA4ZP26gOc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amounts
    due from related parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_us-gaap_RelatedPartyMember" id="Fact001463" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">46</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_us-gaap_RelatedPartyMember" id="Fact001464" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">407</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_uRMB_zNRTE0ta4Sy5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid
    expense and other current assets</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001466" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">81,307</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001467" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">58,441</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_uRMB_zG1urTjeX3Bg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Property,
    equipment and software, net</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001470" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,430</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  <tr id="xdx_400_eus-gaap--OtherAssetsNoncurrent_iI_pn3n3_uRMB_z76WdsXnwKPi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--Assets_iI_pn3n3_uRMB_z1lQqdvwKtHg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--AccountsPayableCurrent_iI_pn3n3_uRMB_zGceEdpTfyj9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001481" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">71,007</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001482" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">48,198</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--DeferredRevenueCurrent_iI_pn3n3_uRMB_zXlMVoeDGLgh" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred
    revenue</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredRevenueCurrent" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001484" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">16,398</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredRevenueCurrent" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001485" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,836</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--IncentivesPayableToMembersCurrent_iI_pn3n3_uRMB_z0fsQNq5jMs2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Incentive
    payables to members</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:IncentivesPayableToMembersCurrent" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001487" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">207,331</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:IncentivesPayableToMembersCurrent" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001488" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">124,889</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--ManagementFeesPayablesToVendorsCurrent_iI_pn3n3_uRMB_zdRgnyiDrru5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Members
    management fee payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:ManagementFeesPayablesToVendorsCurrent" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001490" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,997</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="YJ:ManagementFeesPayablesToVendorsCurrent" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001491" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,066</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iI_pn3n3_uRMB_z6SPRnk15Occ" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    payable and accrued liabilities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001493" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">91,469</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001494" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">65,587</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OtherLiabilities_iI_pn3n3_uRMB_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_z3ChttNAD5Le" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amounts
    due to the Group companies <span id="xdx_F42_zwPIksOvwxn5">(2)</span></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_us-gaap_NonrelatedPartyMember" id="Fact001496" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">900,852</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_us-gaap_NonrelatedPartyMember" id="Fact001497" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">727,459</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--OtherLiabilities_iI_pn3n3_uRMB_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zPqhwzkyLpm1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Amounts
    due to related parties</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_us-gaap_RelatedPartyMember" id="Fact001499" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">8,083</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_us-gaap_RelatedPartyMember" id="Fact001500" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,303</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--Liabilities_iI_pn3n3_uRMB_zBocfOjBRVO8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001503" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">978,338</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#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; 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_F06_zEbzB6dsFoLc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F10_zldXpbPL9gK2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001504" xml:lang="en-US">Amounts due from
the Group companies primarily consisted of inter-company receivables for the sales of goods and the rendering of services made by the
VIEs and their subsidiaries on behalf of other Group companies.</ix:footnote></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; 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_F0E_zs7Xt68INcqk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F13_zwZNE8o7gTw1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001505" xml:lang="en-US">Amounts due to
the Group companies primarily consisted of inter-company payables for the purchase of goods and services made by other Group companies
on behalf of the VIEs and their subsidiaries.</ix:footnote></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; 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_F0F_zDKrPMhMN4J5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F14_zbFGCm1DWzi4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001506" xml:lang="en-US">Amounts of the
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31, 2022 and 2023, respectively</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A5_zJaMxl7LmXn1" 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>


<ix:exclude><!-- Field: Page; Sequence: 193 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="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>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)</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">&#160;</span></p>

<p style="font: 10pt Times 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>(d)
Risks in relations to the VIE structure (continued)</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001512" name="srt:ScheduleOfCondensedFinancialStatementsTableTextBlock"><p id="xdx_89D_esrt--ScheduleOfCondensedFinancialStatementsTableTextBlock_zqgavOh0qQPg" 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><span id="xdx_8B8_z5pjCbCfFmFb" style="display: none">SCHEDULE
OF RISKS IN RELATION IN FINANCIAL STATEMENTS</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font-family: Times New Roman, Times, Serif">&#160;</td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; width: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Third-party
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  <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_i01_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__custom--VariableInterestEntityPrimaryBeneficiaryIntraGroupMember_zmPWlYLFpqg8" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Intra-Group
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_VariableInterestEntityPrimaryBeneficiaryIntraGroupMember" id="Fact001523" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">229,562</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_VariableInterestEntityPrimaryBeneficiaryIntraGroupMember" id="Fact001524" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">91,657</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_i01_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zJkNXWLfg4k1" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    revenues</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001526" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,014,467</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001527" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">578,821</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001528" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">408,039</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--OperatingCostsAndExpensesAbstract_iB_pn3n3_zdfDQaU8JOp4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
    cost and expenses:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--OperatingCostsAndExpenses_i01N_pn3n3_di_uRMB_hsrt--ConsolidatedEntitiesAxis__custom--VariableInterestEntityPrimaryBeneficiaryThirdPartiesMember_zMCeIpHrFjWb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Third-party
    operating cost and expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2021-01-012021-12-31_custom_VariableInterestEntityPrimaryBeneficiaryThirdPartiesMember" id="Fact001534" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">906,559</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2022-01-012022-12-31_custom_VariableInterestEntityPrimaryBeneficiaryThirdPartiesMember" id="Fact001535" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">478,245</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2023-01-012023-12-31_custom_VariableInterestEntityPrimaryBeneficiaryThirdPartiesMember" id="Fact001536" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">272,602</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OperatingCostsAndExpenses_i01N_pn3n3_di_uRMB_hsrt--ConsolidatedEntitiesAxis__custom--VariableInterestEntityPrimaryBeneficiaryIntraGroupMember_zgYDGdYGeNMb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Intra-Group
    operating cost and expenses</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2021-01-012021-12-31_custom_VariableInterestEntityPrimaryBeneficiaryIntraGroupMember" id="Fact001538" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">118,456</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2022-01-012022-12-31_custom_VariableInterestEntityPrimaryBeneficiaryIntraGroupMember" id="Fact001539" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">178,573</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2023-01-012023-12-31_custom_VariableInterestEntityPrimaryBeneficiaryIntraGroupMember" id="Fact001540" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">142,717</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--OperatingCostsAndExpenses_i01N_pn3n3_di_uRMB_hsrt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zUs1smpUHFRa" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    operating cost and expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2021-01-012021-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001542" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,025,015</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2022-01-012022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001543" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">656,818</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingCostsAndExpenses" contextRef="From2023-01-012023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001544" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">415,319</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_409_eus-gaap--ProfitLoss_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_z7trJATn6JZb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    income/(loss)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001546" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">164,950</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001547" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">75,329</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-012023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001548" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">7,276</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInOperatingActivities_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__custom--VariableInterestEntityPrimaryBeneficiaryExternalPartiesMember_zdYpM14BIKW5" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by transactions with external parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31_custom_VariableInterestEntityPrimaryBeneficiaryExternalPartiesMember" id="Fact001550" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">539,673</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-012022-12-31_custom_VariableInterestEntityPrimaryBeneficiaryExternalPartiesMember" id="Fact001551" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">651,432</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-012023-12-31_custom_VariableInterestEntityPrimaryBeneficiaryExternalPartiesMember" id="Fact001552" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">215,227</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInOperatingActivities_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__custom--VariableInterestEntityPrimaryBeneficiaryIntraGroupMember_zqcvZVEq08Qc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in transactions with intra-Group entities</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31_custom_VariableInterestEntityPrimaryBeneficiaryIntraGroupMember" id="Fact001554" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">497,190</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-012022-12-31_custom_VariableInterestEntityPrimaryBeneficiaryIntraGroupMember" id="Fact001555" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">698,690</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-012023-12-31_custom_VariableInterestEntityPrimaryBeneficiaryIntraGroupMember" id="Fact001556" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">453,916</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInOperatingActivities_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zyNMCvb6wbmf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash generated by/(used in) operating activities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001558" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">42,483</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-012022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001559" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">47,258</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-012023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001560" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">238,689</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInInvestingActivities_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__custom--VariableInterestEntityPrimaryBeneficiaryExternalPartiesMember_zIXDMm8NWNB4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by transactions with external parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-12-31_custom_VariableInterestEntityPrimaryBeneficiaryExternalPartiesMember" id="Fact001562" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">8,102</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31_custom_VariableInterestEntityPrimaryBeneficiaryExternalPartiesMember" id="Fact001563" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,216</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-012023-12-31_custom_VariableInterestEntityPrimaryBeneficiaryExternalPartiesMember" id="Fact001564" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,028</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInInvestingActivities_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__custom--VariableInterestEntityPrimaryBeneficiaryIntraGroupMember_z6SKiUdLWmRb" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash (used in)/generated by transactions with intra-Group entities</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-12-31_custom_VariableInterestEntityPrimaryBeneficiaryIntraGroupMember" id="Fact001566" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">180,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31_custom_VariableInterestEntityPrimaryBeneficiaryIntraGroupMember" id="Fact001567" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">60,000</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-012023-12-31_custom_VariableInterestEntityPrimaryBeneficiaryIntraGroupMember" id="Fact001568" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">118,831</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInInvestingActivities_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_ztK8wwqZ8ZWf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash (used in)/generated by investing activities</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001570" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">171,898</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001571" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">65,216</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-012023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001572" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">127,859</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInFinancingActivities_uRMB_hsrt--ConsolidatedEntitiesAxis__custom--VariableInterestEntityPrimaryBeneficiaryExternalPartiesMember_zHTakTwaYJe7" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash (used in)/provided by transactions with external parties</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2021-01-012021-12-31_custom_VariableInterestEntityPrimaryBeneficiaryExternalPartiesMember" id="Fact001574" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,198</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2022-01-012022-12-31_custom_VariableInterestEntityPrimaryBeneficiaryExternalPartiesMember" id="Fact001575" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">197</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1576">-</span></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInFinancingActivities_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__custom--VariableInterestEntityPrimaryBeneficiaryIntraGroupMember_zDNnhMwSFUm4" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by transactions with intra-Group entities</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2023-01-012023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001592" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">109,029</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash,
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact001596" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">156,374</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash,
    cash equivalents and restricted cash at end of year</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A6_zzpveEgbfCe4" 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>


<ix:exclude><!-- Field: Page; Sequence: 194 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)</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">&#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"><b>(d)
Risks in relations to the VIE structure (continued)</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">&#160;</span></p>

<p style="font: 10pt Times 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 contractual arrangements with the consolidated VIEs, the Company has the power to direct activities of the consolidated VIEs and
VIEs&#8217; subsidiaries through the Group&#8217;s relevant PRC subsidiaries, and can have assets transferred freely out of the consolidated
VIEs and VIEs&#8217; subsidiaries without restrictions. Therefore, the Company considers that there is no restriction requiring that
any asset of the consolidated VIEs and VIEs&#8217; subsidiaries can only be used to settle obligations of the respective VIEs and VIEs&#8217;
subsidiaries except for paid-in capital of VIEs and VIEs&#8217; subsidiaries amounting to RMB <span id="xdx_901_ecustom--VariableInterestEntityRegisteredCapital_iI_pn3n3_uRMB_c20221231_zwkVki7QXWI3" title="Variable interest entity registered capital"><ix:nonFraction name="YJ:VariableInterestEntityRegisteredCapital" contextRef="AsOf2022-12-31" id="Fact001602" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">33,797</ix:nonFraction></span> and <span id="xdx_90A_ecustom--VariableInterestEntityRegisteredCapital_iI_dxL_uRMB_c20231231_zuZi5uJfU7Vb" title="Variable interest entity registered capital::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1604">nil</span></span> as of December 31, 2022
and 2023, respectively. Since the consolidated VIEs and VIEs&#8217; subsidiaries are incorporated as limited liability companies under
the PRC Law, the creditors of the consolidated VIEs and VIEs&#8217; subsidiaries do not have recourse to any assets of the WFOE or the
Company for the debt settlement purpose. In the event that the shareholders of the VIEs breach the terms of the contractual arrangements
and voluntarily liquidate the VIE, or the VIE declares bankruptcy and all or part of its assets become subject to liens or rights of
third-party creditors, or are otherwise disposed of without our consent, the Company may be unable to conduct some or all of our business
operations or otherwise benefit from the assets held by the VIEs.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chairman of the board of directors and the chief executive officer along with other nominees of the Company own the majority of the voting
shares of the VIEs. The enforceability, and therefore the benefits, of the contractual agreements between the Company and the VIEs depend
on these individuals enforcing the contracts. There is a risk that the benefits of ownership between the Company and the VIE may not
be aligned in the future. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company
if these contracts were not enforced.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s operations depend on the VIEs to honour their contractual agreements with the Group and the Company&#8217;s ability to
control the VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring
shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder&#8217;s voting power
are legally enforceable and the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned
risks and uncertainties is remote.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if the current structure of any of the contractual arrangements were found to be in violation of any existing PRC laws, or
if the regulations or the interpretation of existing regulations change or are interpreted differently in the future, the Company may
be subject to penalties, which may include but not be limited to, the cancellation or revocation of the Company&#8217;s business and
operating licenses, being required to restructure the Company&#8217;s operations or terminate the Company&#8217;s operating activities.
The imposition of any of these or other penalties may result in a material and adverse effect on the Company&#8217;s ability to conduct
its operations. In such case, the Company may not be able to operate or control the VIEs and VIEs&#8217; subsidiaries, which may result
in deconsolidation of the VIEs and VIEs&#8217; 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>

<p style="font: 10pt Times 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 and businesses rely on the operations and businesses of its VIEs, which hold certain recognized and unrecognized
revenue-producing assets. The recognized revenue-producing assets mainly include electronic equipment recorded in property, equipment
and software. Unrecognized revenue-producing assets mainly consist of licenses and intellectual property. Licenses include operations
licenses, such as licenses for online data processing and transaction processing business and internet content-related services. Intellectual
property developed by the Group mainly consists of patents, copyrights, trademarks, and domain names. 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.</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>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001606" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_803_eus-gaap--SignificantAccountingPoliciesTextBlock_zErlp4vBbRt6" 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>2.
<span id="xdx_823_z49nUFiHfLnk">PRINCIPAL ACCOUNTING POLICIES</span></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"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001608" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_842_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zjGCSbrHSGP3" 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><i>2.1
<span id="xdx_86C_zXlAqa2lxKhk">Basis of presentation</span></i></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"><b><i>&#160;</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">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
accounting policies followed by the Group in the preparation of its accompanying consolidated financial statements are summarized below.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001610" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_842_eus-gaap--ConsolidationPolicyTextBlock_z672e5Kcmvr1" 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><i>2.2
<span id="xdx_865_zKdYYGjeByzf">Basis of consolidation</span></i></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"><b><i>&#160;</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">The
consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIEs and VIEs&#8217;
subsidiaries for which the Company is the ultimate primary beneficiary.</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; 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 power, has the power
to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of
directors or 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times 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
consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys
the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary
of the entity.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
transactions and balances between the Company, its subsidiaries, VIEs and VIEs&#8217; subsidiaries have been eliminated upon consolidation.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001612" name="YJ:NonControllingInterestPolicyTextBlock"><p id="xdx_84D_ecustom--NonControllingInterestPolicyTextBlock_zxxo6wSpqavb" 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><i>2.3
<span id="xdx_867_za8rY8BrZoI7">Non-controlling interests</span></i></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">&#160;</span></p>

<p style="font: 10pt Times 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 Company&#8217;s consolidated subsidiaries, VIEs and VIEs&#8217; subsidiaries, non-controlling interests are recognized to reflect
the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Non-controlling
interests are classified as a separate line item in the equity section of the Group&#8217;s Consolidated Balance Sheets and have been
separately disclosed in the Group&#8217;s Consolidated Statements of Comprehensive Income/(Loss) to distinguish the interests from that
of the Company.</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"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001614" name="us-gaap:UseOfEstimates"><p id="xdx_848_eus-gaap--UseOfEstimates_zrW8OM2hW8m4" 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><i>2.4
<span id="xdx_86E_zxAqeR3u8zc7">Use of estimates</span></i></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"><b><i>&#160;</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">The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date, and the reported
revenues and expenses during the reporting periods in the consolidated financial statements and accompanying notes. Accounting estimates
reflected in the Group&#8217;s consolidated financial statements include, but are not limited to valuation allowance of deferred tax
assets, share-based compensation, allowances for credit losses, valuation and recognition of refund payable to members, the estimated
useful lives of assets, long-term investments and reserve for excess and obsolete inventories. Estimates are based on historical experiences
and on various assumptions that the Group believes are reasonable under current circumstances. Actual results could differ from those
estimates.</span></p>

</ix:nonNumeric><p id="xdx_855_zBl3cEXnENq2" 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>


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    <!-- Field: /Page --></ix:exclude>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b><i>&#160;</i></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"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001616" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_84F_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zQAX46QIqX53" style="font: 10pt Times 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>2.5
<span id="xdx_86D_zZeZHhGldoU2">Foreign currencies</span></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"><b><i>&#160;</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">The
Group&#8217;s reporting currency is Renminbi (&#8220;RMB&#8221;). The functional currency of the Group&#8217;s holding entities incorporated
in Cayman Islands and Hong Kong, China (&#8220;HK&#8221;) is the United States dollars (&#8220;US$&#8221;). The Group&#8217;s PRC subsidiaries,
consolidated VIEs and VIEs&#8217; subsidiaries and the other HK subsidiary determined their functional currency to be RMB. The determination
of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters and is based primarily on the currency
the entity conducts its business in.</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"><b><i>&#160;</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">Transactions
denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates quoted
by authoritative banks prevailing on the transaction dates. Exchange gains and losses resulting from those foreign currency transactions
denominated in a currency other than the functional currency are recorded in the Consolidated Statements of Comprehensive Income/(Loss).
Total exchange loss were RMB <span id="xdx_903_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_iN_pn3n3_di_uRMB_c20210101__20211231_zFaUGiKZNgR1" title="Total exchange loss"><ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2021-01-012021-12-31" id="Fact001618" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,300</ix:nonFraction></span>, RMB <span id="xdx_903_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_iN_pn3n3_di_uRMB_c20220101__20221231_zgBbGINOhfVg" title="Total exchange loss"><ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2022-01-012022-12-31" id="Fact001620" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">15,697</ix:nonFraction></span> and RMB <span id="xdx_905_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_iN_pn3n3_di_uRMB_c20230101__20231231_zk87SS8ESnD9" title="Foreign exchange loss"><ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2023-01-01to2023-12-31" id="Fact001622" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">6,743</ix:nonFraction></span> 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"><b><i>&#160;</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">The
financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities denominated in foreign
currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings
generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gain and loss are translated
into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive
(loss)/income as a component of shareholders&#8217; equity. Total foreign currency translation adjustments to the Group&#8217;s other
comprehensive (loss)/income were a loss of RMB <span id="xdx_909_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_pn3n3_di_uRMB_c20210101__20211231_zq4AAyiokcej" title="Other comprehensive loss"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2021-01-012021-12-31" id="Fact001624" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">25,116</ix:nonFraction></span>, a gain of RMB <span id="xdx_90A_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_pn3n3_uRMB_c20220101__20221231_zrMmhnLjI0Jl" title="Other comprehensive loss"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2022-01-012022-12-31" id="Fact001626" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">78,777</ix:nonFraction></span> and a gain of RMB <span id="xdx_901_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_pn3n3_uRMB_c20230101__20231231_zXfduXKRYRw2" title="Foreign currency translation gain (loss)"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact001628" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">22,178</ix:nonFraction></span> 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001630" name="YJ:ForeignCurrencyConvenienceTranslatedPolicyTextBlock"><p id="xdx_844_ecustom--ForeignCurrencyConvenienceTranslatedPolicyTextBlock_zaHVKlsQPlBe" 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><i>2.6
<span id="xdx_869_z3YGuulCzsQ9">Convenience translation</span></i></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"><b><i>&#160;</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">Translations
of the Consolidated Balance Sheets, the Consolidated Statements of Comprehensive Income/(Loss) and the Consolidated Statements 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$1.00=RMB <span id="xdx_903_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_uPure_c20231231_zzYqDrzauUN9" title="Foreign currency exchange rate"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2023-12-31" id="Fact001632" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">7.0999</ix:nonFraction></span>, representing the index rates stipulated by the federal reserve board. No representation is made that
the RMB amounts could have been, or could be, converted, realized or settled into US$ 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; 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="Fact001634" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_84B_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_z9mde7etDS1i" 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><i>2.7
<span id="xdx_866_z7QPdOlN4Thc">Fair value measurements </span></i></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">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
guidance establishes a fair value hierarchy that 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. Accounting guidance establishes three levels of inputs
that may be used to measure fair value:</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 &#8212; Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 &#8212; Include other inputs that are directly or indirectly observable in the marketplace.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 &#8212; Unobservable inputs which are supported by little or no market activity.</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>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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">&#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"><b><i>2.7
Fair value measurements (continued)</i></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">&#160;</span></p>

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

<p style="font: 10pt Times 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
assets and liabilities of the Group mainly consist of cash and cash equivalents, restricted cash, short-term investments, accounts receivable,
amounts due from related parties, other receivables, equity securities with readily determinable fair values included in long-term investments,
accounts payable, amounts due to related parties, accruals and other liabilities. As of December 31, 2022 and 2023, except for short-term
investments and equity securities with readily determinable fair values included in long-term investments, the carrying values of cash
and cash equivalents, restricted cash, trade receivables, amounts due from related parties, other receivables, trade payables, amounts
due to related parties, accruals and other liabilities are approximated to their fair values due to the short-term maturity of these
instruments. The Group reports short-term investments at fair value and discloses the fair value of these investments based on level
2 measurement, reports equity securities with readily determinable fair values included in long-term investments at fair value based
on level 1 measurement, and for those investments without readily determinable fair values, the Group elects to record these investments
at cost, less impairment, plus or minus subsequent adjustments for observable price changes (referred to as the measurement alternative).
Under this measurement alternative, changes in the carrying value of the investments will be recognized in Consolidated Statements of
Comprehensive Income/(Loss), whenever there are observable price changes in orderly transactions for the identical or similar investment
of the same issuer. The Group classifies the valuation techniques on investments that use similar identifiable transaction prices as
Level 2 of fair value measurements (Note 9).</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001636" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84D_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zy0QA55zR6H2" 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><i>2.8
<span id="xdx_864_z0c6cHVZwCx">Cash and cash equivalents</span></i></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"><b><i>&#160;</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">Cash
includes currency on hand and deposits held by financial institutions that can be added to or withdrawn without limitation. Cash equivalents
represent short-term, highly liquid investments that are readily convertible to known amounts of cash and with original maturities from
the date of purchase of three months or less.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001638" name="us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy"><p id="xdx_840_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_zKGR1BCVeXRi" 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><i>2.9
<span id="xdx_86B_zTwaTcTVRVTi">Restricted cash </span></i></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"><b><i>&#160;</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">Cash
that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the Consolidated Balance
Sheets. The Group&#8217;s restricted cash mainly represents cash held in the Group&#8217;s own bank accounts, the use of which is restricted
to collecting cash on behalf of the merchants for products sold on Yunji App and transferring these cash receipts to the merchants under
the bank&#8217;s custody.</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"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001640" name="YJ:ShortTermInvestmentPolicyTextBlock"><p id="xdx_84C_ecustom--ShortTermInvestmentPolicyTextBlock_zfMr4myL9ql3" 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><i>2.10
<span id="xdx_86B_zjavvVNDXZy9">Short-term investments </span></i></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"><b><i>&#160;</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">Short-term
investments are comprised of i) time deposits placed with banks with original maturities longer than three months but less than one year,
ii) wealth management products issued by PRC banks or other financial institutions, which contains fixed or variable interest with original
maturities within one year, and iii) debt securities for trading. The time deposits and wealth management products are generally not
permitted to be redeemed early or are subject to penalties for redemption prior to maturities. These investments are stated at fair value.
Changes in the fair value are reflected in financial income/(expense), net in the Consolidation Statements of Comprehensive Income/(Loss).</span></p>

</ix:nonNumeric><p id="xdx_858_zdLn62thmshf" 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>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001642" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_84E_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zPygxKO4FgPa" 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><i>2.11
<span id="xdx_86B_z7gk2IqFGKS8">Accounts receivable, net</span></i></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivables, net mainly represent amounts due from customers, including the funds extended by the Group to qualified customers, including
the merchants, through its factoring arrangements (the &#8220;factoring receivables&#8221;) and are recorded net of allowance for credit
losses. As of December 31, 2022 and 2023, the balance of the factoring receivables was RMB <span id="xdx_902_ecustom--FactoringReceivables_pn3n3_uRMB_c20221231_zkRDuI49Pstd" title="Factoring receivables"><ix:nonFraction name="YJ:FactoringReceivables" contextRef="AsOf2022-12-31" id="Fact001644" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">80,484</ix:nonFraction></span> and RMB <span id="xdx_903_ecustom--FactoringReceivables_iI_pn3n3_uRMB_c20231231_z2b77mlLs6Yg" title="Factoring receivables"><ix:nonFraction name="YJ:FactoringReceivables" contextRef="AsOf2023-12-31" id="Fact001646" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">29,147</ix:nonFraction></span>, respectively (Note
5).</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001648" name="us-gaap:CreditLossFinancialInstrumentPolicyTextBlock"><p id="xdx_849_eus-gaap--CreditLossFinancialInstrumentPolicyTextBlock_zhpH4zIGv9Q2" 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><i>2.12
<span id="xdx_866_zRFsKEnBQN8e">Allowance for credit losses </span></i></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">&#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">Starting
from January 1, 2020, the Group adopted ASU No. 2016-13, &#8220;Financial Instruments&#8212;Credit Losses (Topic 326): Measurement of
Credit Losses on Financial Instruments&#8221; (&#8220;ASC Topic 326&#8221;), which amends previously issued guidance regarding the impairment
of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. Upon adoption
of the new standard on January 1, 2020, there was no material cumulative effect of the adoption.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s accounts receivable, prepaid expenses and other current assets, amounts due from related parties and other non-current
assets are within the scope of ASC Topic 326.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
estimate expected credit losses, the Group has identified the relevant risk characteristics of its customers, the related receivables
and other receivables which include size, type of the services, the counterparty or the products the Group provides, or a combination
of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers
the past collection experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and
changes in the Group&#8217;s customer collection trends. This is assessed at each quarter based on the Group&#8217;s specific facts and
circumstances.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
key factors considered when determining the above allowances for credit losses include probability of default, loss given default and
the non-performing loan ratio of commercial banks by industry, adjusted for forward-looking macroeconomic conditions.</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001650" name="us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock"><p id="xdx_893_eus-gaap--AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock_zzQRZIwNX6W1" 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">The
following table summarized the details of the Company&#8217;s allowance for credit losses:</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_8BF_zXg69OgAQjn6" style="display: none">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: 100%">
  <tr style="display: none; font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProvisionForLoanLossesExpensed" contextRef="From2023-01-01to2023-12-31" id="Fact001658" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">37,098</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--FinancingReceivableAllowanceForCreditLossesWriteOffs_iN_pn3n3_di_uRMB_z89Tqbq5nq2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FinancingReceivableAllowanceForCreditLossesWriteOffs" contextRef="From2021-01-012021-12-31" id="Fact001660" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">24,630</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FinancingReceivableAllowanceForCreditLossesWriteOffs" contextRef="From2022-01-012022-12-31" id="Fact001661" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">374</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FinancingReceivableAllowanceForCreditLossesWriteOffs" contextRef="From2023-01-01to2023-12-31" id="Fact001662" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">72</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance
    at end of year</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinancingReceivableAllowanceForCreditLosses" contextRef="AsOf2022-12-31" id="Fact001665" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">33,363</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinancingReceivableAllowanceForCreditLosses" contextRef="AsOf2023-12-31" id="Fact001666" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">70,389</ix:nonFraction></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zsCrrOY3em21" 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001668" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_844_eus-gaap--InventoryPolicyTextBlock_zgnnA5qfikld" 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><i>2.13
<span id="xdx_862_zv7WqErPojVj">Inventories, net</span></i></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"><b><i>&#160;</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">Inventories,
consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventory is determined
using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable
value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand,
and promotional environment. Write downs of RMB <span id="xdx_90D_eus-gaap--InventoryWriteDown_pn3n3_uRMB_c20210101__20211231_zUzOV3Z3lOH1" title="Inventory write down"><ix:nonFraction name="us-gaap:InventoryWriteDown" contextRef="From2021-01-012021-12-31" id="Fact001670" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">25,696</ix:nonFraction></span>, RMB <span id="xdx_900_eus-gaap--InventoryWriteDown_pn3n3_uRMB_c20220101__20221231_zAwdWu8Wk0Rg" title="Inventory write down"><ix:nonFraction name="us-gaap:InventoryWriteDown" contextRef="From2022-01-012022-12-31" id="Fact001672" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,792</ix:nonFraction></span> and RMB <span id="xdx_903_eus-gaap--InventoryWriteDown_pn3n3_uRMB_c20230101__20231231_z1SQNML8Dwqd" title="Inventory write down"><ix:nonFraction name="us-gaap:InventoryWriteDown" contextRef="From2023-01-01to2023-12-31" id="Fact001674" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,270</ix:nonFraction></span> are recorded in cost of revenues in the Consolidated
Statements of Comprehensive Income/(Loss) for the years ended December 31, 2021, 2022 and 2023, respectively.</span></p>

</ix:nonNumeric><p id="xdx_858_zOtTcbBxgz2g" 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>


<ix:exclude><!-- Field: Page; Sequence: 199 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><table cellpadding="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="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>&#160;</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"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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"><i>&#160;</i></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001676" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_842_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zW9hMkhyJvTj" 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><i>2.14
<span id="xdx_86B_zRekI4a1Elsa">Property, equipment and software, net</span></i></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
equipment and software are stated at cost less accumulated depreciation. Property, equipment and software are depreciated at rates sufficient
to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated
useful lives are as follow:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001678" name="YJ:ScheduleOfUsefulLifeOfPropertyPlantEquipmentTableTextBlock"><p id="xdx_891_ecustom--ScheduleOfUsefulLifeOfPropertyPlantEquipmentTableTextBlock_zbt8a1EKbvKj" 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_8B4_zhHSwA5xInBb" 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: 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; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category
    </b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated
    useful lives</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building
    </span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</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_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zCDwWOG3Ehu8" title="Estimated useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MinimumMember_us-gaap_BuildingMember" format="ixt-sec:duryear" id="Fact001680" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">20</ix:nonNumeric></span>
    - <span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zKscmsx412il" title="Estimated useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember_us-gaap_BuildingMember" format="ixt-sec:duryear" id="Fact001682" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">40</ix:nonNumeric></span> years</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">Leasehold
    improvement </span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</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_905_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zmaYd1yo9Ygi" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember"><span style="-sec-ix-hidden: xdx2ixbrl1683">Shorter
    of the term of the lease or the estimated useful lives of the assets</span></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">Electronic
    equipment </span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</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_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectronicEquipmentMember_zDFI9QNvGZgf" title="Estimated useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_ElectronicEquipmentMember" format="ixt-sec:duryear" id="Fact001685" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
    years</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">Furniture
    </span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</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_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z1AysWBTYOfg" title="Estimated useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt-sec:duryear" id="Fact001687" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric>
    </span>years</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">Software</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zrl9J66HVCX5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_SoftwareDevelopmentMember" format="ixt-sec:duryear" id="Fact001688" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years</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">Vehicles
    </span></td>
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</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_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zWljDTriEBn2" title="Estimated useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_VehiclesMember" format="ixt-sec:duryear" id="Fact001690" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
    years </span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AE_zkEVXQOu1EHd" 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">Repairs
and maintenance costs are charged to expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives
of property, equipment and software are capitalized as additions to the related assets. The Group recognized the gain or loss on the
disposal of property, equipment and software in the Consolidated Statements of Comprehensive Income/(Loss).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction
in progress represents direct costs that are related to the construction of property, equipment and software and incurred in connection
with bringing the assets to their intended use. Construction in progress is transferred to specific property, equipment and software
items and the depreciation of these assets commences when the assets are ready for their intended use.</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"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001692" name="YJ:LongTermInvestmentsPolicyTextBlock"><p id="xdx_849_ecustom--LongTermInvestmentsPolicyTextBlock_zgLt7lP9Zidl" 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><i>2.15
<span id="xdx_868_zfyyY1TCqGtj">Long-term investments</span> </i></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"><b>&#160;</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">The
Group&#8217;s investments include equity method investments, equity securities with readily determinable fair values and equity securities
accounted for under measurement alternative.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
in entities in which the Company does not control, but can exercise significant influence, are accounted for using the equity method
of accounting in accordance with ASC topic 323, Investments&#8212;Equity Method and Joint Ventures. Under the equity method, the Company
initially records its investments at cost. The Company subsequently adjusts the carrying amount of the investments to recognize the Company&#8217;s
proportionate share of each equity investee&#8217;s net income or loss into earnings as well as distributions received after the date
of investment.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the equity method, the Group&#8217;s share of the post-acquisition profits or losses of the equity investees are recorded in equity in
income of affiliates, net of tax in the Consolidated Statements of Comprehensive Income/(Loss). The excess of the carrying amount of
the investment over the underlying equity in net assets of the equity investee, if any, represents goodwill and intangible assets acquired.
When the Group&#8217;s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not
recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee.</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>


<ix:exclude><!-- Field: Page; Sequence: 200 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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">&#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"><b><i>2.15
Long-term investments (continued)</i></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">&#160;</span></p>

<p style="font: 10pt Times 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
securities with readily determinable fair values are measured and recorded at fair value on a recurring basis with changes in fair value,
whether realized or unrealized, recorded in financial income/(expense), net through the Consolidated Statements of Comprehensive Income/(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>

<p style="font: 10pt Times 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
equity investments which the Company cannot exercise significant influence and does not have a readily determinable fair value, the Company
has elected to apply the measurement alternative and recorded these investments at cost, less impairment, and plus or minus subsequent
adjustments for observable price changes, in accordance with ASC topic 321, Investments&#8211; Equity Securities. Under this measurement
alternative, changes in the carrying value of the equity investments are required to be made whenever there are observable price changes
in orderly transactions for the identical or similar investment of the same issuer.</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"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001694" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_848_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zbWgML1kLhP1" 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><i>2.16
<span id="xdx_867_zGkuweiPlwSb">Impairment of long-lived assets</span></i></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"><b><i>&#160;</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">Long-lived
assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions
that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the
useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived
assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the
use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying
value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value
of the assets.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001696" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_84B_eus-gaap--RevenueRecognitionPolicyTextBlock_znt7DnRgrHzd" 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><i>2.17
<span id="xdx_86B_zMu47FTFan5i">Revenue recognition </span></i></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"><b><i>&#160;</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">The
Group adopted ASC Topic 606, &#8220;Revenue from Contracts with Customers&#8221;, for all periods presented. Consistent with the criteria
of Topic 606, the Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects
the consideration to which the Group expects to receive in exchange for those goods or services.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
achieve that core principle, the Group applies the five steps defined under Topic 606: (i) identify the contract(s) with a customer,
(ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price
to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation.
The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue
arrangements with multiple performance obligations are divided into separate distinct goods or services. The Group allocates the transaction
price to each performance obligation based on the relative standalone selling price of the goods or services provided. Revenue is recognized
upon the transfer of control of promised goods or services to a customer.</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">Revenue
is recorded net of value-added tax.</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"><b><i>&#160;</i></b></span></p>


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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>&#160;</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"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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">&#160;&#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"><b><i>2.17
Revenue recognition (continued)</i></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">&#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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
recognition policies for each type of revenue steam are as follows:</span></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 style="text-decoration: underline">Sales
of merchandise</span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group primarily sells merchandise through its Yunji App. The Group presents the revenue generated from its sales of merchandise on a
gross basis as the Group has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits.
In making this determination, the Group also assesses whether it is primarily obligated in these transactions, is subject to inventory
risk, has latitude in establishing prices, or has met several but not all of these indicators. The cash collected from the sales of merchandise
is initially recorded in deferred revenue in the Consolidated Balance Sheets and subsequently recognized as revenue when the receipt
of merchandise is confirmed by the customers, which is the point that the control of the merchandise is transferred to the customer.
For products sold through independent distributors (the &#8220;distribution sales&#8221;), control is transferred upon acceptance, based
on the contract terms. The revenue is recorded net of value-added tax, discounts, coupons, incentives and return allowances. Return allowances
are estimated based on historical experiences and updated at the end of each reporting 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"><b>&#160;</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 style="text-decoration: underline">Marketplace</span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2019, the Group launched its marketplace business model, under which the Group operates its e-commerce platform, Yunji App, as a marketplace
for third party merchants to sell their merchandise to the Yunji App users. When the transactions are completed on Yunji App, the Group
charges merchants commissions at their respective agreed percentage of the amount of merchandise sold by merchants. The Group acts as
an agent in these transactions and does not control the underlying merchandise provided by merchants before they are transferred to users,
as the Group is not responsible for fulfilling the promise to provide the merchandise to users and has no inventory risk. In addition,
the Group has no discretion in establishing prices of the merchandise provided by merchants. Revenues are recognized on a net basis to
the extent of the commissions the Group earns at the point of users&#8217; acceptance of merchandise.</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>


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<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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>&#160;</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"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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">&#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"><b><i>2.17
Revenue recognition (continued)</i></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">&#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 style="text-decoration: underline">Remaining
performance obligations </span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remaining performance obligations associated with the Group&#8217;s sale of merchandise represents the cash collected upfront from the
customers for their purchase of merchandise on Yunji App, but the underlying merchandise has not yet been received by the customers,
which is included in the presentation of deferred revenue (Note 12). As of December 31, 2022 and 2023, the remaining performance obligation
for sales of merchandise were RMB <span id="xdx_90F_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn3n3_uRMB_c20221231__srt--ProductOrServiceAxis__custom--SalesOfMerchandiseMember_zs7mzTvBvmgh" title="Remaining performance obligation"><ix:nonFraction name="us-gaap:RevenueRemainingPerformanceObligation" contextRef="AsOf2022-12-31_custom_SalesOfMerchandiseMember" id="Fact001698" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">18,106</ix:nonFraction></span> and RMB <span id="xdx_907_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn3n3_uRMB_c20231231__srt--ProductOrServiceAxis__custom--SalesOfMerchandiseMember_z8cuyUO6thT" title="Remaining performance obligation"><ix:nonFraction name="us-gaap:RevenueRemainingPerformanceObligation" contextRef="AsOf2023-12-31_custom_SalesOfMerchandiseMember" id="Fact001700" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,063</ix:nonFraction></span>, respectively, which are expected to be recognized as revenue when the receipt
of merchandise is confirmed by the customers.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remaining performance obligations associated with the Group&#8217;s marketplace revenue represents the portion of commissions included
in the payment collected from the users for their purchase of merchandise on Yunji App on behalf of the merchants, but the underlying
merchandise has not yet been received by the users, which is included in the presentation of deferred revenue (Note 12). As of December
31, 2022 and 2023, the remaining performance obligation for marketplace revenue was RMB <span id="xdx_90F_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn3n3_uRMB_c20221231__srt--ProductOrServiceAxis__custom--MembershipProgramMember_zDMWfafT7nP8" title="Remaining performance obligation"><ix:nonFraction name="us-gaap:RevenueRemainingPerformanceObligation" contextRef="AsOf2022-12-31_custom_MembershipProgramMember" id="Fact001702" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,596</ix:nonFraction></span> and RMB <span id="xdx_900_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn3n3_uRMB_c20231231__srt--ProductOrServiceAxis__custom--MembershipProgramMember_zjqz9Sb1szb1" title="Remaining performance obligation"><ix:nonFraction name="us-gaap:RevenueRemainingPerformanceObligation" contextRef="AsOf2023-12-31_custom_MembershipProgramMember" id="Fact001704" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,144</ix:nonFraction></span>, which are expected to be
recognized as revenue when the transactions are completed.</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 style="text-decoration: underline">Other
businesses</span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group offers loans to qualified customers, including the merchants, and charges an interest based on the principal through factoring
arrangements. The Group extends loans to merchants for their expected orders in addition to the loans to the same merchants who factored
their accounts receivable generated from their transactions completed on Yunji App with recourse. The Group also extends loans to unrelated
customers who factored their accounts receivable derived from their own business with recourse. The Group records factoring receivables,
which is included in accounts receivable, when the cash is advanced to its customers (Note 2.11). The interests are recognized over the
term of loans, normally one year or less. From cash flow perspective, when the Group has legal rights to net settle the factoring receivables
from merchants with its payable to merchants, the Group settles such factoring receivables with the payables to the same merchant respectively,
as per agreement between the two 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>

<p style="font: 10pt Times 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 provides technical services, advertising services and membership services to customers. The service revenues mainly represent
the service fees from third parties that are recognized over the service 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>


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<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"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001706" name="YJ:UsersIncentiveProgramsPolicyTextBlock"><p id="xdx_841_ecustom--UsersIncentiveProgramsPolicyTextBlock_zp3NDLdau992" 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><i>2.18
<span id="xdx_86D_zN4HzdayWM66">Users incentive programs</span></i></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"><b><i>&#160;</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">The
Group provides incentives to those referring members by paying a cash refund upon a successful merchandise referral (&#8220;Referral
Incentives&#8221;); and those members for their self-purchase (&#8220;Self-purchase Incentives&#8221;). These unpaid balances recorded
in incentive payables to members are maintained collectively in the members&#8217; Yunji App accounts and can be withdraw in cash upon
the members&#8217; requests. For years ended December 31, 2021, 2022 and 2023, the long-aged balances of incentive payables to members
of <span id="xdx_900_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_dxL_uRMB_c20210101__20211231__srt--ProductOrServiceAxis__custom--ReferralIncentivesMember_zTQJehGCHjb5" title="Long-aged balances::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1708">nil</span></span>, RMB <span id="xdx_907_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_uRMB_c20220101__20221231__srt--ProductOrServiceAxis__custom--ReferralIncentivesMember_zHVWcDiOgzM6" title="Long-aged balances"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityRevenueRecognized" contextRef="From2022-01-012022-12-31_custom_ReferralIncentivesMember" id="Fact001710" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">48,709</ix:nonFraction></span> and RMB <span id="xdx_90F_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_uRMB_c20230101__20231231__srt--ProductOrServiceAxis__custom--ReferralIncentivesMember_zfLB9faLIGy" title="Long-aged balances"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityRevenueRecognized" contextRef="From2023-01-012023-12-31_custom_ReferralIncentivesMember" id="Fact001712" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">69,545</ix:nonFraction></span>, respectively, were derecognized when the Company&#8217;s payable obligations alongside extinguished,
and revenue was recognized accordingly.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group grants certain units of Yunbi and other coupons (collectively referred to as coupons), from time to time, to its customers at its
discretion in different situations. Yunbi are not redeemable for cash and can be used as a coupon for the customer&#8217;s future purchase
on the Yunji App. The coupons granted are not concurrent with a revenue transaction, thus not accounted for when they are granted and
are recognized as a reduction of revenue when they are applied in future sales.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group at its own discretion issues coupons in various forms to users without any concurrent transactions in place or any substantive
action needed from the recipient. These coupons can be used in purchase of goods in a broad range of merchants as an immediate discount
of their next purchase, some of which can only be used when the purchase amount exceeds pre-defined threshold. The Group settles with
the merchants in cash for the coupons used by the users. As the users are required to make purchases of the merchants&#8217; merchandises
to redeem the coupons, the Group recognizes the amounts of redeemed coupons as sales and marketing expenses when the purchases are made.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001714" name="us-gaap:CostOfSalesPolicyTextBlock"><p id="xdx_845_eus-gaap--CostOfSalesPolicyTextBlock_zO4JfbJsrat3" 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><i>2.19
<span id="xdx_86C_zC14uetrM5I9">Cost of revenues</span></i></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">&#160;</span></p>

<p style="font: 10pt Times 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 of purchase price of merchandise, inbound shipping charges, write-downs of inventory and member training costs.
Inbound shipping charges to receive merchandise from suppliers are included in the inventories and recognized as cost of revenues upon
sale of the merchandise to the customers.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001716" name="us-gaap:CostsIncurredPolicy"><p id="xdx_843_eus-gaap--CostsIncurredPolicy_z87bD9yQKucd" 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><i>2.20
<span id="xdx_866_zrMjW9bHlM8">Fulfilment </span></i></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"><b><i>&#160;</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">Fulfilment
expenses represent packaging material costs and those costs incurred in outbound shipping, operating and staffing the Group&#8217;s fulfilment
and customer service centers, including costs attributable to buying, receiving, inspecting and warehousing inventories, picking, packaging
and preparing customer orders for shipment, processing payment and related transaction costs and responding to inquiries from customers,
depreciation expenses, payroll costs including share-based compensation expenses, and other daily expenses which are related to the purchasing
functions. Fulfilment costs also contain third party payment transaction fees, such as bank card processing and debit card processing
fees.</span></p>

</ix:nonNumeric><p id="xdx_85F_zHnO0CUjQEYk" 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>


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    <!-- Field: /Page --></ix:exclude>

<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"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b><i>&#160;</i></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"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001718" name="YJ:SalesAndMarketingExpensesPolicyTextBlock"><p id="xdx_841_ecustom--SalesAndMarketingExpensesPolicyTextBlock_zNqwHuSlkzwl" 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><i>2.21
<span id="xdx_861_zkhNcuTtF47i">Sales and marketing </span></i></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"><b><i>&#160;</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">Sales
and marketing expenses comprise primarily of member management fees, promotion expenses, marketplace coupons, payroll costs including
share-based compensation expenses, depreciation expenses and other daily expenses which are related to the sales and marketing functions.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group engages third party vendors to provide member management services, which are ultimately performed by service managers who enter
into employment contract with the third party vendors. Certain of the Group&#8217;s members (customers) have been engaged by third party
vendors to serve as service managers. The Group has concluded that the member management services provided by the service managers, including
those who are also members, are for distinct services at fair value, and records the member management fees paid to the third party vendors
as sales and marketing expenses.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001720" name="YJ:TechnologyAndContentPolicyTextBlock"><p id="xdx_84C_ecustom--TechnologyAndContentPolicyTextBlock_z7JEgWgEh6c2" 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><i>2.22
<span id="xdx_860_zZ36ctysS7ud">Technology and content </span></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">Technology
and content expenses are expensed as incurred and primarily consist of payroll costs including share-based compensation expenses, rental
expenses, costs associated with the computing, storage and telecommunications infrastructure for internal use that support the Group&#8217;s
system and Yunji App services and other expenses which are related to the technology and content functions, which are responsible for
technology research and development and content editing in the Group. The Group 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. Costs capitalized for developing such software application were not material 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"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001722" name="us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock"><p id="xdx_840_eus-gaap--SellingGeneralAndAdministrativeExpensesPolicyTextBlock_znzb7x0Q7NU1" 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><i>2.23
<span id="xdx_863_zhOZCRnMaMri">General and administrative</span></i></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses consist of payroll costs including share-based compensation expenses and other expenses which are related
to the general corporate functions, including accounting, finance, tax, legal and human relations, costs associated with use by these
functions of facilities and equipment, such as depreciation expenses, rental and other general corporate related expenses.</span></p>
</ix:nonNumeric><p id="xdx_856_z0r7m7EYYz5e" 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>


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<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"></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"><b>YUNJI
INC.</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"><b>&#160;</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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001724" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p id="xdx_840_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_znRhzfzocsu4" 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><i>2.24
<span id="xdx_86B_z7sheqXZvaw5">Share-based compensation</span></i></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">&#160;</span></p>

<p style="font: 10pt Times 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
Company grants restricted share units (&#8220;RSUs&#8221;) and share options of the Company to eligible employees and accounts for these
share-based awards in accordance with ASC 718 Compensation &#8212; Stock Compensation.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees&#8217;
share-based awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at grant date if
no vesting conditions are required, or b) using a straight-line method over the requisite service period, which is the vesting 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>

<p style="font: 10pt Times 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
nonemployees&#8217; share-based awards, the Group adopted ASU 2018-07 in 2019, according to ASU 2018-07, Improvements to Nonemployee
Share-Based Payment Accounting, it clarifies that equity-classified nonemployee share-based payment awards are measured at the grant
date. The definition of the term grant date is amended to generally state the date at which a grantor and a grantee reach a mutual understanding
of the key terms and conditions of a share-based payment award. Nonemployees&#8217; are measured at the grant date fair value of the
awards and recognized as expenses using a straight-line method over the requisite service period, which is the vesting 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>

<p style="font: 10pt Times 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
transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of
the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.</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"><b><i>&#160;</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">Before
the Group&#8217;s initial public offering, the fair value of RSUs were assessed using the income approach/discounted cash flow method,
with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant.
This assessment required complex and subjective judgments regarding the Company&#8217;s projected financial and operating results, its
unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made.
After the Group&#8217;s initial public offering, the fair value of the RSUs is determined based on the quoted market price of Yunji&#8217;s
ordinary shares on the grant date.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected
by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the
expected share price volatility, actual and projected employee and nonemployee share option exercise behavior, risk-free interest rates
and expected dividend yield. Binomial option-pricing model incorporates the assumptions about grantees&#8217; future exercise patterns.
The fair value of these awards was determined by management with the assistance from an independent valuation firm using management&#8217;s
estimates and assumptions.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assumptions used in share-based compensation expense recognition represent management&#8217;s best estimates, but these estimates involve
inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation
expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict
actual future events or the value that ultimately will be realized by grantees who receive share-based awards, and subsequent events
are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with ASU 2016-09, the Group made an entity-wide accounting policy election to account for forfeitures when they occur.</span></p>

</ix:nonNumeric><p id="xdx_85E_zUEn6sUCK2g1" 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>


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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</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"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001726" name="us-gaap:CompensationRelatedCostsPolicyTextBlock"><p id="xdx_843_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zsph9l0sk6Yk" 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><i>2.25
<span id="xdx_866_zrr2AhGLEzN9">Employee benefits</span></i></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"><b><i>&#160;</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">Full
time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension
benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require
that the PRC subsidiaries and VIE of the Group make contributions to the government for these benefits based on certain percentages of
the employees&#8217; salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits
beyond the contributions made. Total amounts of such employee benefit expenses, which were expensed as incurred, were RMB <span id="xdx_905_eus-gaap--DefinedContributionPlanCostRecognized_pn3n3_uRMB_c20210101__20211231_zdltyXRn2G4l" title="Employee benefit expenses"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2021-01-012021-12-31" id="Fact001728" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">273,773</ix:nonFraction></span>, RMB
<span id="xdx_90D_eus-gaap--DefinedContributionPlanCostRecognized_pn3n3_uRMB_c20220101__20221231_zTy2ygVPdaSf" title="Employee benefit expenses"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2022-01-012022-12-31" id="Fact001730" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">228,685</ix:nonFraction></span> and RMB <span id="xdx_90C_eus-gaap--DefinedContributionPlanCostRecognized_pn3n3_uRMB_c20230101__20231231_zO54P8doJuK" title="Employee benefit expenses"><ix:nonFraction name="us-gaap:DefinedContributionPlanCostRecognized" contextRef="From2023-01-01to2023-12-31" id="Fact001732" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">163,324</ix:nonFraction></span> 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"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001734" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_84B_eus-gaap--LesseeLeasesPolicyTextBlock_zyiBIabdX6Tk" 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><i>2.26
<span id="xdx_861_zYIMITo1ftkj">Operating leases</span></i></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">&#160;</span></p>

<p style="font: 10pt Times 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
Company applied ASC 842, Leases, on January 1, 2019 on modified retrospective basis and has elected not to recast comparative periods.
The Company determines if an arrangement is a lease at inception. Operating leases are primarily for office and warehouse and are included
in operating lease right of use assets, net, operating lease liabilities, current and operating lease liabilities, non-current on its
Consolidated Balance Sheets. Operating lease right of use assets represent the Group&#8217;s right to use an underlying asset for the
lease term and Operating lease liabilities represent obligation to make lease payment arising from the lease. The operating lease right
of use assets and liabilities are recognized at lease commencement date based on the present value of lease payment over the lease term.
As most of the Group&#8217;s leases do not provide an implicit rate, the Group uses its incremental borrowing rate based on the information
available at lease commencement date in determining the present value of lease payments. The Operating lease right of use assets also
includes any lease payments made and excludes lease incentives. The Group&#8217;s lease term may include options to extend or terminate
the lease. Renewal options are considered within the Operating lease right of use assets and liabilities when it is reasonably certain
that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
operating lease with a term of one year or less, the Group has elected to not recognize a lease liability or lease right of use asset
on its Consolidated Balance Sheets. Instead, it recognizes the lease payment as expense on a straight-line basis over the lease term.
Short-term lease costs are immaterial to its Consolidated Statements of Comprehensive Income/(Loss). The Group has operating lease agreements
with insignificant non-lease components and have elected the practical expedient to combine and account for lease and non-lease components
as single lease component.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001736" name="us-gaap:GovernmentAssistancePolicyTextBlock"><p id="xdx_84D_eus-gaap--GovernmentAssistancePolicyTextBlock_zwM26CnsX657" 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><i>2.27
<span id="xdx_865_zLmN1i24kyhf">Government grant</span></i></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"><b>&#160;</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">Government
grants are recognized as Other income, net or as a reduction of specific costs and expenses for which the grants are intended to compensate.
Such amounts are recognized in the Consolidated Statements of Comprehensive Income/(Loss) upon receipts and all conditions attached to
the grants are fulfilled.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001738" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_84C_eus-gaap--IncomeTaxPolicyTextBlock_zMtRJrJIIVz9" 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><i>2.28
<span id="xdx_86A_zJ2Ngfl2slAb">Income tax</span></i></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"><b><i>&#160;</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">Current
income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under
the asset and liability method in accordance with ASC 740, Income Tax. Under this method, deferred tax assets and liabilities are recognized
for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements
and their respective tax basis, and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred taxes of a change in tax rates is recognized in the Consolidated Statements of Comprehensive Income/(Loss) in
the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered
more likely than not that amount 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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"><b>&#160;</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"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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"><b><i>&#160;</i></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"><b><i>2.28
Income tax (continued)</i></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"><b><i>&#160;</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">The
Group recognizes in its consolidated financial statements the benefit of a tax position if the tax position is &#8220;more likely than
not&#8221; to prevail based on the facts and technical merits of the position. Tax positions that meet the &#8220;more likely than not&#8221;
recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized
upon settlement. The Group estimates its liability for unrecognized tax benefits which are periodically assessed and may be affected
by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration
of the statute of limitations. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion
of a tax audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Group&#8217;s
estimates. As each audit is concluded, adjustments, if any, are recorded in the Group&#8217;s consolidated financial statements in the
period in which the audit is concluded. Additionally, in future periods, changes in facts, circumstances and new information may require
the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement
estimates are recognized in the period in which the changes occur. As of December 31, 2022 and 2023, the Group did not have any significant
unrecognized uncertain tax positions.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001740" name="YJ:TreasuryStockPolicyTextBlock"><p id="xdx_845_ecustom--TreasuryStockPolicyTextBlock_zjyQmkk4b3bg" 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><i>2.29
<span id="xdx_86C_z2ZxqQdhLqW1">Treasury stocks</span></i></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">&#160;</span></p>

<p style="font: 10pt Times 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
Company accounts for treasury stocks using the cost method. Under this method, the cost incurred to purchase the shares is recorded in
the treasury stocks account on the Consolidated Balance Sheets.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001742" name="YJ:StatutoryReservesPolicyTextBlock"><p id="xdx_840_ecustom--StatutoryReservesPolicyTextBlock_zBpSSOKNAI9j" 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><i>2.30
<span id="xdx_864_zbM3oy97Yvh8">Statutory reserves</span></i></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"><b><i>&#160;</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">The
Company&#8217;s subsidiaries, consolidated VIEs and VIEs&#8217; subsidiaries established in the PRC are required to make appropriations
to certain non-distributable reserve funds.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Group&#8217;s subsidiaries registered
as wholly-owned foreign enterprise have to make appropriations from their after-tax profits (as determined under generally accepted accounting
principles in the PRC (&#8220;PRC GAAP&#8221;)) to reserve funds including general reserve fund, enterprise expansion fund and staff
bonus and welfare fund. <span id="xdx_900_ecustom--GeneralReservesDescription_c20230101__20231231_zAUGximHF4Lj" title="General reserve description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001744" name="YJ:GeneralReservesDescription">The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance
with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the company.</ix:nonNumeric> </span>Appropriations
to the enterprise expansion fund and staff bonus and welfare fund are made at the respective company&#8217;s discretion.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in accordance with the PRC Company Laws, the Group&#8217;s consolidated VIEs and VIEs&#8217; subsidiaries, registered as Chinese
domestic companies, must make appropriations from their after-tax profits as determined under the PRC GAAP to non-distributable reserve
funds including statutory surplus fund and discretionary surplus fund on an annual basis. <span id="xdx_90D_ecustom--StatutoryReservesDescription_c20230101__20231231_zFq9w4Cjwuv3" title="Statutory reserves description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001746" name="YJ:StatutoryReservesDescription">The appropriation to the statutory surplus
fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has
reached 50% of the registered capital of the company.</ix:nonNumeric></span> Appropriation to the discretionary surplus fund is made at the discretion of the
respective company.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
use of the statutory surplus fund and discretionary surplus fund are restricted to the offsetting of losses or increasing of the registered
capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special
bonus to employees and for the collective welfare of employees. None of these reserves are allowed to be transferred to the company in
terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.</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; 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, profit appropriation to statutory surplus fund for the Group&#8217;s entities incorporated
in the PRC was approximately RMB <span id="xdx_902_eus-gaap--StatutoryAccountingPracticesStatutoryNetIncomeAmount_pn3n3_c20210101__20211231_zBikv88LQ2jf" title="Statutory surplus fund"><ix:nonFraction name="us-gaap:StatutoryAccountingPracticesStatutoryNetIncomeAmount" contextRef="From2021-01-012021-12-31" id="Fact001748" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,395</ix:nonFraction></span>, RMB <span id="xdx_90E_eus-gaap--StatutoryAccountingPracticesStatutoryNetIncomeAmount_pn3n3_c20220101__20221231_zFqDP0SwQLWi" title="Statutory surplus fund"><ix:nonFraction name="us-gaap:StatutoryAccountingPracticesStatutoryNetIncomeAmount" contextRef="From2022-01-012022-12-31" id="Fact001750" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,059</ix:nonFraction></span> and RMB <span id="xdx_90F_eus-gaap--StatutoryAccountingPracticesStatutoryNetIncomeAmount_pn3n3_c20230101__20231231_zjn1itXk2Qvh" title="Statutory surplus fund"><ix:nonFraction name="us-gaap:StatutoryAccountingPracticesStatutoryNetIncomeAmount" contextRef="From2023-01-01to2023-12-31" id="Fact001752" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">176</ix:nonFraction></span> respectively.</span></p>

</ix:nonNumeric><p id="xdx_853_z5k6sSTktV9k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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"><b>&#160;</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"><b>2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)</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"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001754" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><p id="xdx_84C_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_zrf3OkU7fmL1" 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><i>2.31
<span id="xdx_86C_zIX2e6S7fD2e">Comprehensive loss</span></i></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"><b><i>&#160;</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">Comprehensive
loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding
transactions resulting from investments from shareholders and distributions to shareholders. Comprehensive loss for the periods presented
includes net loss and foreign currency translation adjustments.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001756" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_842_eus-gaap--EarningsPerSharePolicyTextBlock_zeWYZpOs77Kd" 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><i>2.32
<span id="xdx_862_zK7GHbLRTL9f">Net income/(loss) per share</span></i></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
net income/(loss) per share is computed by dividing net income/(loss) attributable to holders of ordinary shares, considering the accretions
to redemption value of the preferred shares, by the weighted average number of ordinary shares outstanding during the period, if applicable.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted
net income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, as adjusted for the accretion
and deemed dividend and allocation of net income related to the preferred shares, if any, by the weighted average number of ordinary
and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the
conversion of the preferred shares using the if-converted method, restricted share units and ordinary shares issuable upon the exercise
of outstanding share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted
earnings per share calculation when inclusion of such shares would be anti-dilutive.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001758" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_848_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zILQnUcwWiI4" 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><i>2.33
<span id="xdx_86B_zyYMzVP9uONh">Segment reporting</span></i></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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
280, Segment Reporting, establishes standards for companies to report in their financial statements information about operating segments,
products, services, geographic areas, and major 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">Based
on the criteria established by ASC 280, the Group&#8217;s chief operating decision maker (&#8220;CODM&#8221;) has been identified as
the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance
of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments
for the purpose of internal reporting. As the Group&#8217;s long-lived assets are substantially located in the PRC and substantially
all the Group&#8217;s revenue are derived from within the PRC, no geographical segments are 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001760" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_845_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z6iEUZYbmOx9" style="font: 10pt Times 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>2.34
<span id="xdx_86F_zxtWoL4Qoj3g">Recent accounting pronouncements</span></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
November 2023, the FASB issued ASU 2023-07 &#8220;Segment Reporting: Improvements to Reportable Segment Disclosures&#8221;. This
guidance expands public entities&#8217; segment disclosures primarily by requiring disclosure of significant segment expenses that
are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an
amount and description of its composition for other segment items, and interim disclosures of a reportable segment&#8217;s profit or
loss and assets. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal
years beginning after December 15, 2024, with early adoption permitted. The amendments are required to be applied retrospectively to
all prior periods presented in an entity&#8217;s financial statements. The Company currently does not expect the adoption of this
standard will have a material impact on the consolidated financial statements.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires that all
public entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) disclose the year-to-date amount
of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption
is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.</span></p>

</ix:nonNumeric><p id="xdx_85A_zuOBqVZprzVf" 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>


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    <!-- Field: /Page --></ix:exclude>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001762" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_807_eus-gaap--ConcentrationRiskDisclosureTextBlock_zzaU681gk4x2" 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>3.
<span><span id="xdx_828_z5qt07myMDAb">CONCENTRATION AND RISKS</span></span></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">&#160;</span></p>

<p style="font: 10pt Times 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>3.1
Concentration of credit risk</i></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">&#160;</span></p>

<p style="font: 10pt Times 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
instruments that potentially subject the Group to the concentration of credit risks consist of cash and cash equivalents, restricted
cash, and short-term investments. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet
dates. As of December 31, 2021, 2022 and 2023, substantially all of the Company&#8217;s cash and cash equivalents, restricted cash and
short-term investments were held in major financial institutions located in Mainland China and Hong Kong, which management considers
to be of high credit quality based on their credit ratings. The Company believes that no significant credit risk exists as these financial
institutions have high credit quality.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>3.2
Concentration of customers and suppliers</i></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"><b>&#160;</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">Substantially
all revenue was derived from customers located in China. There are no suppliers from whom purchases individually represent greater than
10% of the total purchases of the Group in any of 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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001764" name="us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock"><p id="xdx_898_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_zRoNJsrKSAL7" 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">Customers
contributed more than 10% of total revenues are as below:</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="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BB_zpZDwKSh0wr1" style="display: none">SUMMARY OF CUSTOMERS CONTRIBUTION</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    ended 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"><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">2021</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="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="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"><span style="font-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></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: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    A</span></td><td style="font: bold 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: bold 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--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zgGujD2Xcswa" title="Concentration risk percentage of customer" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1766">&#8212;</span></span></td><td style="font: bold 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="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_988_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zTv99S80wvWf" title="Concentration risk percentage of customer" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueProductLineMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAMember" id="Fact001768" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">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">%</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_989_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zJx0k7TnmjWg" title="Concentration risk percentage of customer" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueProductLineMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAMember" id="Fact001770" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">24</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>
  </table>

</ix:nonNumeric><p id="xdx_8AB_z9GOkvMR49C4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>3.3
Foreign currency exchange rate risk</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"><b><i>&#160;</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">Since
June 2010, the RMB has fluctuated against the US$, at times significantly and unpredictably. The appreciation of the RMB against the
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</ix:nonNumeric><p id="xdx_814_z7Pv8Af24gS9" 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>


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<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"></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001778" name="YJ:ShortTermInvestmentTextBlock"><p id="xdx_800_ecustom--ShortTermInvestmentTextBlock_zWHGfnpNX5Ti" 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>4.
<span id="xdx_82A_zlvDcNIRFlq5">SHORT-TERM INVESTMENT</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001780" name="YJ:ScheduleOfShortTermInvestmentTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfShortTermInvestmentTableTextBlock_zs5IREa7Qw11" 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_8B1_zScrPkQAkd2f" style="display: none">SCHEDULE OF SHORT TERM INVESTMENTS</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="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="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
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  <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: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <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">Time
    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 id="xdx_989_eus-gaap--ShortTermInvestments_iI_pn3n3_c20221231__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zNv9ncFSri3g" 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"><ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2022-12-31_custom_TimeDepositsMember" id="Fact001786" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">142,357</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New 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--ShortTermInvestments_iI_pn3n3_c20231231__us-gaap--InvestmentTypeAxis__custom--TimeDepositsMember_zA46CJwQeL0b" 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: xdx2ixbrl1788">-</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">Wealth
    management products (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="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--ShortTermInvestments_iI_pn3n3_c20221231__us-gaap--InvestmentTypeAxis__custom--WealthManagementProductsMember_fKDIp_zsVoZwh3hy32" title="Short-term investments" 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:ShortTermInvestments" contextRef="AsOf2022-12-31_custom_WealthManagementProductsMember" id="Fact001790" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">69,646</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="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_989_eus-gaap--ShortTermInvestments_iI_pn3n3_c20231231__us-gaap--InvestmentTypeAxis__custom--WealthManagementProductsMember_fKDIp_zGhtLPH0M5kj" title="Short-term investments" 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: xdx2ixbrl1792">-</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    short-term investment</span></td><td style="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 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 id="xdx_988_eus-gaap--ShortTermInvestments_iI_pn3n3_c20221231_zbxCa2fA2MNe" title="Short-term investments" 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="Fact001794" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">212,003</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="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 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 id="xdx_986_eus-gaap--ShortTermInvestments_iI_pn3n3_c20231231_zOAs4aMuQBjk" title="Total short-term investment" 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="AsOf2023-12-31" id="Fact001796" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,195</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></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; 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 id="xdx_F05_zF0FrLMMbWNg" 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 id="xdx_F1C_zWq4NQ2GEV4b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001797" xml:lang="en-US">In
                                            October 2023, the Group acquired a debt security at a cash consideration of US$ <span id="xdx_90A_eus-gaap--PaymentsToAcquireShortTermInvestments_pn6n6_uUSD_c20231001__20231031__us-gaap--FinancialInstrumentAxis__custom--DebtSecurityForTradingMember_zlAHX2Bg8Pkl" title="Cash consideration for debt security" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNIT1JUIFRFUk0gSU5WRVNUTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2023-10-012023-10-31_custom_DebtSecurityForTradingMember" id="Fact001799" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">1</ix:nonFraction></span> million
                                            (approximately equivalent to RMB <span id="xdx_907_eus-gaap--PaymentsToAcquireShortTermInvestments_pn4n6_uRMB_c20231001__20231031__us-gaap--FinancialInstrumentAxis__custom--DebtSecurityForTradingMember_z2icaEuy4sE2" title="Cash consideration for debt security" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNIT1JUIFRFUk0gSU5WRVNUTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2023-10-012023-10-31_custom_DebtSecurityForTradingMember" id="Fact001801" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="RMB">7.16</ix:nonFraction></span> million). For the year ended December 31, 2023, the
                                            Group recorded fair value gains on this investment of RMB <span id="xdx_900_eus-gaap--RealizedInvestmentGainsLosses_pn3n3_uRMB_c20230101__20231231__us-gaap--FinancialInstrumentAxis__custom--DebtSecurityForTradingMember_zpbX3Y7FThuf" title="Fair value gain on investment" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNIT1JUIFRFUk0gSU5WRVNUTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:RealizedInvestmentGainsLosses" contextRef="From2023-01-012023-12-31_custom_DebtSecurityForTradingMember" id="Fact001803" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">31</ix:nonFraction></span> in financial income/(expense),
                                            net (Note 19).</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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; 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 id="xdx_F04_z8oQXNZ9diP" 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 id="xdx_F19_zGHOTmB38rfi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001804" xml:lang="en-US">The
                                            Group&#8217;s wealth management products mainly consisted of financial products issued by
                                            commercial banks in China with a variable interest rate indexed to the performance of underlying
                                            assets and a maturity date within one year when purchased or revolving terms. For the years
                                            ended December 31, 2021, 2022 and 2023, the weighted average return of the wealth management
                                            products were <span id="xdx_90F_ecustom--InvestmentWeightedAverageReturns_pid_dp_uPure_c20210101__20211231__srt--ProductOrServiceAxis__custom--WealthManagementProductsMember_zLMt24w022f9" title="Investment weighted average return" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNIT1JUIFRFUk0gSU5WRVNUTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="YJ:InvestmentWeightedAverageReturns" contextRef="From2021-01-012021-12-31_custom_WealthManagementProductsMember" id="Fact001806" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.2</ix:nonFraction></span>%, <span id="xdx_902_ecustom--InvestmentWeightedAverageReturns_pid_dp_uPure_c20220101__20221231__srt--ProductOrServiceAxis__custom--WealthManagementProductsMember_zyv4qASMmFWj" title="Investment weighted average return" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNIT1JUIFRFUk0gSU5WRVNUTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="YJ:InvestmentWeightedAverageReturns" contextRef="From2022-01-012022-12-31_custom_WealthManagementProductsMember" id="Fact001808" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.04</ix:nonFraction></span>% and <span id="xdx_908_ecustom--InvestmentWeightedAverageReturns_pid_dp_uPure_c20230101__20231231__srt--ProductOrServiceAxis__custom--WealthManagementProductsMember_z7Ii4afMCknj" title="Investment weighted average return" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNIT1JUIFRFUk0gSU5WRVNUTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="YJ:InvestmentWeightedAverageReturns" contextRef="From2023-01-012023-12-31_custom_WealthManagementProductsMember" id="Fact001810" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.91</ix:nonFraction></span>%, respectively.</ix:footnote></span></td></tr></table>

</ix:nonNumeric><p id="xdx_8A4_zan4XbPOlrBf" 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001812" name="us-gaap:AccountsAndNontradeReceivableTextBlock"><p id="xdx_805_eus-gaap--AccountsAndNontradeReceivableTextBlock_zrFioYUH6fDk" 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>5.
<span id="xdx_82F_zs3UC33ZsC44">ACCOUNTS RECEIVABLE, NET</span></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"><b><span>&#160;</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001814" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zgoFTswh9sTi" 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_8BC_znOlJOt8HO93">SCHEDULE
OF ACCOUNTS RECEIVABLE</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; 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: 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_20221231_zi6tHda4Ds86" 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="2" id="xdx_498_20231231_zjXcjeoyA79c" 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: 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="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"><span style="font-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: 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="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"><span style="font-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: 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></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"><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: 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"><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: 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></tr>
  <tr id="xdx_40B_ecustom--ReceivablesFromTheDistributionSales_iI_pn3n3_maARNCz9wL_zlHhFAKuERye" 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: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receivables
    from the distribution sales</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: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="YJ:ReceivablesFromTheDistributionSales" contextRef="AsOf2022-12-31" id="Fact001816" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">23,018</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: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="YJ:ReceivablesFromTheDistributionSales" contextRef="AsOf2023-12-31" id="Fact001817" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">62,576</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_ecustom--FactoringReceivables_iI_pn3n3_maARNCz9wL_z2AjutzAau8l" 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">Factoring
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</ix:nonNumeric><p id="xdx_8AF_z6lHx1bvA0dg" 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>


<ix:exclude><!-- Field: Page; Sequence: 211; Value: 34 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><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%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001837" name="us-gaap:OtherCurrentAssetsTextBlock"><p id="xdx_802_eus-gaap--OtherCurrentAssetsTextBlock_zybekiyAVKXc" 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>6.
<span id="xdx_823_zFsjcOI4V2Ci">PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET</span></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"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001839" name="us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock"><p id="xdx_89B_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zgf4WcUeAGIg" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
expenses 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_zKNtvDJx4M7a" style="display: none">SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS</span></span></p>

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  <tr id="xdx_402_ecustom--ReceivableFromThirdParty_iI_pn3n3_maPEAOAzMxK_zeNgBSFQjeAf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<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; 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 id="xdx_F00_zYInoUV5Vtfa" 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 id="xdx_F1A_znHYIXowFwBd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001867" xml:lang="en-US">Loan
                                            receivables represent the principal and interest to be collected on loans provided by the
                                            Group to third-party companies.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 15pt; text-indent: -15pt"><span style="font-family: Times 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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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has an interest rate of <span id="xdx_904_ecustom--FinanceReceivableInterestPercentage_pid_dp_uPure_c20230101__20231231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__custom--UnsecuredLoanOneMember_z9NAcaU3ph0i" title="Debt instrument interest percentage" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:FinanceReceivableInterestPercentage" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanOneMember" id="Fact001871" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>%
per annum. The Group recorded RMB <span id="xdx_90D_ecustom--LoansReceivableToBeCollected_iI_pn3n3_c20231231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__custom--UnsecuredLoanOneMember_zOhQldbe5yq3" title="Other non current assets" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:LoansReceivableToBeCollected" contextRef="AsOf2023-12-31_custom_UnsecuredLoanOneMember" id="Fact001873" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">10,000</ix:nonFraction></span>,
which was the portion due after twelve months, in the other non-current assets (Note 10). The other loan with
principal amount of RMB <span id="xdx_90D_ecustom--FinanceReceivablePrincipalAmount_iI_pn3n3_c20231231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__custom--UnsecuredLoanTwoMember_zUhsjuMpMk7k" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:FinanceReceivablePrincipalAmount" contextRef="AsOf2023-12-31_custom_UnsecuredLoanTwoMember" id="Fact001874" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">60,000</ix:nonFraction></span>
has an annual interest rate of <span id="xdx_901_ecustom--FinanceReceivableInterestPercentage_pid_dp_c20230101__20231231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__custom--UnsecuredLoanTwoMember_zzusO9Ga6QQa" title="Finance receivable interest percentage" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:FinanceReceivableInterestPercentage" contextRef="From2023-01-012023-12-31_custom_UnsecuredLoanTwoMember" id="Fact001876" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.35</ix:nonFraction></span>%.
The Group recorded RMB <span id="xdx_902_ecustom--LoansReceivableToBeCollected_iI_pn3n3_c20231231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__custom--UnsecuredLoanTwoMember__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherNoncurrentAssetsMember_z5dYuYZjWGOl" title="Loans receivable to be collected" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:LoansReceivableToBeCollected" contextRef="AsOf2023-12-31_custom_UnsecuredLoanTwoMember_us-gaap_OtherNoncurrentAssetsMember" id="Fact001878" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,000</ix:nonFraction></span>,
which was the portion due after twelve months, in the other non-current assets (Note 10).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 15pt; text-indent: -15pt"><span style="font-family: Times 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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the secured loan receivable balance with principal of US$ <span id="xdx_90E_ecustom--SecuredLoansReceivables_iI_pn6n6_uUSD_c20231231_zRmZqd2HcD22" title="Secured loan receivables" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:SecuredLoansReceivables" contextRef="AsOf2023-12-31" id="Fact001880" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">15</ix:nonFraction> </span>million
(equivalent to RMB <span id="xdx_900_ecustom--SecuredLoansReceivables_iI_c20231231_zMqcVssNzb9a" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:SecuredLoansReceivables" contextRef="AsOf2023-12-31" id="Fact001881" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">106,241</ix:nonFraction></span>)
was provided by the Group to a third-party company. The loan was secured by a certain amount of gold bullion provided by the
third-party company. Stipulated by the loan agreement, the remaining principal of US$ <span id="xdx_90A_ecustom--LoansReceivableToBeCollected_iI_pn6n6_uUSD_c20241231__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zBZWrFzfweed" title="Loans receivable to be collected" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:LoansReceivableToBeCollected" contextRef="AsOf2024-12-31_srt_ScenarioForecastMember" id="Fact001883" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">7</ix:nonFraction></span>
million (equivalent to RMB <span id="xdx_906_ecustom--LoansReceivableToBeCollected_iI_uRMB_c20241231__srt--StatementScenarioAxis__srt--ScenarioForecastMember_z9b2Qhfc9Hl4" title="Loans receivable to be collected" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:LoansReceivableToBeCollected" contextRef="AsOf2024-12-31_srt_ScenarioForecastMember" id="Fact001885" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">49,579</ix:nonFraction></span>)
and US$ <span id="xdx_906_ecustom--LoansReceivableToBeCollected_iI_pn6n6_uUSD_c20251231__srt--StatementScenarioAxis__srt--ScenarioForecastMember__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherNoncurrentAssetsMember_z14HLAx4Svze" title="Loans receivable to be collected" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:LoansReceivableToBeCollected" contextRef="AsOf2025-12-31_srt_ScenarioForecastMember_us-gaap_OtherNoncurrentAssetsMember" id="Fact001887" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">8</ix:nonFraction></span>
million (equivalent to RMB <span id="xdx_905_ecustom--LoansReceivableToBeCollected_iI_uRMB_c20251231__srt--StatementScenarioAxis__srt--ScenarioForecastMember__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherNoncurrentAssetsMember_zIciGFbvAss9" title="Loans receivable to be collected" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:LoansReceivableToBeCollected" contextRef="AsOf2025-12-31_srt_ScenarioForecastMember_us-gaap_OtherNoncurrentAssetsMember" id="Fact001889" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">56,662</ix:nonFraction></span>)
will be collected by the Group in 2024 and 2025, respectively. The Group recorded the amount due in 2025 in other
non-current assets (Note 10). As of December 31, 2023, the interest receivables of the secured loan was RMB <span id="xdx_908_eus-gaap--SecuredDebtCurrent_iI_uRMB_c20231231_zeZgxPn27uv6" title="Secured Debt" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:SecuredDebtCurrent" contextRef="AsOf2023-12-31" id="Fact001891" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">118</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 15pt; text-indent: -15pt"><span style="font-family: Times 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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, the secured and unsecured loans include six loans to six third-party companies. Four out of these six loans with
aggregated principal amount of US$ <span id="xdx_906_ecustom--FinanceReceivablePrincipalAmount_iI_pn5n6_uUSD_c20221231__custom--FinanceReceivableAxis__custom--FinanceReceivableOneTwoAndThreeMember_zLKpS5V8jQrf" title="Finance receivable principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:FinanceReceivablePrincipalAmount" contextRef="AsOf2022-12-31_custom_FinanceReceivableOneTwoAndThreeMember" id="Fact001893" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">20</ix:nonFraction></span> million (equivalent to RMB <span id="xdx_900_ecustom--FinanceReceivablePrincipalAmount_iI_pn3n3_c20221231__custom--FinanceReceivableAxis__custom--FinanceReceivableOneTwoAndThreeMember_zDZJYeBNB6Wa" title="Finance receivable principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:FinanceReceivablePrincipalAmount" contextRef="AsOf2022-12-31_custom_FinanceReceivableOneTwoAndThreeMember" id="Fact001895" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">139,292</ix:nonFraction></span>) and RMB <span id="xdx_90B_ecustom--FinanceReceivablePrincipalAmount_iI_pn3n3_c20221231__custom--FinanceReceivableAxis__custom--FinanceReceivableFourMember_zCHWxfMuRP8j" title="Finance receivable principal amount" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:FinanceReceivablePrincipalAmount" contextRef="AsOf2022-12-31_custom_FinanceReceivableFourMember" id="Fact001897" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">78,000</ix:nonFraction></span> were renewed in 2022. Another loan of principal
amount of RMB <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_907_ecustom--FinanceReceivablePrincipalAmount_iI_pn3n3_c20221231__custom--FinanceReceivableAxis__custom--FinanceReceivableFiveMember_ztqsAogrp3ph"><ix:nonFraction name="YJ:FinanceReceivablePrincipalAmount" contextRef="AsOf2022-12-31_custom_FinanceReceivableFiveMember" id="Fact001898" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
four-year term starting from December 2019, and with a lump sum interest rate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_901_ecustom--FinanceReceivableInterestPercentage_pid_dp_c20220101__20221231__custom--FinanceReceivableAxis__custom--FinanceReceivableFiveMember_zQXnBEodwT0i"><ix:nonFraction name="YJ:FinanceReceivableInterestPercentage" contextRef="From2022-01-012022-12-31_custom_FinanceReceivableFiveMember" id="Fact001899" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
would be due for repayment within one year. The remaining loan was the one to a customer with total principal amount of RMB <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_eus-gaap--InterestReceivable_iI_pn3n3_c20221231__custom--FinanceReceivableAxis__custom--FinanceReceivableSixMember_zmPVlFOeHY94"><ix:nonFraction name="us-gaap:InterestReceivable" contextRef="AsOf2022-12-31_custom_FinanceReceivableSixMember" id="Fact001900" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,000</ix:nonFraction></span></span><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 15pt; text-indent: -15pt"><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 id="xdx_F0C_z0zlii8uQa02" style="font: 10pt Times New Roman, Times, Serif">(2)</td>
  <td id="xdx_F10_zPj3ZohSMPwj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><ix:footnote id="Footnote001901" xml:lang="en-US">Receivables from third-party payment settlement platform represent amount due from the third-party on-line payment
service providers in relation to their processing of payments to the Group.</ix:footnote></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; width: 0.25in"><span id="xdx_F0F_zptWexVanAub" 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 id="xdx_F1D_zpGV8ptssHPk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001902" xml:lang="en-US">In
  the fourth quarter of 2020, the Group disposed of a subsidiary, Wuhan Yunteng Logistics Co., Ltd. (&#8220;Wuhan Yunteng&#8221;), to
  a third party for a total cash consideration of RMB <span id="xdx_906_eus-gaap--DisposalGroupIncludingDiscontinuedOperationConsideration_iI_pn3n3_c20201231__us-gaap--IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis__custom--WuhangYungtengLogisticsCompanyLimitedMember_z4JZhfXz7yfk" title="Discontinued operation consideration" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:DisposalGroupIncludingDiscontinuedOperationConsideration" contextRef="AsOf2020-12-31_custom_WuhangYungtengLogisticsCompanyLimitedMember" id="Fact001904" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26,676</ix:nonFraction></span>,
  with a loss of RMB <span id="xdx_900_eus-gaap--GainLossOnSaleOfBusiness_pn5n6_c20201001__20201231__us-gaap--IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis__custom--WuhangYungtengLogisticsCompanyLimitedMember_z9Q2U2GYkRwc" title="Loss on disposal of business" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:GainLossOnSaleOfBusiness" contextRef="From2020-10-012020-12-31_custom_WuhangYungtengLogisticsCompanyLimitedMember" id="Fact001906" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1</ix:nonFraction></span>
  million recorded in other non-operating income/(loss), net. Based on the agreement reached in 2022, the third party and the Group
  agreed on the payment schedule of disposal consideration. As of December 31, 2023, an amount of RMB <span id="xdx_908_ecustom--DisposalOfBusinessBalanceConsiderationYetToBeReceived_iI_pn3n3_c20231231__us-gaap--IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis__custom--WuhangYungtengLogisticsCompanyLimitedMember__us-gaap--FinancingReceivablesPeriodPastDueAxis__custom--RecoverableWithinOneYearMember_zTDhBxHPpP83" title="Long-term receivables from disposal of a subsidiary" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:DisposalOfBusinessBalanceConsiderationYetToBeReceived" contextRef="AsOf2023-12-31_custom_WuhangYungtengLogisticsCompanyLimitedMember_custom_RecoverableWithinOneYearMember" id="Fact001908" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,224</ix:nonFraction></span>
  will be collected within one year and the remaining balance of RMB <span id="xdx_904_ecustom--DisposalOfBusinessBalanceConsiderationYetToBeReceived_iI_pn3n3_c20231231__us-gaap--IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis__custom--WuhangYungtengLogisticsCompanyLimitedMember__us-gaap--FinancingReceivablesPeriodPastDueAxis__us-gaap--OtherNoncurrentAssetsMember_zcFO8DCpMX7a" title="Long-term receivables from disposal of a subsidiary" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBSRVBBSUQgRVhQRU5TRVMgQU5EIE9USEVSIENVUlJFTlQgQVNTRVRTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="YJ:DisposalOfBusinessBalanceConsiderationYetToBeReceived" contextRef="AsOf2023-12-31_custom_WuhangYungtengLogisticsCompanyLimitedMember_us-gaap_OtherNoncurrentAssetsMember" id="Fact001910" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,133</ix:nonFraction></span>
  will be collected after one year and was recorded in other non-current assets (Note 10).</ix:footnote></span></td></tr>
</table>


</ix:nonNumeric><p id="xdx_8A7_zhmJbYMzQVRk" 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>&#160;</b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 212; Value: 34 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><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%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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"><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 0pt 0pt 0"></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001912" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_80F_eus-gaap--InventoryDisclosureTextBlock_zW5jFpVL9t1g" 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>7.
<span id="xdx_82F_zSd31xAEsxL2">INVENTORIES, NET</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001914" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zANzgXc5AsK3" 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>&#160;<span id="xdx_8B3_z5vTFt0Rjg37" style="display: none">SCHEDULE OF INVENTORY, NET</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <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>
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<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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <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 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td 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">&#160;</span></td><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_40D_eus-gaap--InventoryGross_iI_pn3n3_maINzNv6_ztihA9eXgjli" 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: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merchandise
    and packing materials</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: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryGross" contextRef="AsOf2022-12-31" id="Fact001916" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">60,043</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: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InventoryGross" contextRef="AsOf2023-12-31" id="Fact001917" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,061</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_ecustom--InventoryWritedowns_iI_pn3n3_maINzNv6_zADLZtF0ssY" 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">Less:
    inventory write-downs</span></td><td style="font: 10pt Times New 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="YJ:InventoryWritedowns" contextRef="AsOf2022-12-31" id="Fact001919" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">5,392</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="YJ:InventoryWritedowns" contextRef="AsOf2023-12-31" id="Fact001920" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">7,345</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">)</span></td></tr>
  <tr id="xdx_404_eus-gaap--InventoryNet_iTI_pn3n3_mtINzNv6_zQo8Sl1fb0Sh" 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
    inventories, net</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:InventoryNet" contextRef="AsOf2022-12-31" id="Fact001922" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">54,651</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"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2023-12-31" id="Fact001923" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">42,716</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></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"><b>&#160;</b></span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001925" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_806_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_z1A3eM3BuKkk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.
<span id="xdx_82B_z4X461rEzKjb">PROPERTY, EQUIPMENT AND SOFTWARE, NET</span></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">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001927" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_899_eus-gaap--PropertyPlantAndEquipmentTextBlock_zXvs3IcQPTkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
equipment and software, net, consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_zUnCM7Ge4oOg" style="display: none">SCHEDULE
OF PROPERTY EQUIPMENT AND SOFTWARE</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; 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_49D_20221231_z6Pkn4IlevTf" 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_49E_20231231_zV55vqz4DR77" 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="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
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  <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">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>
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  <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>
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  <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>
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  <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zwrOOjOOU1xh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1929">-</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>
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<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; 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 id="xdx_F0E_zPeKGwEo7dXh" 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 id="xdx_F17_z3IiXiKzCdPa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001958" xml:lang="en-US">In
June 2021, the Group entered into a purchase agreement with a third-party company to purchase an office building. The Group paid </ix:footnote></span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEVRVUlQTUVOVCBBTkQgU09GVFdBUkUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_902_ecustom--PercentageOfConsiderationPaidForAssetAcquisition_pid_dp_uPure_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__srt--OfficeBuildingMember__us-gaap--AssetAcquisitionAxis__us-gaap--SeriesOfIndividuallyImmaterialAssetAcquisitionsMember_zQMo7ZKMhwX4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="YJ:PercentageOfConsiderationPaidForAssetAcquisition" contextRef="From2021-01-012021-12-31_srt_OfficeBuildingMember_us-gaap_SeriesOfIndividuallyImmaterialAssetAcquisitionsMember" id="Fact001959" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of the total amount with consideration of RMB </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEVRVUlQTUVOVCBBTkQgU09GVFdBUkUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90E_eus-gaap--AssetAcquisitionConsiderationTransferred_pn3n3_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__srt--OfficeBuildingMember__us-gaap--AssetAcquisitionAxis__us-gaap--SeriesOfIndividuallyImmaterialAssetAcquisitionsMember_zgxZBTP8zMM" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetAcquisitionConsiderationTransferred" contextRef="From2021-01-012021-12-31_srt_OfficeBuildingMember_us-gaap_SeriesOfIndividuallyImmaterialAssetAcquisitionsMember" id="Fact001960" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">81,125</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in 2021 and paid the remaining
</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEVRVUlQTUVOVCBBTkQgU09GVFdBUkUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_905_ecustom--PercentageOfConsiderationPaidForAssetAcquisition_pid_dp_uPure_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__srt--OfficeBuildingMember__us-gaap--AssetAcquisitionAxis__us-gaap--SeriesOfIndividuallyImmaterialAssetAcquisitionsMember_zxFmkbXToLg8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="YJ:PercentageOfConsiderationPaidForAssetAcquisition" contextRef="From2022-01-012022-12-31_srt_OfficeBuildingMember_us-gaap_SeriesOfIndividuallyImmaterialAssetAcquisitionsMember" id="Fact001961" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
in amount of RMB </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEVRVUlQTUVOVCBBTkQgU09GVFdBUkUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90E_eus-gaap--AssetAcquisitionConsiderationTransferred_pn3n3_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__srt--OfficeBuildingMember__us-gaap--AssetAcquisitionAxis__us-gaap--SeriesOfIndividuallyImmaterialAssetAcquisitionsMember_zysRcVGhUWPf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetAcquisitionConsiderationTransferred" contextRef="From2022-01-012022-12-31_srt_OfficeBuildingMember_us-gaap_SeriesOfIndividuallyImmaterialAssetAcquisitionsMember" id="Fact001962" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">80,732</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in 2022. In June 2022, the
new office building has been delivered by the third-party company to the Group and all prepayment except for the value added tax of the
office building were recorded as construction in progress upon delivery in 2022. In April 2023, the office building has been put into
use with estimated useful life of <span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230403__us-gaap--PropertyPlantAndEquipmentByTypeAxis__srt--OfficeBuildingMember__us-gaap--AssetAcquisitionAxis__us-gaap--SeriesOfIndividuallyImmaterialAssetAcquisitionsMember_zE75W3KtKPH" title="Property plant and equipment estimated useful life" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEVRVUlQTUVOVCBBTkQgU09GVFdBUkUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonNumeric contextRef="AsOf2023-04-03_srt_OfficeBuildingMember_us-gaap_SeriesOfIndividuallyImmaterialAssetAcquisitionsMember" format="ixt-sec:duryear" id="Fact001964" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">40</ix:nonNumeric></span> years.</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: 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 id="xdx_F05_zUikz8s6u9mk" 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 id="xdx_F10_z0V57lOBjBR1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001965" xml:lang="en-US">Depreciation
                                            expenses were RMB <span id="xdx_90F_eus-gaap--Depreciation_pn3n3_c20210101__20211231_zPJ5awL0NJ2a" title="Depreciation expenses" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEVRVUlQTUVOVCBBTkQgU09GVFdBUkUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" id="Fact001967" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">15,985</ix:nonFraction></span>, RMB <span id="xdx_90D_eus-gaap--Depreciation_pn3n3_c20220101__20221231_zxxnT8jEdZH8" title="Depreciation expenses" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEVRVUlQTUVOVCBBTkQgU09GVFdBUkUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact001969" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,718</ix:nonFraction></span> and RMB <span id="xdx_906_eus-gaap--Depreciation_pn3n3_c20230101__20231231_zaBRKIuFuQ6i" title="Depreciation expenses" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEVRVUlQTUVOVCBBTkQgU09GVFdBUkUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact001971" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,545</ix:nonFraction></span> for the years ended December 31, 2021,
                                            2022 and 2023, respectively. <span id="xdx_905_eus-gaap--AssetImpairmentCharges_do_c20210101__20211231_zEOSGoiN1PN5" title="Asset impairment charges" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEVRVUlQTUVOVCBBTkQgU09GVFdBUkUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span id="xdx_902_eus-gaap--AssetImpairmentCharges_do_c20220101__20221231_zwkR3Remj1oi" title="Asset impairment charges" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEVRVUlQTUVOVCBBTkQgU09GVFdBUkUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span id="xdx_905_eus-gaap--AssetImpairmentCharges_do_c20230101__20231231_z06VZkkWmXtj" title="Asset impairment charges" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1BFUlRZIEVRVUlQTUVOVCBBTkQgU09GVFdBUkUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:AssetImpairmentCharges" contextRef="From2021-01-012021-12-31" id="Fact001973" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="RMB"><ix:nonFraction name="us-gaap:AssetImpairmentCharges" contextRef="From2022-01-012022-12-31" id="Fact001975" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="RMB"><ix:nonFraction name="us-gaap:AssetImpairmentCharges" contextRef="From2023-01-01to2023-12-31" id="Fact001977" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="RMB">No</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairment charges were recorded for the years ended December
                                            31, 2021, 2022 and 2023.</ix:footnote></span></td></tr></table>

</ix:nonNumeric><p id="xdx_8AA_znOwfDUTH2Qi" 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>


<ix:exclude><!-- Field: Page; Sequence: 213; Value: 34 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><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%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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"><span style="font-family: Times 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>

<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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001979" name="YJ:ScheduleOfLongTermInvestmentsTextBlock"><p id="xdx_802_ecustom--ScheduleOfLongTermInvestmentsTextBlock_zwXdq95FOJof" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.
<span id="xdx_82F_zupYCNkhFGB4">LONG-TERM INVESTMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 12pt; text-align: right; text-indent: -12pt"><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="Fact001981" name="us-gaap:EquityMethodInvestmentsTextBlock"><p id="xdx_896_eus-gaap--EquityMethodInvestmentsTextBlock_zxyA2Xz1WtNc" 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">The
Group&#8217;s long-term investments 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_8BE_zeqLzlLFusEg" style="display: none">SCHEDULE
OF LONG-TERM INVESTMENTS</span></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; 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; 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_zUoxI4sBwclb" 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_496_20231231_zyPIBHXdP3b2" 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="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"><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"><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>
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  <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>
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  <tr id="xdx_403_eus-gaap--EquityMethodInvestments_iI_pn3n3_maLTIzFqW_zOiz8C9YbRFc" 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: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
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  <tr id="xdx_40E_eus-gaap--EquityMethodInvestments_iI_pn3n3_maLTIzFqW_zhkc4onEMAOl" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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method 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>
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<tr id="xdx_402_eus-gaap--EquitySecuritiesFvNi_iI_pn3n3_maLTIzFqW_zN0wBxTDg9w4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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securities with readily determinable fair values</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr id="xdx_40D_eus-gaap--LongTermInvestments_iTI_pn3n3_mtLTIzFqW_zlgEK5425DEk" 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
    long-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>
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    <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:LongTermInvestments" contextRef="AsOf2023-12-31" id="Fact002002" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">364,159</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></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_z968U14Jdl86" 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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major
investments made by the Company during 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; text-indent: -18.9pt"><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: 17.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Equity
                                            method investments</span></i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -18.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</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">The
Group&#8217;s equity method investments are investments in limited partnership funds as a limited partner and in limited liability
companies. In 2022, total cash consideration of RMB <span id="xdx_900_eus-gaap--PaymentsToAcquireEquityMethodInvestments_pn3n3_c20220101__20221231__dei--LegalEntityAxis__custom--LimitedPartnershipMember_zsJE7lBlYXXi" title="Total consideration"><ix:nonFraction name="us-gaap:PaymentsToAcquireEquityMethodInvestments" contextRef="From2022-01-012022-12-31_custom_LimitedPartnershipMember" id="Fact002004" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,000</ix:nonFraction></span>
and US$ <span id="xdx_902_eus-gaap--PaymentsToAcquireEquityMethodInvestments_pn6n6_uUSD_c20220101__20221231__dei--LegalEntityAxis__custom--LimitedLiabilityCompaniesMember_zXlwoMgnCejh" title="Total consideration"><ix:nonFraction name="us-gaap:PaymentsToAcquireEquityMethodInvestments" contextRef="From2022-01-012022-12-31_custom_LimitedLiabilityCompaniesMember" id="Fact002006" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">1</ix:nonFraction></span>
million (equivalent to RMB <span id="xdx_90B_eus-gaap--PaymentsToAcquireEquityMethodInvestments_pn3n3_c20220101__20221231__dei--LegalEntityAxis__custom--LimitedLiabilityCompaniesMember_zVSg6C749Aca" title="Transaction costs"><ix:nonFraction name="us-gaap:PaymentsToAcquireEquityMethodInvestments" contextRef="From2022-01-012022-12-31_custom_LimitedLiabilityCompaniesMember" id="Fact002008" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,367</ix:nonFraction></span>)
were invested to certain funds. In 2023, additional consideration of RMB <span id="xdx_90B_eus-gaap--PaymentsToAcquireEquityMethodInvestments_pn3n3_c20230101__20231231__dei--LegalEntityAxis__custom--LimitedPartnershipMember_zPmidJBWwJag" title="Consideration to acquire equity method investments"><ix:nonFraction name="us-gaap:PaymentsToAcquireEquityMethodInvestments" contextRef="From2023-01-012023-12-31_custom_LimitedPartnershipMember" id="Fact002010" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">30,000</ix:nonFraction></span>
and US$ <span id="xdx_905_eus-gaap--PaymentsToAcquireEquityMethodInvestments_pn5n6_uUSD_c20230101__20231231__dei--LegalEntityAxis__custom--LimitedLiabilityCompaniesMember_z6QK6pINyVB4" title="Consideration to acquire equity method investments"><ix:nonFraction name="us-gaap:PaymentsToAcquireEquityMethodInvestments" contextRef="From2023-01-012023-12-31_custom_LimitedLiabilityCompaniesMember" id="Fact002012" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.5</ix:nonFraction></span>
million (equivalent to RMB <span id="xdx_909_eus-gaap--PaymentsToAcquireEquityMethodInvestments_pn3n3_c20230101__20231231__dei--LegalEntityAxis__custom--LimitedLiabilityCompaniesMember_zwyVoYow3tvb" title="Consideration to acquire equity method investments"><ix:nonFraction name="us-gaap:PaymentsToAcquireEquityMethodInvestments" contextRef="From2023-01-012023-12-31_custom_LimitedLiabilityCompaniesMember" id="Fact002014" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">10,770</ix:nonFraction></span>)
were invested to the funds. As of December 31, 2022 and 2023, the carrying amount of investments in limited partnership funds are
RMB <span id="xdx_902_eus-gaap--EquityMethodInvestments_iI_pn3n3_c20221231__dei--LegalEntityAxis__custom--LimitedPartnershipMember_zsYYe9WB2fc" title="Investments in limited partnership funds"><ix:nonFraction name="us-gaap:EquityMethodInvestments" contextRef="AsOf2022-12-31_custom_LimitedPartnershipMember" id="Fact002016" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">55,442</ix:nonFraction></span>
and RMB <span id="xdx_901_eus-gaap--EquityMethodInvestments_iI_pn3n3_c20231231__dei--LegalEntityAxis__custom--LimitedPartnershipMember_zDt3I1mo1KDg" title="Investments in limited partnership funds"><ix:nonFraction name="us-gaap:EquityMethodInvestments" contextRef="AsOf2023-12-31_custom_LimitedPartnershipMember" id="Fact002018" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">96,904</ix:nonFraction></span>,
respectively. Investments in limited liability companies are individually immaterial for the periods presented. The Group&#8217;s
proportionate share of equity investee&#8217;s net loss or earnings for the years ended December 31, 2022 and 2023 were recorded in
equity in loss of affiliates, net of tax.</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>


<ix:exclude><!-- Field: Page; Sequence: 214; Value: 34 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><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%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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"><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 0pt 0pt 0"></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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"><b>&#160;</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"><b>9.
LONG-TERM INVESTMENTS (CONTINUED)</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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td><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><span style="text-decoration: underline">Equity
                                            securities accounted for under measurement alternative</span></i></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">The
investments accounted for under measurement alternative mainly represent the Group&#8217;s equity investment over which the Group is
not able to exercise significant influence in the form of ordinary shares of the investee and investment in a limited partnership fund
as a limited partner with so minor interest.</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"><b>&#160;</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">i)
Change from equity method investment to equity securities accounted for under measurement alternative</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group previously accounted for the investment in the investee A using equity method. In 2021, Yunji disposed of the investment in investee
A with a gain of RMB <span id="xdx_901_eus-gaap--EquityMethodInvestmentRealizedGainLossOnDisposal_pn5n6_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--InvesteeAMember__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherOperatingIncomeExpenseMember_zLHgByAAbHq9" title="Gain on disposal of equity investments"><ix:nonFraction name="us-gaap:EquityMethodInvestmentRealizedGainLossOnDisposal" contextRef="From2021-01-012021-12-31_custom_InvesteeAMember_us-gaap_OtherOperatingIncomeExpenseMember" id="Fact002020" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">110.5</ix:nonFraction></span> million recorded in other non-operating income/(loss), net (Note 18), and injected the same amount of consideration
into the parent holding company of investee A (&#8220;the Enlarged A Group&#8221;). Yunji&#8217;s share of equity interest was <span id="xdx_902_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherOperatingIncomeExpenseMember__srt--OwnershipAxis__custom--EnlargedAGroupMember_z1DC91Nbfgje" title="Equity ownership interest"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners" contextRef="AsOf2021-12-31_us-gaap_OtherOperatingIncomeExpenseMember_custom_EnlargedAGroupMember" id="Fact002022" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.26</ix:nonFraction></span>%
without board seat. Since Yunji lost significant influence, the Company recorded the new investment in the Enlarged A Group under measurement
alternative.</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"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2021, with a new series of external financing of the enlarged A Group, the Company remeasured its investment to fair market
value and recorded the unrealized changes in fair value with a gain of RMB <span id="xdx_90D_eus-gaap--EquitySecuritiesFvNiUnrealizedGainLoss_pn3n3_c20211130__20211130__us-gaap--IncomeStatementLocationAxis__custom--FinanceIncomeExpenseMember__srt--OwnershipAxis__custom--EnlargedAGroupMember_zFOQV8nHVOlf" title="Changes in fair value with gain"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNiUnrealizedGainLoss" contextRef="From2021-11-302021-11-30_custom_FinanceIncomeExpenseMember_custom_EnlargedAGroupMember" id="Fact002024" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">79,541</ix:nonFraction></span> in financial income/(loss), net in the Consolidation
Statements of Comprehensive Income/(Loss) based on the new investors&#8217; purchase price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.7pt"><span style="font-family: Times New Roman, Times, 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: -0.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2022, with a new series of external financing of the investee B, the Company remeasured its investment to fair market value and
recorded the unrealized changes in fair value with a gain of RMB <span id="xdx_904_eus-gaap--EquitySecuritiesFvNiUnrealizedGainLoss_pn3n3_c20220731__20220731__us-gaap--IncomeStatementLocationAxis__custom--FinanceIncomeExpenseMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--InvesteeBMember_zVzRDzLiqiX6" title="Changes in fair value with gain"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNiUnrealizedGainLoss" contextRef="From2022-07-312022-07-31_custom_FinanceIncomeExpenseMember_custom_InvesteeBMember" id="Fact002026" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,475</ix:nonFraction></span> in financial income/(expense), net in the Consolidation Statements
of Comprehensive Income/(Loss) based on the new investors&#8217; purchase price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)
Investment in the limited partnership fund</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.7pt"><span style="font-family: Times New Roman, Times, 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: -0.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
initial investment in the limited partnership fund was RMB <span id="xdx_904_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_uRMB_c20221231__dei--LegalEntityAxis__custom--LimitedPartnershipMember_zyf4MfcpOyAl" title="Initial investment of fund"><ix:nonFraction name="us-gaap:InvestmentOwnedAtCost" contextRef="AsOf2022-12-31_custom_LimitedPartnershipMember" id="Fact002028" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">20,000</ix:nonFraction></span>
as of December 31, 2022, and during the year ended December 31, 2023 RMB <span id="xdx_900_eus-gaap--ProceedsFromLimitedPartnershipInvestments_pn3n3_uRMB_c20230101__20231231__dei--LegalEntityAxis__custom--LimitedPartnershipMember_zTGxmDWaBQMi" title="Amount withdrawn"><ix:nonFraction name="us-gaap:ProceedsFromLimitedPartnershipInvestments" contextRef="From2023-01-012023-12-31_custom_LimitedPartnershipMember" id="Fact002030" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">248</ix:nonFraction></span>
was withdrawn from this fund.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.7pt"><span style="font-family: Times New Roman, Times, 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: -0.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii)
Impairment of equity securities accounted for under measurement alternative</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022 and 2023, there were RMB <span id="xdx_905_ecustom--ImpairmentOfInvestment_pn3n3_uRMB_c20220101__20221231_z4DTk206NkLa" title="Impairment of investments"><ix:nonFraction name="YJ:ImpairmentOfInvestment" contextRef="From2022-01-012022-12-31" id="Fact002032" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,700</ix:nonFraction></span> and RMB <span id="xdx_90C_ecustom--ImpairmentOfInvestment_pn3n3_uRMB_c20230101__20231231_z4UaNDgEC5xh" title="Impairment of investments"><ix:nonFraction name="YJ:ImpairmentOfInvestment" contextRef="From2023-01-01to2023-12-31" id="Fact002034" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,427</ix:nonFraction></span> impairment on these investments, primarily due to
business deterioration as a result of macroeconomic changes.</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>


<ix:exclude><!-- Field: Page; Sequence: 215; Value: 34 -->
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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.7pt"></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"><b>9.
LONG-TERM INVESTMENTS (CONTINUED)</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"><i>&#160;</i></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"><i>(c)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Equity
                                            securities with readily determinable fair values</span></i></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"><i>&#160;</i></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">Investment
in GXG, Tencent and Meituan</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2019, the Group purchased <span id="xdx_908_ecustom--NumberOfEquitySharesWithReadilyDeterminableFairValueAcquiredDuringThePeriod_pid_c20190531__20190531__us-gaap--FinancialInstrumentAxis__custom--EquitySecuritiesWithReadilyDeterminableFairValueMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HongkongListedCompanyGxgMember_zu8PJ2gYpDwj" title="Number of equity shares purchased"><ix:nonFraction name="YJ:NumberOfEquitySharesWithReadilyDeterminableFairValueAcquiredDuringThePeriod" contextRef="From2019-05-312019-05-31_custom_EquitySecuritiesWithReadilyDeterminableFairValueMember_custom_HongkongListedCompanyGxgMember" id="Fact002036" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">22,740,000</ix:nonFraction></span> ordinary shares of a Hong Kong listed Company - GXG (1817. HK) - with a total consideration
of US$ <span id="xdx_90C_eus-gaap--PaymentsToAcquireOtherInvestments_pn6n6_c20190531__20190531__us-gaap--FinancialInstrumentAxis__custom--EquitySecuritiesWithReadilyDeterminableFairValueMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HongkongListedCompanyGxgMember_z1fQYEZ6fu01" title="Payments to acquire other investments"><ix:nonFraction name="us-gaap:PaymentsToAcquireOtherInvestments" contextRef="From2019-05-312019-05-31_custom_EquitySecuritiesWithReadilyDeterminableFairValueMember_custom_HongkongListedCompanyGxgMember" id="Fact002038" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB">13</ix:nonFraction></span> million, and recorded its investment in GXG with initial cost of US$ <span id="xdx_90C_eus-gaap--PaymentsToAcquireOtherInvestments_pn6n6_uUSD_c20190531__20190531__us-gaap--FinancialInstrumentAxis__custom--EquitySecuritiesWithReadilyDeterminableFairValueMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HongkongListedCompanyGxgMember_zAx3mXPVCZ0c" title="Payments to acquire other investments"><ix:nonFraction name="us-gaap:PaymentsToAcquireOtherInvestments" contextRef="From2019-05-312019-05-31_custom_EquitySecuritiesWithReadilyDeterminableFairValueMember_custom_HongkongListedCompanyGxgMember" id="Fact002040" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">13</ix:nonFraction></span> million (equivalent to approximately RMB <span id="xdx_909_eus-gaap--EquitySecuritiesFvNiCost_iI_pn3n3_c20190531__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HongkongListedCompanyGxgMember_zID1hb3WENYa" title="Equity securities cost"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNiCost" contextRef="AsOf2019-05-31_custom_HongkongListedCompanyGxgMember" id="Fact002042" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">89,517</ix:nonFraction></span>).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2021, the Group purchased <span id="xdx_907_ecustom--NumberOfEquitySharesWithReadilyDeterminableFairValueAcquiredDuringThePeriod_pid_c20210201__20210228__us-gaap--FinancialInstrumentAxis__custom--EquitySecuritiesWithReadilyDeterminableFairValueMember__dei--LegalEntityAxis__custom--MeituanThreeSixNineZeroHkMember_zc9AkusUP0w8" title="Number of equity shares purchased"><ix:nonFraction name="YJ:NumberOfEquitySharesWithReadilyDeterminableFairValueAcquiredDuringThePeriod" contextRef="From2021-02-012021-02-28_custom_EquitySecuritiesWithReadilyDeterminableFairValueMember_custom_MeituanThreeSixNineZeroHkMember" id="Fact002044" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">106,600</ix:nonFraction></span> and <span id="xdx_90A_ecustom--NumberOfEquitySharesWithReadilyDeterminableFairValueAcquiredDuringThePeriod_pid_c20210201__20210228__us-gaap--FinancialInstrumentAxis__custom--EquitySecuritiesWithReadilyDeterminableFairValueMember__dei--LegalEntityAxis__custom--TencentZeroSevenZeroZeroHkMember_z1y1lSFOALs2" title="Number of equity shares purchased"><ix:nonFraction name="YJ:NumberOfEquitySharesWithReadilyDeterminableFairValueAcquiredDuringThePeriod" contextRef="From2021-02-012021-02-28_custom_EquitySecuritiesWithReadilyDeterminableFairValueMember_custom_TencentZeroSevenZeroZeroHkMember" id="Fact002046" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">55,000</ix:nonFraction></span> ordinary shares of two Hong Kong listed Company- Meituan (3690. HK) and Tencent
(0700. HK) &#8211; with a total consideration of HKD$ <span id="xdx_909_eus-gaap--PaymentsToAcquireOtherInvestments_pn5n6_uHKD_c20210201__20210228__us-gaap--FinancialInstrumentAxis__custom--EquitySecuritiesWithReadilyDeterminableFairValueMember__dei--LegalEntityAxis__custom--TencentAndMeituanMember_zslo8vuSoE76" title="Payments to acquire other investments"><ix:nonFraction name="us-gaap:PaymentsToAcquireOtherInvestments" contextRef="From2021-02-012021-02-28_custom_EquitySecuritiesWithReadilyDeterminableFairValueMember_custom_TencentAndMeituanMember" id="Fact002048" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="HKD">77.3</ix:nonFraction></span> million (equivalent to approximately RMB <span id="xdx_903_eus-gaap--PaymentsToAcquireOtherInvestments_pn3n3_uRMB_c20210201__20210228__us-gaap--FinancialInstrumentAxis__custom--EquitySecuritiesWithReadilyDeterminableFairValueMember__dei--LegalEntityAxis__custom--TencentAndMeituanMember_zFRLX08MCGAc" title="Payments to acquire investments"><ix:nonFraction name="us-gaap:PaymentsToAcquireOtherInvestments" contextRef="From2021-02-012021-02-28_custom_EquitySecuritiesWithReadilyDeterminableFairValueMember_custom_TencentAndMeituanMember" id="Fact002050" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">65,065</ix:nonFraction></span>).</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, based on the market price, the Group re-measured the investments at a fair value of RMB <span id="xdx_904_eus-gaap--EquitySecuritiesFvNi_iI_pn3n3_c20221231_zzO7rbuiMY81" title="Fair value of investment"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNi" contextRef="AsOf2022-12-31" id="Fact002052" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">114,843</ix:nonFraction></span> and RMB
<span id="xdx_900_eus-gaap--EquitySecuritiesFvNi_iI_pn3n3_c20231231_zTYienToppoj" title="Fair value of investment"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNi" contextRef="AsOf2023-12-31" id="Fact002054" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">37,650</ix:nonFraction></span>, respectively, and recorded the unrealized changes in fair value with a loss of RMB <span id="xdx_902_eus-gaap--EquitySecuritiesFvNiUnrealizedGainLoss_pn3n3_c20220101__20221231_zXKKTB2qw1Dk" title="Fair value of investment unrealized gain (loss)"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNiUnrealizedGainLoss" contextRef="From2022-01-012022-12-31" id="Fact002056" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">32,902</ix:nonFraction></span> and a loss of RMB <span id="xdx_90A_eus-gaap--EquitySecuritiesFvNiUnrealizedGainLoss_pn3n3_c20230101__20231231_zun7u92e32wl" title="Fair value of investment unrealized gain (loss)"><ix:nonFraction name="us-gaap:EquitySecuritiesFvNiUnrealizedGainLoss" contextRef="From2023-01-01to2023-12-31" id="Fact002058" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">78,739</ix:nonFraction></span> in financial
income/(expense), net, in the Consolidation Statements of Comprehensive Income/(Loss) for years ended December 31, 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002060" name="YJ:OtherNonCurrentAssestsTextBlock"><p id="xdx_80F_ecustom--OtherNonCurrentAssestsTextBlock_z7Ccuw0545D8" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.
<span id="xdx_82C_zqqJejuD6Saj">OTHER NON-CURRENT ASSETS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; 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="Fact002062" name="us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfOtherAssetsNoncurrentTextBlock_z9BTnwrVo0U8" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
non-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_8B9_zJDEbWhe2rha" style="display: none">SCHEDULE
OF OTHER NON CURRENT ASSETS</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; 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: 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_zgAMpnfROAYa" 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_20231231_zWttsQxC1duh" 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">
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<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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                                                                                                                                                                        2020, the Group purchased commercial properties from a third party and paid the full amount in advance with consideration of US$ <span id="xdx_900_eus-gaap--PaymentsToAcquireOtherPropertyPlantAndEquipment_pn4n6_uUSD_c20200101__20201231__us-gaap--FinancingReceivablePortfolioSegmentAxis__us-gaap--CommercialRealEstatePortfolioSegmentMember_z6czQbJuMiMd" title="Prepayment of an office building" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE9USEVSIE5PTiBDVVJSRU5UIEFTU0VUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_us-gaap_CommercialRealEstatePortfolioSegmentMember" id="Fact002086" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">11.25</ix:nonFraction></span>
                                                                                                                                                                                        million (equivalent RMB <span id="xdx_907_eus-gaap--PaymentsToAcquireOtherPropertyPlantAndEquipment_pn3n3_c20200101__20201231__us-gaap--FinancingReceivablePortfolioSegmentAxis__us-gaap--CommercialRealEstatePortfolioSegmentMember_zWSdHOIpAqfl" title="Prepayment of consideration" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE9USEVSIE5PTiBDVVJSRU5UIEFTU0VUUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><ix:nonFraction name="us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_us-gaap_CommercialRealEstatePortfolioSegmentMember" id="Fact002088" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">78,000</ix:nonFraction></span>). As of December 31, 2023, the properties are under construction and expected to be handed over to the Group during
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<ix:exclude><!-- Field: Page; Sequence: 216; Value: 34 -->
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    <!-- Field: /Page --></ix:exclude>

<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"></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002090" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_801_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_z6s3j4Vm6Xz7" 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>11.
<span id="xdx_82C_z581MOqIQDe1">ACCOUNTS PAYABLE</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002092" name="us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_z9T0N7UprGu2" 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>&#160;<span id="xdx_8B5_zDjAiZAtiIR1" style="display: none">SCHEDULE
OF ACCOUNTS PAYABLE</span></b></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: 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>
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    <td colspan="2" id="xdx_492_20231231_zfm662X4o1f9" 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: 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: 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: justify"/><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></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: 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"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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_409_eus-gaap--AccountsPayableTradeCurrent_iI_pn3n3_maAPCzyuZ_ztLafzFCuVQ2" 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: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merchandise
    purchase payables</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: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableTradeCurrent" contextRef="AsOf2022-12-31" id="Fact002094" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">87,489</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: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableTradeCurrent" contextRef="AsOf2023-12-31" id="Fact002095" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">61,004</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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warehouse
    and logistic fees payables</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="YJ:WarehouseAndLogisticFeesPayableCurrent" contextRef="AsOf2022-12-31" id="Fact002097" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,311</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="YJ:WarehouseAndLogisticFeesPayableCurrent" contextRef="AsOf2023-12-31" id="Fact002098" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,074</ix:nonFraction></span></td><td style="font: 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--PayableToMerchantsCurrent_iI_pn3n3_maAPCzyuZ_zcERIUDqJXg" 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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payable
    to merchants <span id="xdx_F4D_zj4rhnplvZd7">(1)</span></span></td><td style="font: 10pt Times New 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="YJ:PayableToMerchantsCurrent" contextRef="AsOf2022-12-31" id="Fact002100" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,103</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="YJ:PayableToMerchantsCurrent" contextRef="AsOf2023-12-31" id="Fact002101" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">32,704</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--AccountsPayableCurrent_iTI_pn3n3_mtAPCzyuZ_zHhlnfrZLLK4" 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; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    accounts payable</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:AccountsPayableCurrent" contextRef="AsOf2022-12-31" id="Fact002103" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">138,903</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"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2023-12-31" id="Fact002104" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">96,782</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></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; 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 id="xdx_F07_zY0ejAR5N3Hd" 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 id="xdx_F10_zh0bIIhauNec" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002105" xml:lang="en-US">Payable
                                            to merchants represents the unpaid balances to the merchants of cash collected by the Group
                                            on behalf of the merchants for products sold on Yunji App when the Group is viewed as the
                                            agent in the sales arrangement.</ix:footnote></span></td></tr></table>

</ix:nonNumeric><p id="xdx_8A6_z8Sisz2rUk37" 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002107" name="YJ:DeferredRevenueTextBlock"><p id="xdx_807_ecustom--DeferredRevenueTextBlock_zobTIzPKwtAi" 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>12.
<span id="xdx_82D_zI11hDOhpzj4">DEFERRED REVENUE</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002109" name="us-gaap:DeferredRevenueByArrangementDisclosureTextBlock"><p id="xdx_897_eus-gaap--DeferredRevenueByArrangementDisclosureTextBlock_z6iBfMFATKph" 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>&#160;<span id="xdx_8B6_zZ79RSp32Tpb" style="display: none">SCHEDULE
OF DEFERRED REVENUE</span></b></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: 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>
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<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: 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>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    other revenue</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <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:DeferredRevenueCurrent" contextRef="AsOf2023-12-31_custom_DeferredOtherRevenueMember" id="Fact002118" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">205</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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    deferred revenue</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>
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</ix:nonNumeric><p id="xdx_8A6_zsWLeg4hoKt8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 4.2pt"><span style="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
revenue recognized in the years ended December 31, 2021, 2022 and 2023 that was included in deferred revenue as of the beginning of each
respective period were RMB <span id="xdx_901_eus-gaap--DeferredRevenueRevenueRecognized1_pn3n3_c20210101__20211231_zGYYAJ3oj8Gf" title="Deferred revenue, revenue recognized"><ix:nonFraction name="us-gaap:DeferredRevenueRevenueRecognized1" contextRef="From2021-01-012021-12-31" id="Fact002123" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,951</ix:nonFraction></span>, RMB <span id="xdx_900_eus-gaap--DeferredRevenueRevenueRecognized1_pn3n3_c20220101__20221231_zSSm3WbFaIxg" title="Deferred revenue, revenue recognized"><ix:nonFraction name="us-gaap:DeferredRevenueRevenueRecognized1" contextRef="From2022-01-012022-12-31" id="Fact002125" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">105,752</ix:nonFraction></span> and RMB <span id="xdx_905_eus-gaap--DeferredRevenueRevenueRecognized1_pn3n3_c20230101__20231231_zRMBSquXDWz3" title="Deferred revenue, revenue recognized"><ix:nonFraction name="us-gaap:DeferredRevenueRevenueRecognized1" contextRef="From2023-01-01to2023-12-31" id="Fact002127" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">21,748</ix:nonFraction></span>, 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002129" name="YJ:IncentivePayablesToMembersDisclosureTextBlock"><p id="xdx_804_ecustom--IncentivePayablesToMembersDisclosureTextBlock_zNLvYbWjmYdk" 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>13.
<span id="xdx_825_zIlHXlBE2Ede">INCENTIVE PAYABLES TO MEMBERS</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002131" name="YJ:ScheduleOfIncentivePayablesToMemberTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfIncentivePayablesToMemberTableTextBlock_znODVgkXhCQ4" 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_zEpMN9rRu5yc" style="display: none">SCHEDULE
OF INCENTIVE PAYABLES TO MEMBERS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <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: 14%; 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; 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: 14%; 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; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8AA_zgbvY9mo38mc" 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incentive
payable to members represents unpaid balances of discounts granted to members for their self-purchase and referral incentives earned
by the members for their referral efforts and is transferred to the members&#8217; individual Yunji App accounts. These unpaid balances
are maintained collectively in the members&#8217; Yunji App accounts and can be withdraw as cash upon the members&#8217; requests.</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>


<ix:exclude><!-- Field: Page; Sequence: 217; Value: 34 -->
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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002136" name="YJ:MemberManagementFeesPayableTextBlock"><p id="xdx_800_ecustom--MemberManagementFeesPayableTextBlock_z4lh9MD4y3el" 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>14.
<span id="xdx_829_z0iY875YdiS1">MEMBER MANAGEMENT FEES PAYABLE</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002138" name="YJ:ScheduleOfMembersManagementFeesPayableTableTextBlock"><p id="xdx_89F_ecustom--ScheduleOfMembersManagementFeesPayableTableTextBlock_za6rEwiClz" 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_8B1_z9VFAAsaIpya" style="display: none">SCHEDULE
OF MEMBERS MANAGEMENT FEES PAYABLE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <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>
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    <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>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%"><span 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: 14%; 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; 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: 14%; 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; 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--ManagementFeePayable_iI_uRMB_zGlIGrSIZph5" 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: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
    management fees payable</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: right"><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:ManagementFeePayable" contextRef="AsOf2022-12-31" id="Fact002140" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,087</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: right"><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:ManagementFeePayable" contextRef="AsOf2023-12-31" id="Fact002141" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,373</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></tr>
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</ix:nonNumeric><p id="xdx_8AF_zrh4lNot3ZRa" 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
Group engages third party vendors to provide management service in the member&#8217;s community, including organizing product launch
events, collecting members or Yunji App users&#8217; feedbacks, etc. Member management fees payable represents the Group&#8217;s unpaid
balance of such service fees to the third party vendors. For the years ended December 31, 2021, 2022 and 2023, member management fees
were RMB <span id="xdx_90E_eus-gaap--ManagementFeeExpense_uRMB_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_zBgGyeRb0RRb" title="Member management fees"><ix:nonFraction name="us-gaap:ManagementFeeExpense" contextRef="From2021-01-012021-12-31_us-gaap_SellingAndMarketingExpenseMember" id="Fact002143" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">174,798</ix:nonFraction></span>, RMB <span id="xdx_90F_eus-gaap--ManagementFeeExpense_uRMB_c20220101__20221231__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_zldFHyeitHod" title="Member management fees"><ix:nonFraction name="us-gaap:ManagementFeeExpense" contextRef="From2022-01-012022-12-31_us-gaap_SellingAndMarketingExpenseMember" id="Fact002145" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">101,984</ix:nonFraction></span> and RMB <span id="xdx_902_eus-gaap--ManagementFeeExpense_uRMB_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_zT6VMhZBRTR2" title="Member management fees"><ix:nonFraction name="us-gaap:ManagementFeeExpense" contextRef="From2023-01-012023-12-31_us-gaap_SellingAndMarketingExpenseMember" id="Fact002147" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">57,373</ix:nonFraction></span>, presented in sales and marketing expenses in the Consolidation Statements of Comprehensive
Income/(Loss).</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002149" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_80B_eus-gaap--LesseeOperatingLeasesTextBlock_zgnkQUZ6bFed" 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>15.
<span id="xdx_821_zOGOcKoIT7Th">OPERATING LEASE</span></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">&#160;</span></p>

<p style="font: 10pt Times 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 operating leases primarily for office and operation space. The Group&#8217;s operating lease arrangements have remaining terms
of <span id="xdx_904_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dc_c20231231__srt--RangeAxis__srt--MinimumMember_zSlXeYAQuu7i" title="Operating lease, remaining lease term"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MinimumMember" format="ixt-sec:durwordsen" id="Fact002151" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm">one year</ix:nonNumeric></span> to <span id="xdx_904_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dc_c20231231__srt--RangeAxis__srt--MaximumMember_zUll5klMji5a" title="Operating lease, remaining lease term"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember" format="ixt-sec:durwordsen" id="Fact002153" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm">five years</ix:nonNumeric></span> with no variable lease costs.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
lease costs were RMB <span id="xdx_90A_eus-gaap--OperatingLeaseCost_uRMB_c20220101__20221231_zMx4ZPRYnjd5" title="Operaitng lease costs"><ix:nonFraction name="us-gaap:OperatingLeaseCost" contextRef="From2022-01-012022-12-31" id="Fact002155" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">2,774</ix:nonFraction></span> and RMB <span id="xdx_904_eus-gaap--OperatingLeaseCost_uRMB_c20230101__20231231_zMOuNJYOGbc5" title="Operaitng lease costs"><ix:nonFraction name="us-gaap:OperatingLeaseCost" contextRef="From2023-01-01to2023-12-31" id="Fact002157" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">1,742</ix:nonFraction></span> for the years ended December 31, 2022 and 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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002159" name="YJ:SupplementalCashFlowInformationRelatingToOperatingLeases"><p id="xdx_898_ecustom--SupplementalCashFlowInformationRelatingToOperatingLeases_zSARwMoH1NW7" style="font: 10pt Times 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
cash flow information related to leases were as follows:</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_8B6_zuWa6h3LGL6h" style="display: none">SCHEDULE
OF OPERATING LEASES SUPPLEMENTAL CASH FLOW INFORMATION</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; 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: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr id="xdx_40F_eus-gaap--OperatingLeasePayments_z7HezGD6h857" 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">Cash
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability" contextRef="From2023-01-01to2023-12-31" id="Fact002165" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">18,106</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></tr>
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</ix:nonNumeric><p id="xdx_8AD_zcBEgQs6sIEj" 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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002167" name="YJ:OperatingLeasesSupplementaryBalanceSheetInformationTableTextBlock"><p id="xdx_891_ecustom--OperatingLeasesSupplementaryBalanceSheetInformationTableTextBlock_znkO9f4u6ixk" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
consolidated balance sheet information related to leases were as follows:</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_8BD_zIFtqhGngUX6" style="display: none">SCHEDULE
OF OPERATING LEASES SUPPLEMENTAL BALANCE SHEET INFORMATION</span></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <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: 14%; 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="Fact002170" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">16,507</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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: 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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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--OperatingLeaseLiabilityCurrent_iI_zWh7kxXMIOek" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
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  <tr id="xdx_401_eus-gaap--OperatingLeaseLiability_iI_z5ueC11go784" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
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    <td style="font: 10pt Times New 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--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20221231_zpOD1MDl4XA9" title="Weighted average remaining lease term" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="AsOf2022-12-31" format="ixt-sec:duryear" id="Fact002181" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">1.18</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_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zyd7PtF8dV29" title="Weighted average remaining lease term" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact002183" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">4.50</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></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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
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    <td style="font: 10pt Times New 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--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20221231_zfLWYS0jn4al" title="Weighted average discount rate" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2022-12-31" id="Fact002185" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.75</ix:nonFraction></span></td><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--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20231231_zDgAlK4MlWd2" title="Weighted average discount rate" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-12-31" id="Fact002187" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.75</ix:nonFraction></span></td><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_8AC_zGOQxjh6ewOg" 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>


<ix:exclude><!-- Field: Page; Sequence: 218; Value: 34 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><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%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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"><span style="font-family: Times New Roman, 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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>15.
OPERATING LEASE (CONTINUED)</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"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002189" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_89A_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zCjCHkjeFXA1" 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">Maturities
of lease liabilities are as follows:</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_8B9_z94hHKE9kcC9" style="display: none">SCHEDULE
OF MATURITIES OF LEASE LIABILITIES</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="font: 10pt Times New 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="2" id="xdx_49D_20231231_z5olnmVyLmU6" 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, 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: 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"><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></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: 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></tr>
  <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPz9Y0_zjedq9ahbqK4" 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: 82%; 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: 14%; 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="Fact002191" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,018</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--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPz9Y0_zuyZA8YlXLs8" 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:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact002193" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,018</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></tr>
  <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPz9Y0_z05luZkZ8944" 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:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2023-12-31" id="Fact002195" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,018</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></tr>
  <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maLOLLPz9Y0_zU608ub3zZ35" 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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027</span></td><td style="font: 10pt Times New 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:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2023-12-31" id="Fact002197" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,018</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--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPz9Y0_zDSCsksH4Kh4" 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
    operating lease payments</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2023-12-31" id="Fact002199" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">16,072</ix:nonFraction></span></td><td style="font: 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--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_zB9975dVpo0j" 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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
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    <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:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact002201" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,574</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_404_eus-gaap--OperatingLeaseLiability_iI_zSzhHA3DRFN1" 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; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    operating lease</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:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact002203" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,498</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></tr>
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</ix:nonNumeric><p id="xdx_8A4_zlOH4yEeqYx7" 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002205" name="us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock"><p id="xdx_807_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zWwHetvWQ72g" 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>16.
<span id="xdx_824_zcyFOCFJvkS">OTHER PAYABLE AND ACCRUED LIABILITIES</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002207" name="us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zJltZ6o8frA1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8B4_zhR1fnewJOod" style="display: none">SCHEDULE
OF OTHER PAYABLE AND ACCRUED LIABILITIES</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: 100%">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_402_ecustom--DepositsFromCustomers_iI_maAPAOAzECm_zyNuKugggUN7" 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: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merchants
    deposits <span id="xdx_F4F_zcCAQpNQ9wW6">(1)</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>
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    <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: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="YJ:DepositsFromCustomers" contextRef="AsOf2023-12-31" id="Fact002210" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">31,369</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_ecustom--AccountsPayableToVendors_iI_maAPAOAzECm_zQRMEF7fR3ud" 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">Supplier
    deposits <span id="xdx_F4E_z1puqej8AMif">(2)</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="YJ:AccountsPayableToVendors" contextRef="AsOf2022-12-31" id="Fact002212" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">32,997</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="YJ:AccountsPayableToVendors" contextRef="AsOf2023-12-31" id="Fact002213" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">25,538</ix:nonFraction></span></td><td style="font: 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--EmployeeRelatedLiabilitiesCurrent_iI_maAPAOAzECm_z8R9B4ejEfpf" 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">Salaries
    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" id="Fact002215" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">28,735</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times 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="Fact002216" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">18,141</ix:nonFraction></span></td><td style="font: 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--TaxesPayableCurrent_iI_maAPAOAzECm_zhuhH0JWzGz8" 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">Taxes
    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" id="Fact002218" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">15,531</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:TaxesPayableCurrent" contextRef="AsOf2023-12-31" id="Fact002219" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,555</ix:nonFraction></span></td><td style="font: 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--AccruedMarketingAndOtherOperationalExpenses_iI_maAPAOAzECm_zFyg0eOtXMYe" 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">Accrued
    marketing and other operational 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="YJ:AccruedMarketingAndOtherOperationalExpenses" contextRef="AsOf2022-12-31" id="Fact002221" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,682</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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="YJ:AccruedMarketingAndOtherOperationalExpenses" contextRef="AsOf2023-12-31" id="Fact002222" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,336</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">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AccruedProfessionalFeesCurrent_iI_maAPAOAzECm_zhWPmHWn6hh2" 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">Accrued
    professional 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="Fact002224" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">10,165</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times 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="Fact002225" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,782</ix:nonFraction></span></td><td style="font: 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--OtherAccruedLiabilitiesCurrent_iI_maAPAOAzECm_zn9sLOfkY9rk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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="Fact002228" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,479</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>
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<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>

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<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F05_zi1dypE8Kp12" 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 id="xdx_F16_z37XVcpP5tT5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002232" xml:lang="en-US">The
                                            deposit obtained from the merchants is to ensure implementation of Yunji App&#8217;s platform
                                            policy and good product quality to be sold by the merchants on Yunji App under the Group&#8217;s
                                            marketplace business model. The deposit can be withdrawn immediately after the merchants
                                            terminate its online shop on Yunji App.</ix:footnote></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 20.3pt; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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                                            and good product quality under the Group&#8217;s sales of merchandise business model.</ix:footnote></span></td></tr></table>

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<ix:exclude><!-- Field: Page; Sequence: 219; Value: 34 -->
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<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"><b>&#160;</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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002235" name="us-gaap:OtherOperatingIncomeAndExpenseTextBlock"><p id="xdx_808_eus-gaap--OtherOperatingIncomeAndExpenseTextBlock_zw7bgnQffOma" 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>17.
<span id="xdx_823_zk6u4yr7Exr1">OTHER OPERATING INCOME</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002237" name="YJ:ScheduleOfOtherOperatingIncomeNetTableTextBlock"><p id="xdx_898_ecustom--ScheduleOfOtherOperatingIncomeNetTableTextBlock_zYTPh3ZXp6B9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8B7_z3uYlx7RSDci" style="display: none">SCHEDULE
OF OTHER OPERATING INCOME</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <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:OtherOperatingIncomeExpenseNet" contextRef="From2023-01-01to2023-12-31" id="Fact002253" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,898</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></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; 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 id="xdx_F01_zccVwWt1lZO" 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 id="xdx_F1F_zgDTlctdlF4a" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002254" xml:lang="en-US">From
                                            2019, in accordance with &#8220;the Announcement on Relevant Policies for Deepening the Value-added
                                            Tax Reform&#8221; and relevant government policies announced by the Ministry of Finance,
                                            the State Taxation Administration and the General Administration of Customs of China, one
                                            China VIE of the Company, as a consumer service company, is allowed to enjoy additional <span id="xdx_90B_ecustom--PercentOfVatInsuperDeduction_iI_pid_dp_uPure_c20221231_zVJkgJqjOskb" title="Percent of VAT in super deduction" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIE9USEVSIE9QRVJBVElORyBJTkNPTUUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="YJ:PercentOfVatInsuperDeduction" contextRef="AsOf2022-12-31" id="Fact002256" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>%
                                            VAT-in deduction for any services or products it purchased (&#8220;VAT-in super deduction&#8221;)
                                            from April 1, 2019 to December 31, 2023. The VAT-in super deduction is considered as operating
                                            given that all VAT-in were derived from the purchases for that VIE&#8217;s daily operations
                                            in nature, and therefore is presented in other operating income in the Consolidation Statements
                                            of Comprehensive Income/(Loss).</ix:footnote></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; 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 id="xdx_F0E_zQaO1RvcGHIc" 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 id="xdx_F1A_z1nvGYu1P5O2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002257" xml:lang="en-US">Government
                                            grants mainly represent cash subsidies received from PRC local governments for companies
                                            operating a business in their jurisdictions and compliance with specific policies promoted
                                            by the local governments. These cash subsidies were not subject to meeting any specific future
                                            conditions.</ix:footnote></span></td></tr></table>

</ix:nonNumeric><p id="xdx_8AA_zMrUW1IU9wS" 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>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002259" name="us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock"><p id="xdx_808_eus-gaap--OtherIncomeAndOtherExpenseDisclosureTextBlock_zBsSKQAJILoa" 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>18.
<span id="xdx_826_zr0Q2ZTt9pKa">OTHER NON-OPERATING INCOME/(LOSS), NET</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002261" name="us-gaap:ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock_zKkXDvLBTz4a" 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>&#160;<span id="xdx_8B6_zIe2B3L4WIz7" style="display: none">SCHEDULE
OF NON-OPERATING INCOME/(LOSS) NET</span></b></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">
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    <td colspan="2" id="xdx_490_20210101__20211231_zKEuQJDDLckf" 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 colspan="2" id="xdx_498_20220101__20221231_z3Gpaj7RgOag" 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 colspan="2" id="xdx_49C_20230101__20231231_zgc2VrwW1mRb" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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: justify"><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>
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                                            31, 2022</b></span></p></td><td style="font: 10pt Times New 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>
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                                            Ended</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>December
                                            31, 2023</b></span></p></td><td style="font: 10pt 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: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <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>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain/(loss)
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    <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="YJ:GainlossOnDisposalOfLongtermInvestmentsAndSubsidiaries" contextRef="From2023-01-01to2023-12-31" id="Fact002265" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">23</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>
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    <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:OtherNonoperatingIncomeExpense" contextRef="From2022-01-012022-12-31" id="Fact002272" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,072</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>
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</ix:nonNumeric><p id="xdx_8A5_z1Z5j6cqiSP9" 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>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002275" name="YJ:FinancialIncomeAndExpenseTextBlock"><p id="xdx_801_ecustom--FinancialIncomeAndExpenseTextBlock_zapkK4fz7Md2" 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>19.
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<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002277" name="YJ:ScheduleOfFinancialIncomeTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfFinancialIncomeTableTextBlock_zOqysWNxFKO" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8BC_z8IgxQOFZeNa" style="display: none">SCHEDULE
OF FINANCIAL INCOME/(EXPENSE), NET</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" id="xdx_498_20220101__20221231_zyLHP8ubwN05" 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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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>
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                                            31, 2021</b></span></p></td><td style="font: 10pt Times New 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>
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                                            31, 2022</b></span></p></td><td style="font: 10pt Times New 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>
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                                            31, 2023</b></span></p></td><td style="font: 10pt 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: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <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></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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td 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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td 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">&#160;</span></td><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_40B_eus-gaap--InvestmentIncomeInterest_maFIENzelR_zNiS67V0YOq4" 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <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:InvestmentIncomeInterest" contextRef="From2021-01-012021-12-31" id="Fact002279" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">15,947</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:InvestmentIncomeInterest" contextRef="From2022-01-012022-12-31" id="Fact002280" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,606</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:InvestmentIncomeInterest" contextRef="From2023-01-01to2023-12-31" id="Fact002281" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">13,429</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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times 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="Fact002283" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,181</ix:nonFraction></span></td><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:InterestExpense" contextRef="From2022-01-012022-12-31" id="Fact002284" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,462</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">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times 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="Fact002285" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">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">)</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gains/(loss)
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</ix:nonNumeric><p id="xdx_8A8_zVWFgZRLSBkg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002303" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_80C_eus-gaap--IncomeTaxDisclosureTextBlock_zCB1dET5U1z6" 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>20.
<span id="xdx_820_zLF9z4fS1zB7">TAXATION</span></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"><b>&#160;</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"><b>(a)
Value added tax (&#8220;VAT&#8221;) and surcharges</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"><b>&#160;</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">The
Group is subject to statutory VAT rate of <span id="xdx_900_ecustom--ValueAddedTaxRatePercent_iI_pid_dp_uPure_c20190401__srt--ProductOrServiceAxis__custom--AgriculturalProductsMember__srt--StatementGeographicalAxis__custom--CNMember_znbCGVNlqpZk" title="Value added tax rate percent"><ix:nonFraction name="YJ:ValueAddedTaxRatePercent" contextRef="AsOf2019-04-01_custom_AgriculturalProductsMember_custom_CNMember" id="Fact002305" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9</ix:nonFraction>%</span> since April 1, 2019 for revenues from sales of agricultural products, and <span id="xdx_90A_ecustom--ValueAddedTaxRatePercent_iI_pid_dp_uPure_c20190401__srt--ProductOrServiceAxis__custom--OtherProductsMember__srt--StatementGeographicalAxis__custom--CNMember_zEopKQXmCvA8" title="Value added tax rate percent"><ix:nonFraction name="YJ:ValueAddedTaxRatePercent" contextRef="AsOf2019-04-01_custom_OtherProductsMember_custom_CNMember" id="Fact002307" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">13</ix:nonFraction>%</span> since April
1,2019 for sales of other products, respectively, in the PRC. The Group is exempted from VAT for revenues from sales of vegetables and
contraceptives.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is subject to VAT at the rate of <span id="xdx_907_ecustom--ValueAddedTaxRatePercent_iI_pid_dp_uPure_c20190401__srt--ProductOrServiceAxis__custom--LogisticsServicesMember__srt--StatementGeographicalAxis__custom--CNMember_zX6zhY4iJ7f5" title="Value added tax rate percent"><ix:nonFraction name="YJ:ValueAddedTaxRatePercent" contextRef="AsOf2019-04-01_custom_LogisticsServicesMember_custom_CNMember" id="Fact002309" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9</ix:nonFraction>%</span> since April 1, 2019 for the logistics services and <span id="xdx_905_ecustom--ValueAddedTaxRatePercent_iI_pid_dp_uPure_c20190401__srt--ProductOrServiceAxis__us-gaap--ServiceOtherMember__srt--StatementGeographicalAxis__custom--CNMember_zyLnqEzLXUkc" title="Value added tax rate percent"><ix:nonFraction name="YJ:ValueAddedTaxRatePercent" contextRef="AsOf2019-04-01_us-gaap_ServiceOtherMember_custom_CNMember" id="Fact002311" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction>%</span> for revenues from other services.</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"><b>(b)
Income tax</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"><b><i>&#160;</i></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"><i>Cayman
Islands</i></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"><i>&#160;</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">Under
the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on
income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.</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"><i>Hong
Kong</i></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"><i>&#160;</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">Under
the current Hong Kong Inland Revenue Ordinance, the subsidiaries of the Group incorporated in Hong Kong are subject to <span id="xdx_901_ecustom--PercentageOfIncomeTaxRate_pid_dp_uPure_c20230101__20231231_zAJ1VjeSg2ii" title="Percentage of income tax rate"><ix:nonFraction name="YJ:PercentageOfIncomeTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact002313" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.25</ix:nonFraction>%</span> profit tax
on the first HKD<span id="xdx_900_ecustom--TaxableIncomeSubjectToIncomeTaxAtALowerRate_pn6n6_uHKD_c20230101__20231231_zwZyD2vKBIs8" title="Taxable income"><ix:nonFraction name="YJ:TaxableIncomeSubjectToIncomeTaxAtALowerRate" contextRef="From2023-01-01to2023-12-31" id="Fact002315" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="HKD">2</ix:nonFraction></span> million taxable income and <span id="xdx_908_ecustom--PercentageOfProfitTaxRemainingTaxableIncome_pid_dp_uPure_c20230101__20231231_zkjACCaZW3g3" title="Percentage of profit tax remaining taxable income"><ix:nonFraction name="YJ:PercentageOfProfitTaxRemainingTaxableIncome" contextRef="From2023-01-01to2023-12-31" id="Fact002317" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction>%</span> profit tax on the remaining taxable income generated from operations in Hong Kong.
Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding
tax.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>China</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"><i>&#160;</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">On
March 16, 2007, the National People&#8217;s Congress of PRC enacted a new Enterprise Income Tax Law (&#8220;new EIT law&#8221;), under
which Foreign Investment Enterprises (&#8220;FIEs&#8221;) and domestic companies would be subject to enterprise income tax at a uniform
rate of <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20070316__20070316__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_zRuYfqulCKVg" title="Effective income tax rate reconciliation, at federal statutory income tax rate, percent"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2007-03-162007-03-16_us-gaap_StateAdministrationOfTaxationChinaMember" id="Fact002319" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction>%</span>. The new EIT law became effective on January 1, 2008. In accordance with the implementation rules of EIT Law, a qualified
&#8220;High and New Technology Enterprise&#8221; (&#8220;HNTE&#8221;) is eligible for a preferential tax rate of <span id="xdx_90F_ecustom--PreferentialTaxRatePercentage_pid_dp_uPure_c20080101__20080101__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_z4sXxcypALGl" title="Preferential tax rate percentage"><ix:nonFraction name="YJ:PreferentialTaxRatePercentage" contextRef="From2008-01-012008-01-01_us-gaap_StateAdministrationOfTaxationChinaMember" id="Fact002321" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction>%</span>. The HNTE certificate
is effective for a period of <span id="xdx_900_ecustom--ValidityOfPreferentialTaxRate_dc_c20230101__20231231_zX2VOHsEV7ra" title="Validity of preferential tax rate"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:durwordsen" id="Fact002323" name="YJ:ValidityOfPreferentialTaxRate">three years</ix:nonNumeric></span>. An entity could re-apply for the HNTE certificate when the prior certificate expires.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jixiang
obtained its HNTE certificate on December 16, 2021 and was eligible to enjoy a preferential tax rate of <span id="xdx_906_ecustom--PreferentialTaxRatePercentage_pid_dp_uPure_c20070316__20070316__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember__srt--ConsolidatedEntitiesAxis__custom--ZhejiangJixiangecommercecoLtdMember__us-gaap--TaxPeriodAxis__us-gaap--TaxYear2021Member_zTiWeUW1tvO3" title="Preferential tax rate percentage"><ix:nonFraction name="YJ:PreferentialTaxRatePercentage" contextRef="From2007-03-162007-03-16_us-gaap_StateAdministrationOfTaxationChinaMember_custom_ZhejiangJixiangecommercecoLtdMember_us-gaap_TaxYear2021Member" id="Fact002325" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction>%</span> from 2021 to 2023 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.</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">The
Group&#8217;s other PRC subsidiaries, VIEs and VIEs&#8217; subsidiaries are subject to the statutory income tax rate of <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember__srt--ConsolidatedEntitiesAxis__custom--OtherEntitiesMember_zhCy3conDDU5" title="Effective income tax rate reconciliation, at federal statutory income tax rate, percent"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_us-gaap_StateAdministrationOfTaxationChinaMember_custom_OtherEntitiesMember" id="Fact002327" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction>%</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">According
to relevant laws and regulations promulgated by the State Administration of Tax of the PRC effective from 2008 onwards, enterprises engaging
in research and development activities are entitled to claim <span id="xdx_90C_ecustom--PercentageOfResearchAndDevelopmentExpenditureEligibleForDeduction_pid_dp_uPure_c20081231__20081231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_z0UqwYf4kmdf" title="Percentage of research and development expenditure eligible for deduction"><ix:nonFraction name="YJ:PercentageOfResearchAndDevelopmentExpenditureEligibleForDeduction" contextRef="From2008-12-312008-12-31_us-gaap_StateAdministrationOfTaxationChinaMember" id="Fact002329" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">150</ix:nonFraction>%</span> of their qualified research and development expenses so incurred as
tax deductible expenses when determining their assessable profits for the year (&#8216;Super Deduction&#8217;). The additional deduction
of <span id="xdx_90A_ecustom--AdditionalDeductionOfResearchAndDevelopmentExpensesPercentage_pid_dp_uPure_c20081231__20081231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_zbHAfmH76mfc" title="Additional deduction of research and development expenses percentage"><ix:nonFraction name="YJ:AdditionalDeductionOfResearchAndDevelopmentExpensesPercentage" contextRef="From2008-12-312008-12-31_us-gaap_StateAdministrationOfTaxationChinaMember" id="Fact002331" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of qualified research and development expenses can only be claimed directly in the annual EIT filing and subject to the approval
from the relevant tax authorities. Effective from 2018 onwards, enterprises engaging in research and development activities are entitled
to claim <span id="xdx_90B_ecustom--PercentageOfResearchAndDevelopmentExpenditureEligibleForDeduction_pid_dp_uPure_c20181231__20181231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_zil26EoQ7UY" title="Percentage of research and development expenditure eligible for deduction"><ix:nonFraction name="YJ:PercentageOfResearchAndDevelopmentExpenditureEligibleForDeduction" contextRef="From2018-12-312018-12-31_us-gaap_StateAdministrationOfTaxationChinaMember" id="Fact002333" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">175</ix:nonFraction>%</span> of their qualified research and development expenses so incurred as tax deductible expenses. The additional deduction of
<span id="xdx_907_ecustom--AdditionalDeductionOfResearchAndDevelopmentExpensesPercentage_pid_dp_uPure_c20181231__20181231__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_zj31lJhgIMMb" title="Additional deduction of research and development expenses percentage"><ix:nonFraction name="YJ:AdditionalDeductionOfResearchAndDevelopmentExpensesPercentage" contextRef="From2018-12-312018-12-31_us-gaap_StateAdministrationOfTaxationChinaMember" id="Fact002335" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">75</ix:nonFraction>%</span> of qualified research and development expenses can be directly claimed in the annual EIT 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>


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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>20.
TAXATION (CONTINUED)</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"><b>&#160;</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"><b>(b)
Income tax (continued)</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"><i>&#160;</i></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"><i>Withholding
tax on undistributed dividends</i></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"><i>&#160;</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">The
new EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose &#8220;actual 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_905_ecustom--ValueAddedTaxRatePercent_iI_pid_dp_uPure_c20231231__srt--ProductOrServiceAxis__custom--AgriculturalProductsMember__srt--StatementGeographicalAxis__custom--CNMember_zzyPQfP9mwSg" title="Value added tax rate percent"><ix:nonFraction name="YJ:ValueAddedTaxRatePercent" contextRef="AsOf2023-12-31_custom_AgriculturalProductsMember_custom_CNMember" id="Fact002337" 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;actual 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, property, etc., of a non-PRC company is located.&#8221; Based on a review of surrounding facts and
circumstances, the Group does not believe that it is likely that its operations outside of the PRC should be considered a resident enterprise
for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, there is uncertainty as to the application
of the EIT Law. Should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income
tax on worldwide income at a uniform tax rate of <span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--ForeignCountryMember__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--StateAdministrationOfTaxationChinaMember_zNZQJ3PMFT79" title="Percentage of income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_us-gaap_ForeignCountryMember_us-gaap_StateAdministrationOfTaxationChinaMember" id="Fact002339" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction>%</span>.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
new EIT law also imposes a withholding income tax of <span id="xdx_906_ecustom--PercentageOfIncomeTaxDividendsDistributed_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__custom--OutsideChinaMember_zh6wNpaydtEd" title="Percentage of income tax dividends distributed"><ix:nonFraction name="YJ:PercentageOfIncomeTaxDividendsDistributed" contextRef="From2023-01-012023-12-31_custom_OutsideChinaMember" id="Fact002341" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span> on dividends distributed by an 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. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double
Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by an 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_901_ecustom--PercentageOfTaxRateWithholdings_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__custom--HKMember_z4BNrQk9891l" title="Percentage of tax rate withholding"><ix:nonFraction name="YJ:PercentageOfTaxRateWithholdings" contextRef="From2023-01-012023-12-31_custom_HKMember" id="Fact002343" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction>%</span> if the foreign investor owns directly at least <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20231231__srt--StatementGeographicalAxis__custom--HKMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OtherInvesteeMember_zSmIXFm0KfUf" title="Equity method investment, ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2023-12-31_custom_HKMember_custom_OtherInvesteeMember" id="Fact002345" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction>% </span>of the shares
of the FIE and if Hong Kong company is a beneficial owner of the dividend. The State Taxation Administration (&#8220;SAT&#8221;) further
promulgated SAT Public Notice [2018] No.9 regarding the assessment criteria on beneficial owner status.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the Group does not have any plan to require its PRC subsidiaries to distribute their retained earnings
and intends to retain them to operate and expand its business in the PRC. Accordingly, <span id="xdx_901_eus-gaap--DeferredIncomeTaxLiabilities_iI_do_c20221231__custom--WithholdingTaxTypeAxis__custom--WithholdingTaxMember_zeY8kl8X6Mwa" title="Deferred income tax liabilities, net"><span id="xdx_90A_eus-gaap--DeferredIncomeTaxLiabilities_iI_do_c20231231__custom--WithholdingTaxTypeAxis__custom--WithholdingTaxMember_zRifQ9zuUgd7" title="Deferred income tax liabilities, net"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilities" contextRef="AsOf2022-12-31_custom_WithholdingTaxMember" id="Fact002347" format="ixt-sec:numwordsen" decimals="0" unitRef="RMB"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilities" contextRef="AsOf2023-12-31_custom_WithholdingTaxMember" id="Fact002349" format="ixt-sec:numwordsen" decimals="0" unitRef="RMB">no</ix:nonFraction></ix:nonFraction></span></span> deferred income tax liabilities on withholding
tax were provided as of December 31, 2022 and 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"><b>&#160;</b></span></p>


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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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"><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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>20.
TAXATION (CONTINUED)</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"><b>&#160;</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"><b>(b)
Income tax (continued)</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"><i>&#160;</i></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"><i>Composition
of income tax</i></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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002351" name="us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zEo6pAVD66z3" 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">The
components of income/(loss) before tax are as follow:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;<span id="xdx_8BB_zXRtiHcfMq2" style="display: none">SCHEDULE OF INCOME BEFORE INCOME TAX, DOMESTIC AND FOREIGN</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; text-align: justify"><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_zxHcsTjNNd0k" 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                            Ended</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>December
                                            31, 2021</b></span></p></td><td style="font: 10pt Times New 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_20220101__20221231_zGx8IbkA0HSg" 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                            Ended</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>December
                                            31, 2022</b></span></p></td><td style="font: 10pt Times New 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_492_20230101__20231231_zdId5o8iQccf" 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
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OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <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:CurrentIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact002367" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">17,803</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>
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    <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:IncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact002377" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,851</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></tr>
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</ix:nonNumeric><p id="xdx_8AF_ziLB1JZ7d7qd" 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"><i>Reconciliation
of the differences between statutory tax rate and the effective tax rate</i></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"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002379" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zDN8tkC40jai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation
of the differences between the statutory EIT rate applicable to losses of the consolidated entities and the income tax expenses of the
Group:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&#160;<span id="xdx_8B3_zMnNflRqKl16" style="display: none">SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION</span></p>

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                                            Ended</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>December
                                            31, 2023</b></span></p></td><td style="font: 10pt 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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td 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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_405_ecustom--AdditionalDeductionForResearchAndDevelopmentExpendituresInPercentageTerms_iN_pid_dpi_uPure_msILFCOzUo7_zNmiuGdLQNXg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxExemptIncome_iN_pid_dpi_uPure_msILFCOzUo7_zCBJgl6CfYg5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<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>


<ix:exclude><!-- Field: Page; Sequence: 223; Value: 34 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><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%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></td></tr></table></div>
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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times 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>20.
TAXATION (CONTINUED)</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"><b>&#160;</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"><b>(b)
Income tax (continued)</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"><b>&#160;</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"><span id="xdx_F03_zbKt015zfZM" 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 id="xdx_F1B_z0tW0c6uEesh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002420" xml:lang="en-US">Included
                                            the impact of the valuation allowance decrease due to disposal of subsidiaries and tax losses
                                            forfeiture in 2023.</ix:footnote></span></td></tr></table>

</ix:nonNumeric><p id="xdx_8A3_z1LfVNLnGVo4" style="font: 10pt Times 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>&#160;</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"><b>(c)
Deferred tax assets and deferred tax liabilities</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>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002422" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zIldSoiSanO5" 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">The
following table sets forth the significant components of the deferred tax assets:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&#160;<span id="xdx_8BF_z3xTjZD2FF5i" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES</span></p>

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

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  <tr id="xdx_400_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReturnsAndAllowances_i01I_pn3n3_maDTANzqEe_z3uVEBNqoIYb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eus-gaap--DeferredTaxAssetsValuationAllowance_i01NI_pn3n3_di_msDTANzqEe_zHiJejMcDWAj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<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="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8AE_zcsuBBlKpzY5" 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
Group offsets deferred tax assets and deferred tax liabilities relating to income taxes levied by the same tax authority on same tax
payee, and presents the net amount of deferred tax assets and deferred tax liabilities on its consolidated balance sheets. The net deferred
tax assets were both <span id="xdx_90D_eus-gaap--DeferredIncomeTaxAssetsNet_iI_dxL_c20231231_zYnVNBNybAH1" title="Deferred tax assets::XDX::-"><span id="xdx_90E_eus-gaap--DeferredIncomeTaxAssetsNet_iI_dxL_c20221231_zUYven16pQwd" title="Deferred tax assets::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2466"><span style="-sec-ix-hidden: xdx2ixbrl2468">nil</span></span></span></span> as of December 31, 2022 and 2023, respectively, and the net deferred tax liabilities were both <span id="xdx_903_eus-gaap--DeferredTaxAndOtherLiabilitiesNoncurrent_iI_dxL_c20221231_z8Ys6oxYl6fl" title="Deferred tax and other liabilities, noncurrent::XDX::-"><span id="xdx_90F_eus-gaap--DeferredTaxAndOtherLiabilitiesNoncurrent_iI_dxL_c20231231_zOfIfGVAiNW8" title="Deferred tax and other liabilities, noncurrent::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2470"><span style="-sec-ix-hidden: xdx2ixbrl2472">nil</span></span></span></span> as of December
31, 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>


<ix:exclude><!-- Field: Page; Sequence: 224; Value: 34 -->
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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>20.
TAXATION (CONTINUED)</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">&#160;</span></p>

<p style="font: 10pt Times 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>Movement
of valuation allowance</i></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002474" name="us-gaap:SummaryOfValuationAllowanceTextBlock"><p id="xdx_895_eus-gaap--SummaryOfValuationAllowanceTextBlock_zL5taeK206Y9" style="font: 10pt Times 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>&#160;<span style="display: none">&#160;<span id="xdx_8B1_zx9mR2fLeLsd">SUMMARY OF VALUATION ALLOWANCE</span></span></b></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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                                            31, 2023</b></span></p></td><td style="font: 10pt 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>
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    <td style="font: 10pt Times New 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
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    <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--ValuationAllowancesAndReservesPeriodIncreaseDecrease_iN_pn3n3_di_c20220101__20221231_fKDEp_zwhFZtEJMVCb" title="Changes of valuation allowance (1)" 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:ValuationAllowancesAndReservesPeriodIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact002484" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">43,700</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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
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    <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 id="xdx_98D_eus-gaap--DeferredTaxAssetsValuationAllowance_iNE_pn3n3_di_c20220101__20221231_zxTMHaqYhzY5" title="Balance at end of the year" 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:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2022-12-31" id="Fact002490" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">140,189</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">)</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 id="xdx_981_eus-gaap--DeferredTaxAssetsValuationAllowance_iNE_pn3n3_di_c20230101__20231231_zevdEuMcXubb" title="Balance at end of the year" 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:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2023-12-31" id="Fact002492" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">173,529</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">)</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; 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 id="xdx_F0B_zaZiBAGmPV7e" 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 id="xdx_F17_zcbUFxu3auX7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002493" xml:lang="en-US">Valuation
                                            allowances have been 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 as of December 31, 2022 and 2023, the Group evaluates a variety
                                            of factors supporting the utilization of carry-forwards through a forecast of future taxable
                                            profits for each impacted entity within a specific tax jurisdiction, including: the Group&#8217;s
                                            entities&#8217; operating history and forecast, accumulated deficit, existence of taxable
                                            temporary differences and reversal periods. As of December 31, 2022 and 2023, valuation allowances
                                            on a large part of deferred tax assets were provided because it was more likely than not
                                            that such portion of deferred tax will not be realized based on the Company&#8217;s estimate
                                            of future taxable incomes of all its subsidiaries.</ix:footnote></span></td></tr></table>

</ix:nonNumeric><p id="xdx_8A4_z33Wu90koof6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.1pt; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, net operating loss carry forwards from PRC entities will expire as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002495" name="us-gaap:SummaryOfOperatingLossCarryforwardsTextBlock"><p id="xdx_895_eus-gaap--SummaryOfOperatingLossCarryforwardsTextBlock_zK2fzhqHL4b7" 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; text-transform: uppercase">&#160;<span style="display: none">&#160;<span id="xdx_8B2_zUWlV5XICfp3">SUMMARY OF OPERATING LOSS CARRYFORWARDS</span></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: justify"/><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">RMB</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; width: 82%; 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 id="xdx_986_eus-gaap--OperatingLossCarryforwards_iI_c20231231__us-gaap--TaxPeriodAxis__custom--OperatingLossCarryForwardsExpiringTwoThousandAndTwentyFourMember_zOfcHYZEOjC4" title="Operating loss carryforwards" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_OperatingLossCarryForwardsExpiringTwoThousandAndTwentyFourMember" id="Fact002497" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">277,140</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: 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 id="xdx_984_eus-gaap--OperatingLossCarryforwards_iI_c20231231__us-gaap--TaxPeriodAxis__custom--OperatingLossCarryForwardsExpiringTwoThousandAndTwentyFiveMember_zFaDjFt47UHc" title="Operating loss carryforwards" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_OperatingLossCarryForwardsExpiringTwoThousandAndTwentyFiveMember" id="Fact002499" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">162,394</ix:nonFraction></span></td><td style="font: 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: 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 id="xdx_98B_eus-gaap--OperatingLossCarryforwards_iI_c20231231__us-gaap--TaxPeriodAxis__custom--OperatingLossCarryForwardsExpiringTwoThousandAndTwentySixMember_zkyNuMUb3obd" title="Operating loss carryforwards" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_OperatingLossCarryForwardsExpiringTwoThousandAndTwentySixMember" id="Fact002501" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">20,002</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></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: 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 id="xdx_983_eus-gaap--OperatingLossCarryforwards_iI_c20231231__us-gaap--TaxPeriodAxis__custom--OperatingLossCarryForwardsExpiringTwoThousandAndTwentySevenMember_zocByYUAFvZh" title="Operating loss carryforwards" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_OperatingLossCarryForwardsExpiringTwoThousandAndTwentySevenMember" id="Fact002503" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">145,181</ix:nonFraction></span></td><td style="font: 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: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2028 and onwards</span></td><td style="font: 10pt Times New 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--OperatingLossCarryforwards_iI_c20231231__us-gaap--TaxPeriodAxis__custom--OperatingLossCarryForwardsExpiringTwoThousandAndTwentyEightMember_zlcmvyiZ0pne" title="Operating loss carryforwards" 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:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_OperatingLossCarryForwardsExpiringTwoThousandAndTwentyEightMember" id="Fact002505" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">140,444</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; text-align: justify; padding-bottom: 2.5pt"><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; 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 id="xdx_988_eus-gaap--OperatingLossCarryforwards_iI_c20231231_z0a2mNmHs6ue" title="Operating loss carryforwards" 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:OperatingLossCarryforwards" contextRef="AsOf2023-12-31" id="Fact002507" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">745,161</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></tr>
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</ix:nonNumeric><p id="xdx_8AD_zagRVnMMxqk3" 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">As
of December 31, 2023, the Group had tax losses carry forwards of approximately RMB <span id="xdx_90C_eus-gaap--OperatingLossCarryforwards_iI_pn3n3_uRMB_c20231231__srt--StatementGeographicalAxis__custom--CNMember_z7h3pY4o4yY1" title="Tax losses carry forwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_custom_CNMember" id="Fact002509" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">745,161</ix:nonFraction></span> which mainly arose from its subsidiaries,
consolidated VIEs and VIEs&#8217; subsidiaries established in the PRC. The tax losses carry forwards from PRC entities will expire during
the period from 2024 to 2028 and onwards.</span></p>
<!-- Field: Split-Segment; Name: 002 -->
<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"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002511" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80E_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zfeBxaDZks87" 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>21.
<span id="xdx_826_z2Z5o3K1gnJ8">ORDINARY SHARES</span></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"><b>&#160;</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">In
November 2017, the Company was incorporated as limited liability company with authorized share capital of US$<span id="xdx_909_ecustom--CommonStockSharesAuthorizedValue_iI_uUSD_c20171130_zj0AwyJJNOtg" title="Common stock shares authorized value"><ix:nonFraction name="YJ:CommonStockSharesAuthorizedValue" contextRef="AsOf2017-11-30" id="Fact002513" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50</ix:nonFraction></span> divided into <span id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_uShares_c20171130_zW82mrZZ7J16" title="Common stock shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2017-11-30" id="Fact002515" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000,000</ix:nonFraction></span>
shares with par value US$<span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20171130_znjAPrLEbwu4" title="Common stock par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2017-11-30" id="Fact002517" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> each. As of December 31, 2017, <span id="xdx_909_eus-gaap--CommonStockSharesIssued_iI_c20171231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrRGVeyz4sc1" title="Common stock, issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_c20171231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z0YULATfJYe5" title="Common stock, outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2017-12-31_us-gaap_CommonStockMember" id="Fact002519" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2017-12-31_us-gaap_CommonStockMember" id="Fact002521" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1</ix:nonFraction></ix:nonFraction></span></span> ordinary share was issued and outstanding.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2018, the shares were subdivided into <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesStockSplits_uShares_c20180101__20180131__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zdgbWYMR9uRa" title="Stock issued during period stock split"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesStockSplits" contextRef="From2018-01-012018-01-31_us-gaap_CommonStockMember" id="Fact002523" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000,000</ix:nonFraction></span> shares with par value US$<span id="xdx_908_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20180131__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zY9Sto5dOUab" title="Common stock par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2018-01-31_us-gaap_CommonStockMember" id="Fact002525" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.000005</ix:nonFraction></span> each. <span id="xdx_90E_eus-gaap--StockholdersEquityNoteStockSplit_c20180101__20180101__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zGqz6FHN9sU4" title="Stock split discription"><ix:nonNumeric contextRef="From2018-01-012018-01-01_us-gaap_CommonStockMember" id="Fact002527" name="us-gaap:StockholdersEquityNoteStockSplit">1 ordinary share was subdivided
into 20 ordinary shares</ix:nonNumeric></span> (the &#8220;Share Split&#8221;) and was therefore after issued and outstanding.</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"><b>&#160;</b></span></p>


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<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"><b>&#160;</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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>21.
ORDINARY SHARES (CONTINUED)</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"><b>&#160;</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">As
of December 31, 2019 and 2020, <span id="xdx_900_eus-gaap--CommonStockSharesAuthorized_iI_c20191231_zUwISkOitTha" title="Common stock shares authorized"><span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_iI_c20201231_z4zNQWiKllsg" title="Common stock shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2019-12-31" id="Fact002529" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-12-31" id="Fact002531" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000,000,000</ix:nonFraction></ix:nonFraction></span></span> ordinary shares had been authorized and a total of <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_c20191231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ziVOTVnSOiJ6" title="Common stock shares issued"><span id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_c20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zwqTxbABvxYc" title="Common stock shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2019-12-31_us-gaap_CommonStockMember" id="Fact002533" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2020-12-31_us-gaap_CommonStockMember" id="Fact002535" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,158,791,222</ix:nonFraction></ix:nonFraction></span></span> ordinary shares, consists
of <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_c20191231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zIu2m4rviufl" title="Common stock shares issued"><span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_c20201231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zfjb051PVtkd" title="Common stock shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2019-12-31_us-gaap_CommonClassAMember" id="Fact002537" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2020-12-31_us-gaap_CommonClassAMember" id="Fact002539" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,208,831,222</ix:nonFraction></ix:nonFraction></span></span> Class A ordinary shares and <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_c20191231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z9DhxPh8k9r8" title="Common stock shares issued"><span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_c20201231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zHMDUrzmfvJc" title="Common stock shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2019-12-31_us-gaap_CommonClassBMember" id="Fact002541" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2020-12-31_us-gaap_CommonClassBMember" id="Fact002543" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">949,960,000</ix:nonFraction></ix:nonFraction></span></span> Class B ordinary shares, had been issued. A total of <span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_c20201231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zFGkErSu46Pi" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2020-12-31_us-gaap_CommonStockMember" id="Fact002545" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,133,265,412</ix:nonFraction></span> ordinary
shares, consists of <span id="xdx_908_eus-gaap--CommonStockSharesOutstanding_iI_c20201231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zwocXvIjht58" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2020-12-31_us-gaap_CommonClassAMember" id="Fact002547" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,183,305,412</ix:nonFraction></span> Class A ordinary shares and <span id="xdx_90A_eus-gaap--CommonStockSharesIssued_iI_c20201231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zeT4VU49ZUI7" title="Common stock shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2020-12-31_us-gaap_CommonClassBMember" id="Fact002549" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">949,960,000</ix:nonFraction></span> Class B ordinary shares, had been outstanding as of December
31, 2020. A total of <span id="xdx_904_eus-gaap--CommonStockSharesOutstanding_iI_c20191231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z0bj6vZ8eLlb" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2019-12-31_us-gaap_CommonStockMember" id="Fact002551" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,129,405,572</ix:nonFraction></span> ordinary shares, consists of <span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_c20191231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXbdwBq50Bia" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2019-12-31_us-gaap_CommonClassAMember" id="Fact002553" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,179,445,572</ix:nonFraction></span> Class A ordinary shares and <span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_c20191231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z0D88EGSvx69" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2019-12-31_us-gaap_CommonClassBMember" id="Fact002555" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">949,960,000</ix:nonFraction></span> Class B ordinary
shares, had been outstanding as of December 31, 2019.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
prior to the completion of the IPO, all classes of preferred shares of the Company were converted and re-designated as <span id="xdx_903_eus-gaap--ConversionOfStockSharesConverted1_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--TitleOfIndividualAxis__custom--MrxiaoShanglueFounderAndCeoMember_zACZomAbsco3" title="Conversion of stock, shares converted"><ix:nonFraction name="us-gaap:ConversionOfStockSharesConverted1" contextRef="From2023-01-012023-12-31_us-gaap_CommonClassAMember_custom_MrxiaoShanglueFounderAndCeoMember" id="Fact002557" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">895,216,752</ix:nonFraction></span> Class
A ordinary shares on a one-for-one basis. <span id="xdx_902_eus-gaap--ConversionOfStockSharesConverted1_c20230101__20231231__srt--TitleOfIndividualAxis__custom--MrxiaoShanglueFounderAndCeoMember_zhGUVh32mjh8" title="Conversion of stock, shares converted"><ix:nonFraction name="us-gaap:ConversionOfStockSharesConverted1" contextRef="From2023-01-012023-12-31_custom_MrxiaoShanglueFounderAndCeoMember" id="Fact002559" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">201,440,000</ix:nonFraction></span> ordinary shares of the Company were re-designated as Class A ordinary share and
<span id="xdx_901_eus-gaap--ConversionOfStockSharesConverted1_c20230101__20231231__srt--TitleOfIndividualAxis__custom--MrxiaoShanglueFounderAndCeoMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zwrXoSLDsr43" title="Conversion of stock, shares converted"><ix:nonFraction name="us-gaap:ConversionOfStockSharesConverted1" contextRef="From2023-01-012023-12-31_custom_MrxiaoShanglueFounderAndCeoMember_us-gaap_CommonClassBMember" id="Fact002561" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">949,960,000</ix:nonFraction></span> ordinary shares were re-designated as Class B ordinary shares with super voting power (<span id="xdx_908_eus-gaap--CommonStockVotingRights_c20230101__20231231__srt--TitleOfIndividualAxis__custom--MrxiaoShanglueFounderAndCeoMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zYvSd51DvoVe" title="Common stock, voting rights"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MrxiaoShanglueFounderAndCeoMember_us-gaap_CommonClassBMember" id="Fact002563" name="us-gaap:CommonStockVotingRights">one share with ten votes</ix:nonNumeric></span>). Mr. Xiao
Shanglue, founder, chairman and chief executive officer of the Company, will be deemed to beneficially own all of the issued Class B
ordinary shares.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 3, 2019, the Company completed its IPO on NASDAQ Global Select Market. The Company offered <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20190503__20190503__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zducIjpDSBC9" title="Stock issued during period, shares, new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2019-05-032019-05-03_us-gaap_CommonClassAMember_us-gaap_IPOMember" id="Fact002565" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">110,000,000</ix:nonFraction></span> Class A ordinary shares which
represented <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20190503__20190503__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zsIm8wMcUQwc" title="Number of shares offered"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2019-05-032019-05-03_us-gaap_IPOMember_custom_AmericanDepositarySharesMember" id="Fact002567" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,000,000</ix:nonFraction></span> 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequently
on June 4, 2019, over-allotment option were electedly exercised and the Company issued additional <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20190604__20190604__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zX6FdzIzt5u6" title="Options exercised"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="From2019-06-042019-06-04_us-gaap_CommonClassAMember_us-gaap_OverAllotmentOptionMember" id="Fact002569" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,174,470</ix:nonFraction></span> shares of Class A Ordinary
Shares issued at a price of US$<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_uUSDPShares_c20190604__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z9OqPHhdEv55" title="Common stock par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2019-06-04_us-gaap_CommonClassAMember_us-gaap_OverAllotmentOptionMember" id="Fact002571" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.10</ix:nonFraction></span> per share.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 28, 2019, the Company was authorized by the Board of Directors to, from time to time, acquire up to an aggregate of US$<span id="xdx_906_eus-gaap--StockRepurchaseProgramAuthorizedAmount1_iI_pn6n6_uUSD_c20190828_zfeXXJTFl0l8" title="Stock repurchase program, authorized amount"><ix:nonFraction name="us-gaap:StockRepurchaseProgramAuthorizedAmount1" contextRef="AsOf2019-08-28" id="Fact002573" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">20</ix:nonFraction></span> million
of its shares in the form of ADSs and/or the ordinary shares of the Company over the next six months in the open market and through privately
negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance
with applicable rules and regulations (the &#8220;2019 Share Repurchase Program&#8221;). Under the 2019 Share Repurchase Program, the
Company cumulatively repurchased <span id="xdx_907_ecustom--CumulativeShareRepurchase_c20201231__20201231__srt--ShareRepurchaseProgramAxis__custom--TwoThousandAndNineteenShareRepurchaseProgramMember_zawsiy6pWm75" title="Cumulative share repurchase"><ix:nonFraction name="YJ:CumulativeShareRepurchase" contextRef="From2020-12-312020-12-31_custom_TwoThousandAndNineteenShareRepurchaseProgramMember" id="Fact002575" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,076,270</ix:nonFraction></span> and <span id="xdx_904_ecustom--CumulativeShareRepurchase_c20211231__20211231__srt--ShareRepurchaseProgramAxis__custom--TwoThousandAndNineteenShareRepurchaseProgramMember_zfYNN1kFioXd" title="Cumulative share repurchase"><ix:nonFraction name="YJ:CumulativeShareRepurchase" contextRef="From2021-12-312021-12-31_custom_TwoThousandAndNineteenShareRepurchaseProgramMember" id="Fact002577" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,463,770</ix:nonFraction></span> Class A ordinary shares at price ranging from US$<span id="xdx_90A_eus-gaap--SharePrice_iI_uUSDPShares_c20201231__srt--ShareRepurchaseProgramAxis__custom--TwoThousandAndNineteenShareRepurchaseProgramMember__srt--RangeAxis__srt--MinimumMember_zIMBjpg8OvUi" title="Share price"><span id="xdx_902_eus-gaap--SharePrice_iI_uUSDPShares_c20211231__srt--ShareRepurchaseProgramAxis__custom--TwoThousandAndNineteenShareRepurchaseProgramMember__srt--RangeAxis__srt--MinimumMember_znvEjvMz9pfd" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_custom_TwoThousandAndNineteenShareRepurchaseProgramMember_srt_MinimumMember" id="Fact002579" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_custom_TwoThousandAndNineteenShareRepurchaseProgramMember_srt_MinimumMember" id="Fact002581" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.09</ix:nonFraction></ix:nonFraction></span></span> to $<span id="xdx_90C_eus-gaap--SharePrice_iI_uUSDPShares_c20201231__srt--ShareRepurchaseProgramAxis__custom--TwoThousandAndNineteenShareRepurchaseProgramMember__srt--RangeAxis__srt--MaximumMember_zmnkMPNemap7" title="Share price"><span id="xdx_908_eus-gaap--SharePrice_iI_uUSDPShares_c20211231__srt--ShareRepurchaseProgramAxis__custom--TwoThousandAndNineteenShareRepurchaseProgramMember__srt--RangeAxis__srt--MaximumMember_zj00v290yfB4" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_custom_TwoThousandAndNineteenShareRepurchaseProgramMember_srt_MaximumMember" id="Fact002583" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_custom_TwoThousandAndNineteenShareRepurchaseProgramMember_srt_MaximumMember" id="Fact002585" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.70</ix:nonFraction></ix:nonFraction></span></span> as of December
31, 2020 and 2021, 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>

<p style="font: 10pt Times 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 17, 2022, the Company was authorized by the Board of Directors to, from time to time, acquire up to an aggregate of US$<span id="xdx_902_eus-gaap--StockRepurchaseProgramAuthorizedAmount1_iI_pn6n6_uUSD_c20220317_z7RYDTisMPx6" title="Stock repurchase program, authorized amount"><ix:nonFraction name="us-gaap:StockRepurchaseProgramAuthorizedAmount1" contextRef="AsOf2022-03-17" id="Fact002587" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">20</ix:nonFraction></span> million
of its shares in the form of ADSs and/or the ordinary shares of the Company over the next six months in the open market and through privately
negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance
with applicable rules and regulations. Subsequently, on August 25, 2022, the Company announced this stock repurchase program of up to
US$<span id="xdx_90F_eus-gaap--StockRepurchaseProgramAuthorizedAmount1_iI_pn6n6_uUSD_c20220825__srt--ShareRepurchaseProgramAxis__custom--TwoThousandAndTwentyTwoShareRepurchaseProgramMember_zJOnk2xJL7Jl" title="Stock repurchase program, authorized amount"><ix:nonFraction name="us-gaap:StockRepurchaseProgramAuthorizedAmount1" contextRef="AsOf2022-08-25_custom_TwoThousandAndTwentyTwoShareRepurchaseProgramMember" id="Fact002589" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">20</ix:nonFraction></span> million has been extended for another six months, which was starting from <span id="xdx_90D_ecustom--StockRepurchaseProgramExtendedPeriod_c20220825__20220825__srt--ShareRepurchaseProgramAxis__custom--TwoThousandAndTwentyTwoShareRepurchaseProgramMember_zEWtarbD4X3e" title="Stock repurchase program extended period"><ix:nonNumeric contextRef="From2022-08-252022-08-25_custom_TwoThousandAndTwentyTwoShareRepurchaseProgramMember" id="Fact002591" name="YJ:StockRepurchaseProgramExtendedPeriod">September 16, 2022 and up to March 15, 2023</ix:nonNumeric></span> (collectively,
the &#8220;2022 Share Repurchase Program&#8221;). Under the 2022 Share Repurchase Program, the Company cumulatively repurchased <span id="xdx_904_ecustom--CumulativeShareRepurchase_c20230101__20231231__srt--ShareRepurchaseProgramAxis__custom--TwoThousandAndTwentyTwoShareRepurchaseProgramMember_zrzXDfIbJApj" title="Cumulative share repurchase"><ix:nonFraction name="YJ:CumulativeShareRepurchase" contextRef="From2023-01-012023-12-31_custom_TwoThousandAndTwentyTwoShareRepurchaseProgramMember" id="Fact002593" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">179,701,700</ix:nonFraction></span>
Class A ordinary shares at price ranging from US$<span id="xdx_90C_eus-gaap--SharePrice_iI_uUSDPShares_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MinimumMember__srt--ShareRepurchaseProgramAxis__custom--TwoThousandAndTwentyTwoShareRepurchaseProgramMember_zxaubAJeHR9b" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-12-31_us-gaap_CommonClassAMember_srt_MinimumMember_custom_TwoThousandAndTwentyTwoShareRepurchaseProgramMember" id="Fact002595" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.07</ix:nonFraction></span> to $<span id="xdx_90A_eus-gaap--SharePrice_iI_uUSDPShares_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--RangeAxis__srt--MaximumMember__srt--ShareRepurchaseProgramAxis__custom--TwoThousandAndTwentyTwoShareRepurchaseProgramMember_zsVHU9iRKZya" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-12-31_us-gaap_CommonClassAMember_srt_MaximumMember_custom_TwoThousandAndTwentyTwoShareRepurchaseProgramMember" id="Fact002597" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.12</ix:nonFraction></span> as of December 31, 2022.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
June 20, 2023, <span id="xdx_907_ecustom--OridinarySharesDescription_c20230620__20230620_z4Wnc0DwQAFl" title="Oridinary shares description"><ix:nonNumeric contextRef="From2023-06-202023-06-20" id="Fact002599" name="YJ:OridinarySharesDescription">the Company changed its ADS ratio from each ADS representing 10 Class A ordinary shares to each ADS representing 100 Class
A ordinary shares</ix:nonNumeric></span>. The change in the ADS Ratio will have no impact on Yunji&#8217;s underlying Class A ordinary shares.</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>


<ix:exclude><!-- Field: Page; Sequence: 226; Value: 34 -->
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    <!-- Field: /Page --></ix:exclude>

<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002601" name="YJ:ConvertibleRedeemablePreferredSharesTextBlock"><p id="xdx_80E_ecustom--ConvertibleRedeemablePreferredSharesTextBlock_z9Os0FNLDwm5" 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>22.
<span id="xdx_829_zcQyYldxm9G9">CONVERTIBLE REDEEMABLE PREFERRED SHARES</span></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">&#160;</span></p>

<p style="font: 10pt Times 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 2015, pursuant to an investment agreement, the Company issued <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20150701__20150731__us-gaap--StatementClassOfStockAxis__custom--SeriesSeedPreferredSharesMember_z8Qx1yZCaBR" title="Stock issued during period"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2015-07-012015-07-31_custom_SeriesSeedPreferredSharesMember" id="Fact002603" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">373,000,000</ix:nonFraction></span> Series Seed Preferred Shares with total cash of RMB <span id="xdx_90F_eus-gaap--ProceedsFromContributedCapital_pn3n3_c20150701__20150731__srt--OwnershipAxis__custom--SeriesSeedCapitalContributionMember_zQgaddYMMWC5" title="Capital injuction"><ix:nonFraction name="us-gaap:ProceedsFromContributedCapital" contextRef="From2015-07-012015-07-31_custom_SeriesSeedCapitalContributionMember" id="Fact002605" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,000</ix:nonFraction></span>,
and incurred issuance cost of RMB <span id="xdx_903_ecustom--StockIssuanceCost_pn3n3_c20150701__20150731__srt--OwnershipAxis__custom--SeriesSeedCapitalContributionMember_zjewlDpUCcac" title="Stock issuance costs"><ix:nonFraction name="YJ:StockIssuanceCost" contextRef="From2015-07-012015-07-31_custom_SeriesSeedCapitalContributionMember" id="Fact002607" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,000</ix:nonFraction></span>.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2016 and January 2017, pursuant to an investment agreement, the Company issued <span id="xdx_904_eus-gaap--PreferredStockSharesIssued_iI_pid_c20170131__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zZu0FZzz171k" title="Preferred stock, shares issued"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2017-01-31_us-gaap_SeriesAPreferredStockMember" id="Fact002609" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">272,600,000</ix:nonFraction></span> Series A Preferred Shares with total
consideration of RMB <span id="xdx_90C_eus-gaap--ProceedsFromContributedCapital_pn3n3_c20161101__20161130__srt--OwnershipAxis__custom--SeriesABeneficiaryOwnersMember__custom--ContributionTypeAxis__custom--ContributionOneMember_zZdAhdfPqT53" title="Capital injuction"><ix:nonFraction name="us-gaap:ProceedsFromContributedCapital" contextRef="From2016-11-012016-11-30_custom_SeriesABeneficiaryOwnersMember_custom_ContributionOneMember" id="Fact002611" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">33,160</ix:nonFraction></span> and US$<span id="xdx_90C_eus-gaap--ProceedsFromContributedCapital_pn3n3_uUSD_c20161101__20161130__srt--OwnershipAxis__custom--SeriesABeneficiaryOwnersMember__custom--ContributionTypeAxis__custom--ContributionOneMember_zzgytNoQlVAk" title="Capital injuction"><ix:nonFraction name="us-gaap:ProceedsFromContributedCapital" contextRef="From2016-11-012016-11-30_custom_SeriesABeneficiaryOwnersMember_custom_ContributionOneMember" id="Fact002613" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,000</ix:nonFraction></span> (RMB <span id="xdx_908_eus-gaap--ProceedsFromContributedCapital_pn3n3_c20161101__20161130__srt--OwnershipAxis__custom--SeriesABeneficiaryOwnersMember__custom--ContributionTypeAxis__custom--ContributionTwoMember_zZ3z7IrP0vnj" title="Capital injuction"><ix:nonFraction name="us-gaap:ProceedsFromContributedCapital" contextRef="From2016-11-012016-11-30_custom_SeriesABeneficiaryOwnersMember_custom_ContributionTwoMember" id="Fact002615" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">138,532</ix:nonFraction></span> equivalent) as well as the full exercise of the Series Seed Warrant at fair value
of RMB <span id="xdx_90E_eus-gaap--ProceedsFromWarrantExercises_pn3n3_uRMB_c20161101__20161130__srt--OwnershipAxis__custom--SeriesABeneficiaryOwnersMember_zaTO7hsyx58h" title="Proceeds from warrant exercise"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2016-11-012016-11-30_custom_SeriesABeneficiaryOwnersMember" id="Fact002617" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">644</ix:nonFraction></span> and the full exercise of Series A Warrant at fair value of RMB <span id="xdx_90D_eus-gaap--DerivativeLiabilities_iI_pn3n3_uRMB_c20170131__srt--OwnershipAxis__custom--SeriesABeneficiaryOwnersMember__us-gaap--FinancialInstrumentAxis__us-gaap--WarrantMember_zYXjJbuRneX6" title="Fair value of warrant liability"><ix:nonFraction name="us-gaap:DerivativeLiabilities" contextRef="AsOf2017-01-31_custom_SeriesABeneficiaryOwnersMember_us-gaap_WarrantMember" id="Fact002619" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,754</ix:nonFraction></span>. Total issuance cost in the amount of RMB <span id="xdx_902_ecustom--StockIssuanceCost_pn3n3_uRMB_c20170101__20170131__srt--OwnershipAxis__custom--SeriesABeneficiaryOwnersMember_zQweY46ICMak" title="Stock issuance costs"><ix:nonFraction name="YJ:StockIssuanceCost" contextRef="From2017-01-012017-01-31_custom_SeriesABeneficiaryOwnersMember" id="Fact002621" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">8,095</ix:nonFraction></span> was incurred
for the Former Series A Capital Contribution, including a finder&#8217;s commission of RMB <span id="xdx_909_ecustom--FindersCommission_pn3n3_uRMB_c20170101__20170131__srt--OwnershipAxis__custom--SeriesABeneficiaryOwnersMember_zXFxYRc6blQ6" title="Finders commission"><ix:nonFraction name="YJ:FindersCommission" contextRef="From2017-01-012017-01-31_custom_SeriesABeneficiaryOwnersMember" id="Fact002623" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,509</ix:nonFraction></span>.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the Company issued <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20180201__20180228__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_z6uBjjfrUJC2" title="Stock issued during period"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2018-02-012018-02-28_us-gaap_SeriesAPreferredStockMember" id="Fact002625" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">116,600,000</ix:nonFraction></span> Series A Preferred Shares with the subscription price at US$<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_pid_uUSDPShares_c20180228__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zGsYbi0Ye2kc" title="Share issue price"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2018-02-28_us-gaap_SeriesAPreferredStockMember" id="Fact002627" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.000005</ix:nonFraction></span> per share to two of the institutional
investors of the Initial Ordinary Shareholders, which was accounted for as a modification/extinguishment to Series A Preferred Shares
from the Initial Ordinary Shareholders&#8217; contributions.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2018, pursuant to a share purchase agreement, the Company issued <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20180201__20180228__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zqd9MCaIstci" title="Stock issued during period"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2018-02-012018-02-28_us-gaap_SeriesBPreferredStockMember" id="Fact002629" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">110,803,324</ix:nonFraction></span> shares of Series B Preferred Shares for cash of
US$<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pn3n3_uUSD_c20180201__20180228__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_z9jTZJuVuYhb" title="Proceeds from issue of preferred stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" contextRef="From2018-02-012018-02-28_us-gaap_SeriesBPreferredStockMember" id="Fact002631" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100,000</ix:nonFraction></span>(RMB <span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pn3n3_c20180201__20180228__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zLxwlhKKZ5Uc" title="Proceeds from issue of preferred stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" contextRef="From2018-02-012018-02-28_us-gaap_SeriesBPreferredStockMember" id="Fact002633" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">630,010</ix:nonFraction></span> equivalent). Total issuance cost in the amount of RMB <span id="xdx_903_ecustom--StockIssuanceCost_pn3n3_c20180201__20180228__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zGgX9ft20XTe" title="Stock issuance costs"><ix:nonFraction name="YJ:StockIssuanceCost" contextRef="From2018-02-012018-02-28_us-gaap_SeriesBPreferredStockMember" id="Fact002635" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,062</ix:nonFraction></span> was incurred for the Series B Preferred Shares, including
a finder&#8217;s commission of US$<span id="xdx_90E_ecustom--FindersCommission_pn3n3_uUSD_c20180201__20180228__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zrSOSykRRf66" title="Finders commission"><ix:nonFraction name="YJ:FindersCommission" contextRef="From2018-02-012018-02-28_us-gaap_SeriesBPreferredStockMember" id="Fact002637" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,000</ix:nonFraction> </span>(RMB <span id="xdx_90E_ecustom--FindersCommission_pn3n3_c20180201__20180228__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_z45LLnEdZQIh" title="Finders commission"><ix:nonFraction name="YJ:FindersCommission" contextRef="From2018-02-012018-02-28_us-gaap_SeriesBPreferredStockMember" id="Fact002639" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,600</ix:nonFraction></span> equivalent). The Company paid <span id="xdx_908_ecustom--PaymentOfFindersCommissionPercent_pid_dp_uPure_c20180601__20180630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_z4fW85lEsvNb" title="Finders commission payment percent"><ix:nonFraction name="YJ:PaymentOfFindersCommissionPercent" contextRef="From2018-06-012018-06-30_us-gaap_SeriesBPreferredStockMember" id="Fact002641" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of the commission in cash amounted US$<span id="xdx_901_ecustom--PaymentOfFindersCommissionValue_pn3n3_uUSD_c20180601__20180630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zo49EaK1Mdwb" title="Finders commission payment value"><ix:nonFraction name="YJ:PaymentOfFindersCommissionValue" contextRef="From2018-06-012018-06-30_us-gaap_SeriesBPreferredStockMember" id="Fact002643" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,000</ix:nonFraction></span> and
the remaining <span id="xdx_90E_ecustom--PaymentOfFindersCommissionPercent_pid_dp_uPure_c20180601__20180630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zXbIHl2qEume" title="Finders commission payment percent"><ix:nonFraction name="YJ:PaymentOfFindersCommissionPercent" contextRef="From2018-06-012018-06-30_us-gaap_SeriesBPreferredStockMember" id="Fact002645" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% by issuance of <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20180601__20180630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zroy6Oj32CEd" title="Stock issued during period"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2018-06-012018-06-30_us-gaap_SeriesBPreferredStockMember" id="Fact002647" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,108,033</ix:nonFraction></span> shares of Series B Preferred Shares for no consideration to the finder, a financial advisor
in June 2018. The total of the finder&#8217;s commission was also recorded as an issuance cost as a deduction of the preferred shares.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June and November 2018, pursuant to a share purchase agreement, the Company issued <span id="xdx_90D_eus-gaap--PreferredStockSharesIssued_iI_pid_c20180630__us-gaap--StatementClassOfStockAxis__custom--SeriesBPlusPreferredSharesMember_zt7Ki8aMU6f4" title="Preferred stock, shares issued"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2018-06-30_custom_SeriesBPlusPreferredSharesMember" id="Fact002649" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">21,105,395</ix:nonFraction></span> shares of Series B+ Preferred Shares for
cash of US$<span id="xdx_908_ecustom--PreferredStockSharesAuthorizedValue_iI_pn3n3_uUSD_c20180630__us-gaap--StatementClassOfStockAxis__custom--SeriesBPlusPreferredSharesMember_zfooMcSmA7j3" title="Preferred stock shares authorized value"><ix:nonFraction name="YJ:PreferredStockSharesAuthorizedValue" contextRef="AsOf2018-06-30_custom_SeriesBPlusPreferredSharesMember" id="Fact002651" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,000</ix:nonFraction></span> (RMB <span id="xdx_907_ecustom--PreferredStockSharesAuthorizedValue_iI_pn3n3_c20180630__us-gaap--StatementClassOfStockAxis__custom--SeriesBPlusPreferredSharesMember_z4m78F5yKpvb" title="Preferred stock shares authorized value"><ix:nonFraction name="YJ:PreferredStockSharesAuthorizedValue" contextRef="AsOf2018-06-30_custom_SeriesBPlusPreferredSharesMember" id="Fact002653" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">128,416</ix:nonFraction></span> equivalent) with issuance cost in the amount of RMB <span id="xdx_906_ecustom--StockIssuanceCost_pn3n3_c20180601__20180630__us-gaap--StatementClassOfStockAxis__custom--SeriesBPlusPreferredSharesMember_zJdHba8jCTUi" title="Stock issuance costs"><ix:nonFraction name="YJ:StockIssuanceCost" contextRef="From2018-06-012018-06-30_custom_SeriesBPlusPreferredSharesMember" id="Fact002655" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,867</ix:nonFraction></span>.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series Seed, Series A, Series B and Series B+ Preferred Shares are collectively referred to as the &#8220;Preferred Shares&#8221;. All
series of Preferred Shares have the same par value of US<span id="xdx_900_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20181130__us-gaap--StatementClassOfStockAxis__custom--PreferredSharesMember_zgpuW71rlE56" title="Preferred shares par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2018-11-30_custom_PreferredSharesMember" id="Fact002657" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.000005</ix:nonFraction></span> per share.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of Preferred Shares were converted into Class A ordinary shares immediately upon the completion of the Company&#8217;s initial public
offerings on May 3, 2019 (Note 21). Prior to their conversion, Preferred Shares were entitled to certain preference with respect to conversion,
redemption, dividends and liquidation.</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>


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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002659" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_808_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zIzvjHo0KfLa" style="font: 10pt Times 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>23.
<span id="xdx_827_z9yDVwy0PnB1">SHARE-BASED COMPENSATION</span></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"><b>&#160;</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">On
December 19, 2017, the Company adopted the 2017 Share Incentive Plan (&#8220;the 2017 Plan&#8221;), which allows the compensation committee
to grant options and restricted share units (&#8220;RSU&#8221;) of the Company to its directors, employees, and etc. (collectively, the
&#8220;Grantees&#8221;) to acquire ordinary shares of the Company at an exercise price as determined by the Compensation Committee at
the time of grant. The 2017 Plan was amended and restated in its entirety in March 2019 and referred to as the 2019 Plan. The awards
granted and outstanding under the 2017 Plan survive the termination of the 2017 Plan and remain effective and binding under the 2019
Plan. According to the 2019 Plan, <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20190331__us-gaap--PlanNameAxis__custom--TwoThousandNineteenMember_z8GzG2CiFqvk" title="Number of shares authorized"><span id="xdx_905_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20190331__us-gaap--PlanNameAxis__custom--TwoThousandNineteenMember_zNhT3N4flgm8" title="Shares reserved for issuance"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" contextRef="AsOf2019-03-31_custom_TwoThousandNineteenMember" id="Fact002661" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="AsOf2019-03-31_custom_TwoThousandNineteenMember" id="Fact002663" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">227,401,861</ix:nonFraction></ix:nonFraction></span></span> ordinary shares were authorized and reserved for the issuance.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
adoption of the 2017 Plan, the Company granted options and RSUs to employees. All options and RSUs granted have a contractual term of
six years from the grant date, and the vest over a period of four years of continuous service, half (1/2) of which vest upon the second
anniversary of the stated vesting commencement date and one-fourth (1/4) of the remaining will vest upon the third and fourth anniversaries
of the stated vesting commencement date. Under the option plan, options are exercisable subject to the grantee&#8217;s continuous 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>

<p style="font: 10pt Times 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
Company accounted for the share-based compensation costs on a straight-line bases over the requisite service period for the award based
on the fair value on their respectively grant date.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 19, 2017, June 30, 2018, November 28, 2018, and January 31, 2019 the Company granted <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20171219__20171219__srt--TitleOfIndividualAxis__custom--DirectorsAndEmployeesMember_zbSkYdaVZH14" title="Options Grants In Period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2017-12-192017-12-19_custom_DirectorsAndEmployeesMember" id="Fact002665" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">73,225,200</ix:nonFraction></span>, <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20230630__20230630__srt--TitleOfIndividualAxis__custom--DirectorsAndEmployeesMember_zbPTl8l4Nsfg" title="Options Grants In Period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2023-06-302023-06-30_custom_DirectorsAndEmployeesMember" id="Fact002667" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,021,500</ix:nonFraction></span>, <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20181128__20181128__srt--TitleOfIndividualAxis__custom--DirectorsAndEmployeesMember_zujexIvD3Aa9" title="Options Grants In Period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2018-11-282018-11-28_custom_DirectorsAndEmployeesMember" id="Fact002669" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,540,000</ix:nonFraction></span> and <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20190131__20190131__srt--TitleOfIndividualAxis__custom--DirectorsAndEmployeesMember_zgcvGOCtlPcj" title="Options grants in period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2019-01-312019-01-31_custom_DirectorsAndEmployeesMember" id="Fact002671" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,968,000</ix:nonFraction></span>
stock options to its directors and employees, respectively. In addition, on December 19, 2017, November 28, 2018 and January 31, 2019,
the Company granted <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20171219__20171219__srt--TitleOfIndividualAxis__custom--DirectorsAndEmployeesMember_z2phMtB7bqab" title="Restricted Stock Units Grants In Period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2017-12-192017-12-19_custom_DirectorsAndEmployeesMember" id="Fact002673" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span>, <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20181128__20181128__srt--TitleOfIndividualAxis__custom--DirectorsAndEmployeesMember_zCORfqtMBGs1" title="Restricted Stock Units Grants In Period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2018-11-282018-11-28_custom_DirectorsAndEmployeesMember" id="Fact002675" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">19,800,000</ix:nonFraction></span> and <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20190131__20190131__srt--TitleOfIndividualAxis__custom--DirectorsAndEmployeesMember_zG0LJ3UnInk" title="Restricted stock units grants in period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2019-01-312019-01-31_custom_DirectorsAndEmployeesMember" id="Fact002677" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">14,925,000</ix:nonFraction></span> RSUs to its directors and employees, respectively. On May 3, 2019, the Company
granted <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20190503__20190503__srt--TitleOfIndividualAxis__custom--IndependentDirectorsMember_zizaxLLjzXmj" title="Options grants in period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2019-05-032019-05-03_custom_IndependentDirectorsMember" id="Fact002679" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">720,000</ix:nonFraction></span> stock options to its two independent directors. In addition, on May 3, 2019, the Company was authorized by its Board
of Directors to grant stock options and RSUs to non-employees under the 2019 Plan, and granted total <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20190101__20191231__srt--TitleOfIndividualAxis__custom--NonemployeeMember__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zXK6OtopoaN3" title="Options grants in period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2019-01-012019-12-31_custom_NonemployeeMember_us-gaap_EmployeeStockOptionMember" id="Fact002681" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,409,050</ix:nonFraction></span> stock options and <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20190101__20191231__srt--TitleOfIndividualAxis__custom--NonemployeeMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z8eC95hgndOa" title="Restricted stock units grants in period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2019-01-012019-12-31_custom_NonemployeeMember_us-gaap_RestrictedStockUnitsRSUMember" id="Fact002683" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,332,040</ix:nonFraction></span>
RSUs to non-employees by batches during the year ended December 31, 2019.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2020, the Company granted <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20200101__20200101__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--ExternalConsultantsMember_z8EwTSZa3e14" title="Restricted Stock Units Grants In Period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2020-01-012020-01-01_us-gaap_RestrictedStockUnitsRSUMember_custom_ExternalConsultantsMember" id="Fact002685" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">356,210</ix:nonFraction></span> and <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20200101__20200101__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zRMDe2GCp8a9" title="Restricted stock units grants in period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2020-01-012020-01-01_us-gaap_RestrictedStockUnitsRSUMember_custom_EmployeesMember" id="Fact002687" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">49,964,000</ix:nonFraction></span> RSUs to its two external consultants and employees, respectively. In addition,
on July 1, 2020, the Company granted <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20200701__20200701__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--DirectorsAndEmployeesMember_zcOCuZpS1EC5" title="Restricted Stock Units Grants In Period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2020-07-012020-07-01_us-gaap_RestrictedStockUnitsRSUMember_custom_DirectorsAndEmployeesMember" id="Fact002689" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">13,890,000</ix:nonFraction></span> RSUs to its directors and employees.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2021 and February 1, 2021, the Company granted <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20210101__20210101__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--ExternalConsultantsMember_zSB7E9OvtFvl" title="Restricted Stock Units Grants In Period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2021-01-012021-01-01_us-gaap_RestrictedStockUnitsRSUMember_custom_ExternalConsultantsMember" id="Fact002691" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">29,170,000</ix:nonFraction></span> and <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20210201__20210201__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_z2NOWTx6qxQh" title="Restricted Stock Units Grants In Period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2021-02-012021-02-01_us-gaap_RestrictedStockUnitsRSUMember_custom_EmployeesMember" id="Fact002693" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">26,818,000</ix:nonFraction></span> RSUs to its employees, respectively. Meanwhile, the
Company modified the exercise price and vesting schedules of certain stock options on February 1, 2021.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2022 and August 1, 2022, the Company granted <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220101__20220101__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--ExternalConsultantsMember_zaEqD2Dna45k" title="Restricted Stock Units Grants In Period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2022-01-012022-01-01_us-gaap_RestrictedStockUnitsRSUMember_custom_ExternalConsultantsMember" id="Fact002695" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,690,000</ix:nonFraction></span> and <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220801__20220801__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zdGHlRThozv" title="Restricted Stock Units Grants In Period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2022-08-012022-08-01_us-gaap_RestrictedStockUnitsRSUMember_custom_EmployeesMember" id="Fact002697" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,160,000</ix:nonFraction></span> RSUs to its employees, 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">On
February 1, 2023 and July 1, 2023, the Company granted <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20230201__20230201__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--ExternalConsultantsMember_zPiq8LohYga6" title="Restricted Stock Units Grants In Period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2023-02-012023-02-01_us-gaap_RestrictedStockUnitsRSUMember_custom_ExternalConsultantsMember" id="Fact002699" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000</ix:nonFraction></span> and <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20230701__20230701__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zd4ZJWPBj4ul" title="Restricted stock units grants in period"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2023-07-012023-07-01_us-gaap_RestrictedStockUnitsRSUMember_custom_EmployeesMember" id="Fact002701" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500,000</ix:nonFraction></span> RSUs to its employees, 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"><i>&#160;</i></span></p>


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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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"><span style="font-family: Times New Roman, 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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times 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>23.
SHARE-BASED COMPENSATION (CONTINUED)</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">&#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">(a)
Options</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002703" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zcbDWyj7zyt" 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">The
following table sets forth the stock options 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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zHkF3eAjIxg4" style="display: none">SCHEDULE
OF STOCK OPTION ACTIVITY</span>&#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 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
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    <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
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    <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
    <br/>intrinsic <br/>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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <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$</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">000&#8217;US$</span></td><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td 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; 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 colspan="2" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    as of December 31, 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_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220101__20221231_zlBnzpyDc8a1" title="Number of shares outstanding, beginning balance" 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:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31" id="Fact002705" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">61,930,440</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uUSDPShares_c20220101__20221231_zUcUlZLg0z7l" title="Weighted average exercise price, outstanding" 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:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31" id="Fact002707" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.21</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--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_zyaTuBBweqm5" title="Weighted average remaining contractual term, outstanding" 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:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" id="Fact002709" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">1.73</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_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20220101__20221231_zxjPuAzw16Ze" title="Aggregate intrinsic value, outstanding beginning balance" 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">&#160;&#160;&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl2711">-</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 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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: 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">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>
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    <td style="font: 10pt Times New 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--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20220101__20221231_ze2RqCa1DVhc" 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"><span style="-sec-ix-hidden: xdx2ixbrl2715">-</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></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <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"><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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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>
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<p style="font: 10pt Times 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
aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the estimated fair
value of the underlying stock at each reporting date (December 31, 2022: US$ <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue_uUSDPShares_c20220101__20221231_zsjLsWhVLlKl" title="Stock option, fair value of the underlying stock"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue" contextRef="From2022-01-012022-12-31" id="Fact002761" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.08</ix:nonFraction></span>, December 31, 2023: US$ <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue_uUSDPShares_c20230101__20231231_zbdI3tBwCGW1" title="Stock option, fair value of underlying stock"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue" contextRef="From2023-01-01to2023-12-31" id="Fact002763" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.71</ix:nonFraction></span>).</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002765" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zLyYhqNSkt79" style="font: 10pt Times 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 uses the Binominal option pricing model to estimate the fair value of stock options. The assumptions used to value the Company&#8217;s
options modified were as follow:</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 id="xdx_8B0_zKyXZka9K7I" style="display: none">SCHEDULE
OF FAIR VALUE OF STOCK OPTION</span>&#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; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; 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; 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"><span style="font-family: Times New Roman, Times, 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"><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; 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; 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"><span style="font-family: Times New Roman, Times, 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"><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; 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)">
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    <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: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</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: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</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">Exercise
    multiple</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font: 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)">
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    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">N/A</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font: 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
    term (in years)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font: 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">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">N/A</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font: 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
    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">N/A</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font: 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">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">N/A</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font: 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">Fair
    value of the underlying shares on the date of options grants (US$)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
    value of share option (US$)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="font: 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_8AA_zqFZusXhWCjg" 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>


<ix:exclude><!-- Field: Page; Sequence: 229; Value: 34 -->
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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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"><span style="font-family: Times New Roman, 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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times 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>23.
SHARE-BASED COMPENSATION (CONTINUED)</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"><b>&#160;</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">(a)
Options (continued)</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free
interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at
the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable
companies with a time horizon close to the expected expiry of the term of the options. The Company has never declared or paid any cash
dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the
contract life of the options.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation expense is recorded on a straight-line basis over the requisite service period, which is generally four years from the date
of grant. The Company recognized share-based compensation expenses of RMB <span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zxZBwgzW6v26" title="Allocated Share-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002767" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">20,782</ix:nonFraction></span>, RMB <span id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zd1KG1mTQDfa" title="Allocated Share-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002769" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,828</ix:nonFraction></span> and share-based compensation benefit RMB
<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20230101__20231231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zuV5dRWmt6C1" title="Allocated Share-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002771" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,628</ix:nonFraction></span> for share options granted under the 2017 Plan and the 2019 Plan in the Consolidated Statements of Comprehensive Income/(Loss) for
the years ended 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>

<p style="font: 10pt Times 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, there was RMB <span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn3n3_c20221231_zyS8VPh5Gtwi" title="Unrecognized compensation expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" contextRef="AsOf2022-12-31" id="Fact002773" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">616</ix:nonFraction></span> and RMB <span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn3n3_c20231231_zCoQquUwMHU4" title="Unrecognized compensation expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" contextRef="AsOf2023-12-31" id="Fact002775" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1</ix:nonFraction></span>, respectively, in total unrecognized compensation expense, related to unvested
share options, which is expected to be recognized over a weighted average period of <span id="xdx_902_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20220101__20221231_zqVxs8Rj3EJl" title="Weighted average period recognized"><ix:nonNumeric contextRef="From2022-01-012022-12-31" format="ixt-sec:duryear" id="Fact002777" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1">0.4</ix:nonNumeric></span> and <span id="xdx_904_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20230101__20231231_zRX7tArCiXR" title="Weighted average period recognized"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact002779" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1">0.08</ix:nonNumeric></span> years, respectively. The unrecognized
compensation expense may be adjusted for future changes in actual forfeitures.</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">(b)
Restricted share units</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002781" name="us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock"><p id="xdx_892_eus-gaap--NonvestedRestrictedStockSharesActivityTableTextBlock_zNXdEpBHLNaj" style="font: 10pt Times 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
summary of activities of the service-based RSUs for the years ended December 31, 2021, 2022 and 2023 is presented below:</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_8B4_zNzxISZDovTc" style="display: none">SCHEDULE
OF SERVICE BASED RSU</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="font: 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">Number
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    <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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted-Average</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>Grant-Date
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <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$</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested
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  <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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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">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--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220101__20221231_zkCTVZmK0Iy1" title="Restricted Stock Units Grants In Period" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="From2022-01-012022-12-31" id="Fact002787" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,850,000</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>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20220101__20221231_z0EgHPX4Gxca" title="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:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" contextRef="From2022-01-012022-12-31" id="Fact002793" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,306,000</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">&#160;</span></td><td style="font: 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AE_zg0d5CZGMZR4" 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
fair value of each restricted share units granted with service conditions is estimated based on the fair market value of the underlying
ordinary shares of the Company on the date of grant.</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">As
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<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">For
the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses recognized by the Group for the RSUs granted
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<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">As
of December 31, 2022 and 2023, there was RMB <span id="xdx_90A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn3n3_c20221231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zvjslmr23mz" title="Unrecognized compensation expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" contextRef="AsOf2022-12-31_us-gaap_RestrictedStockUnitsRSUMember" id="Fact002821" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,592</ix:nonFraction></span> and RMB <span id="xdx_905_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn3n3_c20231231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zLz6l1C9yETk" title="Unrecognized compensation expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions" contextRef="AsOf2023-12-31_us-gaap_RestrictedStockUnitsRSUMember" id="Fact002823" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,489</ix:nonFraction></span> in total unrecognized compensation expense, related to unvested RSUs,
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<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>


<ix:exclude><!-- Field: Page; Sequence: 230; Value: 34 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><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%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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"><span style="font-family: Times New Roman, 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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002829" name="us-gaap:FairValueDisclosuresTextBlock"><p id="xdx_805_eus-gaap--FairValueDisclosuresTextBlock_zmrmeKwFLeUa" 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>24.
<span id="xdx_828_zORlpzNFKQE">FAIR VALUE MEASUREMENTS</span></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"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002831" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zRnJ7iqIdxbl" style="font: 10pt Times 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, information about inputs into the fair value measurement of the Group&#8217;s assets and liabilities that
are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:</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_8BA_zLhsvbwpObec" style="display: none">SCHEDULE
OF FAIR VALUE MEASUREMENT OF GROUP ASSETS AND LIABILITIES</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">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <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--EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_iI_pn3n3_c20221231__us-gaap--InvestmentTypeAxis__us-gaap--OtherLongTermInvestmentsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zjI5oRZ8JbXh" title="Equity securities accounted for under alternative measurement" 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:EquitySecuritiesWithoutReadilyDeterminableFairValueAmount" contextRef="AsOf2022-12-31_us-gaap_OtherLongTermInvestmentsMember_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueMeasurementsRecurringMember" id="Fact002847" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">227,371</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>
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    <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 id="xdx_981_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--InvestmentTypeAxis__us-gaap--ShortTermInvestmentsMember_z4pVVWKYSii1" title="Assets, fair value disclosure" 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:AssetsFairValueDisclosure" contextRef="AsOf2022-12-31_us-gaap_FairValueMeasurementsRecurringMember_us-gaap_ShortTermInvestmentsMember" id="Fact002849" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">554,217</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>
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<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>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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>
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    <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">Equity
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    <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--EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_iI_pn3n3_c20231231__us-gaap--InvestmentTypeAxis__us-gaap--OtherLongTermInvestmentsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zJDZYiJhIro7" title="Equity securities accounted for under alternative measurement" 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:EquitySecuritiesWithoutReadilyDeterminableFairValueAmount" contextRef="AsOf2023-12-31_us-gaap_OtherLongTermInvestmentsMember_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueMeasurementsRecurringMember" id="Fact002865" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">220,981</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>
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</ix:nonNumeric><p id="xdx_8A3_zsCWg3wfzQm4" 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">When
available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not
available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently
sourced market parameters, such as interest rates and currency rates. Following is a description of the valuation techniques that the
Group uses to measure the fair value of assets that the Group reports in its Consolidated Balance Sheets at fair value on a recurring
basis.</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>


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    <!-- Field: /Page --></ix:exclude>

<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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"><b>24.
FAIR VALUE MEASUREMENTS (CONTINUED)</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">&#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"><i>Short-term
investments</i></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
investment consists of wealth management products, time deposits and equity securities with readily determinable fair value, which are
valued by the Group on a recurring basis. The Group values its short-term wealth management products investments held in certain banks
using model-derived valuations based upon discounted cash flow, in which significant inputs, mainly including expected return, are observable
or can be derived principally from, or corroborated by, observable market data, and accordingly, the Group classifies the valuation techniques
that use these inputs as Level 2. The expected return of the financial products were determined based on the prevailing interest rates
in the market.</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"><i>Long-term
investments</i></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
securities with readily determinable fair values are measured and recorded at fair value on a recurring basis with changes in fair value.
The Group values these equity securities at its quoted prices in stock market, and accordingly the Group classifies the valuation techniques
that use these inputs as Level 1.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group used measurement alternative for recording equity investments without readily determinable fair values at cost, less impairment,
adjusted for subsequent observable price changes. Based on ASU 2016-01, entities that elect the measurement alternative will report changes
in the carrying value of the equity investments in current earnings. If measurement alternative is used, changes in the carrying value
of the equity investment will be recognized whenever there are observable price changes in orderly transactions for the identical or
similar investment of the same issuer, and impairment charges will be recorded when any impairment indicators are noted and the fair
value is lower than the carrying value. The Group classifies the valuation techniques on investments that use similar identifiable transaction
prices as Level 2 of fair value measurements.</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>


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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002873" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_800_eus-gaap--EarningsPerShareTextBlock_z5oyaRMT775i" 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>25.
<span id="xdx_828_z9IFgHcNojNj">NET INCOME/(LOSS) PER SHARE</span></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"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002875" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zbKWzIDGOap5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
and diluted net loss per share for each of the years/periods presented are calculated as follows:</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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>
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    <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
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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>
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  <tr id="xdx_408_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_zJ7EffgznN6f" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilutive
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    <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: xdx2ixbrl2894">-</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>
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  <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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_zBp3sbU5nDn9" 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">Denominator
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    <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:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2021-01-012021-12-31" id="Fact002897" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,147,205,590</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>
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  <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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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--EarningsPerShareBasic_i01_pid_zEx5ZmPjb2ze" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2022-01-012022-12-31" id="Fact002906" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares">0.07</ix:nonFraction></span></td><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>
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  </table>

</ix:nonNumeric><p id="xdx_8A7_zwzgrGy8Pxx6" 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">Basic
net income/(loss) per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net
income/(loss) per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding
during the period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 170.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times 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 year ended December 31, 2019, assumed conversion of the Preferred Shares have not been reflected in the dilutive calculations pursuant
to ASC 260, &#8220;Earnings Per Share,&#8221; due to the anti-dilutive effect. The effects of all outstanding share options and RSUs
have also been excluded from the computation of diluted loss per share for the years ended December 31, 2022 and 2023 as their effects
would be anti-dilutive. For the year ended December 31, 2021, the Company had potential ordinary shares, including non-vested restricted
shares, and option granted which were included in the computation of diluted EPS in 2021. As the Group incurred losses for the years
ended December 31, 2022 and 2023, these potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net
loss per share of the Company.</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>


<ix:exclude><!-- Field: Page; Sequence: 233; Value: 34 -->
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    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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"><span style="font-family: Times New Roman, 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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002909" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80B_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zBabbouf2wIe" 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>26.
<span id="xdx_82E_zu233AwthzI1">RELATED PARTY BALANCES AND TRANSACTIONS</span></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">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002911" name="YJ:ScheduleOfMajorRelatedPartiesAndTheirRelationshipsWithGroupTableTextBlock"><p id="xdx_898_ecustom--ScheduleOfMajorRelatedPartiesAndTheirRelationshipsWithGroupTableTextBlock_zNNUYvVKeUx2" 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">The
table below sets forth the major related parties and their relationships with the Group 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>

<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_8B7_zBwBTcBHqqrc">SCHEDULE
OF MAJOR RELATED PARTIES AND THEIR RELATIONSHIPS WITH GROUP</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; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of related parties</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2%; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                          <p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"></p></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relationship
    with the Group</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">Small
    Ye 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SmallYeGroupMember_z7Z23AVvaKp1" title="Nature of relationships"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SmallYeGroupMember" id="Fact002913" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships">Controlled
    by Mr. Xiao Shanglue, Founder and CEO of the Group</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hangzhou
    Tianshi Technology Co., Ltd. (&#8220;Tianshi&#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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TianshiMember_fKg_____zSQ5NvE7yxw3" title="Nature of relationships"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TianshiMember" id="Fact002915" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships">An
    associate of the Group (incorporated in 2017)</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong
    Weixin Technology Co., Ltd. (&#8220;Weixin&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--WeixinMember_zs2ldaVYQMYj" title="Nature of relationships"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WeixinMember" id="Fact002917" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships">An
    associate of the Group (incorporated in 2018)</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hangzhou
    Bixin Biotechnology Co., Ltd. (&#8220;Bixin&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BixinMember_zLrIlivDJ2La" title="Nature of common ownership or management control relationships"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BixinMember" id="Fact002919" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships">An
    associate of the Group (incorporated in 2019)</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanxi
    Yunnong Logistic Management Co., Ltd. (&#8220;Yunnong&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YunnongMember_z3LXCwWL2w81" title="Nature of common ownership or management control relationships"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_YunnongMember" id="Fact002921" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships">An
    associate of the Group (incorporated in 2019)</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhejiang
    Jimi E-commerce Co., Ltd. (&#8220;Jimi&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JimiMember_zPwdZZkjsXza" title="Nature of common ownership or management control relationships"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_JimiMember" id="Fact002923" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships">An
    associate of the Group (incorporated in 2020)</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhejiang
    Jibi Technology Co., Ltd. (&#8220;Jibi&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JibiMember_zGJR2MV3XlG4" title="Nature of common ownership or management control relationships"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_JibiMember" id="Fact002925" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships">An
    associate of the Group (incorporated in 2020)</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hangzhou
    Xingsheng Brand Marketing Management Co., Ltd. (&#8220;Xingsheng&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HangzhouXingshengBrandMarketingManagementCoLtdMember_fKg_____zlpDipGpMGYi" title="Nature of common ownership or management control relationships"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HangzhouXingshengBrandMarketingManagementCoLtdMember" id="Fact002927" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships">An
    associate of the Group (incorporated in 2020)</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hangzhou
    Yuncheng Brand Management Co., Ltd. (&#8220;Yuncheng&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YunchengMember_fKg_____zrRORd6kSXdj" title="Nature of common ownership or management control relationships"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_YunchengMember" id="Fact002929" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships">An
    associate of the Group (incorporated in 2020)</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hangzhou
    Huaji Brand Marketing Management Co., Ltd. (&#8220;Huaji&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--NatureOfCommonOwnershipOrManagementControlRelationships_c20230101__20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HuajiMember_fKg_____zN3ltwQaXUmd" title="Nature of relationships"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HuajiMember" id="Fact002931" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships">An
    associate of the Group (incorporated in 2020)</ix:nonNumeric></span></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; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F03_z8yucTRR4Dqg" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F1D_z3GWqQf2nosc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002932" xml:lang="en-US">The investments
in these associates were disposed by the Group in 2022 and 2023.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8AE_zFmRcKJiQNoe" 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>


<ix:exclude><!-- Field: Page; Sequence: 234; Value: 34 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><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%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></td></tr></table></div>
    <div style="margin-right: 0pt; break-before: page; margin-top: 0pt; margin-bottom: 0pt"><table cellpadding="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"><span style="font-family: Times 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>

<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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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"><b>26.
RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)</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">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002934" name="YJ:ScheduleOfRelatedPartyBalancesAndTransactionsTableTextBlock"><p id="xdx_893_ecustom--ScheduleOfRelatedPartyBalancesAndTransactionsTableTextBlock_zYYxGc1V2aV8" style="font: 10pt Times 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 agreements with aforementioned equity method classified investees as related party transactions, including purchase
of merchandise from them and marketplace services provided to them. Details of related party balances and transactions as of December
31, 2021, 2022 and 2023 are 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"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_z5BLFl7Mcve1">SCHEDULE
OF RELATED PARTY BALANCES AND TRANSACTIONS</span></span></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"><i>Advance
to related parties and amounts due from related parties</i></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></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; display: none; vertical-align: bottom">
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<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: 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>
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    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: 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">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: 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></tr>
  <tr 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; 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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--OtherReceivables_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JimiMember_zEz2TRLwVXR2" 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: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jimi</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: 14%; 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_JimiMember" id="Fact002936" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">67</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: 14%; 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_JimiMember" id="Fact002937" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,134</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--OtherReceivables_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--OtherMember_zUrja6cRh3Ke" 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; 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:OtherReceivables" contextRef="AsOf2022-12-31_custom_OtherMember" id="Fact002939" 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 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:OtherReceivables" contextRef="AsOf2023-12-31_custom_OtherMember" id="Fact002940" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">227</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--OtherReceivables_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zAcZJrUMez11" 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: 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:OtherReceivables" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact002942" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">202</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"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact002943" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,361</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></tr>
  <tr id="xdx_40D_eus-gaap--OtherReceivables_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_ztQdvWBcukE3" 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; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due from related parties, current</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:OtherReceivables" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact002945" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">202</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"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact002946" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,361</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></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"><i>Amounts
due to related parties</i></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"></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: 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>
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<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: 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>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<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"></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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"><b>26.
RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)</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"><i>&#160;</i></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002978" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zt8NrldZCWIk" style="font: 10pt Times 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
terms of the agreements the Group entered into with the related parties are comparable to the terms in arm&#8217;s-length transactions
with third-party customers and vendors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times 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_8B7_zihvyzrNGVH6">SCHEDULE
OF RELATED PARTY TRANSACTIONS</span></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"><i>Transactions
with related parties</i></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>

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<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>


<ix:exclude><!-- Field: Page; Sequence: 236; Value: 34 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><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%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<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"></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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"><b>26.
RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)</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"><i>&#160;</i></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"><i>Transactions
with related parties (continued)</i></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%">
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</ix:nonNumeric><p id="xdx_8AD_zllFpI9Py062" 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>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003068" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_809_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zJfRLdXlBXLi" 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>27.
<span id="xdx_828_zQWrXXBNZOoe">COMMITMENTS AND CONTINGENCIES</span></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"><b>&#160;</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">(a)
Operating commitments</span></p>

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

<p style="font: 10pt Times 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 Company had outstanding operating commitments totaling RMB <span id="xdx_903_eus-gaap--ShortTermLeasePayments_pn3n3_c20230101__20231231_zXrB97Dn8JKe" title="Short-term lease payments"><ix:nonFraction name="us-gaap:ShortTermLeasePayments" contextRef="From2023-01-01to2023-12-31" id="Fact003070" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">580</ix:nonFraction></span>, which was the short-term lease payments.</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">(b)
Capital commitments</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company had outstanding capital commitments totaling RMB <span id="xdx_907_ecustom--CapitalCommitmentsOutstanding_pn3n3_c20230101__20231231_zAxqFWCl3g7e" title="Capital commitments outstanding"><ix:nonFraction name="YJ:CapitalCommitmentsOutstanding" contextRef="From2023-01-01to2023-12-31" id="Fact003072" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">13,210</ix:nonFraction></span>, which was the payment of building construction
design and management.</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"><i>&#160;</i></span></p>


<ix:exclude><!-- Field: Page; Sequence: 237; Value: 34 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><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%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<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"><i>&#160;</i></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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"><i>&#160;</i></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"><b>27.
COMMITMENTS AND CONTINGENCIES (CONTINUED)</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">&#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">(c)
Contingencies</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of business, the Group is from time to time involved in legal proceedings and litigations. As of </span><span style="font-family: Times New Roman, Times, Serif">December
31, 2022, the Group was not involved in any legal or administrative proceedings that the Group believes may have a material adverse impact
on the Group&#8217;s business, balance sheets or results of operations and cash flows.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group, as one of the five co-defendants, was involved in a legal proceeding that arose in the ordinary
course of business (the &#8220;Case&#8221;). The plaintiff sought monetary damages jointly and severally from all co-defendants. As
of the date of this consolidated financial statements release, the Case is still under the appeal trial process and subject to final
judgment by the Guangzhou Intermediate People&#8217;s Court. The amount is approximately RMB<span id="xdx_903_eus-gaap--LossContingencyDamagesSoughtValue_pn5n6_c20230101__20231231_zH5ZtWP3RBLj" title="Legal settlement"><ix:nonFraction name="us-gaap:LossContingencyDamagesSoughtValue" contextRef="From2023-01-01to2023-12-31" id="Fact003074" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">23.1</ix:nonFraction></span>
million. Management carried out the assessment of the financial impact of this Case and consulted its legal counsel. Based on the
currently available information, management believes that the claims by the plaintiff have no merit and the Group has valid defence
and will defend vigorously in the Case. Accordingly, the Group has not made accrual for the Case 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"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003076" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_808_eus-gaap--SubsequentEventsTextBlock_zWr9juMV78ok" style="font: 10pt Times 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>28.
<span id="xdx_825_zAtgElb5Hodd">SUBSEQUENT EVENTS</span></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"><b>&#160;</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">From
December 31, 2023 to the date of publication of this report, there was no subsequent event which had a material impact on the Group.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003078" name="YJ:StatutoryReservesAndRestrictedNetAssetsDisclosureTextBlock"><p id="xdx_80E_ecustom--StatutoryReservesAndRestrictedNetAssetsDisclosureTextBlock_zc9JqRZ1jnge" style="font: 10pt Times 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>29.
<span id="xdx_827_zPHneQMtjcyb">STATUTORY RESERVES AND RESTRICTED NET ASSETS</span></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"><b>&#160;</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">Pursuant
to laws applicable to entities incorporated in the PRC, the Group&#8217;s subsidiaries and consolidated VIE in the PRC must make appropriations
from after-tax profit to non-distributable reserve funds. <span id="xdx_909_ecustom--DescriptionOfAppropriationsAndPurposeOfMaintainingStatutoryReservesFunds_c20230101__20231231_zi2Zg18S1Wwl" title="Statutory reserves funds, description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact003080" name="YJ:DescriptionOfAppropriationsAndPurposeOfMaintainingStatutoryReservesFunds">These reserve funds include one or more of the following: (i) a general reserve,
(ii) an enterprise expansion fund and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve
fund requires an annual appropriation of 10% of after tax profit (as determined under accounting principles generally accepted in the
PRC at each year-end) until the accumulative amount of such reserve fund reaches 50% of a company&#8217;s registered capital, the other
fund appropriations are at the subsidiaries&#8217; discretion. These reserve funds can only be used for specific purposes of enterprise
expansion and staff bonus and welfare and are not distributable as cash dividends</ix:nonNumeric></span>. During the years ended December 31, 2021, 2022 and
2023, appropriations to the statutory reserve have been made by the Group, which was RMB <span id="xdx_90B_ecustom--AppropriationToStatutoryReserve_pn3n3_uRMB_c20210101__20211231_z5QcBhPXFdt6" title="Appropriations to the statutory reserve"><ix:nonFraction name="YJ:AppropriationToStatutoryReserve" contextRef="From2021-01-012021-12-31" id="Fact003082" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,395</ix:nonFraction></span>, RMB <span id="xdx_903_ecustom--AppropriationToStatutoryReserve_pn3n3_uRMB_c20220101__20221231_zzerXSzHIMS1" title="Appropriations to the statutory reserve"><ix:nonFraction name="YJ:AppropriationToStatutoryReserve" contextRef="From2022-01-012022-12-31" id="Fact003084" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,059</ix:nonFraction></span> and RMB <span id="xdx_909_ecustom--AppropriationToStatutoryReserve_pn3n3_uRMB_c20230101__20231231_z6G8K1zOEsx2" title="Appropriations to the statutory reserve"><ix:nonFraction name="YJ:AppropriationToStatutoryReserve" contextRef="From2023-01-01to2023-12-31" id="Fact003086" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">176</ix:nonFraction></span> 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>

<p style="font: 10pt Times 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, due to restrictions on the distribution of share capital from the Group&#8217;s subsidiaries and consolidated VIE in PRC and
also as a result of these entities&#8217; unreserved accumulated losses, total restrictions placed on the distribution of the Group&#8217;s
PRC subsidiaries&#8217; and consolidated VIEs&#8217; net assets was RMB <span id="xdx_907_eus-gaap--AssetsNet_iI_pn3n3_c20231231__srt--ConsolidatedEntitiesAxis__custom--PrcSubsidiariesMember_zS2ifweRPrpi" title="Net assets"><ix:nonFraction name="us-gaap:AssetsNet" contextRef="AsOf2023-12-31_custom_PrcSubsidiariesMember" id="Fact003088" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">639,397</ix:nonFraction></span>, or <span id="xdx_90D_ecustom--PercentageOfNetAssetToNetAssetsOfGroup_iI_pid_dp_uPure_c20231231__srt--ConsolidatedEntitiesAxis__custom--PrcSubsidiariesMember_zYWzA8iQfIQk" title="Percentage of consolidated net assets"><ix:nonFraction name="YJ:PercentageOfNetAssetToNetAssetsOfGroup" contextRef="AsOf2023-12-31_custom_PrcSubsidiariesMember" id="Fact003090" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">54</ix:nonFraction>%</span> of the Group&#8217;s total consolidated net assets
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>

<p style="font: 10pt Times 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
Company performed a test on the restricted net assets of consolidated subsidiaries and VIEs in accordance with Securities and Exchange
Commission Regulation S-X Rule 4-08 (e) (3), &#8220;General Notes to Financial Statements&#8221; and concluded that it was applicable
for the Company to disclose the financial statements for the parent company.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subsidiaries did not pay any dividend to the Company for the periods presented. For the purpose of presenting parent only financial information,
the Company records its investments in its subsidiaries under the equity method of accounting. Such investments are presented on the
separate condensed balance sheets of the Company as &#8220;investments in subsidiaries and VIEs&#8221; and the loss of the subsidiaries
is presented as &#8220;share of loss of subsidiaries&#8221;. Certain information and footnote disclosures generally included in financial
statements prepared in accordance with US GAAP have been condensed and omitted.</span></p>

<p style="font: 10pt Times New Roman, Times, 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: 238; Value: 34 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><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%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></td></tr></table></div>
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<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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003092" name="us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock"><p id="xdx_803_eus-gaap--CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_zfNvkRobjuOi" style="font: 10pt Times 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>30.
<span id="xdx_820_zv2F9Etz2Vye">CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY</span></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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003094" name="YJ:ScheduleOfCondensedBalanceSheetParentCompanyTableTextBlock"><p id="xdx_899_ecustom--ScheduleOfCondensedBalanceSheetParentCompanyTableTextBlock_zcNDDhlBMZk1" 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>Balance
sheets of the parent 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"><b>&#160;</b></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_8B2_z4kqK6IljfB8">SUMMARY
OF CONDENSED BALANCE SHEETS PARENT COMPANY</span> &#160;</span></p>

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  <tr id="xdx_403_eus-gaap--Assets_i01TI_pn3n3_mtAzNaY_zAZk2lrc0tNa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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--LiabilitiesAndStockholdersEquityAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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>
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  <tr id="xdx_409_eus-gaap--LiabilitiesCurrentAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <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_40E_eus-gaap--CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract_iB" 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">Shareholders&#8217;
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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_40A_eus-gaap--CommonStockValue_i01I_pn3n3_maSEIPAzllw_zPXQvZPOq082" 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">Ordinary
    shares (US$<span id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zvUd0UfBbN21" title="Common stock, par value" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ09OREVOU0VEIEJBTEFOQ0UgU0hFRVRTIFBBUkVOVCBDT01QQU5ZIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zz6SSMeJpPzd" title="Common stock, par value" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ09OREVOU0VEIEJBTEFOQ0UgU0hFRVRTIFBBUkVOVCBDT01QQU5ZIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003150" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003152" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.000005</ix:nonFraction></ix:nonFraction></span></span> par value <span id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zqhML6yRD6Fg" title="Common Stock, Shares Authorized" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ09OREVOU0VEIEJBTEFOQ0UgU0hFRVRTIFBBUkVOVCBDT01QQU5ZIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zg48WKYrKXT1" title="Common stock, shares authorized" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ09OREVOU0VEIEJBTEFOQ0UgU0hFRVRTIFBBUkVOVCBDT01QQU5ZIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003154" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003156" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,000,000,000</ix:nonFraction></ix:nonFraction></span></span> shares authorized as of December 31, 2022 and 2023; <span id="xdx_90F_eus-gaap--CommonStockSharesIssued_iI_pid_c20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember__custom--ClassOfStocksAxis__us-gaap--CommonClassAMember_zLJMLZsGFx73" title="Common stock, shares, issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ09OREVOU0VEIEJBTEFOQ0UgU0hFRVRTIFBBUkVOVCBDT01QQU5ZIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_pid_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember__custom--ClassOfStocksAxis__us-gaap--CommonClassAMember_zfFfVrB7tLhj" title="Common stock, shares, issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ09OREVOU0VEIEJBTEFOQ0UgU0hFRVRTIFBBUkVOVCBDT01QQU5ZIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003158" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003160" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,208,831,222</ix:nonFraction></ix:nonFraction></span></span> Class A ordinary shares
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times 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" id="Fact003148" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">70</ix:nonFraction></span></td><td style="font: 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--CommonStockValue_i01I_pn3n3_maSEIPAzllw_zwgzn69CgxTi" 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; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times 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" id="Fact003174" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">70</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times 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" id="Fact003175" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">70</ix:nonFraction></span></td><td style="font: 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--AdditionalPaidInCapital_i01I_pn3n3_maSEIPAzllw_z9KcjGqA6Byc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003177" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,332,098</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times 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="Fact003184" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">116,108</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">)</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
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  <tr id="xdx_404_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i01TI_pn3n3_mtSEIPAzllw_maLASEzwC8_zSCSHGwknGya" 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-bottom: 1.5pt; padding-left: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <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="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:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003194" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,190,216</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><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--LiabilitiesAndStockholdersEquity_iTI_pn3n3_mtLASEzwC8_zVqkERJbe8dj" 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-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities and shareholders&#8217; equity</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: right"><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:LiabilitiesAndStockholdersEquity" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003196" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,358,882</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: right"><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:LiabilitiesAndStockholdersEquity" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003197" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,191,422</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>
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</ix:nonNumeric><p id="xdx_8A4_zOU5jbTVvL3i" style="font: 10pt Times New Roman, Times, 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: 239; Value: 34 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0pt"><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%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YUNJI
INC.</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>&#160;</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>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</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">(All
amounts in thousands, except for share and per share data, unless otherwise noted)</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">&#160;</span></p>

<p style="font: 10pt Times 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>30.
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (CONTINUED)</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">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003199" name="srt:ScheduleOfCondensedIncomeStatementTableTextBlock"><p id="xdx_89D_esrt--ScheduleOfCondensedIncomeStatementTableTextBlock_zUkOvoRJeVKi" 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>Statements
of comprehensive income/(loss) of the parent 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"><b>&#160;</b></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_8B4_zyjQIKY3rWYk">SUMMARY
OF CONDENSED STATEMENTS OF COMPREHENSIVE OR LOSS OF THE PARENT COMPANY</span>&#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="2" id="xdx_49A_20210101__20211231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zahRycbkOPjh" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin-right: 0pt; font-family: Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">Year
                                            Ended</span></p>
                                                                                <p style="margin-right: 0pt; font-family: Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
                                            31, 2021</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 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>
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                                                                                <p style="margin-right: 0pt; font-family: Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
                                            31, 2022</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 style="font: 10pt Times 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_20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zXtcjsrgSOT" 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                            Ended</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>December
                                            31, 2023</b></span></p></td><td style="font: 10pt 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>
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    <td style="font: 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>
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</ix:nonNumeric><p id="xdx_8A8_z8cHSN0BjJT4" 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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003265" name="srt:ScheduleOfCondensedCashFlowStatementTableTextBlock"><p id="xdx_89F_esrt--ScheduleOfCondensedCashFlowStatementTableTextBlock_z839005nQQBe" 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>Statements
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<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"><b>&#160;</b></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_8BB_zBBGj8Cx57qi">SUMMARY
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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                                                                                                                           <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>December
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    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 40%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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{"company-data": {"conformed-name": "Yunji Inc.", "cik": "0001759614", "assigned-sic": "5990", "organization-name": "07 Trade & Services", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-38877", "film-number": "24872714"}, "business-address": {"street1": "15/F, SOUTH BUILDING, HIPARK PHASE 2,", "street2": "XIAOSHAN DISTRICT", "city": "HANGZHOU", "state": "F4", "zip": "310000", "phone": "86 571-81688920"}, "mail-address": {"street1": "15/F, SOUTH BUILDING, HIPARK PHASE 2,", "street2": "XIAOSHAN DISTRICT", "city": "HANGZHOU", "state": "F4", "zip": "310000"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION
                                            STATEMENT PURSUANT TO SECTION 12(b) OR (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:
001-38877
Yunji
Inc.
(Exact
name of Registrant as specified in its charter)
N/A
(Translation
of Registrant's name into English)
Cayman
Islands
(Jurisdiction
of incorporation or organization)
15/F,
South Building
Hipark
Phase 2
,
Xiaoshan District
Hangzhou
,
Zhejiang,
310000
People's
Republic of
China
(Address
of principal executive offices)
Yeqing
Cui
, Senior Financial Director
15/F,
South Building
Hipark
Phase 2
,
Xiaoshan District
Hangzhou
,
Zhejiang,
310000
People's
Republic of
China
Telephone:
86
-
86-571-8168 8920
Email:
cuiyq@yunjiglobal.com
(Name,
Telephone, Email 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
Name
    of Each Exchange On Which Registered
American
    depositary shares, each American depositary share representing one hundred Class A ordinary shares
Class A ordinary shares
, par value
    US$0.000005 per share* *
No
t for trading, but only in connection with the listing on the
Nasdaq
Capital Market of American depositary
    shares.
YJ
The
    Nasdaq Stock Market LLC
(The
    Nasdaq Capital Market)
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title
of Class)
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:
As
of December 31, 2023, there were
1,966,378,532
ordinary shares outstanding, par value US$0.000005 per share, being the sum of
1,016,418,532
Class A ordinary shares (excluding treasury shares), par value US$0.000005 per share and
949,960,000
Class B ordinary shares, par value
US$0.000005 per share.
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 (§232.405 of this chapter) 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 incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International
    Financial Reporting Standards as issued
Other
    ☐
by
the International Accounting Standards Board
☐
If
"Other" has been checked in response to the previous question, indicate by check mark which 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
Exchange Act). ☐ 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
INTRODUCTION
2
FORWARD-LOOKING STATEMENTS
3
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
4
Item
    4.
INFORMATION ON THE COMPANY
76
Item
    4A.
UNRESOLVED STAFF COMMENTS
117
Item
    5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
118
Item
    6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
138
Item
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
148
Item
    8.
FINANCIAL INFORMATION
151
Item
    9.
THE OFFER AND LISTING
152
Item
    10.
ADDITIONAL INFORMATION
153
Item
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
163
Item
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
164
PART II.
166
Item
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
166
Item
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
166
Item
    15.
CONTROLS AND PROCEDURES
166
Item
    16A.
AUDIT COMMITTEE FINANCIAL EXPERT
167
Item
    16B.
CODE OF ETHICS
167
Item
    16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
167
Item
    16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
168
Item
    16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
168
Item
    16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
168
Item
    16G.
CORPORATE GOVERNANCE
168
Item
    16H.
MINE SAFETY DISCLOSURE
168
Item
    16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
168
Item
    16J.
INSIDER TRADING POLICIES
169
Item
    16K.
CYBERSECURITY
169
PART III.
170
Item
    17.
FINANCIAL STATEMENTS
170
Item
    18.
FINANCIAL STATEMENTS
170
Item
    19.
EXHIBITS
170
SIGNATURES
172
i
INTRODUCTION
Unless
otherwise indicated or the context otherwise requires, references in this annual report on Form 20-F to:
●
"ADRs"
                                            are to the American depositary receipts which may evidence the ADSs;
●
"ADSs"
                                            are to the American depositary shares, each of which represents one hundred Class A ordinary
                                            shares;
●
"Average
                                            spending per buyer" in a given period is calculated by dividing total GMV in that period
                                            by the number of buyers in the same period;
●
"buyer"
                                            in a given period are to a user who places at least one order on our platform during such
                                            period, regardless of whether any product in such order is ultimately sold or delivered or
                                            whether any product in such order is returned;
●
"China"
                                            or the "PRC" are to the People's Republic of China, excluding, for the
                                            purposes of this annual report only, Hong Kong, Macau and Taiwan;
●
"Class
                                            A ordinary shares" are to our Class A ordinary shares of par value US$0.000005 per
                                            share;
●
"Class
                                            B ordinary shares" are to our Class B ordinary shares of par value US$0.000005 per
                                            share;
●
"GMV"
                                            are to the total value of all orders for merchandise placed in our merchandise business and
                                            marketplace business, including the value of the merchandise sold as part of the membership
                                            packages, as well as the VAT and tax surcharges paid, regardless of whether the merchandises
                                            are returned and without taking into consideration any discounts and incentives. GMV includes
                                            the value from orders placed on our mobile apps as well as orders placed on third-party mobile
                                            apps and websites that are fulfilled by us, by our third-party merchants, or by our third-party
                                            business partners. Our revenues recognized on a gross basis are net of the VAT and related
                                            tax surcharges paid, discounts and incentives, the value of the merchandises returned, and
                                            any adjustments due to the timing difference between shipping and receipt, which are included
                                            in the above GMV measure. Our revenues recognized on a net basis are net of the corresponding
                                            amount to be paid to the vendor, the principal in the transaction, in addition to the items
                                            mentioned above, which are included in the above GMV measure;
●
"Jishang
                                            Preferred" are to Zhejiang Jishang Preferred E-Commerce Co., Ltd.;
●
"member"
                                            are to an individual who registers an account on our flagship Yunji app or mini program and
                                            satisfies certain requirements;
●
"mini
                                            program" or "mini programs" are to services run on third-party platforms,
                                            such as WeChat, that provide functions similar to those of standalone mobile applications;
●
"ordinary
                                            shares" are to our ordinary shares, par value US$0.000005 per share;
●
"our
                                            WFOE" or "WFOE" are to Hangzhou Yunchuang Sharing Network Technology Co.,
                                            Ltd. or Yunchuang Sharing;
●
"RMB"
                                            and "Renminbi" are to the legal currency of China;
●
"SPUs"
                                            are to standard product units offered on our platform. The number of SPUs does not represent
                                            the number of distinct products offered on our platform. We assign the same SPU to the same
                                            type of product without distinguishing product specifics such as colors and sizes;
●
"US$,"
                                            "U.S. dollars," "$," and "dollars" are to the legal currency
                                            of the United States;
●
"users"
                                            are to individuals who access our platform through our mobile apps or sharing interfaces,
                                            including our members;
●
"VIE"
                                            are to variable interest entity, and "the VIEs" or "VIEs" are to
                                            (i) Zhejiang Yunji Preferred E-Commerce Co., Ltd., or Yunji Preferred, and (ii) Hangzhou
                                            Chuanchou Network Technology Co., Ltd., or Hangzhou Chuanchou;
●
"Yunji,"
                                            "we," "us," "our company," "our" and "Group"
                                            are to Yunji Inc., our Cayman Islands holding company and its subsidiaries. Yunji Inc. is
                                            a holding company with no operations of its own. Our PRC subsidiaries and the VIEs conduct
                                            operations in China, and the VIEs are consolidated for accounting purposes in accordance
                                            with U.S. GAAP only but are not entities in which we have any equity interest. Unless otherwise
                                            specified, in the context of describing our business and operations in China, we are referring
                                            to the business and operations conducted by our PRC subsidiaries and the VIEs
;
                                            and
●
"Zhejiang
                                            Jiyuan" are to Zhejiang Jiyuan Network Technology Co., Ltd.
Our
reporting currency is the Renminbi because our business is mainly conducted in China and all of our revenues are denominated in Renminbi.
This annual report contains translations of Renminbi amounts into U.S. dollars at specific rates solely for the convenience of the reader.
The conversion of Renminbi into U.S. dollars in this annual report is based on the exchange rate set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from
U.S. dollars to Renminbi in this annual report are made at a rate of RMB7.0999 to US$1.00, the exchange rate in effect as of the end
of December 29, 2023, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. We make no
representation that any Renminbi or U.S. dollar amounts 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. The PRC government imposes control over its foreign currency reserves in part through
direct regulation of the conversion of Renminbi into foreign exchange and through restrictions on foreign trade.
2
FORWARD-LOOKING
STATEMENTS
This
annual report on Form 20-F contains forward-looking statements that relate to our current expectations and views of future events. These
statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements
to be materially different from those expressed or implied by the forward-looking statements. These statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigations Reform Act of 1995.
You
can identify some of these forward-looking statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"is/are likely to," "potential," "continue" or other similar expressions. We have based these forward-looking
statements largely on our current expectations and projections about future events that we believe may affect our financial condition,
results of operations, business strategy and financial needs. These forward-looking statements include statements relating to:
●
our
                                            mission, goals and strategies;
●
our
                                            future business development, financial conditions and results of operations;
●
the
                                            expected growth of the online retail industry in China;
●
our
                                            expectations regarding demand for and market acceptance of our products and services;
●
our
                                            expectations regarding our relationships with our members, users, suppliers, third-party
                                            merchants and other partners;
●
competition
                                            in our industry; and
●
government
                                            policies and regulations relating to us, and their future development.
These
forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking
statements are reasonable, our expectations may later be found to be incorrect. Our actual results could be materially different from
our expectations. Important risks and factors that could cause our actual results to be materially different from our expectations are
generally set forth in "Item 3. Key Information—D. Risk Factors," "Item 4. Information on the Company—B.
Business Overview," "Item 5. Operating and Financial Review and Prospects," and other sections in this annual report.
You should read thoroughly this annual report and the documents that we refer to with the understanding that our actual future results
may be materially different from and worse than what we expect. We qualify all of our forward-looking statements by these cautionary
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 or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise, 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 refer to in this annual report completely
and with the understanding that our actual future results may be materially different from what we expect.
PART
I.
Item
1.
IDENTITY
                                            OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
applicable.
Item
2.
OFFER
                                            STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
3
Item
                                            3.
KEY
                                            INFORMATION
Our
Holding Company Structure and Contractual Arrangements with the VIEs
Yunji
Inc. is not an operating company in China but a Cayman Islands holding company with no equity ownership in the VIEs. We conduct our business
in China through (i) our PRC subsidiaries and (ii) the VIEs with which we have maintained contractual arrangements. PRC laws and regulations
restrict and impose conditions on foreign investment in value-added telecommunication services, audio and video services and certain
other businesses. Accordingly, we operate these businesses in China through the VIEs, and rely on contractual arrangements among our
PRC subsidiaries, the VIEs and their respective shareholders to direct the business operations of the VIEs. Revenues contributed by the
VIEs accounted for 23.8%, 30.3% and 49.4% of our total revenues for the years of 2021, 2022 and 2023, respectively.
As
used in this annual report, "we," "us," "our company" and "our" refers to Yunji Inc.,
our Cayman Islands holding company and its subsidiaries. Yunji Inc. is a holding company with no operations of its own. Our PRC subsidiaries
and the VIEs conduct operations in China, and the VIEs are consolidated for accounting purposes in accordance with U.S. GAAP only but
are not entities in which we have any equity interest. Unless otherwise specified, in the context of describing our business and operations
in China, we are referring to the business and operations conducted by our PRC subsidiaries and the VIEs. Holders of our ADSs hold equity
interest in Yunji Inc., our Cayman Islands holding company, and do not have direct or indirect equity interest in the VIEs
.
A
series of contractual agreements, including proxy agreement and powers of attorney, equity interest pledge agreement, exclusive service
agreement, and exclusive option agreement, have been entered into by and among our wholly owned PRC subsidiary, Yunchuang Sharing, the
VIEs and their respective shareholders. Terms contained in each set of contractual arrangements with the VIEs and their respective shareholders
are substantially similar. As a result of the contractual arrangements, we are able to direct the activities of and derive economic benefits
from the VIEs. We are considered the primary beneficiary of the VIEs for accounting purposes, and we have consolidated the financial
results of the VIEs in our consolidated financial statements. Neither we nor our investors has an equity ownership in, direct foreign
investment in, or control through such ownership or investment of, the variable interest entities, and the contractual arrangements are
not equivalent to an equity ownership in the business of the variable interest entities. For more details of these contractual arrangements,
see "Item 4. Information on the Company—C. Organizational Structure."
However,
the contractual arrangements is not as effective as direct ownership and we may incur substantial costs to enforce the terms of the
arrangements. Our corporate structure is subject to risks associated with the contractual arrangements with the VIEs. The VIE
structure is used to provide investors with exposure to foreign investment in China-based companies where Chinese law prohibits or
restricts direct foreign investment in the operating companies. Investors may never hold equity interests in the Chinese operating
companies. If the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply
with PRC laws and regulations, or if these laws and regulations change or are interpreted differently in the future, we could be
subject to severe penalties or be forced to relinquish our interests in those operations. The PRC regulatory authorities could
disallow the VIE structure, which would likely result in a material adverse change in our operations, and our ADSs may decline
significantly in value or become worthless. Specifically, there are substantial uncertainties regarding the interpretation and
application of current and future PRC laws, regulations and rules regarding the status of the rights of our Cayman Islands holding
company with respect to its contractual arrangements with the VIEs and their respective shareholders. It is uncertain whether any
new PRC laws or regulations relating to VIE structures will be adopted or if adopted, what they would provide. If we or the VIEs are
found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required
permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such
violations or failures. Our holding company, our PRC subsidiaries and the VIEs, and investors of our company face uncertainty about
potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIEs
and, consequently, significantly affect the financial performance of the VIEs and our company as a whole. In addition, as of the
date of this annual report, these agreements have not been tested in a court of law. For a detailed description of the risks
associated with our corporate structure, please refer to risks disclosed under "Item 3. Key Information—D. Risk
Factors—Risks Related to Our Corporate Structure."
4
We
face various legal and operational risks and uncertainties relating to doing business in China. Our business operations are primarily
conducted in China, and we are subject to complex and evolving PRC laws and regulations. Recent statements and enhanced regulatory actions
by PRC government, such as those related to filing procedures on offerings conducted overseas by China-based issuers, enhancing supervision
over China-based companies listed overseas using VIE structures, adopting new measures to extend the scope of cybersecurity reviews,
and expanding efforts in anti-monopoly enforcement, have or may impact our ability to conduct certain businesses, accept foreign investments,
maintain our listing status on a United States stock exchange or list on a foreign stock exchange outside of mainland China. For example,
these statements and enhanced regulatory actions require issuers that have been listed in an overseas market by March 31, 2023, such
as our company, to complete certain filing procedures with the CSRC in connection with future securities offerings and listings outside
of mainland China, including follow-on offerings, issuance of convertible bonds, offshore relisting after going-private transactions,
and other equivalent offering activities. See "Item 3. Key Information—Permissions Required from the PRC Authorities for
our Operations." As the statements and regulatory developments relating to these areas are relatively new and rapidly evolving,
substantial uncertainties remain in relation to their interpretation and implementation. Any such action could result in a material adverse
change in our operations and the value of our ADSs, affect our ability to accept foreign investments or list on another foreign stock
exchange outside of mainland China, including significantly limit or completely hinder our ability to continue to offer securities to
investors, or cause the value of such securities to significantly decline or become worthless. The PRC government may promulgate additional
laws, rules and regulations that may impose significant obligations and liabilities on China-based companies. These laws and regulations
can be complex and stringent, and many are subject to change and uncertain interpretation, which could lead to potential claims, change
to our data and other business practices, regulatory investigations, penalties, increased operational costs, declines in user
numbers
or engagement, or otherwise affect our business operations.
PRC
government has significant authority in regulating our operations and may influence our operations. It may exert more oversight over
offerings conducted overseas by, and/or foreign investment in, China-based issuers, which could significantly limit or completely hinder
our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations in this nature may cause
the value of such securities to significantly decline or become worthless. For more details, see "Item 3. Key Information—D.
Risk Factors—Risks Related to Doing Business in China—The PRC government's significant oversight over our business
operations could result in a material adverse change in our operations and the value of our ADSs."
Risks
and uncertainties regarding the interpretation and enforcement of laws and quickly evolving rules and regulations in China, could result
in a material adverse change in our operations and the value of our ADSs. For more details, see "Item 3. Key Information—D.
Risk Factors—Risks Related to Doing Business in China—There are uncertainties regarding the interpretation and enforcement
of PRC laws, rules and regulations."
5
The
chart below summarizes our corporate structure, including our principal subsidiaries, the VIEs and the VIEs' principal subsidiaries,
as of the date of this annual report:
Notes:
(1)
Mr.
                                            Shanglue Xiao and Mr. Shangce Xiao each holds 99.0099% and 0.9901% of the equity interests
                                            in Yunji Preferred, respectively. Mr. Shanglue Xiao is beneficial owner of our company. Mr.
                                            Shanglue Xiao also serves as the chairman of our board of directors and the chief executive
                                            officer of our company. Mr. Shangce Xiao is a relative of Mr. Shanglue Xiao.
(2)
Mr.
                                            Wenwei Shu holds 100% of equity interests in Hangzhou Chuanchou. Mr. Wenwei Shu is a former employee
                                            of our company.
(3)
Zhejiang
                                            Fengji holds 90% of the equity interest in Zhejiang Jiyuan, and the remaining 10% equity
                                            interest in Zhejiang Jiyuan is held by Yunchuang Sharing.
(4)
Zhejiang
                                            Jixiang holds 95% of the equity interest in Ningbo Meishan, and the remaining 5% equity interest
                                            in Ningbo Meishan is held by Ningbo Meishan Bonded Port Zone Jichuang Investment Partnership
                                            (Limited Partnership), in which Hangzhou Jichuang and Mr. Shanglue Xiao each hold of 95%
                                            and 5% of the equity interests, respectively.
6
Contractual
Arrangements with the VIEs and Their Respective Shareholders
Current
PRC laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies that engage in value-added
telecommunication services and certain other businesses. We are an exempted company incorporated in the Cayman Islands. Yunchuang
Sharing is our PRC subsidiary and a foreign-invested enterprise under PRC laws. To comply with PRC laws and regulations, we conduct
certain of our business in China through the VIEs based on a series of contractual arrangements by and among Yunchuang Sharing, or
our WFOE, the VIEs and their shareholders. Historically, we also maintained contractual arrangements by and among our WFOE, Yunji Sharing and its shareholders. In order to streamline
our corporate structure, in December 2023, our WFOE acquired Yunji Sharing by purchasing all equity interests held by the shareholders
in Yunji Sharing and Yunji Sharing has since become a wholly owned subsidiary of our WFOE. Accordingly, the contractual arrangements with
Yunji Sharing and its shareholders were effectively terminated in December 2023.
Our
contractual arrangements with the VIEs and their respective shareholders allow us to (i) direct the activities of the VIEs, (ii) receive
substantially all of the economic benefits of the VIEs, and (iii) have an exclusive option to purchase all or part of the equity interests
in the VIEs when and to the extent permitted by PRC law.
As
a result of our direct ownership in our WFOE and the contractual arrangements with the VIEs, we are regarded as the primary beneficiary
of the VIEs, and we treat them and their subsidiaries as the consolidated VIEs under U.S. GAAP. We have consolidated the financial results
of the VIEs and their subsidiaries in our consolidated financial statements in accordance with U.S. GAAP for accounting purposes.
The
following is a summary of the currently effective contractual arrangements among our WFOE, the VIEs and their shareholders:
(i)
a series of proxy agreements and power of attorney, pursuant to which, the shareholders of the VIEs irrevocably authorized our WFOE,
or any person designated by our WFOE, to act as their attorney-in-fact to exercise all of their rights as the shareholders of the VIEs.
(ii)
a series of equity interest pledge agreements, pursuant to which, the shareholders of the VIEs have pledged 100% equity interests in
the VIEs to our WFOE to guarantee performance by the shareholders of their obligations under the exclusive option agreements, the exclusive
service agreements, the proxy agreements and power of attorney, as well as the performance by the VIEs of their obligations under the
exclusive option agreements and the exclusive service agreements.
(iii)
a series of exclusive service agreements, pursuant to which, our WFOE has the exclusive right to provide the VIEs with operational supports
as well as consulting and technical services required by the VIEs' business. Without our WFOE's prior written consent, the
VIEs may not accept the same or similar operational supports as well as consulting and technical services provided by any third party
during the term of the agreements.
(iv)
a series of exclusive option agreements, pursuant to which, the shareholders of the VIEs irrevocably granted our WFOE an exclusive option
to purchase all or part of their equity interests in the VIEs, and the VIEs irrevocably granted our WFOE an exclusive option to purchase
all or part of their assets.
(v)
a loan agreement, pursuant to which, our WFOE made loans to the shareholders of Yunji Preferred for the sole purpose of making capital
contribution to Yunji Preferred. The shareholders of Yunji Preferred can only repay the loans by the sale of all or part of their equity
interests in Yunji Preferred to our WFOE or its designated person pursuant to the amended and restated exclusive option agreement, and,
to the extent permitted under PRC law, pay all of the proceeds from sale of such equity interests to our WFOE.
(vi)
spousal consent letters, whereby the spouses of the shareholders of Yunji Preferred agreed that the equity interests in Yunji Preferred
held by and registered under the name of the respective shareholders will be disposed pursuant to the contractual agreements with our
WFOE and they agreed not to assert any rights over the equity interest in Yunji Preferred.
7
For
more details of these contractual agreements, see "Item 4. Information on the Company—C. Organizational Structure—Contractual
Arrangements with the VIEs and Their Respective Shareholders."
In
the opinion of Han Kun Law Offices, our PRC legal counsel:
●
the structures of the VIEs in China and our WFOE are not in violation of applicable
                                            PRC laws and regulations currently in effect; and
●
the
                                            contractual arrangements between our WFOE, the VIEs and their respective shareholders governed
                                            by PRC law are valid, binding and enforceable, and will not result in any violation of applicable
                                            PRC laws and regulations currently in effect.
However,
our PRC legal counsel has also advised us that there are substantial uncertainties regarding the interpretation and application of
current and future PRC laws, regulations and rules. Accordingly, the PRC regulatory authorities may take a view that is contrary to
the opinion of our PRC legal counsel. It is uncertain whether any new PRC laws or regulations relating to variable interest entity
structures will be adopted or if adopted, what they would provide. If we or any of the VIEs are found to be in violation of any
existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC
regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See "Item 3.
Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—
If
the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC
regulations relating to 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, and our ADSs may
decline in value or become worthless
." and "Item 3. Key Information—D. Risk Factors—Risks Related to
Doing Business in China—There are uncertainties regarding the interpretation and enforcement of PRC laws, rules and
regulations."
Permissions
Required from the PRC Authorities for Our Operations
Our
operations in China are governed by PRC laws and regulations. After consulting our PRC legal counsel, Han Kun Law Offices, we believe,
as of the date of this annual report, except as otherwise stated in "Item 3. Key Information—D. Risk Factors—Risks
Related to Our Business and Industry—Any lack of requisite approvals, licenses or permits applicable to our business or failure
to comply with any requirements of PRC laws, regulations and policies may have a material and adverse impact on our business, financial
condition and results of operations," our PRC subsidiaries and the VIEs have obtained all the requisite operational licenses and
permits from the PRC government authorities that are necessary for the business operations of our holding company, our PRC subsidiaries
and the VIEs in China, namely, the VATS License, the Network Culture Business Permit, the Production and Operation of Broadcasting and
Television Programs Permit, the ICP filing, the Internet Pharmaceutical Information Services Qualification Certificate, the Record-Filing
of Third-Party Platforms Providing Online Trading Service for Medical Devices, the Record-Filing for Business Operations of Class Two
Medical Devices, the Publication Operation Permit, the Food Operation Permit, the Record-Filing Application as A Third-Party Platform
Provider for Online Food Trading, the registration and record-filing of cosmetic products and the filing of APP (including mini-applet)
organizer. We, our PRC subsidiaries, and the VIEs have not been denied for any permission or approval by any PRC authority with respect
to the operation of our business as of the date of this annual report. However, given the uncertainties of interpretation and implementation
of the laws and regulations and the enforcement practice by the 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. For more detailed information, see "Item
3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—Any lack of requisite approvals, licenses
or permits applicable to our business or failure to comply with any requirements of PRC laws, regulations and policies may have a material
and adverse impact on our business, financial condition and results of operations," "—Failure to comply with the E-Commerce
Law may have a material adverse impact on our business, financial conditions and results of Operations," "—Our and
the VIEs' business generates and processes a large amount of data, and we are required to comply with PRC and other applicable
laws relating to data privacy and cybersecurity. Many of these laws and regulations are subject to change and uncertain interpretation,
and improper use or disclosure of data could have a material and adverse effect on our business and prospects," and "Item
3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—We and the VIEs may be adversely affected
by the complexity, uncertainties and changes in PRC regulation of internet-related businesses and companies."
8
Permissions
Required from the PRC Authorities for Overseas Financing Activities
In
connection with our historical issuance of securities to foreign investors, under current PRC laws, regulations and rules, as of the
date of this annual report, we, our PRC subsidiaries and the VIEs, are not required to (i) obtain any permission or approval from the
China Securities Regulatory Commission, or the CSRC, (ii) go through cybersecurity review by the Cyberspace Administration of China,
or (iii) obtain permission or approval from any other PRC government authority. In addition, we, our PRC subsidiaries and the VIEs, have
not been asked to obtain nor were denied for any permission or approval by any PRC government authority in connection with our historical
issuance of securities to foreign investors.
The
PRC government has indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign
investment in China-based issuers. On February 17, 2023, the CSRC promulgated the Circular of the People's Republic of China on
Administrative Arrangements for Filing of Overseas Offering and Listing of Domestic Enterprises, or the Circular of Overseas Listing
and Offering, and the Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies and five relevant
guidelines, or the Overseas Listing Trial Measures. The Overseas Listing Trial Measures became effective on March 31, 2023. Pursuant
to the Overseas Listing Trial Measures, PRC domestic companies that seek to offer and list securities in overseas markets, either in
direct or indirect means, are required to fulfill the filing procedure with the CSRC and report relevant information. According to the
Circular of Overseas Listing and Offering, issuers that have already been listed in an overseas market by March 31, 2023, such as our
company, are not required to make any immediate filing. As advised by our PRC legal counsel, Han Kun Law Offices, as our ADSs have been
listed on Nasdaq prior to March 31, 2023, we will be deemed as an "existing issuer" pursuant to the Overseas Listing Trial
Measures and are not required to complete the filing procedures with the CSRC for our initial public offering and other historical issuance
of securities to foreign investors. However, under the Overseas Listing Trial Measures, such issuers will be required to complete certain
filing procedures with the CSRC in connection with future securities offerings and listings outside of mainland China, including follow-on
offerings, issuance of convertible bonds, offshore relisting after going-private transactions, and other equivalent offering activities.
There remain substantial uncertainties about the interpretation, application and implementation of the Overseas Listing Trial Measures.
Therefore, we will be required to complete the filing procedures with the CSRC for our overseas offering of equity and equity linked
securities in the future within the applicable scope of the Overseas Listing Trial Measures. If we fail to obtain required approval or
complete other review or filing procedures, under the Overseas Listing Trial Measures or otherwise, for any future securities offerings
and listings outside of mainland China, we may face sanctions by the CSRC or other PRC regulatory authorities, which may include fines
and penalties on our operations in mainland China, limitations on our operating privileges in mainland China, restrictions on or prohibition
of the payments or remittance of dividends by our subsidiaries in mainland China, restrictions on or delays to our future financing transactions
offshore, or other actions that could have a material and adverse effect on our business, financial condition, results of operations,
reputation and prospects, as well as the trading price of our ADSs. For more detailed information, see "Item 3. Key Information—D.
Risk Factors—Risks Related to Doing Business in China—The approval and/or other requirements of the CSRC or other PRC governmental
authorities may be required in connection with an offering under PRC rules, regulations or policies, and, if required, we cannot predict
whether or how soon we will be able to obtain such approval or complete such other requirements."
On
December 28, 2021, the
Cyberspace Administration of
China
and other PRC governmental authorities jointly issued the Cybersecurity Review Measures,
which took effect on February 15, 2022, requiring that, among others, operators of "critical information infrastructure"
or data processors holding over one million users' personal information seeking to list on a stock exchange in a foreign
country are subject to a cybersecurity review. Our PRC legal counsel has consulted the relevant PRC government authority, which
confirmed that, under the currently effective PRC laws and regulations, a company already listed in a foreign stock exchange before
promulgation of the Cybersecurity Review Measures is not required to go through a cybersecurity review by the
Cyberspace
Administration of China
to maintain its listing status on the foreign stock exchange on which
its securities have been listed. Therefore, we believe that under the currently effective PRC laws and regulations, we are not
required to go through a cybersecurity review by the
Cyberspace Administration of China
for
our past issuance of securities to foreign investors and maintaining our listing status on the Nasdaq Capital
Market.
9
If
(i) we do not receive or maintain any permits or approvals required of us, (ii) we inadvertently concluded that certain permits or approvals
have been acquired or are not required, or (iii) applicable laws, regulations, or interpretations thereof change and we become subject
to the requirement of additional permits or approvals in the future, we cannot assure you that we will be able to obtain such permissions
or approvals in a timely manner, or at all, and such approvals may be rescinded even if obtained. Any such circumstance could subject
us to penalties, including fines, suspension of business and revocation of required licenses, which could materially and adversely affect
our business, financial condition and results of operations. For more detailed information, see "Item 3. Key Information—D.
Risk Factors—Risks Related to Doing Business in China—There are uncertainties regarding the interpretation and enforcement
of PRC laws, rules and regulations."
The
Holding Foreign Companies Accountable Act
Pursuant
to the Holding Foreign Companies Accountable Act, or the HFCAA, as amended by the Consolidated Appropriations Act, if the Securities
and Exchange Commission, or the SEC, determines that we have filed audit reports issued by a registered public accounting firm that has
not been subject to inspections by the Public Company Accounting Oversight Board, or the PCAOB, for two consecutive years, the SEC will
prohibit our shares or the ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the
United States and this could result in a determination by the national securities exchange to delist our securities. On December 29,
2022, the Consolidated Appropriations Act, 2023, was signed into law, which amended the HFCAA to reduce the number of consecutive non-inspection
years required for triggering the prohibitions under the HFCAA from three years to two, thereby reducing the time before our securities
may be prohibited from trading or delisted. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that
the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong
Kong, including our auditor. Our independent registered public accounting firm, PricewaterhouseCoopers Zhong Tian LLP, is headquartered
in mainland China. In May 2022, the SEC conclusively listed us as a Commission-Identified Issuer under the HFCAA because we filed an
annual report on Form 20-F for the year ended December 31, 2021 with the SEC on April 26, 2022 with an audit report issued by PricewaterhouseCoopers
Zhong Tian LLP, a registered public accounting firm retained by the Company, for the preparation of the audit report on our Company's
financial statements included therein. PricewaterhouseCoopers Zhong Tian LLP is a registered public accounting firm headquartered in
mainland China, a jurisdiction where the PCAOB determined that it had been unable to inspect or investigate completely registered public
accounting firms headquartered there until December 2022. On December 15, 2022, the PCAOB issued a report that vacated its December 16,
2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate
completely registered public accounting firms. For this reason, we were not identified as a Commission-Identified Issuer under the HFCAA
after we filed our annual report on Form 20-F for the fiscal year ended December 31, 2022 and do not expect to be so identified after
we file this annual report on Form 20-F for the fiscal year ended December 31, 2023.
Each
year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other
jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting
firms in mainland China and Hong Kong and we continue to use an accounting firm headquartered in one of these jurisdictions to issue
an audit report on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the
filing of the annual report on Form 20-F for the relevant fiscal year. There can be no assurance that we would not be identified as a
Commission-Identified Issuer for any future fiscal year, and if we were so identified for two consecutive years, we would become subject
to the prohibition on trading under the HFCAA. In accordance with the HFCAA, our securities would be prohibited from being traded on
a national securities exchange or in the over-the-counter trading market in the United States if we are identified as a Commission-Identified
Issuer for two consecutive years in the future. Furthermore, whether the PCAOB will be able to continue to conduct inspections and investigations
completely to its satisfaction of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to
uncertainty and depends on a number of factors out of our, and our auditor's, control, including positions taken by authorities
of the PRC or any other foreign jurisdiction. If authorities in the PRC or another foreign jurisdiction were to take a position at any
time in the future that would prevent the PCAOB from continuing to inspect or investigate completely registered public accounting firms
headquartered in mainland China or Hong Kong, and if such lack of inspection were to extend for the requisite period of time under the
HFCAA, our securities will be prohibited from being traded on U.S. markets and this could result in a determination by Nasdaq to delist
our securities. If our shares and ADSs are prohibited from trading 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. A prohibition of being able to
trade in the United States would substantially impair your ability to sell or purchase our ADSs when you wish to do so, and the risk
and uncertainty associated with delisting would have a negative impact on the price of our ADSs. Also, such a prohibition 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. For more details, see "Item 3. Key Information—D. Risk Factors—Risks Related to
Doing Business in China—The PCAOB had historically been unable to inspect our auditor in relation to their audit work performed
for our financial statements and the inability of the PCAOB to conduct inspections of our auditor in the past has deprived our investors
with the benefits of such inspections" and "Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business
in China—Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect
or investigate completely auditors located in mainland China and Hong Kong. The delisting of the ADSs, or the threat of their being delisted,
may materially and adversely affect the value of your investment."
10
Cash
Flows through Our Organization
Yunji
Inc. is a holding company with no operations of its own. We conduct our business in China through our subsidiaries and the VIEs in China.
As a result, although other means are available for us to obtain financing at the holding company level, Yunji Inc.'s ability to
pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries and license
and service fees paid by the VIEs. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing
such debt may restrict its ability to pay dividends to Yunji Inc. In addition, our PRC subsidiaries are permitted to pay dividends to
Yunji Inc. only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Further,
our PRC subsidiaries and the VIEs are required to make appropriations to certain statutory reserve funds or may make appropriations to
certain discretionary funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies.
For more details, see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Holding
Company Structure."
Under
PRC laws and regulations, our PRC subsidiaries and the VIEs are subject to certain restrictions with respect to paying dividends or otherwise
transferring any of their net assets to us. Remittance of dividends by a wholly foreign-owned enterprise out of China is also subject
to examination by the banks designated by State Administration of Foreign Exchange, or the SAFE. The amounts restricted include the paid-up
capital and the statutory reserve funds of our PRC subsidiaries and the net assets of the VIEs in which we have no legal ownership, totaling
RMB451.4 million, RMB453.4 million and RMB639.4 million (US$90.1 million) as of December 31, 2021, 2022 and 2023, respectively. Furthermore,
cash transfers from our PRC subsidiaries and the VIEs to entities outside of China are subject to PRC government controls on currency
conversion.
Shortages in the availability of foreign currency may temporarily delay the ability
of our PRC subsidiaries and the VIEs to remit sufficient foreign currency to pay dividends or other payments to us, or otherwise satisfy
their foreign currency denominated obligations. There is no assurance the PRC government will not intervene in or impose restrictions
on the ability of Yunji Inc., our subsidiaries, and the VIEs to transfer cash. As of the date of this annual report, there is not equivalent
or similar restriction or limitation in Hong Kong on cash transfers in, or out of, our Hong Kong entities. However, if certain restrictions
or limitations in mainland China were to become applicable to cash transfers in and out of Hong Kong entities in the future, the funds
in our Hong Kong entities may not be available to fund operations or for other use outside of Hong Kong. To the extent cash in the business
is in mainland China or Hong Kong or a mainland China or Hong Kong entity, the funds may not be available to fund operations or for other
use outside of mainland China or Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of
us or our subsidiaries by the PRC government to transfer cash. For risks relating to the fund flows of our operations in China, see "Item
3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—We may rely on dividends and other distributions
on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of
our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business" and
"Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Governmental control of currency
conversion may limit our ability to utilize our revenues effectively and affect the value of your investment" and "Item
3. Key Information—Risk Factors—Risks Related to Doing Business in China—PRC regulation of loans to and direct investment
in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the
proceeds to make loans to our PRC subsidiaries and the VIEs in China, which could materially and adversely affect our liquidity and our
ability to fund and expand our business."
11
Under
PRC law, Yunji Inc. may provide funding to our PRC subsidiaries only through capital contributions or loans, and to the VIEs only through
loans, subject to satisfaction of applicable government registration and approval requirements. For the years ended December 31, 2021,
2022 and 2023, Yunji Inc. extended loans with principal amount of nil, nil and RMB22.0 million (US$3.0 million), respectively, to our
intermediate holding companies and subsidiaries and received repayments of RMB294.8 million, RMB19.7 million and nil, respectively, from
our intermediate holding companies and subsidiaries. For the years ended December 31, 2021, 2022 and 2023, the VIEs didn't receive
any loans from Yunji Inc. and Yunji Inc. didn't receive any repayments from the VIEs. The VIEs may transfer cash to our WFOE by
paying service fees according to the exclusive service agreements. For the years ended December 31, 2021, 2022 and 2023, no service fees
were paid by the VIEs to our WFOE under the exclusive service agreements.
We plan to continue to
determine the amount of service fee and payment method with the VIEs and their shareholders based on the working capital needs of the
VIEs, and settle fees under the contractual arrangements with the VIEs when required in the future.
We
have established stringent controls and procedures for cash flows within our organization. Each transfer of cash between our Cayman Islands
holding company and a subsidiary, the VIEs or the subsidiaries of the VIEs is subject to internal approval. The cash of our group is
under the unified management of our finance department, and is dispatched and applied to each operating entity based on the budget and
operating conditions of the specific operating entity. The cash management policy is not contractual in nature. The controls and procedures
on cash transfers in the policy adhere to relevant regulatory requirements.
Yunji
Inc. has not declared or paid any cash dividends, nor does it has any present plan to pay any cash dividends on our ordinary shares in
the foreseeable future. We currently intend to retain all of our available funds and any future earnings to operate and expand our business.
We currently do not have any plan to require our PRC subsidiaries to distribute their retained earnings and intend to retain them to
operate and expand our business in the PRC. See "Item 8. Financial Information—A. Consolidated Statements and Other Financial
Information—Dividend Policy." For PRC and United States federal income tax considerations of an investment in our ADSs, see
"Item 10. Additional Information—E. Taxation."
For
purposes of illustration, the following discussion reflects the hypothetical taxes that might be required to be paid within mainland
China, assuming that: (i) we have taxable earnings, and (ii) we determine to pay a dividend in the future:
Tax calculation
(1)
Hypothetical pre-tax earnings
(2)
100
%
Tax on earnings at statutory rate of 25%
(3)
(25
)%
Net earnings available for distribution 75%
75
%
Withholding tax at standard rate of 10%
(4)
(7.5
)%
Net distribution to Parent/Shareholders
67.5
%
Notes:
(1)
For
                                            purposes of this example, the tax calculation has been simplified. The hypothetical book
                                            pre-tax earnings amount, not considering timing differences, is assumed to equal taxable
                                            income in China.
(2)
Under
                                            the terms of VIE contractual arrangements, our WFOE may charge the VIEs for services provided
                                            to VIEs. These service fees shall be recognized as expenses of the VIEs, with a corresponding
                                            amount as service income by our WFOE and eliminate in consolidation. For income tax purposes,
                                            our WFOE and the VIEs file income tax returns on a separate company basis. The service fees
                                            paid are recognized as a tax deduction by the VIEs and as income by our WFOE and are tax
                                            neutral.
(3)
Certain
                                            of our subsidiaries and the VIEs qualifies for a 15% preferential income tax rate in China.
                                            However, such rate is subject to qualification, is temporary in nature, and may not be available
                                            in a future period when distributions are paid. For purposes of this hypothetical example,
                                            the table above reflects a maximum tax scenario under which the full statutory rate would
                                            be effective.
(4)
The
                                            PRC Enterprise Income Tax Law imposes a withholding income tax of 10% on dividends distributed
                                            by a foreign invested enterprise, or FIE, to its immediate holding company outside of China.
                                            A lower withholding income tax rate of 5% is applied if the FIE's immediate holding
                                            company is registered in Hong Kong or other jurisdictions that have a tax treaty arrangement
                                            with China, subject to a qualification review at the time of the distribution. For purposes
                                            of this hypothetical example, the table above assumes a maximum tax scenario under which
                                            the full withholding tax would be applied.
12
The
table above has been prepared under the assumption that all profits of the VIEs will be distributed as fees to our WFOE under tax neutral
contractual arrangements. If, in the future, the accumulated earnings of the VIEs exceed the service fees paid to our WFOE (or if the
current and contemplated fee structure between the intercompany entities is determined to be non-substantive and disallowed by Chinese
tax authorities), the VIEs could make a non-deductible transfer to our WFOE for the amounts of the stranded cash in the VIEs. This would
result in such transfer being non-deductible expenses for the VIEs but still taxable income for the WFOE. Such a transfer and the related
tax burdens would reduce our after-tax income to approximately 50.6% of the pre-tax income. Our management believes that there is only
a remote possibility that this scenario would happen.
Financial
Information Related to the VIEs
The
following tables provide condensed consolidating schedules depicting the financial position, cash flows, and results of operations for
Yunji Inc., its subsidiaries, the VIEs and their subsidiaries, and any eliminating adjustments and consolidated totals (in thousands
of RMB) as of and for the dates presented.
Selected
Condensed Consolidating Statements of Comprehensive (Loss)/Income Information
For the Year Ended December 31, 2023
Yunji
Inc.
Primary
Beneficiary
of VIEs
VIEs and
their
subsidiaries
(4)
Other
subsidiaries
Eliminating
adjustments
Consolidated
Totals
(RMB in thousands)
Revenues
Third-party revenues
—
34
316,382
323,793
—
640,209
Intra-Group revenues
(3)
—
—
91,657
142,790
(234,447
)
—
Total revenues
—
34
408,039
466,583
(234,447
)
640,209
Operating cost and expenses
Third-party operating cost and expenses
(8,557
)
(15,520
)
(272,602
)
(439,047
)
—
(735,726
)
Intra-Group operating cost and expenses
(3)
—
—
(142,717
)
(91,730
)
234,447
—
Total operating cost and expenses
(8,557
)
(15,520
)
(415,319
)
(530,777
)
234,447
(735,726
)
Other operating income, net
—
—
9,349
5,549
—
14,898
(Loss)/income from operations
(8,557
)
(15,486
)
2,069
(58,645
)
—
(80,619
)
Other non-operating (loss)/income
(4,750
)
(7,651
)
1,975
(58,948
)
—
(69,374
)
Share of loss from investments in VIEs and subsidiaries
(151,117
)
(53,631
)
—
(77,600
)
282,348
—
(Loss)/income before income tax expense, and equity in income of affiliates, net of tax
(164,424
)
(76,768
)
4,044
(195,193
)
282,348
(149,993
)
Income tax expense
—
—
(6,683
)
(1,168
)
—
(7,851
)
Equity in loss of affiliates, net of tax
(705
)
(832
)
(4,637
)
(1,102
)
—
(7,276
)
Net loss
(165,129
)
(77,600
)
(7,276
)
(197,463
)
282,348
(165,120
)
Less: Net loss from operations attributable to non-controlling interests shareholders
—
—
8
1
—
9
Net loss attributable to Yunji Inc.
(165,129
)
(77,600
)
(7,284
)
(197,464
)
282,348
(165,129
)
13
For the Year Ended December 31, 2022
Yunji
Inc.
Primary
Beneficiary
of VIEs
VIEs and
their
subsidiaries
(5)
Other
subsidiaries
Eliminating
adjustments
Consolidated
Totals
(RMB in thousands)
Revenues
Third-party revenues
—
—
349,259
804,855
—
1,154,114
Intra-Group revenues
(3)
—
—
229,562
179,546
(409,108
)
—
Total revenues
—
—
578,821
984,401
(409,108
)
1,154,114
Operating cost and expenses
Third-party operating cost and expenses
(10,706
)
(2,825
)
(478,245
)
(762,504
)
—
(1,254,280
)
Intra-Group operating cost and expenses
(3)
—
—
(178,573
)
(230,535
)
409,108
—
Total operating cost and expenses
(10,706
)
(2,825
)
(656,818
)
(993,039
)
409,108
(1,254,280
)
Other operating income, net
—
—
9,957
11,642
—
21,599
(Loss)/income from operations
(10,706
)
(2,825
)
(68,040
)
3,004
—
(78,567
)
Other non-operating (loss)/income
(12,387
)
(34,347
)
8,248
10,505
—
(27,981
)
Share of loss from investments in VIEs and subsidiaries
(115,080
)
(91,001
)
—
(128,815
)
334,896
—
Loss before income tax expense, and equity in income of affiliates, net of tax
(138,173
)
(128,173
)
(59,792
)
(115,306
)
334,896
(106,548
)
Income tax expense
—
—
(10,216
)
(14,575
)
—
(24,791
)
Equity in loss of affiliates, net of tax
—
(642
)
(5,321
)
(1,088
)
—
(7,051
)
Net loss
(138,173
)
(128,815
)
(75,329
)
(130,969
)
334,896
(138,390
)
Less: Net loss from operations attributable to non-controlling interests shareholders
—
—
(217
)
—
—
(217
)
Net loss attributable to Yunji Inc.
(138,173
)
(128,815
)
(75,112
)
(130,969
)
334,896
(138,173
)
For the Year Ended December 31, 2021
Yunji
Inc.
Primary
Beneficiary
of VIEs
VIEs and
their
subsidiaries
(5)
Other
subsidiaries
Eliminating
adjustments
Consolidated
Totals
(RMB in thousands)
Revenues
Third-party revenues
—
—
513,299
1,642,062
—
2,155,361
Intra-Group revenues
(3)
—
—
501,168
122,315
(623,483
)
—
Total revenues
—
—
1,014,467
1,764,377
(623,483
)
2,155,361
Operating cost and expenses
Third-party operating cost and expenses
(19,684
)
(4,161
)
(906,559
)
(1,262,021
)
—
(2,192,425
)
Intra-Group operating cost and expenses
(3)
—
(22
)
(118,456
)
(505,005
)
623,483
—
Total operating cost and expenses
(19,684
)
(4,183
)
(1,025,015
)
(1,767,026
)
623,483
(2,192,425
)
Other operating income, net
—
—
27,953
26,463
—
54,416
(Loss)/income from operations
(19,684
)
(4,183
)
17,405
23,814
—
17,352
Other non-operating (loss)/income
(15,794
)
10,098
196,399
967
—
191,670
Share of income from investments in VIEs and subsidiaries
167,444
183,097
—
181,454
(531,995
)
—
Income before income tax expense, and equity in income of affiliates, net of tax
131,966
189,012
213,804
206,235
(531,995
)
209,022
Income tax expense
—
(1,441
)
(40,299
)
(18,761
)
—
(60,501
)
Equity in loss of affiliates, net of tax
—
(6,117
)
(8,555
)
(1,565
)
—
(16,237
)
Net income
131,966
181,454
164,950
185,909
(531,995
)
132,284
Less: Net income from operations attributable to non-controlling interests shareholders
—
—
59
259
—
318
Net income attributable to Yunji Inc.
131,966
181,454
164,891
185,650
(531,995
)
131,966
14
Selected
Condensed Consolidating Balance Sheets Information
As of December 31, 2023
Yunji Inc.
Primary Beneficiary of VIEs
VIEs and their subsidiaries
Other Subsidiaries
(5)
Eliminating adjustments
Consolidated Totals
(RMB in thousands)
Cash and cash equivalents
64,070
34,485
20,176
398,811
—
517,542
Restricted cash
—
—
27,169
—
—
27,169
Short-term investments
7,195
—
—
—
—
7,195
Inventories, net
—
—
2,491
40,451
—
42,942
Amounts due from the Group companies
(1)
195,917
610,157
530,998
1,362,125
(2,699,197
)
—
Prepaid expenses and other current assets
1,059
11,837
58,441
62,684
—
134,021
Other current assets
—
—
62,789
16,942
—
79,731
Total current assets
268,241
656,479
702,064
1,881,013
(2,699,197
)
808,600
Investment in subsidiaries and VIEs
(2)
883,681
(103,987
)
—
189,991
(969,685
)
—
Long-term investments
39,500
105
206,152
118,402
—
364,159
Other non-current assets
—
43,807
7,915
329,303
—
381,025
Total non-current assets
923,181
(60,075
)
214,067
637,696
(969,685
)
745,184
Total assets
1,191,422
596,404
916,131
2,518,709
(3,668,882
)
1,553,784
Accounts payable
—
—
48,198
48,584
—
96,782
Deferred revenue
—
—
6,836
2,576
—
9,412
Incentive payables to members
—
—
124,889
—
—
124,889
Amounts due to the Group companies
(1)
—
402,946
727,459
1,568,792
(2,699,197
)
—
Other payable and accrued liabilities
1,206
8,467
65,587
33,940
—
109,200
Other liabilities
—
—
5,369
17,037
—
22,406
Total liabilities
1,206
411,413
978,338
1,670,929
(2,699,197
)
362,689
Total shareholders' equity/(deficit)
(2)
1,190,216
184,991
(62,207
)
847,780
(969,685
)
1,191,095
Total liabilities and shareholders' equity/(deficit)
1,191,422
596,404
916,131
2,518,709
(3,668,882
)
1,553,784
15
As of December 31, 2022
Yunji Inc.
Primary Beneficiary of VIEs
VIEs and their subsidiaries
(5)
Other Subsidiaries
Eliminating adjustments
Consolidated Totals
(RMB in thousands)
Cash and cash equivalents
65,363
4,500
114,265
230,506
—
414,634
Restricted cash
—
—
42,109
—
—
42,109
Short-term investments
70,125
—
—
141,878
—
212,003
Inventories, net
—
—
2,635
52,016
—
54,651
Amounts due from the Group companies
(1)
161,124
638,705
719,655
1,845,206
(3,364,690
)
—
Prepaid expenses and other current assets
1,516
59,660
81,307
219,582
—
362,065
Other current assets
—
—
29,163
97,888
—
127,051
Total current assets
298,128
702,865
989,134
2,587,076
(3,364,690
)
1,212,513
Investment in subsidiaries and VIEs
(2)
1,020,937
(49,134
)
—
268,813
(1,240,616
)
—
Long-term investments
39,817
938
214,450
159,120
—
414,325
Other non-current assets
—
11,046
10,963
243,564
—
265,573
Total non-current assets
1,060,754
(37,150
)
225,413
671,497
(1,240,616
)
679,898
Total assets
1,358,882
665,715
1,214,547
3,258,573
(4,605,306
)
1,892,411
Accounts payable
—
—
71,007
67,896
—
138,903
Deferred revenue
—
—
16,398
5,350
—
21,748
Incentive payables to members
—
—
207,331
—
—
207,331
Amounts due to the Group companies
(1)
—
393,425
900,852
2,070,413
(3,364,690
)
—
Other payable and accrued liabilities
3,852
8,477
91,469
41,729
—
145,527
Other liabilities
—
—
13,080
9,922
—
23,002
Total liabilities
3,852
401,902
1,300,137
2,195,310
(3,364,690
)
536,511
Total shareholders' equity/(deficit)
(2)
1,355,030
263,813
(85,590
)
1,063,263
(1,240,616
)
1,355,900
Total liabilities and shareholders' equity/(deficit)
1,358,882
665,715
1,214,547
3,258,573
(4,605,306
)
1,892,411
16
As of December 31, 2021
Yunji Inc.
Primary
Beneficiary
of VIEs
VIEs and
their
subsidiaries
(5)
Other Subsidiaries
Eliminating adjustments
Consolidated Totals
(RMB in thousands)
Cash and cash equivalents
8,678
8,923
70,599
479,004
—
567,204
Restricted cash
—
—
62,243
285
—
62,528
Short-term investments
195,679
—
—
184,373
—
380,052
Inventories, net
—
—
1,694
82,806
—
84,500
Amounts due from the Group companies
(1)
110,729
763,134
520,888
1,281,468
(2,676,219
)
—
Prepaid expenses and other current assets
4,113
16,662
158,148
251,794
—
430,717
Other current assets
—
—
16,007
164,128
—
180,135
Total current assets
319,199
788,719
829,579
2,443,858
(2,676,219
)
1,705,136
Investment in subsidiaries and VIEs
(2)
1,114,353
12,364
—
363,124
(1,489,841
)
—
Long-term investments
46,562
3,388
215,293
116,158
—
381,401
Other non-current assets
—
55,366
32,688
175,379
—
263,433
Total non-current assets
1,160,915
71,118
247,981
654,661
(1,489,841
)
644,834
Total assets
1,480,114
859,837
1,077,560
3,098,519
(4,166,060
)
2,349,970
Accounts payable
—
—
121,347
133,492
—
254,839
Deferred revenue
—
—
21,058
84,694
—
105,752
Incentive payables to members
—
—
6,085
259,527
—
265,612
Amounts due to the Group companies
(1)
—
488,223
793,245
1,394,751
(2,676,219
)
—
Other payable and accrued liabilities
2,218
8,490
156,509
35,569
—
202,786
Other liabilities
—
—
23,303
19,163
—
42,466
Total liabilities
2,218
496,713
1,121,547
1,927,196
(2,676,219
)
871,455
Total shareholders' equity/(deficit)
(2)
1,477,896
363,124
(43,987
)
1,171,323
(1,489,841
)
1,478,515
Total liabilities, mezzanine equity and shareholders' (deficit)/equity
1,480,114
859,837
1,077,560
3,098,519
(4,166,060
)
2,349,970
17
Selected
Condensed Consolidating Cash Flows Information
For the Year Ended December 31, 2023
Yunji Inc.
Primary
Beneficiary
of VIEs
VIEs and
their
subsidiaries
(4)
Other Subsidiaries
Eliminating adjustments
Consolidated Total
(RMB in thousands)
Net cash (used in)/ provided by transactions with external parties
(8,557
)
(268
)
215,227
(394,663
)
—
(188,261
)
Net cash (used in)/ provided by transactions with intra-Group entities
—
—
(453,916
)
453,916
—
—
Net cash (used in)/ provided by operating activities
(8,557
)
(268
)
(238,689
)
59,253
—
(188,261
)
Net cash provided by transactions with external parties
53,690
1,743
9,028
229,574
—
294,035
Net cash (used in)/provided by transactions with intra-Group entities
(21,970
)
28,500
118,831
—
(125,361
)
—
Net cash generated from investing activities
31,720
30,243
127,859
229,574
(125,361
)
294,035
Net cash used in transactions with external parties
(25,334
)
—
—
—
—
(25,334
)
Net cash provided by/(used in) transactions with intra-Group entities
—
—
1,500
(126,861
)
125,361
—
Net cash (used in)/generated from financing activities
(25,334
)
—
1,500
(126,861
)
125,361
(25,334
)
Effect of exchange rate changes on cash and cash equivalents
878
10
301
6,339
—
7,528
Net (decrease)/increase in cash, cash equivalents and restricted cash
(1,293
)
29,985
(109,029
)
168,305
—
87,968
Cash, cash equivalents and restricted cash at beginning of the year
65,363
4,500
156,374
230,506
—
456,743
Cash, cash equivalents and restricted cash at end of the year
64,070
34,485
47,345
398,811
—
544,711
18
For the Year Ended December 31, 2022
Yunji Inc.
Primary
Beneficiary
of VIEs
VIEs and
their
subsidiaries
(5)
Other Subsidiaries
Eliminating adjustments
Consolidated Total
(RMB in thousands)
Net cash (used in)/ provided by transactions with external parties
(9,075
)
1,202
651,432
(860,381
)
—
(216,822
)
Net cash (used in)/ provided by transactions with intra-Group entities
—
—
(698,690
)
698,690
—
—
Net cash (used in)/ provided by operating activities
(9,075
)
1,202
(47,258
)
(161,691
)
(216,822
)
Net cash provided by/(used in) transactions with external parties
134,871
1,612
5,216
(49,134
)
—
92,565
Net cash provided by/(used in) transactions with intra-Group entities
19,681
(7,577
)
60,000
(4,535
)
(67,569
)
—
Net cash generated from/(used in) investing activities
154,552
(5,965
)
65,216
(53,669
)
(67,569
)
92,565
Net cash (used in)/ provided by transactions with external parties
(94,752
)
—
197
—
—
(94,555
)
Net cash provided by/(used in) transactions with intra-Group entities
—
285
4,250
(72,104
)
67,569
—
Net cash (used in)/generated from financing activities
(94,752
)
285
4,447
(72,104
)
67,569
(94,555
)
Effect of exchange rate changes on cash and cash equivalents
5,960
55
1,127
38,681
—
45,823
Net increase/(decrease) in cash, cash equivalents and restricted cash
56,685
(4,423
)
23,532
(248,783
)
—
(172,989
)
Cash, cash equivalents and restricted cash at beginning of the year
8,678
8,923
132,842
479,289
—
629,732
Cash, cash equivalents and restricted cash at end of the year
65,363
4,500
156,374
230,506
—
456,743
19
For the Year Ended December 31, 2021
Yunji Inc.
Primary
Beneficiary
of VIEs
VIEs and
their
subsidiaries
(5)
Other Subsidiaries
Eliminating adjustments
Consolidated Total
(RMB in thousands)
Net cash (used in)/ provided by transactions with external parties
(23,226
)
23,972
539,673
(566,410
)
—
(25,991
)
Net cash (used in)/ provided by transactions with intra-Group entities
—
—
(497,190
)
497,190
—
—
Net cash (used in)/ provided by operating activities
(23,226
)
23,972
42,483
(69,220
)
—
(25,991
)
Net cash (used in)/ provided by transactions with external parties
(264,919
)
13,997
8,102
(270,975
)
—
(513,795
)
Net cash provided by/(used in) transactions with intra-Group entities
294,838
(41,556
)
(180,000
)
(5,352
)
(67,930
)
—
Net cash generated from/(used in) investing activities
29,919
(27,559
)
(171,898
)
(276,327
)
(67,930
)
(513,795
)
Net cash provided by/(used in) transactions with external parties
788
—
(1,198
)
(53
)
—
(463
)
Net cash provided by/(used in) transactions with intra-Group entities
—
5,352
—
(73,282
)
67,930
—
Net cash generated from/(used in) financing activities
788
5,352
(1,198
)
(73,335
)
67,930
(463
)
Effect of exchange rate changes on cash and cash equivalents
(2,457
)
(14
)
(383
)
(16,909
)
—
(19,763
)
Net increase/(decrease) in cash, cash equivalents and restricted cash
5,024
1,751
(130,996
)
(435,791
)
—
(560,012
)
Cash, cash equivalents and restricted cash at beginning of the year
3,654
7,172
263,838
915,080
—
1,189,744
Cash, cash equivalents and restricted cash at end of the year
8,678
8,923
132,842
479,289
—
629,732
Notes:
(1)
Represents
                                            the elimination of intercompany balances among Yunji Inc., the Primary Beneficiary of VIEs,
                                            the Other Subsidiaries, and the VIEs and their subsidiaries that we consolidate.
20
(2)
Represents
                                            the elimination of investments among Yunji Inc., the Primary Beneficiary of VIEs, the Other
                                            Subsidiaries, and VIEs and their subsidiaries that we consolidate.
(3)
Represents
                                            the elimination of the intercompany sales of goods and rendering of services at the consolidation.
(4)
Includes
                                                                                                                                              the financial information of Yunji Sharing Technology Co., Ltd., or Yunji Sharing, until the termination of the VIE arrangement with Yunji Sharing and its shareholders  in December 2023. In December 2023, our WFOE acquired Yunji Sharing by purchasing all equity interests held by the shareholders in Yunji Sharing and Yunji
Sharing has since become a wholly owned subsidiary of our WFOE. The financial information of Yunji Sharing has been included in Other
Subsidiaries after becoming a wholly owned subsidiary of our WFOE.
(5)
Includes
                                                                                                                                              the financial information of Yunji Sharing. The VIE arrangement with Yunji Sharing and its shareholders was terminated in December
                                                                                                                                              2023.
A.
[Reserved]
B.
Capitalization
                                            and Indebtedness
Not
applicable.
C.
Reasons
                                            for the Offer and Use of Proceeds
Not
applicable.
D.
Risk
                                            Factors
Summary
of Risk Factors
Investing
in our ADSs involves significant risks. You should carefully consider all of the information in this annual report before making an investment
in our ADSs. Below is a summary of material risks we and the VIEs face, organized under relevant headings.
All
the operational risks associated with being based in and having operations in mainland China also apply to operations in Hong Kong. With
respect to the legal risks associated with being based in and having operations in mainland China, the laws, regulations and the discretion
of mainland China governmental authorities discussed in this annual report are expected to apply to mainland China entities and businesses,
rather than entities or businesses in Hong Kong which operate under a different set of laws from mainland China.
These risks are
discussed more fully in Item 3. Key Information—D. Risk Factors.
Risks
Related to Our Business and Industry
We
and the VIEs are subject to risks and uncertainties related to our business and industry, including, but not limited to, the following:
●
We have experienced declining revenues, negative operating cash flow, and
net losses since 2018, and we cannot assure you that our financial performance will improve in the future.
●
If
                                            we fail to maintain membership loyalty or generate membership growth, or fail to maintain
                                            member relationships effectively and retain existing members, our business and operating
                                            results may be materially and adversely affected.
●
If
                                            we fail to anticipate user needs and provide products and services attractive to users, or
                                            fail to adapt our services or business model to changing user needs, emerging industry standards
                                            or rapid technological evolution, or fail to provide products at a satisfactory quality to
                                            our users, our business may be materially and adversely affected.
21
●
We
                                            will not be able to exert the same level of influence or control over members and service
                                            managers as we could if they were our employees, and we may be subject to significant costs
                                            and reputational harm in the event our members violate any laws or regulations applicable
                                            to our operations.
●
Any
                                            harm to our Yunji brand or reputation may materially and adversely affect our business and
                                            results of operations.
●
If
                                            our business model were found to be in violation of applicable laws and regulations, our
                                            business, financial condition and results of operations would be materially and adversely
                                            affected.
●
Any
                                            change, disruption or discontinuity in the features and functions of major social networks
                                            in China could severely limit our ability to retain or grow our member and user base, and
                                            our business may be materially and adversely affected.
●
Our
                                            and the VIEs' business generates and processes a large amount of data, and we are required
                                            to comply with PRC and other applicable laws relating to data privacy and cybersecurity.
                                            Many of these laws and regulations are subject to change and uncertain interpretation, and
                                            improper use or disclosure of data could have a material and adverse effect on our business
                                            and prospects.
●
We
                                            face risks related to natural disasters, health epidemics and other outbreaks, which could
                                            significantly disrupt our operations.
●
We
                                            face intense competition. We may lose market share and users if we fail to compete effectively.
●
If
                                            we are unable to successfully manage our relationships with third-party service companies,
                                            we may lose service managers, or fail to provide superior customer services, which could
                                            negatively affect our business and operations.
Risks
Related to Our Corporate Structure
We
and the VIEs are also subject to risks and uncertainties related to our corporate structure, including, but not limited to, the following:
●
Yunji
                                            Inc. is a Cayman Islands holding company with no equity ownership in the VIEs, and we conduct
                                            our operations in China primarily through (i) our PRC subsidiaries and (ii) the VIEs with
                                            which we have maintained contractual arrangements. Holders of our ADSs hold equity interest
                                            in Yunji Inc., our Cayman Islands holding company, and do not have direct or indirect equity
                                            interest in the VIEs.
If the PRC government determines
                                            that the contractual arrangements constituting part of the VIE structure do not comply with
                                            PRC regulations relating to 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, and our ADSs may decline in value
                                            or become worthless.
Our holding company in the Cayman Islands, the VIEs, and investors
                                            of Yunji face uncertainty about potential future actions by the PRC government that could
                                            affect the enforceability of the contractual arrangements with the VIEs and, consequently,
                                            significantly affect the financial performance of the VIEs and our company as a whole.
●
We
                                            rely on contractual arrangements with the VIEs and their respective shareholders for a large
                                            portion of our business operations, which is not as effective as direct ownership.
●
Any
                                            failure by the VIEs or their respective shareholders to perform their obligations under our
                                            contractual arrangements with them would have a material and adverse effect on our business.
●
The
                                            shareholders of the VIEs may have potential conflicts of interest with us, which may materially
                                            and adversely affect our business and financial condition.
22
Risks
Related to Doing Business in China
We
and the VIEs face risks and uncertainties related to doing business in China in general, including, but not limited to, the following:
●
Changes
                                            in China's economic, political or social conditions or government policies could have
                                            a material adverse effect on our business and operations.
●
Risks
                                            and uncertainties arising from
the
                                            interpretation and enforcement of
laws and quickly
                                            evolving rules and regulations in China, could result in a material adverse change in our
                                            operations and the value of our ADSs. With respect to the legal risks associated with being
                                            based in and having operations in mainland China, the laws, regulations and the discretion
                                            of mainland China governmental authorities discussed in this annual report are expected to
                                            apply to mainland China entities and businesses, rather than entities or businesses in Hong
                                            Kong which operate under a different set of laws from mainland China. As of the date of this
                                            annual report, regulatory actions related to data security or anti-monopoly concerns in Hong
                                            Kong do not have a material impact on our ability to conduct business, accept foreign investment
                                            in the future or continue to list on a United States stock exchange. However, the PRC government
                                            may exert influence over our operations in Hong Kong at any time and new regulatory actions
                                            related to data security or anti-monopoly concerns in Hong Kong may be taken in the future,
                                            which may have a material impact on our ability to conduct business, accept foreign investment
                                            or continue to list on a United States stock exchange. For more details, see "Item
                                            3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—
There
                                            are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations
."
                                            These risks could result in a material adverse change in our operations and the value of
                                            our ADSs, significantly limit or completely hinder our ability to continue to offer securities
                                            to investors, or cause the value of such securities to significantly decline or be worthless.
                                            For a detailed description of risks related to doing business in China, see "Item 3.
                                            Key Information—D. Risk Factors—Risks Related to Doing Business in China."
●
The
                                            PRC government's significant authority in regulating our operations and its oversight
                                            and control over offerings conducted overseas by, and foreign investment in, China-based
                                            issuers could significantly limit or completely hinder our ability to offer or continue to
                                            offer securities to investors. Implementation of industry-wide regulations in this nature
                                            may cause the value of such securities to significantly decline. For more details, see "Item
                                            3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—The
                                            PRC government's significant oversight over our business operations could result in
                                            a material adverse change in our operations and the value of our ADSs."
●
The
                                            approval and/or other requirements of the CSRC or other PRC governmental authorities may
                                            be required in connection with an offering under PRC rules, regulations or policies, and,
                                            if required, we cannot predict whether or how soon we will be able to obtain such approval
                                            or complete such other requirements. Any failure to obtain or delay in obtaining such approval
                                            for this offering, or a rescission of obtained approval, would subject us to sanctions imposed
                                            by the CSRC or other PRC government authorities. For more details, see "Item 3. Key
                                            Information—D. Risk Factors—Risks Related to Doing Business in China—The
                                            approval and/or other requirements of the CSRC or other PRC governmental authorities may
                                            be required in connection with an offering under PRC rules, regulations or policies, and,
                                            if required, we cannot predict whether or how soon we will be able to obtain such approval
                                            or complete such other requirements."
●
Our
                                            ADSs may be prohibited from trading in the United States under the HFCAA in the future if
                                            the PCAOB is unable to inspect or fully investigate auditors located in mainland China and
                                            Hong Kong. The PCAOB had historically been unable to inspect our auditor in relation to their
                                            audit work performed for our financial statements and the inability of the PCAOB to conduct
                                            inspections of our auditor in the past has deprived our investors with the benefits of such
                                            inspections. The delisting of our ADSs, or the threat of their being delisted, may materially
                                            and adversely affect the value of your investment. For more details, see "Item 3. Key
                                            Information—D. Risk Factors—Risks Related to Doing Business in China—The
                                            PCAOB had historically been unable to inspect our auditor in relation to their audit work
                                            performed for our financial statements and the inability of the PCAOB to conduct inspections
                                            of our auditor in the past has deprived our investors with the benefits of such inspections"
                                            and "Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business
                                            in China—Our ADSs may be prohibited from trading in the United States under the HFCAA
                                            in the future if the PCAOB is unable to inspect or investigate completely auditors located
                                            in mainland China and Hong Kong. The delisting of the ADSs, or the threat of their being
                                            delisted, may materially and adversely affect the value of your investment."
23
●
Cash
                                            transfers from our PRC subsidiaries to entities outside of mainland China are subject to
                                            PRC government controls on currency conversion. There is no assurance the PRC government
                                            will not intervene in or impose restrictions on the ability of Yunji Inc., our subsidiaries,
                                            and the VIEs to transfer cash. To the extent cash in the business is in mainland China or
                                            Hong Kong or a mainland China or Hong Kong entity, the funds may not be available to fund
                                            operations or for other use outside of mainland China or Hong Kong due to interventions in
                                            or the imposition of restrictions and limitations on the ability of us or our subsidiaries
                                            by the PRC government to transfer cash. For more details, see "Item 3. Key Information—D.
                                            Risk Factors—Risks Related to Doing Business in China—We may rely on dividends
                                            and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing
                                            requirements we may have, and any limitation on the ability of our PRC subsidiaries to make
                                            payments to us could have a material and adverse effect on our ability to conduct our business."
●
Any
                                            loans to our wholly foreign-owned subsidiaries in China, which are treated as foreign-invested
                                            enterprises under PRC law, are subject to PRC regulations and foreign exchange loan registrations.
                                            For more details, see "Item 3. Key Information—D. Risk Factors—Risks Related
                                            to Doing Business in China—PRC regulation of loans to and direct investment in PRC
                                            entities by offshore holding companies and governmental control of currency conversion may
                                            delay or prevent us from using the proceeds to make loans to our PRC subsidiaries and the
                                            VIEs in China, which could materially and adversely affect our liquidity and our ability
                                            to fund and expand our business."
Risks
Related to our ADSs
We
face risks and uncertainties related to our ADSs, including, but not limited to, the following:
●
Our
                                            ADSs may be delisted from the Nasdaq
Capital
Market as a result of our failure of meeting the Nasdaq
Capital
Market continued listing requirements.
●
The
                                            trading price of our ADSs may be volatile, which could result in substantial losses to you.
●
The
                                            concentration of our share ownership among executive officers, directors, and principal shareholders
                                            and their affiliated entities will likely limit your ability to influence corporate matters
                                            and could discourage others from pursuing any change of control transaction that holders
                                            of our ordinary shares and ADSs may view as beneficial.
●
It
                                            is likely that we will be classified as a passive foreign investment company, or PFIC, for
                                            U.S. federal income tax purposes for the taxable year ended December 31, 2023, and possibly
                                            for the current taxable year and future taxable years, which could result in adverse U.S.
                                            federal income tax consequences to U.S. holders of our ADSs or ordinary shares.
Risks
Related to Our Business and Industry
We
have experienced declining revenues, negative operating cash flow, and net losses since 2018, and we cannot assure you that our financial
performance will improve in the future.
Our
total revenues have declined each year since 2018, from a high of RMB13,015 million in 2018 to RMB640.2 million (US$90.2 million)
in 2023. We have experienced negative operating cash flow each year since 2018. We have incurred net losses each year since 2018 with
the exception of 2021, when we recorded net income of RMB132.3 million that was primarily due to RMB80.1 million in financial income
and RMB112.9 million in non-operating income, both of which were due to investments we made in other companies. Our average spending
per buyer has decreased each year since 2020, from RMB2,061 in 2020 to RMB1,195 in 2023. We cannot assure you that we will be able to
increase our revenue or generate net profits or positive cash flow from operating activities in the future. Our ability to achieve and
maintain profitability will depend in large part on our ability to, among other things, increase our number of members and other users,
grow and diversify our supplier and third-party merchant base, and optimize our cost structure. We may not be able to achieve any of
the above.
24
If
we fail to maintain membership loyalty or generate membership growth, or fail to maintain member relationships effectively and retain
existing members, our business and operating results may be materially and adversely affected.
We
are a membership-based social e-commerce platform and therefore membership loyalty and growth are essential to our business. The success of our business depends on our ability to maintain
and increase the number of members on our platform and improve the level of their engagement. Our membership system has experienced various
changes in the past few years. Currently, one can become a member of our platform by accepting invitation from existing members in the
form of an invitation link or QR code whereby the invitee can register an account on the Yunji app or mini program. See "Item 4.
Information on the Company—B. Business Overview—Our Member Community—Members" for more details of the previous
changes in our membership system. Our recent change in membership system may not be well received by our members and may negatively impact
membership loyalty and retention and result in a decline in the level of engagement of our members. Damage to our reputation or our failure
to anticipate needs of and provide value-added services to our members, among other things, could also diminish membership loyalty and
reduce activity of members on our platform, which could cause our revenue and operating income to decline and negatively impact our profitability.
Our
membership growth depends on existing members to promote our products and invite new members through their social networks. Our members
may decide not to promote our products or invite new members at any time. To increase our revenue, we must increase the number of, or
level of activity of, our members. However, we may not be able to accurately predict how the number and level of activity of members
may fluctuate, because we outsource provision of member services to third-party service companies. We work with third-party service companies
and enter into agreements with them on an annual basis or for a longer term. These third-party service companies select service managers
based on the standards we provide in our agreements and they hire, train and compensate service managers to provide training to our members.
However, we cannot guarantee service managers selected by these third-party service companies will provide satisfactory performance.
If the service managers fail to motivate our members or facilitate members' product sales, we may lose our existing members and
the level of activity of members may reduce on our platform. Service managers may voluntarily terminate their contracts with third-party
service companies at any time. The loss of service managers or the loss of a significant number of members for any reason, could negatively
impact our business operations and impair our ability to attract new members. In addition, if our existing and new business opportunities
and incentives, products, services and other initiatives do not generate sufficient enthusiasm and economic incentive to retain our existing
members or attract new members on a sustained basis, our operating results could be adversely affected. As a result, in order to grow
our business in the future, we need to increase our retention of existing members and attract additional
members.
25
If
we fail to anticipate user needs and provide products and services attractive to users, or fail to adapt our services or business model
to changing user needs, emerging industry standards or rapid technological evolution, or fail to provide products at a satisfactory quality
to our users, our business may be materially and adversely affected.
The
e-commerce market in which we operate and user needs and preferences are constantly evolving. As a result, we must continually respond
to changes in the market and user demand and preferences to remain competitive. We
intend to further diversify our product and service offerings to contribute to our revenue sources in the future. We launched our marketplace
business in the first quarter of 2019 whereby third-party merchants can sell products on our platform and pay us commissions on their
sales. New products and services, new types of customers or new business models may involve risks and challenges we do not currently
face. We continually introduce new sales format on our platform to improve user engagement and our productivity. Any new initiatives
may require us to devote significant financial and management resources and may not perform as well as expected. Furthermore, we may
have difficulty in anticipating user demand and preferences, and the products offered on our platform may not be accepted by the market
or be rendered obsolete or uneconomical. Therefore, any inability to adapt to these changes may result in a failure to capture new members
and other users or retain existing members and other users, the occurrence of which would materially and adversely affect our business,
financial condition and results of operations. In addition, if we are unable to provide products to users at a satisfactory quality,
in a timely manner, in sufficient quantities or at an acceptable cost, our business could be negatively impacted. We may also be subject
to claims if our users are not satisfied with the quality of the products or do not have satisfactory experiences in general.
In
addition, to remain competitive, we must continue to enhance and improve the responsiveness, functionality and features of our platform.
The internet and the e-commerce markets are characterized by rapid technological evolution, changes in user requirements and preferences,
frequent introductions of new products, features and services embodying new technologies and the emergence of new industry standards
and practices, any of which could render our existing technologies and systems obsolete. Our success will depend, in part, on our ability
to identify, develop and adapt to new technologies useful in our business, and respond to technological advances and emerging industry
standards and practices, in particular with respect to mobile internet, in a cost-effective and timely way. We cannot assure you that
we will be successful in these efforts.
We
will not be able to exert the same level of influence or control over members and service managers as we could if they were our employees,
and we may be subject to significant costs and reputational harm in the event our members violate any laws or regulations applicable
to our operations.
Members
and service managers, most of whom are also our members, are not our employees and do not enter into any employment contracts with us.
Accordingly, we are not in a position to provide the same level of control over and oversight of members and service managers as we would
if they were our employees. However, our members play an important role in promoting our products and inviting new members to our platform,
including promoting our products via live streaming sessions on our Yunji app, on our Yunji Endorsement app and through our official
account on other live streaming platforms. Some members also interact frequently with the users in their social network regarding our
products and platform. Therefore, such users may associate the members with us and hold us accountable for any misconduct by our members.
Also, service managers provide services to our members and communicate with them on a regular basis. The members they serve may view
us as vicariously liable for any misconduct by service managers. We may be subject to lawsuits or reputational harm if, for example,
a member misrepresents the functionality or provides inaccurate information of our products through the member's social network
or via the live streaming sessions they host, or a member or service manager conducts any wrongdoings or otherwise violates applicable
laws. While we have implemented policies and procedures designed to govern conduct of our members to comply with the regulatory regime
in China and protect our goodwill, including content control policies and live streaming standards, and the third-party service companies
have adopted policies to regulate the conduct of the service managers, there can be no assurance that members or service managers will
comply with the policies and procedures. Violations by members or service managers of applicable law or of the policies and procedures
could reflect negatively on our products and operations and harm our business reputation. While we have not experienced any significant
problems affecting our products, operations or business reputation caused by violations by members or service managers of the policies
and procedures, we cannot assure you that we will not face such problems in the future.
26
Any
harm to our Yunji brand or reputation may materially and adversely affect our business and results of operations.
We
believe that the recognition and reputation of our Yunji (云集) brand among our members, other users, suppliers, third-party
merchants and other third-party service providers and partners are critical to our business and competitiveness. Many factors,
some of which are beyond our control, are important to maintaining and enhancing our brand and may negatively impact our brand if not
properly managed. These factors include our ability to:
●
provide
                                            a superior shopping experience to our users;
●
maintain
                                            and grow our member and user base and keep our community, members and other users highly
                                            engaged;
●
maintain
                                            the popularity, attractiveness, diversity, quality and authenticity of our product offerings;
●
maintain
                                            the efficiency, reliability and quality of our fulfillment services to our users;
●
maintain
                                            or improve users' satisfaction with our after-sale services;
●
increase
                                            brand awareness through marketing and brand promotion activities; and
●
preserve
                                            our reputation and goodwill in the event of any negative publicity on customer service, product
                                            quality, price or authenticity, data privacy and security, our industry and other players
                                            within the industry or other issues affecting us or other social e-commerce and e-commerce
                                            businesses in China.
Public
perception that non-authentic, counterfeit or defective goods are sold on our platform or that we or third-party service providers do
not provide satisfactory customer service, even if factually incorrect or based on isolated incidents, could damage our reputation, diminish
the value of our brand, undermine the trust and credibility we have established and have a negative impact on our ability to attract
new users or retain our current users. If we are unable to maintain our reputation, enhance our brand recognition or increase positive
awareness of our platform, products and services, it may be difficult to maintain and grow our member and user base, and our business
and growth prospects may be materially and adversely affected.
If
our business model were found to be in violation of applicable laws and regulations, our business, financial condition and results of
operations would be materially and adversely affected.
In
August 2005, the State Council promulgated the Regulations on the Prohibition of Pyramid Selling, which prohibits individuals and entities
in China from engaging in pyramid selling. See "Item 4. Information on the Company—B. Business Overview—Regulations—Regulations
Relating to Pyramid Selling in the PRC." In May 2017, we received a formal notice from the local Administration for Market Regulation
in Hangzhou, which ruled that our sales and marketing practice prior to February 2016 violated the Regulations on the Prohibition of
Pyramid Selling and imposed a fine of approximately RMB9.6 million (US$1.4 million). Since the early stage of our operations in 2015,
the local governmental authorities in Hangzhou had been in discussion with us on potential violation by our then-existing business model
of the Regulations on the Prohibition of Pyramid Selling, and we have adjusted our business practices since February 2016 to comply with
the Regulations on the Prohibition of Pyramid Selling and other applicable regulations. We fully paid the fine in June 2017. In December
2018, we and Han Kun Law Offices, our PRC legal counsel, consulted with the competent government authority in Hangzhou, the district
branch of the State Administration for Market Regulation, having direct jurisdiction over our PRC entities that currently operate our
membership-based social e-commerce platform, and the government authority verbally confirmed that these entities have conducted their
business operations lawfully and none of these entities are in violation of the Regulations on the Prohibition of Pyramid Selling or
any other applicable laws. Based on our discussion with the competent government authorities and the advice of Han Kun Law Offices, we
believe that our current business model is not in violation of applicable PRC laws and regulations, including the Regulations on the
Prohibition of Pyramid Selling. However, there is no assurance that the competent governmental authorities in China that we communicated
with will not change their views, or the other government authorities will share the same view as our PRC legal counsel, or they will
find our business model not in violation of any applicable regulations, given the uncertainties in the interpretation and application
of existing PRC laws, regulations and policies relating to our current business model, including, but not limited to, regulations regulating
pyramid selling. Moreover, new laws, regulations or policies may also be promulgated in the future, and there is no assurance that our
current business model will be in full compliance with the new laws, regulations or policies. If our business model were to be found
in violation in the future, we will have to make adjustment to our business model or cease certain of our business operations, and the
governmental authorities may confiscate any illegal gains and impose a fine, which would have a material and adverse impact on our business,
financial condition and results of operations.
27
Any
change, disruption or discontinuity in the features and functions of major social networks in China could severely limit our ability
to retain or grow our member and user base, and our business may be materially and adversely affected.
Our
success depends on our ability to attract and retain new members and other users and expand our member and user base. We leverage social
networks in China as a tool for member and user acquisition and engagement. For example, we leverage social networks, such as WeChat,
QQ and Weibo, to enable members to share product information and their experiences with products on our platform to their friends, family
and other social contacts, who can purchase such products directly via the links shared by the members through social networks. A substantial
portion of our member and user traffic comes from such member recommendation through social networks. To the extent that we are banned
from using some or all functions of such social networks, or fail to leverage such social networks, our ability to attract or retain
members and other users, and maintain an active community may be severely harmed. If WeChat, QQ or Weibo changes its functions or support,
such as charging fees for functions or support that is currently provided for free, or stops offering its functions or support to us
or discontinues its functions or support in general, we may not be able to locate alternative platforms of similar scale to provide similar
functions or support in a timely manner, or at all. Furthermore, we may fail to establish or maintain relationships with additional social
network operators to support the growth of our business on economically viable terms, or at all. Any interruption to or discontinuation
of our relationships with major social network operators may severely and negatively impact our ability to retain or grow our user
base, and any occurrence of the circumstances mentioned above may have a material adverse effect on our business, financial condition
and results of operations.
Our
and the VIEs' business generates and processes a large amount of data, and we are required to comply with PRC and other applicable
laws relating to data privacy and cybersecurity. Many of these laws and regulations are subject to change and uncertain interpretation,
and improper use or disclosure of data could have a material and adverse effect on our business and prospects.
Our
and the VIEs' business generates and processes a large quantity of data. We face risks inherent in handling and protecting large
volume of data. In particular, we face a number of challenges relating to data from transactions and other activities on our platform,
including (i) protecting the data in and hosted on our system, including against attacks on our system by outside parties or fraudulent
behavior or improper use by our employees; (ii) addressing concerns related to privacy and sharing, safety, security and other factors;
and (iii) complying with applicable laws, rules and regulations relating to the collection, use, storage, transfer, disclosure and security
of personal information, including any requests from regulatory and government authorities relating to this data.
Data
security and data protection compliance receives heightened attention from domestic and global regulators and attracts great public scrutiny,
which could increase our compliance costs going forward and subject us to heightened risks and challenges associated with data security
and protection. If we are unable to manage these risks, we could become subject to penalties, including fines, suspension of business
and revocation of required licenses, and our reputation and results of operations could be materially and adversely affected.
The
PRC regulatory and enforcement regime with regard to data security and data protection is evolving and may be subject to different interpretations
or significant changes. Different PRC regulatory bodies, including the Standing Committee of the National People's Congress, the
Ministry of Industry and Information Technology, the Cyberspace Administration of China, the Ministry of Public Security and the State
Administration for Market Regulation, have enforced data privacy and protections laws and regulations with varying standards and applications.
See "Item 4. Information on the Company—B. Business Overview—Regulations—Regulations Relating to Cyber Security,
Data Security, National Security and Personal Information Protection." The following summarizes recent PRC regulatory activities
in this area:
●
On June 10, 2021, the Standing Committee of the PRC National
People's Congress published the PRC Data Security Law, which took effect on September 1, 2021. The PRC Data Security Law is a foundational
law in the field of data security, which requires data processing, (which includes the collection, storage, use, processing, transmission,
provision, publication of data, etc.) to be conducted in a legitimate and proper manner.
28
●
On August 20, 2021, the Standing Committee of the National People's Congress of China promulgated the PRC Personal Information
Protection Law, which integrates the scattered rules with respect to personal information rights and privacy protection and took effect
on November 1, 2021. The PRC Personal Information Protection Law aims at protecting personal information rights and interests, regulating
the processing of personal information, ensuring the orderly transmission of personal information in accordance with law and promoting
the reasonable use of personal information.
●
On November 14, 2021, the Cyberspace Administration of China released the Regulations on the Network Data Security Management
(Draft for Comments), which set out general guidelines applicable to the protection of personal information, security of important data,
security management of cross-border data transfer, obligations of internet platform operators, as well as the supervision, management,
and legal liabilities related to the foregoing. As of the date of this annual report, these draft regulations have not been formally adopted,
and it remains to be seen when and in what form such draft regulations will be enacted.
●
On December 28, 2021, the Cyberspace Administration of China and other PRC governmental authorities jointly issued the Cybersecurity
Review Measures, which took effect on February 15, 2022. These measures specify the circumstances necessitating cybersecurity review,
such as (i) critical information infrastructure operators purchasing network products or services or "online platform operators" conducting
data processing activities with similar implications, that affect or may affect national security, and (ii) data processors holding over
one million users' personal information seeking to list on a foreign stock exchange. Additionally, the measures outline the required
declaration materials and basic procedures for cybersecurity review.
As of the date of
this annual report, we have not been involved in any formal investigations on cybersecurity review made by the
Cyberspace
Administration of China
, nor have we received any inquiry, notice, warning, or sanctions from the
Cyberspace Administration of China
regarding cybersecurity, data security and personal data
protection
that would have a material impact on our business, results of operations or financial condition or our previous issuance
of securities to foreign investors
. Our PRC legal counsel has consulted the PRC government authority,
which confirmed that, under the currently effective PRC laws and regulations, a company already listed in a foreign stock exchange before
promulgation of the Cybersecurity Review Measures is not required to go through a cybersecurity review by the
Cyberspace Administration
of China
to maintain its listing status on the foreign stock exchange on which its securities have
been listed. Based on the foregoing, we believe, as of the date of this annual report, we are compliant with the currently effective
PRC laws relating to cybersecurity, data security, and personal data and privacy laws that have been issued by the
Cyberspace
Administration of China
in all material respects. However, many of the data-related legislations are relatively new and certain concepts thereunder remain subject to interpretation by
the regulators. If any data that we possess belongs to data categories that are subject to heightened scrutiny, we may be required to
adopt stricter measures for protection and management of such data. These regulations remain unclear on whether the requirements will
be applicable to companies that are already listed in the United States, such as us. We cannot predict the impact of these regulations,
if any, at this stage, and we will closely monitor and assess any development in the rule-making process. If the enacted version of these
regulations mandate clearance of cybersecurity review and other specific actions to be taken by issuers like us, we face uncertainties
as to whether these additional procedures can be completed by us timely, or at all, which may subject us to government enforcement actions
and investigations, fines, penalties, suspension of our non-compliant operations, or removal of our app from the relevant application
stores, and materially and adversely affect our business and results of operations.
As
of the date of this annual report, we have been taking, and will continue to take, reasonable measures to comply with laws and regulations
relating to privacy, personal information, data security and cybersecurity. Pursuant to PRC laws and regulations regarding data security
and personal information protection, and in response to the current supervisory tendency from the Cyberspace Administration of China,
we have taken certain internal and external measures to ensure compliance with the legal obligation required by the supervisory authorities
and to ensure data security concerning customers. With respect to external management, on the one hand, we have timely updated our personal
information processing rules, and we have disclosed the updated personal information processing rules to our customers and obtained their
consent to such update; on the other hand, we have executed data processing agreements with external logistic companies to clarify each
party's rights and obligations when assigning personal information processing tasks to such logistic companies. With respect to
internal management, we have established an integrated data compliance management structure and enacted a series of data compliance policies
such as the data security management policy (including the requirements for data compliance audit), the data classification and grading
policy, the personal information protection impact assessment policy, the data storage and management policy, information security incidents
and emergency response measures.
29
We
have also utilized a series of compliance tools to ensure proper implementation of the aforementioned policies. While we take all reasonable
measures to comply with applicable data privacy and protection laws and regulations, we cannot guarantee the effectiveness of the measures
undertaken by us and business partners, and such measures may still be determined as insufficient, improper, or even as user-privacy
invasive, by the authorities, which may result in penalties against us. The activities of third parties such as our customers and business
partners are beyond our control. If our business partners violate the PRC Cyber Security Law and other laws and regulations relating
to the protection of personal information, or fail to fully comply with the service agreements with us, or if any of our employees fail
to comply with our internal control measures and misuse the information, we may be subject to penalties and other legal liabilities.
Any failure or perceived failure to comply with all applicable data privacy and protection laws and regulations or to take prompt rectification
actions as required by the enforcement authorities, or any failure or perceived failure of our business partners to do so, or any failure
or perceived failure of our employees to comply with our internal control measures, may result in negative publicity and legal proceedings
or regulatory actions against us, and could damage our reputation, discourage current and potential users and customers from using our
products or services and subject us to fines, damages and rectification, which could have a material adverse effect on our business and
results of operations.
In
general, compliance with the existing PRC laws and regulations, as well as additional laws and regulations that PRC regulatory bodies
may enact in the future, related to data security and personal information protection, may be costly and result in additional expenses
to us, and subject us to negative publicity, which could harm our reputation and business operations. There are also uncertainties with
respect to how such laws and regulations will be implemented and interpreted in practice.
In
addition, regulatory authorities around the world have adopted or are considering a number of legislative and regulatory proposals
concerning data protection. These legislative and regulatory proposals, if adopted, and the uncertain interpretations and
application thereof could, in addition to the possibility of fines, result in an order requiring that we change our data practices
and policies, which could have an adverse effect on our business and results of operations. The European Union General Data
Protection Regulation, or GDPR, which came into effect on May 25, 2018, includes operational requirements for companies that receive
or process personal data of residents of the European Economic Area. The GDPR establishes new requirements applicable to the
processing of personal data, affords new data protection rights to individuals and imposes penalties for serious data breaches.
Individuals also have a right to compensation under the GDPR for financial or non-financial losses. Although we do not conduct any
business in the European Economic Area, in the event that residents of the European Economic Area access our website or our mobile
platform and input protected information, we may become subject to provisions of the GDPR. In addition, to the extent we have
accessed data in Hong Kong, we have been in compliance with relevant laws and regulations in Hong Kong regarding data security, such
as the Personal Data (Privacy) Ordinance and the Unsolicited Electronic Messages Ordinance which impose protocols and obligations
regarding the handling of personal data including that, among other things, (i) personal data shall be collected for a lawful
purpose, necessary and not excessive, (ii) personal data shall be collected by means that are lawful and fair in the circumstances
of the case, and (iii) the person from whom personal data is collected is informed of the purpose of collecting the data. We believe
that the laws and regulations in Hong Kong regarding data security do not have a material impact on our business, as of the date of
this annual report. However, to the extent that certain laws and regulations in Hong Kong were to result in additional oversight
over data security that impacts our business in Hong Kong, we may be required to incur additional cost to ensure our compliance to
such laws and regulations, and any violation could result in a material adverse impact on our business, reputation and results of
operations.
30
We
face risks related to natural disasters, health epidemics and other outbreaks, which could significantly disrupt our operations.
Our
business could be materially and adversely affected by natural disasters, health epidemics or other public safety concerns affecting
the PRC. Natural disasters may give rise to server interruptions, breakdowns, system failures, technology platform failures or internet
failures, which could cause the loss or corruption of data or malfunctions of software or hardware as well as adversely affect our ability
to operate our platform and provide services and solutions. Our business could also be adversely affected if our employees are affected
by health epidemics, such as new variants of COVID-19 or outbreaks of other diseases. Our business operations could be disrupted if any
of our employees is suspected of having any transmissible health epidemic, since this may cause our employees to be quarantined and/or
our offices to be temperately shut down. In addition, our results of operations could be adversely affected to the extent that any health
epidemic harms the Chinese economy in general. Our headquarters are located in China, where most of our directors and management and
many of our employees currently reside. Most of our system hardware and back-up systems are hosted in facilities located in China. Consequently,
if any natural disasters, health epidemics or other public safety concerns were to affect China, our operation may experience material
disruptions, which may materially and adversely affect our business, financial condition and results of operations.
We
face intense competition. We may lose market share and users if we fail to compete effectively.
The
e-commerce industry in China is intensely competitive. We compete to attract, engage and retain members, other users, orders, suppliers,
third-party merchants and other participants on our platform. Our current or potential competitors include all major e-commerce companies
in China and other internet companies in China that engage in social e-commerce businesses. See "Item 4. Information on the Company—B.
Business Overview—Competition."
Our
current or potential competitors may have longer operating histories, greater brand recognition, better relationships with supplier and
third-party merchants, larger customer bases, higher user activity and loyalty or greater financial, technical or marketing resources
than we do. Our competitors may leverage their brand recognition, experience and resources to compete with us in a variety of ways, including
making investments and acquisitions for the expansion of their product and service offerings. Some of our competitors may be able to
secure more favorable terms from suppliers and third-party merchants, devote greater resources to marketing and promotional campaigns,
adopt more aggressive pricing or inventory policies and devote substantially more resources to their IT systems and technology than us.
In particular, some of these competitors have substantially greater financial resources that may allow them to initiate and sustain aggressive
price competition and we experience increased competition when our competitors offer discounts or clearance sale for various reasons.
If we are unable to offer products on our platform at competitive prices, we may experience increased negative pressure on pricing for
our products and loss of users. Some of our competitors may also utilize social networks to attract users, which may divert traffic or
attention of our potential users. In addition, new and enhanced technologies may increase the competition in the e-commerce industry.
Increased competition may reduce our profitability, market share, user base and brand recognition. We cannot assure you that we will
be able to compete successfully against current or future competitors, and competitive pressures may have a material and adverse effect
on our business, financial condition and results of operations.
Any
disruption to our IT systems could materially affect our ability to maintain the satisfactory performance of our IT systems and deliver
consistent services to our users.
The
proper functioning of our IT systems is essential to our business. The satisfactory performance, reliability and availability of our
IT systems are critical to our success, our ability to attract and retain members and other users and our ability to maintain and deliver
consistent services on our platform. However, our technology infrastructure may fail to keep pace with increased sales on our platform,
in particular with respect to our new product and service offerings or in association with traffic and order surges during promotional
events and holiday seasons, and therefore our users may experience delays as we seek to source additional capacity, which would adversely
affect our results of operations as well as our reputation.
Additionally,
we must continue to upgrade and improve our technology infrastructure to support our business. However, we cannot assure you that
we will be successful in executing these system upgrades. We currently use cloud services
and servers operated by external cloud service providers to store our data, to allow us to analyze a large amount of data simultaneously
and to update our user database and profiles quickly. Any interruption or delay in the functionality of these external cloud service
and server providers may materially and adversely affect the operations of our business.
31
We
may be unable to monitor and ensure high-quality maintenance and upgrade of our IT systems and infrastructure on a real-time basis, and
users may experience service outages and delays in accessing and using our platform to place orders. In addition, we may experience surges
in online traffic and orders associated with promotional activities and generally as we scale, which can put additional demand on our
platform at specific times. Our technology or infrastructure may not function properly at all times. Any system interruptions caused
by telecommunications failures, computer viruses, physical or electronic break-ins or other attempts to harm our systems could result
in the unavailability or slowdown of our platform or reduced order fulfillment performance, which in turn could reduce the volume of
products sold and the attractiveness of product offerings on our platform. Any of such occurrences could cause severe disruption to our
daily operations. As a result, our reputation may be materially and adversely affected, our market share could decline and we could be
subject to liability claims. In addition, in order to ensure that our technology infrastructure can be comprehensively and rapidly upgraded,
we need to constantly enhance our technology. Otherwise, we face the risk of our technology infrastructure becoming unstable and susceptible
to security breaches, which we may be unable to identify or rectify rapidly and effectively. Such instability or susceptibility could
create serious challenges to the security and uninterrupted operation of our platform and services, which would materially and adversely
affect our business and reputation.
We
may face challenges in expanding our product offerings and optimizing our product mix.
Our
platform carries a wide range of products including, among others, beauty and personal care, healthcare products, household goods, apparel,
shoes and bags, beverage, food and fresh produce, computer, electronics and home appliances, childcare products, and baby and maternity
products. Expansion into diverse new product categories and increase in number of products we offer involve new risks and challenges.
Our lack of familiarity with these products and lack of user data relating to these products may make it more difficult for us to anticipate
user demand and preferences. We may misjudge user demand, resulting in inventory buildup and possible inventory write-down. It may also
make it more difficult for us to inspect and control quality and ensure proper handling, storage and delivery. We may experience higher
return rates on new products, receive more complaints from members and other users about them and face costly product liability claims,
which would harm our brand and reputation as well as our financial performance. Furthermore, we may not have much purchasing power in
new categories of products and we may not be able to negotiate favorable terms with suppliers and third-party merchants. We may need
to price aggressively to gain market share or remain competitive in new categories. It may be difficult for us to achieve profitability
in the new product categories and our profit margin for these new product categories, if any, may be lower than we anticipate, which
would adversely affect our overall profitability and results of operations. We cannot assure you that we will be able to recoup our investments
in introducing these new product categories. In addition, some of our existing product categories may have lower profit margins than
others, and failure to grow our existing product categories with higher profit margins may adversely impact our overall profitability
and results of operations.
We
have incurred net loss in the past and we may experience losses in the future.
We
incurred a net loss of RMB165.1 million (US$23.3 million) in 2023, compared to a net loss of RMB138.4 million and a net income of RMB132.3
million in 2022 and 2021, respectively. In the years ended December 31, 2021, 2022 and 2023, our operating cash flow was negative. We
cannot assure you that we will be able to generate net profits or positive cash flow from operating activities in the future. Our ability
to achieve and maintain profitability will depend in large part on our ability to, among other things, increase our number of members
and other users, grow and diversify our supplier and third-party merchant base, and optimize our cost structure. We may not be able to
achieve any of the above. We intend to continue to invest for the foreseeable future in the technology platform to support an even more
carefully curated selection of products and to offer additional value-added services. As a result of the foregoing, we believe that we
may incur net losses in the future.
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If
we fail to manage and expand our relationships with suppliers and third-party merchants, or otherwise fail to procure products at favorable
terms, our business and business prospects may suffer.
We
source products from third-party suppliers for our merchandise sales business. We also operate a marketplace business whereby third-party
merchants sell products on our platform. As of December 31, 2023, we had 945 suppliers and third-party merchants on our platform. Our
suppliers and third-party merchants include merchants of mainstream brands and emerging brands, and manufacturing partners we cooperate
with. Maintaining strong relationships with these suppliers and third-party merchants is important to our business. In
particular, we depend significantly on our ability to procure products from suppliers on favorable pricing terms and attract third-party
merchants to offer their products on commercially attractive terms. We typically enter into one-year framework agreements with our suppliers
and third-party merchants on an annual basis, and these framework agreements are typically renewed automatically on an annual basis unless
either party chooses to discontinue the business relationship. Should any of our supplier or third-party merchant choose to discontinue
their business relationship with us on existing terms, we cannot ensure the availability of products or the continuation of particular
pricing practices or payment terms beyond the end of the contractual term. In addition, except in the case of our collaboration with
certain top-quality emerging brands for the production of Yunji exclusive products, our agreements with suppliers and third-party merchants
typically do not restrict them from selling products to others or on other platforms. We cannot assure you that our current suppliers
and third-party merchants will continue to sell products to us or on our platform on commercially acceptable terms, or at all, after
the term of the current agreement expires. Even if we maintain good relations with our suppliers and third-party merchants, their ability
to supply products to us or on our platform in sufficient quantity and at competitive prices may be adversely affected by economic conditions,
labor actions, regulatory or legal decisions, natural disasters or other causes. For example, the compulsory quarantine and other restrictions
imposed as a result of the COVID-19 pandemic in early 2022 caused various degrees of temporary shutdowns and delays in production
and operation of our suppliers (especially private label suppliers) and third-party merchants, leading to temporary supply shortages
of certain merchandises and delays in the research and development and new product launch processes associated with our private label
suppliers.
In
the event that we are not able to purchase products at favorable prices, our revenues and cost of sales may be materially and adversely
affected. In the event any brand owner does not have authority from the relevant manufacturer to sell certain products to us or on our
platform, such brand owner may cease selling such products to us or on our platform at any time. If our suppliers and third-party merchants
cease to provide us with favorable payment terms, our need for working capital may increase and our operations may be materially and
adversely affected. We will also need to establish new supplier and third-party merchant relationships to ensure that we have access
to a steady supply of products on favorable commercial terms. If we are unable to develop and maintain good relationships with suppliers
and third-party merchants that would allow us to obtain a sufficient amount and variety of authentic and quality products on acceptable
commercial terms, it may inhibit our ability to offer sufficient products sought by our users, or to offer these products at competitive
prices. Any adverse developments in our relationships with suppliers and third-party merchants could materially and adversely affect
our business and business prospects. If we
fail to attract new suppliers and third-party merchants to sell their products to us or on our platform due to any reason, our business and business prospects may be materially and adversely affected.
Our
operations could be materially adversely affected if we fail to effectively manage our relationships with, or lose the services of, third-party
manufacturing partners.
We
rely on third-party manufacturing partners to manufacture our private label products. Our ability to grow revenues in the future will
depend in part on our success in maintaining successful relationships with our manufacturing partners. As we do not enter into long-term
contracts with third-party manufacturing partners, they may decide not to accept our future orders on the same or similar terms, or at
all. If a manufacturing partner decides to substantially reduce its volume of supply to us or to terminate its business relationship
with us, we may not be able to find a proper replacement in a timely manner, or at all. This may negatively impact our revenues and adversely
affect our reputation, causing a material adverse effect on our financial condition, results of operations and prospects. In particular,
a substantial portion of our GMV from private label products is generated from the sale of Suye (素野) and Qing Zi Yang (轻姿养).
If there is any adverse change to the nature of our relationship with the manufacturer of Suye or Qing Zi Yang or if the manufacturer
of Suye or Qing Zi Yang decides to terminate its cooperation with us, the sale of our private label products and thus our results of
operations may be negatively impacted. Moreover, some manufacturing partners may not fully comply with certain laws and regulations,
such as consumer protection, labor and environmental laws. If any of our manufacturing partners is found to have violated laws and regulations
in China, media reports on such violations may negatively affect our reputation and image, resulting in material adverse impact on our
business, financial condition and results of operations. In addition, while we provide the designs of our products to the manufacturing
partner, as well as guidance for manufacturing the products ordered by us, we do not have direct control over the manufacturing partners.
If any of them is involved in unauthorized production and sale of goods using our brand name, our reputation, financial condition and
results of operations may be materially adversely affected.
33
We
and the third-party merchants in our marketplace business use third-party logistics service providers to deliver our orders. If these
third-party logistics service providers fail to provide reliable delivery services, our business and reputation may be materially and
adversely affected.
We
and the third-party merchants in our marketplace business cooperate with a number of third-party logistics service providers to deliver
products sold on our platform to end customers. Interruptions to or failures in these third parties' delivery services could prevent
the timely or proper delivery of our products or may cause product damage or product loss during transit. These interruptions may be
due to events that are beyond our control or the control of these third-party logistics companies, such as inclement weather, natural
disasters, health epidemics, transportation disruptions or labor unrest. In addition, if our third-party logistics service providers
fail to comply with applicable rules and regulations in China, our delivery services may be materially and adversely affected. We may
not be able to find alternative third-party logistics companies to provide delivery services in a timely and reliable manner, or at all.
Delivery of our products could also be affected or interrupted by the merger, acquisition, insolvency or shut-down of the delivery companies
we engage to make deliveries, especially those local companies with relatively small business scales. If our products are not delivered
in proper condition or on a timely basis, our users may refuse to accept products purchased on our platform and lose confidence in our
platform, and our business and reputation could suffer.
Furthermore,
delivery personnel of contracted third-party logistics service providers act on our behalf and interact with our users personally. We
need to effectively manage these third-party logistics service providers to ensure the quality of customer services. We have in the past
received user complaints from time to time regarding our delivery and return and exchange services. Any failure to provide high-quality
delivery services to our users may negatively impact the shopping experience of our users, damage our reputation and cause us to lose
users.
Our
marketplace business is subject to risks associated with third-party merchants.
As
of December 31, 2023, there were 543 third-party merchants under our marketplace business. We do not have as much control over the storage
and delivery of products sold on our online marketplace as we do over the products that we sell directly ourselves under our merchandise
sales business. With the exception of third-party merchants outside of China for whom we handle the logistics and delivery process within
China, our third-party merchants use their own facilities to store their products and their own or third-party delivery systems to deliver
their products to our customers, which makes it more difficult for us to ensure that our customers get the same high-quality service
for all products sold on our platform. If any third-party merchant does not control the quality of the products that it sells on our
platform, or if it does not deliver the products or delivers them late or delivers products that are materially different from its description
of them, or if it sells counterfeit or unlicensed products on our platform, or if it sells certain products without licenses or permits
as required by the laws and regulations even though we have requested such licenses or permits in our standard form agreement with third-party
merchants, the reputation of our marketplace business and our Yunji brand may be materially and adversely affected and we could face
claims that we should be held liable for any losses. Moreover, despite our efforts to prevent it, some products sold under our marketplace
business may compete with the products we sell directly, which may cannibalize our merchandise sales business. In addition, the supplier
relationships, customer acquisition dynamics and other requirements for our marketplace business may not be the same as those for our
merchandise sales operations, which may complicate the management of our business. In order for our marketplace business to be successful,
we must continue to identify and attract third-party merchants, and we may not be successful in this regard.
Any
harm to the operations and reputation of our private label brands could have a material adverse effect on our results of operations.
We
sell an increasing amount of products under our private label brands such as Suye, Qing Zi Yang, Yuan Sheng Huang, Unibeauty, P&S,
Li Ba Tian, and Bai Yue Shan, both on our platform and through external channels. Maintaining consistent product quality, competitive
pricing and availability of these products is essential to developing and maintaining consumer loyalty to these brands.
If
our private label brands experience any material disruption in its operations or a loss of consumer acceptance or confidence, our revenues
and operating results could be adversely affected. Negative public perception of our private labels could reflect negatively on our platform,
the other products sold on our platform and harm our business reputation. While we have not experienced any significant problems affecting
the products, operations or business reputation of our private labels, we cannot assure you that we will not face such problems in the
future.
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Failure
to deal effectively with any fictitious transactions or other fraudulent conduct that take place under our marketplace business would
materially and adversely affect our business, financial condition and results of operations.
We
may face risks with respect to fraudulent activities under our marketplace business. Although we have implemented various measures to
detect and reduce the occurrence of fraudulent activities within our marketplace business, there can be no assurance that such measures
will be effective in combating fraudulent transactions or improving overall satisfaction among third-party merchants and customers. In
addition to fraudulent transactions with legitimate customers, merchants may also engage in fictitious or "phantom" transactions
with themselves or collaborators in order to artificially inflate their own ratings on our platform, reputation and search results rankings.
This activity may harm other merchants by enabling the perpetrating merchant to be favored over legitimate merchants, and may harm our
customers by deceiving them into believing that a merchant is more reliable or trusted than the merchant actually is. This activity may
also result in inflated GMV from our marketplace business. Moreover, illegal, fraudulent or collusive activities by our employees could
also subject us to liability or negative publicity. Although we have internal controls and policies with regard to the review and approval
of sales activities and other relevant matters, we cannot assure you that such controls and policies will prevent fraud or illegal activity
by our employees. Negative publicity and user sentiment generated as a result of actual or alleged fraudulent or deceptive conduct on
our platform or by our employees would severely diminish consumer confidence in us, reduce our ability to attract new or retain current
third-party merchants and customers, damage our reputation and diminish the value of our brand, and materially and adversely affect our
business, financial condition and results of operations.
If
we are unable to successfully manage our relationships with third-party service companies, we may lose service managers, or fail to provide
superior customer services, which could negatively affect our business and operations.
We
outsource provision of member services to third-party service companies and they hire, train and compensate service managers at our request.
Service managers enter into service contracts with third-party service companies and are not our employees. We currently work with three
third-party service companies and enter into agreements with them on an annual basis or for a longer term. These third-party service
companies select service managers based on the standards we provide in our agreements. While we may oversee the performance of service
managers and request these third-party service companies to replace service managers that do not meet our standards, management of service
managers through third parties may not be as timely and effective as were they our employees. If we are unable to enter into new agreements
or extend existing agreements with these third-party service companies on terms and conditions acceptable to us, we may lose service
managers. We may not be able to find alternative third-party service companies to provide similar services in a timely and reliable manner,
or at all. Accordingly, our members may not receive sufficient training or support for promoting the products sold on our platform and
they may become less motivated to promote our products via their social networks. Any termination of our arrangements with these third-party
service companies, or their refusal to select service managers for us, could have a material adverse effect on our business, financial
condition and results of operations.
Failure
to comply with the E-Commerce Law may have a material adverse impact on our business, financial conditions and results of operations.
As
the e-commerce industry is still evolving in China, new laws and regulations may be adopted from time to time to address new issues that
arise from time to time. For example, in August 2018, the Standing Committee of the National People's Congress promulgated the
E-Commerce Law, which became effective on January 1, 2019. The E-Commerce Law imposes a number of new requirements and obligations on
e-commerce platform operators. In addition, on March 15, 2021, the SAMR promulgated the Measures for the Supervision and Administration
of Online Trading, which took effect from May 1, 2021 and became an important departmental regulation for the implementation of the E-commerce
Law. See "Item 4. Information on the Company—B. Business Overview—Regulations—Regulations Relating to E-Commerce"
for further details. We have adopted a series of measures to comply with such requires under the E-Commerce Law. We cannot assure you
that our current business operations satisfy the obligations provided under the E-Commerce Law in all respects. If the PRC governmental
authorities determine that we are not in compliance with all the requirements proposed under the E-Commerce Law, we may be subject to
fines and/or other sanctions.
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The
E-Commerce Law also imposes a requirement on operators of e-commerce platforms, such as our company, to assist in tax collection with
respect to income generated by sellers from transactions conducted on e-commerce platforms, including, among others, submitting to the
tax authority information on the identities of sellers on e-commerce platforms and other information relating to tax payment. Failure
to comply with the requirement may result in operators of e-commerce platforms being subject to fines and, in severe circumstances, suspension
of business operations of e-commerce platforms. Substantial uncertainties exist regarding the interpretation and implementation of the
E-Commerce Law. We encourage and incentivize members to promote the products on our platform. If the members were deemed to be selling
our products on consignment basis, the PRC tax authorities may require our members to make tax registration and request our assistance
in these efforts, pursuant to the E-Commerce Law, and our members may be subject to more stringent tax compliance requirements. Due to
the lack of detailed interpretation and implementation rules, we are in discussion, from time to time, with the government authorities
on how to comply with the requirements under the E-Commerce Law. The PRC government may adopt additional requirements from time to time,
and we may be requested by tax authorities to provide further assistance in the enforcement of tax regulations, such as disclosure of
transaction records and bank account information of the members, and withholding taxes for our members. If any of these were to occur,
we may lose our existing members or fail to attract new members and the level of activity of members may reduce on our platform. We may
also incur increased costs and expenses as a result. The tightened tax enforcement by PRC tax authorities in the e-commerce industry,
such as imposition of reporting or withholding obligations on operators of e-commerce platforms with respect to tax payable of merchants
on e-commerce platforms, may have a material and adverse effect on our business, financial condition and results of operations.
We
may incur liability or become subject to administrative penalties for counterfeit or unauthorized products sold on our platform, or for
products sold on our platform or content posted on our platform that infringe on third-party intellectual property rights, or for other
misconduct.
We
sourced our products from 402 suppliers as of December 31, 2023. Third-party merchants under our marketplace business are separately
responsible for sourcing the products they sell on our platform. As of December 31, 2023, we had 5443 third-party merchants on our online
marketplace. We have been and may continue to be subject to allegations and lawsuits claiming that products sold or listed on our platform
are counterfeit, unauthorized, illegal, or otherwise infringe third-party copyrights, trademarks and patents or other intellectual property
rights, or that content posted on our user interfaces or shared by members through their social networks contain misleading or inaccurate
information on description of products and comparable prices. Although we have adopted strict measures to protect us against these potential
liabilities, including proactively verifying the authenticity and authorization of products sold on our platform through conducting offline
investigations and immediately removing any counterfeit or illegal products or misleading information found on our platform, these measures
may not always be successful or timely.
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In
the event that counterfeit, unauthorized or infringing products are sold on our platform or infringing or misleading content is posted
on our platform, we could face claims or be imposed with penalties. We have in the past received claims alleging the sales of defective,
counterfeit or unauthorized items on our platform. Irrespective of the validity of such claims, we could incur significant costs and
efforts in either defending against or settling such claims. If there is a successful claim against us, we might be required to pay substantial
damages or refrain from further sale of the relevant products. Potential liabilities under PRC law for negligence in participating or
assisting in infringement activities associated with counterfeit goods include injunctions to cease infringing activities, rectification,
compensation, administrative penalties and even criminal liability. Moreover, such third-party claims or administrative penalties could
result in negative publicity and our reputation could be severely damaged. In addition, in the event that any of our suppliers or third-party
merchants fail to obtain proper authorization to sell certain products to us or on our platform, they may be prevented from selling products
to us or on our platform and we may become subject to claims or disputes alleging that some products are sold on our platform without
proper authorization. Any of these events could have a material and adverse effect on our business, results of operations or financial
condition.
Under
our standard form agreements, we require suppliers and third-party merchants to indemnify us for any losses we suffer or any costs that
we incur due to any products we source from these suppliers or any products sold by these third-party merchants. However, not all of
our agreements with suppliers and third-party merchants have such terms, and for those agreements that have such terms, we may not be
able to successfully enforce our contractual rights and may need to initiate legal proceedings in China to protect our rights. See "—Risks
Related to Doing Business in China—We and the VIEs may be adversely affected by the complexity, uncertainties and changes in PRC
regulation of internet-related businesses and companies."
If
we fail to manage our inventory effectively, our results of operations, financial condition and liquidity may be materially and adversely
affected.
The
scale and business model of our merchandise sales business require us to manage a large volume of inventory effectively. We depend on
our demand forecasts for various kinds of products to make purchase decisions and to manage our inventory. Demand for products, however,
can change significantly between the time inventory is ordered and the date by which we hope to sell it. Demand may be affected by seasonality,
new product launches, changes in product cycles and pricing, product defects, changes in consumer spending patterns, changes in consumer
tastes with respect to our products and other factors, and our users may not order products in the quantities that we expect. In addition,
when we begin selling a new product, it may be difficult to establish supplier relationships, determine appropriate product selection,
and accurately forecast demand. The acquisition of certain types of inventory may require significant lead time and prepayment and they
may not be returnable. We do not have the right to return unsold items to some of our suppliers.
Our
net inventories have decreased in recent periods, from RMB84.5 million as of December 31, 2021 to RMB54.7 million as of December 31,
2022, and further to RMB42.7 million (US$6.0 million) as of December 31, 2023. Our inventory turnover days were 29.7 days in 2021,
38.4 days in 2022 and 52.7 days in 2023. The decreases in net inventories in 2022 and 2023 are primarily due to the decreases in
merchandise sales during the same periods. We may include more products in our inventory, which will make it more challenging for us
to manage our inventory effectively and will put more pressure on our warehousing system.
If
we fail to manage our inventory effectively, we may be subject to a heightened risk of inventory obsolescence, a decline in inventory
values, and significant inventory write-downs or write-offs. In addition, we may be required to lower sale prices in order to reduce
inventory level, which may lead to lower margins. High inventory levels may also require us to commit substantial capital resources,
preventing us from using that capital for other important purposes. If we underestimate demand for our products, or if our suppliers
fail to supply quality products in a timely manner, we may experience inventory shortages, which might result in missed sales, diminished
brand loyalty and lost revenues, any of which could harm our business and reputation. Any of the above may materially and adversely affect
our results of operations and financial condition.
37
Failure
to successfully manage our fulfillment infrastructure or any interruption in the operation of the warehouse facilities for an extended
period may negatively affect our business, prospects and results of operations.
We
believe that our fulfillment infrastructure, consisting of strategically located warehouses, is essential to our success. Currently all
of the warehouses we use are operated by third-party vendors over which we have limited control. We provide our operating standards under
our operating agreements with third-party vendors and typically renew these agreements on an annual basis. Any decrease in the quality
of service offered by these third-party vendors will adversely affect our reputation and business operations. The warehouse facilities
may be vulnerable to damage caused by fire, flood, power outage, telecommunications failure, break-ins, earthquake, health epidemics,
human error and other events. If any of the warehouse facilities were rendered incapable of operations, then we may be unable to fulfill
our orders on a timely basis. We do not carry business interruption insurance, and the occurrence of any of the foregoing risks could
have a material adverse effect on our business, prospects, financial condition and results of operations.
In
the first quarter of 2019, we launched our marketplace business, allowing third-party merchants to sell their products on our platform
and pay commissions on their sales to us. Unlike our merchandise sales business where we handle the fulfillment process for the products
sold, substantially all of the third-party merchants under our marketplace business handle the fulfillment logistics for their products
sold on our platform, thereby lessening the demand for expansion of our fulfillment infrastructure. We have started and will continue
integrating and consolidating our warehouse facilities to enhance the efficiency in fulfilling orders placed from all areas in China
under our merchandise sales business. Our fulfillment network is complex and challenging to manage. We may not be able to recruit a sufficient
number of qualified employees in connection with managing our fulfillment infrastructure. In addition, the integration and consolidation
of our fulfillment infrastructure may strain our managerial, financial, operational and other resources. If we fail to manage such integration
and consolidation successfully, our business and results of operations may be materially and adversely affected.
We
may not be able to recoup the investments we make to improve our technology capabilities.
We
have invested  in upgrading our technology platform. We may not be able to recover
our capital expenditures or investments, in part or in full, or the recovery of these capital expenditures or investments may take longer
than expected. As a result, the carrying value of the related assets may be subject to an impairment charge, which could adversely affect
our financial condition and results of operation.
Allegations
or lawsuits against us or our management may harm our reputation and business.
We
have been, and may in the future be, subject to allegations or lawsuits in the ordinary course of our business brought by our competitors,
customers, employees or other individuals or entities, including, among others, those involving our marketing practices and labor related
disputes. If we are deemed to have violated labor laws and regulations or if potential allegation or lawsuits, with or without merit,
or any perceived unfair, unethical, fraudulent or inappropriate business practice by us or perceived malfeasance by our management could
harm our reputation and customer base and distract our management from our daily operations. The outcome of any allegations or lawsuits
is inherently uncertain, and in any event defending against these claims could be both costly and time-consuming, and could significantly
divert the efforts and resources of our management and other personnel. An adverse determination in any allegations or lawsuits against
us could cause us to pay damages, incur legal and other costs and may also generate negative publicity that significantly harms our reputation,
which may materially and adversely affect our customer base and our ability to attract app developers and members. There can be no assurance
that we will prevail in any of these cases, and any adverse outcome of any allegations or lawsuits could have a material adverse impact
on our business, results of operation and cash flows.
If
we fail to implement and maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley
Act of 2002, we may be unable to accurately report our results of operations, meet our reporting obligations or prevent fraud, and investor
confidence and the market price of our ADSs may be materially and adversely affected.
The
SEC, as required under Section 404 of the Sarbanes-Oxley Act of 2002, has adopted rules requiring public companies to include a report
of management on the effectiveness of such companies' internal control over financial reporting in their respective annual reports.
In addition, an independent registered public accounting firm for a public company may be required to issue an attestation report on
the effectiveness of such company's internal control over financial reporting. However, as a "non-accelerated filer"
as defined under Rule 12b-2 of the Exchange Act, we are not required to have an attestation report on internal control over financial
reporting from our external auditors.
38
Our
management conducted an evaluation of the effectiveness of our internal control over financial reporting and concluded that our internal
control over financial reporting was effective as of December 31, 2023. However, if we fail to maintain the effectiveness of our internal
control over financial reporting, our management may not be able to conclude on an ongoing basis that we have effective internal control
over financial reporting in accordance with the Sarbanes-Oxley Act.
Furthermore,
our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. It is
possible that, had our independent registered public accounting firm conducted an audit of our internal control over financial reporting,
such accountant might have identified material weaknesses and deficiencies or might issue a qualified report if it is not satisfied with
our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the requirements
differently from us.
Moreover,
effective internal control over financial reporting is necessary for us to produce reliable financial reports. As a result, any failure
to maintain effective internal control over financial reporting could result in the loss of investor confidence in the reliability of
our financial statements, which in turn could negatively impact the trading price of our ADSs or ordinary shares. Furthermore, we may
need to incur additional costs and use additional management and other resources in an effort to comply with Section 404 of the Sarbanes-Oxley
Act and other requirements going forward.
Any
lack of requisite approvals, licenses or permits applicable to our business or failure to comply with any requirements of PRC laws, regulations
and policies may have a material and adverse impact on our business, financial condition and results of operations.
Our
business is subject to governmental supervision and regulation by the PRC governmental authorities, including the Ministry of Commerce,
the
Ministry of Industry and Information Technology
,
the
State Administration for Market Regulation
, the
Cyberspace Administration of
China
, the National Radio and Television Administration, and other governmental authorities in
charge of the relevant categories of products sold and services provided by us. Together, these government authorities promulgate and
enforce regulations that cover many aspects of our operation of social e-commerce platform, including entry into this industry, the scope
of permissible business activities, licenses and permits for various business activities, and foreign investment. We are required to
hold a number of licenses and permits for our business operations. Currently, we have obtained the following valid licenses: the VATS
license, the Network Culture Business Permit, the Production and Operation of Broadcasting and Television Programs Permit, the ICP filing,
the Internet Pharmaceutical Information Services Qualification Certificate, the Record-Filing of Third-Party Platforms Providing Online
Trading Service for Medical Devices, the Record-Filing for Business Operations of Class Two Medical Devices, the Publication Operation
Permit, the Food Operation Permit, the Record-Filing Application as A Third-Party Platform Provider for Online Food Trading, the registration
and record-filing of cosmetic products and the filing of APP (including mini-applet) organizer. However, we can not guarantee that we
have obtained all licenses, permits and filings for selling certain specific products or services on our platform from time to time.
See "Item 4. Information on the Company—B. Business Overview—Regulations—Licenses, Permits and Filings."
For example, we have not obtained the internet audio-visual program transmission license for the audio-visual program services on our
platform, for which we are not qualified to apply according to current applicable laws and regulations. In addition, we have not completed
filing for distributing publications and providing e-commerce live streaming services on our platform, and as of the date of this annual
report, we have not been informed that we shall make such filing by any government authorities. We are in the process of applying for
these licenses, permits and filings as permitted by the laws, regulations and practice of PRC governmental authorities.
As
of the date of this annual report, we have not received any notice of warning or been subject to penalties or other disciplinary actions
from the governmental authorities regarding our business operations without the required licenses, permits or filings. However, we cannot
assure you that we will not be subject to any penalties or disciplinary actions in the future. There exist substantial uncertainties
with respect to interpretation and application of existing PRC laws, regulations and policies, and new laws, regulations or policies
regulating the internet industry may also be promulgated in the future, which together result in substantial uncertainties regarding
the legality of existing and future foreign investments in, and the businesses activities of, internet businesses in China, including
our social e-commerce platform.
39
We
may be held liable for information or content displayed on, retrieved from or linked to our platform, or distributed to our users, and
PRC authorities may impose legal sanctions on us, including, in serious cases, suspending or revoking the licenses necessary to operate
our platforms.
Some
of our members engaged in sales promotion activities through our live streaming sessions on our Yunji app, on our Yunji Endorsement app
and through our official account on other live streaming platforms, and they interacted and exchanged information with our users and
generated and distributed content. However, because a majority of the communications through our live streaming sessions and on our platforms
was conducted in real time, we were unable to verify the sources of all information communicated or posted thereon or examine the content
generated by our members and users before they were posted. We also allowed users to upload user-generated content on our platform. It
is possible that activities of users or the content uploaded on our platform by users may engage in illegal, obscene or incendiary conversations
or activities, including inappropriate or illegal information or content that may be deemed unlawful under PRC laws and regulations or
that may expose us to allegations by third parties of infringement of intellectual property rights, unfair competition, invasion of privacy,
defamation and other violations of third-party rights. When users register on our platform, they agree to our standard agreement, under
which they agree not to disseminate any content infringing on third-party copyright on our platform. However, if any information or content
on our platform is deemed illegal, obscene or incendiary, or if appropriate licenses and third-party consents have not been obtained,
claims may be brought against us for defamation, libel, negligence, intellectual property rights or other rights infringement, other
unlawful activities or other theories and claims based on the nature and content of the information delivered on or otherwise accessed
through our platform. We also may face liability for intellectual property rights infringement, fraud, and other claims based on the
nature and content of the materials that are delivered, shared or otherwise accessed through or published on our platform. Under PRC
laws and regulations, online service providers, which provide storage space for users to upload works, may be held liable for copyright
infringement under various circumstances pursuant to applicable PRC laws and regulations, including situations where the online service
provider knows or should reasonably have known that the relevant content uploaded or linked to on its platform infringes upon the copyright
of others and the online service provider profits from such infringing activities. In certain cases in China, the courts have found an
online service provider to be liable for the copyrighted content posted by users which was accessible from and stored on such provider's
servers. Defending any such actions could be costly and involve significant time and attention of our management and other resources,
and there can be no assurance that we will obtain final outcomes that are favorable to us. In addition, if it is found that we have not
adequately managed the information or content on our platform, PRC authorities may impose legal sanctions on us, including, in serious
cases, suspending or revoking the licenses necessary to operate our platform. As a result, our business, financial condition and results
of operations may be materially and adversely affected.
Our
success depends on the continuing efforts of our senior management and key employees. If our senior management is unable to work together
effectively or efficiently or if we fail to hire, retain and motivate key employees, our business may be severely disrupted.
Our
success is significantly dependent upon the continued services of our management and other key employees. In particular, our founder
and chief executive officer, Mr. Shanglue Xiao, and other management members are critical to our vision, strategic direction, culture
and overall business success. If our senior management cannot work together effectively or efficiently, our business may be severely
disrupted. If one or more of our senior management were unable or unwilling to continue in their present positions, we might not be able
to locate suitable or qualified replacements easily or at all, and our business, financial condition and results of operations may be
materially and adversely affected. If any of our senior management or key employees joins a competitor or forms a competing business,
we may lose users, suppliers, third-party merchants, know-how and key professionals and staff members. Our senior management has entered
into employment agreements and confidentiality and non-competition agreements with us. However, if any dispute arises between any of
them and us, we may have to incur substantial costs and expenses in order to enforce such agreements in China or we may be unable to
enforce such agreements at all.
The
increasing scale of our business also requires us to hire and retain a wide range of capable and experienced personnel and technology
talents who can adapt to a dynamic, competitive and challenging business environment. Competition for talents is intense, and the availability
of suitable and qualified candidates in China is limited. Competition for talents could cause us to offer higher compensation and other
benefits to attract and retain them. Even if we were to offer higher compensation and other benefits, these individuals may not choose
to join or continue to work for us. Any failure to attract or retain key management and personnel could severely disrupt our business.
40
We
may be subject to claims under consumer protection laws, including health and safety claims and product liability claims, if people or
properties are harmed by the products sold on our platform.
We
sell products manufactured by third parties and third-party merchants sell their products on our platform. Some of the products sold
on our platform may be defectively designed or manufactured. Sales of such products could expose us to increasing liability associated
with consumer protection laws in those areas, including product liability or health and safety claims relating to personal injury or
illness, death, or environmental or property damage, and may require product recalls or other actions. Moreover, pursuant to applicable
consumer protection laws in China, consumers or any third parties subject to such injury or damage may bring claims or legal proceedings
against the e-commerce platforms as sellers of such products. Although we would have legal recourse against the manufacturer or third-party
seller of such products, as applicable, under PRC law if the liabilities are attributable to the manufacturer or third-party seller,
attempting to enforce our rights against the manufacturer or third-party seller, as applicable, may be expensive, time-consuming and
ultimately futile. In addition, we do not currently maintain any third-party liability insurance or product liability insurance in relation
to most of the products we sell. As a result, any material product liability claim or litigation could have a material and adverse effect
on our business, financial condition and results of operations. Even unsuccessful claims could result in the expenditure of funds and
managerial efforts in defending them and could have a negative impact on our reputation.
Failure
to protect confidential information of our users and network against security breaches could damage our reputation and brand and substantially
harm our business and results of operations.
A
significant challenge to the e-commerce industry is the secure storage of confidential information and its secure transmission over public
networks. A substantial amount of the orders and the payments for products offered on our platform are made through our mobile apps.
In addition, all online payments for our products are settled through third-party online payment services. We also share certain personal
information about our users with contracted third-party suppliers and logistics service providers, such as their names, addresses, phone
numbers and transaction records. Maintaining complete security for the storage and transmission of confidential information on our technology
platform, such as user's personal information, payment-related information and transaction information, is essential to maintaining
user confidence.
We
have adopted security policies and measures, including encryption technology, to protect our proprietary data and user information. However,
advances in technology, the expertise of hackers, new discoveries in the field of cryptography or other events or developments could
result in a compromise or breach of the technology that we use to protect confidential information. We may not be able to prevent third
parties, especially hackers or other individuals or entities engaging in similar activities, from illegally obtaining such confidential
or private information we hold with respect to users on our platform. In addition, we have limited control or influence over the security
policies or measures adopted by third-party providers of online payment services through which some of our users may elect to make payment
for purchases. The contracted third-party suppliers and logistics service providers we use may also violate their confidentiality obligations
and disclose or use information about our users illegally. Individuals or entities obtaining our users' confidential or private
information illegally may further engage in various other illegal activities using such information, which may cause losses to our users
and undermine their trust in our platform. We have received complaints from our users that their personal and transaction information
has been leaked and used by others to conduct fraud or other illegal activities, which resulted in losses to these users. We have examined
our security system and measures after receiving the complaints, and believe that it is not us or our employees who leaked the user information
to others or any other reasons attributable to us and we should not be held liable for the losses suffered by the users in accordance
with the applicable PRC laws. To better protect the users on our platform, we have taken further measures to enhance our data protection
policies and measures, require contracted third-party suppliers and logistics service providers to comply with their confidentiality
obligations, and alert our users about the potential illegal activities associated with leakage of user information. There can be no
assurance, however, that the measures we have taken are sufficient and effective to ensure the confidentiality and integrity of our data
and confidential user information stored or transmitted through our platform. Any negative publicity on our platform's safety or
privacy protection mechanisms and policies, and any claims asserted against us or fines imposed upon us as a result of actual or perceived
failures, could have a material and adverse effect on our public image, reputation, financial condition and results of operations. Any
compromise of our information security or the information security measures of our contracted third-party suppliers or logistics service
providers or third-party online payment service providers could have a material and adverse effect on our reputation, business, prospects,
financial condition and results of operations.
41
We
rely on third-party online payment service providers for payment processing and escrow services on our platform. If these payment services
are restricted or curtailed in any way or become unavailable to us or our users for any reason, our business may be materially and adversely
affected.
All
online payments for products sold on our platform are settled through third-party online payment service providers. Our business depends
on the billing, payment and escrow systems of these payment service providers to maintain accurate records of payments of sales proceeds
by users and collect such payments. If the quality, utility, convenience or attractiveness of these payment processing and escrow services
declines, or we have to change the pattern of using these payment services for any reason, the attractiveness of our platform could be
materially and adversely affected.
Business
involving online payment services is subject to a number of risks that could materially and adversely affect third-party online payment
service providers' ability to provide payment processing and escrow services to us, including:
●
dissatisfaction
                                            with these online payment services or decreased use of their services by our users;
●
increasing
                                            competition, including from other established PRC internet companies, payment service providers
                                            and companies engaged in other financial technology services;
●
changes
                                            to rules or practices applicable to payment systems that link to third-party online payment
                                            service providers;
●
breach
                                            of users' personal information and concerns over the use and security of information
                                            collected from users;
●
service
                                            outages, system failures or failures to effectively scale our system;
●
increasing
                                            costs to third-party online payment service providers, including fees charged by banks to
                                            process transactions through online payment channels, which would also increase our costs
                                            of revenues; and
●
failure
                                            to manage funds accurately or loss of funds, whether due to employee fraud, security breaches,
                                            technical errors or otherwise.
Certain
commercial banks in China impose limits on the amounts that may be transferred by automated payment from users' bank accounts to
their linked accounts with third-party online payment services. We cannot predict whether these and any additional restrictions that
could be put in place would have a material adverse effect on our platform.
In
addition, the commercial banks and third-party online payment service providers that we work with are subject to the supervision of the
People's Bank of China. The People's Bank of China may publish rules, guidelines and interpretations from time to time regulating
the operation of financial institutions and payment service providers, which may in turn affect how they provide payment services to
us. For example, in November 2017, the People's Bank of China published a notice, on the investigation and administration of illegal
offering of settlement services by financial institutions and payment service providers to unlicensed entities. The notice intends to
prevent unlicensed entities from using licensed payment service providers as a conduit for conducting unlicensed payment settlement service
business, to safeguard the fund security and information security. We launched the marketplace business in the first quarter of 2019,
and cooperate with third-party online payment service providers and commercial bank to receive payment from the buyers and distribute
payment to third-party merchants and us. We believe our current cooperation with third-party online payment service providers and commercial
bank are not in violation of the notice. We will continue to expand cooperation with third-party online payment service providers and
commercial banks to cover all of our marketplace business and to support the new initiatives. We cannot assure you that the People's
Bank of China or other governmental authorities will find our cooperation model with third-party online payment service providers and
commercial banks with respect to the marketplace business model to be in compliance with the notice. If required by the People's
Bank of China or other governmental authorities in the future, we may need to adjust or suspend our cooperation model with third-party
payment service providers, and be subject to fines and other sanctions.
42
In
addition, we cannot assure you that we will be successful in entering into and maintaining amicable relationships with these online payment
service providers and commercial banks. Identifying, negotiating and maintaining relationships with these providers require significant
time and resources. Our current agreements with these service providers also do not prohibit them from working with our competitors.
They could choose to terminate their relationships with us or propose terms that we cannot accept. In addition, these service providers
may not perform as expected under our agreements with them, and we may have disagreements or disputes with such payment service providers,
any of which could adversely affect our brand and reputation as well as our business operations.
Changes
in our return and exchange policies may adversely affect our results of operations.
Pursuant
to the consumer protection law in China, as amended, except for certain types of products, such as custom-made goods, fresh and perishable
goods, consumers are generally entitled to return the products purchased within seven days upon receipt without giving any reasons. We
have adopted user-friendly return and exchange policies that make it convenient and easy for users to change their minds after completing
purchases, including allowing users to return products purchased within seven days upon receipt without giving any reasons. We may be
required by new laws or regulations to adopt new or amend existing return and exchange policies from time to time. These policies may
subject us to additional costs and expenses which we may not recoup through increased revenue. If our return and exchange policy is misused
by a significant number of users, our costs may increase significantly and our results of operations may be materially and adversely
affected. If we revise these policies to reduce our costs and expenses, our users may be dissatisfied, which may result in loss of existing
users or failure to acquire new users at a desirable pace, which may materially and adversely affect our results of operations.
Our
use of some leased properties could be challenged by third parties or government authorities, which may cause interruptions to our business
operations.
We
lease properties in China, mainly for offices and warehouse facilities. If our lessors are not the owners of the properties and they
have not obtained consents from the owners or their lessors or permits from the government authorities, our leases could be invalidated.
If this occurs, we may have to renegotiate the leases with the owners or the parties who have the right to lease the properties, and
the terms of the new leases may be less favorable to us. We may not be able to find alternative properties to lease in a timely and reliable
manner, or at all. Some of the leased properties were also subject to mortgage at the time the leases were entered into. If no consent
had been obtained from the mortgage holder under such circumstances, the lease may not be binding on the transferee of the property in
the event that the mortgage holder forecloses on the mortgage and transfers the property to another party. In addition, a substantial
portion of our leasehold interests in leased properties have not been registered with the PRC government authorities as required by PRC
law, which may expose us to potential fines if we fail to remediate after receiving any notice from the PRC government authorities. We
have subleased a portion of our leased properties to our PRC subsidiaries, the VIEs and their subsidiaries as well as other third parties.
As
of the date of this annual report, we are not aware of any claims or actions being contemplated or initiated by government authorities,
property owners or any other third parties with respect to our leasehold interests in or use of such properties. However, we cannot assure
you that our use of such leased properties will not be challenged. In the event that our use of properties is successfully challenged,
we may be subject to fines and forced to relocate the affected operations. In addition, we may become involved in disputes with the property
owners or third parties who otherwise have rights to or interests in our leased properties. We can provide no assurance that we will
be able to find suitable replacement sites on terms acceptable to us on a timely basis, or at all, or that we will not be subject to
material liability resulting from third parties' challenges on our use of such properties. As a result, our business, financial
condition and results of operations may be materially and adversely affected.
43
Failure
to renew our current leases or locate desirable alternatives for our leased properties could materially and adversely affect our business.
We
lease properties for most of our offices. We may not be able to successfully extend or renew such leases upon expiration of the current
term on commercially reasonable terms or at all, and may therefore be forced to relocate our affected operations. This could disrupt
our operations and result in significant relocation expenses, which could adversely affect our business, financial condition and results
of operations. In addition, we may compete with other businesses for premises at certain locations or of desirable sizes. As a result,
even though we could extend or renew our leases, rental payments may significantly increase as a result of the high demand for the leased
properties.
We
have granted, and may continue to grant, options and other types of awards under our share incentive plan, which may result in increased
share-based compensation expenses.
We
adopted a share incentive plan in 2017, which was subsequently replaced by the 2019 Share Incentive Plan adopted in March 2019, or the
2019 Plan, for the purpose of granting share-based compensation awards to employees, directors, officers, consultants and other personnel
to incentivize their performance and align their interests with ours. We recognize expenses in our consolidated financial statements
in accordance with U.S. GAAP. Under the 2019 Plan, we are authorized to grant options, restricted shares, restricted share units and
other types of awards. As of February 29, 2024, the awards that had been granted to our directors, officers, employees, consultants and
other personnel and remained outstanding included (i) 14,114,750 restricted share units, excluding restricted share units that were forfeited,
cancelled, or vested after the relevant grant date, and (ii) options to purchase an aggregate of 14,355,570 Class A ordinary shares,
excluding options that were forfeited, cancelled, or exercised after the relevant grant date. See "Item 6. Directors, Senior Management
and Employees—B. Compensation of Directors and Executive Officers—2019 Share Incentive Plan." We believe the granting
of share-based compensation is of significant importance to our ability to attract and retain key personnel and employees, and we will
continue to grant share-based compensation to employees in the future. As a result, our expenses associated with share-based compensation
may increase, which may have an adverse effect on our results of operations. We may re-evaluate the vesting schedules, lock-up period,
exercise price or other key terms applicable to the grants under our currently effective share incentive plans from time to time. If
we choose to do so, we may experience substantial change in our share-based compensation charges in the reporting periods.
Our
results of operations are subject to seasonal fluctuations which could result in volatility or have an adverse effect on the market price
of our ADSs.
We
experience seasonality in our business, reflecting a combination of seasonal fluctuations in internet usage and traditional retail seasonality
patterns. For example, we generally experience less user traffic and purchase orders during the Chinese New Year holiday season in the
first quarter of each year. Furthermore, online sales in China are significantly higher in the fourth quarter of each calendar year than
in the preceding three quarters. E-commerce companies in China hold special promotional campaigns on November 11 each year and we hold
a special promotional campaign in the second quarter of each year, both of which can affect our results for those quarters. As a result, the trading price of our ADSs may fluctuate from time to time due to seasonality.
44
Future
strategic alliances, investments or acquisitions may have a material and adverse effect on our business, reputation and results of operations.
We
may in the future enter into strategic alliances with various third parties to further our business purposes from time to time. Strategic
alliances with third parties could subject us to a number of risks, including risks associated with sharing proprietary information,
non-performance by the counterparty, and an increase in expenses incurred in establishing new strategic alliances, any of which may materially
and adversely affect our business. We may have little ability to control or monitor their actions. To the extent the third parties suffer
negative publicity or harm to their reputations from events relating to their business, we may also suffer negative publicity or harm
to our reputation by virtue of our association with such third parties.
In
addition, if we are presented with appropriate opportunities, we may invest in or acquire additional assets, technologies or businesses
that are complementary to our existing business. Future investments or acquisitions and the subsequent integration of new assets and
businesses into our own would require significant attention from our management and could result in a diversion of resources from our
existing business, which in turn could have an adverse effect on our business operations. The costs of identifying and consummating investments
and acquisitions may be significant. We may also incur significant expenses in obtaining necessary approvals from the government authorities
in China and elsewhere in the world. Acquired assets or businesses may not generate the financial results we expect. In addition, investments
and acquisitions could result in the use of substantial amounts of cash, potentially dilutive issuances of equity securities, the occurrence
of significant goodwill impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities
of the acquired business. The cost and duration of integrating newly acquired businesses could also materially exceed our expectations.
Any such negative developments could have a material adverse effect on our business, financial condition and results of operations.
We
may need additional capital, and financing may not be available on terms acceptable to us, or at all.
In
the years ended December 31, 2021, 2022 and 2023, our operating cash flow was negative. It is possible that we will continue to have
negative cash flow in the future. We believe that our current cash and cash equivalents and our anticipated cash flows from operations
will be sufficient to meet our anticipated working capital requirements and capital expenditures for at least the next 12 months. We
may, however, require additional cash resources due to changed business conditions or other future developments, including any changes
in our account payable policy, marketing initiatives or investments we may decide to pursue. If these resources are insufficient to satisfy
our cash requirements, we may seek to obtain a credit facility or sell additional equity or debt securities. The sale of additional equity
securities could result in dilution of our existing shareholders. The incurrence of indebtedness would result in increased debt service
obligations and could result in operating and financing covenants that would restrict our operations. It is uncertain whether financing
will be available in amounts or on terms acceptable to us, if at all.
We
may not be able to prevent others from unauthorized use of our intellectual property, which could harm our business and competitive position.
We
regard our trademarks, copyrights, patents, domain names, know-how, proprietary technologies, and similar intellectual property as critical
to our success, and we rely on a combination of intellectual property laws and contractual arrangements, including confidentiality, invention
assignment and non-compete agreements with our employees and others, to protect our proprietary rights. Although we are not aware of
any copycat mobile apps that attempt to cause confusion or diversion of traffic from us at the moment, we may become an attractive target
to such attacks in the future because of our brand recognition in the e-commerce industry in China. Despite these measures, any of our
intellectual property rights could be challenged, invalidated, circumvented or misappropriated, or such intellectual property may not
be sufficient to provide us with competitive advantages. In addition, there can be no assurance that (i) our application for registration
of trademarks, patents, and other intellectual property rights will be approved, (ii) any intellectual property rights will be adequately
protected, or (iii) such intellectual property rights will not be challenged by third parties or found by a judicial authority to be
invalid or unenforceable. Furthermore, because of the rapid pace of technological change in our industry, parts of our business rely
on technologies developed or licensed by third parties, and we may not be able to obtain or continue to obtain licenses and technologies
from these third parties at all or on reasonable terms.
45
It
is challenging to register, maintain and enforce intellectual property rights in China. 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 our intellectual property rights or to enforce our contractual rights in China. Policing any
unauthorized use of our intellectual property is difficult and costly and the steps we take may be inadequate to prevent the infringement
or misappropriation of our intellectual property. In the event that we resort to litigation to enforce our intellectual property rights,
such litigation could result in substantial costs and a diversion of our managerial and financial resources, and could put our intellectual
property at risk of being invalidated or narrowed in scope. We can provide no assurance that we will prevail in such litigation, and
even if we do prevail, we may not obtain a meaningful recovery. In addition, our trade secrets may be leaked or otherwise become available
to, or be independently discovered by, our competitors. Any failure in maintaining, protecting or enforcing our intellectual property
rights could have a material adverse effect on our business, financial condition and results of operations.
We
may be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt our business and operations.
We
cannot be certain that our operations or any aspects of our business do not or will not infringe upon or otherwise violate patents, copyrights
or other intellectual property rights held by third parties. We have been, and from time to time in the future may be, subject to legal
proceedings and claims relating to the intellectual property rights of others. In addition, there may be other third-party intellectual
property that is infringed by our products, services or other aspects of our business. There could also be existing patents of which
we are not aware that our products may inadvertently infringe. We cannot assure you that holders of patents purportedly relating to some
aspect of our technology platform or business, if any such holders exist, would not seek to enforce such patents against us in China,
the United States or any other jurisdictions.
In
addition, we strive to closely monitor the products offered on our platform, and also require suppliers and third-party merchants to
indemnify us for any losses we suffer or any costs that we incur in relation to the products we source from such suppliers or the products
offered by such third-party merchants on our platform. However, we cannot be certain that these measures would be effective in completely
preventing the infringement of trademarks, patents, copyrights, know-how or other intellectual property rights held by third parties.
Further, the application and interpretation of China's patent laws and the procedures and standards for granting patents in China
are still evolving and are uncertain, and we cannot assure you that PRC courts or regulatory authorities would agree with our analysis.
If we are found to have violated the intellectual property rights of others, we may be subject to liability for our infringement activities
or may be prohibited from using such intellectual property, and we may incur licensing fees or be forced to develop alternatives of our
own. In addition, we may incur significant expenses, and may be forced to divert management's time and other resources from our
business and operations to defend against these third-party infringement claims, regardless of their merits. Successful infringement
or licensing claims made against us may result in significant monetary liabilities and may materially disrupt our business and operations
by restricting or prohibiting our use of the intellectual property in question. Finally, we use open source software in connection with
our products and services. Companies that incorporate open source software into their products and services have, from time to time,
faced claims challenging the ownership of open source software and compliance with open source license terms. As a result, we could be
subject to suits by parties claiming ownership of what we believe to be open source software or noncompliance with open source licensing
terms. Some open source software licenses require users who distribute open source software as part of their software to publicly disclose
all or part of the source code to such software and make available any derivative works of the open source code on unfavorable terms
or at no cost. Any requirement to disclose our source code or pay damages for breach of contract could be harmful to our business, results
of operations and financial condition.
46
We
rely on proper operation and maintenance of our mobile platform and internet infrastructure and telecommunications networks in China.
Any malfunction, capacity constraint or operation interruption may have an adverse impact on our business.
Currently,
substantially all of our sales of products are generated online through our mobile platform and mini program. Therefore, the satisfactory
performance, reliability and availability of our mobile platform are critical to our success and our ability to attract and retain users.
Our business depends on the performance and reliability of the internet infrastructure in China. The reliability and availability of
our mobile platform depends on telecommunications carriers and other third-party providers for communications and storage capacity, including
bandwidth and server storage, among other things. If we are unable to enter into and renew agreements with these providers on acceptable
terms, or if any of our existing agreements with such providers are terminated as a result of our breach or otherwise, our ability to
provide products and services could be adversely affected. Access to internet in China is maintained through state-owned telecommunications
carriers under administrative control, and we obtain access to end-user networks operated by such telecommunications carriers and internet
service providers to give users access to our mobile platform. The failure of telecommunications network operators to provide us with
the requisite bandwidth could also interfere with the speed and availability of our mobile platform. Service interruptions prevent users
from accessing our mobile platform and placing orders, and frequent interruptions could frustrate users and discourage them from attempting
to place orders, which could cause us to lose users and in turn suppliers and third-party merchants and harm our operating results.
Our
employees or business partners or other parties with whom we maintain business relationship may engage in misconduct or other improper
activities, which may disrupt our business, hurt our reputation and results of operations.
Our
employees or business partners, including suppliers, third-party merchants, third-party logistics service providers and other business
partners, may be subject to regulatory penalties or punishments or other legal proceedings because of their wrongdoings or regulatory
compliance failures, which may disrupt our business and harm our reputation. Although any existing or alleged non-compliance behaviors
of our business partners are not under our control, and we are not directly involved in such existing or alleged non-compliance behaviors,
our business operation and reputation may still be adversely affected. In August 2021, one of our business partners from whom we received
certain payments for goods during our ordinary course of business was subject to an administrative investigation due to certain alleged
non-compliance in its business activities, which led to the freezing of a couple of its business-related bank accounts for a total amount
of RMB120 million by a competent PRC court. Due to our business relationship with such company at the time, the competent PRC court also
froze certain amount of money in our bank accounts during such administrative investigation. In November 2021, the competent PRC court
revoked all the freezing decisions associated with such administrative investigation, and our bank accounts were released from the freezing
activities. Since then, we have terminated our business relationship with such company. The temporary freezing of our bank accounts and
the subsequent termination of business relationship with such company did not materially negatively impact our business operations and
results of operations.
We
are exposed to the risk of fraud or other misconduct by our employees or third parties partners with whom we have business arrangements.
Misconduct by employees or third-party partners could include inadvertent or intentional failures to comply with the laws and regulations
to which we are subject or with our policies, provide accurate information to regulatory authorities, comply with ethical, social, product,
labor and environmental standards, comply with fraud and abuse laws and regulations, report financial information or data accurately,
or disclose unauthorized activities to us. We have no control over the off-work time and behaviors of our employees and the operations
of our third-party partners. Any legal liabilities of, or regulatory actions against, our employees, especially key employees, or business
partners may affect our business activities and reputation and, in turn, our results of operations.
We
have limited insurance coverage, which could expose us to significant costs and business disruption.
We
maintain various insurance policies to safeguard against risks and unexpected events. In addition to providing social security insurance
for our employees as required by PRC law, we also provide supplemental commercial medical insurance, which covers life insurance, for
our employees upon request. We do not maintain business interruption insurance, nor do we maintain product liability insurance or key-man
life insurance. We cannot assure you that our insurance coverage is sufficient to prevent us from any loss or that we will be able to
successfully claim our losses under our current insurance policy on a timely basis, or at all. If we incur any loss that is not covered
by our insurance policies, or the compensated amount is significantly less than our actual loss, our business, financial condition and
results of operations could be materially and adversely affected.
47
Our
failure to comply with anti-corruption laws and regulations, or effectively control the corruptive activities of our employees, could
severely damage our reputation, and materially and adversely affect our business, financial condition, results of operations and prospects.
We
are subject to risks in relation to actions taken by us or our employees that may constitute violations of the anti-corruption laws and
regulations. While we adopt strict internal procedures and work closely with relevant government agencies to assure compliance of our
business operations with laws and regulations, our efforts may not be sufficient to ensure that we comply with laws and regulations at
all times or prevent corruptive activities of our employees. If we or our employees violate any such laws, rules or regulations, we could
be subject to fines and/or other penalties. Our reputation, corporate image, and business operations may be materially and adversely
affected if we or our employees engage in corruptive activities or violate any anti-corruption laws or regulations or if we become the
target of any negative publicity as a result of corruptive actions taken by us or our employees, which may in turn have a material adverse
effect on our business, financial condition, results of operations and prospects.
We
may increasingly become a target for public scrutiny, including complaints to regulatory agencies, which could severely damage our reputation
and materially and adversely affect our business and prospects. Negative media coverage or publicity of us, our management or our employees
or public dissemination of malicious assessments of our business could harm our reputation and cause us to lose market share, users and
revenues and adversely affect the price of our ADSs.
Regulatory and public
concerns over consumer protection, consumer safety and data privacy and security issues may subject us to legal and social
responsibilities and increased scrutiny and negative publicity over these issues. We may become the target of detrimental conduct by third
parties, which include complaints, anonymous or otherwise, to regulatory agencies. We may be subject to government or regulatory investigation
as a result of such third-party conduct and may be required to expend significant time and incur substantial costs to address such third-party
conduct, and there is no assurance that we will be able to conclusively refute each of the allegations within a reasonable period of
time, or at all. There is no assurance that we would not become a target for
regulatory or public scrutiny in the future or that scrutiny and public exposure would not severely damage our reputation as well as
our business and prospects. Any illegal or immoral conducts by our management or employees could also result in negative publicity of
us and thus harm our public image and reputation.
In
addition, allegations, directly or indirectly against us, may be posted in social media or on blogs or websites by anyone, whether or
not related to us, on an anonymous basis. Consumers value readily available information concerning retailers, manufacturers, and their
goods and services and often act on such information without further investigation or authentication and without regard to its accuracy.
The availability of information on social media platforms and devices is virtually immediate, as is its impact. Social media platforms
and devices immediately publish the content their subscribers and participants post, often without filters or checks on the accuracy
of the content posted. Information posted may be inaccurate and adverse to us, and it may harm our financial performance, prospects or
business. The harm may be immediate without affording us an opportunity for redress or correction. Our reputation may be negatively affected
as a result of the public dissemination of anonymous allegations or malicious statements about our business, which in turn may cause
us to lose market share, users and revenues and adversely affect the price of our ADSs.
48
A
severe or prolonged downturn in the Chinese or global economy could materially and adversely affect our business and financial condition.
The
success of our business ultimately depends on consumer spending. We derive substantially all of our revenues from China. As a result,
our revenues and financial results are impacted to a significant extent by economic conditions in China and globally, as well as economic
conditions specific to online retail. COVID-19 had a severe and negative impact on the Chinese and the global economy from 2020 through
2022, and the global macroeconomic environment still faces numerous challenges. The growth rate of the Chinese economy has been slowing
since 2010 and the Chinese population began to decline in 2022. The Federal Reserve and other central banks outside of China have raised
interest rates. The Russia-Ukraine conflict, the Hamas-Israel conflict and the attacks on shipping in the Red Sea have heightened geopolitical
tensions across the world. The impact of the Russia-Ukraine conflict on Ukraine food exports has contributed to increases in food prices
and thus to inflation more generally. There have also been concerns about the relationship between China and other countries which may
potentially have economic effects. In particular, there is significant uncertainty about the future relationship between the United States
and China with respect to a wide range of issues including trade policies, treaties, government regulations and tariffs. Economic conditions
in China are sensitive to global economic conditions, as well as changes in domestic economic and political policies and the expected
or perceived overall economic growth rate in China. Any severe or prolonged slowdown in the global or Chinese economy may have a negative
impact on our business, results of operations and financial condition, and continued turbulence in the international markets may adversely
affect our ability to access the capital markets to meet liquidity needs. Our customers may reduce or delay spending with us, and to the extent we offer credit to any customer and the customer experiences financial difficulties due to the economic slowdown,
we could have difficulty collecting payment from the customer.
We
are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased
both our costs and the risk of non-compliance.
We
are or will be subject to rules and regulations by various governing bodies, including, for example, the Securities and Exchange Commission,
which is charged with the protection of investors and the oversight of companies whose securities are publicly traded, and the various
regulatory authorities in China and the Cayman Islands, and to new and evolving regulatory measures under applicable law. Our efforts
to comply with new and changing laws and regulations have resulted in and are likely to continue to result in, increased general and
administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities.
Moreover,
because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time
as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs
necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations
and any subsequent changes, we may be subject to penalty and our business may be harmed.
Risks
Related to Our Corporate Structure
If
the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC regulations
relating to 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, and our ADSs may decline in value or become
worthless
.
Foreign
ownership of certain parts of our businesses, including value-added telecommunications services, is subject to restrictions under current
PRC laws and regulations. For example, foreign investors are not allowed to own more than 50% of the equity interests in a value-added
telecommunication service provider (excluding e-commerce, domestic multi-parties communications, storage and forwarding categories, call
centers), and foreign investors are prohibited from engaging in the edition, publishment and production of audio visual products and
the operation of Internet culture in China in accordance with the Special Administrative Measures for Market Access of Foreign Investment
(Negative List) promulgated in 2021.
We
are a Cayman Islands holding company with no equity ownership in the VIEs and we conduct our operations in China through (i) our PRC
subsidiaries and (ii) the VIEs with which we have maintained contractual arrangements. Holders of our ADSs hold equity interest in Yunji
Inc., our Cayman Islands holding company, and do not have direct or indirect equity interest in the VIEs. If the PRC government deems
that our contractual arrangements with the 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 or are interpreted differently in the future,
we and the VIEs could be subject to severe penalties or be forced to relinquish our interests in those operations. Our holding company
in the Cayman Islands, the VIEs, and investors of us face uncertainty about potential future actions by the PRC government that could
affect the enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect the financial performance
of the VIEs and our company as a group.
49
We
are an exempted Cayman Islands company and our PRC subsidiaries are considered foreign-invested enterprises. Accordingly, none of these
PRC subsidiaries is eligible to provide internet content-related services. As a result, we conduct such business activities through  the VIEs, (i) Yunji Preferred, whose wholly-owned subsidiary holds a VATS License for online data processing and transaction processing
business (operating e-commerce, excluding internet finance and e-hailing services) and internet content-related services (excluding information
search and inquiry services and real-time interactive information services); and (ii) Hangzhou Chuanchou, who holds a VATS License for
internet content-related services (excluding information search and inquiry services and real-time interactive information services).
Yunji Preferred is 99.0099% owned by Mr. Shanglue Xiao, the chairman of our board of directors and our chief executive officer, and 0.9901%
owned by Mr. Shangce Xiao, a relative of Mr. Shanglue Xiao. Mr. Shanglue Xiao and Mr. Shangce Xiao are PRC citizens. Hangzhou Chuanchou
is 100% owned by Mr. Wenwei Shu, a former employee of our company. Mr. Wenwei Shu is PRC Citizen. Our WFOE has entered into a series of contractual
arrangements with the VIEs (including Yunji Preferred and Hangzhou Chuanchou) and their respective shareholders, which enable us to:
●
direct
                                            the activities of the VIEs;
●
receive
                                            substantially all of the economic benefits and bear the obligation to absorb substantially
                                            all of the losses of the VIEs; and
●
have
                                            an exclusive option to purchase all or part of the equity interests in the VIEs when and
                                            to the extent permitted by PRC law.
As
a result of these contractual arrangements, we are the primary beneficiary of the VIEs and hence consolidate their financial results
and their subsidiaries into our consolidated financial statements under U.S. GAAP
for accounting
purposes.
In 2021, 2022 and 2023, we derived 23.8%, 30.3% and 49.4% of our total revenues from the VIEs, respectively.
In
the opinion of Han Kun Law Offices, our PRC legal counsel, (i) the structures of our WFOE and the VIEs in China are not in violation
of PRC laws and regulations currently in effect; and (ii) the contractual arrangements between our WFOE, the VIEs and their respective
shareholders governed by PRC law are not in violation of PRC laws or regulations currently in effect, and valid and binding upon each
party to such arrangements and enforceable against each party thereto in accordance with their terms and applicable PRC laws and regulations
currently in effect. However,
as of the date of this annual report, the legality and enforceability
of our contractual arrangements, as a whole, have not been tested in a court of law, and we cannot guarantee you that the contractual
arrangements, as a whole, would ultimately be legal or enforceable if they were to be tested in a PRC court. See "—D. Risk
Factors—Risks Related to Our Corporate Structure" for more details on the risks relating to the VIE structure.
Our
PRC legal counsel has also advised us that there are substantial uncertainties regarding the interpretation and application of current
and future PRC laws, regulations and rules, including, but not limited to, the laws and regulations governing our and the VIEs'
business, or the enforcement and performance of our contractual arrangements with the VIEs and their perspective shareholders. These
laws and regulations may be subject to change, and their interpretation and enforcement may involve uncertainty. New laws and regulations
that affect existing and proposed future businesses may also be applied retroactively. Accordingly, the PRC regulatory authorities may
take a view that is contrary to the opinion of our PRC legal counsel. Due to the uncertainty and complexity of the regulatory environment,
we cannot assure you that we and the VIEs would always be in full compliance with applicable laws and regulations, the violation of which
may have a material and adverse effect on our and the VIEs' business and our reputation.
If
the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC laws and
regulations, or if these regulations change or are interpreted differently in the future, our ADSs may decline in value or become worthless
if we are unable to assert our contractual control rights over the assets of the VIEs.
50
Although
we believe we, our PRC subsidiaries and the VIEs are not in violation of current PRC laws and regulations, we cannot assure you that
the PRC government would agree that our 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. The PRC government has
broad discretion in determining rectifiable or punitive measures for non-compliance with or violations of PRC laws and regulations.
If the PRC government determines that we or the VIEs do not comply with applicable law, it could revoke the VIEs' business and
operating licenses, require the VIEs to discontinue or restrict the VIEs' operations, restrict the VIEs' right to
collect revenues, block the VIEs' websites, require the VIEs to restructure our operations, impose additional conditions or
requirements with which the VIEs may not be able to comply, impose restrictions on the VIEs' business operations or on their
customers, or take other regulatory or enforcement actions against the VIEs that could be harmful to their business. Any of these or
similar occurrences could significantly disrupt our or the VIEs' business operations or restrict the VIEs from conducting a
substantial portion of their business operations, which could materially and adversely affect the VIEs' business, financial
condition and results of operations. If any of these occurrences results in our inability to direct the activities of any of the
VIEs that most significantly impact its economic performance, and/or our failure to receive the economic benefits from any of the
VIEs, we may not be able to consolidate these entities in our consolidated financial statements in accordance with U.S. GAAP for accounting purposes. In
addition, our shares may decline in value or become worthless if we are unable to assert our contractual control rights over the
assets of our PRC subsidiaries that conduct a significant part of our operations.
Our
current corporate structure and business operations may be affected by the Foreign Investment Law.
On
March 15, 2019, the National People's Congress approved the Foreign Investment Law, which took effect on January 1, 2020, and on
December 26, 2019, the State Council promulgated the Implementation Rules of Foreign Investment Law, which took effect on January 1,
2020. The Foreign Investment Law does not explicitly classify whether the variable interest entities that we direct business operations
through contractual arrangements would be deemed as foreign invested enterprises if they are ultimately "controlled" by foreign
investors. However, it has a catch-all provision under definition of "foreign investment" that includes investments made
by foreign investors in China through other means as provided by laws, administrative regulations or the State Council. Therefore it
still leaves leeway for future laws, administrative regulations or provisions of the State Council to provide for contractual arrangements
as a form of foreign investment. Therefore, there can be no assurance that our ability to direct the business operations of the VIEs
through contractual arrangements will not be deemed as foreign investment in the future.
The
Foreign Investment Law grants national treatment to foreign-invested entities, except for those foreign-invested entities that operate
in industries specified as either "restricted" or "prohibited" from foreign investment in the Special Administrative
Measures (Negative List) for Foreign Investment Access jointly promulgated by the
Ministry of Commerce
,
and the National Development and Reform Commission, as amended from time to time. The Foreign Investment Law provides that foreign-invested
entities are barred from operating in "prohibited" industries and will require market entry clearance and other approvals
from the PRC government authorities if operating in "prohibited" industries. On December 26, 2019, the Supreme People's
Court issued the Interpretations on Certain Issues Regarding the Application of Foreign Investment Law, which came into effect on January
1, 2020. In accordance with the interpretations, any claim to invalidate an investment agreement will be supported by courts if such
agreement is found to be entered into for purposes of making investments in the "prohibited industries" under the negative
list or for purposes of investing in "restricted industries" while failing to satisfy the conditions set out in the Negative
List. If our ability to direct the business operations of the VIEs through contractual arrangements are deemed as foreign investment
in the future, and any business of the VIEs is "restricted" or "prohibited" from foreign investment under the
"negative list" effective at the time, we may be deemed to be in violation of the Foreign Investment Law, the contractual
arrangements that allow us to direct the business operations of the VIEs may be deemed as invalid and illegal, and we may be required
to unwind such contractual arrangements and/or restructure our business operations, any of which may have a material adverse effect on
our business operation.
Furthermore,
if future laws, administrative regulations or provisions 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. Failure
to take timely and appropriate measures to cope with any of these or similar regulatory compliance challenges could materially and adversely
affect our current corporate structure and business operations.
51
We
rely on contractual arrangements with the VIEs and their respective shareholders for a large portion of our business operations, which
is not as effective as direct ownership.
We
have relied and expect to continue to rely on contractual arrangements with the VIEs and their respective shareholders to conduct our
business. For a description of these contractual arrangements, see "Item 4. Information on the Company—C. Organizational
Structure." These contractual arrangements is not as effective as direct ownership. For example, the VIEs and their respective
shareholders could breach their contractual arrangements with us by, among other things, failing to conduct their operations in an acceptable
manner or taking other actions that are detrimental to our interests.
If
we had direct ownership of the VIEs, we would be able to exercise our rights as a shareholder to effect changes in the board of directors
of the VIEs, which in turn could effect changes, subject to any applicable fiduciary obligations, at the management level. However, under
the current contractual arrangements, we rely on the performance by the VIEs and their respective shareholders of their obligations under
the contracts to direct the business operations of the VIEs. The shareholders of the VIEs may not act in the best interests of our company
or may not perform their obligations under these contracts. Such risks exist throughout the period in which we intend to operate our
business through the contractual arrangements with the VIEs. If any dispute relating to these contracts remains unresolved, we will have
to enforce our rights under these contracts through the operations of PRC law and courts. See "—Any failure by the VIEs or
their respective shareholders to perform their obligations under our contractual arrangements with them would have a material and adverse
effect on our business." Therefore, our contractual arrangements with the VIEs is not as effective in ensuring the relevant portion
of our business operations as direct ownership would be.
Any
failure by the VIEs or their respective shareholders to perform their obligations under our contractual arrangements with them would
have a material and adverse effect on our business.
If
the VIEs or their respective shareholders fail to perform their respective obligations under the contractual arrangements, we may have
to incur substantial costs and expend additional resources to enforce such arrangements. We may also have to rely on legal remedies under
PRC law, including seeking specific performance or injunctive relief, and claiming damages, which we cannot assure you will be effective.
For example, if the shareholders of the VIEs were to refuse to transfer their equity interest in the 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,
we may have to take legal actions to compel them to perform their contractual obligations.
All
of the agreements under our contractual arrangements are governed by PRC law and provide for the resolution of disputes through arbitration
in China. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance
with PRC legal procedures. Uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations could limit
our ability to enforce these contractual arrangements. See "—Risks Related to Doing Business in China—There are uncertainties
regarding the interpretation and enforcement of PRC laws, rules and regulations." Meanwhile, 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, and as a result it may be difficult to predict how an arbitration panel would view such contractual arrangements. Additionally,
under PRC law, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and 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.
Jishang
Preferred, a wholly-owned subsidiary of Yunji Preferred, one of the VIEs, holds a VATS License for online data processing and transaction
processing business (operating e-commerce, excluding internet finance and e-hailing services) and internet content-related services (excluding
information search and inquiry services and real-time interactive information services) and a Production and Operation of Broadcasting
and Television Programs Permit. In the event we are unable to enforce our contractual arrangements, we may not be able to direct the
activities of and derive economic benefits from Yunji Preferred, and our ability to conduct these businesses may be negatively affected.
The
shareholders of the VIEs may have potential conflicts of interest with us, which may materially and adversely affect our business and
financial condition.
The
shareholders of the VIEs may have potential conflicts of interest with us. The shareholders may breach, or cause the VIEs to breach, or refuse
to renew, the existing contractual arrangements we have with them and the VIEs, which would have a material and adverse effect on our
ability to direct the business operations of the VIEs and receive substantially all the economic benefits from them. For example, the
shareholders may be able to cause our agreements with the VIEs to be performed in a manner adverse to us by, among other things, failing
to remit payments due under the contractual arrangements to us on a timely basis. We cannot assure you that when conflicts of interest
arise, any or all of these shareholders will act in the best interests of our company or such conflicts will be resolved in our favor.
52
Currently,
we do not have any arrangements to address potential conflicts of interest between these shareholders and our company, except that we
could exercise our purchase option under the exclusive option agreements with these shareholders to request them to transfer all of their
equity interests in the VIEs to a PRC entity or individual designated by us, to the extent permitted by PRC law. For individuals who
are also our directors and officers, we rely on them to abide by the laws of the Cayman Islands, which provide that directors and officers
owe a fiduciary duty to the company that requires them to act in good faith and in what they believe to be the best interests of the
company and not to use their position for personal gains. The shareholders of the VIEs have executed shareholders' voting rights
proxy agreement to appoint our WFOE or a person designated by our WFOE to vote on their behalf and exercise voting rights as shareholders
of the VIEs. If we cannot resolve any conflict of interest or dispute between us and the shareholders of the VIEs, we would have to rely
on legal proceedings, which could result in disruption of our business and subject us to substantial uncertainty as to the outcome of
any such legal proceedings.
The
shareholders of the VIEs may be involved in personal disputes with third parties or other incidents that may have an adverse effect on
their respective equity interests in the relevant VIEs and the validity or enforceability of our contractual arrangements with the relevant
entity and its shareholders. For example, in the event that any of the shareholders of the VIEs divorces his or her spouse, the spouse
may claim that the equity interest of the relevant VIE held by such shareholder is part of their community property and should be divided
between such shareholder and his or her spouse. If such claim is supported by the court, the relevant equity interest may be obtained
by the shareholder's spouse or another third party who is not subject to obligations under our contractual arrangements, which
could result in a loss of our ability to direct the activities of and derive economic benefits from the relevant VIE. Similarly, if any
of the equity interests of the VIEs is inherited by a third party with whom the current contractual arrangements are not binding, we
could lose our ability to direct the business operations of the relevant VIE or have to maintain such ability by incurring unpredictable
costs, which could cause significant disruption to our business and operations and harm our financial condition and results of operations.
Although
under our current contractual arrangements, (i) each of the spouses of each individual shareholder of Yunji Preferred, Mr. Shanglue Xiao and
Mr. Shangce Xiao, has respectively executed a spousal consent letter, under which each spouse agrees that she will not raise any claims
against the equity interest, and will take every action to ensure the performance of the contractual arrangements, and (ii) the VIEs
and the their shareholders shall not assign any of their respective rights or obligations to any third party without the prior written
consent of our WFOE, we cannot assure you that these undertakings and arrangements will be complied with or effectively enforced. In
the case any of them is breached or becomes unenforceable and leads to legal proceedings, it could disrupt our business, distract our
management's attention and subject us to substantial uncertainties as to the outcome of any such legal proceedings.
We
may lose the ability to use and enjoy assets held by the VIEs that are critical to the operation of our business if the VIEs declare
bankruptcy or become subject to a dissolution or liquidation proceeding.
The
VIEs hold certain assets that may be critical to the operation of our business. If the shareholders of any of the VIEs breach the contractual
arrangements and voluntarily liquidate any VIE, or if any VIE declares bankruptcy or all or part of its assets become subject to liens
or rights of third-party creditors or is otherwise disposed of without our consent, we may be unable to continue some or all of our business
operations, which could materially and adversely affect our business, financial condition and results of operations. In addition, if
any of the VIEs or their subsidiaries undergoes a voluntary or involuntary liquidation proceeding, their shareholders or unrelated third-party
creditors may claim rights to some or all of their assets, thereby hindering our ability to operate our business, which could materially
or adversely affect our business, financial condition and results of operations.
53
Contractual
arrangements in relation to the VIEs may be subject to scrutiny by the PRC tax authorities and they may determine that we or the VIEs
owe additional taxes, which could negatively affect our 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. We could face material and adverse tax consequences if the PRC tax authorities determine that the variable interest
entity contractual arrangements 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, rules and regulations, and adjust the income of the VIEs 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 the VIEs for PRC tax
purposes, which could in turn increase their tax liabilities. In addition, the PRC tax authorities may impose punitive interest on the
VIEs for the adjusted but unpaid taxes at the rate of 5% over the basic RMB lending rate published by the People's Bank of China
for a period according to the applicable regulations. Our financial position could be materially and adversely affected if the VIEs'
tax liabilities increase or if they are required to pay punitive interest.
Risks
Related to Doing Business in China
Changes
in China's economic, political or social conditions or government policies could have a material adverse effect on our business
and operations.
Substantially
all of our assets and operations are located in China. Accordingly, our business, financial condition, results of operations and prospects
may be influenced to a significant degree by political, economic and social conditions in China generally and by continued economic growth
in China as a whole.
While
the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various
sectors of the economy. Any adverse changes in economic conditions in China, in the policies of the PRC government or in the laws and
regulations in China could have a material adverse effect on the overall economic growth of China. Such developments could adversely
affect our business and operating results, lead to reduction in demand for our solutions and services and adversely affect our competitive
position. The Chinese government has implemented various measures to encourage economic growth and guide the allocation of resources.
Some of these measures may benefit the overall Chinese economy, but may have a negative effect on us. For example, our financial condition
and results of operations may be adversely affected by changes in tax regulations.
There
are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations.
Our
operations in China are governed by PRC laws and regulations. Our PRC subsidiaries are subject to laws and regulations applicable to
foreign investment in China. The PRC legal system is a civil law system based on written statutes. Prior court decisions under the civil
law system may be cited for reference but have limited precedential value. In addition, any new or changes in PRC laws and regulations
related to foreign investment in China could affect the business environment and our ability to operate our business in China.
From
time to time, we may have to resort to administrative and court proceedings to enforce our legal rights. Since PRC administrative and
court authorities have significant discretion in interpreting and implementing statutory provisions and contractual terms, it may be
difficult to evaluate the outcome of administrative and court proceedings. These uncertainties may impede our ability to enforce the
contracts we have entered into and could materially and adversely affect our business and results of operations.
Furthermore,
the legal system in mainland China is based in part on government policies and mainland China is geographically large and divided into
various provinces and municipalities. As such, different regulations and policies may have different and varying applications and interpretations
in different parts of mainland China, and it is possible that we may not be aware of our violation of any of these policies and rules
until sometime after the occurrence of the violation.
PRC
government has significant oversight over the conduct of our business and it has indicated an intent to exert more oversight over offerings
that are conducted overseas and/or foreign investment in China-based issuers. Any such action could significantly limit or completely
hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline.
54
The
PRC government's significant oversight over our business operations could result in a material adverse change in our operations
and the value of our ADSs.
We
conduct our business in China. Our operations in China are governed by PRC laws and regulations. The PRC government has significant oversight
over the conduct of our business in China. Although the PRC government does not directly interfere with our operations in China, we cannot
rule out the possibility that the PRC government may, by enacting new or amending existing laws and regulations or taking regulatory
actions in the future, exert influence on our operations as the government deems appropriate to advance regulatory and societal goals
and policy positions. We cannot rule out the possibility that the PRC government will in the future release regulations or policies that
directly or indirectly affect our industry or require us to seek additional permission to continue our operations, which could result
in a material adverse change in our operation and/or cause the value of our ADSs to significantly decline. Therefore, investors of our
company and our business face potential uncertainty from further actions to be taken by the PRC government affecting our business.
The
approval and/or other requirements of the CSRC or other PRC governmental authorities may be required in connection with an offering under
PRC rules, regulations or policies, and, if required, we cannot predict whether or how soon we will be able to obtain such approval or
complete such other requirements.
The
Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory
agencies in 2006 and amended in 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of
PRC domestic companies and controlled by PRC persons or entities 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. The interpretation and application of the regulations
remain unclear, and our offshore offerings may ultimately require approval of the CSRC. If the CSRC approval is required, it is uncertain
whether we can or how long it will take us to obtain the approval and, even if we obtain such CSRC approval, the approval could be rescinded.
Any failure to obtain or delay in obtaining the CSRC approval for any of our offshore offerings, or a rescission of such approval if
obtained by us, would subject us to sanctions imposed by the CSRC or other PRC regulatory authorities, which could include fines and
penalties on our operations in China, restrictions or limitations on our ability to pay dividends outside of China, and other forms of
sanctions that may materially and adversely affect our business, financial condition, and results of operations.
On
July 6, 2021, the PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with
the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on
overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory
systems to deal with the risks and incidents faced by China-based overseas-listed companies.
A
s
a follow up, on February 17, 2023, the CSRC issued the Overseas Listing Trial Measures, which became effective on March 31, 2023.
Pursuant to the Overseas Listing Trial Measures, PRC domestic companies that seek to offer and list securities in overseas markets,
either in direct or indirect means, are required to fulfill the filing procedure with the CSRC and report relevant information.
According to the Circular of Overseas Listing and Offering, issuers that have already been listed in an overseas market by March 31,
2023, such as our company, are not required to make any immediate filing. However, under the Overseas Listing Trial Measures, such
issuers will be required to complete certain filing procedures with the CSRC in connection with future securities offerings and
listings outside of mainland China, including follow-on offerings, issuance of convertible bonds, offshore relisting after
going-private transactions, and other equivalent offering activities. There remain substantial uncertainties about the
interpretation, application and implementation of the Overseas Listing Trial Measures. For more details of the Overseas Listing
Trial Measures, please refer to "Item 4.B. Information on the Company—Business
Overview—Regulation—Regulations Relating to Overseas Listings and M&A."
Furthermore,
on February 24, 2023, the CSRC released the Provisions on Strengthening the Confidentiality and Archives Administration Related to the
Overseas Securities Offering and Listing by Domestic Enterprises, or, the Confidentiality Provisions, which came into effect on March
31, 2023. Pursuant to the Confidentiality Provisions, any future inspection or investigation conducted by overseas securities regulator
or the competent authorities on our PRC domestic companies with respect to our overseas issuance and listing shall be carried out in
the manner in compliance with PRC laws and regulations.
55
In
addition, we cannot assure you that any new rules or regulations promulgated in the future will not impose additional requirements on
us. If it is determined in the future that approval and filing from the CSRC or other regulatory authorities or other procedures, including
the cybersecurity review under the enacted version of the Cybersecurity Review Measures and the Regulations on the Network Data Security
Management (Draft for Comments), are required for our offshore offerings, it is uncertain whether we can or how long it will take us
to obtain such approval or complete such filing procedures and any such approval or filing could be rescinded or rejected. Any failure
to obtain or delay in obtaining such approval or completing such filing procedures for our offshore offerings, or a rescission of any
such approval or filing if obtained by us, would subject us to sanctions by the CSRC or other PRC regulatory authorities for failure
to seek CSRC approval or filing or other government authorization for our offshore offerings. These regulatory authorities may impose
fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operating privileges in
China, delay or restrict the repatriation of the proceeds from our offshore offerings into China or take other actions that could materially
and adversely affect our business, financial condition, results of operations, and prospects, as well as the trading price of our listed
securities. The CSRC or other PRC regulatory authorities also may take actions requiring us, or making it advisable for us, to halt our
offshore offerings before settlement and delivery of the shares offered. Consequently, if investors engage in market trading or other
activities in anticipation of and prior to settlement and delivery, they do so at the risk that settlement and delivery may not occur.
In addition, if the CSRC or other regulatory authorities later promulgate new rules or explanations requiring that we obtain their approvals
or accomplish the required filing or other regulatory procedures for our prior offshore offerings, we may be unable to obtain a waiver
of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties or negative publicity
regarding such approval requirement could materially and adversely affect our business, prospects, financial condition, reputation, and
the trading price of our listed securities.
We
and the VIEs may be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet-related businesses
and companies.
The
PRC government extensively regulates the internet industry, including foreign ownership of, and the licensing and permit requirements
pertaining to, companies in the internet industry. These internet-related laws and regulations are evolving, and their interpretation
and enforcement involve significant uncertainties. As a result, in certain circumstances it may be difficult to determine what actions
or omissions may be deemed to be in violation of applicable laws and regulations.
We
only have contractual control over our
Yunji
mobile app. We do not directly own the mobile apps due to the restrictions on foreign
investment in businesses providing internet content-related services. This may significantly disrupt our business, subject us to sanctions,
compromise enforceability of related contractual arrangements, or have other harmful effects on us.
The
evolving PRC regulatory system for the internet industry may lead to the establishment of new regulatory agencies. For example, in May
2011, the State Council announced the establishment of the Cyberspace Administration of China (with the involvement of the State Council
Information Office, the Ministry of Industry and Information Technology, and the Ministry of Public Security). The primary role of the
Cyberspace Administration of China is to facilitate the policy-making and legislative development in this field, to direct and coordinate
with the relevant departments in connection with online content administration and to deal with cross-ministry regulatory matters in
relation to the internet industry.
56
Our
online platform, operated by Jishang Preferred, a wholly-owned subsidiary of Yunji Preferred, may be deemed to be providing commercial
internet content-related services and online data processing and transaction processing services, which would require Jishang Preferred
to obtain an ICP License and an EDI License. Each of ICP License and EDI License is under the category of value-added telecommunications
business operating licenses, or VATS License. The Circular on Strengthening the Administration of Foreign Investment in and Operation
of Value-added Telecommunications Business, issued by the Ministry of Industry and Information Technology in July 2006, prohibits domestic
telecommunications service providers from leasing, transferring or selling telecommunications business operating licenses to any foreign
investor in any form, or providing any resources, sites or facilities to any foreign investor for their illegal operation of a telecommunications
business in China. The circular also requires each license holder to have the necessary facilities, including servers, for its approved
business operations and to maintain such facilities in the regions covered by its license. According to the recent practice in China,
if any commercial internet content-related service or online data processing and transaction processing service is to be carried out
via mobile apps, such mobile apps are required to be registered on the VATS License of the operator of such mobile apps. Our
Yunji
mobile app has been registered on the VATS License held by Jishang Preferred.
The
interpretation and application of existing PRC laws, regulations and policies and possible new laws, regulations or policies relating
to the internet industry 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 our business. We cannot assure you that we have obtained
all the permits or licenses required for conducting our business in China or will be able to maintain our existing licenses or obtain
new ones.
The
PCAOB had historically been unable to inspect our auditor in relation to their audit work performed for our financial statements and
the inability of the PCAOB to conduct inspections of our auditor in the past has deprived our investors with the benefits of such inspections.
Our
auditor, the independent registered public accounting firm that issues the audit report included elsewhere in this annual report, as
an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the
United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards.
The auditor is located in mainland China, a jurisdiction where the PCAOB was historically unable to conduct inspections and investigations
completely before 2022. As a result, we and investors in the ADSs were deprived of the benefits of such PCAOB inspections. The inability
of the PCAOB to conduct inspections of auditors in mainland China and Hong Kong in the past has made it more difficult to evaluate the
effectiveness of our independent registered public accounting firm's audit procedures or quality control procedures as compared
to auditors outside of mainland China and Hong Kong that are subject to the PCAOB inspections. On December 15, 2022, the PCAOB issued
a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where
it is unable to inspect or investigate completely registered public accounting firms. However, if the PCAOB determines in the future
that it no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong, and we use
an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC,
we and investors in our ADSs would be deprived of the benefits of such PCAOB inspections again, which could cause investors and potential
investors in the ADSs to lose confidence in our audit procedures and reported financial information and the quality of our financial
statements.
Our
ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate
completely auditors located in mainland China and Hong Kong. The delisting of the ADSs, or the threat of their being delisted, may materially
and adversely affect the value of your investment.
Pursuant
to the HFCAA, as amended by the Consolidated Appropriations Act, if the SEC determines that we have filed audit reports issued by a registered
public accounting firm that has not been subject to inspections by the PCAOB for two consecutive years, the SEC will 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 and this could
result in a determination by the national securities exchange to delist our securities. On December 29, 2022, the Consolidated Appropriations
Act, 2023, was signed into law, which amended the HFCAA to reduce the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCAA from three years to two, thereby reducing the time before our securities may be prohibited from trading
or delisted.
57
On
December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate
completely registered public accounting firms headquartered in mainland China and Hong Kong, and our auditor was subject to that determination.
In May 2022, the SEC conclusively listed us as a Commission-Identified Issuer under the HFCAA, because we filed an annual report on Form
20-F for the year ended December 31, 2021 with the SEC on April 26, 2022 with an audit report issued by PricewaterhouseCoopers Zhong
Tian LLP, a registered public accounting firm retained by the Company, for the preparation of the audit report on our Company's
financial statements included therein. PricewaterhouseCoopers Zhong Tian LLP is a registered public accounting firm headquartered in
mainland China, a jurisdiction where the PCAOB determined that it had been unable to inspect or investigate completely registered public
accounting firms headquartered there until December 2022. On December 15, 2022, the PCAOB removed mainland China and Hong Kong from the
list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. For this reason, we
were not identified as a Commission-Identified Issuer under the HFCAA after we filed our annual report on Form 20-F for the fiscal year
ended December 31, 2022 and do not expect to be so identified after we file this annual report on Form 20-F for the fiscal year ended
December 31, 2023.
Each
year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other
jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting
firms in mainland China and Hong Kong and we use an accounting firm headquartered in one of these jurisdictions to issue an audit report
on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the
annual report on Form 20-F for the relevant fiscal year. In accordance with the HFCAA, our securities would be prohibited from being
traded on a national securities exchange or in the over-the-counter trading market in the United States if we are identified as a Commission-Identified
Issuer for two consecutive years in the future. Furthermore, whether the PCAOB will be able to continue to conduct inspections and investigations
completely to its satisfaction of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to
uncertainty and depends on a number of factors out of our, and our auditor's, control, including positions taken by authorities
of the PRC or any other foreign jurisdiction. If authorities in the PRC or another foreign jurisdiction were to take a position at any
time in the future that would prevent the PCAOB from continuing to inspect or investigate completely registered public accounting firms
headquartered in mainland China or Hong Kong, and if such lack of inspection were to extend for the requisite period of time under the
HFCAA, our securities will be prohibited from being traded on U.S. markets and this could result in a determination by Nasdaq to delist
our securities. If our shares and ADSs are prohibited from trading 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. A prohibition of being able to
trade in the United States would substantially impair your ability to sell or purchase our ADSs when you wish to do so, and the risk
and uncertainty associated with delisting would have a negative impact on the price of our ADSs. Also, such a prohibition 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.
It
may be difficult for overseas regulators to conduct investigations or collect evidence within China.
Shareholder
claims or regulatory investigations that are common in jurisdictions outside China are difficult to pursue as a matter of law or practicality
in China. For example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations
or litigation initiated outside China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities
regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with the
securities regulatory authorities in the United States or other jurisdictions may not be efficient in the absence of a mutual and practical
cooperation mechanism. Furthermore, according to Article 177 of the PRC Securities Law, or Article 177, 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, and without the consent by the Chinese securities regulatory authorities and the other competent governmental agencies, no
entity or individual may provide documents or materials related to securities business to any foreign party. The Confidentiality Provisions
which took effect on March 31, 2023 also provide that where an overseas securities regulator and a competent overseas authority requests
to inspect, investigate or collect evidence from a domestic company concerning its overseas offering and listing, such inspection, investigation
and evidence collection shall be conducted under a cross-border regulatory cooperation mechanism, and the domestic company shall first
obtain approval from the CSRC or other competent PRC authorities before cooperating with the inspection and investigation by the overseas
securities regulator or competent overseas authority, or providing documents and materials requested in such inspection and investigation.
While detailed interpretation of or implementation relevant rules have yet to be promulgated, the inability of an overseas securities
regulator to directly conduct investigation or evidence collection activities within China and the potential obstacles for information
provision may further increase difficulties you face in protecting your interests. See also "—Risks Related to Our 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.
58
You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us
or our management named in the annual report based on foreign laws.
We
are an exempted company incorporated under the laws of the Cayman Islands, we conduct substantially all of our operations in China and
substantially all of our assets are located in China. In addition, all our senior executive officers reside within China for a significant
portion of the time and all of them are PRC nationals. As a result, it may be difficult for you to effect service of process upon us
or those persons inside mainland China. It may also be difficult for you to enforce in U.S. courts judgments obtained in U.S. courts
based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors as none of them
currently resides in the United States or has substantial assets located in the United States. In addition, there is uncertainty as to
whether the courts of the Cayman Islands or the PRC would recognize or enforce judgments of U.S. courts against us or such persons predicated
upon the civil liability provisions of the securities laws of the United States or any state. Due to jurisdictional limitations, matters
of comity and various other factors, the SEC, U.S. Department of Justice and other U.S. authorities may also experience difficulties
in bringing and enforcing actions against us or our directors and officers, including in instances of fraud or other wrongdoing.
The
recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce
foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the
country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other forms
of written arrangement with the United States that provide for the reciprocal recognition and enforcement of foreign judgments. In addition,
according to the PRC Civil Procedures Law, the PRC courts will not enforce a foreign judgment against us or our directors and officers
if they decide that the judgment violates the basic principles of PRC laws or national sovereignty, security or public interest. As a
result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the United States.
In
addition, shareholder claims that are common in the United States, including class action securities law and fraud claims, may be difficult
to pursue as a matter of law or practicality in China. Under the PRC Civil Procedures Law, foreign shareholders may originate actions
based on PRC law against a company in China for disputes if they can establish sufficient nexus to the PRC for a PRC court to have jurisdiction,
and meet other procedural requirements, including, among others, the plaintiff must have a direct interest in the case, and there must
be a concrete claim, a factual basis and a cause for the suit. It will be, however, difficult for U.S. shareholders to originate actions
against us in the PRC in accordance with PRC laws because we are incorporated under the laws of the Cayman Islands and it will be difficult
for U.S. shareholders, by virtue only of holding the ADSs or our ordinary shares, to establish a connection to the PRC for a PRC court
to have jurisdiction as required under the PRC Civil Procedures Law.
Fluctuations
in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.
The
conversion of Renminbi into foreign currencies, including U.S. dollars, is based on rates set by the People's Bank of China. The
Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. The value of Renminbi against the U.S. dollar
and other currencies is affected by changes in China's political and economic conditions and by China's foreign exchange
policies, among other things. We cannot assure you that 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 Renminbi and the U.S. dollar in the future.
Any
significant appreciation or depreciation of Renminbi may materially and adversely affect our revenues, earnings and financial position,
and the value of, and any dividends payable on, our ADSs in U.S. dollars. For example, to the extent that we need to convert U.S. dollars
we receive into Renminbi to pay our operating expenses, appreciation of Renminbi against the U.S. dollar would have an adverse effect
on the RMB amount we would receive from the conversion. Conversely, a significant depreciation of Renminbi against the U.S. dollar may
significantly reduce the U.S. dollar equivalent of our earnings, which in turn could adversely affect the price of our ADSs.
59
All
of our revenues are denominated in Renminbi, while a portion of our financial assets are denominated in U.S. dollars. Very limited hedging
options are available in China to reduce our exposure to exchange rate fluctuations. We are currently not a party to any hedging transactions
that are conducted in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging transactions
in the future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge our exposure
or at all. As a result, fluctuations in exchange rates may have a material adverse effect on your investment.
Governmental
control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.
The
PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of
currency out of China. To the extent cash in our business is in the PRC or a PRC entity, such cash may not be available to fund operations
or for other use outside of the PRC due to restrictions and limitations imposed by the governmental authorities on currency conversion,
cross-border transactions and cross-border capital flows.
We
receive substantially all of our revenues in Renminbi. Under our current corporate structure, our Cayman Islands holding company primarily
relies on dividend payments from our PRC subsidiary to fund any cash and financing requirements we may have. Under existing PRC foreign
exchange regulations, payments of current account items, including profit distributions, interest payments and trade and service-related
foreign exchange transactions, can be made in foreign currencies without prior approval of the State Administration of Foreign Exchange,
or SAFE, by complying with certain procedural requirements. Specifically, under the existing exchange restrictions, without prior approval
of SAFE, cash generated from the operations of our PRC subsidiary in China may be used to pay dividends to our company. However, approval
from or registration with appropriate government authorities is required where Renminbi is to be converted into foreign currency and
remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. As a result, we need
to obtain SAFE approval to use cash generated from the operations of our PRC subsidiaries and the VIEs to pay off their respective debt
in a currency other than Renminbi owed to entities outside China, or to make other capital expenditure payments outside China in a currency
other than Renminbi.
If
the foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands,
we may not be able to utilize cash held in China or generated by a PRC entity to fund our operations outside of China or pay dividends
in foreign currencies to our shareholders, including holders of our ADSs.
Uncertainties
exist with respect to the interpretation and implementation of Anti-Monopoly Guidelines for Internet Platforms and how it may impact
our business operations.
In
February 2021, the Anti-Monopoly Guidelines for Internet Platforms was promulgated by the Anti-monopoly Commission of the State Council.
The Anti-Monopoly Guidelines for Internet Platforms is consistent with the Anti-Monopoly Law of PRC and prohibits monopoly agreements,
abuse of dominant position and concentration of undertakings that may have the effect of eliminating or restricting competitions in the
field of platform economy. More specifically, the Anti-Monopoly Guidelines for Internet Platforms outlines certain practices that may,
if without justifiable reasons, constitute abuse of dominant position, including without limitation, tailored pricing using big data
and analytics, actions or arrangements seen as exclusivity arrangements, using technology means to block competitors' interface,
using bundled services to sell services or products, and compulsory collection of user data. Besides, Anti-Monopoly Guidelines for Internet
Platforms expressly states that concentration involving VIE will also be subject to antitrust filing requirements.
In
April 2021, the State Administration for Market Regulation together with certain other PRC government authorities convened an administrative
guidance meeting, focusing on unfair competition acts in community group buying, self-inspection and rectification by major internet
companies of possible violations of anti-monopoly, anti-unfair competition, tax and other related laws and regulations, and requesting
such companies to comply with laws and regulations strictly and be subject to public supervision. In addition, many internet companies,
including the over 30 companies which attended such administrative guidance meeting, are required to conduct a comprehensive self-inspection
and make necessary rectification accordingly. The State Administration for Market Regulation has stated it will organize and conduct
inspections on the companies' rectification results. We have not been imposed with any penalties or requested to take any further
rectifications.
60
On
June 24, 2022, the Standing Committee of the National People's Congress adopted the Decision to Amend the Anti-Monopoly Law, which
became effective on August 1, 2022. Such amendment stipulates that where a concentration of undertakings does not meet the threshold
for declaration set by the State Council, but there is evidence that the concentration of undertakings has or may have the effect of
excluding or limiting competition, the law enforcement agencies may order the relevant participants to file the concentration of undertakings.
Enforcement agencies have a wide discretion in their enforcement actions. Certain transactions may not trigger reporting requirements
prima facie but turn out to be subject to relevant reporting obligations. Not only ongoing transactions, but also historical transactions
are subject to their enforcement review. Due to the enhanced implementation of the Anti-Monopoly Law, we may be under heightened regulatory
scrutiny, which will increase our compliance costs and subject us to heightened risks and challenges.
Since
the Anti-Monopoly Guidelines for Internet Platforms and the amendments to the Anti-Monopoly Law are relatively new, uncertainties still
exist in relation to their interpretation and implementation. Although we do not believe we engage in any foregoing situations, we cannot
assure you that our business operations will comply with such regulations in all respects, and any failure or perceived failure by us
to comply with such regulations may result in governmental investigations, fines and/or other sanctions on us.
Approvals from the
Ministry of Commerce
may be required for our
acquisitions of certain PRC subsidiaries.
Pursuant
to the M&A Rules, if an overseas company established or controlled by PRC companies or individuals, or the PRC Citizens, intends
to acquire equity interests or assets of any other PRC domestic company affiliated with the PRC Citizens, such acquisition must be submitted
to
the Ministry of Commerce
for approval. Our WFOE acquired certain PRC subsidiaries that
were wholly owned, directly or indirectly, by Yunji Sharing Technology Co., Ltd., or Yunji Sharing, in 2018. Such acquisitions may be
subject to
the Ministry of Commerce
approvals, but were not submitted to
the
Ministry of Commerce
for approval. There is no definite penalty provided under M&A Rules for failure to obtain
the
Ministry of Commerce
approval in any transaction where such approval is required. If it is determined that
the
Ministry of Commerce
approvals are required for the acquisitions, we may be required to revert the transactions. Nevertheless,
considering that all the PRC subsidiaries involved in such transactions were wholly owned, directly or indirectly, by Yunji Sharing,
which was then a VIE, before the acquisitions, and the acquisition of the PRC subsidiaries are inter-group companies transactions, we
understand that the failure to obtain
the Ministry of Commerce
approvals for the acquisitions
of the PRC subsidiaries will not have a material adverse effect on our financial condition and results of operations. We conducted a
few other inter-group restructuring transactions in 2019, which may also be subject to
the Ministry
of Commerce
approvals, but were not submitted to
the Ministry of Commerce
for approval.
For example, our WFOE acquired Shanghai Suye Cosmetics Co., Ltd, or Shanghai Suye, which was owned by an affiliated entity of Mr. Shanglue
Xiao, in January 2019, and Shanghai Suye was then transferred to Yunji Preferred from our WFOE in February 2019. Our WFOE also acquired
Yunji Sharing in December 2023.
PRC
regulations relating to offshore investment activities by PRC residents may limit our PRC subsidiaries' ability to change their
registered capital or distribute profits to us or otherwise expose us or our PRC resident beneficial owners to liability and penalties
under PRC laws.
In
July 2014, 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. SAFE Circular 37 requires PRC
residents (including PRC individuals and PRC corporate entities as well as foreign individuals that are deemed as PRC residents for foreign
exchange administration purpose) to register with SAFE or its local branches in connection with their direct or indirect offshore investment
activities. SAFE Circular 37 further requires amendment to the SAFE registrations in the event of any changes with respect to the basic
information of the offshore special purpose vehicle, such as change of a PRC individual shareholder, name and operation term, or any
significant changes with respect to the offshore special purpose vehicle, such as increase or decrease of capital contribution, share
transfer or exchange, or mergers or divisions. SAFE Circular 37 is applicable to our shareholders who are PRC residents and may be applicable
to any offshore acquisitions that we make in the future.
61
If
our shareholders who are PRC residents fail to make the required registration or to update the previously filed registration, our PRC
subsidiaries may be prohibited from distributing their profits or the proceeds from any capital reduction, share transfer or liquidation
to us, and we may also be prohibited from making additional capital contributions into our PRC subsidiaries. In February 2015, SAFE promulgated
a Notice on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment, or SAFE Notice 13, effective
June 2015. Under SAFE Notice 13, applications for foreign exchange registration of inbound foreign direct investments and outbound overseas
direct investments, including those required under SAFE Circular 37, will be filed with qualified banks instead of SAFE. The qualified
banks will directly examine the applications and accept registrations under the supervision of SAFE.
All
of our shareholders who we are aware of being subject to the SAFE regulations have completed the initial registrations with the local
SAFE branch or qualified banks as required by SAFE Circular 37. However, we may not be informed of the identities of all the PRC residents
holding direct or indirect interest in our company, and we cannot provide any assurance that these PRC residents will comply with our
request to make or obtain any applicable registrations or continually comply with all requirements under SAFE Circular 37 or other related
rules. The failure or inability of the relevant shareholders to comply with the registration procedures set forth in these regulations
may subject us to fines and legal sanctions, such as restrictions on our cross-border investment activities, on the ability of our wholly
foreign-owned subsidiaries in China to distribute dividends and the proceeds from any reduction in capital, share transfer or liquidation
to us. Moreover, failure to comply with the various foreign exchange registration requirements described above could result in liability
under PRC law for circumventing applicable foreign exchange restrictions. As a result, our business operations and our ability to distribute
profits to you could be materially and adversely affected.
Any
failure to comply with PRC regulations regarding the registration requirements for employee stock incentive plans may subject the PRC
plan participants or us to fines and other legal or administrative sanctions.
In
February 2012, SAFE promulgated the Notices on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating
in Stock Incentive Plan of Overseas Publicly Listed Company, replacing earlier rules promulgated in 2007. Pursuant to these rules, PRC
citizens and non-PRC citizens who reside in China for a continuous period of not less than one year who participate in any stock incentive
plan of an overseas publicly listed company, subject to a few exceptions, are required to register with SAFE through a domestic qualified
agent, which could be the PRC subsidiaries of such overseas-listed company, and complete certain other procedures. In addition, an overseas-entrusted
institution must be retained to handle matters in connection with the exercise or sale of stock options and the purchase or sale of shares
and interests. We and our executive officers and other employees who are PRC citizens or who reside in China for a continuous period
of not less than one year and who have been granted options are subject to these regulations as our company is an overseas-listed company.
Failure to complete SAFE registrations may subject them to fines of up to RMB300,000 for entities and up to RMB50,000 for individuals,
and legal sanctions and may also limit our ability to contribute additional capital into our PRC subsidiary and limit our PRC subsidiary's
ability to distribute dividends to us. We also face regulatory uncertainties that could restrict our ability to adopt additional incentive
plans for our directors, executive officers and employees under PRC law. See "Item 4. Information on the Company—B. Business
Overview—Regulations—Regulations Relating to Labor Protection in the PRC—Employee Stock Incentive Plan."
In
addition, the State Administration of Taxation has issued certain circulars concerning employee share options and restricted shares.
Under these circulars, our employees working in China who exercise share options or are granted restricted shares will be subject to
PRC individual income tax. Our PRC subsidiaries have obligations to file documents related to employee share options or restricted shares
with relevant tax authorities and to withhold individual income taxes of those employees who exercise their share options. If our employees
fail to pay or we fail to withhold their income taxes according to the laws and regulations, we may face sanctions imposed by the tax
authorities or other PRC government authorities. See "Item 4. Information on the Company—B. Business Overview—Regulations—Regulations
Relating to Labor Protection in the PRC—Employee Stock Incentive Plan."
62
We
may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may
have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our
ability to conduct our business.
We
are an exempted Cayman Islands holding company and we may rely on dividends and other distributions on equity paid by our PRC subsidiaries
for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders
and service any debt we may incur. If any of our PRC subsidiaries incur debt on their own behalf in the future, the instruments governing
the debt may restrict their ability to pay dividends or make other distributions to us. Under PRC laws and regulations, our PRC subsidiaries,
each of which is a wholly foreign-owned enterprise, may pay dividends only out of its respective accumulated profits as determined in
accordance with PRC accounting standards and regulations. However, our PRC subsidiaries and the VIEs are subject to certain restrictions
with respect to paying dividends or make distributions to shareholders of our securities, or otherwise transferring any of their net
assets to us. A wholly foreign-owned enterprise is required to set aside at least 10% of its after-tax profits each year, if any, to
fund a certain statutory reserve fund, until the aggregate amount of such fund reaches 50% of its registered capital. A wholly foreign-owned
enterprise is also required to allocate a portion of its after-tax profits based on PRC accounting standards to a staff welfare and bonus
fund, although the amount to be set aside, if any, is determined at the discretion of its board of directors. The amounts restricted
also include the net assets of the VIEs in which we have no legal ownership. These reserve fund and staff welfare and bonus fund cannot
be distributed to us as dividends.
Our
PRC subsidiaries generate primarily all of their revenue 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 use their Renminbi revenues to pay dividends to
us.
The
PRC government may continue to strengthen its capital controls, and more restrictions and substantial vetting process may be put forward
by SAFE for cross-border transactions falling under both the current account and the capital account. Any limitation on the ability of
our PRC subsidiaries to pay dividends or make other kinds of payments to us could materially and adversely limit our ability to grow,
make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.
In
addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax rate of up to 10% will be applicable
to dividends payable by PRC companies to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements
between the PRC central government and governments of other countries or regions where the non-PRC-resident enterprises are incorporated.
The
funds in our PRC subsidiaries or the VIEs in mainland China may not be available to fund operations or for other use outside of mainland
China due to the interventions in, or the imposition of restrictions and limitations on, the ability of our holding company, our subsidiaries,
or the VIEs by the PRC government on cash transfers. Although currently there are not equivalent or similar restrictions or limitations
in Hong Kong on cash transfers in, or out of, our Hong Kong entities, if certain restrictions or limitations in mainland China were to
become applicable to cash transfers in and out of Hong Kong entities in the future, the funds in our Hong Kong entities, likewise, may
not be available to fund operations or for other use outside of Hong Kong.
To the extent cash in
the business is in mainland China or Hong Kong or a mainland China or Hong Kong entity, the funds may not be available to fund operations
or for other use outside of mainland China or Hong Kong due to interventions in or the imposition of restrictions and limitations on
the ability of us or our subsidiaries by the PRC government to transfer cash.
PRC
regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion
may delay or prevent us from using the proceeds to make loans to our PRC subsidiaries and the VIEs in China, which could materially and
adversely affect our liquidity and our ability to fund and expand our business.
We
are an offshore holding company conducting our operations in China through our PRC subsidiaries and the VIEs. We may make loans to our
PRC subsidiaries and the VIEs subject to the approval from governmental authorities and limitation of amount, or we may make additional
capital contributions to our wholly foreign-owned subsidiaries in China.
63
Any
loans to our wholly foreign-owned subsidiaries in China, which are treated as foreign-invested enterprises under PRC law, are subject
to PRC regulations and foreign exchange loan registrations. For example, loans by us to our wholly foreign-owned subsidiaries in China
to finance their activities cannot exceed statutory limits and must be registered with the local counterpart of SAFE. In addition, a
foreign invested enterprise shall use its capital pursuant to the principle of authenticity and self-use within its business scope. The
capital of a foreign invested enterprise shall not be used for the following purposes: (i) directly or indirectly used for payment beyond
the business scope of the enterprises or payment prohibited by laws and regulations; (ii) directly or indirectly used for investment
in securities or investments other than banks' principal-secured products unless otherwise provided by laws and regulations; (iii)
the granting of loans to non-affiliated enterprises, except where it is expressly permitted in the business license; and (iv) paying
the expenses related to the purchase of real estate that is not for self-use (except for foreign-invested real estate enterprises).
Furthermore,
cash transfers from our PRC subsidiaries and the VIEs to entities outside of mainland China are subject to PRC government controls on
currency conversion.
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 SAFE Circular 19, effective June 2015, which was last amended in March 2023. According to SAFE Circular 19, the flow
and use of the RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company is regulated
such that RMB capital may not be used for the issuance of RMB entrusted loans, the repayment of inter-enterprise loans or the repayment
of banks loans that have been transferred to a third party. Although SAFE Circular 19 allows RMB capital converted from foreign currency-denominated
registered capital of a foreign-invested enterprise to be used for equity investments within China, it also reiterates the principle
that RMB 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
China 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 SAFE Circular 16, effective on June 9, 2016, which was last
amended in December 2023, and reiterates some of the rules set forth in SAFE Circular 19, but changes the prohibition against using RMB
capital converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted loans to
a prohibition against using such capital to issue loans to non-associated enterprises.
To the extent
cash in our business is in mainland China or an entity in mainland China, such cash may not be available to fund operations or for other
use outside of mainland China due to restrictions and limitations imposed by the governmental authorities on the ability of us, our subsidiaries,
or the VIEs to transfer cash outside of the PRC. Shortages in the availability of foreign currency may temporarily delay the ability
of our PRC subsidiaries and the VIEs to remit sufficient foreign currency to pay dividends or make distributions to shareholder of our
securities, or other payments to us, or otherwise satisfy their foreign currency denominated obligations. In view of the foregoing, to
the extent cash in our business is held in mainland China or by an entity in mainland China, such cash may not be available to fund operations
or for other use outside of mainland China.
Violations of SAFE Circular 19 and SAFE Circular 16 could result in administrative
penalties. SAFE Circular 19 and SAFE Circular 16 may significantly limit our ability to transfer any foreign currency we hold, including
the net proceeds, to our PRC subsidiaries, which may adversely affect our liquidity and our ability to fund and expand our business in
China.
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 the VIEs or future capital contributions by us
to our wholly foreign-owned subsidiaries in China. As a result, uncertainties exist as to our ability to provide prompt financial support
to our PRC subsidiaries or the VIEs when needed. If we fail to complete such registrations or obtain such approvals, our ability to use
the proceeds and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely
affect our liquidity and our ability to fund and expand our business.
64
If
we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences
to us and our non-PRC shareholders or ADS holders.
Under
the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with "de facto management
body" within China is considered a "resident enterprise" and will be subject to the enterprise income tax on its global
income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises
full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise.
In 2009, the State Administration of Taxation, issued the Circular of the State Administration of Taxation on Issues Relating to Identification
of PRC-Controlled Overseas Registered Enterprises as Resident Enterprises in Accordance With the De Facto Standards of Organizational
Management, or SAT Circular 82, which was last amended in December 2017, and provides certain specific criteria for determining whether
the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although
this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC
individuals or foreigners, the criteria set forth in the circular may reflect SAT's general position on how the "de facto
management body" text should be applied in determining the tax resident status of all offshore enterprises. According to SAT Circular
82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident
by virtue of having its "de facto management body" in China and will be subject to PRC enterprise income tax on its global
income only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in China;
(ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations
or personnel in China; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder
resolutions, are located or maintained in China; and (iv) at least 50% of voting board members or senior executives habitually reside
in China.
We
believe that we are not 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." If the PRC tax authorities determine that we are a PRC resident enterprise for enterprise income tax purposes, we could
be subject to PRC tax at a rate of 25% on our worldwide income, which could materially reduce our net income, and we may be required
to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises, including the holders
of our ADSs. In addition, non-resident enterprise shareholders (including our ADS holders) may be subject to PRC tax on gains realized
on the sale or other disposition of ADSs or Class A ordinary shares, if such income is treated as sourced from within China. Furthermore,
if we are deemed a PRC resident enterprise, dividends payable to our non-PRC individual shareholders (including our ADS holders) and
any gain realized on the transfer of ADSs or Class A ordinary shares by such shareholders may be subject to PRC tax at a rate of 10%
in the case of non-PRC enterprises or a rate of 20% in the case of non-PRC individuals unless a reduced rate is available under an applicable
tax treaty. It is unclear whether non-PRC shareholders of our company would be able to claim the benefits of any tax treaties between
their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. Any such tax may reduce the
returns on your investment in the ADSs or Class A ordinary shares.
We
face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.
In
February 2015, the State Administration of Taxation issued the Public Notice Regarding Certain Enterprise Income Tax Matters on Indirect
Transfer of Properties by Non-Resident Enterprises, or SAT Public Notice 7, which was last amended in December 2017. SAT Public Notice
7 extends its tax jurisdiction to not only indirect transfers but also transactions involving transfer of other taxable assets, through
the offshore transfer of a foreign intermediate holding company. In addition, SAT Public Notice 7 provides certain criteria on how to
assess reasonable commercial purposes and has introduced safe harbors for internal group restructurings and the purchase and sale of
equity through a public securities market. SAT Public Notice 7 also brings challenges to both the foreign transferor and transferee (or
other person who is obligated to pay for the transfer) of the taxable assets. Where a non-resident enterprise conducts an "indirect
transfer" by transferring the taxable assets indirectly by disposing of the equity interests of an overseas holding company, the
non-resident enterprise being the transferor, or the transferee, or the PRC entity which directly owns the taxable assets may report
to the relevant tax authority such indirect transfer. Using a "substance over form" principle, the PRC tax authority may
disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose
of reducing, avoiding or deferring PRC tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income
tax, and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently
at a tax rate of 10%, for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be
subject to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes. However,
according to the aforesaid safe harbor rule, the PRC tax would not be applicable to the transfer by any non-resident enterprise of ADSs
of the Company acquired and sold on public securities markets.
65
On
October 17, 2017, the State Administration of Taxation issued the Public Notice on Issues Relating to Withholding at Source of Income
Tax of Non-resident Enterprises, or the SAT Public Notice 37, which came into effect on December 1, 2017. According to SAT Public Notice
37, where the non-resident enterprise fails to declare its tax payable pursuant to Article 39 of the PRC Enterprise Income Tax Law, the
tax authority may order it to pay its tax due within required time limits, and the non-resident enterprise shall declare and pay its
tax payable within such time limits specified by the tax authority. If the non-resident enterprise voluntarily declares and pays its
tax payable before the tax authority orders it to do so, it shall be deemed that such enterprise has paid its tax payable in time.
We
face uncertainties on the reporting and consequences of future private equity financing transactions, share exchanges or other transactions
involving the transfer of shares in our company by investors that are non-PRC resident enterprises. The PRC tax authorities may pursue
such non-resident enterprises with respect to a filing or the transferees with respect to withholding obligation, and request our PRC
subsidiaries to assist in the filing. As a result, we and non-resident enterprises in such transactions may become at risk of being subject
to filing obligations or being taxed under SAT Public Notice 7 and SAT Public Notice 37, and may be required to expend valuable resources
to comply with them or to establish that we and our non-resident enterprises should not be taxed under these regulations, which may have
a material adverse effect on our financial condition and results of operations.
The
custodians or authorized users of our controlling non-tangible assets, including chops and seals, may fail to fulfill their responsibilities,
or misappropriate or misuse these assets.
In
China, a company chop or seal serves as the legal representation of the company towards third parties even when unaccompanied by a signature.
Each legally registered company in China is required to maintain a company chop, which must be registered with the local Public Security
Bureau. In addition to this mandatory company chop, companies may have several other chops which can be used for specific purposes.
In
order to secure the use of our chops and seals, we have established internal control procedures and rules for using these chops and seals.
In any event that the chops and seals are intended to be used, the responsible personnel will submit the application through our office
automation system and the application will be verified and approved by authorized employees in accordance with our internal control procedures
and rules. In addition, in order to maintain the physical security of our chops, we generally have them stored in secured locations accessible
only to authorized employees. Although we monitor such authorized employees, the procedures may not be sufficient to prevent all instances
of abuse or negligence. There is a risk that our employees could abuse their authority, for example, by entering into a contract not
approved by us or seeking to gain control of one of our subsidiaries or the VIEs or their subsidiaries. To the extent those chops are
not kept safely, are stolen or are used by unauthorized persons or for unauthorized purposes, the corporate governance of these entities
could be severely and adversely compromised and those corporate entities may be bound to abide by the terms of any documents so chopped,
even if they were chopped by an individual who lacked the requisite power and authority to do so. If any employee obtains, misuses or
misappropriates our chops and seals or other controlling non-tangible assets for whatever reason, we could experience disruption to our
normal business operations. We may have to take corporate or legal action, which could involve significant time and resources to resolve
and divert management from our operations.
Recent
litigation and negative publicity surrounding China-based companies listed in the U.S. may result in increased regulatory scrutiny of
us and negatively impact the trading price of our ADSs.
We
believe that litigation and negative publicity surrounding companies with operations in China that are listed in the U.S. have negatively
impacted stock prices for such companies. Various equity-based research organizations have published reports on China-based companies
after examining, among other things, their corporate governance practices, related party transactions, sales practices and financial
statements that have led to special investigations and stock suspensions on national exchanges. Any similar scrutiny of us, regardless
of its lack of merit, could result in a diversion of management resources and energy, potential costs to defend ourselves against rumors,
decreases and volatility in the ADS trading price, and increased directors and officers insurance premiums, and could have a material
adverse effect upon our business, results of operations and financial condition.
66
Risks
Related to Our ADSs
Our
ADSs may be delisted from the Nasdaq
Capital
Market as a result of our failure of meeting
the Nasdaq
Capital
Market continued listing requirements.
Our
ADSs are currently listed on the Nasdaq Capital Market under the symbol "YJ." We have received letters from the Listing Qualifications
Department of Nasdaq, notifying us that we no longer meet the Nasdaq minimum bid price requirement under Nasdaq Listing Rule 5450(a)(1),
and we have subsequently regained compliance within the 180-day grace period. On October 5, 2023, we received another letter from the
Listing Qualifications Department of Nasdaq, notifying us that we no longer meet the Nasdaq minimum bid price requirement. In response,
we submitted an application to transfer the listing of our ADSs from the Nasdaq Global Market to the Nasdaq Capital Market. The transfer
was approved by the Listing Qualifications Department of Nasdaq on April 3, 2024 and took effect on April 5, 2024. In connection with
the transfer of the listing of our ADSs to the Nasdaq Capital Market, Nasdaq granted us an additional 180-day grace period, or until
September 30, 2024, to regain compliance with the minimum bid price requirement.
Although
we are monitoring the closing bid price of our ADSs, there can be no assurance that we will be able to regain compliance with the Nasdaq
minimum bid price requirement or our ADSs will remain in compliance with the Nasdaq
Capital
Market continued listing requirements going forward. If Nasdaq determines to delist our ADSs, or if we fail to list our ADSs on other
stock exchanges or find alternative trading venue for our ADSs, the market liquidity and the value of an investment in our ADSs will
be materially and adversely affected.
The
trading price of our ADSs may be volatile, which could result in substantial losses to you.
The
trading prices of our ADSs is likely 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 PRC companies' securities after their offerings, including internet and e-commerce companies,
may affect the attitudes of investors toward PRC companies listed in the United States, which consequently may impact the trading performance
of our 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 PRC companies may also negatively affect the attitudes
of investors towards PRC companies in general, including us, regardless of whether we have conducted any inappropriate activities. In
addition, securities markets may from time to time experience significant price and volume fluctuations that are not related to our operating
performance, which may have a material and adverse effect on the trading price of our ADSs.
67
In
addition to the above factors, the price and trading volume of our ADSs may be highly volatile due to multiple factors, including the
following:
●
the low volume of trading in our ADSs;
●
regulatory
                                            developments affecting us or our industry, users, suppliers or third-party sellers;
●
announcements
                                            of studies and reports relating to the quality of our product and service offerings or those
                                            of our competitors;
●
changes
                                            in the economic performance or market valuations of other e-commerce companies;
●
actual
                                            or anticipated fluctuations in our quarterly results of operations and changes or revisions
                                            of our expected results;
●
changes
                                            in financial estimates by securities research analysts;
●
conditions
                                            in the e-commerce market;
●
announcements
                                            by us 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;
●
public
                                            perception or negative news about our products or us;
●
our
                                            share repurchase program;
●
litigation,
                                            government investigation or other legal or regulatory proceedings;
●
fluctuations
                                            of exchange rates between the RMB and the U.S. dollar;
●
release
                                            or expiry of lock-up or other transfer restrictions on our issued and outstanding shares
                                            or ADSs;
●
sales
                                            or perceived potential sales of additional Class A ordinary shares or ADSs; and
●
general
                                            economic or political conditions in China or elsewhere in the world.
Any
of these factors may result in large and sudden changes in the volume and price at which our ADSs will trade.
We
were named as a defendant in putative shareholder class action lawsuits in the United States, and we may be involved in more class action
lawsuits in the future. Such lawsuits could divert a significant amount of our management's attention and other resources from
our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations.
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.
It
is likely that we will be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for the taxable
year ended December 31, 2023, and possibly for the current taxable year and future taxable years, which could result in adverse U.S.
federal income tax consequences to U.S. Holders of our ADSs or ordinary shares.
We
will be a "passive foreign investment company," or "PFIC," if, in any particular taxable year, either (a) 75%
or more of our gross income for such year consists of certain types of "passive" income or the income test, or (b) 50% or
more of the average quarterly value of our assets (as determined on the basis of fair market value) during such year produce or are held
for the production of passive income, or the asset test. Based upon our current and expected income and assets, which generally includes
any unbooked goodwill (the value of which is determined by reference to the market value of our ADSs), it is likely that we were a PFIC
for the taxable year ended December 31, 2023, and could continue to be a PFIC for the current and subsequent taxable years. In addition,
it is possible that any subsidiary that we own or are treated as owning for U.S. federal income tax purposes would also be a PFIC for
such taxable years.
68
If
we are a PFIC in any taxable year during which a U.S. holder (as defined in "Item 10. Additional Information—E. Taxation—United
States Federal Income Tax Considerations") holds our ADSs or ordinary shares, such holder may incur significantly increased U.S.
income tax on gain recognized on the sale or other disposition of the ADSs or ordinary shares and on the receipt of distributions on
the ADSs or ordinary shares to the extent such gain or distribution is treated as an "excess distribution" under the U.S.
federal income tax rules, and such holder may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year
during which a U.S. Holder holds our ADSs or ordinary shares, we will generally continue to be treated as a PFIC for all succeeding years
during which such holder holds our ADSs or ordinary shares, even if we subsequently cease to be a PFIC. For more information see "Item
10. Additional Information—E. Taxation—United States Federal Income Tax Considerations—Passive Foreign Investment Company
Considerations."
Techniques
employed by short sellers may drive down the market price of our 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 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 listed in the United States that have a substantial majority 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.
We
may be the subject of unfavorable allegations made by short sellers in the future. Any such allegations may be followed by periods
of instability in the market price of our ADSs and negative publicity. If and when we become the subject of any unfavorable
allegations, whether such allegations are proven to be true or untrue, we could 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 federal or state law or issues of commercial confidentiality. Such a situation could be costly and time-consuming and
could distract our management from our business strategies and operations. Even if such allegations are ultimately proven to be groundless, allegations
against us could severely impact our business operations and shareholders' equity, and the value of any investment in our ADSs
could be greatly reduced or rendered worthless.
The
concentration of our share ownership among executive officers, directors, and principal shareholders and their affiliated entities will
likely limit your ability to influence corporate matters and could discourage others from pursuing any change of control transaction
that holders of our ordinary shares and ADSs may view as beneficial.
As
of February 29, 2024, our executive officers, directors, and principal shareholders and their affiliated entities together beneficially
own approximately 78.0% of our total outstanding ordinary shares. As a result of the concentration of ownership, these shareholders will
have 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. Such shareholders may take actions that are not in the
best interest of us or our other shareholders. This concentration of ownership may discourage, delay or prevent a change in control of
our company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium for their shares
as part of a sale of our company and may reduce the price of our ADSs. This concentrated control will limit your ability to influence
corporate matters and could discourage others from pursuing any potential merger, takeover or other change of control transactions that
holders of our ordinary shares and ADSs may view as beneficial.
69
If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, or if they
adversely change their recommendations regarding our ADSs, the market price for our ADSs and trading volume could decline.
The
trading market for our ADSs will depend in part on the research and reports that securities or industry analysts publish about us or
our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who covers
us downgrades our ADSs or publishes inaccurate or unfavorable research about our business, the market price for our 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 our ADSs to decline.
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 the ADSs may view as beneficial.
We
have a dual-class ordinary share structure. Our authorized and issued ordinary shares consist of Class A ordinary shares and Class B
ordinary shares (with certain shares remaining undesignated, with power for our directors to designate and issue such classes of shares
as they think fit). In respect of matters requiring the votes of shareholders, holders of Class A ordinary shares and Class B ordinary
shares vote together as a single class except as may otherwise be required by law. Holders of Class A ordinary shares are entitled to
one vote per share, while holders of Class B ordinary shares are entitled to ten votes 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 thereof to any person or entity that is not
an affiliate of such holder, such Class B ordinary shares shall be automatically and immediately converted into an equal number of Class
A ordinary shares.
As
of February 29, 2024, the chairman of our board of directors and our chief executive officer, Mr. Shanglue Xiao, beneficially own an
aggregate of 949,960,000 Class B ordinary shares, which represent 90.3% of our total voting power. Therefore, Mr. Shanglue Xiao has decisive
influence over matters requiring shareholders' approval, including election of directors and significant corporate transactions,
such as a merger or sale of our company or our assets. This concentrated control will limit your ability to influence corporate matters
and could discourage others from pursuing any potential merger, takeover or other change of control transactions that holders of our
Class A ordinary shares and the ADSs may view as beneficial.
Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our ADSs for return on your investment.
We
currently intend to retain all of our available funds and any future earnings to fund the development and growth of our business. As
a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our
ADSs as a source for any future dividend income.
70
Our
board of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law.
In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our
directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account; provided
that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in
the ordinary course of business. 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 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 our ADSs will likely depend entirely upon any future
price appreciation of our ADSs. There is no guarantee that our ADSs will appreciate in value or even maintain the price at which you
purchased the ADSs. You may not realize a return on your investment in our ADSs and you may even lose your entire investment in our ADSs.
The
voting rights of holders of ADSs are limited by the terms of the deposit agreement, and you may not be able to exercise your right to
direct how the Class A ordinary shares represented by your ADSs are voted.
Holders
of ADSs do not have the same rights as our registered shareholders. As a holder of our ADSs, you will not have any direct right to attend
general meetings of our shareholders or to cast any votes at such meetings. As an ADS holder, you will only be able to exercise the voting
rights carried by the underlying Class A ordinary shares represented by your ADSs indirectly by giving voting instructions to the depositary
in accordance with the provisions of the deposit agreement. Under the deposit agreement, you may vote only by giving voting instructions
to the depositary. Upon receipt of your voting instructions, the depositary will try, as far as is practicable, to vote the Class A ordinary
shares underlying your ADSs in accordance with your instructions. If we ask for your instructions, then upon receipt of your voting instructions,
the depositary will try to vote the underlying Class A ordinary shares in accordance with these instructions. If we do not instruct the
depositary to ask for your instructions, the depositary may still vote in accordance with instructions you give, but it is not required
to do so. You will not be able to directly exercise your right to vote with respect to the underlying Class A ordinary shares represented
by your ADSs unless you withdraw the shares, and become the registered holder of such shares prior to the record date for the general
meeting. When a general meeting is convened, you may not receive sufficient advance notice of the meeting to withdraw the Class A ordinary
shares represented by your ADSs and become the registered holder of such shares to allow you to attend the general meeting and to vote
directly with respect to any specific matter or resolution to be considered and voted upon at the general meeting. In addition, under
our memorandum and articles of association, for the purposes of determining those shareholders who are entitled to attend and vote at
any general meeting, our directors may close our register of members and/or fix in advance a record date for such meeting, and such closure
of our register of members or the setting of such a record date may prevent you from withdrawing the Class A ordinary shares represented
by your ADSs and becoming the registered holder of such shares prior to the record date, so that you would not be able to attend the
general meeting or to vote directly. If we ask for your instructions, the depositary will notify you of the upcoming vote and will arrange
to deliver our voting materials to you. We have agreed to give the depositary notice of shareholder meetings sufficiently in advance
of such meetings. Nevertheless, we cannot assure you that you will receive the voting materials in time to ensure that you can instruct
the depositary to vote the underlying Class A ordinary shares represented by your ADSs. In addition, the depositary and its agents are
not responsible for failing to carry out voting instructions or for their manner of carrying out your voting instructions. This means
that you may not be able to exercise your right to direct how the Class A ordinary shares represented by your ADSs are voted and you
may have no legal remedy if the Class A ordinary shares represented by 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. Except in limited circumstances, the depositary
for our ADSs will give us a discretionary proxy to vote the Class A ordinary shares underlying your ADSs if you do not vote at shareholders'
meetings, which could adversely affect your interests.
Under
the deposit agreement for the ADSs, if you do not vote, the depositary will give us a discretionary proxy to vote the Class A ordinary
shares underlying your ADSs at shareholders' meetings unless:
●
we
                                            have instructed the depositary that we do not wish a discretionary proxy to be given;
●
we
                                            have informed the depositary that there is substantial opposition as to a matter to be voted
                                            on at the meeting;
●
a
                                            matter to be voted on at the meeting would have a material adverse impact on shareholders;
                                            or
●
the
                                            voting at the meeting is to be made on a show of hands.
The
effect of this discretionary proxy is that you cannot prevent our Class A ordinary shares underlying your ADSs from being voted, except
under the circumstances described above. This may make it more difficult for shareholders to influence the management of our company.
Holders of our Class A ordinary shares are not subject to this discretionary proxy.
71
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 United States 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 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 dividends 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 on our Class A ordinary shares in the foreseeable
future. To the extent that there is a distribution, the depositary of our ADSs 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 any 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.
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. The depositary may close its books from time to time for
a number of reasons, including in connection with corporate events such as a rights offering, during which time the depositary needs
to maintain an exact number of ADS holders on its books for a specified period. The depositary may also close its books in emergencies,
and on weekends and public holidays. 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.
Certain
judgments obtained against us or our directors and management by our shareholders may not be enforceable.
We
are an exempted company incorporated under the laws of the Cayman Islands. We conduct our operations in China and substantially all of
our assets are located in China. In addition, all of our directors and executive officers are located in mainland China as of the date
of this annual report, and most of the assets of these persons are located within mainland China. As a result, it may be difficult or
impossible for you to bring an action against us or against these individuals 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, the laws of the Cayman Islands and mainland China may render you unable to enforce a judgment against our assets or the
assets of our directors and officers. You may also experience difficulties in enforcing judgments of the United States courts obtained
against us or our directors or executive officers in mainland China as the United States and mainland China do not have a bilateral treaty
or multilateral convention in force on reciprocal recognition and enforcement of judgments. As a result, any United States judgment may
only be enforceable in mainland China provided that the conditions set forth in the laws of these jurisdictions are determined by the
courts of mainland China to have been fulfilled. For details of the limitations relating to the enforceability of civil liabilities,
see "Item 6. Directors, Senior Management and Employees—E.
Share
Ownership
—Enforceability of Civil Liabilities."
72
Your
investment in our ADSs may be impacted if we are encouraged to issue CDRs in the future.
The
PRC central government once proposed rules that would allow PRC technology companies listed outside China to list on the PRC stock exchanges
through the creation of Chinese Depositary Receipts, or CDRs. It is uncertain if and when the CDR mechanism will be finalized and put
in place due to evolving PRC government policies. Once the CDR mechanism is in place, we might consider and be encouraged to issue CDRs
and allow investors to trade our CDRs on PRC stock exchanges. However, there are uncertainties as to whether a pursuit of CDRs in China
would bring positive or negative impact on your investment in our ADSs.
Your
rights to pursue claims against the depositary as a holder of ADSs are limited by the terms of the deposit agreement.
Under
the deposit agreement, any action or proceeding against or involving the depositary, arising out of or based upon the deposit agreement
or the transactions contemplated thereby or by virtue of owning the ADSs may only be instituted in a state or federal court in New York,
New York, and you, as a holder of our ADSs, will have irrevocably waived any objection which you may have to the laying of venue of any
such proceeding, and irrevocably submitted to the exclusive jurisdiction of such courts in any such action or proceeding. The depositary
may, in its sole discretion, require that any dispute or difference arising from the relationship created by the deposit agreement be
referred to and finally settled by an arbitration conducted under the terms described in the deposit agreement, which may include claims
arising under the federal securities laws, although the arbitration provisions of the deposit agreement do not preclude you from pursuing
claims under the U.S. federal securities laws in federal courts. 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 the U.S. federal securities
laws and the rules and regulations promulgated thereunder. The state and federal courts sitting in New York generally respect the contractual
decision of the parties to submit their disputes to arbitration and such arbitration provisions are generally enforceable under federal
law and the laws of the State of New York, subject to certain exceptions, such as corruption, fraud or undue means. Therefore, we believe
that the arbitration provision in the deposit agreement is enforceable under federal law and the laws of the State of New York.
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, subject to the depositary's right
to require a claim to be submitted to arbitration, the federal or state courts in the City of New York have exclusive jurisdiction to
hear and determine claims arising under the deposit agreement and in that regard, 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 the 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.
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 the U.S. federal securities laws and the rules and regulations
promulgated thereunder.
73
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 incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed
by our memorandum and articles of association, the Companies Act (As Revised) of the Cayman Islands and the common law of the Cayman
Islands. The rights of shareholders to take action against our directors, actions by our minority shareholders and the fiduciary responsibilities
of our directors to us under Cayman Islands law are to a large extent governed by 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 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. The
rights of our shareholders and the fiduciary responsibilities 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 has
a less developed body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially
interpreted bodies of corporate law than the Cayman Islands. In addition, with respect to Cayman Islands companies, plaintiffs may face
special obstacles, including but not limited to those relating to jurisdiction and standing, in attempting to assert derivative claims
in state or federal courts of the United States.
Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than
copies of the memorandum and articles of association, the register of mortgages and charges, and any special resolutions passed by the
shareholders) or to obtain copies of lists of shareholders of these companies. Under Cayman Islands law, the names of our current directors
can be obtained from a search conducted at the Registrar of Companies. Our directors have discretion under our 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 motion or to solicit proxies from other shareholders in connection with a proxy contest.
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 United States.
Our
memorandum and articles of association contain anti-takeover provisions that could discourage a third party from acquiring us and adversely
affect the rights of holders of our Class A ordinary shares and the ADSs.
Our
third amended and restated memorandum and articles of association contain provisions to 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. 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 Class A ordinary shares, in the form of ADS or otherwise. 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 our ADSs may fall and the voting and other rights of the holders of our Class A ordinary shares
and ADSs may be materially and adversely affected.
74
We
are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to U.S. domestic public companies.
Because
we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including:
●
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;
●
the
                                            sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations
                                            in respect of a security registered under the Exchange Act;
●
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
●
the
                                            selective disclosure rules by issuers of material nonpublic information under Regulation
                                            FD.
We
will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish
our results on a quarterly basis as press releases, distributed pursuant to the rules and regulations of the Nasdaq Stock Market. Press
releases relating to financial results and material events will also be furnished to the SEC on Form 6-K.
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 U.S. 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.
As
an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate
governance matters that differ significantly from Nasdaq's corporate governance requirements; these practices may afford less protection
to shareholders than they would enjoy if we complied fully with Nasdaq's corporate governance requirements.
As
a Cayman Islands company listed on the Nasdaq
Capital
Market, we are subject to Nasdaq's
corporate governance requirements. However, Nasdaq rules permit a foreign private issuer like us to follow the corporate governance practices
of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly
from Nasdaq's corporate governance requirements. Nasdaq Rule 5620 requires each issuer to hold an annual meeting of shareholders
no later than one year after the end of the issuer's fiscal year-end. However, Nasdaq Rule 5615(a)(3) permits foreign private issuers
like us to follow "home country practice" in certain corporate governance matters. We followed home country practice and
did not hold an annual meeting of shareholders in 2021, 2022 and 2023. As a result of this and other home country practice we may follow
in the future, our shareholders may be afforded less protection than they otherwise would under Nasdaq's corporate governance requirements
applicable to U.S. domestic issuers.
We
are a "controlled company" within the meaning of the Nasdaq Stock Market Rules and, as a result, may rely on exemptions from
certain corporate governance requirements that provide protection to shareholders of other companies.
We
are a "controlled company" as defined under the Nasdaq Stock Market Rules because Mr. Shanglue Xiao, the chairman of our
board of directors and our chief executive officer, will own more than 50% of our total voting power. For so long as we remain a controlled
company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules,
including an exemption from the rule that a majority of our board of directors must be independent directors or that we have to establish
a nominating committee and a compensation committee composed entirely of independent directors. As a result, you will not have the same
protection afforded to shareholders of companies that are subject to these corporate governance requirements.
75
If
we are deemed an "investment company" under the Investment Company Act of 1940, it could adversely affect the price of the
ADSs and could materially and adversely affect our business, results of operations, and financial condition.
We
do not intend to become registered as an "investment company" under Section 3(a) of the Investment Company Act of 1940, or
the Investment Company Act. We are primarily engaged in businesses of operating a membership-based social e-commerce platform in China.
Under
Section 3(a)(1)(C) of the Investment Company Act, a company is deemed to be an "investment company" if it is engaged, or
proposes to engage, in the business of investing, reinvesting, owning, holding, or trading in securities and owns or proposes to acquire
investment securities having a value exceeding 40% of the value of its total assets (exclusive of government securities and cash items)
on an unconsolidated basis. As a result, if we and/or certain of our subsidiaries are deemed to be an investment company within the meaning
of the Investment Company Act, we would have to dispose of investment securities in order to fall outside the definition of an investment
company. Additionally, we may have to forgo potential future acquisitions of interests in companies that may be deemed to be investment
securities within the meaning of the Investment Company Act. Failure to avoid being deemed an investment company under the Investment
Company Act, coupled with our inability as a foreign private issuer to register under the Investment Company Act, could make us unable
to comply with our reporting obligations as a public company in the United States and lead to our being delisted from the Nasdaq, which
would materially and adversely affect the liquidity and value of the ADSs. We would also be unable to raise capital through the sale
of securities in the United States or to conduct business in the United States. In addition, we may be subject to SEC enforcement action
or purported class action lawsuits for alleged violations of U.S. securities laws. Defending ourselves against any such enforcement action
or lawsuits would require significant attention from our management and divert resources from our existing businesses and could materially
and adversely affect our business, results of operations, and financial condition.
Item
  4.
INFORMATION ON THE COMPANY
A.
History and Development of the Company
We
commenced operations through Yunji Sharing, and launched our Yunji app in May 2015.
In
November 2017, Yunji Inc. was established in the Cayman Islands as our offshore holding company to facilitate financing and offshore
listing. Shortly following its incorporation, Yunji Inc. established a wholly-owned subsidiary in Hong Kong, Yunji Holding Limited.
In
February 2018, Yunji Holding Limited established a wholly-owned subsidiary in China, Yunchuang Sharing, or our WFOE. In April 2018, we gained the
ability to direct the business operations of Yunji Sharing through Yunchuang Sharing by entering into a series of contractual arrangements
with Yunji Sharing and its shareholders, which were subsequently amended and restated in December
2018. In March 2018, Hangzhou Chuanchou, was established. In October 2020, we gained the ability to direct the business operations of Hangzhou
Chuanchou through Yunchuang Sharing by entering into a series of contractual arrangements with Hangzhou Chuanchou and its shareholder.
In
June
2018, Yunji Preferred, was established. In the same month, we gained the ability to direct the business operations of Yunji
Preferred through Yunchuang Sharing by entering into a series of contractual arrangements with Yunji Preferred and its shareholders.
The contractual arrangements with Yunji Preferred were subsequently amended and restated in December 2018 and March 2023. We subsequently migrated all of our business operations under Yunji Sharing and its subsidiaries to Yunji Preferred and Yunchuang Sharing and
their subsidiaries.
On
May 3, 2019, our ADSs commenced trading on the Nasdaq under the symbol "YJ." We raised approximately US$109.0 million in
net proceeds from the issuance of new shares from the IPO and related over-allotment option arrangement after deducting underwriting
commissions and the offering expenses payable by us.
76
On
June 20, 2023, we effected a change in the ratio of our ADSs to Class A ordinary shares from one ADS representing ten Class A ordinary
shares to one ADS representing one hundred Class A ordinary shares.
In
December 2023, our WFOE acquired Yunji Sharing by purchasing all equity interests held by the shareholders in Yunji Sharing and Yunji
Sharing has since become a wholly owned subsidiary of our WFOE. Accordingly, the contractual arrangements with Yunji Sharing and its
shareholders were effectively terminated in December 2023.
Our
principal executive offices are located at 15/F, South Building, Hipark Phase 2, Xiaoshan District, Hangzhou, People's Republic
of China. Our telephone number at this address is +86-571-8168-8920.
Our
registered office in the Cayman Islands is located at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands. Our agent for service of process in the United States is Puglisi & Associates, located at 850 Library
Avenue, Suite 204, Newark, Delaware 19711. We maintain our web site at
www.yunjiglobal.com
.
The
SEC maintains a web site at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers
that file electronically with the SEC using its EDGAR system.
See
"Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Material Cash Requirements"
for a discussion of our capital expenditures.
B.
Business Overview
We
operate a social e-commerce platform in China using a unique, membership-based model that leverages the power of social interaction.
We offer high-quality products at attractive prices and incentivize our members to promote our platform and share our products with their
social contacts. We empower prime emerging brands and manufacturers with deep understanding of market trends and customer behavior to
produce high-quality innovative products to better meet the demands of our members. We have also developed several private labels in
the mass consumption field, which are sold on our own platform as well as offered and sold through external channels.
Members
are the key participants on our platform. Our members gain access to a dedicated app and mini program
that provides access to a curated selection of products, exclusive membership benefits and features. Our membership system has experienced
various changes in the past few years. Currently, one can become a member of our platform by accepting invitation from existing members.
See "—Our Member Community—Members" for more details of the previous changes in our membership system.
Our
members, typically middle-class consumers, are highly social and are interested in discussing and sharing their shopping experiences
and various products within their social circles. Members often refer others to become members and are rewarded for doing so. Members
can also promote products on various social platforms and are rewarded if those users purchase our products. We also provide support
such as training, technology support and customer services to make the process easier for them.
We
offer products across a large variety of categories with the aim of catering to the various daily needs of our users and their households.
We also add to our product offerings based on feedback and understanding of our members and users based on various analytics. Additionally,
we stay abreast of trends and carefully curate and promote seasonal best-selling products, such as seasonal fruits and festive gifts.
While we offer products from mainstream and emerging brands, we also strategically work with manufacturers directly to develop private
labels and exclusive differentiated products. In particular, we engage in minority-interest equity investments in high-quality innovative
manufacturers to develop private labels, combining their unique manufacturing capabilities and supply channels with our deep understanding
of end customers through our various user analytics to develop innovative and differentiated products specifically designed to meet the
demands of our members and users. In this way, we empower our manufacturer and brand partners, especially our private labels, with products
improvement advices based on our understanding of market trends and insights on customer behavior and precise marketing and customer
education through our active communities.
To
complement our existing merchandise sales business under which we acquire products from suppliers and sell them directly to customers,
we launched our marketplace business in the first quarter of 2019 whereby third-party merchants can sell products on our platform and
pay us commissions on their sales. We attract and select third-party merchants to offer high quality products at attractive prices to
our users through our marketplace business and monitor the third-party merchants' performance and activities on our platform closely
to ensure that they meet our requirements for authentic products and high-quality logistics and customer service. In each product category
in the marketplace model, we will only select a limited number of brands, fostering a healthy competitive environment where we only select
and work with the best third-party merchants to offer our members a broad range of carefully curated high-quality products. Products
offered through our marketplace business are directly sold and fulfilled by third-party merchants. Our marketplace business allows us
to improve the shopping experience on our platform.
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We
are extremely focused on the quality and pricing of our products under both the merchandise sale business and the marketplace
business. We have been intentionally maintaining a balance between expanding the product category coverage to meet our users'
evolving demand and controlling the number of SPUs in each category to ensure that we only offer curated products with high value
and quality to our users. We currently generate revenues mainly by selling products directly on our platform to users, including
both members and non-members, and earning commissions on the sales of products by third-party merchants on our platform. Our total
revenues were RMB2,155.4 million, RMB1,154.1 million and RMB640.2 million (US$90.2 million) in 2021, 2022 and 2023, respectively. We
recorded net income of RMB132.3 million in 2021, net loss of RMB138.4 million in 2022, and net loss of RMB165.1 million
(US$23.3 million) in 2023.
Our
Business Model
We
operate a social e-commerce platform in China using a unique, membership-based model that leverages the power of social interaction.
We offer high-quality products at attractive prices and incentivize our members to promote our platform and share our products with their
social contacts. We operate on our platform both our merchandise sales business, under which we acquire products from suppliers and sell
them directly to customers, and our marketplace business that launched in the first quarter of 2019, under which third-party merchants
can sell products on our platform and pay us commissions on their sales. We have also developed several private labels whose products
are sold both on our own platform and external sales channels through our merchandise sales business.
Under
our merchandise sales business, we work with a mix of mainstream brands, emerging brands and private labels to offer products across
a large variety of categories based on feedback and understanding of our members and users based on various analytics. In particular,
we empower quality manufacturers with products improvement advices based on our understanding of market trends and insights on customer
behavior and precise marketing and customer education through our active communities, thereby supporting the growth of our manufacturing
partners and develop private labels.
To
complement our existing merchandise sales business, we launched our marketplace business in the first quarter of 2019. We attract and
select third-party merchants to offer high quality products at attractive prices to our users through our marketplace business and monitor
the third-party merchants' performance and activities on our platform closely to ensure that they meet our requirements for authentic
products and high-quality logistics and customer service. Products offered through our marketplace business are directly sold and fulfilled
by third-party merchants. Our marketplace business allows us to improve the shopping experience on our platform.
Revenues
generated under the marketplace business are recognized on a net basis, while revenues generated under our merchandise sales business
are recognized on a gross basis.
Yunji
Platform
We
conduct our social e-commerce business primarily through our flagship Yunji app. In addition, we create visually appealing interfaces
in mini programs and HTML-5 webpages available in major social platforms in China, including WeChat, QQ, Weibo, to promote our platform
and products. To reach a wider audience, we collaborate with content creators and post content on lifestyle platforms and live streaming
platforms, such as Xiaohongshu, Douyin and WeChat video channel, to promote certain of our products or items. Through these promotional
channels, potential users can learn about our platform and visit our mobile apps.
Our members can easily share the mini programs and links to HTML-based webpages with their family, friends and other social contacts
who may be interested in buying products on our platform. The promotional interfaces visually aid the shopping experience on our platform,
and enable viral dissemination of product information on a large scale at low costs.
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Yunji
App
Our
flagship Yunji app is used by our members and non-member users to discover, explore and purchase a wide range of high-quality products
at attractive prices and to access other membership features and benefits. We provide services to members and non-member users under
the same app so as to open up our platform and provide better user experience.
●
One
                                            can become a member of our platform by accepting invitation from existing members in the
                                            form of an invitation link or QR code whereby the invitee can register an account on the
                                            Yunji app or mini program. We have modified the rules that administrated our membership system
                                            in the past few years. See "—Our Member Community—Members" for more
                                            details of the previous changes in our membership system.
●
The
                                            member can choose to view our product offerings on our user-friendly app interface by accessing
                                            our various sales formats, such as flash sale (特卖), channels (频道)
                                            and Yunji Dynamic Showcase. See "—Our Product Offerings—Sales Formats."
●
The
                                            member can click on the desired product to view detailed product description and a short
                                            video that showcases the product and consider whether to make the purchase. In addition to
                                            the attractive price, the app also offers features to encourage the member to recommend his/her
                                            family, friends or other social contacts to purchase our products. In the product listings,
                                            the member can see the amount of incentives he/she will earn if someone purchases products
                                            via the links he/she shares through his/her social network. Our app provides the member with
                                            ready-to-use promotional materials containing product description, short videos and reviews,
                                            which can be easily posted on social network platforms such as WeChat, QQ and Weibo with
                                            the seamless integration of our platform with such social network platforms. The member may
                                            also create promotional materials on his/her own and share them with other members.
●
We
                                            also provide our members with community features to see what other members are buying and
                                            the sharing of their shopping experience, including product reviews, photos and short videos.
                                            In 2019 we introduced the live streaming function where members can host live video broadcasts
                                            to express their opinions on, share their experience with and promote to other members products
                                            on our platform. During the live streaming session, as the host member is sharing his/her
                                            experience and interacting with other users viewing the session, direct links to the products
                                            being discussed are displayed on the screen to facilitate convenient purchasing of the products.
                                            Similar to product referrals made by members via their social networks, the live streaming
                                            hosts receive referral incentives for products sold via their live broadcasts. In 2022, we
                                            strategically upgraded live streaming by emphasizing the development of short videos and
                                            content marketing in order to improve viewer conversion efficiency. By creating shorter,
                                            more digestible videos, we effectively retain those viewers who may not have enough time
                                            or patience to watch longer content.
●
We
                                            cater to the needs of our members by featuring popular and in-demand products in dedicated
                                            channels, making it easier for members to find what they are looking for. We also stay up
                                            to date with seasonal trends in our product offerings.
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Our
Member Community
Our
member community is driven by social connections. Users access our platform mostly through invitation and recommendation by our existing
members via their social networks both online and offline. As a result, new users come to us with established trust in their own family,
friends and neighbors, as well as shared interests and similar purchasing preferences with our existing members. Therefore, they are
more likely to find our platform credible and refer our platform and products through their social networks to other friends, neighbors
and family members. We keep close contacts with our member community to learn their changing consumption needs and preferences, which
serve as crucial references to product curation and procurement for our supply chain team. We have also established professional vertical
product category communities in food, beauty and healthcare based on our insights on the members' interests and brought well-trained
service managers to these communities to increase engagement of our members.
Members
One
can become a member of our platform by accepting invitation from existing members in the form of an invitation link or QR code whereby
the invitee can register an account on the Yunji app. Previously, the invitee can then become a member through purchasing a membership
package, which consists of a set of selected products or services and access to the Yunji app containing membership benefits and features.
Membership packages are offered at a fixed price, depending on the different selection of products or services included in the package.
In order to stimulate our users' interest in transacting on our platform and attract more members, starting in January 2020, we
refined our membership enrollment system by allowing any user to become a member and enjoy membership benefits free of charge for one
year by simply registering for an account on the Yunji app. If the user meets a certain cumulative spending threshold or certain other
requirements during the initial one-year period, the user may extend his or her membership for an extra year. We have ceased allowing
users to become members free of charge since April 1, 2021 and required new users and renewing members to pay an annual membership fee
to become or continue as a member and enjoy membership benefits until September 2022. Starting from October 2022, one can become a member
of our platform by accepting an invitation from existing members. We may further refine and develop our membership enrollment and benefits
system to expand our membership base and incentivize existing members to maximize their benefits by sharing product links through their
social networks. Our members enjoy more benefits than non-member users when purchasing products on our platform, and receive incentives
for promoting and initiating transactions of our products through their social networks, as well as for inviting new members to our platform.
We
provide members with benefits both in the form of Yun-coins and cash incentives. Through these benefits, we attract members to our platform
and encourage and motivate our members to share product reviews and promotional materials of our products via their social networks.
Members receive referral incentives for products sold via the links they share through their social networks. For each transaction completed
from the promotion by a member, such member earns a certain percentage of the listed price, with the percentage being determined based
on the market price and margin of the product. Additionally, we may provide extra incentive to a member depending on the number of completed
promotions or purchases made as a result of the member's referral. The referral incentive is allocated to the member's account
immediately following payment for the transaction, and may be used by the member after seven days following the receipt of product by
the buyer. We also provide members with a variety of tools and support to enable them to promote our products via their social networks,
including ready-to-use product promotional materials, online and offline training to facilitate product sales, and centralized order
fulfillment, product delivery and real-time customer service.
Our
members generally come from middle-class households and make purchase decisions for their respective households. The majority of our
members are female. Our members typically spend much time on social networks and take an interest in discussing trends and sharing shopping
experience and product information among their social contacts both online and offline. We offer social experience as an integral part
of our member experience. Our members not only enjoy shopping as supported by membership benefits and features on our platform, but also
can become more involved in the promotion of our products and platform and the building of our member community. Many of our members
promote our products via their social networks, and some of them become influential opinion leaders within their social networks affecting
the consumption preferences of many others. Our members also form groups and engage in interactive activities both online and offline
based on their existing social network, geographic locations and interests, which allow them to obtain relevant product information more
easily, establish trust relationships among themselves and keep them engaged with our platform. We facilitate member groups to provide
support to members and enable further communication among members. The grouping system helps us enhance member engagement and promote
community value. In particular, we encourage members to form neighborhood-based groups based on geographic proximity which allows for
easier and more frequent organization of offline events to foster social interaction and enhance the trust relationship among our members.
The majority of our offline events were not intended to drive product sales or promotions, but instead to provide our members with opportunities
to learn something new, share their experience and better interact with each other. As a result, our offline events have attained positive
feedback from our members and have played a key part in the continual enhancement of member engagement and loyalty on our platform. In
2023, we had approximately 75.43% repeat purchase rate from our transacting members. We define transacting member in a given period as
a member who successfully promotes our products to generate at least one order or places at least one order on our platform, regardless
of whether any product in such order is ultimately sold or delivered or whether any product in such order is returned. We calculate the
repeat purchase rate for a given period by dividing the number of transacting members who purchased not less than twice by the total
number of transacting members during such period.
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Service
managers
We
outsource some member services to third-party service companies and they hire service managers based on the standards we provide in our
agreements with the third-party service companies. Most of service managers are also our members. Third-party service companies select
service managers based on their capability in facilitating members' product sales and in training members, and assign them to provide
services to a group of members. The member groups operate both online on social network platforms such as WeChat, QQ and Weibo and offline
through trainings and experience-sharing gatherings hosted by our neighborhood-based groups, generating diversified forms of interactive
social experiences as an integral part of our member benefits.
We
promote the use of short videos and live streaming function to better introduce our products to our members and users and promote further
social sharing. Accordingly, we have on-boarded a group of service managers with the appropriate skills to create content-driven short
videos and host live video broadcasts introducing and selling the products on our platform. Other service managers could also share the
short videos and live streaming function to members to promote sales.
Starting
in the second quarter of 2020, we also began to develop professional vertical product category communities based on our insights on the
members' interests and service managers' capabilities. For each vertical product category, we bring in lecturers experienced
in marketing and training in such product category to provide our service managers with highly relevant training session that help to
improve the quality and the authenticity of the product-related content produced by these service managers and thus increase engagement
of our members. Currently, we have established professional vertical product category communities for food, beauty and healthcare categories
and achieved high user engagement in those communities.
As
of December 31, 2023, our members were served by more than 117,000 service managers. Service managers provide training and support to
our members, including teaching members how to use our apps and platform, responding to questions from members on a daily basis, and
organizing both online and offline training courses to share their sales experience. Service managers also facilitate members'
product sales, including monitoring and collecting member feedback on a real-time basis, designing and implementing marketing strategies
for popular products in the member group, and helping to address member queries related to our products.
Non-Member
Users
We rely on
our members' word-of-mouth referral via their social networks, both online and offline, to build trust and attract and retain users. Users actively purchase products on our platform. Since our platform is recommended by family, friends
and neighbors, users may find us more credible and have more confidence in the quality of products offered on our platform. In addition,
users could also purchase our private label products through third-party channels, and they are also considered our non-member users.
Our
Product Offerings
We
offer broad coverage of product categories from mainstream brands, emerging brands and private labels on our platform under the combination
of our merchandise sales business and our marketplace business with an aim of catering to the various daily needs of our users and their
households, including beauty and personal care, healthcare products, household goods, apparel, shoes and bags, beverage, food and fresh
produce, computer, electronics and home appliances, childcare products, baby and maternity products. Our top product categories that
each contributed to more than 10% of our GMV are (i) beauty and personal care, food and fresh produce, apparel, bags and cases in 2021,
(ii) beauty and personal care, food and fresh produce, apparel, bags and cases in 2022, and (iii) beauty and personal care, food and
fresh produce, apparel and shoes and bags, household goods in 2023, while each of the other product categories contributed less than
10% of our GMV in each of 2021, 2022 and 2023. Within each product category, we offer carefully curated items meeting the preferences
of our users with attractive pricing. In December 2021, December 2022 and December 2023, we offered an average of 10,919, 7,631 and 5,785
SPUs for sale on our platform on a daily basis, respectively. In December 2021, December 2022 and December 2023, products offered under
our marketplace business accounted on average for 87%, 83% and 83% of SPUs for sale on our platform on a daily basis, respectively.
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Product
and Supplier Selection
For
our merchandise sales business, our product procurement team, consisting of 144 employees as of December 31, 2023, possess extensive
knowledge and understanding of existing and potential users' needs and preferences, and our big data capabilities enable us to
better analyze market trends and understand customer behavior. We reflect such knowledge and understanding in product selection and when
working with our suppliers and when developing our private labels. This customer-to-manufacturer (C2M) model allows us to source products
in response to evolving customer needs and preferences, and enable us to help our suppliers, especially our manufacturing partners, provide
products better designed for end customers and manage regional inventory storage. From time to time, we are directly involved in the
product design process of our manufacturing partners. We review and continually monitor the performance of each SPU based on a few key
dimension, in particular revenue contribution and margin, and suspend and replace SPUs with poor performance each month.
We
believe it is crucial for us to carefully select the suppliers with high-quality product offerings, and empower them with our understanding
of market trends and insights on customer behavior to better design products meeting customer preferences. We have adopted a set of selection
guidelines for identifying potential suppliers. Our key supplier selection criteria include manufacturing capability, reputation, sales
records among consumers similar to those in our user community, and product offerings. Once a potential supplier is identified, we conduct
due diligence reviews on its qualifications. We generally choose to work with reputable brand owners with good track records and high-quality
product offerings. For manufacturing partners producing private labels, we conduct on-site visits and examine candidates based on our
selection criteria, including the relevant qualifications and governmental permits. We also conduct detailed factory auditing on the
supplier's manufacturing capability and production process to control product quality.
We
follow similar selection guidelines for identifying potential third-party merchants. We conduct careful diligence and select third-party
merchants in our marketplace business in terms of scale, reputation and brand recognition, sales records among consumers similar to those
in our user community, logistics and customer service capabilities, and product offerings to ensure that the merchants are able to offer
high quality products at competitive prices, possess in-depth knowledge of the current trends in their particular product categories
and have the operation flexibility and logistics and customer service efficiency to meet our members' demands. Furthermore, in
each product category in the marketplace model, we will only select a limited number of brands in each category and we will replace the
underperformers on a quarterly basis with newly curated brands in our marketplace model. In this way, we are committed to selecting and
working with only the best third-party merchants, fostering a healthy competitive environment where the merchants can establish deep
collaborations with us in our marketplace business to offer our members a broad range of carefully curated high-quality products at attractive
prices.
Sales
Formats
We
offer products in various sales formats on our platform, such as flash sale, channels and Yunji Dynamic Showcase, through each of which
users could view our product offerings.
Flash
sale
(特卖). We organize flash sale events every day to sell a finite quantity of discounted products for a limited period
of time beginning at 9:00 a.m. (Beijing time) each day. To foster user interest, we periodically analyze historical data, seasonality
and user feedback to determine the types of products we should offer for different hours and days. In addition, we carefully adjust our
product mix to achieve a balanced and complementary product offering across different product categories so as to maximize sales.
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Channels
(频道). We organize all of our product offerings on our Yunji app and mini programs based on product characteristics
such as category, functionality and brand into different channels on our Yunji app and mini programs to facilitate easy browsing by our
users. Specifically, we operate category-based channels such as food, beauty and personal care, apparel and overseas products.
Yunji
Dynamic Showcase
. We create graphics, texts or short promotional videos to showcase our featured products on our main event page,
effectively displaying our promotional offerings. The showcase features a wide range of products selected from our private labels, gourmet
food, and trending mega-hit products from the live streaming channels. Service managers can explore the showcase's products, choose
the ones they are interested in, and conveniently generate product-related content to share with members or on social media.
In
addition to sales on our own platform, our private label products are also sold through external sales channels such as third-party e-commerce
platforms and live streaming platforms, such as Tmall and Douyin.
Pricing
We
strive to offer attractive pricing for all the products offered on our platform and our private label products offered through external
channels. We make continual efforts to maintain and improve an efficient cost structure and create incentives for our suppliers and our
third-party merchants to provide us with competitive prices. For the products with recognized brand names, we set our prices to be competitive
with those on other major e-commerce platforms in China. We typically negotiate with our suppliers and our third-party merchants for
discounted prices based on our large sales volume and other value propositions. For the products we offer with private labels, we set
our prices to be not only appealing to the users but also satisfactory to us in terms of margin contribution. For these products, we
typically have more discretion in setting the retail price and more leverage in negotiating with our manufacturing partners.
We
also offer a selection of discounted products on special occasions, such as the anniversary of the founding of our company on May 16
and China's new online shopping festival on November 11, and on important holidays. We also hold daily promotions through flash
sale events for selected products for a limited period of time. Special promotions attract bargain hunters and give our users an additional
incentive to visit our platform regularly.
Quality
Control
We
have a dedicated team and stringent quality assurance and control procedures to ensure product quality and prevent counterfeit products.
We carefully scrutinize the products before listing them on our platform and selling through other platforms, in the case of our private
labels. We diligently examine the product sourcing channel and qualification of our suppliers and our third-party merchants, carefully
inspect products delivered to the warehouses, and reject or return products that do not meet our quality standards or the purchase order
specifications. We also reject any products with broken or otherwise compromised packaging. In addition, we inspect all products before
shipment to our users and conduct random periodic quality checks on our inventory. For products sold by third-party merchants whose order
fulfillment is handled by the third-party merchants themselves and are not processed by our logistics centers, we carefully scrutinize
the product sourcing channels of the third-party merchants and impose penalties, typically in amounts equal to several times the value
of the relevant products, for any quality non-compliance that we discover through customer feedback.
Our
Suppliers and Third-Party Merchants
Seeking
to offer a balanced mix of products of mainstream brands, emerging brands and private labels on our platform, we provide values to a
variety of suppliers and third-party merchants. We help owners of mainstream brands expand their business in China or certain specific
regions in China cost effectively. We often cooperate with third-party mainstream brands to help launch and market their new products
on our platform, providing feedback on the new products based on various user analytics and effectively introducing the new products
to our members and users through our active social communities. We also support owners of emerging brands in reaching a wider customer
base and gaining better recognition and reputation. We are particularly focused on establishing partnerships with top emerging brands
that produce quality products in different industries in order to generate more high quality
Yunji
exclusive products that appeal
to our customers and accelerate our supply chain differentiation. When forming such partnerships, we are focused on selecting emerging
brands that sell different categories of fast-moving consumer goods with high turnover, repurchase rates and gross profit margins and
that have annual sales in excess of RMB100 million, such as those in the healthcare and cosmetics industries. For example, in 2020, we
partnered with a top healthcare emerging brand to develop an exclusive weight loss dietary supplement which achieved over 600 million
in sales through the effective promotion by our service managers on our platform. When collaborating with the emerging brands to develop
new products, we also employ user feedback to improve product features and strive to roll out new versions of products regularly to keep
up with users' evolving tastes.
83
In
addition, we engage in minority-interest equity investments in high-quality manufacturers and innovative brands, combining their unique
manufacturing capabilities and supply channels with our deep understanding of end customers through our various user analytics to develop
innovative products through private labels specifically designed to meet the demands of our members and users, such as
Yunji
exclusive
products. In addition to financial support, we also help to channel traffic to the products produced by such joint venture brands to
help our members and users gain easy access to these quality products while also promoting the growth of such brands. In this way, we
empower our manufacturer and brand partners with products improvement advices based on our understanding of market trends and insights
on customer behavior and precise marketing and customer education through our active communities. Our suppliers and third-party merchants
included merchants of mainstream brands and emerging brands and manufacturing partners we cooperate with. Our private labels include
Suye, Qing Zi Yang, Yuan Sheng Huang, Unibeauty, P&S, Li Ba Tian, and Bai Yue Shan, among others. In particular, in 2021, we launched
several private label food brands to sell high-quality food products and strengthen our food category offerings. Some of the products under our private labels are also offered and sold on other third-party e-commerce platforms and live
streaming platforms such as Tmall and Douyin.
Starting
in 2019, we have been particularly focused on developing our crafted sale cooperation with suppliers, in which we collaborate with leading
global manufacturers to incubate products and brands distinguishable with the following characteristics: high quality, attractive design,
compelling value and high throughput. Through the crafted sales cooperation with suppliers, we are able to cultivate brands with individual
"super products" capable of generating millions or even billions of RMB in sales, increase incomes for our service managers,
provide more value to our members, and improve the profitability of our platform. For example, through our crafted sales cooperation
with suppliers, we have empowered multiple brands in the fruit category in 2019 to achieve million-dollar sales volume on a per-day and
per-SKU basis.
We
generally enter into framework supply agreements with suppliers and third-party merchants annually based on our standard form. We constantly
communicate with our suppliers to keep them informed of any changes to the inventory levels of their products in order for them to timely
respond to our sales demands. With the exception of third-party merchants outside of China for whom we handle the logistics and delivery
process within China, substantially all of the third-party merchants under the marketplace business take responsibility for the procurement,
storage and management of their own inventory. Before hosting a major sales event, we provide advance notice to our suppliers and third-party
merchants so that they can prepare ample stock to meet a potential surge in demand and increased purchases. Our standard form agreement
requires suppliers and third-party merchants to represent that their goods are authentic and from lawful sources and do not infringe
upon the intellectual property rights or other lawful rights of third parties and to pay us liquidated damages for any breach.
Fulfillment
and Customer Service
We
deliver a compelling customer experience by fulfilling orders quickly and accurately. We provide centralized and comprehensive fulfillment
and customer service to users regardless of whether they purchase products on our apps directly or through the introduction of our members.
Our fulfillment infrastructure for the prompt receipt, storage and shipment of products is primarily comprised of a nationwide warehouse
and delivery network, which we operate mainly through collaboration with contracted third-party logistics service providers.
Products
offered through our marketplace business are directly sold and fulfilled by third-party merchants, who take responsibility for the entire
fulfillment and customer service process. We closely monitor the speed and service quality of the third-party merchants through customer
surveys and feedbacks from our members to ensure member satisfaction.
Our
products are strategically stored at warehouses we use and the suppliers' warehouses. The volume of products to be stored at the
warehouses and the choice of warehouse to be placed are determined based on customer demand. When a user places an order and makes payment,
our warehouse management system automatically processes the order and assigns it to the warehouse or warehouses with the appropriate
inventory. The third-party logistics service provider that we have hired in the region picks up the order at the warehouse to make the
delivery. Once the order has shipped, our warehouse management system automatically updates the inventory level for each product in the
order, ensuring that additional inventory will be ordered as needed. For some of our products that are not stored at the warehouses,
such as fresh produce or home appliances, the third-party logistics service providers will pick up the order from the facilities of the
respective suppliers to make the delivery. To further enhance inventory accountability and security, we track our inventory at all stages
of the receiving and order fulfillment process. Our users can track the shipping status of their orders through our platform at each
step of the process.
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Payment
We
provide our users with a number of payment options, including credit or debit cards or e-wallets. We cooperate with major third-party
online payment platforms such as Alipay, WeChat Pay, JD Pay and UnionPay to provide these options.
Warehouses
We
strategically select the locations for warehouse facilities and choose the type of warehouse facilities at these locations based on the
density of orders we expect to be fulfilled. As of December 31, 2023, warehouse facilities in our fulfillment network included two central
warehouse, six regional warehouses, with an aggregate gross floor area of approximately 35,000 square meters in eight cities. We have been integrating and consolidating our warehouse
facilities to enhance the efficiency in fulfilling orders placed from all areas in China under our merchandise sales business.
We
cooperate with third-party vendors to operate our warehouse facilities. As of December 31, 2023, all of the eight warehouses we use were
operated by third-party vendors. We establish our operating standards under our operating agreements with third-party vendors and typically
renew these agreements on an annual basis.
At
each warehouse location, inventory is bar-coded and tracked through our warehouse management system, allowing real-time monitoring of
inventory levels across our fulfillment network and item tracking at each warehouse location. We repackage all products to our standardized
boxes for optimized storage at the warehouses. Our warehouse management system is specifically designed to support the frequent curated
sales events on our platform and the large volume of inventory turnover.
Delivery
We
deliver products to users across China through collaboration with third-party logistics service providers. The warehouses have a dispatch
system to more effectively manage the pick-up and delivery services by third-party logistics service providers. We closely monitor the
speed and service quality of the third-party logistics service providers through our internal tracking system as well as customer surveys
and feedbacks to ensure customer satisfaction.
To
ensure timely delivery of our products, third-party logistics service providers are bound by the terms of cooperation agreements with
us to deliver the products within the stipulated timeframe that we had promised to our users at the time of purchase. We leverage our
large-scale operations and reputation to obtain favorable contractual terms from third-party logistics service providers. To reduce the
risk of reliance on any single logistics service provider and to ensure timely delivery at all times, we maintain close working relationships
with several leading third-party logistics service providers in China and typically contract with two or more local delivery companies
in each major city or region. We typically negotiate and enter into agreements on an annual basis.
Customer
Service
Providing
superior customer service is our high priority. Our commitment to users is reflected in the high service levels provided by our customer
service staff as well as in our product return policy.
Customer
service team.
We have a customer service team in our Hangzhou headquarters to provide real-time assistance to our users. Users can
communicate with online representatives through our mobile apps. We train our customer service representatives to answer user inquiries
and proactively educate potential users about our products and promptly resolve customer complaints.
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Product
returns.
We generally allow users to return unused goods within seven days, counting from the date when the user receives the product.
Once a user submits a return application request on our mobile app, our customer service representative will review and process the request
or contact the user through our mobile app or by phone if there are any questions relating to the request. Upon receipt of the returned
product, we credit the user's payment account with the purchase price. The same policies apply to products sold through our marketplace
business. We believe our product return policy helps build user trust and increase user loyalty.
Technology
Our operations are supported by our technological capabilities. Our technology team, coupled with our proprietary
technology and infrastructure and the large volume of data generated and collected on our platform, have created opportunities for continuous
improvements in our technology capabilities. The key components of our technology include big data analytics and artificial intelligence
(AI), which are also the focus of our research and development efforts.
Big
Data and Artificial Intelligence
We
are able to obtain feedback timely from users on our platform, and gain access to a large volume of transaction and user behavioral data.
We develop and leverage big data analytics to enhance the accuracy of user behavior predictions and user profiling, optimize targeted
marketing and platform operations, and deliver best-in-class user experience. We utilize AI and machine learning technologies to conduct
modeling exercises and data mining in order to gain actionable and effective insights from the data. For example, we not only look into
the basic order information but also user behavioral data, and then build predictive and statistical models based on the data we have
accumulated. Our big data capabilities enable us to better analyze market trends and understand customer behavior, and we reflect such
understanding in SPU selection and when working with our suppliers and third-party merchants. This customer-to-manufacturer (C2M) model
allows us to source products in response to evolving customer needs and preferences, and enable us to help our suppliers and third-party
merchants, especially our manufacturing partners, provide products better designed for end customers and manage regional inventory storage.
With
access to a massive amount of data, we believe we are in a strong position to capitalize on the use of AI and machine learning technologies
in the new e-commerce arena. To date, we have applied various AI and machine learning technologies on our platform in multiple areas,
such as personalization of product recommendation, intelligent inventory management, automated risk assessment, automated fulfillment
process, and automated question answering. We will continue to explore the application of the big data and AI technologies on our platform
and use them in more areas such as intelligent customer services to enhance user experience.
Technology
Infrastructure
We
build our technology infrastructure to support our business in a cost-effective manner. We have built a reliable and smart network infrastructure
to ensure high availability and a low risk of downtime. We currently utilize third-party clouds in China to host our network infrastructure,
renting public servers and bandwidth.
We
focus on maintaining and enhancing the reliability, stability and scalability of our service-oriented technology infrastructure. Our
technology infrastructure enables us to accurately process and fulfill increasingly large numbers of orders at peak periods while maintaining
processing speed and quality consistency, as well as powering full supply chain visibility and control. For example, we have adopted
a micro-service architecture that is built on top of our technology infrastructure to support horizontal scaling at all times. We have
also designed a complex transaction processing system and supply chain management system to support our
business.
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Our
Technology Team
We
invest significant resources in research and development to improve our technology and develop solutions supporting our platform operations.
We incurred RMB124.9 million, RMB81.4 million and RMB53.5 million (US$7.5 million) of technology and content expenses in 2021, 2022 and
2023, respectively.
Our
technology team primarily consists of four groups. We have a team of engineers who focus on the development and implementation of new
functions or features of our transaction and supply chain management systems. We have a team of research and development personnel who
focus on technology development and providing user support services. A team of data scientists who leverage big data analytics to support
our business decision making. We also have a team of IT personnel who provide internal system maintenance and system operations and development.
As of December 31, 2023, our technology team had a total of 98 personnel.
Data
Privacy and Security
We
are committed to protecting our users' personal information and privacy. We have established and implemented a strict platform-wide
policy on data collection, processing and usage. We collect personal information and other data that is related to the services we provide
and use the collected data for our platform operations, all with users' consent.
To
ensure the confidentiality and integrity of our data, we maintain a comprehensive and rigorous data security program. We anonymize and
encrypt confidential personal information and take other technological measures to ensure the secure processing, transmission and usage
of data. We have also established stringent internal protocols under which we grant classified access to confidential personal data only
to limited employees with strictly defined and layered access authority.
We
back-up our user and other forms of data on a daily basis in separate and various secured data back-up systems to minimize the risk of
data loss. We also conduct frequent reviews of our back-up systems to ensure that they function properly and are well maintained. Our
back-end security system is capable of handling malicious attacks each day to safeguard the security of our platform and to protect the
privacy of our users.
See
"Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—Our failure to comply with
anti-corruption laws and regulations, or effectively control the corruptive activities of our employees, could severely damage our reputation,
and materially and adversely affect our business, financial condition, results of operations and prospects" and "Item 3.
Key Information—D. Risk Factors—Risks Related to Our Business and Industry—Failure to protect confidential information
of our users and network against security breaches could damage our reputation and brand and substantially harm our business and results
of operations."
Intellectual
Property
We
regard our trademarks, copyrights, patents, domain names, know-how, proprietary technologies, and similar intellectual property as critical
to our success, and we rely on trademark, copyright and patent law and confidentiality, invention assignment and non-compete agreements
with our employees and others to protect our proprietary rights. As of December 31, 2023, we owned 108 computer software copyrights in
China relating to various aspects of our operations and maintained 1,211 trademark registrations inside China and 23 trademark registrations
outside China. As of December 31, 2023, we had 62 trademark applications inside China. As of December 31, 2023, we had 6 patent applications
pending in China. As of December 31, 2023, we had registered 42 domain names, including
www.yunjiglobal.com
, among others.
Marketing
We
rely on word-of-mouth referrals via users' social networks
and organization of offline interactive events to attract and retain users and members. Our
ability to do so depends on whether we can continue to provide superior user experience and promote and enhance our community value.
To enhance our brand awareness, we also have engaged in offline marketing and brand promotion activities. For example, we host offline
promotion campaigns for the shopping festival on November 11 each year in major cities in China.
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We
maintain official accounts on various social networking and live streaming platforms in China to continually engage and communicate with
our members and to promote awareness of our brand. We utilize diverse content formats for our online marketing, such as short-form video
and live streaming, which enables us to better present and promote our products sourced from our quality supply chain, especially our
private label products and products developed through our collaboration with emerging brands. We also engage passionate members and service
managers as well as KOLs to host live streaming sessions to promote our products on various live streaming platforms. In particular,
we have established online store and video account on Douyin's e-commerce business and will utilize the live streaming platform
to introduce and promote more quality products sourced from our supply chain to a broader range of consumers. In addition, we also organize
product category-specific educational live streaming sessions through our official accounts to help consumers gain general knowledge
that will help them make well-informed consumption.
Moreover,
to promote our private label brands such as Suye, Qing Zi Yang and Yuan Sheng Huang, we have launched various marketing initiatives,
including appointing celebrity brand ambassadors, featuring them in promotional materials, conducing marketing events through video and
short-video platforms, KOL promotion on livestreams and offline advertising activities.
Competition
The
e-commerce industry in China is intensely competitive. Our competitors include all major e-commerce companies in China, and other internet
companies in China that engage in social e-commerce businesses.
We
anticipate that the e-commerce industry will continually evolve and will continue to experience rapid technological change, evolving
industry standards, shifting customer requirements, and frequent innovation. We must continually innovate to remain competitive.
We
compete primarily on the basis of the following factors: (i) our private labels established based on our understanding of market trends
and insights on customer behavior, (ii) differentiated, reliable and flexible supply chain with customer-to-manufacturer (C2M) capability
and strong manufacturing partner network, (iii) our ability to attract, cultivate and retain a large number of well-trained service managers
who are highly effective in and passionate about fostering our close-knit community and promoting our products, (iv) our ability to attract
and retain a large number of members and other users and establish strong community bonding and maintain member loyalty through social
interaction effectively, (v) our full-serviced platform that enables users to buy products easily, and (vi) advanced technology infrastructure.
We
believe that we are well-positioned to effectively compete on the basis of the factors listed above. However, some of our current or
future competitors may have longer operating histories, greater brand recognition, better supplier relationships, larger user base or
greater financial, technical or marketing resources than we do, and they may also adopt membership-based or social network-driven e-commerce
models or other similar models on their platforms.
Seasonality
We
experience seasonality in our business, reflecting a combination of seasonal fluctuations in internet usage and traditional retail seasonality
patterns. For example, we generally experience less user traffic and purchase orders during the Chinese New Year holiday season in the
first quarter of each year. Furthermore, sales are significantly higher in the fourth quarter of each calendar year than in the preceding
three quarters. E-commerce companies in China hold special promotional campaigns on November 11 each year that boost sales in the fourth
quarter relative to other quarters, and we hold a special promotional campaign in the second quarter of each year, on May 16, to celebrate
the anniversary of the founding of our platform.  Overall, the historical seasonality of our business has been relatively mild but
may increase in the future. Due to our limited operating history, the seasonal trends that we have experienced in the past may not apply
to, or be indicative of, our future operating results.
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Insurance
We
maintain various insurance policies to safeguard against risks and unexpected events. In addition to providing social security insurance
for our employees as required by PRC law, we also provide supplemental commercial medical insurance, which covers life insurance, for
our employees upon request. We do not maintain business interruption insurance, nor do we maintain product liability insurance or standalone
key-man life insurance.
Regulations
This
section sets forth a summary of the most significant rules and regulations that affect our business and operations in China.
Regulations
Relating to Foreign Investment
Guidance
Catalog of Industries for Foreign Investment
Investments
in the PRC by foreign investors and foreign-invested enterprises were regulated by (i) the 2021 Negative List, which was jointly promulgated
by
the Ministry of Commerce
and the National Development and Reform Commission on December
27, 2021 and took effect on January 1, 2022, and (ii) the Catalog of Industries for Encouraged Foreign Investment (2022 Version), or
the 2022 Encouraged Catalog, which was jointly promulgated by
the Ministry of Commerce
and
the National Development and Reform Commission on October 26, 2022 and took effect on January 1, 2023. Industries that are not listed
in either the 2021 Negative List or the 2022 Encouraged Catalog are permitted areas for foreign investments, and are generally open to
foreign investment unless specifically restricted by other PRC regulations. According to the 2021 Negative List, foreign equity ownership
in any given value-added telecommunications services provider shall not exceed 50% (excluding e-commerce, domestic multi-party telecommunication,
storage and forwarding business, and call center). As a result, foreign investors can only conduct investment activities through equity
or contractual joint ventures with certain shareholding requirements and approvals from competent authorities. PRC partners are required
to hold the majority interests in the joint ventures and the joint ventures are required to obtain approval from
the
Ministry of Commerce
and the Ministry of Industry and Information Technology for their incorporation and business operations.
In
order to coincide with the implementation of the Foreign Investment Law and the Implementing Regulations of the Foreign Investment Law,
the Ministry of Commerce
and the State Administration for Market Regulation promulgated
the Measures for Reporting of Information on Foreign Investment on December 30, 2019, effective from January 1, 2020, which provides
that foreign investors or foreign-invested enterprises shall submit investment information by submitting initial reports, change reports,
deregistration reports, and annual reports through an enterprise registration system and a national enterprise credit information publicity
system. Announcement of the Ministry of Commerce [2019] No.62—Announcement on Matters Concerning the Reporting of Information on
Foreign Investment promulgated by
the Ministry of Commerce
on December 31, 2019 and Circular
of the State Administration for Market Regulation on Effective Work on Registration of Foreign-invested Enterprises for the Implementation
of the Foreign Investment Law promulgated by SMAR on December 28, 2019 further refine the related rules.
Pursuant
to the Provisions on Administration of Foreign-Invested Telecommunications Enterprises, promulgated by the State Council in December
2001 and most recently amended in March 2022 and effective on May 1, 2022, the ultimate foreign equity ownership in a value-added telecommunications
services provider may not exceed 50%, except as otherwise stipulated by the state. The foreign investors must apply for VATs license
to operate value-added telecommunications services from the Ministry of Industry and Information Technology. The Ministry of Information
Industry of the PRC (which is the predecessor of the Ministry of Industry and Information Technology) issued the Notice of the Ministry
of Information Industry on Strengthening the Administration of Foreign Investment in Value-added Telecommunications Business in July
2006. The notice reiterated the regulations on foreign investment in telecommunications businesses, which require foreign investors to
set up foreign invested enterprises and obtain telecommunications business operating licenses to conduct any value-added telecommunications
business in China. Under the notice, a domestic company that holds operating license for telecommunications business is prohibited from
leasing, transferring or selling the license to foreign investors in any form, and is prohibited from providing any assistance, including
providing resources, sites or facilities, to foreign investors that conduct value-added telecommunications business illegally in China.
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Pursuant
to publicly available information, the PRC government has issued telecommunications business operating licenses to only a limited number
of foreign-invested enterprises, most of which are Sino-foreign joint ventures engaging in the value-added telecommunication business.
In June 2015, the Ministry of Industry and Information Technology issued the Circular on Removing the Restrictions on Equity Ratio Held
by Foreign Investors in Online Data Processing and Transaction Processing (Operating E-Commerce) Business to amend the relevant provisions
in the Provisions on Administration of Foreign-Invested Telecommunications Enterprises, allowing foreign investors to own more than 50%
of equity interest in an operator that "conducts e-commerce" business. However, other requirements provided by the Foreign
Investment Telecommunications Rules (such as the track record and experience requirement for a major foreign investor) still apply, and
foreign investors are still prohibited from holding more than 50% of equity interest in a provider of other subcategories of value-added
telecommunications services.
To
comply with PRC laws and regulations, we rely on contractual arrangements with the VIEs to operate our e-commerce business in China.
See "Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—We rely on contractual
arrangements with the VIEs and their respective shareholders for a large portion of our business operations,
which
is not as effective as direct ownership
."
Foreign
Investment Law
On
March 15, 2019, the National People's Congress approved the Foreign Investment Law, which took effect on January 1, 2020. On December
26, 2019, the State Council promulgated the Implementation Rules of Foreign Investment Law and the Supreme People's Court issued
the Interpretations on Certain Issues Regarding the Application of Foreign Investment Law, both of which took effect on January 1, 2020.
The Foreign Investment Law embodies an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line
with prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign and domestic
invested enterprises in China. The Foreign Investment Law establishes the basic framework for the access to, and the promotion, protection
and administration of foreign investments in view of investment protection and fair competition.
According
to the Foreign Investment Law, "foreign investment" refers to investment activities directly or indirectly conducted by one
or more natural persons, business entities, or otherwise organizations of a foreign country (collectively referred to as "foreign
investor") within China, and the investment activities include the following situations: (i) a foreign investor, individually or
collectively with other investors, establishes a foreign-invested enterprise within China; (ii) a foreign investor acquires stock shares,
equity shares, shares in asset, or other like rights and interests of an enterprise within China; (iii) a foreign investor, individually
or collectively with other investors, invests in a new project within China; and (iv) investments in other means as provided by laws,
administrative regulations, or the State Council.
According
to the Foreign Investment Law, the State Council will publish or approve to publish a catalogue for special administrative measures,
or the "negative list." The Foreign Investment Law grants national treatment to foreign invested entities, except for those
foreign invested entities that operate in industries deemed to be either "restricted" or "prohibited" in the
"negative list." Because the "negative list" has yet to be published, it is unclear whether it will differ from
the current Special Administrative Measures for Market Access of Foreign Investment (Negative List). The Foreign Investment Law provides
that foreign invested entities operating in foreign restricted or prohibited industries will require market entry clearance and other
approvals from the PRC governmental authorities.
Furthermore,
the Foreign Investment Law provides that foreign invested enterprises established before the implementation of the Foreign Investment
Law may maintain their structure and corporate governance within five years after the implementing of the Foreign Investment Law.
In
addition, the Foreign Investment Law also provides several protective rules and principles for foreign investors and their investments
in the PRC, including, among others, that local governments shall abide by their commitments to the foreign investors; foreign-invested
enterprises are allowed to issue stocks and corporate bonds; except for special circumstances, in which case statutory procedures shall
be followed and fair and reasonable compensation shall be made in a timely manner, expropriation or requisition of the investment of
foreign investors is prohibited; mandatory technology transfer is prohibited; and the capital contributions, profits, capital gains,
proceeds out of asset disposal, licensing fees of intellectual property rights, indemnity or compensation legally obtained, or proceeds
received upon settlement by foreign investors within China, may be freely remitted inward and outward in RMB or a foreign currency. Also,
foreign investors or the foreign investment enterprise should be imposed legal liabilities for failing to report investment information
in accordance with the requirements.
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Company
Law
On
December 29, 2023, the Standing Committee of the National People's Congress promulgated the amended Company Law of the PRC,
which will come into effect on July 1, 2024, to supersede the existing PRC Company Law which was amended in October 2018. Foreign-invested companies must comply with the amended PRC Company Law, unless otherwise
stipulated. Among others, the amended PRC Company Law introduces a rule requiring the registered capital of limited liability companies
to be fully paid within five years as of the date of establishment, which applies to all PRC limited liability companies. Companies
incorporated before the promulgation and implementation of the Revised Company Law are required to gradually adjust to meet the
deadline. In consequence, we may be required to accelerate payment of capital contributions towards the registered capital of our
PRC subsidiaries and joint ventures. Specific implementation measures of the amended PRC Company Law shall be prescribed by the State
Council, of which, as of the date of this annual report, final versions are yet to be released.
Licenses,
Permits and Filings
The
PRC government extensively regulates the telecommunications industry, including the internet sector. The State Council, the Ministry
of Industry and Information Technology,
the Ministry of Commerce
, the State Administration
for Market Regulation, the former State Administration of Press, Publication, Radio, Film and Television (which has been replaced by
the
National Radio and Television Administration
), and other relevant government authorities
have promulgated an extensive regulatory scheme governing telecommunications, on-line sales and e-commerce. New laws and regulations
may be adopted from time to time that will require us to obtain additional licenses and permits in addition to those that we currently
have, and will require us to address new issues that arise from time to time. In addition, substantial uncertainties exist regarding
the interpretation and implementation of current and any future PRC laws and regulations applicable to the telecommunications, on-line
sales and e-commerce.
We
are required to hold certain licenses and permits and to make certain filings with the PRC governmental authorities in connection with
various aspects of our business, including the following:
Value-Added
Telecommunication Business Operating Licenses
The
PRC Telecommunications Regulations, which were issued by the State Council in 2000 and were most recently amended in February 2016, are
the primary governing law on telecommunication services. The regulations set out the general framework for the provision of telecommunication
services by PRC entities. Under the regulations, telecommunications service providers are required to procure operating licenses prior
to their commencement of operations. The regulations draw a distinction between "basic telecommunications services" and "value-added
telecommunications services." A "Catalog of Telecommunications Business" was issued as an attachment to the regulations
to categorize telecommunications services as basic or value-added. The Ministry of Industry and Information Technology released the Catalog
of Telecommunication Business (2015 Revision), on December 28, 2015 and implemented on March 1, 2016, and most recently amended on June
6, 2019. Under which, both the online data processing and transaction processing business (i.e. operating e-commerce business) and information
service business, continue to be categorized as value-added telecommunication services.
In
March 2009, The Ministry of Industry and Information Technology issued the Administrative Measures for Telecommunications Business Operating
Permit, which was most recently amended on July 3, 2017 and became effective on September 1, 2017. Pursuant to these measures, the operation
scope of the value-added telecommunication business operating license, or VATS license, shall detail the permitted activities of the
enterprise to which it is granted. An approved telecommunication services operator shall conduct its business in accordance with the
specifications recorded on its VATS License. The VATS Licenses can be further categorized based on the specific business operations permitted
to be carried out under such licenses, including among others, the VATS License for internet information services, or the ICP License,
and the VATS License for electronic data interchange business, or the EDI License. In addition, a VATS License holder is required to
obtain approval from the original permit-issuing authority prior to any change to its shareholders, business scope or other information
recorded on such license. In February 2015, the State Council has issued the Decisions on Cancelling and Adjusting a Batch of Administrative
Approval Items, which, among others, replaced the pre-registration approval requirement for foreign investment in telecommunications
business with post-registration approval requirement.
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In
September 2000, the State Council promulgated the Administrative Measures on Internet Information Services, which was most recently amended
in January 2011. Under these measures, "internet information services" refer to the provision of information through the
internet to online users, and are divided into "commercial internet information services" and "non-commercial internet
information services." Commercial internet information services operators shall obtain an ICP License from the relevant government
authorities within China.
Jishang
Preferred, a wholly-owned subsidiary of Yunji Preferred, one of the VIEs, holds a VATS License for online data processing and transaction
processing business (operating e-commerce, excluding internet finance services such as online lending information intermediaries). Zhejiang
Jixiang E-commerce Co., Ltd., or Zhejiang Jixiang, a wholly-owned subsidiary of Jishang Preferred, holds a VATS License for online data
processing and transaction processing business (operating e-commerce, excluding internet finance services such as online lending information
intermediaries) and information services (internet information services only, excluding information search and query services, information
community services, timely information interaction services and information protection and processing services). Hangzhou Chuanchou,
one of the VIEs, holds a VATS License for information services (internet information services only). Yunji Preferred holds a VATS License
for online data processing and transaction processing business (operating e-commerce, excluding internet finance services such as online
lending information intermediaries).
Filing
by Third-Party Platforms Providers for Publications Online Trading Services and by Sellers of Publications via Online Trading
We
are also subject to regulations relating to online trading platform services provided for distribution of publications including books
and audio-video products. According to the Provisions on the Administration of the Publication Market, which were jointly promulgated
by General Administration of Press and Publication and
the Ministry of Commerce
in May 2016
and implemented in June 2016, an online trading platform that provides services for the distribution of publications shall complete record-filing
formalities with the competent publication administrative authority, and is required to examine the identity of a dealer distributing
publications through the platform, verify its business license and Publications Operation Permit, establish a mechanism to prevent and
control the trading risks and take effective measures to rectify illicit actions conducted by the dealers distributing publications on
the platform. If any entity subject to such requirements fails to complete the filing or fails to fulfill the duties of examination and
management in accordance with the Provisions on the Administration of the Publication Market, it may be subject to an order to cease
illegal acts and a warning by the competent publication administrative authority, as well as a penalty not exceeding RMB30,000.
Pursuant
to the Provisions on the Administration of the Publication Market, an entity engaged in the wholesale or retail of publications shall
obtain an operation permit for publications. If an entity fails to obtain operation permit for publications, it may be subject to an
order to cease illegal acts, fines or confiscation of illegal gains and devices, equipment used for the illegal business operation. In
cases where an entity that is engaged in the distribution of publications via the internet or other information networks within the approved
business scope has obtained the operation permit for publications, such entity shall complete its record-filing formalities with the
publication administrative department that has approved its business scope within 15 days after launching its online distribution business.
Zhejiang Jiyuan Network Technology Co., Ltd. holds an operation permit for publications whose scope includes online and retail sales
of publications. Zhejiang Jixiang holds an operation permit for publications whose scope includes retail of publications and online publishing
and has not completed on-line platform filing for distributing publications on the online platform, since such filing for online distribution
business has not been open for trading platform services provided through mobile applications like Yunji app in practice. Zhejiang Jixiang
will submit its record-filing application with the competent authority for providing services for distribution of publications as soon
as practical.
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Filing
by Third-Party Platforms Providers for Medical Device Online Trading Services and by Sellers of Medical Devices via Online Trading
Pursuant
to the Regulations on the Supervision and Administration of Medical Devices, which was most recently amended on February 9, 2021 and
became effective on June 1, 2021, an enterprise engaging in the operation of medical devices shall have business premises and storage
facilities suitable for the operation scale and scope, and shall have quality control mechanism or personnel suitable for the medical
devices it operates. An enterprise engaged in the distribution of class two medical devices shall complete record-filing formalities
with the drug regulatory department of the municipal government and provide supporting materials to satisfy the conditions of engaging
in the operation of medical devices, while an enterprise engaged in the distribution of class three medical devices shall apply for an
operation permit with the drug regulatory department of the municipal government and provide supporting materials to satisfy the conditions
of engaging in the operation of medical devices. Each of Zhejiang Jixiang and Jishang Preferred has completed the record-filing of third-party
platforms providing online trading service for medical devices. Our PRC subsidiaries, including but not limited to Zhejiang Jiyuan, Zhejiang
Jixiang, Jishang Preferred, and Youji Supply Chain, have completed the record-filing for the operation of class two medical devices.
The
former China Food and Drug Administration, which has been merged into the State Administration for Market Regulation, promulgated the
Measures for the Supervision and Administration of Online Sale of Medical Devices, in December 2017, which became effective in March
2018, and the Administrative Measures for Online Drug Information Service, or the Measures for Online Drug Information Service, in July
2004 and amended in November 2017. Pursuant to these measures and the Measures for Online Drug Information Service, a provider of a third-party
platform for online trading services for medical devices shall complete filing procedures with the competent provincial food and drug
administrative department and obtain an Internet Pharmaceutical Information Services Qualification Certificate. A provider of a third-party
platform for online trading services for medical devices that fails to complete the filing in accordance with these measures may be ordered
by the competent provincial food and drug administrative department to make rectification within a prescribed time limit, and failure
to make such rectification may be subject to public exposure of incompliance and a penalty of not exceeding RMB30,000. In the case of
any engagement in the online drug information service without obtaining a valid Internet Pharmaceutical Information Services Qualification
Certificate, the provider of a third-party platform may be subject to an order to cease illegal acts and a warning by the competent administrative
authority.
Pursuant
to the Measures for the Supervision and Administration of Online Sale of Medical Devices and the Measures for Online Drug Information
Service, a seller of medical devices via online transactions shall complete record-filing procedures with the competent food and drug
administrative department, or such seller may be ordered to make rectification within a prescribed time limit, and failure to make such
rectification may be subject to public exposure of incompliance and a penalty of up to RMB10,000. Jishang Preferred obtained the Internet
Pharmaceutical Information Services Qualification Certificate in March 2019, which has been renewed on March 25, 2024, and completed
the record-filing application for its online trading services for medical devices in April 2019. Zhejiang Jixiang obtained the Internet
Pharmaceutical Information Services Qualification Certificate in August 2019.
Food
Operation Permit
China
has adopted a licensing system for food supply operations under the Food Safety Law and its implementation rules. Entities or
individuals that intend to engage in food production, food distribution or food service businesses must obtain licenses or permits
for such businesses. On June 7, 2023, the State Administration for Market Regulation promulgated the Administrative Measures on Food
Operation Licensing and Filing, which took effect on December 1, 2023. Pursuant to the Administrative Measures on Food Operation
Licensing and Filing, an enterprise needs to obtain a Food Operation Permit from the local State Administration for Market
Regulation except for the sale of prepackaged food only, and the permits already obtained by food business operators prior to the
effective date of these new measures will remain valid for their originally approved validity period. Enterprises that only sell
prepackaged food shall file with the local State Administration for Market Regulation. On October 13, 2023, the State Administration
for Market Regulation issued the Notice on the Issuance of Compliance Guidelines for Special Food Safety in Online Sales, which
further supplemented and detailed the food safety responsibilities that should be borne by third-party platforms for online food
transactions. Our PRC subsidiaries, including but not limited to Zhejiang Jiyuan and Youji Supply Chain, hold the Food Operation
Permit. The VIEs and their subsidiaries, including but not limited to Jishang Preferred, Zhejiang Jixiang, Yunji Preferred and Hangzhou Chuanchou, hold the Food Operation Permit.
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Filing
by Third-Party Platform Providers for Food Online Trading
The
China Food and Drug Administration promulgated the Measures for Investigation and Handling of Illegal Acts Involving Online Food Safety
in July 2016, implemented on October 1, 2016 and most recently amended and implemented on June 1, 2021, pursuant to which a third-party
platform provider for online food trading in the PRC shall file a record with the provincial administration for market regulation to
obtain a filing number. within 30 working days upon approval by the competent communications authorities. Where an online food trading
third-party platform provider fails to complete such filing, the provider may be ordered to make rectifications and given a warning by
the competent administration for market regulation, and failure to make such rectification may be subject to fines ranging from RMB5,000
to RMB30,000. Each of Jishang Preferred and Zhejiang Jixiang has completed its record-filing application as a third-party platform provider
for online food trading in March 2021.
Licenses
Relating to Internet Audio-Visual Program Services
The
former State Administration of Radio Film and Television, which is the predecessor of
the National
Radio and Television Administration
and the former Ministry of Information Industry jointly issued the Administrative Regulations
on Internet Audio-Visual Program Service, or the Internet Audio-Visual Program Regulations, in December 2007 which became effective as
of January 31, 2008 and was subsequently amended in August 2015. The Internet Audio-Visual Program Regulations 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 providing uploading and audio-video programs transmission services to a third party. Entities engaging
in internet audio-visual programs services must obtain the internet audio-visual program transmission license, or the Audio-Visual License
issued by th
e National Radio and Television Administration
, which is only issued to state-owned
or state-controlled entities unless the license applicants have obtained internet audio-visual program transmission licenses prior to
the promulgation of the Audio-visual Program Provisions in accordance with the then-in-effect laws and regulations. According to the
Categories of the Internet Audio-Video Program Services (Trial) promulgated by the State Administration of Radio Film and Television
in March 2017, "aggregation of internet audio-visual programs" means "editing and arranging the internet audio-visual
programs on the same website and providing searching and watching services to public users", which falls into the definition of
the aforementioned "internet audio-visual programs services." As of the date of this annual report, we have not obtained
the Audio-Visual License for our business, and are not qualified to apply for the Audio-Visual License according to currently applicable
law.
According
to the Administrative Regulations on Production of Broadcasting and Television Programs, which was promulgated by the State Administration
of Radio Film and Television on July 19, 2004 and partly amended by the Decision of the State Administration of Press, Publication, Radio,
Film and Television on Revising Certain Regulations and Normative Documents on August 28, 2015 and the Decision of
the
National Radio and Television Administration
on the First Batch of Departmental Rules to be Repealed or Amended on October 29,
2020, an entity engaged in producing broadcasting and television programs shall obtain the Production and Operation of Broadcasting and
Television Programs Permit. If an entity engages in producing broadcasting and television programs without such permit, the governmental
authority may order such entity to cease its operations and confiscate its relevant equipment and impose a fine. We provide and display
video programs on our apps, and therefore, are required obtain the Production and Operation of Broadcasting and Television Programs Permit.
Zhejiang Jixiang obtained the Production and Operation of Broadcasting and Television Programs Permit in April 2021, which was renewed
on April 1, 2023 and will be valid until March 31, 2025.
The
State Administration of Press, Publication, Radio, Film and Television, which is the predecessor of
the
National Radio and Television Administration
, issued the Notice on Strengthening the Management of Live Streaming Service for
the Network Audio-visual Programs in September 2016, pursuant to which an internet live streaming service provider shall (i) equip personnel
to review the content of the live-stream; (ii) establish the technical methods and work mechanisms in order to emergently replace the
unlawful content by using backup program; (iii) record the live streaming program and keep records for at least 60 days to fulfill the
inspections requirements from the competent administrative authorities. The Cyberspace Administration of China promulgated the Administrative
Provisions on Internet Live Streaming Services in November 2016, pursuant to which an internet live streaming service provider shall
(i) establish a live streaming content review platform; (ii) conduct authentication registration of internet live streaming issuers based
on their identity certificates, business licenses and organization code certificates, etc.; and (iii) enter into a service agreement
with internet live streaming services user to specify both parties' rights and obligations.
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According
to the Notice of Filing by Entities Engaged in Live Streaming Services which was issued by the Cyberspace Administration of China on
July 12, 2017, an entity that operates as a transmission platform for live streaming activities shall complete record-filing procedures
with local branch of the Cyberspace Administration of China, and local branch of the Cyberspace Administration of China shall take the
initiative to notify online live-streaming service enterprises within their jurisdiction to conduct record-filing, and urge the relevant
enterprises to submit materials on site within 30 days upon receipt of the notice. As of the date of this annual report, we have not
been informed that we shall make such record-filing by any government authorities. According to the Circular on Strengthening the Administration
of Online Live Services which was issued jointly by National Working Group of Attacking Pornography and Illegal Publications, the Ministry
of Industry and Information Technology, the Ministry of Public Security, the Ministry of Culture and Tourism, the State Administration
of Radio Film and Television and the Cyberspace Administration of China on August 1, 2018, online live streaming service providers shall
fulfill the website ICP filing formalities with competent authority according to applicable laws, and shall fulfill the public security
filing formalities with the local public security organs within 30 days of their live services being launched. Moreover, the Cyberspace
Administration of China, the Ministry of Public Security,
the Ministry of Commerce
, the
Ministry of Culture and Tourism, the SAT, the State Administration for Market Regulation,
the National
Radio and Television Administration
jointly issued Administrative Measures for Online Live Streaming Marketing (Trial) on April
23, 2021, pursuant to which online live streaming marketing platforms are required, among other things, to set up a system to internally
rank streamers by metrics such as views and transaction volumes, and take heightened regulatory measures in relation to key live streaming
operators. In addition, online live streaming marketing platforms are also required to establish and maintain risk management systems
to guard against high-risk marketing activities, including taking measures such as pop-up warnings, limiting traffic, and suspending
live streaming. On October 29, 2019, the State Administration of Radio Film and Television issued the Notice on Strengthening Administration
of Online Audio-visual and E-commerce Live Programs and Advertising Programs During the "Double 11" Period, pointing out
that online audio-visual e-commerce live programs and advertising programs (including information services, product placement, creative
interpolation, live streaming shopping, short-video shopping, etc.) are important components of online audio-visual program services,
and the content of the programs shall comply with both advertising management laws and regulations and regulations on the management
of online audio-visual programs. However, there are substantial uncertainties as to the interpretation and implementation of this notice,
and it is unclear as to whether and to what extent companies engaged in live streaming shopping will be subject to these new requirements.
We have no longer provided the live-stream shopping service on our own platforms, and we strategically upgraded live streaming by emphasizing
the development of short videos and content marketing since 2022.
On
June 8, 2022,
the National Radio and Television Administration
and the Ministry of Culture
and Tourism jointly released the Code of Conduct for Live Streaming Hosts, which came into effect on the same day. According to such
code, online performance platforms, online audio-visual platforms and brokerage agencies must strictly perform their statutory obligations,
establish and improve the entry, training, daily management, performance scoring files and management and other internal systems and
norms on live streaming hosts. The live streaming hosts who violate the applicable regulations and rules should be warned, and the live
streaming hosts with serious problems and repeated indiscipline shall be included in the "blacklist" or "warning list"
and be prohibited from conducting any live streaming activities by use of any account of any platform.
Zhejiang
Jixiang updated ICP filing in August 2022, and obtained the VATS License for online data processing and transaction processing business
(operating e-commerce, excluding internet finance services such as online lending information intermediaries) and information services
(internet information services only, excluding information search and query services, information community services, timely information
interaction services and information protection and processing services) on May 22, 2019. Zhejiang Jixiang has also obtained the Production
and Operation of Broadcasting and Television Programs Permit in April 2021, which was renewed on April 1, 2023 and will be valid until
March 31, 2025.
On
February 17, 2011, the Ministry of Culture, the predecessor of the Ministry of Culture and Tourism, promulgated the Internet Culture
Administration Tentative Measures, which was most recently amended in December 2017. These measures require ICP operators engaging in
"Internet culture activities" to obtain a permit from the Ministry of Culture and Tourism. The term "Internet culture
activities" includes, among other things, online dissemination of Internet cultural products (such as audio-video products, gaming
products, performances of plays or programs, works of art and cartoons) and the production, reproduction, importation, publication and
broadcasting of Internet cultural products, and are divided into operational activities and non-operational activities. An enterprise
engaging in operational cultural activities needs to obtain the Internet Culture Operation License. On February 21, 2023, Zhejiang Jixiang
obtained the Internet Culture Operation License from the Department of Culture and Tourism of Zhejiang Province, which allowed it to
operate music entertainment products through the Internet and will be valid for a period of three years.
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Filing
by APP Organizer
On
July 21, 2023, the Ministry of Industry and Information Technology issued the Notice on the Filing of Mobile Internet Applications, requiring
that APP organizers (including organizers for mini-applets, fast applications and other distribution platforms) engaging in Internet
information services shall fulfill the filing formalities with the local administrations in accordance with the provisions by March 2024,
and those who have not fulfilled the filing formalities are not allowed to engage in APP Internet information services. As of the date
of this annual report, Zhejiang Jixiang has completed such record-filing.
Regulations
on Commercial Factoring
Pursuant
to the Circular on the Pilot Work of Commercial Factoring, which was promulgated by t
he Ministry
of Commerce
on June 27, 2012, a trial implementation of commercial factoring pilot work was permitted in Tianjin Binhai New Area
and Shanghai Pudong New Area to explore the approaches to develop the commercial factoring. Certain specific requirements for establishment
of commercial factoring companies in Tianjin Binhai New Area and Shanghai Pudong New Area were provided under the Reply Letter on Pilot
Plan of Commercial Factoring issued by
the Ministry of Commerce
on October 9, 2012 and amended
on October 28, 2015. In December 2012, the said trial implementation of commercial factoring pilot work was extended to Guangzhou and
Shenzhen under the Notice on Trial Establishment of Commercial Factoring Companies in Shenzhen and Guangzhou by Service Providers from
Hong Kong and Macau, which allowed qualified investors from Hong Kong and Macau to establish commercial factoring companies in the said
cities. The
Ministry of Commerce
issued the Notice on Industrial Administration of Commercial
Factoring on August 15, 2013, which imposes reporting requirements on commercial factoring companies established in the trial zones.
Pursuant to the Reply of the Ministry of Commerce on Launching Pilot Commercial Factoring Business in the Chongqing Liangjiang New Area,
the Sunan Modernization Development Demonstration Zone and the Suzhou Industrial Park, released by
the
Ministry of Commerce
on August 26, 2013 and amended on October 28, 2015, the trial implementation of commercial factoring was
extended to Chongqing Liangjiang New Area, Sunan Modernization Development Demonstration Zone, and the Suzhou Industrial Park.
Regulations
Relating to Financing Lease
On
September 18, 2013,
the Ministry of Commerce
issued the Administration Measures of Supervision
on Financing Lease Enterprises, to regulate and administer the business operations of financing lease enterprises. According to these
measures, financing lease enterprises are allowed to carry out financing lease business in such forms as direct lease, sublease, sale-and-lease-back,
leveraged lease, entrusted lease and joint lease in accordance with the provisions of laws, regulations and rules. However, these measures
prohibit financing lease enterprises from engaging in financial business such as accepting deposits, providing loans or entrusted loans.
Without the approval from the authorities, financing lease enterprises shall not engage in inter-bank borrowing and other businesses.
In addition, financing lease enterprises are prohibited from carrying out illegal fund-raising activities in the name of financing lease.
These measures require financing lease enterprises to establish and improve their financial and internal risk control systems, and a
financing lease enterprise's risk assets shall not exceed ten times of its total net assets. Risk assets generally refer to the
adjusted total assets of a financing lease enterprise excluding cash, bank deposits, sovereign bonds and entrusted leasing assets.
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Regulations
Relating to OEM Production and Labeling of Domestic Cosmetic Products
The
Regulations on the Supervision and Administration of Cosmetics was promulgated by the State Council on June 16, 2020 and become effective
from January 1, 2021. These regulations clarify or amend certain provisions including, without limitation, the followings:
(i)
Responsibilities
                                            of the different parties in the operation of cosmetics. Firstly, these regulations for the
                                            first time introduce the concepts of registrant and record-filing applicant of cosmetics.
                                            The applicant for registration or record-filing of cosmetics shall undertake the main responsibilities
                                            for the quality, safety and effectiveness claims of cosmetics. Specifically, an applicant
                                            for registration or record-filing of cosmetics shall be responsible for the registration
                                            or filing before sale of such cosmetics, the monitoring of adverse reactions, the evaluation
                                            and reporting, product risk control and recall, and safety re-evaluation of the products
                                            and raw materials after sale of such cosmetics to ensure quality and safety of the registered/filed
                                            products. In addition, the claims for the effectiveness of all types of cosmetics shall be
                                            supported by sufficient scientific basis and an extract of the papers, research data or product
                                            evaluation material on which such effectiveness is claimed to be based shall be made public
                                            on websites designated by the regulatory authority. An applicant registering or filing the
                                            record for cosmetics shall be subject to the supervision of the National Medical Products
                                            Administration. Secondly, an applicant for registration or record-filing of cosmetics may
                                            entrust another enterprise (OEMs) with the production of cosmetics. The OEMs shall obtain
                                            the corresponding license for production of cosmetics and shall carry out production in accordance
                                            with the laws, regulations, mandatory national standards, technical specifications and contractual
                                            agreements, and be responsible for production activities and accept the supervision of the
                                            applicant for registration or record-filing of cosmetics. With respect to our business operation,
                                            we will become the applicant for registration or record-filing of cosmetics under the these
                                            regulations and undertake main responsibilities for quality, safety and effectiveness claims
                                            of our cosmetics products.
(ii)
Categories
                                            of cosmetics. Cosmetics are divided into special cosmetics and ordinary cosmetics instead
                                            of special purpose cosmetic products and non-special purpose cosmetic products. Special cosmetics
                                            refer to cosmetics for hair dye, hair perm, freckle removal and whitening, sun protection
                                            and hair loss prevention as well as those purporting to have new functions and effects, and
                                            ordinary cosmetics refer to cosmetics other than special cosmetics. The production and import
                                            of special cosmetics shall be registered with the National Medical Products Administration.
                                            The production and import of ordinary cosmetics is subject to the record-filing administration.
                                            As of the date of this annual report, each of Suye products has completed its registration
                                            of special cosmetics and record-filing of ordinary cosmetics by Shanghai Suye, Youji Supply
                                            Chain and their relevant OEMs (as the case may be).
(iii)
Legal
                                            consequences of violations. These regulations have raised the limit for penalties for noncompliance.
                                            For example, monetary penalties on production of cosmetics without requisite permits, production
                                            of unregistered special cosmetics, use of banned materials and illegal use of materials may
                                            be subject to a fine of 30 times the value of the concerned products. Violations of the provisions
                                            of these regulations will result in different penalties ranging from fines (fixed range or,
                                            in cases of severe violations, based on the values of the illegally manufactured goods),
                                            confiscation of raw materials, products illegally manufactured or sold and illegally obtained
                                            gains, revoking licenses, and suspension of business. Furthermore, pursuant to these regulations,
                                            the responsible individual shall be subject to an industry operation banning period for five
                                            or ten years or even criminal liability.
The
Administrative Provisions on the Labeling of Cosmetics, which was promulgated in August 2007 by the General Administration of Quality
Supervision, Inspection and Quarantine and became effective in September 2008, requires labels of cosmetic products to contain information
such as name and address of the producers, date of production, expiry date, batch number, applicable industrial standards, quality inspection
certificates, and production license number. No claim or implication that a cosmetic product has medical or therapeutic effects is permitted
to be included in the labels of such cosmetic product. The Administrative Measures on the Labeling of Cosmetics, which was promulgated
in May 31, 2021 by the National Medical Products Administration and became effective on May 1, 2022, further requires labels of cosmetic
products to contain basic product information, characteristics and safety warnings. Cosmetic products shall have Chinese labels, which
shall contain information such as the Chinese name of the products, special cosmetic registration certificate number, name and address
of the registrants and the filers, name and address of the producers, standard number of product implementation, full components, net
contents, expiry date, necessary safety warnings, etc.
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Regulations
Relating to E-Commerce
On
March 24, 2016, the SAT, the Ministry of Finance, and the General Administration of Customs jointly issued the Circular on Tax Policy
for Cross-Border E-Commerce Retail Imports, which took effect in April 2016. Pursuant to this circular, goods imported through the cross-border
e-commerce retail are subject to tariff, import value-added tax, and consumption tax based on the types of goods. Individuals purchasing
any goods imported through cross-border e-commerce retail are taxpayers, and e-commerce companies, companies operating e-commerce transaction
platforms or logistic companies are required to withhold the taxes.
On
August 31, 2018, the Standing Committee of the National People's Congress promulgated the E-Commerce Law, which became effective
on January 1, 2019. The E-Commerce Law sets forth a series of requirements on e-commerce platform operators. According to the E-Commerce
Law, e-commerce platform operators shall verify and register platform merchants, and cooperate with the market regulatory administrative
department and tax administrative department to conduct industry and commerce registrations and tax registrations for merchants. The
e-commerce platform operators shall also prepare a contingency plan for cybersecurity events and take technological measures and other
measures to prevent online illegal and criminal activities. The E-Commerce Law also expressly requires platform operators to take necessary
actions to ensure fair dealing on their platforms to safeguard the legitimate rights and interests of consumers, including to prepare
platform service agreements and transaction information record-keeping and transaction rules, to prominently display such documents on
the platform's website, and to keep such information for no less than three years following the completion of a transaction. To
legally handle intellectual property infringement disputes, upon receipt of the notice specifying preliminary evidence for alleged infringement,
the platform operators are required to take necessary measures in a timely manner, such as deleting, blocking and disconnecting the hyperlinks,
terminating transactions and services, and to forward notices to merchants on its platform. If an e-commerce platform operator fails
to take necessary measures when it knows or should have known that a merchant on the platform infringes any third-party intellectual
property rights, products or services provided by a merchant on its platform do not meet the requirements regarding personal or property
safety, or any merchant otherwise impairs the lawful rights and interests of consumers, the e-commerce platform operator will be held
jointly liable with the merchants on its platform.
Moreover,
the E-Commerce Law imposes a requirement on operators of e-commerce platforms to assist in tax collection with respect to income generated
by sellers from transactions conducted on e-commerce platforms, including among others, submitting to the tax authority information on
the identities of sellers on e-commerce platforms and other information relating to tax payment. Failure to comply with the requirement
may result in operators of e-commerce platform being subject to fines and, in severe circumstances, suspension of business operations
of e-commerce platforms. If the members on our platform were deemed to be selling our products on consignment basis, the PRC tax authorities
may require our members to make tax registration and request our assistance in these efforts, pursuant to the E-Commerce Law and our
members may be subject to more stringent tax compliance requirements. See "Item 3. Key Information—D. Risk Factors—Risks
Related to Our Business and Industry—Failure to comply with the E-Commerce Law may have a material adverse impact on our business,
financial conditions and results of operations." According to the PRC Enterprise Income Tax Law, the VAT Law and other applicable
regulations, sellers that conduct transactions on e-commerce platforms are generally subject to enterprise income tax at a rate of 25%,
and value-added tax at a rate of 13% or 9% for services or products sold on the e-commerce platforms. Certain sellers that are deemed
as small taxpayers under PRC law are subject to reduced value-added tax at a rate of 3%.
On
March 15, 2021, the State Administration for Market Regulation issued the Measures for the Supervision and Management of Online Trading,
which became effective from May 1, 2021. The Online Transactions Measures implements relevant legislative principles and purpose of the
E-Commerce Law and refines a series of relevant laws and regulations. It further specifies the responsibilities of online trading platform
operators and the requirements for protecting online consumers' rights and interests.
Regulations
Relating to Pyramid Selling in the PRC
The
Regulations on Prohibition of Pyramid Selling, that were promulgated by the State Council in August 2005 and became effective in November
2005, prohibit pyramid selling activities. According to the Regulations on Prohibition of Pyramid Selling, the following activities taken
by organizers or operators are considered as "pyramid selling": (i) taking in new members and compensating each member by
giving material awards or other financial benefits, based upon the number of new members directly or indirectly introduced by such member
on a rolling basis, so as to gain illegal benefits; or (ii) requesting a sum of money as entry fee or as a condition to membership for
new members, either directly or through purchasing commodities, so as to gain illegal benefits; or (iii) requesting members to introduce
additional members to establish a multi-level relationship and compensating each member based on the level of sales generated by the
additional members introduced by such member, so as to gain illegal benefits. The PRC laws and regulations have not defined "illegal
benefit" and the determination of gaining "illegal benefit" is to a large extent subject to discretionary view of the
competent authorities in the PRC. Any individual or entity engaging in organization of pyramid selling may be subject to confiscation
of illegal gains and fines ranging from RMB0.5 million to RMB2.0 million (US$0.3 million), and even criminal liabilities if a crime is
constituted. On March 23, 2016, the former State of Administration of Industry and Commerce (which has been merged into the State Administration
for Market Regulation) promulgated the Risk Warning for New Types of Pyramid Selling, which provides that if an activity satisfies the
three features stated above at the same time, it will be identified as pyramid selling, regardless of whether any illegal benefit is
obtained.
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In
May 2017, we received a formal notice from the local Administration for Market Regulation in Hangzhou, which ruled that our sales and
marketing practice adopted in our early stage of development prior to February 2016 violated the Regulations on the Prohibition of Pyramid
Selling and imposed a penalty of approximately RMB9.6 million (US$1.4 million). We fully paid this fine in June 2017 and have adjusted
our business practices since February 2016 to comply with the Regulations on the Prohibition of Pyramid Selling and other applicable
regulations. We have adjusted our practices specifically as follows: (i) to avoid being deemed as requesting a sum of money as entry
fee through purchasing commodities, we have adjusted our membership package, which individuals are required purchase to become a member
of our platform, to include a set of selected products or services and access to the Yunji app containing membership benefits and features;
(ii) to avoid being deemed as giving material awards or other financial benefits to existing members for new member referrals, we have
adjusted the rewards that we grant to our members upon a successful new member referral to Yun-coins, which are not redeemable for cash
and can only be used as coupons for future purchases on our platform; and (iii) to avoid establishing multilevel relationship of members,
we grant members incentives only for products sold directly via the links that such member shares through his/her social network, and
not for products sold via links shared by any other member that was originally invited by such member. In addition, since we have provided
products of value and services to our members as consideration for purchasing our membership package, and the products on our platform
are offered at market prices, we believe our current business practices do not constitute as gaining "illegal benefits."
In December 2018, we and Han Kun Law Offices, our PRC legal counsel, consulted with the competent government authority in Hangzhou on
our current business model and operations, and the district branch of the State Administration for Market Regulation having direct jurisdiction
over our PRC entities that currently operate our membership-based social e-commerce platform verbally confirmed that these entities have
conducted their business operations lawfully and none of these entities is in violation of the Regulations on the Prohibition of Pyramid
Selling or any other applicable laws. Based on our discussion with the competent government authorities and the advice of Han Kun Law
Offices, we believe that our current business model is not in violation of applicable PRC laws and regulations, including the Regulations
on the Prohibition of Pyramid Selling. See "Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and
Industry—If our business model were found to be in violation of applicable laws and regulations, our business, financial condition
and results of operations would be materially and adversely affected."
Regulations
Relating to Cyber Security, Data Security, National Security and Personal Information Protection
Internet
information in China is regulated from a national security standpoint. The National People's Congress has enacted the Decisions
on Preserving Internet Security in December 2000 and amended in August 2009, which subject violators to potential criminal punishment
in China for any attempt 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 the Administrative Measures for the Computer Information Network and Internet Security
Protection in December 1997 and amended in January 2011, which prohibits use of the internet in ways which, among other things, result
in a leak of state secrets or a spread of socially destabilizing content. If an internet information service provider violates these
measures, the Ministry of Public Security and its local branches may issue warning, confiscate the illegal gains, impose fines, and,
in severe cases, advice competent authority to revoke its operating license or shut down its websites.
Under
the Several Provisions on Regulating the Market Order of Internet Information Services, issued by the Ministry of Industry and Information
Technology in December 2011 and implemented in March 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 the user. An internet information service provider
must expressly inform the users of the method, content and purpose of the collection and processing of such user personal information
and may only collect such information 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 likely leak of the user's personal information,
the internet information service provider must take immediate remedial measures and, in severe circumstances, immediately report to the
telecommunications authority.
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In
December 2012, the Standing Committee of the National People's Congress promulgated the Decision on Strengthening Network Information
Protection, to enhance the legal protection of information security and privacy on the internet. The decision also requires internet
operators to take measures to ensure confidentiality of information of users. According to the PRC National Security Law issued by the
SCNPC on February 22, 1993 and latest revised on July 1, 2015, China shall establish systems and mechanisms for national security review
and supervision, conduct national security review on key technology, network information technology products and services related to
national security to prevent and neutralize national security risks in an effective way. In July 2013, the Ministry of Industry and Information
Technology promulgated the Provisions on Protection of Personal Information of Telecommunication and Internet Users to regulate the collection
and use of users' personal information in the provision of telecommunication service and internet information service in China.
In August 2015, the Standing Committee of the National People's Congress promulgated the Ninth Amendment to the Criminal Law, which
became effective in November 2015 and amended the standards of crime of infringing citizens' personal information and reinforced
the criminal culpability of unlawful collection, transaction, and provision of personal information. It further provides that 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. In November 2016, the Standing Committee of the National People's
Congress promulgated the PRC Cyber Security Law, which requires, among others, that network operators take security measures to protect
the network from unauthorized interference, damage and unauthorized access and prevent data from being divulged, stolen or tampered with.
Network operators are also required to collect and use personal information in compliance with the principles of legitimacy, properness
and necessity, and strictly within the scope of authorization by the subject of personal information unless otherwise prescribed by laws
or regulations. We are subject to such requirements as we are operating website and mobile applications and providing certain internet
services mainly through our mobile applications. The Cyber Security Law further requires internet information service providers to formulate
contingency plans for network security incidents, report to the competent departments immediately upon the occurrence of any incident
endangering cyber security and take corresponding remedial measures. In addition, the Interpretations of the Supreme People's Court
and the Supreme People's Procuratorate of the PRC on Several Issues Concerning the Application of Law in Handling Criminal Cases
of Infringing Personal Information, issued in May 2017 and implemented in June 2017, clarified certain standards for the conviction and
sentencing of the criminals in relation to personal information infringement. The Civil Code promulgated in 2020 also provides specific
provisions regarding the protection of personal information.
Internet
information service providers are also required to maintain the integrity, confidentiality and availability of network data. The Cyber
Security Law reaffirms the basic principles and requirements specified in other existing laws and regulations on personal data protection,
such as the requirements on the collection, use, processing, storage and disclosure of personal data, and internet information service
providers being required to take technical and other necessary measures to ensure the security of the personal information they have
collected and prevent the personal information from being divulged, damaged or lost. Any violation of the Cyber Security Law may subject
the internet information service provider to warnings, fines, confiscation of illegal gains, revocation of licenses, cancellation of
filings, shutdown of websites or criminal liabilities.
On
January 23, 2019, the Office of the Central Cyberspace Affairs Commission and other three authorities jointly issued the Circular on
the Special Campaign of Correcting Unlawful Collection and Usage of Personal Information via Apps. Pursuant to this 2019 circular, (i)
App operators are prohibited from collecting any personal information irrelevant to the services provided by such operator; (ii) information
collection and usage policy should be presented in a simple and clear way, and such policy should be consented by the users voluntarily;
(iii) authorization from users should not be obtained by coercing users with default or bundling clauses or making consent a condition
of a service. App operators violating such rules can be ordered by authorities to correct its incompliance within a given period of time,
be reported in public; or even quit its operation or cancel its business license or operational permits.
On
November 28, 2019, the State Administration for Market Regulation, the Office of the Central Cyberspace Affairs Commission, the Ministry
of Industry and Information Technology and the Ministry of Public Security jointly issued the Notice on the Method for Identifying the
Illegal Collection and Use of Personal Information by Apps, which aims to provide reference for supervision and administration departments,
provide guidance for APP operators' self-examination and self-correction, as well as social supervision by netizens. The Method
further elaborates the forms of behavior constituting illegal collection and use of the personal information, which include: (i) failing
to publish the rules on the collection and use of personal information; (ii) failing to explicitly explain the purposes, methods and
scope of the collection and use of personal information; (iii) collecting and using personal information without the users' consent;
(iv) collecting personal information unrelated to the services they provide and beyond the necessary principle; (v) providing personal
information to others without the users' consent; (vi) failing to provide the function of deleting or correcting the personal information
according to the laws or failing to publish information such as ways of filing complaints and reports.
100
On
May 28, 2020, the National People's Congress of the PRC approved the PRC Civil Code, which came into effect on January 1, 2021.
The PRC Civil Code, in addition to the systematic codification of provisions from existing legislations, introduces more generally acceptable
provisions on the right to privacy and the protection of personal information, and provides clearer legal basis for civil actions against
privacy and personal information related infringements and breaches. Personal information is the information recorded electronically
or in other ways that can be used, by itself or in combination with other information, to identify a natural person, including the name,
date of birth, identification number, biometric information, residential address, telephone number, email address, health information,
whereabouts, and the like, of the person. Pursuant to the PRC Civil Code, the collection, storage, use, process, transmission, provision
and disclosure of personal information should follow the principles of legitimacy, properness and necessity. According to the PRC Civil
Code, any organization or individual that needs to access other's personal information must do so in accordance with law and guarantee
the safety of such information, and may not illegally collect, use, process, or transmit other's personal information, or illegally
trade, provide, or publicize such information. An information processor shall not disclose or tamper with the personal information he
collects and stores, and shall not illegally provide to others the personal information of a natural person without the latter's
consent, unless the information, after being processed, cannot be used to identify any specific individual and cannot be restored to
its original status. An information processor shall take technical measures and other necessary measures to ensure the security of the
personal information he collects and stores, and prevent the information from being leaked, tampered with, or lost. Where a person's
personal information has been or is likely to be leaked, tampered with, or lost, he shall take remedial measures in a timely manner,
notify the natural persons concerned in accordance with the regulations, and report to the competent authorities. Where a natural person
discovers that an information processer has violated the provisions of laws or administrative regulations, or breached the agreement
between both parties while processing his personal information, he has the right to request the information processor to delete it in
a timely manner.
In
addition, according to the Administrative Provisions on Mobile Internet Application Information Services, which was promulgated by the
Cyberspace Administration of China in 2016, the mobile internet applications providers shall acquire qualifications required by laws
and regulations and implement the information security management responsibilities strictly and fulfill their obligations, including,
among others, adopting a real-name system, protection of users' information, and examination and management of information content.
The Cyberspace Administration of China amended these provisions in June 2022, which became effective from August 1, 2022, and emphasizes
that mobile internet applications providers shall comply with provisions on the scope of necessary personal information when engaging
in personal information processing activities. The application providers shall not compel the user to agree to the processing of personal
information for any reason, and shall not refuse the user to use its basic functions and services as the user does not agree to provide
non-essential personal information.
On
June 27, 2022, the Cyberspace Administration of China promulgated the Administrative Provisions on the Account Information of Internet
Users, which became effective from August 1, 2022. These provisions apply to the registration, use, and management of internet users'
account information by internet information service providers. These provisions stipulate that internet information service providers
shall, in accordance with laws, administrative regulations and state regulations, formulate and disclose internet user account management
rules and platform conventions, sign service agreements with internet users, and clarify the rights and obligations related to account
information registration, use, and management. These provisions also requires that the internet information service providers shall protect
and handle internet users' account information in accordance with law, and take measures to prevent unauthorized access and leakage,
tampering, and loss of personal information. The internet information service providers shall set up convenient complaints and reporting
portals in prominent locations, publicize complaints and reporting methods, improve mechanisms for acceptance, screening, disposal, and
feedback, clarify processing procedures and time limits for feedback, and promptly handle complaints and reports from users and the public.
Failure to comply with the above requirements may subject to warning, be ordered to rectify within a prescribed time limit and may be
imposed a fine ranging from RMB10,000 to RMB100,000.
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On
June 10, 2021, the Standing Committee of the PRC National People's Congress published the PRC Data Security Law, which took effect
on September 1, 2021. The PRC Data Security Law requires data processing, (which includes the collection, storage, use, processing, transmission,
provision, publication of data, etc.) to be conducted in a legitimate and proper manner. The PRC Data Security Law provides for data
security and privacy obligations on entities and individuals carrying out data activities. The PRC Data Security Law also introduces
a data classification and hierarchical protection system based on the importance of data in economic and social development, and the
degree of harm it shall cause to national security, public interests, or legitimate rights and interests of individuals or organizations
if such data are tampered with, destroyed, leaked, illegally acquired or illegally used. The appropriate level of protection measures
is required to be taken for each respective category of data. For example, a processor of important data is required to designate the
personnel and the management body responsible for data security, carry out risk assessments of its data processing activities and file
the risk assessment reports with the competent authorities. Moreover, the PRC Data Security Law provides a national security review procedure
for those data activities which may affect national security and imposes export restrictions on certain data and information.
In
addition, the PRC Data Security Law also provides that any organization or individual within the territory of the PRC shall not provide
any foreign judicial body and law enforcement body with any data without the approval of the competent PRC governmental authorities.
On July 6, 2021, certain PRC regulatory authorities issued Opinions on Severely Cracking Down on Illegal Securities Activities, which,
among others, provides for improving laws and regulations on data security, cross-border data transmission, and confidential information
management. It provided that efforts will be made to revise the regulations on strengthening the confidentiality and file management
relating to the offering and listing of securities overseas, to implement the responsibility on information security of overseas listed
companies, and to strengthen the standardized management of cross-border information provision mechanisms and procedures.
On
July 30, 2021, the State Council promulgated the Regulations on Security Protection of Critical Information Infrastructure, which became
effective on September 1, 2021. Pursuant to such regulation, critical information infrastructure refers to any important network facilities
and information systems of an important industry and field such as public communication and information service, energy, transport, water
conservation, finance, public services, e-government affairs and national defense related science and technology industry, and other
industries and fields that may seriously 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 important industry and field are responsible
for formulating eligibility criteria and determining the critical information infrastructure in the respective industry or field. The
operators will be informed by the regulatory authority about the final determination as to whether they are categorized as "critical
information infrastructure operators."
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On
August 20, 2021, the Standing Committee of the National People's Congress of China promulgated the PRC Personal Information Protection
Law, which integrates the scattered rules with respect to personal information rights and privacy protection and took effect on November
1, 2021. Pursuant to the PRC Personal Information Protection Law, "personal information" refers to any kind of information
related to an identified or identifiable individual as electronically or otherwise recorded but excluding the anonymized information.
The processing of personal information includes the collection, storage, use, processing, transmission, provision, disclosure and deletion
of personal information. The PRC Personal Information Protection Law applies to the processing of personal information of individuals
within the territory of the PRC, as well as personal information processing activities outside the territory of PRC, for the purpose
of providing products or services to natural persons located within China, for analyzing or evaluating the behaviors of natural persons
located within China, or for other circumstances as prescribed by laws and administrative regulations. The PRC Personal Information Protection
Law provides a personal information processor may process the personal information of this individual only under the following circumstances:
(i) where consent is obtained from the individual; (ii) where it is necessary for the execution or performance of a contract to which
the individual is a party, or where it is necessary for carrying out human resource management pursuant to employment rules legally adopted
or a collective contract legally concluded; (iii) where it is necessary for performing a statutory responsibility or statutory obligation;
(iv) where it is necessary in response to a public health emergency, or for protecting the life, health or property safety of a natural
person in the case of an emergency; (v) where the personal information is processed within a reasonable scope to carry out any news reporting,
supervision by public opinions or any other activity for public interest purposes; (vi) where the personal information, which has already
been disclosed by an individual or otherwise legally disclosed, is processed within a reasonable scope; or (vii) any other circumstance
as provided by laws or administrative regulations. In principle, the consent of an individual must be obtained for the processing of
his or her personal information, except under the circumstances of the aforementioned items (ii) to (vii). Where personal information
is to be processed based on the consent of an individual, such consent shall be a voluntary and explicit indication of intent given by
such individual on a fully informed basis. If laws or administrative regulations provide that the processing of personal information
shall be subject to the separate consent or written consent of the individual concerned, such provisions shall prevail. In addition,
the processing of the personal information of a minor under 14 years old must obtain the consent by a parent or a guardian of such minor
and the personal information processors must adopt special rules for processing personal information of minors under 14 years old. It
also stipulates certain specific provisions with respect to the obligations of a personal information processor. In addition, it imposes
further obligations on a personal information processor that provides for basic internet platform services, has large amount of users
and carries out complicated business activities, including the establishment of an independent institution mainly composed of external
personnel to supervise its personal information processing, termination of provisions with providers on the platform whose personal information
processing activities are in material violation of laws and regulations, and issuing personal information protection social responsibilities
reports regularly. Furthermore, the PRC Personal Information Protection Law stipulates the rules for cross-border transfer of personal
information. Any cross-border transfer of personal information is subject to the condition that it is necessary to provide the personal
information to a recipient outside the territory of the PRC due to any business need or any other need, as well as the satisfaction of
at least one of the following conditions: (i) where a security assessment organized by the national cyberspace administration has been
passed; (ii) where a certification of personal information protection has been passed from a professional institution in accordance with
the provisions issued by the national cyberspace administration; (iii) where a standard contract formulated by the national cyberspace
administration has been entered into with the overseas recipient; or (iv) any other condition prescribed by laws, administrative regulations
or any other requirements by the national cyberspace administration. Critical information infrastructure operators and personal information
processors who have processed personal information in an amount reaching a threshold prescribed by the national cyberspace administration,
must store in the territory of the PRC the personal information collected or generated within the territory of the PRC. If it is necessary
to provide such information to an overseas recipient, a security assessment organized by the national cyberspace administration must
be passed.
On
November 14, 2021, the Cyberspace Administration of China released the Regulations on the Network Data Security Management (Draft for
Comments). Such draft regulation provides that data processors refer to individuals or organizations that autonomously determine the
purpose and the manner of processing data, and the data processors conducting the following activities shall apply for cybersecurity
review in accordance with the regulations: (i) merger, reorganization or separation of Internet platform operators that have acquired
a large number of data resources related to national security, economic development or public interests affects or may affect national
security; (ii) listing abroad of data processors processing over one million users' personal information; (iii) listing in Hong
Kong which affects or may affect national security; (iv) other data processing activities that affect or may affect national security.
In addition, such draft regulation also provides that (i) the operators of large Internet platforms who set up headquarters or, operation
centers or R&D centers overseas shall report to the national cyberspace administration and competent authorities and (ii) a data
processor processing important data or going public overseas shall conduct an annual data security assessment by themselves or entrust
a data security service institution to do so, and submit the data security assessment report of the previous year to the local branch
of the Cyberspace Administration of China before January 31 of each year. As of the date of this annual report, the Regulations on the
Network Data Security Management (Draft for Comments) has not been formally adopted.
On
December 28, 2021, the Cyberspace Administration of China and other PRC governmental authorities jointly released the Measures for Cyber
Security Review, which took effect on February 15, 2022. Pursuant to the Measures for the Cyber Security Review, operators of "critical
information infrastructure" or data processors holding over one million users' personal information which intends to be listed
in a foreign country are subject to a cybersecurity review. The cybersecurity review will evaluate, among others, the risk of critical
information infrastructure, core data, important data, or the risk of a large amount of personal information being influenced, controlled
or maliciously used by foreign governments after going public, and cyber information security risk.
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The
PRC government authorities also further enhanced the supervision and regulation of cross-border data transmission. On July 7, 2022, the
Cyberspace Administration of China promulgated the Measures for the Security Assessment of Cross-border Data Transfer, which became effective
on September 1, 2022. In accordance with such measures, data processors will be subject to security assessment conducted by the Cyberspace
Administration of China prior to any cross-border transfer of data if the transfer involves (i) important data; (ii) personal information
transferred overseas by operators of critical information infrastructure or a data processor that has processed personal data of more
than one million persons; (iii) personal information transferred overseas by a data processor which has already provided personal data
of 100,000 persons or sensitive personal data of 10,000 persons overseas since January 1 of the preceding year; or (iv) other circumstances
as required by the Cyberspace Administration of China. In addition, any cross-border data transfer activities conducted in violation
of the Measures for the Security Assessment of Cross-border Data Transfer before the effectiveness of such measures are required to be
rectified within six months of the effectiveness date thereof. Since these measures are relatively new, there are still substantial uncertainties
with respect to the interpretation and implementation of these measures in practice and how they will affect our business operation.
On
December 8, 2022, the Ministry of Industry and Information Technology published of the Administrative Measures for Data Security Management
Measures in the Field of Industry and Information Technology (Trial), which came into effect on January 1, 2023. These measures require
the industrial and telecom data processors to further implement data classification and hierarchical management, take necessary measures
to ensure that data remains effectively protected and being lawfully applied, and conduct data security risk monitoring. It also provides
the definitions of "core data" and "important data" in the field of industry and information technology.
Regulations
Relating to Product Quality and Consumer Protection
The
PRC Product Quality Law, which was promulgated by
the Ministry of Commerce
in February 1993
and most recently amended in December 2018, applies to all production and sale activities in China. Pursuant to the PRC Product Quality
Law, products offered for sale must satisfy the relevant quality and safety standards. Enterprises may not produce or sell counterfeit
products in any fashion, including forging brand labels or giving false information regarding a product's manufacturer. Violations
of state or industrial standards for health and safety and any other related violations may result in civil liabilities and administrative
penalties, such as compensation for damages, fines, suspension or shutdown of business, as well as confiscation of products illegally
produced and sold and the proceeds from such sales. Severe violations may subject the responsible individual or enterprise to criminal
liabilities. Where a defective product causes physical injury to a person or damage to another person's property, the victim may
claim compensation from the manufacturer or from the seller of the product. If the seller pays compensation and it is the manufacturer
that should bear the liability, the seller has a right of recourse against the manufacturer. Similarly, if the manufacturer pays compensation
and it is the seller that should bear the liability, the manufacturer has a right of recourse against the seller.
The
PRC Consumer Rights and Interests Protection Law, as amended in October 2013 and implemented in March 2014 sets out the obligations of
business operators and the rights and interests of the consumers. Pursuant to which, business operators must guarantee that the sold
commodities satisfy the requirements for personal or property safety, provide consumers with authentic information about the commodities,
and guarantee the quality, function, usage and term of validity of the commodities, failure of which may subject business operators to
civil liabilities such as refunding purchase prices, exchange of commodities, repairing, ceasing damages, compensation, and restoring
reputation, and even subject the business operators or the responsible individuals to criminal penalties if business operators commit
crimes by infringing the legitimate rights and interests of consumers. The law further strengthens the protection of consumers and imposes
more stringent requirements and obligations on business operators, especially on the business operators through the internet. For example,
the consumers are entitled to return the goods (except for certain specific goods) within seven days upon receipt without any reasons
when they purchase the goods from business operators via the internet. The consumers whose interests are harmed due to their purchase
of goods or acceptance of services on online marketplace platforms may claim damages from the sellers or service providers.
Furthermore,
the PRC Consumer Rights and Interests Protection Law and the Online Trading Measures, have provided stringent requirements and obligations
on business operators, including internet business operators and platform service providers. For example, consumers are entitled to return
goods purchased online, subject to certain exceptions, within seven days upon receipt of such goods for no reason. To ensure that sellers
and service providers comply with such regulations, the platform operators are required to implement rules governing transactions on
the platform, monitor the information posted by sellers and service providers, and report any violations by such sellers or service providers
to the competent authorities. In addition, online platform providers may, pursuant to the PRC consumer protection laws, be exposed to
liabilities if rights and interests of any consumer are infringed upon in connection with consumers' purchase of goods or acceptance
of services on such online platforms and the online marketplace platform providers fail to provide consumers with the contact information
of the seller or manufacturer. In addition, online marketplace platform providers may be jointly and severally liable with sellers and
manufacturers of relevant goods or services if they are aware or should be aware that such sellers or manufacturers are using the online
platform to infringe the rights and interests of any consumers and fail to take measures necessary to prevent or stop such activities.
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On
March 15, 2024, the State Council promulgated the Regulations for the Implementation of the PRC Consumer Rights and Interests Protection
Law. These regulations are set to take effect on July 1, 2024, and provide detailed guidelines for business operators to ensure that
the goods or services they offer to consumers meet the necessary standards for personal and property safety. These regulations specify
that business operators must ensure that even items provided to consumers for free, such as rewards, gifts, or trials, adhere to these
safety standards. Under these regulations, consumers are empowered to report any concerns regarding potentially defective goods or services
that could pose risks to personal or property safety to the business operators or the administrative authorities. Additionally, without
the knowledge of consumers, business operators are prohibited from setting different prices or charging criteria for the same goods or
services under the same transaction conditions.
According
to Part VII Tort Liability of the PRC Civil Code, which was enacted by the PRC National People's Congress in May 2020 and came
into effect on January 1, 2021, if damages to other persons are caused by defective products due to the fault of third parties, such
as the parties providing transportation or warehousing, the producers and the sellers of the products have the right to recover their
respective losses from such third parties. If defective products are identified after they have been put into circulation, the producers
or the sellers shall take remedial measures such as issuance of a warning, recall of products, etc., in a timely manner. The producers
or the sellers shall be liable under tort if they fail to take remedial measures in a timely manner or have not made efforts to take
remedial measures, thus causing damages. If the products are produced or sold with known defects, causing deaths or severe adverse health
issues, the infringed party has the right to claim punitive damages in addition to compensatory damages.
Regulations
Relating to Payment Services
In
June 2010, the People's Bank of China issued the Administrative Measures for the Payment Services of Non-Financial Institutions,
which was amended in April 2020. Under this rule, a non-financial institution must obtain a payment business license, or Payment License,
to provide payment services and qualifies as a paying institution. With the Payment License, a non-financial institution may serve as
an intermediary between payees and payers and provide some or all of the following services: online payment, issuance and acceptance
of prepaid card, bank card acceptance, and other payment services as specified by the People's Bank of China. Without the People's
Bank of China's approval, no non-financial institution or individual may engage in payment business whether explicitly or in a
disguised form.
In
November 2017, the People's Bank of China published the Notice on Further Enhancing the Rectification of Unlicensed Operation of
Payment Services, on the investigation and administration of illegal offering of settlement services by financial institutions and third-party
payment service providers to unlicensed entities. The notice intended to prevent unlicensed entities from using licensed payment service
providers as a conduit for conducting the unlicensed payment settlement services, so as to safeguard the fund security and information
security. We believe that our cooperation with third-party online payment service providers is not in violation of the notice, because
we sell the products on our platform to users and receive payment from users through the third-party online payment service providers.
See "Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—We rely on third-party
online payment service providers for payment processing and escrow services on our platform. If these payment services are restricted
or curtailed in any way or become unavailable to us or our users for any reason, our business may be materially and adversely affected."
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Regulations
Relating to Intellectual Property in the PRC
Trademark
The
PRC Trademark Law was promulgated by the SCNPC in August 1982 and last amended in April 2019, and the Implementation Rules of the PRC
Trademark Law was promulgated by the State Council in August 2002 and last amended in April 2014. The PRC Trademark Law and its implementation
rules protect registered trademarks. The Trademark Office of National Intellectual Property Administration under the State Administration
for Market Regulation is responsible for the registration and administration of trademarks throughout the PRC. The Trademark Law has
adopted a "first-to-file" principle with respect to trademark registration. Registered trademarks are granted a valid term
of ten years, which could be renewed each time for another ten years commencing from the day after the expiry date of the last period
of validity if the required renewal formalities have been completed. Pursuant to the PRC Trademark Law, counterfeit or unauthorized production
of the label of another person's registered trademark, or sale of any label that is counterfeited or produced without authorization
will be deemed as an infringement to the exclusive right to use a registered trademark. The infringing party will be ordered to stop
the infringement immediately, a fine may be imposed and the counterfeit goods will be confiscated. The infringing party may also be held
liable for the right holder's damages, which will be equal to the gains obtained by the infringing party or the losses suffered
by the right holder as a result of the infringement, including reasonable expenses incurred by the right holder for stopping the infringement.
Domain
Name
The
Ministry of Industry and Information Technology promulgated the Measures on Administration of Internet Domain Names, on August 24, 2017,
which took effect on November 1, 2017. The Ministry of Industry and Information Technology is the major regulatory body responsible for
the administration of the PRC internet domain names, under supervision of which the China Internet Network Information Center, or CNNIC,
is responsible for the daily administration of ".cn" domain names and Chinese domain names. CNNIC adopts a "first-to-file"
principle with respect to the registration of domain names. Applicants for registration of domain names must provide the true, accurate
and complete information of their identities to domain name registration service institutions. The applicants will become the holder
of such domain names upon the completion of the registration procedure.
Copyright
The
PRC Copyright Law, which was last amended on November 11, 2020, and became effective on June 1, 2021, provides that Chinese citizens,
legal persons, or other organizations shall, whether published or not, own copyright in their copyrightable works, which include, among
others, works of literature, art, natural science, social science, engineering technology and computer software. Copyright owners enjoy
certain legal rights, including right of publication, right of authorship and right of reproduction. The law extends copyright protection
to Internet activities, products disseminated over the Internet and software products. In addition, the law provides for a voluntary
registration system administered by the China Copyright Protection Center. According to the PRC Copyright Law, an infringer of the copyrights
shall be subject to various civil liabilities, which include ceasing infringement activities, apologizing to the copyright owners and
compensating the loss of copyright owner. Infringers of copyright may also subject to fines and/or administrative or criminal liabilities
in severe situations.
Pursuant
to the Computer Software Copyright Protection Regulations promulgated by the State Council on December 20, 2001 and amended on January
30, 2013, Chinese citizens, legal persons and other organizations shall enjoy copyright on software they develop, regardless of whether
the software is released publicly. Software copyright commences from the date on which the development of the software is completed.
The protection period for software copyright of a legal person or other organizations shall be 50 years, concluding on December 31 of
the 50th year after the software's initial release. The software copyright owner may go through the registration formalities with
a software registration authority recognized by the State Council's copyright administrative department. The software copyright
owner may authorize others to exercise that copyright, and is entitled to receive remuneration.
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Patent
According
to the PRC Patent Law promulgated by the SCNPC on March 12, 1984 with the current effective version took effect from June 1, 2021, and
the Implementation Rules of the PRC Patent Law, which was promulgated by the State Council in June 2001 and last amended in December
2023, the State Intellectual Property Office is responsible for administering patent law in the PRC. The patent administration departments
of provincial, autonomous region or municipal governments are responsible for administering patent law within their respective jurisdictions.
The Chinese patent system adopts a first-to-file principle, which means that when more than one person files different patent applications
for the same invention, only the person who files the application first is entitled to obtain a patent of the invention. Patents in China
fall into three categories: invention, utility model and design. To be patentable, an invention or a utility model must meet three criteria:
novelty, inventiveness and practicability. The protection period is 20 years for an invention patent and 10 years for a utility model
patent and 15 years for a design patent, commencing from their respective application dates. Any individual or entity that utilizes a
patent or conducts any other activities that infringe a patent without prior authorization of the patent holder shall pay compensation
to the patent holder and is subject to a fine imposed by the administrative authorities and, if constituting a crime, shall be held criminally
liable in accordance with the law. According to the PRC Patent Law, any organization or individual that applies for a patent in a foreign
country for an invention or utility model patent established in China is required to report to the National Intellectual Property Administration
for confidentiality examination.
Regulations
Relating to Labor Protection in the PRC
Labor
Contract Law
The
PRC Labor Contract Law, which became effective on January 1, 2008 and was amended on December 28, 2012, is primarily aimed at regulating
rights and obligations of employer and employee relationships, including the establishment, performance and termination of labor contracts.
Pursuant to the law, labor contracts shall be concluded in writing if labor relationships are to be or have been established between
employers and the 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 must be paid to employees in a timely manner.
Interim
Provisions on Labor Dispatch
Pursuant
to the Interim Provisions on Labor Dispatch, promulgated by the Ministry of Human Resources and Social Security on January 24, 2014 and
became effective on March 1, 2014, dispatched workers are entitled to equal pay with full-time employees for equal work. Employers are
allowed to use dispatched workers for temporary, auxiliary or substitutive positions, and the number of dispatched workers may not exceed
10% of the total number of employees.
Social
Insurance and Housing Fund
As
required under the Regulation of Insurance for Labor Injury implemented on January 1, 2004 and amended in 2010, the Provisional Measures
for Maternity Insurance of Employees of Corporations implemented on January 1, 1995, the Decisions of the State Council on the Establishment
of a Unified Program for Old-Aged Pension Insurance issued on July 16, 1997, the Decisions of the State Council on the Establishment
of the Medical Insurance Program for Urban Workers promulgated on December 14, 1998, the Unemployment Insurance Measures promulgated
on January 22, 1999 and the Social Insurance Law of the PRC implemented on July 1, 2011, which was amended on December 29, 2018, employers
are required to provide their employees in the PRC with welfare benefits covering pension insurance, unemployment insurance, maternity
insurance, labor injury insurance and medical insurance. These payments are made to local administrative authorities. Any employer that
fails to make social insurance contributions may be order to rectify the non-compliance and pay the required contributions within a prescribed
time limit and be subject to a late fee. If the employer still fails to rectify the failure to make the relevant contributions within
the prescribed time, it may be subject to a fine ranging from one to three times the amount overdue. In accordance with the
Regulations
on the Management of Housing Fund
which was promulgated by the State Council in 1999 and last amended in March 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.
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Employee
Stock Incentive Plan
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 Circular 7, which was issued by the SAFE on February 15, 2012, employees, directors, supervisors, and
other senior management who participate in any stock incentive plan of a publicly-listed overseas company and who are PRC citizens or
non-PRC citizens residing in China for a continuous period of no less than one year, subject to a few exceptions, are required to register
with SAFE through a qualified domestic agent, which may be a PRC subsidiary of such overseas listed company, and complete certain other
procedures.
In
addition, the State Administration of Taxation has issued certain circulars concerning employee stock options and restricted shares.
Under these circulars, 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 the tax authorities and to withhold individual income taxes of employees who exercise their stock option or
purchase restricted shares. If the employees fail to pay or the PRC subsidiaries fail to withhold income tax in accordance with the laws
and regulations, the PRC subsidiaries may face sanctions imposed by the tax authorities or other PRC governmental authorities.
Regulations
Relating to Tax in the PRC
Income
Tax
The
PRC Enterprise Income Tax Law, imposes a uniform enterprise income tax rate of 25% on all PRC resident enterprises, including foreign-invested
enterprises, unless they qualify for certain exceptions. The enterprise income tax is calculated based on the PRC resident enterprise's
global income as determined under PRC tax laws and accounting standards. If a non-resident enterprise sets up an organization or establishment
in the PRC, it will be subject to enterprise income tax for the income derived from such organization or establishment in the PRC and
for the income derived from outside the PRC but with an actual connection with such organization or establishment in the PRC. The law
and its implementation rules permit certain "high and new technology enterprises strongly supported by the state" that independently
own core intellectual property and meet statutory criteria, to enjoy a reduced 15% enterprise income tax rate. In January 2016, the SAT,
the Ministry of Science and Technology and the Ministry of Finance jointly issued the Administrative Rules for the Certification of High
and New Technology Enterprises specifying the criteria and procedures for the certification of High and New Technology Enterprises.
On
April 22, 2009, the State Administration of Taxation issued the Circular of the State Administration of Taxation on Issues Relating to
Identification of PRC-Controlled Overseas Registered Enterprises as Resident Enterprises in accordance with the De Facto Standards of
Organizational Management, or the SAT Circular 82, which provides certain specific criteria for determining whether the "de facto
management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only
applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners,
the criteria set forth in the circular 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 all offshore enterprises. According to the SAT Circular 82, an offshore
incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of
having its "de facto management body" in China and will be subject to PRC enterprise income tax on its global income only
if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions
relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel
in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions,
are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.
Further to SAT Circular 82, on July 27, 2011, the State Administration of Taxation issued the Announcement of the State Administration
of Taxation on Printing and Distributing the Administrative Measures for Income Tax on PRC-controlled Resident Enterprises Incorporated
Overseas (Trial Implementation), which took effect in September 2011, to provide more guidance on the implementation of SAT Circular
82. The announcement provides for procedures and administration details of determination on resident status and administration on post-determination
matters.
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Value-added
Tax
The
Provisional Regulations of the PRC on Value-added Tax were implemented in January 1, 2009 and latest 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) was promulgated
by the Ministry of Finance on December 25, 1993 and subsequently amended on December 15, 2008 and October 28, 2011, or collectively,
the VAT Law. On November 19, 2017, the State Council promulgated the Decisions on Abolishing the Provisional Regulations of the PRC on
Business Tax and Amending the Provisional Regulations of the PRC on Value-added Tax, or the Order 691. On April 4, 2018, the Ministry
of Finance and the State Administration of Taxation jointly promulgated the Circular on Adjustment of Value-Added Tax Rates, or Circular
32. On March 31, 2019, the Ministry of Finance, the State Administration of Taxation and General Administration of Customs jointly issued
the Announcement on Relevant Polices for Deepening Value-added Tax Reform, or Announcement No. 39. According to the VAT Law, the Order
691 and the Circular 32, all enterprises and individuals engaged in the sale of goods, the provision of processing, repair and replacement
services, sales of services, intangible assets, real property and the importation of goods within the territory of the PRC are the taxpayers
of VAT. According to Announcement No. 39, the VAT tax rates generally applicable are simplified as 13%, 9%, 6% and 0%, and the VAT tax
rate applicable to the small-scale taxpayers is 3%.
Dividend
Withholding Tax
The
PRC Enterprise Income Tax Law provides that since January 1, 2008, an income tax rate of 10% will normally be applicable to dividends
derived from sources within the PRC and declared to non-PRC resident investors which do not have an establishment or place of business
in the PRC, or which have an establishment or place of business that is not effectively connected with the relevant income.
Pursuant
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 Incomes, and other applicable PRC laws, if a Hong Kong resident enterprise
is determined by the competent PRC tax authority to have satisfied the conditions and requirements under such arrangement and other applicable
laws, the 10% withholding tax on 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, in 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. According to the Circular on Several Questions regarding the "Beneficial Owner" in
Tax Treaties, which was issued on February 3, 2018 by the State Administration of Taxation and took effect on April 1, 2018, when determining
the applicant's status as the "beneficial owner" regarding tax treatments in connection with dividends, interest or
royalties in the tax treaties, several factors, including, without limitation, whether the applicant is obligated to pay more than 50%
of his or her income over a twelve-month period to residents in a third country or region, whether the business operated by the applicant
constitutes actual business activities, and whether the counterparty country or region to the tax treaty does not levy any tax, exempts
the relevant income from tax, or levies tax at an extremely low rate, will be taken into account, and it will be analyzed according to
the actual circumstances of the specific cases. This circular further provides that applicants who intend to prove his or her "beneficial
owner" status shall submit the relevant documents to the relevant tax bureau according to the Announcement on Issuing the Measures
for the Administration of Non-Resident Taxpayers' Enjoyment of the Treatment under Tax Agreements.
On
February 3, 2015, the State Administration of Taxation issued the Public Notice Regarding Certain Enterprise Income Tax Matters on Indirect
Transfer of Properties by Non-Tax Resident Enterprises, or the SAT Public Notice 7. The SAT Public Notice 7 extends its tax jurisdiction
to cover not only the indirect transfer by a non-resident enterprise of equity interests in a PRC resident enterprise through disposition
of equity interests in an overseas holding company, or an Indirect Transfer, but also to transactions involving the transfer of other
taxable assets through the offshore transfer of a foreign intermediate holding company. The SAT Public Notice 7 also brings challenges
to both foreign transferor and transferee (or other person who is obligated to pay for the transfer) of taxable assets. Where a non-resident
enterprise transfers taxable assets indirectly by disposing of the equity interests of an overseas holding company, which is an Indirect
Transfer, the non-resident enterprise as either transferor or transferee, or the PRC entity that directly owns the taxable assets, may
report such Indirect Transfer to the relevant tax authority. Using a "substance over form" principle, the PRC tax authority
may disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose
of reducing, avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income
tax, and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently
at a rate of 10%, for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject
to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes.
109
On
October 17, 2017, the State Administration of Taxation issued the Public Notice on Issues Relating to Withholding at Source of Income
Tax of Non-Resident Enterprises, or the SAT Public Notice 37, which came into effect on December 1, 2017 and was amended on June 15,
2018. According to SAT Public Notice 37, where the non-resident enterprise fails to declare its tax payable pursuant to Article 39 of
the PRC Enterprise Income Tax Law, the tax authority may order it to pay its tax due within required time limits, and the non-resident
enterprise shall declare and pay its tax payable within such time limits specified by the tax authority. If the non-resident enterprise
voluntarily declares and pays its tax payable before the tax authority orders it to do so, it shall be deemed that such enterprise has
paid its tax payable in time.
Regulations
relating to Foreign Exchange
General
Administration of Foreign Exchange
Under
the PRC Foreign Currency Administration Rules promulgated on January 29, 1996 and most recently amended on August 5, 2008 and various
regulations issued by the SAFE and other 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. Foreign-invested enterprises 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 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, which was promulgated by SAFE on November 19, 2012, and became effective on December 17, 2012 and was amended on May
4, 2015, October 10, 2018 and December 30, 2019, approval of SAFE is not required for opening a foreign exchange account and depositing
foreign exchange into the accounts relating to the direct investments. The SAFE Circular 59 also simplified foreign exchange-related
registration required for the foreign investors to acquire the equity interests of Chinese companies and further improve the administration
on foreign exchange settlement for foreign-invested enterprises.
The
Circular on Further Simplifying and Improving the Foreign Currency Management Policy on Direct Investment, or the SAFE Circular 13, effective
from June 1, 2015, 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 the SAFE Circular 13, the investors shall
register with banks for direct domestic investment and direct overseas investment.
The
Circular on Reforming the Management Approach regarding the Settlement of Foreign Capital of Foreign-invested Enterprise, or the SAFE
Circular 19, which was promulgated by the SAFE on March 30, 2015 and became effective on June 1, 2015 and latest amended in March 23,
2023, provides that a foreign-invested enterprise may, according to its actual business needs, settle with a bank the portion of the
foreign exchange capital in its capital account for which the foreign exchange administration has confirmed monetary capital contribution
rights and interests (or for which the bank has registered the injection of the monetary capital contribution into the account). Pursuant
to the SAFE Circular 19, for the time being, foreign-invested enterprises are allowed to settle 100% of their foreign exchange capital
on a discretionary basis; a foreign-invested enterprise shall truthfully use its capital for its own operational purposes within the
scope of business; where an ordinary foreign-invested enterprise makes domestic equity investment with the amount of foreign exchanges
settled, the invested enterprise must first go through domestic re-investment registration and open a corresponding account for foreign
exchange settlement pending payment with the foreign exchange administration or the bank at the place where it is registered.
The
Circular on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or the SAFE Circular
16, which was promulgated by the SAFE and became effective on June 9, 2016 and amended in December 4, 2023, provides that enterprises
registered in the PRC may also convert their foreign debts from foreign currency into Renminbi on self-discretionary basis. The SAFE
Circular 16 also provides an integrated standard for conversion of foreign exchange under capital account items (including but not limited
to foreign currency capital and foreign debts) on self-discretionary basis, which applies to all enterprises registered in the PRC.
110
According
to the Measures for Reporting of Information on Foreign Investment, the Regulations on the Registration of Market Entities, which was
promulgated by the State Council on July 27, 2021, and became effective on March 1, 2022, and other laws and regulations governing the
foreign invested enterprises and company registrations, the establishment of a foreign invested enterprise and any capital increase and
other major changes in a foreign invested enterprise shall be registered with the State Administration for Market Regulation or its local
counterparts, and shall be filed via the foreign investment comprehensive administrative system, if such foreign invested enterprise
does not involve special access administrative measures prescribed by the PRC government.
Pursuant
to the SAFE Circular 13 and other laws and regulations relating to foreign exchange, when setting up a new foreign invested enterprise,
the foreign invested enterprise shall register with the bank located at its registered place after obtaining the business license, and
if there is any change in capital or other changes relating to the basic information of the foreign-invested enterprise, including, without
limitation, any increase in its registered capital or total investment, the foreign invested enterprise must register such changes with
the bank located at its registered place after obtaining approval from or completing the filing with competent authorities. Pursuant
to the foreign exchange laws and regulations, the above-mentioned foreign exchange registration with the banks will typically take less
than four weeks upon the acceptance of the registration application.
Based
on the foregoing, if we intend to provide funding to our wholly foreign owned subsidiaries through capital injection at or after their
establishment, we must register the establishment of and any follow-on capital increase in our wholly foreign owned subsidiaries with
the State Administration for Market Regulation or its local counterparts, file such via the foreign investment comprehensive administrative
system and register such with the local banks for the foreign exchange related matters.
Offshore
Investment
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 contributing assets
or equity interests in an offshore special purpose vehicle, which is defined as offshore enterprises directly established or indirectly
controlled by PRC residents for investment and financing purposes, with the enterprise assets or interests they hold in China or overseas.
The term "control" means obtain the operation rights, right to proceeds or decision-making power of a special purpose vehicle
through acquisition, trust, holding shares on behalf of others, voting rights, repurchase, convertible bonds or other means. An amendment
to registration or subsequent filing with the local SAFE branch by such PRC resident 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.
111
Regulations
on Dividend Distribution
The
principal laws and regulations regulating the dividend distribution of dividends by foreign-invested enterprises in the PRC include the
PRC Company Law, as amended in 1999, 2004, 2005, 2013, 2018 and 2023, the latest amendment of which will take into effect on July 1,
2024, and the Foreign Investment Law take into effect on January 1, 2020. Under the current regulatory regime in the PRC, foreign-invested
enterprises 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. 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.
Regulations
on Anti-monopoly
On
August 30, 2007, the SCNPC adopted the PRC Anti-Monopoly Law, which was recently amended on June 24, 2022 and became effective on August
1, 2022. According to the Anti-Monopoly Law of the PRC and other regulations, the relevant operators of a concentration of undertakings
which reaches the standard for declaration shall make an advance declaration to the PRC Anti-Monopoly Law enforcement authority under
the State Council. The fines for illegal concentration of business operators shall be "no more than ten percent of its preceding
year's sales revenue if the concentration of business operator has or may have an effect of excluding or limiting competition;
or a fine of up to RMB5 million if the concentration of business operator does not have an effect of excluding or limiting competition."
Pursuant to the PRC Anti-Monopoly Law, the authority may require the operators to make a declaration where there is evidence that the
concentration has or may have the effect of eliminating or restricting competition, even if such concentration does not reach the filing
threshold.
Regulations
Relating to Overseas Listings and M&A
On
August 8, 2006, six PRC governmental and regulatory agencies, including
the Ministry of Commerce
and the CSRC, jointly promulgated the M&A Rules, a new regulation with respect to the mergers and acquisitions of domestic
enterprises by foreign investors that became effective on September 8, 2006 and revised on June 22, 2009. Foreign investors shall comply
with the M&A rules when they purchase equity interests of a domestic company or subscribe for the increased capital of a domestic
company, and thus changing the nature of the domestic company into a foreign-invested enterprise; or when the foreign investors establish
a foreign-invested enterprise in the PRC for the purpose of purchasing the assets of a domestic company and operating the asset; or when
the foreign investors purchase the asset of a domestic company, establish a foreign-invested enterprise by injecting such assets, and
operate the assets. The M&A rules, among other things, purports to require that an offshore special vehicle, or a special purpose
vehicle, formed for listing purposes and controlled directly or indirectly by PRC companies or individuals, shall 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
July 6, 2021, the PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with
the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on
overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory
systems to deal with the risks and incidents faced by China-based overseas-listed companies.
On
December 27, 2021, the National Development and Reform Commission and
the Ministry of Commerce
jointly issued the 2021 Negative List, which became effective on January 1, 2022. Pursuant to such Special Administrative Measures,
if a domestic company engaging in the prohibited business stipulated in the 2021 Negative List seeks an overseas offering and listing,
it shall obtain the approval from the competent governmental authorities. Besides, the foreign investors of the company shall not be
involved in the company's operation and management, and their shareholding percentage shall be subject, mutatis mutandis, to the
regulations on the domestic securities investments by foreign investors.
112
On
February 17, 2023, the CSRC, as approved by the State Council, released the Overseas Listing Trial Measures. According to the Overseas
Listing Trial Measures, domestic companies in the Chinese mainland that directly or indirectly offer or list their securities in an overseas
market, are required to file with the CSRC. Specifically, the securities under the Overseas Listing Trial Measures refer to stocks, depositary
receipts, convertible corporate bonds, exchangeable bonds and other equity-linked securities to be issued and offered in overseas markets
by domestic companies directly or indirectly, while a direct offering and listing refers to the overseas offering and listing of a joint-stock
company incorporated in the Chinese mainland, and an indirect offering and listing refers to the overseas offering and listing of a domestic
company which conducts its business operations primarily in the Chinese mainland, in the name of an offshore company and based on the
underlying equities, assets, earnings or similar interests of the domestic company. In particular, the determination of an indirect offering
and listing will be conducted on a "substance over form" basis, and an offering and listing should be considered as an indirect
overseas offering and listing by a domestic company if the issuer meets both of the following conditions: (i) any of the revenue, profits,
total assets or net assets of such domestic company in the most recent financial year account for more than 50% of the corresponding
data in the issuer's audited consolidated financial statements for the same period; and (ii) the majority of its business operations
are conducted in the Chinese mainland or its principal place of business is located in the Chinese mainland, or the majority of senior
management in charge of business operations are Chinese citizens or have domicile in the Chinese mainland. According to the Overseas
Listing Trial Measures, an overseas offering and listing is prohibited under any of the following circumstances: (i) if the intended
securities offering and listing is specifically prohibited by the laws, administrative regulations and national provisions; (ii) if the
intended securities offering and listing may constitute a threat to or endangers national security as reviewed and determined by competent
authorities under the State Council in accordance with law; (iii) the domestic companies or their controlling shareholders or actual
controllers have committed corruption, bribery, embezzlement, misappropriation of property, or other criminal offenses disruptive to
the order of the socialist market economy in the past three years; (iv) the domestic companies are currently under investigations in
connection with suspicion of having committed criminal offenses or material violations of applicable laws and regulations, and there
is still no explicit conclusion; (v) there are material ownership disputes over the shareholdings held by the controlling shareholder
or the shareholder under the control of the controlling shareholder or the actual controllers. According to the Overseas Listing Trial
Measures, the issuer or its affiliated domestic company, as the case may be, is required to file with the CSRC (i) with respect to its
initial public offering and listing and its subsequent securities offering in an overseas market different from the market where it has
listed, within three business days after its submission of listing application documents to the relevant regulator in the place of intended
listing, (ii) with respect to its follow-on offering in the same overseas market where it has listed (including issuance of any corporate
convertible bonds, exchangeable bonds and other equity-linked securities, but excluding the offering for employees incentive, dividend
distribution by shares and share split), within three business days after completion of such follow-on offering, (iii) with respect to
listing by means of single or multiple acquisitions, share swap, transfers of shares and similar transactions, within three business
days after its initial filing of the listing application or the first public announcement of the transaction, as case may be. Failure
to comply with the filing requirements may result in an order of rectification, a warning and fines up to RMB10 million to the non-compliant
domestic companies, and the directly responsible persons of the companies will be warned and fined between RMB500,000 and RMB5 million.
Furthermore, if the controlling shareholder and the actual controller of the non-compliant companies organizes or instigates the breach,
they will be fined between RMB1 million and RMB10 million. In addition to above filing requirements, the Filings Rules also requires
an issuer to report to the CSRC within three business days after occurrence of any the following events: (i) its change of control; (ii)
its being subject to investigation or sanctions by any overseas securities regulators or overseas authorities; (iii) its change of listing
status or listing segment; (iv) voluntary or mandatory delisting; and (v) material change of its principal business operations to the
extent that it ceases to be subject to the filing requirements of the Overseas Listing Trial Measures.
On
February 24, 2023, the CSRC and several other administrations jointly released the Provisions on Strengthening Confidentiality and Archives
Administration of Overseas Securities Offering and Listing by Domestic Companies, or the Confidentiality Provisions, which became effective
on March 31, 2023. The Confidentiality Provisions includes both overseas direct offerings and overseas indirect offerings. The Confidentiality
Provisions provide that, among other things, (i) in relation to the overseas listing activities of domestic enterprises, the domestic
enterprises are required to strictly comply with the requirements on confidentiality and archives management, establish a sound confidentiality
and archives system, and take necessary measures to implement their confidentiality and archives management responsibilities; (ii) during
the course of an overseas offering and listing, if a domestic enterprise needs to publicly disclose or provide to securities companies,
accounting firms or other securities service providers and overseas regulators, any materials that contain relevant state secrets or
that have a sensitive impact (i.e. be detrimental to national security or the public interest if divulged), the domestic enterprise should
complete the approval/filing and other regulatory procedures; and (iii) working papers produced in the PRC by securities companies and
securities service institutions, which provide domestic enterprises with securities services during their overseas issuance and listing,
should be stored in the PRC, and the transmission of all such working papers to recipients outside of the PRC is required to be approved
by competent authorities of the PRC. Since the Confidentiality Provisions are relatively new, as of the date of this annual report, substantial
uncertainties exist with respect to the interpretations and implementations of the Confidentiality Provisions.
113
C.
Organizational Structure
The
chart below summarizes our corporate structure, including our principal subsidiaries, the VIEs and the VIEs' principal subsidiaries,
as of the date of this annual report:
Notes:
(1)
Mr. Shanglue Xiao and Mr. Shangce Xiao each holds 99.0099%
and 0.9901% of the equity interests in Yunji Preferred, respectively. Mr. Shanglue Xiao is beneficial owner of our company. Mr. Shanglue
Xiao also serves as the chairman of our board of directors and the chief executive officer of our company. Mr. Shangce Xiao is a relative
of Mr. Shanglue Xiao.
(2)
Mr. Wenwei Shu holds 100% of equity interests in Hangzhou Chuanchou.
Mr. Wenwei Shu is a former employee of our company.
(3)
Zhejiang Fengji holds 90% of the equity interest in Zhejiang
Jiyuan, and the remaining 10% equity interest in Zhejiang Jiyuan is held by Yunchuang Sharing.
(4)
Zhejiang Jixiang holds 95% of the equity interest in Ningbo
Meishan, and the remaining 5% equity interest in Ningbo Meishan is held by Ningbo Meishan Bonded Port Zone Jichuang Investment Partnership
(Limited Partnership), in which Hangzhou Jichuang and Mr. Shanglue Xiao each hold of 95% and 5% of the equity interests, respectively.
The
following is a summary of the currently effective contractual arrangements relating to Yunji Preferred and Hangzhou Chuanchou.
114
Contractual
Arrangements with the VIEs and Their Respective Shareholders
Current
PRC laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies that engage in value-added
telecommunication services and certain other businesses. We are an exempted company incorporated in the Cayman Islands. Yunchuang
Sharing, or our WFOE, is our PRC subsidiary and a foreign-invested enterprise under PRC laws. To comply with PRC laws and
regulations, we conduct certain of our business in China through the VIEs based on a series of contractual arrangements by and among
Yunchuang Sharing, or our WFOE, the VIEs and their shareholders. Historically, we also maintained contractual arrangements by and among our WFOE, Yunji Sharing and its shareholders. In order to streamline
our corporate structure, in December 2023, our WFOE acquired Yunji Sharing by purchasing all equity interests held by the shareholders
in Yunji Sharing and Yunji Sharing has since become a wholly owned subsidiary of our WFOE. Accordingly, the contractual arrangements with
Yunji Sharing and its shareholders were effectively terminated in December 2023.
Our
contractual arrangements with the VIEs and their respective shareholders allow us to (i) direct the activities of the VIEs, (ii) receive
substantially all of the economic benefits of the VIEs, and (iii) have an exclusive option to purchase all or part of the equity interests
in the VIEs when and to the extent permitted by PRC law.
As
a result of our direct ownership in our WFOE and the contractual arrangements with the VIEs, we are regarded as the primary beneficiary
of the VIEs, and we treat them and their subsidiaries as the consolidated VIEs under U.S. GAAP. We have consolidated the financial results
of the VIEs and their subsidiaries in our consolidated financial statements in accordance with U.S. GAAP
for
accounting purposes
.
Agreements
that enable us to direct the activities of the VIEs
Proxy
Agreement and Power of Attorney.
Pursuant to the amended and restated proxy agreement and power of attorney, dated March 15, 2023,
among our WFOE, Yunji Preferred and the shareholders of Yunji Preferred, each of the shareholders of Yunji Preferred has executed a power
of attorney to irrevocably authorize our WFOE, or any person designated by our WFOE, to act as its attorney-in-fact to exercise all of
its rights as a shareholder of Yunji Preferred, including, but not limited to, the right to (i) convene and attend shareholders'
meetings, (ii) sign and deliver written resolutions on behalf of such shareholder, (iii) vote on any resolution that requires shareholders
to vote, such as the sale, transfer and disposal of all or part of the assets owned by a shareholder, and (iv) sell, transfer, pledge
or dispose all or part of a shareholder's equity interests in Yunji Preferred. The powers of attorney will remain effective until
such shareholder ceases to be a shareholder of Yunji Preferred or otherwise instructed by our WFOE.
On
October 23, 2020, our WFOE, Hangzhou Chuanchou and the shareholder of Hangzhou Chuanchou entered into a proxy agreement and power of
attorney, and the shareholder of Hangzhou Chuanchou executed a power of attorney, which contained terms substantially similar to the
proxy agreement and power of attorney by and among our WFOE, Yunji Preferred and the shareholders of Yunji Preferred described above.
Equity
Interest Pledge Agreements.
Pursuant to the amended and restated equity interest pledge agreement, dated March 15, 2023, among our
WFOE, Yunji Preferred and the shareholders of Yunji Preferred, the shareholders of Yunji Preferred have pledged 100% equity interests
in Yunji Preferred to our WFOE to guarantee performance by the shareholders of their obligations under the exclusive option agreement,
the exclusive service agreement, the proxy agreement and power of attorney, as well as the performance by Yunji Preferred of its obligations
under the exclusive option agreement and the exclusive service agreement. In the event of a breach by Yunji Preferred or any of its shareholders
of contractual obligations under these contractual arrangements, our WFOE, as pledgee, will have the right to dispose of the pledged
equity interests in Yunji Preferred and will have priority in receiving the proceeds from such disposal. The shareholders of Yunji Preferred
also covenant that, without the prior written consent of our WFOE, they will not dispose of, create or allow any encumbrance on the pledged
equity interests. The equity interest pledge agreement will remain effective until the pledges are released.
115
On
October 23, 2020, our WFOE, Hangzhou Chuanchou and the shareholder of Hangzhou Chuanchou entered into an equity interest pledge agreement,
which contained terms substantially similar to the equity interest pledge agreement by and among our WFOE, Yunji Preferred and the shareholders
of Yunji Preferred described above.
We
have completed the registration of the equity interests pledged under the amended and restated equity interest pledge agreements in relation
to each of Yunji Preferred and Hangzhou Chuanchou with the local office of the State Administration of Market Regulation.
Agreements
that allow us to receive economic benefits from the VIEs
Exclusive
Service Agreements.
Pursuant to the amended and restated exclusive service agreement, dated March 15, 2023, between our WFOE and
Yunji Preferred, our WFOE has the exclusive right to provide Yunji Preferred with operational supports as well as consulting and technical
services required by Yunji Preferred's business. Without our WFOE's prior written consent, Yunji Preferred may not accept
the same or similar operational supports as well as consulting and technical services provided by any third party during the term of
the agreement. Yunji Preferred agrees to pay our WFOE service fees at an amount determined by our WFOE in its sole discretion, which
should be paid within ten business days upon receipt of invoice from our WFOE. Our WFOE has the exclusive ownership of all the intellectual
property rights created as a result of the performance of the exclusive service agreement. To guarantee Yunji Preferred's performance
of its obligations thereunder, the shareholders of Yunji Preferred have pledged all of their equity interests in Yunji Preferred to our
WFOE pursuant to the equity interest pledge agreement. The exclusive service agreement has an initial term of ten years and shall automatically
renew at the end of each term for a further term of ten years, unless otherwise terminated by our WFOE in its sole discretion with 30
days' prior written notice.
On
October 23, 2020, our WFOE and Hangzhou Chuanchou entered into an exclusive service agreement, which contains terms substantially similar
to the exclusive service agreement between our WFOE and Yunji Preferred described above.
Agreements
that provide us with the option to purchase the equity interests in and assets of the VIEs
Exclusive
Option Agreements.
Pursuant to the amended and restated exclusive option agreement, dated March 15, 2023, among our WFOE, Yunji Preferred
and the shareholders of Yunji Preferred, each of the shareholders has irrevocably granted our WFOE an exclusive option to purchase all
or part of its equity interests in Yunji Preferred, and Yunji Preferred has irrevocably granted our WFOE an exclusive option to purchase
all or part of its assets. Our WFOE may exercise such options at a price equal to the loan provided by our WFOE to the shareholders of
Yunji Preferred, which price may be adjusted based on the proportion of the equity interests or assets to be transferred. Yunji Preferred
and the shareholders of Yunji Preferred covenant that, without our WFOE's prior written consent, they will not, among other things,
(i) create any pledge or encumbrance on their equity interests in Yunji Preferred, other than those created under the equity interest
pledge agreement, (ii) transfer or otherwise dispose of their equity interests in Yunji Preferred, (iii) change Yunji Preferred's
registered capital, (iv) amend Yunji Preferred's articles of association, (v) dispose any assets of Yunji Preferred or enter into
any material contract (except in the ordinary course of business), or (vi) merge Yunji Preferred with any other entity. The exclusive
option agreement has an initial term of ten years and shall automatically renew at the end of each term for a further term of ten years,
unless otherwise terminated by our WFOE in its sole discretion with ten days' prior written notice.
On
October 23, 2020, our WFOE, Hangzhou Chuanchou and the shareholder of Hangzhou Chuanchou entered into an exclusive option agreement,
which contained terms substantially similar to the exclusive option agreement by and among our WFOE, Yunji Preferred and the shareholders
of Yunji Preferred described above, except that our WFOE may exercise the options to purchase the equity interests and assets of Hangzhou
Chuanchou at the price of RMB1.00 or the lowest price permitted under applicable PRC law.
Loan
Agreement.
Pursuant to the loan agreement, dated March 15, 2023, between our WFOE and the shareholders of Yunji Preferred, our WFOE
made loans in an aggregate amount of RMB50.5 million to the shareholders of Yunji Preferred for the sole purpose of making capital contribution
to Yunji Preferred. The shareholders of Yunji Preferred can only repay the loans by the sale of all or part of their equity interests
in Yunji Preferred to our WFOE or its designated person pursuant to the amended and restated exclusive option agreement, and, to the
extent permitted under PRC law, pay all of the proceeds from sale of such equity interests to our WFOE. In the event that the shareholders
of Yunji Preferred sell their equity interests in Yunji Preferred to our WFOE or its designated person at a purchase price equal to or
less than the principal amount of the loans, the loans will be interest free and the loans shall be deemed to be duly repaid. If the
purchase price is higher than the principal amount of the loans, the excess amount will be deemed as interest on the loans and shall
be paid to our WFOE. The term of the loan agreement is ten years from the date of the loan agreement, which may be extended upon mutual
agreement.
116
Spousal
Consent Letters.
The spouses of the shareholders of Yunji Preferred have each signed a spousal consent letter agreeing that the equity
interests in Yunji Preferred held by and registered under the name of the respective shareholders will be disposed pursuant to the contractual
agreements with our WFOE. Each spouse agreed not to assert any rights over the equity interest in Yunji Preferred held by the respective
shareholder. Mr. Wenwei Shu, the sole shareholder of Hangzhou Chuanchou has no spouse yet.
In
the opinion of Han Kun Law Offices, our PRC legal counsel:
●
the structures of the VIEs in China and our WFOE are not in violation of applicable
                                            PRC laws and regulations currently in effect; and
●
the
                                            contractual arrangements between our WFOE, the VIEs and their respective shareholders governed
                                            by PRC law are valid, binding and enforceable, and will not result in any violation of applicable
                                            PRC laws and regulations currently in effect.
However,
our PRC legal counsel has also advised us that there are substantial uncertainties regarding the interpretation and application of
current and future PRC laws, regulations and rules. Accordingly, the PRC regulatory authorities may take a view that is contrary to
the opinion of our PRC legal counsel. It is uncertain whether any new PRC laws or regulations relating to variable interest entity
structures will be adopted or if adopted, what they would provide. If we or any of the VIEs are found to be in violation of any
existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC
regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See "Item 3.
Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—
If
the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC
regulations relating to 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, and our ADSs may
decline in value or become worthless
." and "Item 3. Key Information—D. Risk Factors—Risks Related to
Doing Business in China—There are uncertainties regarding the interpretation and enforcement of PRC laws, rules and
regulations."
D.
Property, Plant and Equipment
We
are headquartered in Hangzhou, China and have leased an aggregate of approximately 6,153 square meters of office space in Hangzhou. We
also own an aggregate of approximately 4,259 square meters of office space in Hangzhou, which we bought on June 28, 2021 with total consideration
of RMB161.9 million paid separately in 2021 and 2022 and we moved into the office space in the second quarter of 2023. As of the date
of this annual report, we have also leased an aggregate of approximately 1,100 square meters of office space in Shenzhen, China.
As
of December 31, 2023, warehouse facilities in our fulfillment network included two central warehouse and six regional warehouses in China.
We engage third-party vendors for all of our warehouse facilities in eight cities with an aggregate floor area of approximately 35,000
square meters, including providing physical space for such facilities and operating the day-to-day activities of such facilities.
We
will adjust our fulfillment infrastructure as needed over the next several years to accommodate our future business expansion plans,
improve logistic efficiency and enhance customer experience.
Item
4A. UNRESOLVED STAFF COMMENTS
None.
117
Item
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
You
should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated
financial statements and the related notes included elsewhere in this annual report on Form 20-F. This discussion may contain forward-looking
statements based upon current expectations that involve risks and uncertainties. Our 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 on Form 20-F.
A.
Operating Results
We
operate a social e-commerce platform in China using a membership-based model that leverages the power of social interaction. We offer
high-quality products at attractive prices and incentivize our members to promote our platform and share our products with their social
contacts. We generate our revenues mainly by selling the products on our platform to users, including members and non-member users, and
earning commissions on the sales of products by third-party merchants on our platform under our marketplace business that launched in
the first quarter of 2019.
Our
total revenues were RMB2,155.4 million, RMB1,154.1 million and RMB640.2 million (US$90.2 million) in 2021, 2022 and 2023,
respectively. We recorded net income of RMB132.3 million in 2021, net loss of RMB138.4 million in 2022, and net loss of
RMB165.1 million (US$23.3 million) in 2023.
Key
Factors Affecting Our Results of Operations
Our
results of operations and financial condition are affected by the general factors affecting China's retail industry, including,
among others, China's overall economic growth, the increase in per capita disposable income, the growth in consumer spending and
consumption upgrade, and the competitive environment in China. In addition, they are also affected by factors driving online retail in
China, such as the growing number of online shoppers, the improved logistics infrastructure and the increasing adoption of mobile payments.
Unfavorable changes in any of these general factors could materially and adversely affect our results of operations.
While
our business is influenced by general factors affecting our industry, our results of operations are more directly affected by company
specific factors, including the following major factors:
Our
ability to engage and retain members and users and increase their activities
Engaging
and retaining users have been one of our key focuses since our inception. We measure our effectiveness in engaging and retaining users through the key performance indicator of average spending per buyer, which
is calculated by dividing total GMV in that period by the number of buyers in the same period. We believe this metric more accurately
reflects our ability to increase member and user activities and loyalty and bring value to members and users through carefully curated
products, compared to other metrics we historically used such as number of buyers and number of orders fulfilled. Our average spending
per buyer was RMB1,975, RMB1,658 and RMB1,195 in 2021, 2022 and 2023, respectively. Our average spending per buyer decreased from 2021
to 2023, primarily due to the negative impact of COVID-19 on the Chinese economy in 2022 which led to a reduction in consumer demand,
as individuals focused on stockpiling essential goods with lower unit prices. Furthermore, the pandemic influenced consumer confidence
and altered consumption habits.
118
Our
ability to engage and retain users and increase user activities and loyalty depends on our ability to continue to offer carefully
curated authentic products at attractive prices, provide superior shopping and social experience, and promote and enhance community
value among members and other users. We rely on word-of-mouth referrals via our members' social networks and both online and
offline interactive events to attract and retain users and members. Only when our members are satisfied with the products and experience on our platform, would they stay
active on our platform, and in turn promote our products and recommend platform to their family, friends and other social contacts.
To keep our user base engaged, we have implemented a distinctive product offering strategy whereby we offer broad coverage of
product categories with an aim of catering to the various daily needs of users and their households, but carefully select items
within each category meeting the preferences of users with attractive pricing, and we design our sales formats to meet our
members' evolving needs and preferences. We also facilitate communications among members based on geographical location or
shared interest. Furthermore, we provide incentives and organize campaign activities to enhance user activities.
Our
ability to manage product offerings and supply chain
Our
results of operations are also affected by whether we can successfully implement our product selection strategy and manage our product
offerings. We offer broad coverage of product categories to cater to the various daily needs of our users and their households, but provide
carefully curated items within each category to meet the preferences of our users. In December 2023, we offered an average of 5,785 SPUs
on our platform on a daily basis, including products of mainstream brands, emerging brands and our own brands. We review and continually monitor the performance of each SPU, supplier
and third-party merchant, and carefully manage the mix of products we offer, based on a number of metrics such as the preferences of
users, revenue contribution and margin.
We
make continual efforts to maintain and improve an efficient cost structure and create incentives for our suppliers and third-party merchants
to provide us and our members with competitive prices. We strive to obtain more favorable terms from suppliers, including pricing terms
and volume-based rebates.
Our
ability to manage our mix of product and service offerings
Our
results of operations are also affected by the mix of products and services we offer. We commenced our e-commerce business by primarily
selling products directly on our platform to users, including both members and non-members.
We
launched our marketplace business in the first quarter of 2019 whereby third-party merchants can sell products on our platform and pay
us commissions on their sales. We offer a wide range of products and services and aim to provide one-stop shopping to maximize our wallet
share. Our mix of products and services also affects our gross margin. Revenues generated under the marketplace business were recognized
on a net basis, while revenues generated under our merchandise sales business were recognized on a gross basis. The split between our
merchandise sales business and our marketplace business thus has a major influence on our revenue and our gross margins.
Our
ability to conduct sales and marketing efficiently
We leverage our
members' social networking activities to conduct sales and marketing efficiently. We provide incentives to members for
promoting our products and inviting new members through their social networks, and the referral incentives are recorded as reduction
of our revenues. We outsource some member services to third-party service companies, which select, hire and train service managers
to provide the services. Most of the service managers are members. We pay member management fees to the third-party service
companies for their product sales facilitation services. The member management fees have accounted for the substantial majority of
our sales and marketing expenses.
119
Our
ability to fulfill orders cost-effectively
Our
results of operations depend in part on our ability to fulfill orders quickly and accurately, as it is an important part of a compelling
customer experience. We provide centralized and comprehensive fulfillment and customer service to users primarily through collaboration
with contracted third-party vendors. As of December 31, 2023, warehouse facilities in our fulfillment network included two central warehouse
and six regional warehouses, with an aggregate gross floor area of approximately 35,000 square meters in eight cities. In the first quarter
of 2019, we launched our marketplace business, allowing third-party merchants to sell their products on our platform and pay commissions
on their sales to us. Unlike our merchandise sales business where we handle the fulfillment process for the products sold, substantially
all of the third-party merchants under our marketplace business handle the fulfillment logistics for their products sold on our platform,
thereby lessening the demand for our fulfillment services. We have primarily relied on third-party logistics service providers to operate
the warehouses and provide last-mile delivery, and third-party online payment platforms to provide various payment options.
Key
Components of Results of Operations
Revenues
Revenues
are comprised of sale of merchandise, net, marketplace revenue and other revenues. The following table sets forth the components of our
revenues by amounts and percentages of our total revenues for the periods presented:
For the Year Ended December 31,
2021
2022
2023
RMB
%
RMB
%
RMB
US$
%
(in thousands, except for percentages)
Revenues:
Sale of merchandise, net
1,798,882
83.5
965,796
83.7
500,651
70,515
78.2
Marketplace revenue
321,844
14.9
170,561
14.8
130,188
18,337
20.3
Other revenues
(1)
34,635
1.6
17,757
1.5
9,370
1,320
1.5
Total
2,155,361
100.0
1,154,114
100.0
640,209
90,172
100.0
Notes:
(1)
Starting from 2021, revenue from membership program is combined
into other revenues and is no longer a separate revenue line. Revenue breakdown for previous years presented in this annual report have
been adjusted to be presented in the same manner.
120
Revenues
generated from sales of most products on our platform are recorded as revenues from sale of merchandise, net of discounts, coupons, referral
incentives provided to members, return allowances and VAT. We acquire products from suppliers and sell them to users. For our private
label products, we acquire products from suppliers and sell them to users both on our platform and through external channels. We expect
revenues generated from sale of merchandise will continue to account for a majority of our total revenues.
In
the first quarter of 2019, we launched our marketplace business, allowing third-party merchants to sell their products on the platform
and pay commissions on their sales to us. The revenues from the marketplace business are recognized on a net basis.
Other
revenues include revenues from membership program and revenues earned on net basis from sales of certain products on our platform,
such as air tickets. We earn membership fees from our members, who pay a fixed fee in exchange for (1) a package of selected
products, (2) the right to receive member exclusive discounts for products sold on our flagship Yunji app, (3) access rights to our
flagship Yunji app and its member-exclusive features, (4) the right to receive units of Yun-coin upon a successful new member
referral, (5) member exclusive training, and (6) certain units of Yun-coin. Yun-coin can only be used as credits when making
purchases on our platform, with one unit of Yun-coin representing RMB1.00. Yun-coins cannot be redeemed for cash. Members may
transfer Yun-coins to others for free. Starting in January 2020, we refined our membership enrollment system by allowing any user to
become a member and enjoy membership benefits free of charge for one year by simply registering for an account on the Yunji app. If
the user meets a certain cumulative spending threshold or certain other requirements during the initial one-year period, the user
may extend his or her membership for an extra year. We have ceased allowing users to become members free of charge since April 2021.
From April 2021 to September 2022, we  required new users and renewing members to pay an annual membership fee to become or
continue as a member and enjoy membership benefits. Starting from October 2022, one can become a member of our
platform by accepting invitation from existing members. In addition, members who joined through purchasing a membership
package are now referred to as our diamond members and enjoy free lifelong membership and membership benefits.
Operating
Cost and Expenses
Operating
cost and expenses consist primarily of cost of revenues, fulfillment expenses, sales and marketing expenses, research and development
expenses, and general and administrative expenses. The following table sets forth the components of our operating expenses by amounts
and percentages of total revenues for the periods presented:
For the Year Ended December 31,
2021
2022
2023
RMB
%
RMB
%
RMB
US$
%
(in thousands, except for percentages)
Operating Cost and Expenses:
Cost of revenues
1,343,386
62.3
651,578
56.5
332,774
46,870
52.0
Fulfillment
202,026
9.4
160,680
13.9
107,472
15,137
16.8
Sales and marketing
296,049
13.7
214,783
18.6
121,039
17,048
18.9
Technology and content
124,854
5.8
81,382
7.1
53,490
7,534
8.4
General and administrative
226,110
10.5
145,857
12.6
120,951
17,036
18.9
Total
2,192,425
101.7
1,254,280
108.7
735,726
103,625
114.9
121
Cost
of revenues.
Cost of revenues consists of purchase price of merchandise, inbound shipping charges, write-downs of inventory and member
training costs. Inbound shipping charges to receive merchandise from suppliers are included in the inventories, and recognized as cost
of revenues upon sale of the merchandise to the customers.
Fulfillment
expenses.
Fulfillment expenses represent packaging material costs and those costs incurred in outbound shipping, operating and staffing
our fulfillment and customer service centers, including costs attributable to buying, receiving, inspecting and warehousing inventories,
picking, packaging and preparing customer orders for shipment, processing payment and related transaction costs and responding to inquiries
from customers, depreciation expenses, payroll costs including share-based compensation expenses, and other daily expenses which are
related to the purchasing functions. Fulfillment costs also contain third-party payment transaction fees, such as bank card processing
and debit card processing fees.
Sales
and marketing expenses.
Sales and marketing expenses comprise primarily of member management fees, promotion expenses, marketplace
coupons, payroll costs including share-based compensation expenses, depreciation expenses and other daily expenses which are related
to the sales and marketing functions. We engage third-party vendors to provide member management services, which are ultimately performed
by service managers who enter into employment contracts with the third-party vendors. Certain of our members (customers) have been engaged
by third-party vendors to serve as service managers. We have concluded that the member management services provided by the service managers,
including those who are also members, are for distinct services at fair value, and records the member management fees paid to the third-party
vendors as sales and marketing expenses.
Technology
and content expenses.
Technology and content expenses are expensed as incurred and primarily consist of payroll costs including share-based
compensation expenses, rental expenses, costs associated with the computing, storage and telecommunications infrastructure for internal
use that support our system and the services of our apps and other expenses related to the technology and content functions, which are
responsible for technology research and development and content editing. We account 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. Costs capitalized for developing such software application were not material for the periods presented in this annual report.
General
and administrative expenses.
General and administrative expenses consist of payroll costs including share-based compensation expenses
and other expenses which are related to the general corporate functions, including accounting, finance, tax, legal and human relations,
costs associated with use by these functions of facilities and equipment, such as depreciation expenses, rental and other general corporate
related expenses.
Taxation
Cayman
Islands
The
Cayman Islands currently levies no taxes on corporations based upon profits, income, gains or appreciation. 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 after execution brought within the jurisdiction of the Cayman Islands. There are no exchange control regulations or currency
restrictions in the Cayman Islands. In addition, the Cayman Islands does not impose withholding tax on dividend payments.
Hong
Kong
Our
subsidiary incorporated in Hong Kong, Yunji Hong Kong Limited, is subject to 16.5% Hong Kong profit tax on their taxable income generated
from operations in Hong Kong. Under the Hong Kong tax laws, we are exempted from the Hong Kong income tax on our foreign-derived income.
In addition, payments of dividends from our Hong Kong subsidiary to us are not subject to any Hong Kong withholding tax. No provision
for Hong Kong profits tax was made as we had no estimated assessable profit that was subject to Hong Kong profits tax during 2016 and
2017.
122
PRC
In
accordance with PRC Enterprise Income Tax Law, foreign-invested enterprises and domestic companies are subject to enterprise income tax
on their taxable income at a statutory rate of 25%, subject to preferential tax treatments available to qualified enterprises in certain
encouraged sectors of the economy. In accordance with the implementation rules of PRC Enterprise Income Tax Law, a qualified "High
and New Technology Enterprise" is eligible for a preferential tax rate of 15%. The "High and New Technology Enterprise"
certificate is effective for a period of three years. An entity may re-apply for the "High and New Technology Enterprise"
certificate when the prior certificate expires.
Jishang
Preferred obtained its "High and New Technology Enterprise" certificate on November 30, 2018. Therefore, Jishang Preferred
is eligible to enjoy a preferential tax rate of 15% from 2018 to 2020 to the extent it has taxable income under the PRC Enterprise Income
Tax Law, as long as it maintains the "High and New Technology Enterprise" qualification and duly conducts relevant tax filing
procedures with the relevant tax authority. From July 2019, Jishang Preferred started to function as a procurement company within the
Group and is not able to continue its status as an "High and New Technology Enterprise" to enjoy a preferential tax rate
of 15% since 2019.
Our
other PRC subsidiaries, the VIEs and their subsidiaries are subject to the statutory income tax rate of 25%.
In
accordance with the laws and regulations promulgated by the State Administration of Taxation effective from 2008 onwards, enterprises
engaging in research and development activities are entitled to claim 150% of their qualified research and development expenses so incurred
as tax deductible expenses when determining their assessable profits for the year. The additional deduction of 50% of qualified research
and development expenses can only be claimed directly in the annual tax filing and subject to the approval from the tax authorities.
Effective from 2018 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their qualified
research and development expenses so incurred as tax deductible expenses. The additional deduction of 75% of qualified research and development
expenses can be directly claimed in the annual tax filing.
We
are subject to value-added tax rate of 13% on our sales of products (which was 16% prior to April 1, 2019), and 6% on the services provided
to members (such as technology support, product promotion consulting and support, online training, customer service and order fulfillment),
in each case less any deductible value-added tax we have already paid or borne. While we generate a portion of our revenues by selling
products to end users through member referrals, such referrals are treated as if selling products to members while the members being
deemed as selling products to end users on a consignment basis under PRC tax law. We are also subject to surcharges on value-added tax
payments in accordance with the PRC tax law.
Dividends
paid by our WFOE 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 China and the Hong Kong Special Administrative Region on
the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income and Capital and receives approval from
the relevant tax authority. If our Hong Kong subsidiary satisfies all the requirements under the tax arrangement and receives approval
from the relevant tax authority, then the dividends paid to the Hong Kong subsidiary would be subject to withholding tax at the standard
rate of 5%. Effective from November 1, 2015, the above mentioned approval requirement has been abolished, but a Hong Kong entity is still
required to file application package with the relevant tax authority, and settle the overdue taxes if the preferential 5% tax rate is
denied based on the subsequent review of the application package by the relevant tax authority. See "Item 3. Key Information—D.
Risk Factors—Risks Related to Doing Business in China—We may rely on dividends and other distributions on equity paid by
our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries
to make payments to us could have a material and adverse effect on our ability to conduct our business."
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%. See "Item
3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—If we are classified as a PRC resident
enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders
or ADS holders."
123
Results
of Operations
The
following table sets forth a summary of our consolidated results of operations for the periods presented, both in absolute amount and
as a percentage of our total revenues for the periods presented. This information should be read together with our consolidated financial
statements and related notes included elsewhere in this annual report. The results of operations in any period are not necessarily indicative
of our future trends.
For the Year Ended December 31,
2021
2022
2023
RMB
RMB
RMB
US$
(In thousands, except for per share data)
Consolidated Statements of Operations Data:
Revenues:
Sale of merchandise, net
1,798,882
965,796
500,651
70,515
Marketplace revenue
321,844
170,561
130,188
18,337
Other revenues
(1)
34,635
17,757
9,370
1,320
Total revenues
2,155,361
1,154,114
640,209
90,172
Operating cost and expenses
(2)
:
Cost of revenues
(1,343,386
)
(651,578
)
(332,774
)
(46,870
)
Fulfillment
(202,026
)
(160,680
)
(107,472
)
(15,137
)
Sales and marketing
(296,049
)
(214,783
)
(121,039
)
(17,048
)
Technology and content
(124,854
)
(81,382
)
(53,490
)
(7,534
)
General and administrative
(226,110
)
(145,857
)
(120,951
)
(17,036
)
Total operating cost and expenses
(2,192,425
)
(1,254,280
)
(735,726
)
(103,625
)
Other Operating Income
(3)
54,416
21,599
14,898
2,098
Income/(Loss) from operations
17,352
(78,567
)
(80,619
)
(11,355
)
Financial income/(expense), net
80,061
(14,356
)
(60,226
)
(8,483
)
Foreign exchange loss, net
(1,300
)
(15,697
)
(6,743
)
(950
)
Other non-operating income/(loss), net
112,909
2,072
(2,405
)
(339
)
Income/(loss) before income tax expense, and equity in income of affiliates, net of tax
209,022
(106,548
)
(149,993
)
(21,127
)
Income tax expense
(60,501
)
(24,791
)
(7,851
)
(1,106
)
Equity in loss of affiliates, net of tax
(16,237
)
(7,051
)
(7,276
)
(1,025
)
Net income/(loss)
132,284
(138,390
)
(165,120
)
(23,258
)
Notes:
(1)
Starting from 2021, revenue from membership program is combined
into other revenues and is no longer a separate revenue line. Revenue breakdown for previous years presented in this annual report have
been adjusted to be presented in the same manner.
(2)
Share-based compensation expenses were allocated as follows:
For the Year Ended December 31,
2021
2022
2023
RMB
RMB
RMB
US$
(In thousands)
Sales and marketing
1,550
539
(417
)
(59
)
Technology and content
4,378
4,388
1,554
219
General and administrative
49,052
23,994
503
71
Fulfillment
930
1,229
(2,525
)
(356
)
Total
55,910
30,150
(885
)
(125
)
(3)
Starting from 2020, we present government grants, which are
received from local government to support and reward our ongoing business and operations, as other operating income instead of other
non-operating (loss)/income, net.
124
Year
ended December 31, 2023 compared to year ended December 31, 2022
Revenues
Our
revenues decreased by 44.5% from RMB1,154.1 million in 2022 to RMB640.2 million (US$90.2 million) in 2023, primarily due to soft consumer
confidence and our continued strategy to refine our product selection across all categories and optimize our selection of suppliers and
merchants, which had a near-term impact on sales.
Our
average spending per buyer decreased from RMB1,658 in 2022 to RMB1,195 in 2023, primarily due to the negative impact of soft consumer
confidence and consumers were more inclined to stock up on necessities with lower unit prices.
●
Revenue
                                            from sale of merchandise, net
. Our revenue from sale of merchandise, net decreased by
                                            48.2% from RMB965.8 million in 2022 to RMB500.7 million (US$70.5 million) in 2023, primarily
                                            due to our decision to upgrade our strategy to refine our product selection across all categories
                                            as well as the negative impact of soft consumer confidence.
●
Revenue
                                            from marketplace business
. Revenue from the marketplace business decreased by 23.7% from
                                            RMB170.6 million in 2022 to RMB130.2 million (US$18.3 million) in 2023, primarily due to
                                            our decision to upgrade our strategy to refine our product selection across all categories
                                            as well as the negative impact of soft consumer confidence.
●
Other
                                            revenues
. Other revenues decreased by 47.5% from RMB17.7 million in 2022 to RMB9.3 million
                                            (US$1.4 million) in 2023.
Operating
cost and expenses
Our
total operating cost and expenses decreased by 41.3% from RMB1,254.3 million in 2022 to RMB735.8 million (US$103.7 million) in 2023.
This decrease was due to decreases in all of our operating cost and expenses line items.
●
Cost
                                            of revenues
. Our cost of revenues decreased by 48.9% from RMB651.6 million, representing
                                            56.5% of our total revenues, in 2022 to RMB332.8 million (US$46.9 million), representing
                                            52.0% of our total revenues, in 2023, which was mainly attributable to the change in merchandise
                                            sales, for which revenues and cost of revenues are recognized on a gross basis.
●
Fulfillment
                                            expenses
. Our fulfillment expenses decreased by 33.1% from RMB160.7 million, representing
                                            13.9% of our total revenues, in 2022 to RMB107.5 million (US$15.1 million), representing
                                            16.8% of our total revenues, in 2023. This decrease was primarily attributable to (i) reduced
                                            warehousing and logistics expenses due to lower merchandise sales, (ii) reduced personnel
                                            costs as a result of staffing structure refinements, and (iii) decreased service fees charged
                                            by third-party payment settlement platforms.
●
Sales
                                            and marketing expenses
. Our sales and marketing expenses decreased by 43.6% from RMB214.8
                                            million, representing 18.6% of our total revenues, in 2022 to RMB121.0 million (US$17.1 million),
                                            representing 18.9% of our total revenues, in 2023. The decrease in sales and marketing expenses
                                            was primarily attributable to (i) a decrease in member management fees, and (ii) reduced
                                            business promotion expenses.
●
Technology
                                            and content expenses
. Our technology and content expenses decreased by 34.3% from RMB81.4
                                            million, representing 7.1% of our total revenues, in 2022 to RMB53.5 million (US$7.5 million),
                                            representing 8.4% of our total revenues, in 2023, primarily due to (i) the reduction in personnel
                                            costs as a result of staffing structure refinements, and (ii) reduced server costs.
●
General
                                            and administrative expenses
. Our general and administrative expenses decreased by 17.1%
                                            from RMB145.9 million, representing 12.6% of our total revenues, in 2022 to RMB121.0 million
                                            (US$17.1 million), representing 18.9% of our total revenues, in 2023. The decrease was primarily
                                            attributable to the reduction in personnel costs as a result of staffing structure refinements
                                            and share-based compensation expenses, partially offset by an increase in the allowance for
                                            credit losses.
125
Loss
from operations
Our
loss from operations was RMB80.6 million (US$11.4 million) in 2023, compared to RMB78.6 million in 2022 as a result of a decrease in
revenues, partially offset by improvements in our operating efficiency and increased gross margin.
Financial
expense, net
Our
financial expense, net was RMB60.2 million (US$8.5 million) in 2023, compared to RMB14.4 million in 2022 as a result of a decrease in
fair value changes of equity securities investments.
Foreign
exchange loss, net
We
recorded foreign exchange loss, net of RMB6.7 million (US$950 thousand) in 2023, compared to RMB15.7 million in 2022, as a result of
fluctuations of the exchange rates of Renminbi against U.S. dollars.
Other
non-operating (loss)/income, net
We
recorded other non-operating loss, net of RMB2.4 million (US$339 thousand) in 2023, compared to other non-operating income, net of RMB2.1
million in 2022.
Income
tax expense
We
recorded income tax expense of RMB7.9 million (US$1.1 million) in 2023, compared to income tax expense of RMB24.8 million in 2022, primarily
due to the decrease in our income before income tax expense.
Net
loss
As
a result of the foregoing, we recorded net loss of RMB165.1 million (US$23.3 million) in 2023, compared to RMB138.4 million in 2022.
Year
ended December 31, 2022 compared to year ended December 31, 2021
Revenues
Our
revenues decreased by 46.5% from RMB2,155.4 million in 2021 to RMB1,154.1 million in 2022, primarily due to decreases in both our revenue
from sale of merchandise and revenue from marketplace business, which were primarily driven by our decision to upgrade our strategy to
refine our product selection across all categories as well as the negative impact of the outbreaks of the highly transmissible Delta
and Omicron variants of COVID-19 in 2022 on our operations. In line with our long-term growth strategy to focus on profitability, we
optimized our selection of suppliers and merchants across our platform, which caused sales decreases in both marketplace business and
merchandise sales.
Our
average spending per buyer decreased from RMB1,975 in 2021 to RMB1,658 in 2022, primarily due to the negative impact of COVID-19 on the
Chinese economy in 2022 which led to reduced consumer demand and consumers were more inclined to stock up on necessities with lower unit
prices.
●
Revenue
                                            from sale of merchandise, net
. Our revenue from sale of merchandise, net decreased by
                                            46.3% from RMB1,798.9 million in 2021 to RMB965.8 million in 2022, primarily due to our decision
                                            to upgrade our strategy to refine our product selection across all categories as well as
                                            the negative impact of COVID-19 outbreak in 2022 on our operations as discussed above.
●
Revenue
                                            from marketplace business
. Revenue from the marketplace business decreased by 47.0% from
                                            RMB321.8 million in 2021 to RMB170.6 million in 2022, primarily due to due to our decision
                                            to upgrade our strategy to refine our product selection across all categories as well as
                                            the negative impact of COVID-19 outbreak in 2022 on our operations as discussed above.
126
●
Other
                                            revenues
. Other revenues decreased by 48.8% from RMB34.6 million in 2021 to RMB17.7 million
                                            in 2022.
Operating
cost and expenses
Our
total operating cost and expenses decreased by 42.8% from RMB2,192.4 million in 2021 to RMB1,254.3 million in 2022. This decrease was
due to decreases in all of our operating cost and expenses line items.
●
Cost
                                            of revenues
. Our cost of revenues decreased by 51.5% from RMB1,343.4 million, representing
                                            62.3% of our total revenues, in 2021 to RMB651.6 million, representing 56.5% of our total
                                            revenues, in 2022, which was mainly attributable to the decline in merchandise sales, for
                                            which revenues are recognized on a gross basis. Total cost of revenues was mainly comprised
                                            of the costs related to the sales of merchandise.
●
Fulfillment
                                            expenses
. Our fulfillment expenses decreased by 20.5% from RMB202.0 million, representing
                                            9.4% of our total revenues, in 2021 to RMB160.7 million, representing 13.9% of our total
                                            revenues, in 2022. This decrease was primarily attributable to (i) reduced warehousing and
                                            logistics expenses due to lower merchandise sales, and (ii) decreased service fees charged
                                            by third-party payment settlement platforms.
●
Sales
                                            and marketing expenses
. Our sales and marketing expenses decreased by 27.5% from RMB296.0
                                            million, representing 13.7% of our total revenues, in 2021 to RMB214.8 million, representing
                                            18.6% of our total revenues, in 2022. The decrease in sales and marketing expenses was primarily
                                            attributable to (i) the reduction in personnel costs as a result of staffing structure refinements,
                                            (ii) a decrease in member management fees, and (iii) a decrease in marketplace business platform
                                            promotion expenses, partially offset by an increase in private label promotion expenses.
●
Technology
                                            and content expenses
. Our technology and content expenses decreased by 34.8% from RMB124.9
                                            million, representing 5.8% of our total revenues, in 2021 to RMB81.4 million, representing
                                            7.1% of our total revenues, in 2022, primarily due to (i) the reduction in personnel costs
                                            as a result of staffing structure refinements, and (ii) reduced cloud services costs.
●
General
                                            and administrative expenses
. Our general and administrative expenses decreased by 35.5%
                                            from RMB226.1 million, representing 10.5% of our total revenues, in 2021 to RMB145.9 million,
                                            representing 12.6% of our total revenues, in 2022. The decrease was primarily attributable
                                            to (i) reduced personnel costs as a result of staffing structure refinements, (ii) lower
                                            professional service fees, and (iii) a decrease in share-based compensation expenses.
Income/(loss)
from operations
Our
loss from operations was RMB78.6 million in 2022, compared to our income from operations RMB17.4 million in 2021 as a result of a decrease
in revenues, partially offset by improvements in our operating efficiency and increased gross margin.
Financial
(expense)/income, net
Our
financial expense, net was RMB14.4 million in 2022, compared to financial income, net of RMB80.1 million in 2021 as a result of a decrease
in fair value changes of equity securities investments.
Foreign
exchange loss, net
We
recorded foreign exchange loss, net of RMB15.7 million in 2022, compared to RMB1.3 million in 2021, as a result of fluctuations of the
exchange rates of Renminbi against U.S. dollars.
127
Other
non-operating (loss)/income, net
We
recorded other non-operating income, net of RMB2.1 million in 2022, compared to other non-operating income, net of RMB112.9 million in
2021.
Income
tax expense
We
recorded income tax expense of RMB24.8 million in 2022, compared to income tax expense of RMB60.5 million in 2021, primarily due to the
decrease in our income before income tax expense.
Net
income/(loss)
As
a result of the foregoing, we recorded net loss of RMB138.4 million in 2022, compared to net income of RMB132.3 million in 2021.
Revenue
recognition
We
adopted ASC Topic 606, "Revenue from Contracts with Customers," for all periods presented. Consistent with the criteria of
Topic 606, we recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration
to which we expect to receive in exchange for those goods or services.
To
achieve that core principle, we apply the five steps defined under Topic 606: (i) identify the contract(s) with a customer, (ii) identify
the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance
obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We assess its revenue
arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple
performance obligations are divided into separate distinct goods or services. We allocate the transaction price to each performance obligation
based on the relative standalone selling price of the goods or services provided. Revenue is recognized upon the transfer of control
of promised goods or services to a customer.
Revenue
is recorded net of value-added tax.
Revenue
recognition policies for each type of revenue steam are as follows:
Sales
of merchandise
We
primarily sell merchandise through its Yunji Apps. We present the revenue generated from its sales of merchandise on a gross basis as
we have control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. In making this
determination, we also assess whether it is primarily obligated in these transactions, is subject to inventory risk, has latitude in
establishing prices, or has met several but not all of these indicators. The cash collected from the sales of merchandise is initially
recorded in deferred revenue in the Consolidated Balance Sheets and subsequently recognized as revenue when the receipt of merchandise
is confirmed by the customers, which is the point that the control of the merchandise is transferred to the customer. For products sold
through independent distributors, or the distribution sales, control is transferred upon acceptance, based on the contract terms. The
revenue is recorded net of value-added tax, discounts, coupons, incentives and return allowances. Return allowances are estimated based
on historical experiences and updated at the end of each reporting period.
Marketplace
In
2019, we launched our marketplace business model, under which we operate our e-commerce platform, Yunji app, as a marketplace for third-party
merchants to sell their merchandise to the users of Yunji app. When the transactions are completed on the Yunji app, we charge merchants
commissions at their respective agreed percentage of the amount of merchandise sold by merchants. We act as an agent in these transactions
and do not control the underlying merchandise provided by merchants before they are transferred to users, as we are not responsible for
fulfilling the promise to provide the merchandise to users and have no inventory risk. In addition, we have no discretion in establishing
prices of the merchandise provided by merchants. Revenues are recognized on a net basis to the extent of the commissions we earn at the
point of users' acceptance of merchandise.
128
Remaining
performance obligations
The
remaining performance obligations associated with our sale of merchandise represent the cash collected upfront from the customers for
their purchase of merchandise on our apps, but the underlying merchandise has not yet been received by the customers, which is included
in the presentation of deferred revenue and are expected to be recognized as revenue when the receipt of merchandise is confirmed by
the customers.
The
remaining performance obligations associated with our marketplace revenue represents the portion of commissions included in the payment
collected from the users for their purchase of merchandise on the Yunji app on behalf of the merchants, but the underlying merchandise
has not yet been received by the users, which is included in the presentation of deferred revenue and are expected to be recognized as
revenue when the transactions are completed.
Other
businesses
We
offer loans to qualified customers, including the merchants, and changes an interest based on the principal through factoring arrangements.
We extend loans to merchants for their expected orders in addition to the loans to the same merchants who factored their accounts receivable
generated from their transactions completed on Yunji app with recourse. We also extend loans to unrelated customers who factored their
accounts receivable derived from their own business with recourse. We record factoring receivables, which is included in accounts receivable,
when the cash is advanced to the customers. The interests are recognized over the term of loans, normally one year or less. From cash
flow perspective, when we have legal rights to net settle the factoring receivables from merchants with its payable to merchants, we
settle the factoring receivables with the payables to the same merchant respectively, provided by the legal rights as per agreement between
the two parties.
We
also provide technical services, advertising services and membership services to customers. The service revenues mainly represent the
service fees from third parties that are recognized over the service period.
Users
Incentive Programs
We
grant certain units of Yun-coin and other coupons (collectively referred to as coupons), from time to time, to our customers at our discretion
in different situations. Yun-coins are not redeemable for cash and can be used as a coupon for the customer's future purchase on
our Yunji app. The coupons granted are not concurrent with a revenue transaction, thus not accounted for when they are granted and are
recognized as a reduction of revenue when they are applied in future sales.
Starting
from 2019, in order to promote our marketplace business, from time to time, we at our own discretion issues coupons in various forms
to users without any concurrent transactions in place or any substantive action needed from the recipient. These coupons can be used
in purchase of goods in a broad range of merchants as an immediate discount of their next purchase, some of which can only be used when
the purchase amount exceeds pre-defined threshold. We settle with the merchants in cash for the coupons used by the users. As the users
are required to make purchases of the merchants' merchandises to redeem the coupons, we recognize the amounts of redeemed coupons
as sales and marketing expenses when the purchases are made.
Inventories,
net
Inventories,
consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventory is determined
using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable
value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand,
and promotional environment. Write-downs of RMB25.7 million, RMB4.8 million and RMB9.3 million (US$1.3 million) are recorded in cost
of revenues in the consolidated statements of comprehensive (loss)/income for the years ended December 31, 2021, 2022 and 2023, respectively.
129
Share-based
Compensation
On
December 19, 2017, we adopted the 2017 Share Incentive Plan, or the 2017 Plan, which allows the compensation committee to grant options
and restricted share units to our directors and employees, and other personnel to acquire our ordinary shares at an exercise price as
determined by the compensation committee at the time of grant. The 2017 Plan was amended and restated in its entirety in March 2019,
and is referred to as the 2019 Plan. The awards granted and outstanding under the 2017 Plan survive the termination of the 2017 Plan
and remain effective and binding under the 2019 Plan. See "Item 6. Directors, Senior Management and Employees—B. Compensation
of Directors and Executive Officers—2019 Share Incentive Plan." Under the 2019 Plan, 227,401,861 ordinary shares were authorized
and reserved for issuance.
Since
adoption of the 2017 Plan, which was subsequently replaced by the 2019 Plan in March 2019, we granted options and restricted share units
to our employees. All options and restricted share units granted have a contractual term of six years from the grant date, and vest over
a period of four years of continuous service, half (1/2) of which vest upon the second anniversary of the stated vesting commencement
date and one-fourth (1/4) of the remaining will vest upon the third and fourth anniversaries of the stated vesting commencement date.
Under the 2017 Plan and the 2019 Plan, which replaced the 2017 plan in its entirety in March 2019, options are exercisable subject to
the grantee's continuous service.
We
accounted for the share based compensation costs on a straight-line bases over the requisite service period for the award based on the
fair value on their respectively grant date.
On
January 31, 2019, we granted 4,968,000 stock options and 14,925,000 restricted share units to our directors and employees.
On
May 3, 2019, we granted 720,000 stock options to certain independent directors. In addition, on May 3, 2019, we were authorized by our
board of directors to grant stock options and restricted share units to non-employees under the 2019 Plan, and granted options to purchase
an aggregate of 10,409,050 Class A ordinary shares and 3,332,040 restricted share units to non-employees by batches during the year ended
December 31, 2019.
On
January 1 2020, we granted 356,210 and 49,964,000 restricted share units to two external consultants and our employees, respectively.
In addition, on July 1, 2020, we granted 13,890,000 restricted share units to our directors and employees.
On
January 1, 2021 and February 1, 2021, we granted 29,170,000 and 26,818,000 RSUs to our employees, respectively. In addition, on February
1, 2021, we modified the exercise price and vesting schedules of certain stock options.
On
January 1, 2022 and August 1, 2022, we granted 8,690,000 and 1,160,000 RSUs to our employees, respectively.
On
February 1, 2023 and July 1, 2023, we granted 400,000 and 2,500,000 RSUs to our employees, respectively.
(a)
Options
The
following table sets forth the stock options activity for the years ended December 31, 2021, 2022 and 2023:
Number of
shares
Weighted-average exercise price
Weighted
average
remaining
contractual
term
Aggregate
intrinsic
value
US$
000'US$
Outstanding as of December 31, 2021
61,930,440
0.21
1.73
—
Granted
—
—
Forfeited
(64,980
)
0.20
Exercised
(773,640
)
0.09
Expired
—
—
Outstanding as of December 31, 2022
61,091,820
0.22
0.89
—
Granted
—
Forfeited
(173,870
)
0.23
Exercised
—
Expired
(46,562,380
)
0.09
Outstanding as of December 31, 2023
14,355,570
0.61
0.27
—
Vested and expected to vest as of December 31, 2023
14,355,570
Exercisable as of December 31, 2023
14,355,570
130
The
aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the estimated fair
value of the underlying stock at each reporting date (December 31, 2021: US$0.06, December 31, 2022: US$0.08, December 31, 2023: US$0.71).
We
use the Binominal option pricing model to estimate the fair value of stock options. The assumptions used to value our options modified
were as follow:
2021
2022
2023
Exercise price (US$)
0.0925
N/A
N/A
Exercise multiple
2.2/2.8
N/A
N/A
Risk-free interest rate
0.24%/0.33
%
N/A
N/A
Expected term (in years)
6
N/A
N/A
Expected dividend yield
0.00
%
N/A
N/A
Expected volatility
52.96%/55.13
%
N/A
N/A
Expected forfeiture rate (post-vesting)
5
%
N/A
N/A
Fair value of the underlying shares on the date of options grants (US$)
0.23
N/A
N/A
Fair value of share option (US$)
0.15
N/A
N/A
Risk-free
interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at
the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable
companies with a time horizon close to the expected expiry of the term of the options. We have never declared or paid any cash dividends
on its capital stock, and we do not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of
the options.
Share-based
compensation expense is recorded on a straight-line basis over the requisite service period, which is generally four years from the date
of grant. We recognized share-based compensation expenses of RMB20.8 million, RMB1.8 million and share-based compensation benefits of
RMB5.6 million for share options granted under the 2017 Plan and the 2019 Plan, which replaced the 2017 Plan in its entirety in March
2019, in the consolidated statements of comprehensive (loss)/income for the years ended 2021, 2022 and 2023, respectively.
As
of December 31, 2021, 2022 and 2023, there were RMB2.6 million, RMB0.6 million and RMB1.0 thousand, respectively, in total unrecognized
compensation expense, related to unvested share options, which we expect to be recognized over a weighted average period of 0.95, 0.4
and 0.08 years, respectively. The unrecognized compensation expense may be adjusted for future changes in actual forfeitures.
131
(b)
Restricted share units
A
summary of activities of the service-based restricted share units for the years ended December 31, 2021, 2022 and 2023 is presented below:
Number of
RSUs
Weighted-
Average Grant-
Date Fair Value
US$
Unvested at December 31, 2021
45,704,350
0.45
Granted
9,850,000
0.63
Vested
(10,326,250
)
Forfeited
(20,306,000
)
Unvested at December 31, 2022
24,922,100
0.45
Granted
2,900,000
0.02
Vested
(1,587,950
)
Forfeited
(11,609,400
)
Unvested at December 31, 2023
14,624,750
0.34
The
fair value of each restricted share units granted with service conditions is estimated based on the fair market value of the underlying
our ordinary shares on the date of grant.
As
of December 31, 2021, 2022 and 2023, 12,908,750 restricted share units, 10,326,250 restricted share units and 1,587,950 restricted share
units were vested. For the years ended December 31, 2021, 2022 and 2023, our total share-based compensation expenses recognized for the
restricted share units granted were RMB35.1 million, RMB28.3 million and RMB4.7 million, respectively.
As
of December 31, 2021, 2022 and 2023, there were RMB60.2 million, RMB14.6 million and RMB3.5 million in total unrecognized compensation
expense, related to unvested RSUs, which we expect to be recognized over a weighted average period of 2.55, 1.87 and 1.17 years, respectively.
Fair
Value Measurements
As
of December 31, 2022 and 2023, information about inputs into the fair value measurement of our assets and liabilities that are measured
or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:
Fair value measurement at reporting date using
Fair value as of December
31, 2022
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
RMB
RMB
RMB
RMB
Description
Assets:
Short-term investments
Time deposits
142,357
—
142,357
—
Wealth management products
69,646
—
69,646
—
Long-term investments
Equity securities with readily determinable fair value
114,843
114,843
—
—
Equity securities accounted for under alternative measurement
227,371
—
227,371
—
Total assets
554,217
114,843
439,374
—
132
Fair value measurement at reporting date using
Fair value as of December
31, 2023
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
RMB
RMB
RMB
RMB
Description
Assets:
Short-term investments
Debt securities for trading
7,195
—
7,195
—
Long-term investments
Equity securities with readily determinable fair value
37,650
37,650
—
—
Equity securities accounted for under measurement alternative
220,981
—
220,981
—
Total assets
265,826
37,650
228,176
—
When
available, we use quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available,
we will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters,
such as interest rates and currency rates. The following is a description of the valuation techniques that we use to measure the fair
value of assets that we report in our consolidated balance sheets at fair value on a recurring basis:
Short-term
investments.
Short-term investment consists of wealth management products and time deposits, which are valued by us on a recurring
basis. We value our short-term wealth management products investments held in certain banks using model-derived valuations based upon
discounted cash flow, in which significant inputs, mainly including expected return, are observable or can be derived principally from,
or corroborated by, observable market data, and accordingly, we classify the valuation techniques that use these inputs as Level 2. The
expected return of the financial products were determined based on the prevailing interest rates in the market.
Long-term
investments.
Equity securities with readily determinable fair values are measured and recorded at fair value on a recurring basis
with changes in fair value. We value these equity securities at its quoted prices in stock market, and accordingly we classify the valuation
techniques that use these inputs as Level 1.
We
use measurement alternative for recording equity investments without readily determinable fair values at cost, less impairment, adjusted
for subsequent observable price changes. Based on ASU 2016-01, entities that elect the measurement alternative will report changes in
the carrying value of the equity investments in current earnings. If measurement alternative is used, changes in the carrying value of
the equity investment will be recognized whenever there are observable price changes in orderly transactions for the identical or similar
investment of the same issuer, and impairment charges will be recorded when any impairment indicators are noted and the fair value is
lower than the carrying value. We classify the valuation techniques on investments that use similar identifiable transaction prices as
Level 2 of fair value measurements.
Recently
Issued Accounting Pronouncements
A
list of recently issued accounting pronouncements that are relevant to us is included in note 2 of our consolidated financial statements
included elsewhere in this annual report.
133
B.
Liquidity and Capital Resources
The
following table sets forth a summary of our cash flows for the periods presented:
For the Year Ended December 31,
2021
2022
2023
RMB
RMB
RMB
US$
(in thousands)
Summary Consolidated Cash Flow Data:
Net cash used in operating activities
(25,991
)
(216,822
)
(188,261
)
(26,516
)
Net cash (used in)/generated from investing activities
(513,795
)
92,565
294,035
41,414
Net cash used in financing activities
(463
)
(94,555
)
(25,334
)
(3,568
)
Effect of exchange rate changes on cash and cash equivalents
(19,763
)
45,823
7,528
1,060
Net (decrease)/increase in cash, cash equivalents and restricted cash
(560,012
)
(172,989
)
87,968
12,390
Cash, cash equivalents and restricted cash at beginning of the year
1,189,744
629,732
456,743
64,331
Cash, cash equivalents and restricted cash at end of the year
629,732
456,743
544,711
76,721
To
date, our primary sources of liquidity have been issuances of equity securities in our initial public offering and historical private
placements. As of December 31, 2023, our cash, cash equivalents and restricted cash were RMB544.7 million (US$76.7 million). Our cash
and cash equivalents consist of currency on hand, deposits held by financial institutions that can be added to or withdrawn without limitation,
and short-term, highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the
date of purchase of three months or less. Cash held in accounts with third-party online payment platforms are recorded as other receivables.
Our
accounts payable include merchandise purchase payables, warehouse and logistics fees payables and payable to merchants representing the
unpaid balances to the merchants of cash collected by us on behalf of the merchants for products sold on our platform when we are viewed
as the agent in the sales arrangement. As of December 31, 2021, 2022 and 2023, our accounts payable amounted to RMB254.8 million, RMB138.9
million and RMB96.8 million (US$13.6 million), respectively. These changes were primarily contributed by the changes in merchandise purchase
payables, which decreased from RMB150.2 million as of December 31, 2021 to RMB87.5 million as of December 31, 2022 and further decreased
to RMB61.0 million (US$8.6 million) as of December 31, 2023. These decreases were primarily due to decreases in merchandise sales.
Our
merchandise purchase payable turnover days were 59.3 days in 2021, 65.7 days in 2022, and 80.3 days in 2023. Merchandise purchase payable
turnover days for a given period equal to average merchandise purchase payable at the beginning and the end of the period divided by
cost of revenues during the period and then multiplied by the number of days during the period.
As
of December 31, 2021, 2022 and 2023, our net inventories amounted to RMB84.5 million, RMB54.7 million and RMB42.7 million (US$6.0 million),
respectively. These decreases were primarily due to decreases in merchandise sales. Our inventory turnover days were 29.4 days in 2021,
38.4 days in 2022 and 52.7 days in 2023.
Inventory
turnover days for a given period equal to average inventory balances at the beginning and the end of the period divided by cost of revenues
during the period and then multiplied by the number of days during the period. Our inventory balances will fluctuate over time due to
a number of factors, including changes in our product mix. Our inventory balances typically increase when we prepare for special promotion
events, such as the special promotional campaign on our founding anniversary May 16 and the online shopping festival on November 11.
We
believe that our current cash and cash equivalents and our anticipated cash flows from operations will be sufficient to meet our anticipated
working capital requirements and capital expenditures for at least the next 12 months from the date of this annual report. After this
report, we may decide to enhance our liquidity position or increase our cash reserve for future investments through additional capital
and finance funding. The issuance and sale of additional equity would result in further dilution to our shareholders. The incurrence
of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations.
We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.
As
of December 31, 2023, we had RMB544.7 million (US$76.7 million) in cash, cash equivalents and restricted cash, of which approximately
18.8% were held in Renminbi, 80.7% in U.S. dollars, and the remainder in other currencies.
134
Although
we consolidate the results of the VIEs and their subsidiaries, we only have access to the assets or earnings of the VIEs and their subsidiaries
through our contractual arrangements with the VIEs and their shareholders. See "Item 4. Information on the Company—C. Organizational
Structure—Contractual Arrangements with the VIEs and Their Respective Shareholders." For restrictions and limitations on
liquidity and capital resources as a result of our corporate structure, see "Item 5. Operating and Financial Review and Prospects—B.
Liquidity and Capital Resources—Holding Company Structure."
A
majority of our future revenues are likely to continue to be in the form of Renminbi. Under existing PRC foreign exchange regulations,
Renminbi may be converted into foreign exchange for current account items, including profit distributions, interest payments and trade-and
service-related foreign exchange transactions.
We
expect that substantially all of our future revenues will be denominated in Renminbi. Under existing PRC foreign exchange regulations,
payments of current account items, including profit distributions, interest payments and trade and service-related foreign exchange transactions,
can be made in foreign currencies without prior SAFE approval as long as certain routine procedural requirements are fulfilled. Therefore,
our PRC subsidiaries are allowed to pay dividends in foreign currencies to us without prior SAFE approval by following certain routine
procedural requirements. However, approval from or registration with competent government authorities is required where the Renminbi
is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated
in foreign currencies. The PRC government may at its discretion restrict access to foreign currencies for current account transactions
in the future.
Operating
activities
Net
cash used in operating activities in 2023 was RMB188.3 million (US$26.5 million), as compared to net loss of RMB165.1 million (US$23.3
million) in the same period. In 2023, the principal items accounting for the difference between our net cash used in operating activities
and our net loss were (i) a decrease in incentive payables to members of RMB82.4 million (US$11.6 million), (ii) a decrease in accounts
payable of RMB42.1 million (US$5.9 million), (iii) a decrease in other payable and accrued liabilities of RMB41.0 million (US$5.8 million),
and (iv) an increase in accounts receivable of RMB39.4 million (US$5.5 million), partially offset by (i) a non-cash changes in fair value
for equity securities of RMB80.9 million (US$11.4 million), (ii) a non-cash allowance for credit losses of RMB37.1 million (US$5.2 million),
and (iii) a decrease in prepaid expenses and other current assets of RMB32.5 million (US$4.6 million). The decrease in incentive payables
to members was primarily due to the derecognition of long-aged payables to inactive members. The decrease in accounts payable was primarily
due to the decrease in merchandise sales.
Net
cash used in operating activities in 2022 was RMB216.8 million, as compared to net loss of RMB138.4 million in the same period. In 2022,
the principal items accounting for the difference between our net cash used in operating activities and our net loss were (i) a decrease
in accounts payable of RMB108.0 million, (ii) a decrease in deferred revenue of RMB84.0 million and (iii) a decrease in incentive payables
to members of RMB58.3 million, partially offset by (i) a decrease in prepaid expenses and other current assets of RMB95.2 million and
(ii) a non-cash changes in fair value for equity securities of RMB35.2 million. The decrease in accounts payable was primarily due to
the decrease in merchandise sales. The decrease in deferred revenue was primarily due to the decrease in deferred merchandise revenue.
Net
cash used in operating activities in 2021 was RMB26.0 million, as compared to net income of RMB132.3 million in the same period. In 2021,
the principal items accounting for the difference between our net cash used in operating activities and our net income were (i) a decrease
in accounts payable of RMB212.7 million, (ii) a non-cash gain on disposal of long-term investments and subsidiaries of RMB112.4 million
and (iii) a decrease in other payable and accrued liabilities of RMB84.9 million, partially offset by (i) a non-cash shared-based compensation
of RMB55.9 million and (ii) an increase in deferred revenue of RMB54.9 million. The decrease in accounts payable was primarily due to
the decrease in merchandise sales. The gain on disposal of long-term investments and subsidiaries was primarily due to our investment
in a fast-growing dairy company in China.
135
Investing
activities
Net
cash generated from investing activities in 2023 was RMB294.0 million (US$41.4 million), primarily due to (i) cash received from maturity
of short-term investments of RMB214.4 million (US$30.2 million), (ii) cash received from repayment of loans provided to third parties
of RMB83.4 million (US$11.8 million), and (iii) cash received from factorings services of RMB50.7 million (US$7.1 million), partially
offset by cash paid for long-term investments of RMB40.8 million (US$5.7 million).
Net
cash generated from investing activities in 2022 was RMB92.6 million, primarily due to (i) cash received from maturity of short-term
investments of RMB651.4 million and (ii) cash received from factorings services of RMB102.4 million, partially offset by cash paid for
short-term investments of RMB465.2 million.
Net
cash used in investing activities in 2021 was RMB513.8 million, primarily due to (i) cash paid for short-term investments of RMB377.8
million, (ii) cash paid for long-term investments of RMB198.8 million, (iii) cash paid for factorings services of RMB194.1 million and
(iv) cash paid for loans provided to third parties of RMB159.2 million, partially offset by (i) cash received from factorings services
of RMB169.0 million, (ii) cash received from disposal of long-term investments of RMB135.9 million and (iii) cash received from maturity
of short-term investments of RMB126.6 million.
Financing
activities
Net
cash used in financing activities in 2023 was RMB25.3 million (US$3.6 million), which consists of cash paid for repurchase of common
stocks of RMB21.0 million (US$3.0 million) and cash paid for reverse stock splits expense of RMB4.3 million (US$0.6 million).
Net
cash used in financing activities in 2022 was RMB94.6 million, primarily due to cash paid for repurchase of common stocks of RMB95.4
million.
Net
cash used in financing activities in 2021 was RMB463 thousand, primarily due to cash paid to non-controlling shareholders for acquisition
of equity shares in subsidiaries of RMB1.2 million, partially offset by net proceeds from exercise of share options of RMB1.0 million.
Material
Cash Requirements
Our
material cash requirements as of December 31, 2023 and any subsequent interim period mainly include capital expenditures and operating
lease obligations.
Our
capital expenditures were RMB87.0 million, RMB92.3 million and RMB12.4 million (US$1.7 million) in 2021, 2022 and 2023, respectively.
Our
operating lease obligations relate to our leases of offices and operation space. The following table sets forth our operating lease 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
(in RMB thousands)
Operating lease
16,652
4,598
8,036
4,018
—
We
intend to fund our existing and future material cash requirements with our existing cash balance and cash flow from operating activities.
We will continue to make cash commitments, including capital expenditures, to support our business.
We
have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition,
we have not entered into any derivative contracts that are indexed to our shares and classified as shareholder's equity or that
are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets
transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable
interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing,
hedging or product development services with us.
136
Other
than as shown above, we did not have any significant capital and other commitments, long-term obligations or guarantees as of December
31, 2023.
Holding
Company Structure
Yunji
Inc. is a holding company with no material operations of its own. We conduct our operations primarily through our PRC subsidiaries, the
VIEs and their subsidiaries in China. As a result, our 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 its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations.
Under PRC law, each of our subsidiaries and the VIEs and their subsidiaries in China is 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 their registered capital. In
addition, our wholly foreign-owned subsidiaries in China may allocate a portion of their after-tax profits based on PRC accounting standards
to enterprise expansion funds and staff bonus and welfare funds at their discretion, and the VIEs and their subsidiaries may allocate
a portion of its after-tax profits based on PRC accounting standards to a 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.
C.
Research and Development, Patents and Licenses, Etc.
See
"Item 4. Information On the Company—B. Business Overview—Technology" and "Item 4. Information On the Company—B.
Business Overview—Intellectual Property."
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 period since January 1, 2024 that are reasonably likely to have a material adverse effect on our net sales or revenues, income from
continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily
to be indicative of future operating results or financial condition.
E.
Critical Accounting Estimates
Our
discussion and analysis of our financial condition and results of operations relates to our consolidated financial statements, which
have been prepared in accordance with United States of America generally accepted accounting principles, or the 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 on-going 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 our 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—Summary of Significant
Accounting Policies" of our consolidated financial statements included elsewhere in this annual report. You should read the following
description of critical accounting estimates in conjunction with our consolidated financial statements and other disclosures included
in this annual report.
137
Allowance
for credit losses
The
allowance for credit losses represents our estimate of the expected lifetime credit losses over the remaining expected life of our financial
assets measured at amortized cost as of the balance sheet date. The allowance for credit losses comprises:
●
The
                                            allowance for credit losses on accounts receivable;
●
The
                                            allowance for credit losses on prepaid expenses and other current assets and other non-current
                                            assets.
Nature
of Estimates Required. The allowance for credit losses involves significant judgment on a number of matters including development and
weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of
risk ratings, valuation of collateral, non-performing loan ratio of commercial banks by industry and the forward-looking macroeconomic
conditions. Refer to Note 2.12 of our consolidated financial statements included elsewhere in this annual report for further information
on these judgments as well as our policies and methodologies used to determine the allowance for credit losses.
Assumptions
Used.
Our allowance for credit losses is based on our assumptions regarding:
●
Probability
                                            of default. The expected probability of payment and time to default, which include assumptions
                                            about macroeconomic factors and recent performance; and
●
Loss
                                            given default. The percentage of the expected balance due at default that is not recoverable.
                                            The loss given default takes into account expected collateral value and future recoveries;
                                            and
●
Non-performing
                                            loan ratio of commercial banks by industry; and
●
Forward-looking
                                            macroeconomic conditions used in our models are country specific and include variables such
                                            as consumer price index, producer price index, and gross domestic product.
Item
                                            6.
DIRECTORS,
                                            SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors
                                            and Senior Management
The
following table sets forth information regarding our directors and executive officers as of the date of this annual report.
Directors
    and Executive Officers
Age
Position/Title
Shanglue
    Xiao
45
Chairman
    of the Board of Directors and Chief Executive Officer
Dan
    Li
42
Director
Li-Lan
    Cheng
59
Independent
    Director
Xuefeng
    Chen
44
Independent
    Director
Chen
    Chen
43
Independent
    Director
Yeqing
    Cui
32
Senior
    Financial Director
Mr.
Shanglue Xiao
is our founder, and has served as the chairman of our board of directors and chief executive officer since our inception.
Xiao is a serial entrepreneur with more than 15 years of experience in the e-commerce industry. Prior to founding our company, Mr. Xiao
founded the Xiaoye Perfume, an online cosmetics retailer in China, in 2003. Mr. Xiao received his EMBA from China Europe International
Business School.
Ms.
Dan Li
has served as our director since October 2021. Ms. Li is a managing director at CDH Investments Management (Hong Kong) Limited,
where she has been employed since August 2014. Ms. Li served as a senior manager and director in Dinghui Investment Management (Tianjin)
Company Limited from May 2012 to July 2014 and as a manager in the private asset management department of Ping An Trust from October
2010 to April 2012. Ms. Li obtained her bachelor's degree in accounting from the Civil Aviation University of China in 2003 and
her Master of Business Administration degree from Concordia University in Canada in 2007. Ms. Li is a Chartered Financial Analyst with
the CFA Institute and a Hong Kong SFC licensed representative (Type 1 and 4).
138
Mr.
Li-Lan Cheng
has served as our director since May 2019. Mr. Cheng has served as the acting chief financial officer of Leju Holdings
Limited (NYSE: LEJU) since June 2017. Mr. Cheng also served as Leju's executive director from March 2014 to March 2017. Mr. Cheng
has served as the chief operating officer of E-House (China) Holdings Limited, a real estate services company in China, since April 2012.
He was E-House's chief financial officer from November 2006 to April 2012. Prior to joining E-House, Mr. Cheng served as the chief
financial officer of SouFun Holdings Limited, a real estate internet company in China, from 2005 to 2006. From 2002 to 2004, Mr. Cheng
served as an executive director and the chief financial officer of SOHO China Limited, a real estate developer in Beijing. Mr. Cheng
was an assistant director and the head of the Asian transportation sector investment banking group of ABN AMRO Asia from 1997 to 2002.
Mr. Cheng currently serves as an independent director of 51job, Inc. (NASDAQ: JOBS), a human resource service provider, an independent
director of LAIX Inc. (NYSE: LAIX), an artificial intelligence company for English language training, and an executive director of E-House
(China) Enterprise Holdings Limited (2048.HK), a real estate transaction service provider in China. Mr. Cheng received a bachelor's
degree in Economics from Swarthmore College and a Ph.D. degree in Economics from the Massachusetts Institute of Technology. Mr. Cheng
is a chartered financial analyst (CFA).
Mr.
Xuefeng Chen
has served as our director since September 2023. Mr. Chen joined Shenzhen Tiantu Capital Co., Ltd., or Tiantu, in 2015
and currently serves as its Managing Director and Head of Investment and Financing Management Department. He is responsible for fund
management and post-investment project management. Prior to joining Tiantu, Mr. Chen served as a vice president of Shenzhen Jinxin Industrial
Group from 2012 to 2015. He served as a partner at Guangdong Ruiting Law Firm from 2010 to 2012, accumulating rich capital market experience.
Prior to that, he worked at Guangdong Jundao Law Firm from 2007 to 2010. Mr. Chen is a certified public accountant and a certified tax
agent. He received his bachelor's degree in law from Southwest University of Political Science and Law in China.
Mr.
Chen Chen
has served as our director since January 2024. Mr. Chen has served as a director of ATRenew Inc., or ATRenew (NYSE: RERE)
since May 2021. Mr. Chen joined ATRenew as a chief financial officer in January 2021 and currently serves as president and chief financial
officer of ATRenew and oversees group finance, accounting and tax, capital markets, and public affairs functions. Prior to joining ATRenew,
Mr. Chen served as the chief financial officer of Yunji Inc. from May 2018 to December 2020. Prior to that, Mr. Chen was a partner at
Deloitte and served various positions at Deloitte since July 2002. Mr. Chen currently also serves as an independent director and the
chairman of the audit committee of Q&K International Group Limited, and an independent non-executive director and the chairman of
the audit committee of Zhou Hei Ya International Holdings Company Limited (HKEx: 1458). Mr. Chen is a member of China Institute of Certified
Public Accountants (CICPA). Mr. Chen received his bachelor's degree from Shanghai Jiaotong University.
Mr.
Yeqing Cui
has served as our senior financial director since August 2023. Mr. Cui has extensive finance experience and has held various
roles in the Company since joining Yunji in May 2018, including Audit Manager, Senior Finance Manager, Financial Director and Senior
Finance Director. Prior to joining the Company, he worked at Deloitte Touche Tohmatsu Certified Public Accountants LLP for five years
from October 2013 to January 2018. Mr. Cui received his bachelor's degree in economics from Shanghai University of International
Business and Economics in 2013.
B.
Compensation
                                            of Directors and Executive Officers
For
the fiscal year ended December 31, 2023, we paid an aggregate of RMB2.0 million (US$0.3 million) in cash to our executive officers, and
we did not pay any compensation to our non-executive directors. 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 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.
139
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, for certain acts of the executive officer,
such as continued failure to satisfactorily perform, willful misconduct or gross negligence in the performance of agreed duties, conviction
or entry of a guilty or nolo contendere plea of any felony or any misdemeanor involving moral turpitude, or dishonest act that results
in material to our detriment or material of the employment agreement. We may also terminate an executive officer's employment without
cause upon 60-day advance written notice. In such case of termination by us, we will provide severance payments to the executive officer
as may be agreed between the executive officer and us. The executive officer may resign at any time with a 60-day advance written notice.
Each
executive officer has agreed to hold, both during and 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 clients or prospective
clients, 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 right, title and interest 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) solicit from any customer doing business with us during the effective term of the employment agreement business of the same or
of a similar nature to our business; (ii) solicit from any of our known potential customer business of the same or of a similar nature
to that which has been the subject of our known written or oral bid, offer or proposal, or of substantial preparation with a view to
making such a bid, proposal or offer; (iii) solicit the employment or services of, or hire or engage, any person who is known to be employed
or engaged by us; or (iv) otherwise interfere with our business or accounts, including, but not limited to, with respect to any relationship
or agreement between any vendor or supplier and us.
We
have also entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree
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.
2019
Share Incentive Plan
In
March 2019, we adopted the 2019 Share Incentive Plan, or the 2019 Plan, which replaced the 2017 Plan in its entirety. The awards granted
and outstanding under the 2017 Plan survive the termination of the 2017 Plan and remain effective and binding under the 2019 Plan. The
maximum aggregate number of ordinary shares that may be issued under 2019 Plan is initially 227,401,861 ordinary shares, which shall
be increased by a number equal to 1% of the then total issued and outstanding ordinary shares on an as-converted and fully diluted basis,
on each of the first, second, third, fourth and fifth anniversary of the date of effectiveness of the 2019 Plan. As of February 29, 2024,
options to purchase a total of 14,355,570 Class A ordinary shares and 14,114,750 restricted share units were outstanding under the 2019
Plan.
The
following paragraphs summarize the principal terms of the 2019 Plan.
Type
of Awards.
The 2019 Plan permits the awards of options, restricted share units, restricted shares, share appreciation rights, dividend
equivalents and share payments.
Plan
Administration.
Our board of directors or a committee appointed by the board of directors will administer the 2019 Plan. The plan
administrator will determine the participants to receive awards, the type and number of awards to be granted to each participant, and
the terms and conditions of each grant.
140
Award
Agreement.
Awards granted under the 2019 Plan are evidenced by an award agreement that sets forth the terms, conditions and limitations
for each award, which may include the term of the award, the provisions applicable in the event that the grantee's employment or
service terminates, and our authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind the award.
Eligibility.
We may grant awards to our directors, employees, consultants and members.
Vesting
Schedule.
In general, the plan administrator determines the vesting schedule, which is specified in the relevant award agreement.
Exercise
of Options.
The plan administrator determines the exercise price for each award, which is stated in the relevant award agreement.
Options that are vested and exercisable will terminate if they are not exercised prior to the time as the plan administrator determines
at the time of grant. However, the maximum exercisable term is ten years from the date of effectiveness of the 2019 Plan.
Transfer
Restrictions.
Awards may not be transferred in any manner by the participant other than in accordance with the exceptions provided
in the 2019 Plan or the relevant award agreement or otherwise determined by the plan administrator, such as transfers by will or the
laws of descent and distribution.
Termination
and Amendment of the 2019 Plan.
Unless terminated earlier, the 2019 Plan has a term of ten years from the date of effectiveness of
the 2019 Plan. Our board of directors has the authority to terminate, amend, suspend or modify the 2019 Plan in accordance with our articles
of association. However, without the prior written consent of the participant, no such action may adversely affect in any material way
any award previously granted pursuant to the 2019 Plan.
The
following table summarizes, as of February 29, 2024, the number of ordinary shares underlying outstanding options and restricted share
units that we granted to our current directors and executive officers.
Name
Ordinary Shares
Underlying
Options and Restricted Share
Units
Exercise Price (US$/Share)
Date of Grant
Date of Expiration
Shanglue Xiao
20,000,000
0.0925
December 19, 2017
December 18, 2023
Li-Lan Cheng
*
0.1
May 3, 2019
May 2, 2025
Yeqing Cui
*
0.2
June 30, 2018
June 29, 2024
*
(1)
N/A
January 31, 2019
January 30, 2025
*
(1)
N/A
January 1, 2020
December 31, 2025
*
(1)
N/A
February 1, 2021
January 31, 2027
All directors and executive officers as a group
20,455,000
Note:
*
All awards granted to such director or officer were less than 1% of our total ordinary shares on an as-converted basis outstanding
as of the date of this annual report.
(1)
Represents
                                            restricted share units.
As
of February 29, 2024, our employees, other than our directors and executive officers held options to purchase 196,490 Class A ordinary
shares, with exercise prices ranging from US$0.1 per share to US$0.5 per share and 10,400,250 restricted share units.
141
C.
Board
                                            Practices
Our
board of directors consists of five directors. A director is not required to hold any shares in our company by way of qualification.
A director who is in any way, whether directly or indirectly, interested in a contract or transaction or proposed contract or transaction
with our company is required to declare the nature of his interest at a meeting of our directors. Subject to the Nasdaq Stock Market
Rules and disqualification by the chairman of the relevant board meeting, a director may vote in respect of any contract or transaction
or proposed contract or transaction notwithstanding that he may be interested therein, and if he does so his vote shall be counted and
he shall be counted in the quorum at any meeting of our directors at which any such contract or transaction or proposed contract or transaction
is considered. Our directors may exercise all the powers of our company to raise or borrow money and to mortgage or charge its undertaking,
property and assets (present and future) and uncalled capital or any part thereof, to issue debentures, debenture stock, bonds and other
securities, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party.
Committees
of the Board of Directors
We
have established three committees under the board of directors: an audit committee, a compensation committee and a nominating and corporate
governance committee. We have adopted a charter for each of the three committees. Each committee's members and functions are described
below.
Audit
Committee.
Our audit committee consists of Mr. Li-Lan Cheng, Mr. Chen Chen and Mr. Xuefeng Chen. Mr. Li-Lan Cheng is the chairman
of our audit committee. We have determined that Mr. Li-Lan Cheng, Mr. Chen Chen and Mr. Xuefeng Chen satisfy the "independence"
requirements of the Nasdaq Stock Market Rules and Rule 10A- under the Exchange Act. We have determined that Mr. Li-Lan Cheng qualifies
as an "audit committee financial expert." The audit committee will oversee our accounting and financial reporting processes
and the audits of the financial statements of our company. The audit committee is responsible for, among other things:
●
appointing
                                            the independent auditors and pre-approving all auditing and non-auditing services permitted
                                            to be performed by the independent auditors;
●
reviewing
                                            with the independent auditors any audit problems or difficulties and management's response;
●
discussing
                                            the annual audited financial statements with management and the independent auditors;
●
reviewing
                                            the adequacy and effectiveness of our accounting and internal control policies and procedures
                                            and any steps taken to monitor and control major financial risk exposures;
●
reviewing
                                            and approving all proposed related party transactions;
●
meeting
                                            separately and periodically with management and the independent auditors; and
●
monitoring
                                            compliance with our code of business conduct and ethics, including reviewing the adequacy
                                            and effectiveness of our procedures to ensure proper compliance.
Compensation
Committee.
Our compensation committee consists of Mr. Li-Lan Cheng, Mr. Chen Chen and Mr. Xuefeng Chen. Mr. Li-Lan Cheng is the chairman
of our compensation committee. We have determined that Mr. Li-Lan Cheng, Mr. Chen Chen and Mr. Xuefeng Chen satisfy the "independence"
requirements of the Nasdaq Stock Market Rules. The compensation committee will assist the board in reviewing and approving the compensation
structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not
be present at any committee meeting during which his compensation is deliberated. The compensation committee is responsible for, among
other things:
●
reviewing
                                            and approving, or recommending to the board for its approval, the compensation for our chief
                                            executive officer and other executive officers;
●
reviewing
                                            and recommending to the board for determination with respect to the compensation of our non-employee
                                            directors;
●
reviewing
                                            periodically and approving any incentive compensation or equity plans, programs or similar
                                            arrangements; and
●
selecting
                                            compensation consultant, legal counsel or other adviser only after taking into consideration
                                            all factors relevant to that person's independence from management.
142
Nominating
and Corporate Governance Committee.
Our nominating and corporate governance committee consists of Mr. Li-Lan Cheng, Mr. Chen Chen
and Mr. Xuefeng Chen. Mr. Li-Lan Cheng is the chairman of our nominating and corporate governance committee. We have determined that
Mr. Li-Lan Cheng, Mr. Chen Chen and Mr. Xuefeng Chen satisfy the "independence" requirements of the Nasdaq Stock Market Rules.
The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our
directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible
for, among other things:
●
selecting
                                            and recommending to the board nominees for election by the shareholders or appointment by
                                            the board;
●
reviewing
                                            annually with the board the current composition of the board with regards to characteristics
                                            such as independence, knowledge, skills, experience and diversity;
●
making
                                            recommendations on the frequency and structure of board meetings and monitoring the functioning
                                            of the committees of the board; and
●
advising
                                            the board periodically with regards to significant developments in the law and practice of
                                            corporate governance as well as our compliance with applicable laws and regulations, and
                                            making recommendations to the board on all matters of corporate governance and on any remedial
                                            action to be taken.
Duties
of Directors
Under
Cayman Islands law, our directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly and a duty
to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper
purpose. Our directors also owe to our company a duty to exercise the skill they actually possess and such care and diligence that a
reasonably prudent person would exercise in comparable circumstances. It was previously considered that a director need not exhibit in
the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience.
However, English and Commonwealth Courts have moved toward an objective standard with regard to the required skill and care and these
authorities are likely to be followed in the Cayman Islands. 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. In certain limited exceptional circumstances, a shareholder may have the right to seek damages in our name
if a duty owed by our directors is breached.
Our
board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions
and powers of our board of directors include, among others:
●
convening
                                            shareholders' annual and extraordinary general meetings and reporting its work to shareholders
                                            at such meetings;
●
declaring
                                            dividends and distributions;
●
appointing
                                            officers and determining the term of office of the officers;
●
exercising
                                            the borrowing powers of our company and mortgaging the property of our company; and
●
approving
                                            the transfer of shares in our company, including the registration of such shares in our share
                                            register.
Terms
of Directors and Officers
Our
directors may be elected by an ordinary resolution of our shareholders. Alternatively, our board of directors may, by the affirmative
vote of a simple majority of the directors present and voting at a board meeting appoint any person as a director to fill a casual vacancy
on our board or as an addition to the existing board. Our directors are not automatically subject to a term of office and hold office
until such time as they are removed from office by an ordinary resolution of our shareholders. In addition, a director will cease to
be a director if he (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found to be or becomes
of unsound mind; (iii) resigns his office by notice in writing; (iv) without special leave of absence from our board, is absent from
meetings of our board for three consecutive meetings and our board resolves that his office be vacated; or (v) is removed from office
pursuant to any other provision of our articles of association.
143
Our
officers are appointed by and serve at the discretion of the board of directors, and may be removed by our board of directors.
Board
Diversity Matrix
Board Diversity Matrix (As of February 29, 2024)
Country of Principal Executive Offices
PRC
Foreign Private Issuer
Yes
Disclosure Prohibited Under Home Country Law
No
Total Number of Directors
5
Female
Male
Non-Binary
Did Not Disclose Gender
Part I: Gender Identity
Directors
1
4
0
0
Part II: Demographic Background
Underrepresented Individual in Home Country Jurisdiction
0
LGBTQ+
0
Did Not Disclose Demographic Background
0
Enforceability of Civil Liabilities
Our business operations are primarily conducted in mainland China, and substantially all of our assets are located in mainland China.
All of our directors and executive officers are located in mainland China as of the date of this annual report. As a result, it may be
difficult for a shareholder to effect service of process within the United States upon these individuals, to bring an action against us
or these individuals in the United States, or to enforce against us or them judgments obtained in United States courts, including judgments
predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.
We have been informed by Maples and Calder (Hong Kong) LLP, our Cayman Islands legal counsel, that the United States and the Cayman Islands
do not have a treaty providing for reciprocal recognition and enforcement of judgments of U.S. courts in civil and commercial matters
and the courts of the Cayman Islands and that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize
or enforce judgments of U.S. courts obtained against us or our directors or officers, predicated upon the civil liability provisions of the securities laws of the United
States or any state in the United States, or (ii) entertain original actions brought in the Cayman Islands against us or our directors
or officers, predicated upon the securities laws of the United States or any state in the United States.
We have also been advised by our Cayman Islands legal counsel that although there is no statutory enforcement in the Cayman Islands of
judgments obtained in the federal or state courts of the United States, the courts of the Cayman Islands will, at common law, recognize
and enforce a foreign money judgment of a foreign court of competent jurisdiction without any re-examination of the merits of the underlying
dispute based on the principal that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the
liquidated sum for which such judgment has been given, provided such judgment (i) is given by a foreign court of competent jurisdiction,
(ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given, (iii) is final and conclusive,
(iv) is not in respect of taxes, a fine or a penalty, and (v) was not obtained in a manner and is not of a kind the enforcement of which
is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce
a judgment obtained from the United States courts under the civil liability provisions of the securities laws if such judgment is determined
by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. A Cayman Islands
court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.
144
Our PRC legal counsel,
Han Kun Law Offices, has advised us that there is uncertainty as to whether the courts of
mainland
China would:
●
recognize or enforce judgments
  of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities
  laws of the United States or any state in the United States; or
●
entertain original actions
  brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States
  or any state in the United States.
Our PRC legal counsel has further advised us that the recognition and enforcement of foreign judgments are provided for under the PRC
Civil Procedures Law. Courts of mainland China may recognize and enforce foreign judgments in accordance with the requirements of the
PRC Civil Procedures Law and other applicable laws and regulations based either on treaties between mainland China and the country where
the judgment is made or on principles of reciprocity between jurisdictions. Mainland China does not have any treaties or other form of
reciprocity with the United States or the Cayman Islands that provide for the reciprocal recognition and enforcement of foreign judgments.
As such, the courts of mainland China will review and determine the applicability of the reciprocity principle on a case-by-case basis
and the length of the procedure is uncertain. In addition, according to the PRC Civil Procedures Law, courts in mainland China will not
enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of
PRC law or national sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a court of mainland
China would enforce a judgment rendered by a court in the United States or in the Cayman Islands. Under the PRC Civil Procedures Law,
foreign shareholders may originate actions based on PRC law against a company in mainland China for disputes if they can establish sufficient
nexus to mainland China for a court of mainland China to have jurisdiction, and meet other procedural requirements. It will be, however,
difficult for U.S. shareholders to originate actions against us in mainland China in accordance with PRC laws because we are incorporated
under the laws of the Cayman Islands and it will be difficult for U.S. shareholders, by virtue only of holding the ADSs or ordinary shares,
to establish a connection to mainland China for a court of mainland China to have jurisdiction as required under the PRC Civil Procedures
Law.
D.
Employees
As
of December 31, 2023, we had a total of 425 employees. We had a total of 655 employees and 493 employees as of December 31, 2021 and
2022, respectively. The following table gives breakdowns of our employees as of December 31, 2023 by function:
Function
As of December 31, 2023
Procurement
144
Operations, including customer service
50
Technology
98
Sales and Marketing
61
General and Administrative
72
Total
425
We
outsource provision of member services to third-party service companies and they select, hire, train and compensate service managers
at our request. Most of the service managers are our members. Service managers enter into contracts with third-party service companies
and are not our employees. As of December 31, 2023, our members were served by more than 117,000 service managers. We currently work
with three third-party service companies and enter into agreements with them on an annual basis. These third-party service companies
select service managers based on the standards we provide in our agreements. We have the right to supervise the performance of the service
managers and may request third-party service companies to replace service managers who do not meet our standards. We pay training fees
to third-party service companies based on the number of members managed by these service companies through service managers that provide
training and support to our members. We pay member management fees to third-party service companies for their product sales facilitation
services. The service companies compensate the service managers based on the length of work hours and other performance criteria.
145
As
required by regulations in China, we participate in various government statutory employee benefit plans, including social insurance funds,
namely, medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits, as well as a
housing provident fund. We are required under PRC law to contribute to employee benefit plans at specified percentages of the salaries,
bonuses and certain allowances of our employees up to a maximum amount specified by the local government from time to time.
We
enter into standard labor contracts with our employees. We also enter into standard confidentiality and non-compete agreements with all
of our employees. The non-compete restricted period typically expires two years after the termination of employment, and we agree to
compensate the employee with a certain percentage of his/her pre-departure salary during the restricted period.
Our
success depends on our ability to attract, retain and motivate qualified employees that share our values. We place great emphasis on
our corporate culture to ensure that we maintain consistently high standards everywhere we operate. We believe that we maintain a good
working relationship with our employees, and we have not experienced any major labor disputes in the past. None of our employees are
represented by labor unions.
E.
Share
                                            Ownership
Except
as specifically noted, the following table sets forth information with respect to the beneficial ownership of our ordinary shares as
of February 29, 2024 by:
●
each
                                            of our current directors and executive officers; and
●
each
                                            person known to us to own beneficially more than 5% of our total outstanding shares.
The
calculations in the table below are based on 1,966,378,532 ordinary shares as of February 29, 2024, including (i)
1,016,418,
532
Class A ordinary shares (excluding the company's repurchase of 192,412,690 Class A ordinary shares in the form of ADSs held as
treasury shares and reserved for future issuance upon the exercising or vesting of awards granted under our share incentive plans); and
(ii) 949,960,000 Class B ordinary shares.
Beneficial
ownership is determined in accordance with the rules and regulations of the SEC. 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, warrant or other right or the conversion of any other security. These shares, however,
are not included in the computation of the percentage ownership of any other person.
Ordinary Shares Beneficially Owned
Class A
Ordinary
Shares
Class B
Ordinary
Shares
Total
Ordinary
Shares
% of Total
Ordinary
Shares
% of
Aggregate
Voting
Power
***
Directors and Executive Officers**:
Shanglue Xiao
(1)
15,000,000
949,960,000
964,960,000
48.7
90.3
Dan Li
(2)
—
—
—
—
—
Li-Lan Cheng
(3)
*
—
*
*
*
Chen Chen
(4)
—
—
—
—
—
Xuefeng Chen
(5)
—
—
—
—
—
Yeqing Cui
*
—
*
*
*
All Directors and Executive Officers as a Group
15,345,000
949,960,000
965,305,000
48.7
90.3
Principal Shareholders:
Lanlan Ltd.
(6)
—
949,960,000
949,960,000
48.3
90.3
CPYD Singapore Pte. Ltd.
(7)
215,800,000
—
215,800,000
11.0
2.1
Fasturn Overseas Limited
(8)
146,202,400
—
146,202,400
7.4
1.4
Acceleration S Limited
(9)
110,803,324
—
110,803,324
5.6
1.1
Trustbridge Partners IV, LP
(10)
107,250,000
—
107,250,000
5.5
1.0
*
Less than 1% of our total outstanding shares.
146
**
Except
                                            as indicated otherwise below, the business address of our directors and executive officers
                                            is 15/F, South Building, Hipark Phase 2, Xiaoshan District, Hangzhou 310000, Zhejiang Province,
                                            People's Republic of China.
***
For
                                            each person or group included in this column, percentage of total voting power represents
                                            voting power based on both Class A and Class B ordinary shares held by such person or group
                                            with respect to all outstanding shares of our Class A and Class B ordinary shares as a single
                                            class. Each holder of our Class A ordinary shares is entitled to one vote per share. Each
                                            holder of our Class B ordinary shares is entitled to ten votes per share. Our Class B ordinary
                                            shares are convertible at any time by the holder into Class A ordinary shares on a one-for-one
                                            basis, while Class A ordinary shares are not convertible into Class B ordinary shares under
                                            any circumstances.
(1)
Represents
                                            (i) 949,960,000 Class B ordinary shares held by Lanlan Ltd., a BVI business company and (ii)
                                            15,000,000 Class A ordinary shares issuable to Mr. Shanglue Xiao upon vesting of restricted
                                            share units within 60 days after February 29, 2024. Lanlan Ltd. is wholly owned by Mr. Shanglue
                                            Xiao. The registered address of Lanlan Ltd. is Maples Corporate Services (BVI) Limited of
                                            Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands.
(2)
The
                                            business address of Ms. Dan Li is 3/F, Vstone Building, 1 Yan'an Dong Road, Huangpu
                                            District, Shanghai, China.
(3)
The
                                            business address of Mr. Li-Lan Cheng is 11/F Floor, Yinlin Building, No. 788 Guangzhong Road,
                                            Shanghai, China.
(4)
The
                                            business address of Mr. Chen Chen is 12th Floor, Building 6, No. 433 Songhu Road, Yangpu
                                            District, Shanghai, China.
(5)
The
                                            business address of Mr. Xuefeng Chen is 2-3F, 23rd Floor, Building B, Wisdom Plaza, No. 4068
                                            Qiaoxiang Road, Nanshan District, Shenzhen, China.
(6)
Represents
                                            949,960,000 Class B ordinary shares held by Lanlan Ltd., a BVI business company. Lanlan Ltd.
                                            is wholly owned by Mr. Shanglue Xiao. The registered address of Lanlan Ltd. is Maples Corporate
                                            Services (BVI) Limited of Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin
                                            Islands.
(7)
Represents
                                            (i) 115,800,000 Class A ordinary shares and (ii) 1,000,000 ADSs, representing 100,000,000
                                            Class A ordinary shares held by CPYD Singapore Pte. Ltd., a Singapore exempted private company
                                            limited by share. The registered address of CPYD Singapore Pte. Ltd. is Marker Icon, 1 Temasek
                                            Avenue, #20-01 Millennia Tower, Singapore 039192. CPYD Singapore Pte. Ltd. is beneficially
                                            owned and controlled by Mr. David Hand. CPYD Singapore Pte. Ltd. is a fund managed by Crescent
                                            Point.
(8)
Represents
                                            (i) 126,820,000 Class A ordinary shares and (ii) 193,824 ADSs, representing 19,382,400 Class
                                            A ordinary shares, held by Fasturn Overseas Limited, a BVI business company. Information
                                            regarding beneficial ownership is reported as of December 31, 2023, based on the information
                                            contained in the Schedule 13G/A filed by Fasturn Overseas Limited with the SEC on February
                                            5, 2024. Fasturn Overseas Limited is wholly owned by Mr. Yuan Chen. The registered address
                                            of Fasturn Overseas Limited is Palm Grove House, P.O. Box 438, Road Town, Tortola, British
                                            Virgin Islands.
(9)
Represents
                                            110,803,324 Class A ordinary shares held by Acceleration S Limited, a BVI business company.
                                            Acceleration S Limited is ultimately controlled by Mr. Shangzhi Wu. The registered address
                                            of Acceleration S Limited is Maples Corporate Services (BVI) Limited, Kingston Chambers,
                                            PO Box 173, Road Town, Tortola, British Virgin Islands.
(10)
Represents
                                            (i) 94,350,000 Class A ordinary shares and (ii) 129,000 ADSs, representing 12,900,000 Class
                                            A ordinary shares, held by Trustbridge Partners IV, LP a Cayman Islands limited partnership.
                                            Information regarding beneficial ownership is reported as of December 31, 2023, based on
                                            the information contained in the Schedule 13G/A filed by TB Alternative Assets Ltd with the
                                            SEC on February 5, 2024. Trustbridge Partners IV, LP is controlled by TB Alternative Assets
                                            Ltd, an investment adviser organized under the Cayman Islands and registered under Section
                                            203 of the Investment Advisors Act of 1940. TB Alternative Assets Ltd acts as the investment
                                            adviser of Trustbridge Partners IV LP. The registered address of Trustbridge Partners IV,
                                            LP is c/o Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town,
                                            Grand Cayman KY1-9005, Cayman Islands. The business address of TB Alternative Assets Ltd
                                            is c/o Maples Corporate Services Limited, Ugland House, Grand Cayman, Cayman Islands, KY1-1104.
To
our knowledge, as of February 29, 2024, 731,057,880 of our ordinary shares were held by one record holder in the United States, which
was Deutsche Bank Trust Company Americas, the depositary of our ADS program. The number of beneficial owners of our ADSs in the United
States is likely to be much larger than the number of record holders of our ordinary shares in the United States.
Our
ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares are entitled
to one vote per share, while holders of Class B ordinary shares are entitled to ten votes per share.
We
are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.
147
F.
Disclosure
                                            of a Registrant's Action to Recover Erroneously Awarded Compensation
None.
Item
7.
MAJOR
                                            SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major
                                            Shareholders
Please
refer to "Item 6. Directors, Senior Management and Employees—E. Share Ownership."
B.
Related
                                            Party Transactions
Contractual
Arrangements with the VIEs and Their Shareholders
See
"Item 4. Information on the Company—C. Organizational Structure—Contractual Arrangements with the VIEs and Their Respective
Shareholders."
Shareholders
Agreement
We
entered into our amended and restated shareholders agreement on June 4, 2018 with our shareholders, which consist of holders of ordinary
shares and preferred shares. The shareholders agreement provides for certain shareholders' rights, including information and inspection
rights, right of participation, right of first refusal and co-sale rights, and contains provisions governing our board of directors and
other corporate governance matters.
Registration
Rights Granted to Shareholders
We
have granted certain registration rights to our shareholders. Set forth below is a description of the registration rights granted under
the shareholders agreement.
Demand
Registration Rights.
At any time after the earlier of (i) June 4, 2021 or (ii) six months after the completion of our initial public
offering, holders of at least twenty percent (20%) of the registrable securities (including preferred shares and ordinary shares issued
upon conversion of preferred shares) then issued and outstanding have the right to demand that we file a registration statement of all
registrable securities that the holders request to be registered and included in such registration by written notice. Other than required
by the underwriter(s) in connection with our initial public offering, at least twenty-five percent (25%) of the registrable securities
requested by the holders to be included in the underwriting and registration shall be so included. We have the right to defer filing
of a registration statement for a period of not more than 90 days after the receipt of the request of the initiating holders if we furnish
to the holders requesting registration a certificate signed by our president or chief executive officer stating that in the good faith
judgment of our board of directors, it would be materially detrimental to us and our shareholders for such registration statement to
be filed at such time. However, we cannot exercise the deferral right more than once in any twelve-month period. We are obligated to
effect no more than three demand registrations, other than demand registration to be effected pursuant to registration statement on Form
F-3, for which an unlimited number of demand registrations shall be permitted.
Piggyback
Registration Rights.
If we propose to file a registration statement for a public offering of our securities, we must offer shareholders
an opportunity to include in the registration all or any part of the registrable securities held by such holders. If the managing underwriters
of any underwritten offering determine in good faith that marketing factors require a limitation of the number of shares to be underwritten,
and the number of shares that may be included in the registration and the underwriting shall be allocated (i) first, to us, (ii) second,
to each holder requesting inclusion of its registrable securities in such registration statement on a pro rata basis based on the total
number of registrable securities then held by each such holder; provided that at least twenty-five percent (25%) of the registrable securities
requested by the holders to be included in the underwriting and registration shall be so included and all shares that are not registrable
securities shall first be excluded from such registration and underwriting before any registrable securities are so excluded.
148
Form
F-3 Registration Rights.
Our shareholders may request us in writing to file an unlimited number of registration statements on Form
F-3. We shall effect the registration of the securities on Form F-3 as soon as practicable, except in certain circumstances.
Expenses
of Registration.
We will bear all registration expenses, other than underwriting discounts and commissions.
Termination
of Registration Rights.
Our shareholders' registration rights will terminate (i) after two years of the initial public offering,
or (ii) all such registrable securities proposed to be sold by a shareholder may then be sold under Rule 144 promulgated under the Securities
Act.
Employment
Agreements and Indemnification Agreements
See
"Item 6. Directors, Senior Management and Employees—B. Compensation of Directors and Executive Officers—Employment
Agreements and Indemnification Agreements."
Share
Incentive Plan
See
"Item 6. Directors, Senior Management and Employees—B. Compensation of Directors and Executive Officers—2019 Share
Incentive Plan."
Transactions
with Our Founder's Related Entity
Transactions
with Small Ye Group, or Small Ye.
Small Ye is under control of Mr. Shanglue Xiao, our chairman and chief executive officer. In 2021,
2022 and 2023, we didn't purchase any products from Small Ye. As of December 31, 2021, 2022 and 2023, we had RMB0.7 million, RMB0.7
million and RMB0.7 million, respectively, due to Small Ye, representing the payments due to Small Ye for products purchased from Small
Ye.
Transactions
with Our Equity Investees
Transaction
with Beijing Siwei Technology and Culture Co., Ltd., or Beijing Siwei.
Beijing Siwei is our equity investee and our supplier. In
2021, 2022 and 2023, we purchased products from Beijing Siwei in the amount of RMB2.4 million, nil and nil, respectively. As of December
31, 2021, 2022 and 2023, we had RMB0.1 million, nil and nil, respectively, due to Beijing Siwei, representing the payments due to Beijing
Siwei for products purchased from Beijing Siwei.
Transaction
with Guangdong Weixin Technology Co Ltd., or Guangdong Weixin.
Guangdong Weixin is our equity investee and our supplier. In 2021,
2022 and 2023, we purchased products from Guangdong Weixin in the amount of RMB14.5 million, RMB32 thousand and nil, respectively. As
of December 31, 2021, 2022 and 2023, we had RMB5.4 million, RMB5.4 million and RMB0.1 million, respectively, due to Guangdong Weixin,
representing the payments and deposits due to Guangdong Weixin for products purchased from Guangdong Weixin.
Transaction
with Guangzhou Misili Personal care Co., Ltd., or Guangzhou Misili.
Guangzhou Misili is our equity investee and our supplier. In
2021, 2022 and 2023, we purchased products from Guangzhou Misili in the amount of RMB1.1 million, nil and RMB0.3 million, respectively.
As of December 31, 2021, 2022 and 2023, we had RMB0.1 million, RMB0.1 million and RMB0.1 million, respectively, due to Guangzhou Misili,
representing the payments and deposits due to Guangzhou Misili for products purchased from Guangzhou Misili.
Transaction
with Hainan Yunding Supply Chain Management Co., Ltd, or Hainan Yunding.
Hainan Yunding is our equity investee and our supplier.
In 2021, 2022 and 2023, we purchased products from Hainan Yunding in the amount of RMB0.9 million, nil and nil, respectively.
149
Transaction
with Hangzhou Bixin Biology Technology Co., Ltd., or Hangzhou Bixin.
Hangzhou Bixin is our equity investee and our supplier. In 2021,
2022 and 2023, we purchased products from Hangzhou Bixin in the amount of RMB7.6 million, RMB3.3 million and RMB1.9 million, respectively.
As of December 31, 2021, 2022 and 2023, we had RMB1.2 million, RMB0.4 million and RMB1.1 million, respectively, due to Hangzhou Bixin,
representing the payments and deposits due to Hangzhou Bixin for products purchased from Hangzhou Bixin. In 2021, 2022 and 2023, we provided
marketplace service to Hangzhou Bixin in the amount of RMB2.3 million, RMB1.2 million and RMB1.1 million, respectively. In 2021, 2022
and 2023, we provided other services to Hangzhou Bixin in the amount of nil, nil and RMB0.2 million, respectively.
Transaction
with Hangzhou Huaji Brand Marketing Management Co., Ltd, or Hangzhou Huaji.
Hangzhou Huaji was our equity investee and our related-party
supplier. The investment in Hangzhou Huaji was disposed by us in 2022. In 2021, 2022 and 2023, we purchased products from Hangzhou Huaji
in the amount of RMB 4.3 million, nil and nil, respectively.
Transaction
with Hangzhou Tianshi Technology Co. Ltd., or Tianshi.
Tianshi was our equity investee and our related-party supplier. The investment
in Tianshi was disposed by us in 2023. In 2021, 2022 and 2023, we purchased products from Tianshi in the amount of RMB11.3 million, RMB2.7
million and nil, respectively. As of December 31, 2021, 2022 and 2023, we had RMB1.0 million, RMB0.9 million and nil, respectively, due
to Tianshi, representing the payments due to Tianshi for products purchased from Tianshi. In 2021, 2022 and 2023, we provided other services
to Tianshi in the amount of nil, RMB0.1 million and nil, respectively.
Transaction
with Hangzhou Yuncheng Brand Management Co., Ltd, or Hangzhou Yuncheng.
Hangzhou Yuncheng wasour equity investee and our related-party
supplier. The investment in Hangzhou Yuncheng was disposed by us in 2022. In 2021, 2022 and 2023, we purchased products from Hangzhou
Yuncheng in the amount of RMB13.1 million, nil and nil, respectively. In 2021, 2022 and 2023, we provided marketplace service to Hangzhou
Yuncheng in the amount of RMB3.3 million, nil and nil, respectively. In 2021, 2022 and 2023, we provided other services to Hangzhou Yuncheng
in the amount of RMB0.2 million, nil and nil, respectively.
Transaction
with Huzhou Boyun E-commerce Co., Ltd, or Huzhou Boyun.
Huzhou Boyun was our equity investee and our related-party supplier. The
investment in Huzhou Boyun was disposed by us in 2022. In 2021, 2022 and 2023, we purchased products from Huzhou Boyun in the amount
of RMB0.8 million, nil and nil, respectively. As of December 31, 2021, 2022 and 2023, we had RMB0.4 million, nil and nil, respectively,
due to Huzhou Boyun.
Transaction
with Shanxi Yunnong Supply Chain Management Co., Ltd., or Shanxi Yunnong.
Shanxi Yunnong is our equity investee and our supplier.
In 2021, 2022 and 2023, we purchased products from Shanxi Yunnong in the amount of RMB4.3 million, nil and RMB1.3 million, respectively.
As of December 31, 2021, 2022 and 2023, we had RMB1.2 million, RMB0.7 million and RMB0.4 million, respectively, due to Shanxi Yunnong,
representing the payments and deposits due to Shanxi Yunnong for products purchased from Shanxi Yunnong.
Transaction
with Zhejiang Jimi E-commerce Co., Ltd, or Zhejiang Jimi.
Zhejiang Jimi is our equity investee and our supplier. As of December 31,
2021, 2022 and 2023, we had nil, RMB0.1 million and RMB1.1 million, respectively, due from Zhejiang Jimi, representing the advance payments
due from Zhejiang Jimi for products purchased from Zhejiang Jimi. As of December 31, 2021, 2022 and 2023, we had RMB0.8 million, RMB0.1
million and RMB0.1 million, respectively, due to Zhejiang Jimi, representing the payments due to Zhejiang Jimi for products purchased
from Zhejiang Jimi. In 2021, 2022 and 2023, we purchased products from Zhejiang Jimi in the amount of RMB17.5 million, RMB7.6 million
and RMB16.4 million, respectively. In 2021, 2022 and 2023, we provided marketplace service to Zhejiang Jimi in the amount of RMB5.6 million,
RMB1.7 million and RMB1.5 million, respectively. In 2021, 2022 and 2023, we provided other services to Zhejiang Jimi in the amount of
RMB0.3 million, RMB0.1 million and RMB0.1 million, respectively.
Transaction
with Zhejiang Jibi Technology Co., Ltd., or Zhejiang Jibi.
Zhejiang Jibi is our equity investee and our supplier. As of December
31, 2021, 2022 and 2023, we had RMB0.7 million, RMB0.6 million and RMB0.8 million, respectively, due to Zhejiang Jibi, representing the
payments due to Zhejiang Jibi for products purchased from Zhejiang Jibi.
Transaction
with Hangzhou Xingsheng Brand Marketing Management Co., Ltd., or Xingsheng.
Xingsheng was our equity investee and our related-party
supplier. The investment in Xingsheng was disposed by us in 2023. In 2021, 2022 and 2023, we purchased products from Xingsheng in the
amount of RMB11.8 million, RMB7.4 million and nil, respectively. As of December 31, 2021, 2022 and 2023, we had RMB1.5 million, RMB1.2
million and nil, respectively, due to Xingsheng, representing the payments due to Xingsheng for products purchased from Xingsheng. In
2021, 2022 and 2023, we provided other services to Xingsheng in the amount of nil, RMB0.6 million and nil, respectively.
150
We
believe the terms of the transactions with Beijing Siwei, Guangdong Weixin, Guangzhou Misili, Hainan Yunding, Hangzhou Bixin, Hangzhou
Huaji, Tianshi, Hangzhou Yuncheng, Huzhou Boyun, Shanxi Yunnong, Zhejiang Jimi, Zhejiang Jibi and Xingsheng are comparable to those with
third-party suppliers.
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.
Legal
Proceedings
From
time to time, we may be involved in disputes and legal or administrative proceedings in the ordinary course of our business. In May 2017,
we received a notice from the local Administration for Market Regulation in Hangzhou, which ruled that our sales and marketing practice
adopted in our early stage of development prior to February 2016 violated the Regulations on the Prohibition of Pyramid Selling and imposed
a penalty of approximately RMB9.6 million (US$1.4 million). We paid this fine in June 2017 and have adjusted our business practices since
February 2016 to comply with the Regulations on the Prohibition of Pyramid Selling and other applicable regulations. See "Item
4. Information on the Company—B. Business Overview—Regulations—Regulations Relating to Pyramid Selling in the PRC"
and "Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—Any lack of requisite
approvals, licenses or permits applicable to our business or failure to comply with any requirements of PRC laws, regulations and policies
may have a material and adverse impact on our business, financial condition and results of operations."
Starting
in November 2019, we and certain of our officers and directors and others were named as defendants in putative securities class actions
captioned In Re Yunji Inc., Securities Litigation, No. 1:19-cv-06403-LDH (U.S. District Court for the Eastern District of New York, Amended
Complaint filed March 19, 2020), or the Federal Court Action, Axel Lindholm v. Yunji Inc. et al., Case No. 21635/2020E (Bronx County
Supreme Court of the State of New York, filed on January 31, 2020), or the Lindholm Case, Christopher Guilford v. Yunji, et al., Case
No. 23095/2020E (Bronx County Supreme Court of the State of New York, filed on March 3, 2020), or the Guilford Case, and Stephanie Ng
v. Yunji, et al., Case No. 24906/2020E (Bronx County Supreme Court of the State of New York, filed on May 29, 2020), or the Ng Case.
The actions alleged that defendants made misstatements and omissions in connection with our initial public offering in May 2019 in violation
of the Securities Act of 1933. On March 31, 2021, the Court granted our motion to dismiss the Federal Court Action. In November 2021,
Plaintiffs in the Lindholm Case, the Guilford Case, and the Ng Case voluntarily discontinued their actions, and all four of the above-described
securities class actions are now considered closed.
As
of the date of this annual report, we, as one of the five co-defendants, were involved in an on-going legal proceeding that arose in
the ordinary course of business, or the Case. The plaintiff sought monetary damages jointly and severally from all co-defendants. As
of the date of this annual report, the Case is still under the appeal trial process and subject to final judgment by the Guangzhou Intermediate
People's Court, and the amount involved is approximately RMB23.1 million. Based on the currently available information, management
believes that the claims by the plaintiff have no merit and we have valid defence and will defend vigorously in the Case. Accordingly,
we have not made accrual for the Case yet.
Dividend
Policy
Our
board of directors has discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition,
our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors.
In either case, all dividends are subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends
out of profits or share premium, and provided always that in no circumstances may a dividend be paid if this would result in our company
being unable to pay its debts as they fall due in the ordinary course of business. Even if we decide to pay dividends, the form, frequency
and amount will depend upon 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.
151
We
do not have any present plan to pay any cash dividends on our ordinary shares in the foreseeable future. We currently intend to retain
all of our available funds and any future earnings to operate and expand our business.
We
are a holding company incorporated in the Cayman Islands. We may rely on dividends from our subsidiaries in China for our cash requirements,
including any payment of dividends to our shareholders. PRC regulations may restrict the ability of our PRC subsidiaries to pay dividends
to us. See "Item 4. Information on the Company—B. Business Overview—Regulations—Regulations on Dividend Distribution."
If
we pay any dividends on our ordinary shares, we will pay those dividends which are payable in respect of the Class A ordinary shares
underlying the ADSs to the depositary, as the registered holder of such Class A ordinary shares, and the depositary then will pay such
amounts to the ADS holders in proportion to the Class A ordinary shares underlying the ADSs held by such ADS holders, subject to the
terms of the deposit agreement, including the fees and expenses payable thereunder. Cash dividends on our ordinary shares, if any, will
be paid in U.S. dollars.
B.
Significant
                                            Changes
We
have not experienced any 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
See
"—C. Markets" below for our host market and trading symbol. We have a dual-class structure in which Class B ordinary
shares have different voting rights from Class A ordinary shares. Class B ordinary shares are each entitled to ten votes, whereas Class
A ordinary shares are each entitled to one vote. See "Item 3. Key Information—D. Risk Factors—Risks Related to Our
ADSs—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 the ADSs may view as beneficial."
B.
Plan
                                            of Distribution
Not
applicable.
C.
Markets
The
ADSs have been listed on Nasdaq since May 3, 2019. The ADSs trade under the symbol "YJ." On
June
20, 2023
, we effected an ADS ratio change to adjust our ordinary share to ADS from one ADS representing 10 Class A ordinary shares
to one ADS representing 100 Class A ordinary shares. On October 5, 2023, we received a letter from the Listing Qualifications Department of Nasdaq, notifying us that
we no longer meet the Nasdaq minimum bid price requirement. Nasdaq has granted us a grace period until September 30, 2024 to regain compliance
with the minimum bid price requirement. See "Item 3. Key Information—D. Risk Factors—Risks Related to Our ADSs—Our
ADSs may be delisted from the Nasdaq Capital Market as a result of our failure of meeting the Nasdaq Capital Market continued listing
requirements."
D.
Selling
                                            Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses
                                            of the Issue
Not
applicable.
152
Item
10.
ADDITIONAL
                                            INFORMATION
A.
Share
                                            Capital
Not
applicable.
B.
Memorandum
                                            and Articles of Association
The
following are summaries of material provisions of our current amended and restated memorandum and articles of association and of the
Companies Act, insofar as they relate to the material terms of our ordinary shares.
Objects
of Our Company
. Under our amended and restated memorandum and articles of association, the objects of our company are unrestricted
and we have the full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.
Ordinary
Shares.
Our ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. Holders of our Class A ordinary
shares and Class B ordinary shares will have the same rights except for voting and conversion rights. Our ordinary shares are issued
in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who
are nonresidents of the Cayman Islands may freely hold and vote their shares.
Each
Class B ordinary share is convertible into an equal number of Class A ordinary shares upon the occurrence of certain matters as set forth
in our memorandum and articles of association, including upon any direct or indirect sale, transfer, assignment or disposition of Class
B ordinary shares by a holder thereof to any person other than holders of Class B ordinary shares or their affiliates. Class A ordinary
shares are not convertible into Class B ordinary shares under any circumstances.
Dividends
.
Our directors may from time to time declare dividends (including interim dividends) and other distributions on our shares in issue and
authorize payment of the same out of the funds of our company lawfully available therefor. In addition, our shareholders may declare
dividends by ordinary resolution, but no dividend shall exceed the amount recommended by our directors. Our memorandum and articles of
association provide that dividends may be declared and paid out of the funds of our Company lawfully available therefor. Under the laws
of the Cayman Islands, our company may pay a dividend out of either profit or share premium account; provided that in no circumstances
may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.
Voting
Rights.
In respect of all matters subject to a shareholders' vote, each holder of Class A ordinary shares is entitled to one
vote per share and each holder of Class B ordinary shares is entitled to ten votes per share. Our Class A ordinary shares and Class B
ordinary shares votes together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required
by law. Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of
such meeting or any one shareholder holding not less than 10% of the votes attaching to the shares present in person or by proxy.
An
ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching
to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the
votes cast attaching to the issued and outstanding ordinary shares at a meeting. A special resolution will be required for important
matters such as a change of name or making changes to our memorandum and articles of association. Our shareholders may, among other things,
divide or combine their shares by ordinary resolution.
General
Meetings of Shareholders.
As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders'
annual general meetings. Our memorandum and articles of association provide that we may (but are not obliged to) in each year hold a
general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices calling it, and the annual
general meeting shall be held at such time and place as may be determined by our directors.
153
Shareholders'
general meetings may be convened by the chairman of our board of directors or by our directors (acting by a resolution of our board).
Advance notice of at least seven days is required for the convening of our annual general shareholders' meeting (if any) and any
other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the
meeting proceeds to business, one or more of our shareholders holding shares which carry in aggregate (or representing by proxy) not
less than one-third of all votes attaching to all of our shares in issue and entitled to vote at such general meeting.
The
Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with
any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association.
Our memorandum and articles of association provide that upon the requisition of any one or more of our shareholders holding shares which
carry in aggregate not less than one-third of all votes attaching to all issued and outstanding shares of our company entitled to vote
at general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such
meeting. However, our memorandum and articles of association do not provide our shareholders with any right to put any proposals before
annual general meetings or extraordinary general meetings not called by such shareholders.
Conversion
.
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. Upon any sale of Class B ordinary shares by a holder thereof
to any person or entity, such Class B ordinary shares will be automatically and immediately converted into an equal number of Class A
ordinary shares.
Transfer
of Ordinary Shares
. Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her ordinary
shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors.
Our
board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up
or on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:
●
the
                                            instrument of transfer is lodged with us, accompanied by the certificate for the ordinary
                                            shares to which it relates and such other evidence as our board of directors may reasonably
                                            require to show the right of the transferor to make the transfer;
●
the
                                            instrument of transfer is in respect of only one class of ordinary shares;
●
the
                                            instrument of transfer is properly stamped, if required;
●
in
                                            the case of a transfer to joint holders, the number of joint holders to whom the ordinary
                                            share is to be transferred does not exceed four; and
●
a
                                            fee of such maximum sum as the Nasdaq Stock Market may determine to be payable or such lesser
                                            sum as our directors may from time to time require is paid to us in respect thereof.
If
our directors refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged,
send to each of the transferor and the transferee notice of such refusal.
The
registration of transfers may, on ten calendar days' notice being given by advertisement in such one or more newspapers, by electronic
means or by any other means in accordance with the rules of the Nasdaq Stock Market be suspended and the register closed at such times
and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers
shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.
Liquidation
.
On the winding up of our company, if the assets available for distribution among our shareholders shall be more than sufficient to repay
the whole of the share capital at the commencement of the winding up, the surplus shall be distributed among our shareholders in proportion
to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect
of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available for distribution
are insufficient to repay all of the paid-up capital, such the assets will be distributed so that, as nearly as may be, the losses are
borne by our shareholders in proportion to the par value of the shares held by them.
154
Calls
on Shares and Forfeiture of Shares
. Our board of directors may from time to time make calls upon shareholders for any amounts unpaid
on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares
that have been called upon and remain unpaid are subject to forfeiture.
Redemption,
Repurchase and Surrender of Shares.
We may issue shares on terms that such shares are subject to redemption, at our option or at
the option of the holders of these shares, on such terms and in such manner as may be determined, before the issue of such shares, by
our board of directors or by our shareholders by special resolution. Our company may also repurchase any of our shares on such terms
and in such manner as have been approved by our board of directors or by an ordinary resolution of our shareholders. Under the Companies
Act, the redemption or repurchase of any share may be paid out of our Company's profits or out of the proceeds of a new issue of
shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption
reserve) if our company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In
addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption
or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our company
may accept the surrender of any fully paid share for no consideration.
Variations
of Rights of Shares.
Whenever the capital of our company is divided into different classes the rights attached to any such class
may, subject to any rights or restrictions for the time being attached to any class, only be materially adversely varied with the consent
in writing of the holders of all of the issued shares of that class or with the sanction of an ordinary resolution passed at a separate
meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred
or other rights shall not, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to
be materially adversely varied by the creation, allotment or issue of further shares ranking pari passu with or subsequent to them or
the redemption or purchase of any shares of any class by our company. The rights of the holders of shares shall not be deemed to be materially
adversely varied by the creation or issue of shares with preferred or other rights, including, without limitation, the creation of shares
with enhanced or weighted voting rights.
Issuance
of Additional Shares
. Our memorandum and articles of association authorizes our board of directors to issue additional ordinary shares
from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.
Our
memorandum and articles of association also authorizes our board of directors to establish from time to time one or more series of preference
shares and to determine, with respect to any series of preference shares, the terms and rights of that series, including:
●
the
                                            designation of the series;
●
the
                                            number of shares of the series;
●
the
                                            dividend rights, dividend rates, conversion rights, voting rights; and
●
the
                                            rights and terms of redemption and liquidation preferences.
Our
board of directors may issue preference shares without action by our shareholders to the extent authorized but unissued. Issuance of
these shares may dilute the voting power of holders of ordinary shares.
Inspection
of Books and Records
. Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies
of our list of shareholders or our corporate records (other than copies of our memorandum and articles of association, our register of
mortgages and charges, and any special resolutions passed by our shareholders). However, we intend to provide our shareholders with annual
audited financial statements. Under Cayman Islands law, the names of our current directors can be obtained from a search conducted at
the Registrar of Companies.
155
Anti-Takeover
Provisions
. Some provisions of our memorandum and articles of association may discourage, delay or prevent a change of control of
our company or management that shareholders may consider favorable, including provisions that:
●
authorize
                                            our board of directors to issue preference shares in one or more series and to designate
                                            the price, rights, preferences, privileges and restrictions of such preference shares without
                                            any further vote or action by our shareholders; and
●
limit
                                            the ability of shareholders to requisition and convene general meetings of shareholders.
However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our memorandum and articles of
association for a proper purpose and for what they believe in good faith to be in the best interests of our company.
Exempted
Company
. We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary
resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside
of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the
same as for an ordinary company except that an exempted company:
●
does
                                            not have to file an annual return of its shareholders with the Registrar of Companies;
●
is
                                            not required to open its register of members for inspection;
●
does
                                            not have to hold an annual general meeting;
●
may
                                            issue negotiable or bearer shares or shares with no par value;
●
may
                                            obtain an undertaking against the imposition of any future taxation (such undertakings are
                                            usually given for 20 years in the first instance);
●
may
                                            register by way of continuation in another jurisdiction and be deregistered in the Cayman
                                            Islands;
●
may
                                            register as a limited duration company; and
●
may
                                            register as a segregated portfolio company.
"Limited
liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the
company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper
purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).
C.
Material
                                            Contracts
We
have 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 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions,"
or elsewhere in this annual report on Form 20-F.
D.
Exchange
                                            Controls
See
"Item 4. Information on the Company—B. Business Overview—Regulations—Regulations Relating to Foreign Exchange."
E.
Taxation
The
following summary of certain Cayman Islands, PRC and U.S. federal income tax considerations of an investment in our ADSs or ordinary
shares is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which are subject
to change. This summary does not deal with all possible tax considerations relating to an investment in our ADSs or ordinary shares,
such as tax considerations under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands,
the People's Republic of China and the United States.
156
Cayman
Islands Taxation
The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to holders of our ADSs or
ordinary shares levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments 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 our 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 our ordinary shares or the ADSs, nor will gains derived from the
disposal of our ordinary shares or the ADSs be subject to Cayman Islands income or corporation tax.
People's
Republic of China Taxation
Under
the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with a "de facto management
body" within the PRC is considered a resident enterprise and will be subject to the enterprise income tax at the rate of 25% on
its global income. The implementation rules define the term "de facto management body" as the body that exercises full and
substantial control over and overall management of the business, production, personnel, accounts and properties of an enterprise. In
April 2009, the State Administration of Taxation issued a circular, known as SAT Circular 82, which provides certain specific criteria
for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located
in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those
controlled by PRC individuals or foreigners, the criteria set forth in the circular 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 all offshore enterprises.
According to SAT Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded
as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following conditions
are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's
financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's
primary assets, accounting books and records, company seals, and board and shareholder resolutions are located or maintained in the PRC;
and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC. Further to the SAT Circular 82, the
State Administration of Taxation issued the Announcement of the State Administration of Taxation on Printing and Distributing the Administrative
Measures for Income Tax on PRC-controlled Resident Enterprises Incorporated Overseas (Trial Implementation), which became effective since
September 2011, to provide more guidance on the implementation of the SAT Circular 82. The announcement provides for detailed procedures
and administration with respect to determination of residence status and administration of post-determination matters.
We
believe that Yunji Inc. is not a PRC resident enterprise for PRC tax purposes. Yunji Inc. is not controlled by a PRC enterprise or PRC
enterprise group and we do not believe that Yunji Inc. meets all of the conditions above. Yunji Inc. is a company incorporated outside
the PRC. As a holding company, its key assets are its ownership interests in its subsidiaries, and its key assets are located, and its
records (including the resolutions of its board of directors and the resolutions of its shareholders) are maintained, outside the PRC.
For the same reasons, we believe our other entities outside of China are not PRC resident enterprises either. 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." There can be no assurance that the PRC government will ultimately take a view that
is consistent with us.
If
the PRC tax authorities determine that Yunji Inc. is a PRC resident enterprise for enterprise income tax purposes, we may be required
to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises, including the holders
of the ADSs. In addition, non-resident enterprise shareholders (including the ADS holders) may be subject to a 10% PRC tax on gains realized
on the sale or other disposition of ADSs or ordinary shares, if such income is treated as sourced from within the PRC. It is unclear
whether our non-PRC individual shareholders (including the ADS holders) would be subject to any PRC tax on dividends or gains obtained
by such non-PRC individual shareholders in the event we are determined to be a PRC resident enterprise. If any PRC tax were to apply
to such dividends or gains, it would generally apply at a rate of 20% unless a reduced rate is available under an applicable tax treaty.
It is also unclear whether non-PRC shareholders of Yunji Inc. would be able to claim the benefits of any tax treaties between their country
of tax residence and the PRC in the event that Yunji Inc. is treated as a PRC resident enterprise.
157
Provided
that our Cayman Islands holding company, Yunji Inc., is not deemed to be a PRC resident enterprise, holders of the ADSs and ordinary
shares who are not PRC residents will not be subject to PRC income tax on dividends distributed by us or gains realized from the sale
or other disposition of our shares or ADSs. However, under SAT Public Notice 7 and SAT Public Notice 37, where a non-resident enterprise
conducts an "indirect transfer" by transferring taxable assets, including, in particular, equity interests in a PRC resident
enterprise, indirectly by disposing of the equity interests of an overseas holding company, the non-resident enterprise, being the transferor,
or the transferee, or the PRC entity which directly owns such taxable assets may report to the relevant tax authority such indirect transfer.
Using a "substance over form" principle, the PRC tax authority may disregard the existence of the overseas holding company
if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result,
gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or other person who is obligated
to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests
in a PRC resident enterprise. We and our non-PRC resident investors may be at risk of being required to file a return and being taxed
under SAT Public Notice 7 and SAT Public Notice 37, and we may be required to expend valuable resources to comply with SAT Public Notice
7 and SAT Public Notice 37, or to establish that we should not be taxed under these circulars. See "Item 3. Key Information—D.
Risk Factors—Risks Related to Doing Business in China—We face uncertainty with respect to indirect transfers of equity interests
in PRC resident enterprises by their non-PRC holding companies."
United
States Federal Income Tax Considerations
The
following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of
the ADSs or ordinary shares by a U.S. Holder (as defined below) that acquires the ADSs and holds the ADSs or ordinary shares as "capital
assets"(generally, property held for investment) under the U.S. Internal Revenue Code of 1986, as amended. This discussion is based
upon existing U.S. federal tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling
has been sought from the Internal Revenue Service, or the IRS, with respect to any U.S. federal income tax considerations described below,
and there can be no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address
the U.S. federal estate, gift, and alternative minimum tax considerations, the Medicare tax on certain net investment income or any state,
local and non-U.S. tax considerations relating to the ownership or disposition of the ADSs or ordinary shares. The following summary
does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual
circumstances or to persons in special tax situations such as:
●
banks
                                            and other financial institutions;
●
insurance
                                            companies;
●
pension
                                            plans;
●
cooperatives;
●
regulated
                                            investment companies;
●
real
                                            estate investment trusts;
●
broker-dealers;
●
traders
                                            that elect to use a mark-to-market method of accounting;
158
●
certain
                                            former U.S. citizens or long-term residents;
●
tax-exempt
                                            entities (including private foundations);
●
holders
                                            who acquire their ADSs or ordinary shares pursuant to any employee share option or otherwise
                                            as compensation;
●
investors
                                            that will hold their ADSs or ordinary shares as part of a straddle, hedge, conversion, constructive
                                            sale or other integrated transaction for U.S. federal income tax purposes;
●
investors
                                            that have a functional currency other than the U.S. dollar;
●
persons
                                            that actually or constructively own 10% or more of our stock (by vote or value); or
●
partnerships
                                            or other entities taxable as partnerships for U.S. federal income tax purposes, or persons
                                            holding the ADSs or ordinary shares through such entities,
all
of whom may be subject to tax rules that differ significantly from those discussed below.
Each
U.S. Holder should consult its tax advisor regarding the application of U.S. federal taxation to its particular circumstances, and the
state, local, non-U.S. and other tax considerations of the ownership and disposition of the ADSs or ordinary shares.
General
For
purposes of this discussion, a "U.S. Holder" is a beneficial owner of the ADSs or ordinary shares that is, for U.S. federal
income tax purposes:
●
an
                                            individual who is a citizen or resident of the United States;
●
a
                                            corporation (or other entity treated as a corporation for U.S. federal income tax purposes)
                                            created in or organized under the law of the United States or any state thereof or the District
                                            of Columbia;
●
an
                                            estate the income of which is includible in gross income for U.S. federal income tax purposes
                                            regardless of its source; or
●
a
                                            trust (A) the administration of which is subject to the primary supervision of a U.S. court
                                            and which has one or more U.S. persons who have the authority to control all substantial
                                            decisions of the trust or (B) that has otherwise validly elected to be treated as a U.S.
                                            person under the U.S. Internal Revenue Code of 1986, as amended.
If
a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of the ADSs or ordinary
shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of
the partnership. Partnerships holding the ADSs or ordinary shares and their partners are urged to consult their tax advisors regarding
an investment in the ADSs or ordinary shares.
The
discussion below assumes that the representations contained in the deposit agreement are and will continue to be true, and that the obligations
in the deposit agreement and any related agreement have been and will be complied with in accordance with their terms. For U.S. federal
income tax purposes, a U.S. Holder of ADSs will generally be treated as the beneficial owner of the underlying shares represented by
the ADSs. Accordingly, deposits or withdrawals of ordinary shares for ADSs will generally not be subject to U.S. federal income tax.
Passive
Foreign Investment Company Considerations
A
non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if
either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more
of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or
are held for the production of passive income. For this purpose, cash and assets readily convertible into cash are generally treated
as passive assets, and the company's goodwill and other unbooked intangibles are taken into account. Passive income generally includes,
among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning
a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly
or indirectly, more than 25% (by value) of the stock.
159
Although
the law in this regard is not entirely clear, we treat the VIEs and their subsidiaries as being owned by us for U.S. federal income tax
purposes because we have the ability to direct their management decisions and are entitled to substantially all of the economic benefits
associated with them.
As a result, we are considered the primary beneficiary of these entities
and consolidate their results of operations in our consolidated U.S. GAAP financial statements for accounting purposes and include their
assets and income in calculations for purposes of the tests described above. If it were determined, however, that we are not the owner
of the VIEs for U.S. federal income tax purposes, it may increase the likelihood that we will be classified as a PFIC for a given taxable
year.
Based
upon our income and assets (which generally includes any unbooked goodwill), as well as the market price of our ADSs, we believe we will
likely be classified as a PFIC for the taxable year ended December 31, 2023. Depending upon the composition of our income and assets
and the market price of our ADSs and ordinary shares during the current and subsequent taxable years, we could continue to be classified
as a PFIC for such years; however, PFIC status is a factual determination made annually that is not generally determinable until the
close of each taxable year. Furthermore, even if the composition of our assets and income were to change such that we did not believe
we were a PFIC, there are uncertainties in the application of the relevant rules, and it is possible that the IRS may challenge our classification
of certain income or assets as non-passive, or our valuation of our goodwill and other unbooked intangibles, each of which may increase
the likelihood of us becoming classified as a PFIC for the current or subsequent taxable years. Accordingly, there can be no assurance
regarding our PFIC status for our current or subsequent taxable years, and U.S. Holders of our ADSs or ordinary shares should be willing
to assume the risks of investing in a PFIC.
If
we are a PFIC for any year during which a U.S. Holder holds our ADSs or ordinary shares, the PFIC rules discussed below under "Passive
Foreign Investment Company Rules" will generally apply to such U.S. Holder for such taxable year, and in the absence of certain
elections will continue to apply in future years even if we cease to be a PFIC.
Dividends
As
noted above, we were likely a PFIC for our most recent taxable year ended December 31, 2023, and may also be a PFIC for our current taxable
year. Accordingly, the treatment most likely to apply to a U.S. Holder is set forth below in "Passive Foreign Investment Company
Rules." If our ADSs or ordinary shares are not treated as stock of a PFIC with respect to a particular U.S. Holder, the following
rules generally apply.
Any
cash distributions paid on the ADSs or ordinary shares (including the amount of any PRC tax withheld) out of our current or accumulated
earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross income of a U.S.
Holder as dividend income on the day actually or constructively received by the U.S. Holder, in the case of ordinary shares, or by the
depositary, in the case of ADSs. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax
principles, you should expect to treat the full amount of any distribution as a "dividend" for U.S. federal income tax purposes.
Dividends received on the ADSs or ordinary shares will not be eligible for the dividends-received deduction allowed to corporations in
respect of dividends received from U.S. corporations.
Dividends
received by individuals and other non-corporate U.S. Holders will be subject to tax at the lower capital gain tax rate applicable to
"qualified dividend income" if certain conditions are satisfied, including that (1) the ADSs or ordinary shares on which
the dividends are paid are readily tradable on an established securities market in the United States, or, in the event that we are deemed
to be a PRC resident enterprise under the PRC tax law, we are eligible for the benefit of the United States-PRC income tax treat, (2)
we are neither a PFIC nor treated as such with respect to a U.S. Holder (as discussed below) for the taxable year in which the dividend
is paid and the preceding taxable year, and (3) certain holding period and other requirements are met.
160
For
this purpose, ADSs listed on the Nasdaq
Capital
Market will generally be considered to be
readily tradable on an established securities market in the United States, although there can be no assurances that the ADS will continue
to be so listed. Although the law in this regard is not entirely clear, since we do not expect our ordinary shares will be listed on
any securities market, we do not believe that ordinary shares that are not represented by ADSs will generally be considered to be readily
tradable on an established securities market in the United States. Moreover, as discussed above, we believe we will likely be classified
as a PFIC for the taxable year ended December 31, 2023.
In
the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law (see "Item 10. Additional
Information—E. Taxation—People's Republic of China Taxation"), we may be eligible for the benefits of the United
States-PRC income tax treaty. If we are eligible for such benefits, dividends we pay on our ordinary shares, regardless of whether such
shares are represented by the ADSs, and regardless of whether the ADSs are readily tradable on an established securities market in the
United States, should be eligible for the reduced rates of taxation described in the preceding paragraph (assuming that the other requirements
discussed above were to be met, including with respect to our PFIC status). U.S. Holders should to consult their tax advisors regarding
the availability of the lower rate for dividends paid with respect to the ADSs or ordinary shares.
For
U.S. foreign tax credit purposes, dividends paid on the ADSs or ordinary shares will generally be treated as income from foreign sources
and will generally constitute passive category income. In the event that we are deemed to be a PRC resident enterprise under the PRC
Enterprise Income Tax Law, a U.S. Holder may be subject to PRC withholding taxes on dividends paid on the ADSs or ordinary shares (see
"Item 10. Additional Information—E. Taxation—People's Republic of China Taxation"). Depending on the U.S.
Holder's particular facts and circumstances and subject to a number of complex conditions and limitations, PRC income taxes paid
or withheld on dividends that are non-refundable under the United States-PRC income tax treaty may be treated as foreign taxes eligible
for credit against a U.S. Holder's U.S. federal income tax liability. A U.S. Holder who does not elect to claim a foreign tax credit
for foreign tax withheld may instead claim a deduction for U.S. federal income tax purposes in respect of such withholding, but only
for a year in which such holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are
complex and U.S. Holders should consult their tax advisors regarding the availability of the foreign tax credit under their particular
circumstances.
Sale
or Other Disposition
Subject
to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize gain or
loss upon the sale or other disposition of ADSs or ordinary shares in an amount equal to the difference between the amount realized upon
the disposition and the holder's adjusted tax basis in such ADSs or ordinary shares. The gain or loss will generally be capital
gain or loss and will be long-term if the ADSs or ordinary shares have been held for more than one year. The deductibility of a capital
loss may be subject to limitations. Any such gain or loss that the U.S. Holder recognizes will generally be treated as U.S. source income
or loss for foreign tax credit limitation purposes, which could limit the availability of foreign tax credits. Nevertheless, in the event
we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law, we may be eligible for the benefits of the United
States-PRC income tax treaty. In such event, if PRC tax were to be imposed on any gain from the disposition of the ADSs or ordinary shares,
a U.S. Holder that is eligible for the benefits of the United States-PRC income tax treaty may elect to treat such gain as PRC source
income. Pursuant to the United States Treasury regulations, however, if a U.S. Holder is not eligible for the benefits of the United
States-PRC income tax treaty or does not elect to apply it, then such U.S. Holder may not be able to use the foreign tax credit arising
from any PRC tax imposed on the disposition of the ADSs or ordinary shares. Each U.S. Holder is advised to consult its tax advisor regarding
the tax consequences if a foreign tax is imposed on a disposition of the ADSs or ordinary shares, including the availability of the foreign
tax credit under its particular circumstances.
161
Passive
Foreign Investment Company Rules
If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds the ADSs or ordinary shares, and unless the U.S. Holder
makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess
distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that
is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's
holding period for the ADSs or ordinary shares), and (ii) any gain realized on the sale or other disposition including, under certain
circumstances, a pledge of ADSs or ordinary shares. Under the PFIC rules:
●
the
                                            excess distribution or gain will be allocated ratably over the U.S. Holder's holding
                                            period for the ADSs or ordinary shares;
●
the
                                            amount allocated to the current taxable year and any taxable years in the U.S. Holder's
                                            holding period prior to the first taxable year in which we are classified as a PFIC (each,
                                            a "pre-PFIC year") will be taxable as ordinary income; and
●
the
                                            amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject
                                            to tax at the highest tax rate in effect for individuals or corporations, as appropriate,
                                            for that year, increased by an additional tax equal to the interest on the resulting tax
                                            deemed deferred with respect to each such taxable year.
If
we are a PFIC for any taxable year during which a U.S. Holder holds the ADSs or ordinary shares, and any of our subsidiaries, the VIEs
or any of their subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares
of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders should consult their tax advisors regarding the application
of the PFIC rules to any of our subsidiaries, the VIEs or their subsidiaries.
As
an alternative to the foregoing rules, a U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market
election with respect to such stock. If a U.S. Holder makes this election with respect to the ADSs, the holder will generally (i) include
as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of ADSs held at the end of the
taxable year over the adjusted tax basis of such ADSs and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis
of the ADSs over the fair market value of such ADSs held at the end of the taxable year, but such deduction will only be allowed to the
extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis
in the ADSs would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market
election in respect of the ADSs and we cease to be classified as a PFIC, the holder will not be required to take into account the gain
or loss described above during any period that we are not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any
gain such U.S. Holder recognizes upon the sale or other disposition of the ADSs in a year when we are a PFIC will be treated as ordinary
income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount
previously included in income as a result of the mark-to-market election.
The
mark-to-market election is available only for "marketable stock," which is stock that is traded in other than de minimis
quantities on at least 15 days during each calendar quarter, or regularly traded, on a qualified exchange or other market, as defined
in applicable United States Treasury regulations. The ADSs, but not our ordinary shares, will be treated as marketable stock if our ADSs
are listed on the Nasdaq
Capital
Market. If the Nasdaq
Capital
Market delists our ADSs, the ADSs will not be treated as marketable stock for the purposes of the mark-to-market election. If
our ADSs continue to be listed on the Nasdaq
Capital
Market, we anticipate that the ADSs
should qualify as being regularly traded, but no assurances may be given in this regard.
Because
a mark-to-market election cannot technically be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject
to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity
interest in a PFIC for U.S. federal income tax purposes.
We
do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would
result in tax treatment different from (and generally less adverse than) the general tax treatment for PFICs described above.
If
a U.S. Holder owns the ADSs or ordinary shares during any taxable year that we are a PFIC, the holder must generally file an annual IRS
Form 8621. You should consult your tax advisor regarding the U.S. federal income tax consequences of owning and disposing of the ADSs
or ordinary shares if we are or become a PFIC.
F.
Dividends
                                            and Paying Agents
Not
applicable.
162
G.
Statement
                                            by Experts
Not
applicable.
H.
Documents
                                            on Display
We
are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required
to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F no later than four months
after the close of each fiscal year. All information we file with the SEC can be obtained over the internet at the SEC's website
at
www.sec.gov
. 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.
We
will furnish Deutsche Bank Trust Company Americas, the depositary of the ADSs, with our annual reports, which will include a review of
operations and annual audited consolidated financial statements prepared in conformity with U.S. GAAP, and all notices of shareholders'
meetings and other reports and communications that are made generally available to our shareholders. The depositary will make such notices,
reports and communications available to holders of ADSs and, upon our request, will mail to all record holders of ADSs the information
contained in any notice of a shareholders' meeting received by the depositary from us.
In
accordance with Nasdaq Stock Market Rule 5250(d), we will post this annual report on Form 20-F on our website at
www.yunjiglobal.com.
In addition, we will provide hardcopies of our annual report free of charge to shareholders and ADS holders upon request.
I.
Subsidiary
                                            Information
Not
applicable.
J.
Annual
                                            Report to Security Holders
Not
applicable.
Item
11.
QUANTITATIVE
                                            AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market
Risks
Foreign
Exchange Risk
The
conversion of Renminbi into other currencies, including U.S. dollars, is based on rates set by the People's Bank of China. The
Renminbi has fluctuated against other currencies, at times significantly and unpredictably. The value of Renminbi against other currencies
is affected by changes in China's political and economic conditions and by China's foreign exchange policies, among other
things. It is difficult to predict how market forces or government policies may impact the exchange rate between Renminbi and other currencies
in the future.
To
the extent that we need to convert U.S. dollars into Renminbi for our operations, appreciation of the Renminbi against the U.S. dollar
would have an adverse effect on the RMB amount we receive 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 us.
All
of our revenues are denominated in RMB, while a portion of our financial assets are denominated in U.S. dollars. We are currently not
a party to any hedging transactions that are entered into in an effort to reduce our exposure to foreign currency exchange risk. We do
not believe that we currently have any significant direct foreign exchange risk. Although our exposure to foreign exchange risks should
be limited in general, the value of your investment in our ADSs will be affected by the exchange rate between U.S. dollar and Renminbi
because the value of our business is effectively denominated in RMB, while our ADSs will be traded in U.S. dollars.
163
As
of December 31, 2023, we had Renminbi-denominated cash, cash equivalents and restricted cash of RMB227.6 million, U.S. dollar-denominated
cash, cash equivalents and restricted cash of US$44.8 million. Assuming we had converted RMB227.6 million into U.S. dollars at the exchange
rate of RMB7.0999 for US$1.00 as of December 29, 2023, our U.S. dollar-denominated cash, cash equivalents and restricted cash would have
been US$76.9 million. If the RMB had depreciated by 10% against the U.S. dollar, our U.S. dollar cash, cash equivalents and restricted
cash would have been US$73.9 million instead. Assuming we had converted US$44.8 million into RMB at the exchange rate of RMB7.0999 for
US$1.00 as of December 29, 2023, our Renminbi-denominated cash, cash equivalents and restricted cash would have been RMB545.7 million.
If the RMB had depreciated by 10% against the U.S. dollar, our Renminbi-denominated cash, cash equivalents and restricted cash would
have been RMB577.5 million instead.
Interest
Rate Risk
Our
exposure to interest rate risk primarily relates to the interest income generated by excess cash, which is mostly held in interest-bearing
bank deposits. Interest-earning instruments carry a degree of interest rate risk. We have not been exposed to material risks due to changes
in interest rates, and we have not used any derivative financial instruments to manage our interest risk exposure.
We
may invest the net proceeds 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.
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
Fees
and Charges the ADS Holders May Have to Pay
As
an ADS holder, you will be required to pay the following service fees to the depositary bank 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 your ADSs):
Service
Fees
●
To
    any person to which ADSs are issued or to any person to which a distribution is made in respect of ADS distributions pursuant to
    stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted
    to cash)
Up
    to US$0.05 per ADS issued
●
Cancellation
    of ADSs, including the case of termination of the deposit agreement
Up
    to US$0.05 per ADS cancelled
164
●
Distribution
    of cash dividends
Up
    to US$0.05 per ADS held
●
Distribution
    of cash entitlements (other than cash dividends) and/or cash proceeds from the sale of rights, securities and other entitlements
Up
    to US$0.05 per ADS held
●
Distribution
    of ADSs pursuant to exercise of rights
Up
    to US$0.05 per ADS held
●
Distribution
    of securities other than ADSs or rights to purchase additional ADSs
Up
    to US$0.05 per ADS held
●
Depositary
    services
Up
    to US$0.05 per ADS held on the applicable record date(s) established by the depositary bank
As
an ADS holder, you will also be responsible to pay certain fees and expenses incurred by the depositary bank 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 your ADSs) such as:
●
Fees
                                            for the transfer and registration of ordinary shares charged by the registrar and transfer
                                            agent for the ordinary shares in the Cayman Islands (i.e. upon deposit and withdrawal of
                                            ordinary shares).
●
Expenses
                                            incurred for converting foreign currency into U.S. dollars.
●
Expenses
                                            for cable, telex and fax transmissions and for delivery of securities.
●
Taxes
                                            and duties upon the transfer of securities, including any applicable stamp duties, any stock
                                            transfer charges or withholding taxes (i.e. when ordinary shares are deposited or withdrawn
                                            from deposit).
●
Fees
                                            and expenses incurred in connection with the delivery or servicing of ordinary shares on
                                            deposit.
●
Fees
                                            and expenses incurred in connection with complying with exchange control regulations and
                                            other regulatory requirements applicable to ordinary shares, deposited securities, ADSs and
                                            ADRs.
●
Any
                                            applicable fees and penalties thereon.
The
depositary fees payable upon the issuance and cancellation of ADSs are typically paid to the depositary bank by the brokers (on behalf
of their clients) receiving the newly issued ADSs from the depositary bank and by the brokers (on behalf of their clients) delivering
the ADSs to the depositary bank for cancellation. The brokers in turn charge these fees to their clients. Depositary fees payable in
connection with distributions of cash or securities to ADS holders and the depositary services fee are charged by the depositary bank
to the holders of record of ADSs as of the applicable ADS record date.
The
depositary fees payable for cash distributions are generally deducted from the cash being distributed or by selling a portion of distributable
property to pay the fees. In the case of distributions other than cash (i.e. share dividends, rights), the depositary bank charges the
applicable fee to the ADS record date holders concurrent with the distribution. In the case of ADSs registered in the name of the investor
(whether certificated or uncertificated in direct registration), the depositary bank sends invoices to the applicable record date ADS
holders. In the case of ADSs held in brokerage and custodian accounts (via DTC), the depositary bank generally collects its fees through
the systems provided by DTC (whose nominee is the registered holder of the ADSs held in DTC) from the brokers and custodians holding
ADSs in their DTC accounts. The brokers and custodians who hold their clients' ADSs in DTC accounts in turn charge their clients'
accounts the amount of the fees paid to the depositary banks.
In
the event of refusal to pay the depositary fees, the depositary bank may, under the terms of the deposit agreement, refuse the requested
service until payment is received or may set off the amount of the depositary fees from any distribution to be made to the ADS holder.
Fees
and Other Payments Made by the Depositary to Us
The
depositary may make payments to us or reimburse us for certain costs and expenses, by making available a portion of the ADS fees collected
in respect of the ADR program or otherwise, upon such terms and conditions as we and the depositary bank agree from time to time. For
the year ended December 31, 2023, we did not receive any reimbursement from the depositary.
165
PART
II.
Item
13.
DEFAULTS,
                                            DIVIDEND ARREARAGES AND DELINQUENCIES
None.
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—B. Memorandum and Articles of Association—Ordinary Shares" for a description
of the rights of securities holders, which remain unchanged.
Use
of Proceeds
Not
applicable.
Item
15.
CONTROLS
                                            AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
Our
management, under the supervision and with the participation of our chief executive officer, has performed an evaluation of the effectiveness
of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by
this report, as required by Rule 13a-15(b) under the Exchange Act.
Based
upon that evaluation, our management, with the participation of our chief executive officer, has concluded that, as of December 31, 2023,
our disclosure controls and procedures were effective in ensuring that the information required to be disclosed by us in the reports
that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the
SEC's rules and forms, and that the information required to be disclosed by us in the reports that we file or submit under the
Exchange Act is accumulated and communicated to our management, including our chief executive officer, as appropriate, to allow timely
decisions regarding required disclosure.
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)
and 15d-15(f) under the Securities Exchange Act of 1934, as amended. Our internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for
external purposes in accordance with Generally Accepted Accounting Principles (GAAP) in the United States of America and includes those
policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of our company; (ii) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of consolidated financial statements in accordance with GAAP, and that receipts and expenditures of our company
are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding
prevention or timely detection of the unauthorized acquisition, use or disposition of our company's assets that could have a material
effect on the consolidated financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect all potential misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risks 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 as promulgated by the Securities and Exchange Commission,
our management, including our chief executive officer, assessed the effectiveness of internal control over financial reporting as of
December 31, 2023 using the criteria set forth in the report "Internal Control—Integrated Framework (2013)" published
by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that our internal
control over financial reporting was effective as of December 31, 2023.
166
Attestation
Report of the Registered Public Accounting Firm
This
annual report does not include an attestation report of our independent registered public accounting firm regarding internal control
over financial reporting. As a non-accelerated filer, as defined under Rule 12b-2 of the Exchange Act, we are not subject to the auditor
attestation requirements of Section 404 of the Sarbanes-Oxley Act (and the SEC rules and regulations thereunder). It is possible that,
had our independent registered public accounting firm conducted an audit of our internal control over financial reporting, such accountant
might have identified material weaknesses and deficiencies or might issue a qualified report if it is not satisfied with our internal
controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the requirements differently
from us.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal controls over financial reporting that occurred during the period covered by this annual report that
have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item
16A.
AUDIT
                                            COMMITTEE FINANCIAL EXPERT
See
"Item 6. Directors, Senior Management and Employees—C. Board Practices."
Item
16B.
CODE
                                            OF ETHICS
Our
board of directors adopted a code of business conduct and ethics that applies to our directors, officers and employees in March 2019.
We have posted a copy of our code of business conduct and ethics on our website at
www.yunjiglobal.com.
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 its affiliates, our principal external auditors, for the periods indicated. We did not pay
any other fees to our principal auditor during the periods indicated below.
For the Year Ended December 31,
2022
2023
(in thousands of RMB)
Audit fees
(1)
8,680
7,100
Tax fees
(2)
612
300
All other fees
—
—
Notes:
(1)
"Audit
                                            fees" means the aggregate fees billed for professional services rendered by our principal
                                            auditors for the audit of our annual financial statements and the review of our comparative
                                            interim financial statements.
(2)
"Tax
                                            fee" means the aggregate fees billed in each of the fiscal years listed for professional
                                            services rendered by our principal auditors for tax compliance, tax advice, and tax planning.
The
policy of our audit committee is to pre-approve all audit and other service provided by PricewaterhouseCoopers Zhong Tian LLP and its
affiliates as described above, other than those for de minimis services which are approved by the audit committee prior to the completion
of the audit.
167
Item
16D.
EXEMPTIONS
                                            FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
Item
16E.
PURCHASES
                                            OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
On
March 16, 2022, our board of directors authorized a share repurchase program to repurchase up to US$20 million of our ordinary shares
(including in the form of ADSs) over the next six months through September 15, 2022. On August 25, 2022, our board of directors approved
to extend the term of the share repurchase program for another six months through March 15, 2023.
As
of December 31, 2023, we had repurchased a total of approximately 0.5 million ADSs under this share repurchase program. The table below
is a summary of the shares repurchased by us.
Total
                                                                                 Number
of ADSs
Purchased
Average
                                                                                 Price
Paid
Per
ADS ($)
Total
                                                                                 Number
of ADSs
Purchased
as
Part of the
Publicly
Announced
Plan
Approximate
Dollar
Value of
ADSs
that May
Yet
                        Be
Purchased
Under
the
Plan ($)
Period
January 2023
261,123
6.11
1,652,561
4,225,384
February 2023
274,942
5.44
1,927,503
2,731,066
Total
536,065
5.76
1,927,503
2,731,066
Item
16F.
CHANGE
                                            IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not
applicable.
Item
16G.
CORPORATE
                                            GOVERNANCE
As
a Cayman Islands company listed on the Nasdaq
Capital
Market, we are subject to Nasdaq's
corporate governance requirements. However, Nasdaq rules permit a foreign private issuer like us to follow the corporate governance practices
of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly
from Nasdaq's corporate governance requirements. Nasdaq Rule 5620 requires each issuer to hold an annual meeting of shareholders
no later than one year after the end of the issuer's fiscal year-end.
However,
Nasdaq Rule 5615(a)(3) permits foreign private issuers like us to follow "home country practice" in certain corporate governance
matters. Maples and Calder (Hong Kong) LLP, our Cayman Islands counsel, has provided a letter to the Nasdaq Stock Market certifying that
neither the Companies Act of the Cayman Islands nor our memorandum and articles of association requires we hold annual general meetings
every year. We followed home country practice and did not hold an annual meeting of shareholders in 2023. We may, however, hold annual
shareholders meetings in the future. As a result of this and other home country practice we may follow in the future, our shareholders
may be afforded less protection than they otherwise would under Nasdaq's corporate governance requirements applicable to U.S. domestic
issuers. See "Item 3. Key Information—D. Risk Factors—Risks Related to Our ADSs—As an exempted company incorporated
in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ
significantly from Nasdaq's corporate governance requirements; these practices may afford less protection to shareholders than
they would enjoy if we complied fully with Nasdaq's corporate governance requirements."
Item
16H.
MINE
                                            SAFETY DISCLOSURE
Not
applicable.
ITEM
                                            16I.
DISCLOSURE
                                                                                                                                          REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
.
Not
applicable.
168
Item
                                            16J.
INSIDER
                                            TRADING POLICIES
Not
applicable.
Item
                                            16K.
Cybersecurity
Risk
Management and Strategy
We
have implemented comprehensive cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy
and governance and reporting cybersecurity risks. We have also integrated cybersecurity risk management into our overall enterprise risk
management system.
We
have developed a comprehensive cybersecurity threat defense system to address both internal and external threats. This system encompasses
various levels, including network, host and application security and incorporates systematic security capabilities for threat defense,
monitoring, analysis, response, deception and countermeasures. We strive to manage cybersecurity risks and protect sensitive information
through various means, such as technical safeguards, procedural requirements, an intensive program of monitoring on our corporate network,
continuous testing of aspects of our security posture internally, a robust incident response program and regular cybersecurity awareness
training for employees. Besides, we engage third-party service providers to assess our internal cybersecurity programs and compliance
with applicable practices and standards. Our IT department work closely with third-party service providers to ensure their compliance
with our cybersecurity standards and to assess risks arising from our engagements with them. Our information security department regularly
monitors the performance of our apps, platforms and infrastructure to enable us to respond quickly to potential problems, including potential
cybersecurity threats.
As
of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity
threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial
condition.
Governance
The
nominating and corporate governance committee of our board of directors is responsible for overseeing the Company's cybersecurity
risk management and be informed on risks from cybersecurity threats. The nominating and corporate governance committee shall review,
approve and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) related to cybersecurity
matters in the periodic reports (including annual report on Form 20-F) of the Company. In addition, on the management level, we have
established a cybersecurity committee, which is consisted of four top executives and chaired by our cybersecurity officer, who has experience
in dealing with confidentiality-related cybersecurity issues. Our cybersecurity committee is responsible for overseeing the process of
assessing, identifying and managing material risks from cybersecurity threats and monitoring the prevention, detection, mitigation and
remediation of material cybersecurity incident. Our cybersecurity committee reports to our nominating and corporate governance committee
on (i) a quarterly basis on updates to the status of any material cybersecurity incidents or material risks from cybersecurity threats
to our company, and the disclosure issues, if any, and (ii) on disclosure concerning cybersecurity matters in our annual report on Form
20-F. If a cybersecurity incident occurs, our cybersecurity committee will promptly organize relevant personnel for internal assessment
and, depending on the situation, seek the opinions of external experts and legal advisors. If it is determined that the incident could
potentially be a material cybersecurity event, our cybersecurity committee will promptly report the investigation and assessment results
to our nominating and corporate governance committee and our disclosure committee. If such disclosure is determined to be necessary,
our cybersecurity committee shall promptly prepare disclosure material for review and approval by our nominating and corporate governance
committee or board of directors, as appropriate, before it is disseminated to the public.
169
PART
III.
Item
17.
FINANCIAL
                                            STATEMENTS
We
have elected to provide financial statements pursuant to "Item 18. Financial Statements."
Item
18.
FINANCIAL
                                            STATEMENTS
The
consolidated financial statements of Yunji Inc. are included at the end of this annual report.
Item
19.
EXHIBITS
Exhibit
Number
Description
    of Document
1.1
Third Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.2 to the Form F-1 filed on March 21, 2019 (File No. 333-230424))
2.1
Registrant's Specimen American Depositary Receipt (included in Exhibit 2.3) (incorporated herein by reference to Exhibit 4.3 to the Form S-8 filed on August 30, 2019 (File No. 333-233539))
2.2
Registrant's Specimen Certificate for Class A Ordinary Shares (incorporated herein by reference to Exhibit 4.2 to the Form F-1 filed on March 21, 2019 (File No. 333-230424))
2.3
Deposit Agreement among the Registrant, the depositary and holder of the American Depositary Receipts (incorporated herein by reference to Exhibit 4.3 to the Form S-8 filed on August 30, 2019 (File No. 333-233539))
2.4
Amended and Restated Shareholders Agreement between the Registrant and other parties thereto dated June 4, 2018 (incorporated herein by reference to Exhibit 4.4 to the Form F-1 filed on March 21, 2019 (File No. 333-230424))
2.5*
Description of Securities
4.1
2019 Share Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Form F-1 filed on March 21, 2019 (File No. 333-230424))
4.2
Form of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated herein by reference to Exhibit 10.2 to the Form F-1 filed on March 21, 2019 (File No. 333-230424))
4.3
Form of Employment Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit 10.3 to the F-1 filed on March 21, 2019 (File No. 333-230424))
4.4*
English translation of the executed form of Proxy Agreement and Power of Attorney by and among a VIE, its shareholders and the WFOE of the Registrant, as currently in effect, and a schedule of all executed Proxy Agreements and Powers of Attorney adopting the same form in respect of each of the VIEs
4.5*
English translation of the executed form of Equity Pledge Agreement by and among a VIE, its shareholders and the WFOE of the Registrant, as currently in effect, and a schedule of all executed Equity Pledge Agreements adopting the same form in respect of each of the VIEs
4.6*
English translation of the executed form of Exclusive Service Agreement by and between a VIE and the WFOE of the Registrant, as currently in effect, and a schedule of all executed Exclusive Service Agreements adopting the same form in respect of each of the VIEs
4.7*
English translation of the executed form of Exclusive Option Agreement by and among a VIE, its shareholders and the WFOE of the Registrant, as currently in effect, and a schedule of all executed Exclusive Option Agreements adopting the same form in respect of each of the VIEs
4.8*
English translation of Loan Agreement among Mr. Shanglue Xiao, Mr. Shangce Xiao and the WFOE of the Registrant, dated March 15, 2023
170
Exhibit
Number
Description
    of Document
4.9
English translation of Commodity Premises Subscription Form and two supplementary agreements to the Commodity Premises Subscription Form between a subsidiary of the Registrant, Zhejiang Fengji Technology Co., Ltd., and Hangzhou Shimao Ruiying Real Estate Co., Ltd., dated June 28, 2021 (incorporated herein by reference to Exhibit 4.9 to the Form 20-F filed on April 26, 2022 (File No. 001-38877))
8.1*
Principal Subsidiaries and Consolidated Variable Interest Entities of the Registrant
11.1
Code of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the F-1 filed on March 21, 2019 (File No. 333-230424))
12.1*
Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2*
Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1**
Certification by Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
13.2**
Certification by Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
15.1*
Consent of PricewaterhouseCoopers Zhong Tian LLP, an independent registered public accounting firm
15.2*
Consent of Han Kun Law Offices
15.3*
Consent of Maples and Calder (Hong Kong) LLP
97.1*
Clawback Policy of the Registrant
101.INS*
Inline
    XBRL Instance Document – this instance document does not appear in the Interactive Data File because its XBRL tags are embedded
    within the Inline XBRL document
101.SCH*
Inline
    XBRL Taxonomy Extension Scheme 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 (embedded within the Inline XBRL document)
*
Filed
with
  this Annual Report on Form 20-F.
**
Furnished
                                            with this Annual Report on Form 20-F.
171
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.
Yunji
    Inc.
By:
/s/
Shanglue Xiao
Name:
Shanglue
    Xiao
Title:
Founder,
    Chairman, and Chief
Executive
    Officer
Date:
April 25, 2024
172
YUNJI
INC.
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Report
    of Independent Registered Public Accounting Firm
(PCAOB ID:
1424
)
F-2
Consolidated
    Balance Sheets as of December 31, 2022 and 2023
F-4
Consolidated
    Statements of Comprehensive Income/(Loss) for the years ended December 31, 2021, 2022 and 2023
F-7
Consolidated
    Statements of Changes in Shareholders' Equity for the years ended December 31, 2021, 2022 and 2023
F-9
Consolidated
    Statements of Cash Flows for the years ended December 31, 2021, 2022 and 2023
F-12
Notes
    to the Consolidated Financial Statements
F-15
F-
1
Report
of Independent Registered Public Accounting Firm
To
the Board of Directors and Shareholders of Yunji Inc.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Yunji Inc. and its subsidiaries (the "Company") as of December
31, 2023 and 2022, and the related consolidated statements of comprehensive income/(loss), of changes in shareholders' equity and of cash flows
for each of the three 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, 2023 and 2022
,
and the results of its operations and its cash flows for each of the
three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of
America.
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 of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether the consolidated 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
audits 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.
Critical
Audit Matters
The
critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that
was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material
to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication
of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are
not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or
disclosures to which it relates.
Allowance
for credit losses – factoring receivables and receivables from the distribution sales
As
described in Notes 2 and 5 to the consolidated financial statements, the Company's balances of factoring receivables and receivables
from the distribution sales were RMB29,147 thousand and RMB62,576 thousand, respectively, as of December 31, 2023. The allowance for
credit losses for these balances made up the majority of the allowance for credit losses for accounts receivable of RMB35,159 thousand
as of December 31, 2023. Management determined the allowance for credit losses for factoring receivables on a collective (pooled) basis
that share similar risk characteristics. The assumptions considered when determining the allowance for credit losses for factoring receivables
include probability of default ("PD") and loss given default ("LGD"), adjusted for forward-looking macroeconomic
conditions. Management determined the allowance for credit losses for receivables from the distribution sales on an individual basis,
using the non-performing loan ratio ("NPLR") of commercial banks by industry, adjusted for forward-looking macroeconomic
conditions.
F-
2
Report
of Independent Registered Public Accounting Firm (Cont'd)
The principal considerations
for our determination that performing procedures relating to the allowance for credit losses for factoring receivables and receivables
from the distribution sales is a critical audit matter are (i) the significant judgement and estimation by management in determining PD,
LGD, NPLR, as applicable for the relevant allowance, and the forward-looking macroeconomic conditions, which in turn led to a high degree
of auditor judgment, subjectivity, and effort in performing procedures and in evaluating the audit evidence obtained, and (ii) the audit
effort involved the use of professionals with specialized skill and knowledge to assist in performing these procedures and evaluating
the audit evidence obtained from these procedures.
Addressing the matter involved
performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.
These procedures included testing the effectiveness of controls relating to the allowance for credit losses for factoring receivables
and receivables from the distribution sales. These procedures also included, among others, (i) testing management's process for
estimating the allowance for credit losses, (ii) evaluating the appropriateness of the models and methodologies used in management's
credit loss estimates, (iii) evaluating the reasonableness of certain assumptions, including PD, LGD and NPLR as applicable for the relevant
allowance, (iv) evaluating the reasonableness of the forward-looking macroeconomic conditions used in the models, and (v) testing the
completeness, accuracy and relevance of data used in the estimation process. Professionals with specialized skill and knowledge were also
used to assist in evaluating the appropriateness of the methodologies and mathematical accuracy of the calculations, the reasonableness
of the PD, LGD, NPLR, as applicable, and the forward-looking macroeconomic conditions.
/s/
PricewaterhouseCoopers
Zhong Tian LLP
Shanghai, the People's Republic of China
April 25, 2024
We have served as the Company's auditor since
2018.
F-
3
YUNJI
INC.
CONSOLIDATED
BALANCE SHEETS
AS
OF DECEMBER 31, 2022 AND 2023
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
As
    of December 31,
2022
2023
RMB
RMB
US$
ASSETS
Current
    assets:
Cash
    and cash equivalents
414,634
517,542
72,894
Restricted
    cash
42,109
27,169
3,827
Short-term
    investments
212,003
7,195
1,013
Accounts
    receivable, net (Allowance for credit losses of RMB
16,762
and RMB
35,159
, respectively)
94,111
64,312
9,058
Advance
    to suppliers
32,738
14,058
1,980
Inventories,
    net
54,651
42,716
6,016
Amounts
    due from related parties
202
1,361
192
Prepaid
    expenses and other current assets (Allowance for credit losses of RMB
14,510
and RMB
13,017
, respectively)
362,065
134,247
18,908
Total
    current assets
1,212,513
808,600
113,888
Non-current
    assets:
Property,
    equipment and software, net
168,928
175,451
24,712
Long-term
    investments
414,325
364,159
51,291
Deferred
    tax assets
-
-
-
Operating
    lease right of use assets, net
231
16,507
2,325
Other
    non-current assets (Allowance for credit losses of RMB
2,091
and RMB
22,213
, respectively)
96,414
189,067
26,630
Total
    non-current assets
679,898
745,184
104,958
Total
    assets
1,892,411
1,553,784
218,846
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
YUNJI
INC.
CONSOLIDATED
BALANCE SHEETS (CONTINUED)
AS
OF DECEMBER 31, 2022 AND 2023
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2022
2023
RMB
RMB
US$
LIABILITIES
    AND SHAREHOLDERS' EQUITY
Current
    liabilities
(including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiary
    of RMB
399,285
and RMB
250,879
as of December 31, 2022 and 2023, respectively)
Accounts
    payable
138,903
96,782
13,631
Deferred
    revenue
21,748
9,412
1,326
Incentive
    payables to members
207,331
124,889
17,590
Member
    management fees payable
11,087
4,373
616
Other
    payable and accrued liabilities
145,527
109,200
15,381
Amounts
    due to related parties
10,608
3,535
498
Operating
    lease liabilities, current
1,162
3,376
476
Total
    current liabilities
536,366
351,567
49,518
Non-current
    liabilities
Operating
    lease liabilities, non-current
145
11,122
1,566
Deferred
    tax liabilities
-
-
-
Total
    non-current liabilities
145
11,122
1,566
Total
    liabilities
536,511
362,689
51,084
Commitments
    and contingencies (Note 27)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
YUNJI
INC.
CONSOLIDATED
BALANCE SHEETS (CONTINUED)
AS
OF DECEMBER 31, 2022 AND 2023
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2022
2023
RMB
RMB
US$
Shareholders'
    equity
Ordinary
    shares (US$
0.000005
par value
20,000,000,000
shares authorized as of December 31, 2022 and 2023;
1,208,831,222
Class A ordinary shares
    and
949,960,000
Class B ordinary shares issued as of December 31, 2022 and 2023;
1,068,437,352
and
1,016,418,532
Class A ordinary
    shares and
949,960,000
and
949,960,000
Class B ordinary shares outstanding as of December 31, 2022 and 2023, respectively)
70
70
10
Additional
    paid-in capital
7,333,144
7,328,680
1,032,223
Statutory
    reserve
16,078
16,254
2,289
Accumulated
    other comprehensive income
63,113
85,291
12,013
Less:
    Treasury stock (
140,393,870
and
192,412,690
shares as of December 31, 2022 and 2023, respectively)
(
98,709
)
(
116,108
)
(
16,353
)
Accumulated
    deficit
(
5,958,666
)
(
6,123,971
)
(
862,543
)
Total
    Yunji Inc. shareholders' equity
1,355,030
1,190,216
167,639
Non-controlling
    interests
870
879
123
Total
    shareholders' equity
1,355,900
1,191,095
167,762
Total
    liabilities and shareholders' equity
1,892,411
1,553,784
218,846
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
YUNJI
INC.
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2021
2022
2023
RMB
RMB
RMB
US$
Revenues:
Sales
    of merchandise, net
1,798,882
965,796
500,651
70,515
Marketplace
    revenue
321,844
170,561
130,188
18,337
Other
    revenues
34,635
17,757
9,370
1,320
Total
    revenues
2,155,361
1,154,114
640,209
90,172
Operating
    cost and expenses:
Cost
    of revenues
(
1,343,386
)
(
651,578
)
(
332,774
)
(
46,870
)
Fulfilment
(
202,026
)
(
160,680
)
(
107,472
)
(
15,137
)
Sales
    and marketing
(
296,049
)
(
214,783
)
(
121,039
)
(
17,048
)
Technology
    and content
(
124,854
)
(
81,382
)
(
53,490
)
(
7,534
)
General
    and administrative
(
226,110
)
(
145,857
)
(
120,951
)
(
17,036
)
Total
    operating cost and expenses
(
2,192,425
)
(
1,254,280
)
(
735,726
)
(
103,625
)
Other
    operating income
54,416
21,599
14,898
2,098
Income/(loss)
    from operations
17,352
(
78,567
)
(
80,619
)
(
11,355
)
Financial
    income/(expense), net
80,061
(
14,356
)
(
60,226
)
(
8,483
)
Foreign
    exchange loss, net
(
1,300
)
(
15,697
)
(
6,743
)
(
950
)
Other
    non-operating income/(loss), net
112,909
2,072
(
2,405
)
(
339
)
Income/(loss)
    before income tax expense, and equity in income of affiliates, net of tax
209,022
(
106,548
)
(
149,993
)
(
21,127
)
Income
    tax expense
(
60,501
)
(
24,791
)
(
7,851
)
(
1,106
)
Equity
    in loss of affiliates, net of tax
(
16,237
)
(
7,051
)
(
7,276
)
(
1,025
)
Net
    income/(loss)
132,284
(
138,390
)
(
165,120
)
(
23,258
)
Less:
    net income/(loss) attributable to non- controlling interests shareholders
318
(
217
)
9
1
Net
    income/(loss) attributable to YUNJI INC.
131,966
(
138,173
)
(
165,129
)
(
23,259
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
7
YUNJI
INC.
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (CONTINUED)
FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2021
2022
2023
RMB
RMB
RMB
US$
Net
    income/(loss)
132,284
(
138,390
)
(
165,120
)
(
23,258
)
Other
    comprehensive (loss)/income
Foreign
    currency translation adjustment
(
25,116
)
78,777
22,178
3,124
Total
    comprehensive income/(loss)
107,168
(
59,613
)
(
142,942
)
(
20,134
)
Less:
    total comprehensive income/(loss) attributable to non-controlling interests shareholders
318
(
217
)
9
1
Total
    comprehensive income/(loss) attributable to YUNJI INC.
106,850
(
59,396
)
(
142,951
)
(
20,135
)
Net
    income/(loss) attributable to ordinary shareholders
131,966
(
138,173
)
(
165,129
)
(
23,259
)
Weighted average
    number of ordinary shares used in computing net income/(loss) per share
-
    Basic
2,139,963,573
2,088,319,721
1,971,108,505
1,971,108,505
-
    Diluted
2,147,205,590
2,088,319,721
1,971,108,505
1,971,108,505
Net
    income/(loss) per share attributable to ordinary shareholders
-
    Basic
0.06
(
0.07
)
(
0.08
)
(
0.01
)
-
    Diluted
0.06
(
0.07
)
(
0.08
)
(
0.01
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
8
YUNJI
INC.
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
Ordinary
                                            share
(US$0.000005
par
                                            value)
Treasury
    stock
Additional
Accumulated
other
Total
Yunji
Inc.
Non-
Total
Number of
Shares issued
Amount
Number of
Shares
Amount
paid-in
capital
Statutory
reserve
comprehensive
income/(loss)
Accumulated
deficit
shareholders'
equity
controlling
interest
shareholders'
equity
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
Balance
    as of January 1, 2021
2,158,791,222
70
(
25,525,810
)
(
85,202
)
7,327,148
12,624
9,452
(
5,952,085
)
1,312,007
2,861
1,314,868
Net
    income
-
-
-
-
-
-
-
131,966
131,966
318
132,284
Foreign
    currency translation adjustments
-
-
-
-
-
-
(
25,116
)
-
(
25,116
)
-
(
25,116
)
Appropriation
    to statutory reserves
-
-
-
-
-
1,395
-
(
1,395
)
-
-
-
Repurchasing
    common stock (Note 21)
-
-
(
387,500
)
(
220
)
-
-
-
-
(
220
)
-
(
220
)
Issuance
    of ordinary shares due to the exercise of share option (Note 23)
-
-
748,730
2,124
(
1,644
)
-
-
-
480
-
480
Issuance
    of restricted shares (Note 23)
-
-
12,908,750
39,070
(
39,070
)
-
-
-
-
-
-
Capital
    injection from non-controlling interests
-
-
-
-
-
-
-
-
-
208
208
Acquisition
    of additional shares in subsidiaries from non-controlling interest shareholders
-
-
-
-
-
-
-
-
-
(
1,198
)
(
1,198
)
Share
    based compensation
-
-
-
-
55,910
-
-
-
55,910
-
55,910
Disposal
    of a subsidiary
-
-
-
-
-
-
-
2,869
2,869
(
1,309
)
1,560
Dividend
    to non-controlling interest shareholders
-
-
-
-
-
-
-
-
-
(
261
)
(
261
)
Balance
    as of December 31, 2021
2,158,791,222
70
(
12,255,830
)
(
44,228
)
7,342,344
14,019
(
15,664
)
(
5,818,645
)
1,477,896
619
1,478,515
The
accompanying notes are an integral part of these consolidated financial statements.
F-
9
YUNJI
INC.
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (CONTINUED)
FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
Ordinary
                                            share
(US$0.000005
par
                                            value)
Treasury
    stock
Additional
Accumulated
other
Total
Yunji
                                            Inc.
Non-
Total
Number of
Shares issued
Amount
Number of
Shares
Amount
paid-in
capital
Statutory
reserve
comprehensive
(loss)/income
Accumulated
deficit
shareholders'
equity
controlling
interest
shareholders'
equity
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
Balance
    as of January 1, 2022
2,158,791,222
70
(
12,255,830
)
(
44,228
)
7,342,344
14,019
(
15,664
)
(
5,818,645
)
1,477,896
619
1,478,515
Net
    loss
-
-
-
-
-
-
-
(
138,173
)
(
138,173
)
(
217
)
(
138,390
)
Foreign
    currency translation adjustments
-
-
-
-
-
-
78,777
-
78,777
-
78,777
Appropriation
    to statutory reserves
-
-
-
-
-
2,059
-
(
2,059
)
-
-
-
Repurchasing
    common stock (Note 21)
-
-
(
139,237,930
)
(
95,436
)
-
-
-
-
(
95,436
)
-
(
95,436
)
Issuance
    of ordinary shares due to the exercise of share option (Note 23)
-
-
773,640
2,903
(
2,390
)
-
-
-
513
-
513
Issuance
    of restricted shares (Note 23)
-
-
10,326,250
38,052
(
38,052
)
-
-
-
-
-
-
Capital
    injection from non-controlling interests
-
-
-
-
-
-
-
-
-
197
197
Conversion
    of liabilities to NCI of subsidiaries to capital
-
-
-
-
-
-
-
-
-
1,577
1,577
Acquisition
    of additional shares in subsidiaries from non-controlling interest shareholders
-
-
-
-
1,099
-
-
-
1,099
(
1,099
)
-
Share
    based compensation
-
-
-
-
30,150
-
-
-
30,150
-
30,150
Disposal
    of subsidiaries
-
-
-
-
(
7
)
-
-
211
204
(
207
)
(
3
)
Balance
    as of December 31, 2022
2,158,791,222
70
(
140,393,870
)
(
98,709
)
7,333,144
16,078
63,113
(
5,958,666
)
1,355,030
870
1,355,900
The
accompanying notes are an integral part of these consolidated financial statements.
F-
10
YUNJI
INC.
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (CONTINUED)
FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
Ordinary
                                            share
(US$0.000005
par
                                            value)
Treasury
    stock
Additional
Accumulated
other
Total
Yunji
                                            Inc.
Non-
Total
Number of
Shares issued
Amount
Number of
Shares
Amount
paid-in
capital
Statutory
reserve
comprehensive
income
Accumulated
deficit
shareholders'
equity
controlling
interest
shareholders'
equity
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
Balance
    as of January 1, 2023
2,158,791,222
70
(
140,393,870
)
(
98,709
)
7,333,144
16,078
63,113
(
5,958,666
)
1,355,030
870
1,355,900
Net
    loss
-
-
-
-
-
-
-
(
165,129
)
(
165,129
)
9
(
165,120
)
Foreign
    currency translation adjustments
-
-
-
-
-
-
22,178
-
22,178
-
22,178
Appropriation
    to statutory reserves
-
-
-
-
-
176
(
176
)
-
-
-
Repurchasing
    common stock (Note 21)
-
-
(
53,606,770
)
(
20,978
)
-
-
-
-
(
20,978
)
-
(
20,978
)
Issuance
    of restricted shares (Note 23)
-
-
1,587,950
3,579
(
3,579
)
-
-
-
-
-
-
Share
    based compensation
-
-
-
-
(
885
)
-
-
-
(
885
)
-
(
885
)
Balance
    as of December 31, 2023
2,158,791,222
70
(
192,412,690
)
(
116,108
)
7,328,680
16,254
85,291
(
6,123,971
)
1,190,216
879
1,191,095
The
accompanying notes are an integral part of these consolidated financial statements.
F-
11
YUNJI
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023
(All
amounts in thousands)
2021
2022
2023
RMB
RMB
RMB
US$
Cash
    flows from operating activities:
Net
    income/(loss)
132,284
(
138,390
)
(
165,120
)
(
23,258
)
Adjustments
    to reconcile net loss to net cash used in operating activities:
Depreciation
    and amortization
15,985
7,718
6,545
922
Shared-based
    compensation
55,910
30,150
(
885
)
(
125
)
Loss/(gain)
    from disposal of property, equipment and software
667
(
143
)
(
350
)
(
49
)
Equity
    in loss of affiliates
16,237
7,051
7,276
1,025
Changes
    in fair value for equity securities
(
59,690
)
35,198
80,923
11,398
Inventory
    write-downs
25,696
4,792
9,270
1,306
Foreign
    exchange loss/(income)
6,701
(
15,582
)
8,313
1,172
Amortization
    of right of use assets
3,908
2,774
1,742
245
Change
    in estimate of refund payable to members
(
2,617
)
(
1,282
)
-
-
(Gain)/loss
    on disposal of long-term investments and subsidiaries
(
112,354
)
1,792
23
3
Reverse
    stock splits expense
-
-
4,356
614
Allowance
    for credit losses
24,045
21,233
37,098
5,225
Deferred
    income tax
42,698
14,925
-
-
Changes
    in operating assets and liabilities:
Decrease/(increase)
    in accounts receivable
39,516
(
20,886
)
(
39,363
)
(
5,544
)
Decrease
    in inventories
25,036
25,057
2,665
375
Decrease
    in advance to suppliers
39,005
26,699
18,683
2,631
Decrease
    in prepaid expenses and other current assets
47,602
95,158
32,464
4,572
(Increase)/decrease
    in other non-current assets
(
1,592
)
(
1,373
)
932
131
Decrease/(increase)
    in amounts due from related parties
2,574
739
(
1,159
)
(
163
)
Decrease
    in accounts payable
(
212,735
)
(
108,003
)
(
42,121
)
(
5,933
)
Decrease
    in incentive payables to members
(
46,558
)
(
58,281
)
(
82,442
)
(
11,612
)
Decrease
    in member management fees payable
(
30,271
)
(
4,483
)
(
6,714
)
(
946
)
Increase/(decrease)
    in deferred revenue
54,884
(
84,004
)
(
12,335
)
(
1,737
)
Decrease
    in amount due to related parties
(
7,359
)
(
5,022
)
(
7,073
)
(
996
)
Decrease
    in other payable and accrued liabilities
(
85,563
)
(
52,659
)
(
40,989
)
(
5,772
)
Net
    cash used in operating activities
(
25,991
)
(
216,822
)
(
188,261
)
(
26,516
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
12
YUNJI
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS (CONTINUED)
FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023
(All
amounts in thousands)
2021
2022
2023
RMB
RMB
RMB
US$
Cash
    flows from investing activities:
Purchase
    of property, equipment and software
(
86,983
)
(
92,256
)
(
12,407
)
(
1,747
)
Proceeds
    from disposal of property, equipment and software
2,383
976
640
90
Cash
    paid for short term investments
(
377,756
)
(
465,242
)
(
7,159
)
(
1,008
)
Cash
    received from maturity of short-term investments
126,598
651,402
214,374
30,194
Cash
    paid for factorings services
(
194,070
)
(
73,322
)
-
-
Cash
    received from factorings services
169,000
102,409
50,694
7,140
Cash
    paid for loans provided to third parties
(
159,200
)
(
1,000
)
-
-
Cash
    received from repayment of loans provided to third parties
65,023
25,790
83,439
11,752
Cash
    received from disposal of long-term investments
135,864
2,009
3,481
490
Impact
    to cash resulting from deconsolidation of subsidiaries
4,123
1,545
1,743
245
Cash
    paid for long-term investments
(
198,777
)
(
60,000
)
(
40,770
)
(
5,742
)
Cash
    dividends received from long-term investments
-
254
-
-
Net
    cash (used in)/generated from investing activities
(
513,795
)
92,565
294,035
41,414
The
accompanying notes are an integral part of these consolidated financial statements.
F-
13
YUNJI
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS (CONTINUED)
FOR
THE YEARS ENDED DECEMBER 31, 2021, 2022 AND 2023
(All
amounts in thousands)
2021
2022
2023
RMB
RMB
RMB
US$
Cash
    flows from financing activities:
Net
    proceeds from exercise of share options
1,008
684
-
-
Cash
    paid for repurchase of common stocks
(
220
)
(
95,436
)
(
20,978
)
(
2,954
)
Cash
    paid for reverse stock splits expense
-
-
(
4,356
)
(
614
)
Cash
    paid to non-controlling shareholders for acquisition of equity shares in subsidiaries
(
1,198
)
-
-
-
Cash
    dividend paid to a non-controlling shareholder
(
261
)
-
-
-
Capital
    injection from non-controlling shareholders
208
197
-
-
Net
    cash used in financing activities
(
463
)
(
94,555
)
(
25,334
)
(
3,568
)
Effect
    of exchange rate changes on cash, cash equivalents and restricted cash
(
19,763
)
45,823
7,528
1,060
Net
    (decrease)/increase in cash, cash equivalents and restricted cash
(
560,012
)
(
172,989
)
87,968
12,390
Cash,
    cash equivalents and restricted cash at beginning of the year
1,189,744
629,732
456,743
64,331
Cash,
    cash equivalents and restricted cash at the end of the year
629,732
456,743
544,711
76,721
Supplemental
    disclosure of cash flow information
Cash
    paid for income tax
7,979
20,868
4,128
581
Supplemental
    schedule of non-cash investing and financing activities
Net
    settlement between factoring receivables and payables
33,182
3,441
-
-
As
    of December 31,
2021
2022
2023
RMB
RMB
RMB
US$
Cash
    and cash equivalents
567,204
414,634
517,542
72,894
Restricted
    cash (Note 2.9)
62,528
42,109
27,169
3,827
Total
    cash, cash equivalents and restricted cash shown in the statement of cash flows
629,732
456,743
544,711
76,721
The
accompanying notes are an integral part of these consolidated financial statements.
F-
14
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
1.
PRINCIPAL ACTIVITIES AND ORGANIZATION
(a)
Principal activities
Yunji
Inc. ("Yunji", or "the Company") was incorporated under the laws of the Cayman Islands in November 2017, as an
exempted company with limited liability.
The
Company, through its subsidiaries, consolidated variable interest entities ("VIEs") and VIE's subsidiaries (collectively,
the "Group"), offers a selection of high-quality products covering a broad range of categories at attractive prices through
its e-commerce platform, Yunji App. Starting from first quarter of 2019, the Group started to operate Yunji App as a marketplace platform
for third party merchants to sell their merchandise to Yunji App users. Starting from third quarter of 2020, the Group expanded to operate
its business, including marketplace, on a diverse range of sales channels and on other platforms. The Group's principal operation
and geographic market is in the People's Republic of China ("PRC").
(b)
History of the Group and Basis of Presentation
Prior
to the incorporation of the Company and starting in May 2015, the Group's business was carried out under subsidiaries ("Operating
Entities") of Yunji Sharing Technology Co., Ltd. ("Yunji Sharing"), previously known as Hangzhou Bolue Biology Technology
Co., Ltd. ("Bolue"). Mr. Xiao Shanglue is the co-founder of Bolue (the "Co-Founder"). The Co-Founder, Mr. Wang
Peng, and the other two institutional investors were initial ordinary shareholders of Yunji Sharing (the four parties were collectively
named as the "Initial Ordinary Shareholders"). After Yunji Inc. was established in Cayman Island in November 2017, Yunji
Holdings Limited ("Yunji Holding") was incorporated in Hong Kong as a wholly owned subsidiary of the Company, and Hangzhou
Yunchuang Sharing Network Technology Co., Ltd. ("Yunchuang Sharing" or "WFOE") was established as a wholly owned
subsidiary of Yunji Holding in the PRC. Thereafter, the new PRC subsidiaries and Zhejiang Yunji Preferred E-commerce Co., Ltd., ("Yunji
Preferred"), which is a VIE to hold Internet Content Provider ("ICP") license, were established. Consequently, a series
of contractual agreements were entered into among Yunchuang Sharing, Yunji Sharing, Yunji Preferred and its existing shareholders, including
loan agreement, exclusive service agreement, equity interest pledge agreement, exclusive option agreement, proxy agreement and power
of attorney, spousal consent letters that irrevocably authorized the existing shareholders designated by Yunchuang to exercise the equity
owner's rights over Yunji Sharing and Yunji Preferred.
In
preparation of its initial public offering, the Group underwent a reorganization (the "Reorganization") starting from December
2017. After the Reorganization, the prior shareholding interests at Yunji Sharing were mirrored to the shareholding interests of the
Group.
F-
15
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)
(b)
History of the Group and Basis of Presentation (continued)
The
Group's consolidated financial statements include the financial statements of the Company, its subsidiaries, consolidated VIEs
and VIE's subsidiaries.
As
of December 31, 2023, the Company's principal subsidiaries are as follows:
Subsidiaries
Place
    of incorporation
Date
    of incorporation or acquisition
Percentage
    of direct or indirect
Principal
    activities
Yunji
    Holding Limited
Hong
    Kong
December
    20, 2017
100
%
Investment
    holding
Zhejiang
    Youji Supply Chain Management Co., Ltd.
Hangzhou
November
    30, 2016
100
%
Procurement
Zhejiang
    Jiyuan Network Technology Co., Ltd.
Hangzhou
August
    14, 2018
100
%
Sales
    of merchandise
Hangzhou
    Jichuang Network Technology Co., Ltd.
Hangzhou
May
    23, 2016
100
%
Investment
    holding
Yunji
    Hongkong Limited
Hong
    Kong
August
    25, 2015
100
%
Sales
    of merchandise
Hangzhou
    Yunchuang Sharing Network Technology Co., Ltd.
Hangzhou
June
    13, 2018
100
%
Investment
    holding
Desking
    technology (HK) Co., Limited
Hong
    Kong
July
    26, 2016
100
%
Investment
    holding and Financing solution
Jironghuishang
    Commercial Factoring (Tianjin) Co., Ltd.
Tianjin
October
    16, 2018
100
%
Financing
    solution
Zhejiang
    Yunxuan Supply Chain Management Co., Ltd.
Hangzhou
August
    9, 2018
100
%
Procurement
Yunji
    Sharing Technology Co., Ltd. ("Yunji Sharing")
Hangzhou
March
    5, 2018
100
%
Investment
    holding
Starting from the fourth quarter of 2023, Yunji Sharing, which was originally
a VIE, was acquired by the Company and became a subsidiary of the Company.
F-
16
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)
(b)
History of the Group and Basis of Presentation (continued)
As
of December 31, 2023, the Company's principal consolidated VIEs and VIE's subsidiaries are as follows:
Place
    of incorporation
Date
    of incorporation or acquisition
Percentage
    of direct or indirect
Principal
    activities
VIEs
    and VIE subsidiaries
Zhejiang
    Yunji Preferred E-Commerce Co., Ltd.
Hangzhou
June
    13, 2018
100
%
Investment
    holding
Zhejiang
    Jishang Preferred E-Commerce Co., Ltd.
Hangzhou
April
    22, 2016
100
%
Procurement
Zhejiang
    Jixiang E-commerce Co., Ltd. ("Jixiang")
Hangzhou
August
    14, 2018
100
%
E-Commerce
Ningbo
    Meishan Bonded Port Area Jichuang Taihong Venture Capital Partnership (LP) ("Jichuang Taihong")
Ningbo
January
    15, 2019
99.75
%
Investment
    holding
Hangzhou
    Jiweixiang Food Co., Ltd.
Hangzhou
May
    8, 2020
100
%
Distribution
    sales
Starting
from the third quarter of 2020, Jichuang Taihong, which was originally a subsidiary of the Company, became a subsidiary of the
Company's consolidated VIEs as a result of equity transactions within the Group.
F-
17
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)
(c)
Consolidated variable interest entities
In
order to comply with the PRC laws and regulations which prohibit or restrict foreign investments into companies involved in
restricted businesses, the Group operates its Apps and other restricted businesses in the PRC through certain PRC domestic
companies, whose equity interests are held by certain management members of the Company or onshore nominees of the Company
("Nominee Shareholders"). The Company obtained operational control over these PRC domestic companies by entering into a
series of contractual arrangements with these PRC domestic companies and their respective Nominee Shareholders. These contractual
agreements cannot be unilaterally terminated by the Nominee Shareholders or the PRC domestic companies. Management concluded that
these PRC domestic companies are VIEs. As a result of these contractual arrangements, the Company's wholly-owned subsidiaries
have the power to direct the activities of the VIEs that most significantly impact the VIEs' economic performances and are
entitled to substantially all of the economic benefits from the VIEs and are obligated to absorb all of the VIEs' expected
losses. Therefore, the Company has determined that it is the ultimate primary beneficiary of the VIEs for accounting purposes in
accordance with ASC 810, Consolidations under U.S. GAAP, and has consolidated the VIEs' results of operations, assets and
liabilities in the Group's consolidated financial statements for all the periods presented. The principal terms of the
agreements entered into amongst the VIEs, their respective shareholders and the WFOE are further described below.
Loan
Agreements
Pursuant
to the relevant loan agreements, the WFOE has granted interest-free loans to the relevant Nominee Shareholders of the relevant VIEs with
the sole purpose of providing funds necessary for the capital injection to the relevant VIEs. Only the WFOE can require the Nominee Shareholders
to settle the loan amount with the equity interests of relevant VIEs, subject to any applicable PRC laws, rules and regulations. The
relevant Nominee Shareholder has agreed that any proceeds from sale of the Nominee Shareholder's equity interest in the relevant
VIE should be used to repay the loan amount to the WFOE. The term of the loan agreements is ten years and can be extended with the written
consent of both parties before expiration.
Exclusive
Option Agreements
Pursuant
to the exclusive option agreement, the Nominee Shareholders of the VIEs have granted the WFOE the exclusive and irrevocable right to
purchase or to designate one or more person(s) at its discretion to purchase part or all of the equity interests in the VIEs (the "Target
Equity") from the Nominee Shareholders at any time, and the VIEs have granted the WFOE the exclusive and irrevocable right to purchase
or to designate one or more person(s) at its discretion to purchase part or all of the assets of the VIEs (the "Target Assets")
at any time. The total transfer price for the Target Equity and/or the Target Assets shall be equal to the loan provided by the WFOE
to the Nominee Shareholders under the Loan Agreements. The VIEs and their Nominee Shareholders have agreed that without prior written
consent of the WFOE, the Nominee Shareholders shall not sell, transfer, pledge or dispose of their equity interests, and the VIEs shall
not sell, transfer, pledge or dispose of their assets, including but not limit to significant assets, significant revenue and significant
business. In addition, the VIEs covenant that they shall not declare any dividend or change capitalization structure of the VIEs or enter
into any loan or investment agreements.
Proxy
Agreement and Power of Attorney
Pursuant
to the Proxy Agreement and Power of Attorney, each of the Nominee Shareholders appointed the WFOE as their attorney-in-fact to exercise
all shareholder rights under PRC law and the relevant articles of association, including but not limited to, calling and attending shareholders
meetings, voting on their behalf on all matters requiring shareholder approval, including but not limited to the appointment and removal
of directors, as well as the sale, transfer and disposal of all or part of the equity interests owned by such shareholders. The powers
of attorney will remain effective for a given Nominee Shareholders until such shareholder ceases to be a shareholder of the relevant
VIE or otherwise instructed by the WFOE.
F-
18
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)
(c)
Consolidated variable interest entities (continued)
Exclusive
Service Agreement
Pursuant
to the exclusive service agreement, the WFOE has agreed to provide to the VIEs services, including, but not limited to, development,
maintenance and update of technology, design, installation, daily management, maintenance and updating of the network system, hardware
design, and marketing. The VIEs shall pay to the WFOE service fees determined by the WFOE in its sole discretion. The agreement has a
term of
10
years and shall automatically renew at the end of each term for a further term of ten years, unless otherwise terminated by
the WFOE in its sole discretion with 30 days' prior written notice.
Equity
Interest Pledge Agreements
Pursuant
to the relevant equity interest pledge agreements, the Nominee Shareholders of the VIEs have pledged
100
% equity interests in relevant
VIEs to the WFOE to guarantee performance by the Nominee Shareholders of their obligations under the exclusive option agreements, the
proxy agreement and power of attorney and the loan agreements, as well as the performance by the VIEs of their obligations under the
exclusive option agreements and the exclusive service agreements. All of the equity interest pledge agreements shall remain valid until
the pledges are released. In the event of a breach by the VIEs or any of their Nominee Shareholders of contractual obligations under
the exclusive option agreements, the proxy agreement and power of attorney, the exclusive service agreements, the loan agreements and
the equity interest pledge agreements, as the case may be, the WFOE, as pledgee, will have the right to dispose of the pledged equity
interests in the relevant VIE and will have priority in receiving the proceeds from such disposal. The Nominee Shareholders of the VIEs
also covenant that, without the prior written consent of the WFOE, they will not dispose of, create or allow any encumbrance on the pledged
equity interests. The equity pledge registrations of Yunji Preferred and Hangzhou Chuanchou with the relevant office of the State
Administration for Market Regulation were completed.
Spousal
Consent Letters
Pursuant
to the Spousal Consent Letters, each Nominee Shareholder (except for Mr. Wenwei Shu, the shareholder of Hangzhou Chuanchou, who has no
spouse yet), who is a natural person, and his or her spouse unconditionally and irrevocably agreed that the equity interests in the VIEs
held by such Nominee Shareholder will be disposed of pursuant to the equity interest pledge agreements, the exclusive option agreements,
the loan agreement and the proxy agreement and power of attorney. Each of their spouses agreed not to assert any rights over the equity
interests in the VIEs held by their respective spouses. In addition, in the event that any spouse obtains any equity interests in any
VIE held by his or her spouse for any reason, he or she agreed to be bound by the contractual arrangements.
(d)
Risks in relations to the VIE structure
The
following table set forth the assets, liabilities, results of operations and changes in cash, cash equivalents and restricted cash of
the consolidated VIEs and their subsidiaries taken as a whole, which were included in the Group's consolidated financial statements
with intercompany transactions eliminated (It should be noted that the VIEs were not established until 2018 as the Reorganization occurred.
The following disclosures present the operations and financial positions of the businesses that currently constitute the VIE entities
as of and for the respective periods.):
F-
19
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)
(d)
Risks in relations to the VIE structure (continued)
As
    of December 31,
2022
2023
RMB
RMB
Cash
    and cash equivalents
114,265
20,176
Restricted
    cash
42,109
27,169
Accounts
    receivable, net
23,683
60,608
Advance
    to suppliers
5,434
1,774
Inventories,
    net
2,635
2,491
Amounts
    due from the Group companies
(1)
719,655
530,998
Amounts
    due from related parties
46
407
Prepaid
    expense and other current assets
81,307
58,441
Property,
    equipment and software, net
4,546
2,430
Long-term
    investments
214,450
206,152
Other
    non-current assets
6,417
5,485
Total
    assets
1,214,547
916,131
Accounts
    payable
71,007
48,198
Deferred
    revenue
16,398
6,836
Incentive
    payables to members
207,331
124,889
Members
    management fee payable
4,997
3,066
Other
    payable and accrued liabilities
91,469
65,587
Amounts
    due to the Group companies
(2)
900,852
727,459
Amounts
    due to related parties
8,083
2,303
Total
    liabilities
(3)
1,300,137
978,338
(1)
Amounts due from
the Group companies primarily consisted of inter-company receivables for the sales of goods and the rendering of services made by the
VIEs and their subsidiaries on behalf of other Group companies.
(2)
Amounts due to
the Group companies primarily consisted of inter-company payables for the purchase of goods and services made by other Group companies
on behalf of the VIEs and their subsidiaries.
(3)
Amounts of the
consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiary is RMB
399,285
and RMB
250,879
as of December
31, 2022 and 2023, respectively
F-
20
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)
(d)
Risks in relations to the VIE structure (continued)
Year
    Ended December 31,
2021
2022
2023
RMB
RMB
RMB
Revenues:
Third-party
    revenues
513,299
349,259
316,382
Intra-Group
    revenues
501,168
229,562
91,657
Total
    revenues
1,014,467
578,821
408,039
Operating
    cost and expenses:
Third-party
    operating cost and expenses
(
906,559
)
(
478,245
)
(
272,602
)
Intra-Group
    operating cost and expenses
(
118,456
)
(
178,573
)
(
142,717
)
Total
    operating cost and expenses
(
1,025,015
)
(
656,818
)
(
415,319
)
Net
    income/(loss)
164,950
(
75,329
)
(
7,276
)
Net
    cash provided by transactions with external parties
539,673
651,432
215,227
Net
    cash used in transactions with intra-Group entities
(
497,190
)
(
698,690
)
(
453,916
)
Net
    cash generated by/(used in) operating activities
42,483
(
47,258
)
(
238,689
)
Net
    cash provided by transactions with external parties
8,102
5,216
9,028
Net
    cash (used in)/generated by transactions with intra-Group entities
(
180,000
)
60,000
118,831
Net
    cash (used in)/generated by investing activities
(
171,898
)
65,216
127,859
Net
    cash (used in)/provided by transactions with external parties
(
1,198
)
197
-
Net
    cash provided by transactions with intra-Group entities
-
4,250
1,500
Net
    cash (used in)/generated by financing activities
(
1,198
)
4,447
1,500
Effect
    of exchange rate changes on cash, cash equivalents
and restricted cash
(
383
)
1,127
301
Net
    (decrease)/increase in cash, cash equivalents and restricted cash
(
130,996
)
23,532
(
109,029
)
Cash,
    cash equivalents and restricted cash at beginning of year
263,838
132,842
156,374
Cash,
    cash equivalents and restricted cash at end of year
132,842
156,374
47,345
F-
21
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
1.
PRINCIPAL ACTIVITIES AND ORGANIZATION (CONTINUED)
(d)
Risks in relations to the VIE structure (continued)
Under
the contractual arrangements with the consolidated VIEs, the Company has the power to direct activities of the consolidated VIEs and
VIEs' subsidiaries through the Group's relevant PRC subsidiaries, and can have assets transferred freely out of the consolidated
VIEs and VIEs' subsidiaries without restrictions. Therefore, the Company considers that there is no restriction requiring that
any asset of the consolidated VIEs and VIEs' subsidiaries can only be used to settle obligations of the respective VIEs and VIEs'
subsidiaries except for paid-in capital of VIEs and VIEs' subsidiaries amounting to RMB
33,797
and
nil
as of December 31, 2022
and 2023, respectively. Since the consolidated VIEs and VIEs' subsidiaries are incorporated as limited liability companies under
the PRC Law, the creditors of the consolidated VIEs and VIEs' subsidiaries do not have recourse to any assets of the WFOE or the
Company for the debt settlement purpose. In the event that the shareholders of the VIEs breach the terms of the contractual arrangements
and voluntarily liquidate the VIE, or the VIE declares bankruptcy and all or part of its assets become subject to liens or rights of
third-party creditors, or are otherwise disposed of without our consent, the Company may be unable to conduct some or all of our business
operations or otherwise benefit from the assets held by the VIEs.
The
chairman of the board of directors and the chief executive officer along with other nominees of the Company own the majority of the voting
shares of the VIEs. The enforceability, and therefore the benefits, of the contractual agreements between the Company and the VIEs depend
on these individuals enforcing the contracts. There is a risk that the benefits of ownership between the Company and the VIE may not
be aligned in the future. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company
if these contracts were not enforced.
The
Group's operations depend on the VIEs to honour their contractual agreements with the Group and the Company's ability to
control the VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring
shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder's voting power
are legally enforceable and the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned
risks and uncertainties is remote.
In
addition, if the current structure of any of the contractual arrangements were found to be in violation of any existing PRC laws, or
if the regulations or the interpretation of existing regulations change or are interpreted differently in the future, the Company may
be subject to penalties, which may include but not be limited to, the cancellation or revocation of the Company's business and
operating licenses, being required to restructure the Company's operations or terminate the Company's operating activities.
The imposition of any of these or other penalties may result in a material and adverse effect on the Company's ability to conduct
its operations. In such case, the Company may not be able to operate or control the VIEs and VIEs' subsidiaries, which may result
in deconsolidation of the VIEs and VIEs' subsidiaries.
The
Group's operations and businesses rely on the operations and businesses of its VIEs, which hold certain recognized and unrecognized
revenue-producing assets. The recognized revenue-producing assets mainly include electronic equipment recorded in property, equipment
and software. Unrecognized revenue-producing assets mainly consist of licenses and intellectual property. Licenses include operations
licenses, such as licenses for online data processing and transaction processing business and internet content-related services. Intellectual
property developed by the Group mainly consists of patents, copyrights, trademarks, and domain names. 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.
F-
22
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES
2.1
Basis of presentation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America ("US GAAP").
Significant
accounting policies followed by the Group in the preparation of its accompanying consolidated financial statements are summarized below.
2.2
Basis of consolidation
The
consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIEs and VIEs'
subsidiaries for which the Company is the ultimate primary beneficiary.
A
subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power
to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of
directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity
holders.
A
consolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys
the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary
of the entity.
All
transactions and balances between the Company, its subsidiaries, VIEs and VIEs' subsidiaries have been eliminated upon consolidation.
2.3
Non-controlling interests
For
the Company's consolidated subsidiaries, VIEs and VIEs' subsidiaries, non-controlling interests are recognized to reflect
the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Non-controlling
interests are classified as a separate line item in the equity section of the Group's Consolidated Balance Sheets and have been
separately disclosed in the Group's Consolidated Statements of Comprehensive Income/(Loss) to distinguish the interests from that
of the Company.
2.4
Use of estimates
The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date, and the reported
revenues and expenses during the reporting periods in the consolidated financial statements and accompanying notes. Accounting estimates
reflected in the Group's consolidated financial statements include, but are not limited to valuation allowance of deferred tax
assets, share-based compensation, allowances for credit losses, valuation and recognition of refund payable to members, the estimated
useful lives of assets, long-term investments and reserve for excess and obsolete inventories. Estimates are based on historical experiences
and on various assumptions that the Group believes are reasonable under current circumstances. Actual results could differ from those
estimates.
F-
23
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.5
Foreign currencies
The
Group's reporting currency is Renminbi ("RMB"). The functional currency of the Group's holding entities incorporated
in Cayman Islands and Hong Kong, China ("HK") is the United States dollars ("US$"). The Group's PRC subsidiaries,
consolidated VIEs and VIEs' subsidiaries and the other HK subsidiary determined their functional currency to be RMB. The determination
of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters and is based primarily on the currency
the entity conducts its business in.
Transactions
denominated in other than the functional currencies are translated into the functional currency of the entity at the exchange rates quoted
by authoritative banks prevailing on the transaction dates. Exchange gains and losses resulting from those foreign currency transactions
denominated in a currency other than the functional currency are recorded in the Consolidated Statements of Comprehensive Income/(Loss).
Total exchange loss were RMB
1,300
, RMB
15,697
and RMB
6,743
for the years ended December 31, 2021, 2022 and 2023, respectively.
The
financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities denominated in foreign
currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings
generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gain and loss are translated
into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive
(loss)/income as a component of shareholders' equity. Total foreign currency translation adjustments to the Group's other
comprehensive (loss)/income were a loss of RMB
25,116
, a gain of RMB
78,777
and a gain of RMB
22,178
for the years ended December 31,
2021, 2022 and 2023, respectively.
2.6
Convenience translation
Translations
of the Consolidated Balance Sheets, the Consolidated Statements of Comprehensive Income/(Loss) and the Consolidated Statements of Cash
Flows from RMB into US$ 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$1.00=RMB
7.0999
, representing the index rates stipulated by the federal reserve board. No representation is made that
the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, or at any other
rate.
2.7
Fair value measurements
Accounting
guidance defines fair value as 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 measurement 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.
Accounting
guidance establishes a fair value hierarchy that 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. Accounting guidance establishes three levels of inputs
that may be used to measure fair value:
Level
1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level
2 — Include other inputs that are directly or indirectly observable in the marketplace.
Level
3 — Unobservable inputs which are supported by little or no market activity.
F-
24
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.7
Fair value measurements (continued)
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.
Financial
assets and liabilities of the Group mainly consist of cash and cash equivalents, restricted cash, short-term investments, accounts receivable,
amounts due from related parties, other receivables, equity securities with readily determinable fair values included in long-term investments,
accounts payable, amounts due to related parties, accruals and other liabilities. As of December 31, 2022 and 2023, except for short-term
investments and equity securities with readily determinable fair values included in long-term investments, the carrying values of cash
and cash equivalents, restricted cash, trade receivables, amounts due from related parties, other receivables, trade payables, amounts
due to related parties, accruals and other liabilities are approximated to their fair values due to the short-term maturity of these
instruments. The Group reports short-term investments at fair value and discloses the fair value of these investments based on level
2 measurement, reports equity securities with readily determinable fair values included in long-term investments at fair value based
on level 1 measurement, and for those investments without readily determinable fair values, the Group elects to record these investments
at cost, less impairment, plus or minus subsequent adjustments for observable price changes (referred to as the measurement alternative).
Under this measurement alternative, changes in the carrying value of the investments will be recognized in Consolidated Statements of
Comprehensive Income/(Loss), whenever there are observable price changes in orderly transactions for the identical or similar investment
of the same issuer. The Group classifies the valuation techniques on investments that use similar identifiable transaction prices as
Level 2 of fair value measurements (Note 9).
2.8
Cash and cash equivalents
Cash
includes currency on hand and deposits held by financial institutions that can be added to or withdrawn without limitation. Cash equivalents
represent short-term, highly liquid investments that are readily convertible to known amounts of cash and with original maturities from
the date of purchase of three months or less.
2.9
Restricted cash
Cash
that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the Consolidated Balance
Sheets. The Group's restricted cash mainly represents cash held in the Group's own bank accounts, the use of which is restricted
to collecting cash on behalf of the merchants for products sold on Yunji App and transferring these cash receipts to the merchants under
the bank's custody.
2.10
Short-term investments
Short-term
investments are comprised of i) time deposits placed with banks with original maturities longer than three months but less than one year,
ii) wealth management products issued by PRC banks or other financial institutions, which contains fixed or variable interest with original
maturities within one year, and iii) debt securities for trading. The time deposits and wealth management products are generally not
permitted to be redeemed early or are subject to penalties for redemption prior to maturities. These investments are stated at fair value.
Changes in the fair value are reflected in financial income/(expense), net in the Consolidation Statements of Comprehensive Income/(Loss).
F-
25
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.11
Accounts receivable, net
Accounts
receivables, net mainly represent amounts due from customers, including the funds extended by the Group to qualified customers, including
the merchants, through its factoring arrangements (the "factoring receivables") and are recorded net of allowance for credit
losses. As of December 31, 2022 and 2023, the balance of the factoring receivables was RMB
80,484
and RMB
29,147
, respectively (Note
5).
2.12
Allowance for credit losses
Starting
from January 1, 2020, the Group adopted ASU No. 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of
Credit Losses on Financial Instruments" ("ASC Topic 326"), which amends previously issued guidance regarding the impairment
of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. Upon adoption
of the new standard on January 1, 2020, there was no material cumulative effect of the adoption.
The
Group's accounts receivable, prepaid expenses and other current assets, amounts due from related parties and other non-current
assets are within the scope of ASC Topic 326.
To
estimate expected credit losses, the Group has identified the relevant risk characteristics of its customers, the related receivables
and other receivables which include size, type of the services, the counterparty or the products the Group provides, or a combination
of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers
the past collection experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and
changes in the Group's customer collection trends. This is assessed at each quarter based on the Group's specific facts and
circumstances.
The
key factors considered when determining the above allowances for credit losses include probability of default, loss given default and
the non-performing loan ratio of commercial banks by industry, adjusted for forward-looking macroeconomic conditions.
The
following table summarized the details of the Company's allowance for credit losses:
2021
2022
2023
Balance
    at beginning of year
13,089
12,504
33,363
Allowance
    for credit losses
24,045
21,233
37,098
Write-offs
(
24,630
)
(
374
)
(
72
)
Balance
    at end of year
12,504
33,363
70,389
2.13
Inventories, net
Inventories,
consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventory is determined
using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable
value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand,
and promotional environment. Write downs of RMB
25,696
, RMB
4,792
and RMB
9,270
are recorded in cost of revenues in the Consolidated
Statements of Comprehensive Income/(Loss) for the years ended December 31, 2021, 2022 and 2023, respectively.
F-
26
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.14
Property, equipment and software, net
Property,
equipment and software are stated at cost less accumulated depreciation. Property, equipment and software are depreciated at rates sufficient
to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated
useful lives are as follow:
Category
Estimated
    useful lives
Building
20
-
40
years
Leasehold
    improvement
Shorter
    of the term of the lease or the estimated useful lives of the assets
Electronic
    equipment
3
years
Furniture
3
years
Software
3
years
Vehicles
3
years
Repairs
and maintenance costs are charged to expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives
of property, equipment and software are capitalized as additions to the related assets. The Group recognized the gain or loss on the
disposal of property, equipment and software in the Consolidated Statements of Comprehensive Income/(Loss).
Construction
in progress represents direct costs that are related to the construction of property, equipment and software and incurred in connection
with bringing the assets to their intended use. Construction in progress is transferred to specific property, equipment and software
items and the depreciation of these assets commences when the assets are ready for their intended use.
2.15
Long-term investments
The
Group's investments include equity method investments, equity securities with readily determinable fair values and equity securities
accounted for under measurement alternative.
Investments
in entities in which the Company does not control, but can exercise significant influence, are accounted for using the equity method
of accounting in accordance with ASC topic 323, Investments—Equity Method and Joint Ventures. Under the equity method, the Company
initially records its investments at cost. The Company subsequently adjusts the carrying amount of the investments to recognize the Company's
proportionate share of each equity investee's net income or loss into earnings as well as distributions received after the date
of investment.
Under
the equity method, the Group's share of the post-acquisition profits or losses of the equity investees are recorded in equity in
income of affiliates, net of tax in the Consolidated Statements of Comprehensive Income/(Loss). The excess of the carrying amount of
the investment over the underlying equity in net assets of the equity investee, if any, represents goodwill and intangible assets acquired.
When the Group's share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not
recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee.
F-
27
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.15
Long-term investments (continued)
Equity
securities with readily determinable fair values are measured and recorded at fair value on a recurring basis with changes in fair value,
whether realized or unrealized, recorded in financial income/(expense), net through the Consolidated Statements of Comprehensive Income/(Loss).
For
equity investments which the Company cannot exercise significant influence and does not have a readily determinable fair value, the Company
has elected to apply the measurement alternative and recorded these investments at cost, less impairment, and plus or minus subsequent
adjustments for observable price changes, in accordance with ASC topic 321, Investments– Equity Securities. Under this measurement
alternative, changes in the carrying value of the equity investments are required to be made whenever there are observable price changes
in orderly transactions for the identical or similar investment of the same issuer.
2.16
Impairment of long-lived assets
Long-lived
assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions
that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the
useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived
assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the
use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying
value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value
of the assets.
2.17
Revenue recognition
The
Group adopted ASC Topic 606, "Revenue from Contracts with Customers", for all periods presented. Consistent with the criteria
of Topic 606, the Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects
the consideration to which the Group expects to receive in exchange for those goods or services.
To
achieve that core principle, the Group applies the five steps defined under Topic 606: (i) identify the contract(s) with a customer,
(ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price
to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation.
The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue
arrangements with multiple performance obligations are divided into separate distinct goods or services. The Group allocates the transaction
price to each performance obligation based on the relative standalone selling price of the goods or services provided. Revenue is recognized
upon the transfer of control of promised goods or services to a customer.
Revenue
is recorded net of value-added tax.
F-
28
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.17
Revenue recognition (continued)
Revenue
recognition policies for each type of revenue steam are as follows:
Sales
of merchandise
The
Group primarily sells merchandise through its Yunji App. The Group presents the revenue generated from its sales of merchandise on a
gross basis as the Group has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits.
In making this determination, the Group also assesses whether it is primarily obligated in these transactions, is subject to inventory
risk, has latitude in establishing prices, or has met several but not all of these indicators. The cash collected from the sales of merchandise
is initially recorded in deferred revenue in the Consolidated Balance Sheets and subsequently recognized as revenue when the receipt
of merchandise is confirmed by the customers, which is the point that the control of the merchandise is transferred to the customer.
For products sold through independent distributors (the "distribution sales"), control is transferred upon acceptance, based
on the contract terms. The revenue is recorded net of value-added tax, discounts, coupons, incentives and return allowances. Return allowances
are estimated based on historical experiences and updated at the end of each reporting period.
Marketplace
In
2019, the Group launched its marketplace business model, under which the Group operates its e-commerce platform, Yunji App, as a marketplace
for third party merchants to sell their merchandise to the Yunji App users. When the transactions are completed on Yunji App, the Group
charges merchants commissions at their respective agreed percentage of the amount of merchandise sold by merchants. The Group acts as
an agent in these transactions and does not control the underlying merchandise provided by merchants before they are transferred to users,
as the Group is not responsible for fulfilling the promise to provide the merchandise to users and has no inventory risk. In addition,
the Group has no discretion in establishing prices of the merchandise provided by merchants. Revenues are recognized on a net basis to
the extent of the commissions the Group earns at the point of users' acceptance of merchandise.
F-
29
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.17
Revenue recognition (continued)
Remaining
performance obligations
The
remaining performance obligations associated with the Group's sale of merchandise represents the cash collected upfront from the
customers for their purchase of merchandise on Yunji App, but the underlying merchandise has not yet been received by the customers,
which is included in the presentation of deferred revenue (Note 12). As of December 31, 2022 and 2023, the remaining performance obligation
for sales of merchandise were RMB
18,106
and RMB
6,063
, respectively, which are expected to be recognized as revenue when the receipt
of merchandise is confirmed by the customers.
The
remaining performance obligations associated with the Group's marketplace revenue represents the portion of commissions included
in the payment collected from the users for their purchase of merchandise on Yunji App on behalf of the merchants, but the underlying
merchandise has not yet been received by the users, which is included in the presentation of deferred revenue (Note 12). As of December
31, 2022 and 2023, the remaining performance obligation for marketplace revenue was RMB
2,596
and RMB
3,144
, which are expected to be
recognized as revenue when the transactions are completed.
Other
businesses
The
Group offers loans to qualified customers, including the merchants, and charges an interest based on the principal through factoring
arrangements. The Group extends loans to merchants for their expected orders in addition to the loans to the same merchants who factored
their accounts receivable generated from their transactions completed on Yunji App with recourse. The Group also extends loans to unrelated
customers who factored their accounts receivable derived from their own business with recourse. The Group records factoring receivables,
which is included in accounts receivable, when the cash is advanced to its customers (Note 2.11). The interests are recognized over the
term of loans, normally one year or less. From cash flow perspective, when the Group has legal rights to net settle the factoring receivables
from merchants with its payable to merchants, the Group settles such factoring receivables with the payables to the same merchant respectively,
as per agreement between the two parties.
The
Group also provides technical services, advertising services and membership services to customers. The service revenues mainly represent
the service fees from third parties that are recognized over the service period.
F-
30
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.18
Users incentive programs
The
Group provides incentives to those referring members by paying a cash refund upon a successful merchandise referral ("Referral
Incentives"); and those members for their self-purchase ("Self-purchase Incentives"). These unpaid balances recorded
in incentive payables to members are maintained collectively in the members' Yunji App accounts and can be withdraw in cash upon
the members' requests. For years ended December 31, 2021, 2022 and 2023, the long-aged balances of incentive payables to members
of
nil
, RMB
48,709
and RMB
69,545
, respectively, were derecognized when the Company's payable obligations alongside extinguished,
and revenue was recognized accordingly.
The
Group grants certain units of Yunbi and other coupons (collectively referred to as coupons), from time to time, to its customers at its
discretion in different situations. Yunbi are not redeemable for cash and can be used as a coupon for the customer's future purchase
on the Yunji App. The coupons granted are not concurrent with a revenue transaction, thus not accounted for when they are granted and
are recognized as a reduction of revenue when they are applied in future sales.
The
Group at its own discretion issues coupons in various forms to users without any concurrent transactions in place or any substantive
action needed from the recipient. These coupons can be used in purchase of goods in a broad range of merchants as an immediate discount
of their next purchase, some of which can only be used when the purchase amount exceeds pre-defined threshold. The Group settles with
the merchants in cash for the coupons used by the users. As the users are required to make purchases of the merchants' merchandises
to redeem the coupons, the Group recognizes the amounts of redeemed coupons as sales and marketing expenses when the purchases are made.
2.19
Cost of revenues
Cost
of revenues consists of purchase price of merchandise, inbound shipping charges, write-downs of inventory and member training costs.
Inbound shipping charges to receive merchandise from suppliers are included in the inventories and recognized as cost of revenues upon
sale of the merchandise to the customers.
2.20
Fulfilment
Fulfilment
expenses represent packaging material costs and those costs incurred in outbound shipping, operating and staffing the Group's fulfilment
and customer service centers, including costs attributable to buying, receiving, inspecting and warehousing inventories, picking, packaging
and preparing customer orders for shipment, processing payment and related transaction costs and responding to inquiries from customers,
depreciation expenses, payroll costs including share-based compensation expenses, and other daily expenses which are related to the purchasing
functions. Fulfilment costs also contain third party payment transaction fees, such as bank card processing and debit card processing
fees.
F-
31
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.21
Sales and marketing
Sales
and marketing expenses comprise primarily of member management fees, promotion expenses, marketplace coupons, payroll costs including
share-based compensation expenses, depreciation expenses and other daily expenses which are related to the sales and marketing functions.
The
Group engages third party vendors to provide member management services, which are ultimately performed by service managers who enter
into employment contract with the third party vendors. Certain of the Group's members (customers) have been engaged by third party
vendors to serve as service managers. The Group has concluded that the member management services provided by the service managers, including
those who are also members, are for distinct services at fair value, and records the member management fees paid to the third party vendors
as sales and marketing expenses.
2.22
Technology and content
Technology
and content expenses are expensed as incurred and primarily consist of payroll costs including share-based compensation expenses, rental
expenses, costs associated with the computing, storage and telecommunications infrastructure for internal use that support the Group's
system and Yunji App services and other expenses which are related to the technology and content functions, which are responsible for
technology research and development and content editing in the Group. The Group 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. Costs capitalized for developing such software application were not material for the periods presented.
2.23
General and administrative
General
and administrative expenses consist of payroll costs including share-based compensation expenses and other expenses which are related
to the general corporate functions, including accounting, finance, tax, legal and human relations, costs associated with use by these
functions of facilities and equipment, such as depreciation expenses, rental and other general corporate related expenses.
F-
32
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.24
Share-based compensation
The
Company grants restricted share units ("RSUs") and share options of the Company to eligible employees and accounts for these
share-based awards in accordance with ASC 718 Compensation — Stock Compensation.
Employees'
share-based awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at grant date if
no vesting conditions are required, or b) using a straight-line method over the requisite service period, which is the vesting period.
For
nonemployees' share-based awards, the Group adopted ASU 2018-07 in 2019, according to ASU 2018-07, Improvements to Nonemployee
Share-Based Payment Accounting, it clarifies that equity-classified nonemployee share-based payment awards are measured at the grant
date. The definition of the term grant date is amended to generally state the date at which a grantor and a grantee reach a mutual understanding
of the key terms and conditions of a share-based payment award. Nonemployees' are measured at the grant date fair value of the
awards and recognized as expenses using a straight-line method over the requisite service period, which is the vesting period.
All
transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of
the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.
Before
the Group's initial public offering, the fair value of RSUs were assessed using the income approach/discounted cash flow method,
with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant.
This assessment required complex and subjective judgments regarding the Company's projected financial and operating results, its
unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made.
After the Group's initial public offering, the fair value of the RSUs is determined based on the quoted market price of Yunji's
ordinary shares on the grant date.
In
addition, the binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected
by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the
expected share price volatility, actual and projected employee and nonemployee share option exercise behavior, risk-free interest rates
and expected dividend yield. Binomial option-pricing model incorporates the assumptions about grantees' future exercise patterns.
The fair value of these awards was determined by management with the assistance from an independent valuation firm using management's
estimates and assumptions.
The
assumptions used in share-based compensation expense recognition represent management's best estimates, but these estimates involve
inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation
expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict
actual future events or the value that ultimately will be realized by grantees who receive share-based awards, and subsequent events
are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes.
In
accordance with ASU 2016-09, the Group made an entity-wide accounting policy election to account for forfeitures when they occur.
F-
33
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.25
Employee benefits
Full
time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension
benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require
that the PRC subsidiaries and VIE of the Group make contributions to the government for these benefits based on certain percentages of
the employees' salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits
beyond the contributions made. Total amounts of such employee benefit expenses, which were expensed as incurred, were RMB
273,773
, RMB
228,685
and RMB
163,324
for the years ended December 31, 2021, 2022 and 2023, respectively.
2.26
Operating leases
The
Company applied ASC 842, Leases, on January 1, 2019 on modified retrospective basis and has elected not to recast comparative periods.
The Company determines if an arrangement is a lease at inception. Operating leases are primarily for office and warehouse and are included
in operating lease right of use assets, net, operating lease liabilities, current and operating lease liabilities, non-current on its
Consolidated Balance Sheets. Operating lease right of use assets represent the Group's right to use an underlying asset for the
lease term and Operating lease liabilities represent obligation to make lease payment arising from the lease. The operating lease right
of use assets and liabilities are recognized at lease commencement date based on the present value of lease payment over the lease term.
As most of the Group's leases do not provide an implicit rate, the Group uses its incremental borrowing rate based on the information
available at lease commencement date in determining the present value of lease payments. The Operating lease right of use assets also
includes any lease payments made and excludes lease incentives. The Group's lease term may include options to extend or terminate
the lease. Renewal options are considered within the Operating lease right of use assets and liabilities when it is reasonably certain
that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
For
operating lease with a term of one year or less, the Group has elected to not recognize a lease liability or lease right of use asset
on its Consolidated Balance Sheets. Instead, it recognizes the lease payment as expense on a straight-line basis over the lease term.
Short-term lease costs are immaterial to its Consolidated Statements of Comprehensive Income/(Loss). The Group has operating lease agreements
with insignificant non-lease components and have elected the practical expedient to combine and account for lease and non-lease components
as single lease component.
2.27
Government grant
Government
grants are recognized as Other income, net or as a reduction of specific costs and expenses for which the grants are intended to compensate.
Such amounts are recognized in the Consolidated Statements of Comprehensive Income/(Loss) upon receipts and all conditions attached to
the grants are fulfilled.
2.28
Income tax
Current
income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under
the asset and liability method in accordance with ASC 740, Income Tax. Under this method, deferred tax assets and liabilities are recognized
for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements
and their respective tax basis, and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred taxes of a change in tax rates is recognized in the Consolidated Statements of Comprehensive Income/(Loss) in
the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered
more likely than not that amount of the deferred tax assets will not be realized.
F-
34
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.28
Income tax (continued)
The
Group recognizes in its consolidated financial statements the benefit of a tax position if the tax position is "more likely than
not" to prevail based on the facts and technical merits of the position. Tax positions that meet the "more likely than not"
recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized
upon settlement. The Group estimates its liability for unrecognized tax benefits which are periodically assessed and may be affected
by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration
of the statute of limitations. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion
of a tax audit and, in some cases, appeal or litigation process. The actual benefits ultimately realized may differ from the Group's
estimates. As each audit is concluded, adjustments, if any, are recorded in the Group's consolidated financial statements in the
period in which the audit is concluded. Additionally, in future periods, changes in facts, circumstances and new information may require
the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement
estimates are recognized in the period in which the changes occur. As of December 31, 2022 and 2023, the Group did not have any significant
unrecognized uncertain tax positions.
2.29
Treasury stocks
The
Company accounts for treasury stocks using the cost method. Under this method, the cost incurred to purchase the shares is recorded in
the treasury stocks account on the Consolidated Balance Sheets.
2.30
Statutory reserves
The
Company's subsidiaries, consolidated VIEs and VIEs' subsidiaries established in the PRC are required to make appropriations
to certain non-distributable reserve funds.
In
accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Group's subsidiaries registered
as wholly-owned foreign enterprise have to make appropriations from their after-tax profits (as determined under generally accepted accounting
principles in the PRC ("PRC GAAP")) to reserve funds including general reserve fund, enterprise expansion fund and staff
bonus and welfare fund.
The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance
with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the company.
Appropriations
to the enterprise expansion fund and staff bonus and welfare fund are made at the respective company's discretion.
In
addition, in accordance with the PRC Company Laws, the Group's consolidated VIEs and VIEs' subsidiaries, registered as Chinese
domestic companies, must make appropriations from their after-tax profits as determined under the PRC GAAP to non-distributable reserve
funds including statutory surplus fund and discretionary surplus fund on an annual basis.
The appropriation to the statutory surplus
fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has
reached 50% of the registered capital of the company.
Appropriation to the discretionary surplus fund is made at the discretion of the
respective company.
The
use of the statutory surplus fund and discretionary surplus fund are restricted to the offsetting of losses or increasing of the registered
capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special
bonus to employees and for the collective welfare of employees. None of these reserves are allowed to be transferred to the company in
terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.
For
the years ended December 31, 2021, 2022 and 2023, profit appropriation to statutory surplus fund for the Group's entities incorporated
in the PRC was approximately RMB
1,395
, RMB
2,059
and RMB
176
respectively.
F-
35
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
2.
PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
2.31
Comprehensive loss
Comprehensive
loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding
transactions resulting from investments from shareholders and distributions to shareholders. Comprehensive loss for the periods presented
includes net loss and foreign currency translation adjustments.
2.32
Net income/(loss) per share
Basic
net income/(loss) per share is computed by dividing net income/(loss) attributable to holders of ordinary shares, considering the accretions
to redemption value of the preferred shares, by the weighted average number of ordinary shares outstanding during the period, if applicable.
Diluted
net income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, as adjusted for the accretion
and deemed dividend and allocation of net income related to the preferred shares, if any, by the weighted average number of ordinary
and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the
conversion of the preferred shares using the if-converted method, restricted share units and ordinary shares issuable upon the exercise
of outstanding share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted
earnings per share calculation when inclusion of such shares would be anti-dilutive.
2.33
Segment reporting
ASC
280, Segment Reporting, establishes standards for companies to report in their financial statements information about operating segments,
products, services, geographic areas, and major customers.
Based
on the criteria established by ASC 280, the Group's chief operating decision maker ("CODM") has been identified as
the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance
of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments
for the purpose of internal reporting. As the Group's long-lived assets are substantially located in the PRC and substantially
all the Group's revenue are derived from within the PRC, no geographical segments are presented.
2.34
Recent accounting pronouncements
In
November 2023, the FASB issued ASU 2023-07 "Segment Reporting: Improvements to Reportable Segment Disclosures". This
guidance expands public entities' segment disclosures primarily by requiring disclosure of significant segment expenses that
are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an
amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or
loss and assets. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal
years beginning after December 15, 2024, with early adoption permitted. The amendments are required to be applied retrospectively to
all prior periods presented in an entity's financial statements. The Company currently does not expect the adoption of this
standard will have a material impact on the consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires that all
public entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) disclose the year-to-date amount
of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption
is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.
F-
36
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
3.
CONCENTRATION AND RISKS
3.1
Concentration of credit risk
Financial
instruments that potentially subject the Group to the concentration of credit risks consist of cash and cash equivalents, restricted
cash, and short-term investments. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet
dates. As of December 31, 2021, 2022 and 2023, substantially all of the Company's cash and cash equivalents, restricted cash and
short-term investments were held in major financial institutions located in Mainland China and Hong Kong, which management considers
to be of high credit quality based on their credit ratings. The Company believes that no significant credit risk exists as these financial
institutions have high credit quality.
3.2
Concentration of customers and suppliers
Substantially
all revenue was derived from customers located in China. There are no suppliers from whom purchases individually represent greater than
10% of the total purchases of the Group in any of the periods presented.
Customers
contributed more than 10% of total revenues are as below:
Year
    ended December 31,
2021
2022
2023
RMB
RMB
RMB
Customer
    A
—
17
%
24
%
3.3
Foreign currency exchange rate risk
Since
June 2010, the RMB has fluctuated against the US$, at times significantly and unpredictably. The appreciation of the RMB against the
US$ was approximately
2.3
%,
9.24
% and
1.70
% for the years ended December 31, 2021, 2022 and 2023, respectively. It is difficult to predict
how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future.
F-
37
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
4.
SHORT-TERM INVESTMENT
As
    of December 31,
2022
2023
RMB
RMB
Debt
    security for trading (1)
-
7,195
Time
    deposits
142,357
-
Wealth
    management products (2)
69,646
-
Total
    short-term investment
212,003
7,195
(1)
In
                                            October 2023, the Group acquired a debt security at a cash consideration of US$
1
million
                                            (approximately equivalent to RMB
7.16
million). For the year ended December 31, 2023, the
                                            Group recorded fair value gains on this investment of RMB
31
in financial income/(expense),
                                            net (Note 19).
(2)
The
                                            Group's wealth management products mainly consisted of financial products issued by
                                            commercial banks in China with a variable interest rate indexed to the performance of underlying
                                            assets and a maturity date within one year when purchased or revolving terms. For the years
                                            ended December 31, 2021, 2022 and 2023, the weighted average return of the wealth management
                                            products were
5.2
%,
2.04
% and
3.91
%, respectively.
5.
ACCOUNTS RECEIVABLE, NET
As
    of December 31,
2022
2023
RMB
RMB
Receivables
    from the distribution sales
23,018
62,576
Factoring
    receivables
80,484
29,147
Receivables
    from merchants under marketplace business
4,590
6,613
Receivables
    from sales channels on other platforms
1,699
894
Receivables
    from other revenue
1,082
241
Less:
    allowance for credit losses
(
16,762
)
(
35,159
)
Total
    accounts receivable, net
94,111
64,312
F-
38
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
6.
PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET
Prepaid
expenses and other current assets consist of the following:
As
    of December 31,
2022
2023
RMB
RMB
Loan
    receivables
(1)
-Secured
139,292
49,697
-Unsecured
130,022
31,200
VAT-input
    deductible
25,708
25,328
Receivables
    from third-party payment settlement platform
(2)
34,179
17,745
Deposits
13,917
5,489
Receivables
    from disposal of a subsidiary
(3)
1,964
2,927
Others
31,493
14,878
Less:
    allowance for credit losses
(
14,510
)
(
13,017
)
Total
    prepaid expenses and other current assets, net
362,065
134,247
(1)
Loan
                                            receivables represent the principal and interest to be collected on loans provided by the
                                            Group to third-party companies.
As
of December 31, 2023, there were two unsecured loans provided to two companies. One loan with principal amount of RMB
31,200
has an interest rate of
8
%
per annum. The Group recorded RMB
10,000
,
which was the portion due after twelve months, in the other non-current assets (Note 10). The other loan with
principal amount of RMB
60,000
has an annual interest rate of
4.35
%.
The Group recorded RMB
50,000
,
which was the portion due after twelve months, in the other non-current assets (Note 10).
As
of December 31, 2023, the secured loan receivable balance with principal of US$
15
million
(equivalent to RMB
106,241
)
was provided by the Group to a third-party company. The loan was secured by a certain amount of gold bullion provided by the
third-party company. Stipulated by the loan agreement, the remaining principal of US$
7
million (equivalent to RMB
49,579
)
and US$
8
million (equivalent to RMB
56,662
)
will be collected by the Group in 2024 and 2025, respectively. The Group recorded the amount due in 2025 in other
non-current assets (Note 10). As of December 31, 2023, the interest receivables of the secured loan was RMB
118
.
As
of December 31, 2022, the secured and unsecured loans include six loans to six third-party companies. Four out of these six loans with
aggregated principal amount of US$
20
million (equivalent to RMB
139,292
) and RMB
78,000
were renewed in 2022. Another loan of principal
amount of RMB
50,000
,
four-year term starting from December 2019, and with a lump sum interest rate of
20
%
would be due for repayment within one year. The remaining loan was the one to a customer with total principal amount of RMB
1,000
.
(2)
Receivables from third-party payment settlement platform represent amount due from the third-party on-line payment
service providers in relation to their processing of payments to the Group.
(3)
In
  the fourth quarter of 2020, the Group disposed of a subsidiary, Wuhan Yunteng Logistics Co., Ltd. ("Wuhan Yunteng"), to
  a third party for a total cash consideration of RMB
26,676
,
  with a loss of RMB
1
million recorded in other non-operating income/(loss), net. Based on the agreement reached in 2022, the third party and the Group
  agreed on the payment schedule of disposal consideration. As of December 31, 2023, an amount of RMB
2,224
will be collected within one year and the remaining balance of RMB
11,133
will be collected after one year and was recorded in other non-current assets (Note 10).
F-
39
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
7.
INVENTORIES, NET
As
    of December 31,
2022
2023
RMB
RMB
Merchandise
    and packing materials
60,043
50,061
Less:
    inventory write-downs
(
5,392
)
(
7,345
)
Total
    inventories, net
54,651
42,716
8.
PROPERTY, EQUIPMENT AND SOFTWARE, NET
Property,
equipment and software, net, consist of the following:
As
    of December 31,
2022
2023
RMB
RMB
Buildings
(1)
-
171,582
Leasehold
    improvement
32,340
29,681
Electronic
    equipment
16,471
15,489
Software
7,092
6,728
Furniture
3,728
5,687
Construction
    in progress
(1)
163,696
1,418
Vehicles
690
631
Subtotal
224,017
231,216
Less:
    accumulated depreciation
(2)
(
55,089
)
(
55,765
)
Total
    property, equipment and software, net
168,928
175,451
(1)
In
June 2021, the Group entered into a purchase agreement with a third-party company to purchase an office building. The Group paid
50
%
of the total amount with consideration of RMB
81,125
in 2021 and paid the remaining
50
%
in amount of RMB
80,732
in 2022. In June 2022, the
new office building has been delivered by the third-party company to the Group and all prepayment except for the value added tax of the
office building were recorded as construction in progress upon delivery in 2022. In April 2023, the office building has been put into
use with estimated useful life of
40
years.
(2)
Depreciation
                                            expenses were RMB
15,985
, RMB
7,718
and RMB
6,545
for the years ended December 31, 2021,
                                            2022 and 2023, respectively.
No
impairment charges were recorded for the years ended December
                                            31, 2021, 2022 and 2023.
F-
40
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
9.
LONG-TERM INVESTMENTS
The
Group's long-term investments consist of the following:
As
    of December 31,
2022
2023
RMB
RMB
Equity
    method investments
(a)
72,111
105,528
Equity
    securities accounted for under measurement alternative
(b)
227,371
220,981
Equity
    securities with readily determinable fair values
(c)
114,843
37,650
Total
    long-term investments
414,325
364,159
Major
investments made by the Company during the years ended December 31, 2021, 2022 and 2023 are summarized as follows:
(a)
Equity
                                            method investments
The
Group's equity method investments are investments in limited partnership funds as a limited partner and in limited liability
companies. In 2022, total cash consideration of RMB
50,000
and US$
1
million (equivalent to RMB
6,367
)
were invested to certain funds. In 2023, additional consideration of RMB
30,000
and US$
1.5
million (equivalent to RMB
10,770
)
were invested to the funds. As of December 31, 2022 and 2023, the carrying amount of investments in limited partnership funds are
RMB
55,442
and RMB
96,904
,
respectively. Investments in limited liability companies are individually immaterial for the periods presented. The Group's
proportionate share of equity investee's net loss or earnings for the years ended December 31, 2022 and 2023 were recorded in
equity in loss of affiliates, net of tax.
F-
41
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
9.
LONG-TERM INVESTMENTS (CONTINUED)
(b)
Equity
                                            securities accounted for under measurement alternative
The
investments accounted for under measurement alternative mainly represent the Group's equity investment over which the Group is
not able to exercise significant influence in the form of ordinary shares of the investee and investment in a limited partnership fund
as a limited partner with so minor interest.
i)
Change from equity method investment to equity securities accounted for under measurement alternative
The
Group previously accounted for the investment in the investee A using equity method. In 2021, Yunji disposed of the investment in investee
A with a gain of RMB
110.5
million recorded in other non-operating income/(loss), net (Note 18), and injected the same amount of consideration
into the parent holding company of investee A ("the Enlarged A Group"). Yunji's share of equity interest was
2.26
%
without board seat. Since Yunji lost significant influence, the Company recorded the new investment in the Enlarged A Group under measurement
alternative.
In
November 2021, with a new series of external financing of the enlarged A Group, the Company remeasured its investment to fair market
value and recorded the unrealized changes in fair value with a gain of RMB
79,541
in financial income/(loss), net in the Consolidation
Statements of Comprehensive Income/(Loss) based on the new investors' purchase price.
In
July 2022, with a new series of external financing of the investee B, the Company remeasured its investment to fair market value and
recorded the unrealized changes in fair value with a gain of RMB
6,475
in financial income/(expense), net in the Consolidation Statements
of Comprehensive Income/(Loss) based on the new investors' purchase price.
ii)
Investment in the limited partnership fund
The
initial investment in the limited partnership fund was RMB
20,000
as of December 31, 2022, and during the year ended December 31, 2023 RMB
248
was withdrawn from this fund.
iii)
Impairment of equity securities accounted for under measurement alternative
As of December 31, 2022 and 2023, there were RMB
5,700
and RMB
9,427
impairment on these investments, primarily due to
business deterioration as a result of macroeconomic changes.
F-
42
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
9.
LONG-TERM INVESTMENTS (CONTINUED)
(c)
Equity
                                            securities with readily determinable fair values
Investment
in GXG, Tencent and Meituan
In
May 2019, the Group purchased
22,740,000
ordinary shares of a Hong Kong listed Company - GXG (1817. HK) - with a total consideration
of US$
13
million, and recorded its investment in GXG with initial cost of US$
13
million (equivalent to approximately RMB
89,517
).
In
February 2021, the Group purchased
106,600
and
55,000
ordinary shares of two Hong Kong listed Company- Meituan (3690. HK) and Tencent
(0700. HK) – with a total consideration of HKD$
77.3
million (equivalent to approximately RMB
65,065
).
As
of December 31, 2022 and 2023, based on the market price, the Group re-measured the investments at a fair value of RMB
114,843
and RMB
37,650
, respectively, and recorded the unrealized changes in fair value with a loss of RMB
32,902
and a loss of RMB
78,739
in financial
income/(expense), net, in the Consolidation Statements of Comprehensive Income/(Loss) for years ended December 31, 2022 and 2023, respectively.
10.
OTHER NON-CURRENT ASSETS
Other
non-current assets consist of the following:
As
    of December 31,
2022
2023
RMB
RMB
Long-term
    loan receivables (Note 6)
-
    Unsecured
-
60,000
-
    Secured
-
56,662
Long-term
    receivables from disposal of a subsidiary (Note 6)
13,137
11,133
Prepayment
    of commercial properties
(1)
78,000
78,000
Others
7,368
5,485
Less:
    allowance for doubtful accounts
(
2,091
)
(
22,213
)
Total
    other non-current assets
96,414
189,067
(1)
In
                                                                                                                                                                                        2020, the Group purchased commercial properties from a third party and paid the full amount in advance with consideration of US$
11.25
million (equivalent RMB
78,000
). As of December 31, 2023, the properties are under construction and expected to be handed over to the Group during
the first half year of 2025.
F-
43
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
11.
ACCOUNTS PAYABLE
As
    of December 31,
2022
2023
RMB
RMB
Merchandise
    purchase payables
87,489
61,004
Warehouse
    and logistic fees payables
1,311
3,074
Payable
    to merchants
(1)
50,103
32,704
Total
    accounts payable
138,903
96,782
(1)
Payable
                                            to merchants represents the unpaid balances to the merchants of cash collected by the Group
                                            on behalf of the merchants for products sold on Yunji App when the Group is viewed as the
                                            agent in the sales arrangement.
12.
DEFERRED REVENUE
As
    of December 31,
2022
2023
RMB
RMB
Deferred
    merchandise revenue
18,106
6,063
Deferred
    marketplace revenue
2,596
3,144
Deferred
    other revenue
1,046
205
Total
    deferred revenue
21,748
9,412
The
revenue recognized in the years ended December 31, 2021, 2022 and 2023 that was included in deferred revenue as of the beginning of each
respective period were RMB
50,951
, RMB
105,752
and RMB
21,748
, respectively.
13.
INCENTIVE PAYABLES TO MEMBERS
As
    of December 31,
2022
2023
RMB
RMB
Incentive
    payables to members
207,331
124,889
Incentive
payable to members represents unpaid balances of discounts granted to members for their self-purchase and referral incentives earned
by the members for their referral efforts and is transferred to the members' individual Yunji App accounts. These unpaid balances
are maintained collectively in the members' Yunji App accounts and can be withdraw as cash upon the members' requests.
F-
44
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
14.
MEMBER MANAGEMENT FEES PAYABLE
As
    of December 31,
2022
2023
RMB
RMB
Member
    management fees payable
11,087
4,373
The
Group engages third party vendors to provide management service in the member's community, including organizing product launch
events, collecting members or Yunji App users' feedbacks, etc. Member management fees payable represents the Group's unpaid
balance of such service fees to the third party vendors. For the years ended December 31, 2021, 2022 and 2023, member management fees
were RMB
174,798
, RMB
101,984
and RMB
57,373
, presented in sales and marketing expenses in the Consolidation Statements of Comprehensive
Income/(Loss).
15.
OPERATING LEASE
The
Group has operating leases primarily for office and operation space. The Group's operating lease arrangements have remaining terms
of
one year
to
five years
with no variable lease costs.
Operating
lease costs were RMB
2,774
and RMB
1,742
for the years ended December 31, 2022 and 2023.
Supplemental
cash flow information related to leases were as follows:
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
RMB
RMB
Cash
    paid for amounts included in the measurement of lease liabilities
4,184
5,332
Right-of-use
    assets obtained in exchange for operating lease liabilities
-
18,106
Supplemental
consolidated balance sheet information related to leases were as follows:
As
    of December 31,
2022
2023
RMB
RMB
Right-of-use
    assets
231
16,507
Operating
    lease liabilities - current
1,162
3,376
Operating
    lease liabilities - non-current
145
11,122
Total
    lease liabilities
1,307
14,498
Weighted
    average remaining lease term
1.18
4.50
Weighted
    average discount rate
4.75
%
4.75
%
F-
45
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
15.
OPERATING LEASE (CONTINUED)
Maturities
of lease liabilities are as follows:
As
    of December 31, 2023
RMB
2024
4,018
2025
4,018
2026
4,018
2027
4,018
Total
    operating lease payments
16,072
Less:
    imputed interest
(
1,574
)
Total
    operating lease
14,498
16.
OTHER PAYABLE AND ACCRUED LIABILITIES
As
    of December 31,
2022
2023
RMB
RMB
Merchants
    deposits
(1)
42,452
31,369
Supplier
    deposits
(2)
32,997
25,538
Salaries
    and welfare payable
28,735
18,141
Taxes
    payable
15,531
14,555
Accrued
    marketing and other operational expenses
12,682
7,336
Accrued
    professional fees
10,165
6,782
Others
2,965
5,479
Total
    other payable and accrued liabilities
145,527
109,200
(1)
The
                                            deposit obtained from the merchants is to ensure implementation of Yunji App's platform
                                            policy and good product quality to be sold by the merchants on Yunji App under the Group's
                                            marketplace business model. The deposit can be withdrawn immediately after the merchants
                                            terminate its online shop on Yunji App.
(2)
The
                                            deposit obtained from the suppliers is to ensure inventory level ready for the Group to purchase
                                            and good product quality under the Group's sales of merchandise business model.
F-
46
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
17.
OTHER OPERATING INCOME
Year
                                            Ended
December
                                            31, 2021
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
RMB
RMB
RMB
VAT-in
    super deduction and other tax returns
(1)
2,323
2,369
518
Government
    grants
(2)
48,180
15,110
13,123
Others
3,913
4,120
1,257
Total
    other operating income
54,416
21,599
14,898
(1)
From
                                            2019, in accordance with "the Announcement on Relevant Policies for Deepening the Value-added
                                            Tax Reform" and relevant government policies announced by the Ministry of Finance,
                                            the State Taxation Administration and the General Administration of Customs of China, one
                                            China VIE of the Company, as a consumer service company, is allowed to enjoy additional
10
%
                                            VAT-in deduction for any services or products it purchased ("VAT-in super deduction")
                                            from April 1, 2019 to December 31, 2023. The VAT-in super deduction is considered as operating
                                            given that all VAT-in were derived from the purchases for that VIE's daily operations
                                            in nature, and therefore is presented in other operating income in the Consolidation Statements
                                            of Comprehensive Income/(Loss).
(2)
Government
                                            grants mainly represent cash subsidies received from PRC local governments for companies
                                            operating a business in their jurisdictions and compliance with specific policies promoted
                                            by the local governments. These cash subsidies were not subject to meeting any specific future
                                            conditions.
18.
OTHER NON-OPERATING INCOME/(LOSS), NET
Year
                                            Ended
December
                                            31, 2021
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
RMB
RMB
RMB
Gain/(loss)
    on disposal of long-term investments and subsidiaries, net (Note 9)
112,354
(
1,792
)
(
23
)
Others
555
3,864
(
2,382
)
Total
    other non-operating income/(loss), net
112,909
2,072
(
2,405
)
19.
FINANCIAL INCOME/(EXPENSE), NET
Year
                                            Ended
December
                                            31, 2021
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
RMB
RMB
RMB
Interest
    income
15,947
1,606
13,429
Interest
    expense
(
4,181
)
(
2,462
)
(
631
)
Gains/(loss)
    from fair value changes of equity securities investments, net (Note 9)
59,690
(
28,326
)
(
80,923
)
Bank
    charges
(
529
)
(
276
)
(
161
)
Others
9,134
15,102
8,060
Total
    financial income/(expense), net
80,061
(
14,356
)
(
60,226
)
F-
47
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
20.
TAXATION
(a)
Value added tax ("VAT") and surcharges
The
Group is subject to statutory VAT rate of
9
%
since April 1, 2019 for revenues from sales of agricultural products, and
13
%
since April
1,2019 for sales of other products, respectively, in the PRC. The Group is exempted from VAT for revenues from sales of vegetables and
contraceptives.
The
Group is subject to VAT at the rate of
9
%
since April 1, 2019 for the logistics services and
6
%
for revenues from other services.
(b)
Income tax
Cayman
Islands
Under
the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on
income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.
Hong
Kong
Under
the current Hong Kong Inland Revenue Ordinance, the subsidiaries of the Group incorporated in Hong Kong are subject to
8.25
%
profit tax
on the first HKD
2
million taxable income and
16.5
%
profit tax on the remaining taxable income generated from operations in Hong Kong.
Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding
tax.
China
On
March 16, 2007, the National People's Congress of PRC enacted a new Enterprise Income Tax Law ("new EIT law"), under
which Foreign Investment Enterprises ("FIEs") and domestic companies would be subject to enterprise income tax at a uniform
rate of
25
%
. The new EIT law became effective on January 1, 2008. In accordance with the implementation rules of EIT Law, a qualified
"High and New Technology Enterprise" ("HNTE") is eligible for a preferential tax rate of
15
%
. The HNTE certificate
is effective for a period of
three years
. An entity could re-apply for the HNTE certificate when the prior certificate expires.
Jixiang
obtained its HNTE certificate on December 16, 2021 and was eligible to enjoy a preferential tax rate of
15
%
from 2021 to 2023 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
Group's other PRC subsidiaries, VIEs and VIEs' subsidiaries are subject to the statutory income tax rate of
25
%
.
According
to relevant laws and regulations promulgated by the State Administration of Tax of the PRC effective from 2008 onwards, enterprises engaging
in research and development activities are entitled to claim
150
%
of their qualified research and development expenses so incurred as
tax deductible expenses when determining their assessable profits for the year ('Super Deduction'). The additional deduction
of
50
% of qualified research and development expenses can only be claimed directly in the annual EIT filing and subject to the approval
from the relevant tax authorities. Effective from 2018 onwards, enterprises engaging in research and development activities are entitled
to claim
175
%
of their qualified research and development expenses so incurred as tax deductible expenses. The additional deduction of
75
%
of qualified research and development expenses can be directly claimed in the annual EIT filing.
F-
48
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
20.
TAXATION (CONTINUED)
(b)
Income tax (continued)
Withholding
tax on undistributed dividends
The
new EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose "actual 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 "actual management
body" as "the place where the exercising, in substance, of the overall management and control of the production and business
operation, personnel, accounting, property, etc., of a non-PRC company is located." Based on a review of surrounding facts and
circumstances, the Group does not believe that it is likely that its operations outside of the PRC should be considered a resident enterprise
for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, there is uncertainty as to the application
of the EIT Law. Should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income
tax on worldwide income at a uniform tax rate of
25
%
.
The
new EIT law also imposes a withholding income tax of
10
%
on dividends distributed by an 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. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double
Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by an 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 foreign investor owns directly at least
25
%
of the shares
of the FIE and if Hong Kong company is a beneficial owner of the dividend. The State Taxation Administration ("SAT") further
promulgated SAT Public Notice [2018] No.9 regarding the assessment criteria on beneficial owner status.
As
of December 31, 2022 and 2023, the Group does not have any plan to require its PRC subsidiaries to distribute their retained earnings
and intends to retain them to operate and expand its business in the PRC. Accordingly,
no
deferred income tax liabilities on withholding
tax were provided as of December 31, 2022 and 2023.
F-
49
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
20.
TAXATION (CONTINUED)
(b)
Income tax (continued)
Composition
of income tax
The
components of income/(loss) before tax are as follow:
Year
                                            Ended
December
                                            31, 2021
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
RMB
RMB
RMB
Income/(loss)
    before tax
Income/(loss)
    from PRC entities
244,163
(
113,848
)
(
83,575
)
(Loss)/income
    from overseas entities
(
35,141
)
7,300
(
66,418
)
Total
    Income/(loss) before tax
209,022
(
106,548
)
(
149,993
)
Year
                                            Ended
December
                                            31, 2021
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
RMB
RMB
RMB
Current
    income tax expense
17,803
9,866
7,851
Deferred
    income tax expense
42,698
14,925
-
Total
    income tax expense
60,501
24,791
7,851
Reconciliation
of the differences between statutory tax rate and the effective tax rate
Reconciliation
of the differences between the statutory EIT rate applicable to losses of the consolidated entities and the income tax expenses of the
Group:
Year
                                            Ended
December
                                            31, 2021
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
PRC
    Statutory income tax rate
25
%
25
%
25
%
Effect
    on tax rates in different tax jurisdiction
5
%
-
10
%
-
6
%
The
    effect of change in the tax rate of subsidiaries
0
%
4
%
-
1
%
Non-deductible
    expenses
1
%
-
1
%
-
1
%
Additional
    deduction for research and development expenditures
-
6
%
8
%
5
%
Share-based
    compensation
4
%
-
4
%
0
%
Non-taxable
    income
-
2
%
1
%
1
%
Permanent
    book-tax differences
4
%
-
3
%
-
4
%
Change
    in valuation allowance (
1
)
-
2
%
-
43
%
-
24
%
Effective
    tax rates
29
%
-
23
%
-
5
%
F-
50
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
20.
TAXATION (CONTINUED)
(b)
Income tax (continued)
(1)
Included
                                            the impact of the valuation allowance decrease due to disposal of subsidiaries and tax losses
                                            forfeiture in 2023.
(c)
Deferred tax assets and deferred tax liabilities
The
following table sets forth the significant components of the deferred tax assets:
As
    of December 31,
2022
2023
RMB
RMB
Deferred
    tax assets
Net
    accumulated losses-carry forward
130,370
140,351
Allowance
    for credit losses
7,717
18,570
Gain
    or loss from changes in fair values
1,142
12,841
Inventory
    write-downs
1,348
1,836
Deferred
    membership program revenue
31
-
Refund
    payable to members
6
-
Others
69
3,818
Less:
    valuation allowance
(
140,189
)
(
173,529
)
Total
    deferred tax assets
494
3,887
As
    of December 31,
2022
2023
RMB
RMB
Deferred
    tax liabilities
Gain
    or loss from changes in fair values
-
156
Others
494
3,731
Total
    deferred tax liabilities
494
3,887
The
Group offsets deferred tax assets and deferred tax liabilities relating to income taxes levied by the same tax authority on same tax
payee, and presents the net amount of deferred tax assets and deferred tax liabilities on its consolidated balance sheets. The net deferred
tax assets were both
nil
as of December 31, 2022 and 2023, respectively, and the net deferred tax liabilities were both
nil
as of December
31, 2022 and 2023, respectively.
F-
51
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
20.
TAXATION (CONTINUED)
Movement
of valuation allowance
Year
                                            Ended
December
                                            31, 2021
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
RMB
RMB
RMB
Balance
    at beginning of the year
(
156,150
)
(
96,489
)
(
140,189
)
Changes
    of valuation allowance (
1
)
59,661
(
43,700
)
(
33,340
)
Balance
    at end of the year
(
96,489
)
(
140,189
)
(
173,529
)
(1)
Valuation
                                            allowances have been 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 as of December 31, 2022 and 2023, the Group evaluates a variety
                                            of factors supporting the utilization of carry-forwards through a forecast of future taxable
                                            profits for each impacted entity within a specific tax jurisdiction, including: the Group's
                                            entities' operating history and forecast, accumulated deficit, existence of taxable
                                            temporary differences and reversal periods. As of December 31, 2022 and 2023, valuation allowances
                                            on a large part of deferred tax assets were provided because it was more likely than not
                                            that such portion of deferred tax will not be realized based on the Company's estimate
                                            of future taxable incomes of all its subsidiaries.
As
of December 31, 2023, net operating loss carry forwards from PRC entities will expire as follows:
RMB
2024
277,140
2025
162,394
2026
20,002
2027
145,181
2028 and onwards
140,444
745,161
As
of December 31, 2023, the Group had tax losses carry forwards of approximately RMB
745,161
which mainly arose from its subsidiaries,
consolidated VIEs and VIEs' subsidiaries established in the PRC. The tax losses carry forwards from PRC entities will expire during
the period from 2024 to 2028 and onwards.
21.
ORDINARY SHARES
In
November 2017, the Company was incorporated as limited liability company with authorized share capital of US$
50
divided into
500,000,000
shares with par value US$
0.0001
each. As of December 31, 2017,
1
ordinary share was issued and outstanding.
In
January 2018, the shares were subdivided into
10,000,000,000
shares with par value US$
0.000005
each.
1 ordinary share was subdivided
into 20 ordinary shares
(the "Share Split") and was therefore after issued and outstanding.
F-
52
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
21.
ORDINARY SHARES (CONTINUED)
As
of December 31, 2019 and 2020,
20,000,000,000
ordinary shares had been authorized and a total of
2,158,791,222
ordinary shares, consists
of
1,208,831,222
Class A ordinary shares and
949,960,000
Class B ordinary shares, had been issued. A total of
2,133,265,412
ordinary
shares, consists of
1,183,305,412
Class A ordinary shares and
949,960,000
Class B ordinary shares, had been outstanding as of December
31, 2020. A total of
2,129,405,572
ordinary shares, consists of
1,179,445,572
Class A ordinary shares and
949,960,000
Class B ordinary
shares, had been outstanding as of December 31, 2019.
Immediately
prior to the completion of the IPO, all classes of preferred shares of the Company were converted and re-designated as
895,216,752
Class
A ordinary shares on a one-for-one basis.
201,440,000
ordinary shares of the Company were re-designated as Class A ordinary share and
949,960,000
ordinary shares were re-designated as Class B ordinary shares with super voting power (
one share with ten votes
). Mr. Xiao
Shanglue, founder, chairman and chief executive officer of the Company, will be deemed to beneficially own all of the issued Class B
ordinary shares.
On
May 3, 2019, the Company completed its IPO on NASDAQ Global Select Market. The Company offered
110,000,000
Class A ordinary shares which
represented
11,000,000
ADSs.
Subsequently
on June 4, 2019, over-allotment option were electedly exercised and the Company issued additional
2,174,470
shares of Class A Ordinary
Shares issued at a price of US$
1.10
per share.
On
August 28, 2019, the Company was authorized by the Board of Directors to, from time to time, acquire up to an aggregate of US$
20
million
of its shares in the form of ADSs and/or the ordinary shares of the Company over the next six months in the open market and through privately
negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance
with applicable rules and regulations (the "2019 Share Repurchase Program"). Under the 2019 Share Repurchase Program, the
Company cumulatively repurchased
40,076,270
and
40,463,770
Class A ordinary shares at price ranging from US$
0.09
to $
0.70
as of December
31, 2020 and 2021, respectively.
On
March 17, 2022, the Company was authorized by the Board of Directors to, from time to time, acquire up to an aggregate of US$
20
million
of its shares in the form of ADSs and/or the ordinary shares of the Company over the next six months in the open market and through privately
negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance
with applicable rules and regulations. Subsequently, on August 25, 2022, the Company announced this stock repurchase program of up to
US$
20
million has been extended for another six months, which was starting from
September 16, 2022 and up to March 15, 2023
(collectively,
the "2022 Share Repurchase Program"). Under the 2022 Share Repurchase Program, the Company cumulatively repurchased
179,701,700
Class A ordinary shares at price ranging from US$
0.07
to $
0.12
as of December 31, 2022.
From
June 20, 2023,
the Company changed its ADS ratio from each ADS representing 10 Class A ordinary shares to each ADS representing 100 Class
A ordinary shares
. The change in the ADS Ratio will have no impact on Yunji's underlying Class A ordinary shares.
F-
53
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
22.
CONVERTIBLE REDEEMABLE PREFERRED SHARES
In
July 2015, pursuant to an investment agreement, the Company issued
373,000,000
Series Seed Preferred Shares with total cash of RMB
50,000
,
and incurred issuance cost of RMB
1,000
.
In
November 2016 and January 2017, pursuant to an investment agreement, the Company issued
272,600,000
Series A Preferred Shares with total
consideration of RMB
33,160
and US$
20,000
(RMB
138,532
equivalent) as well as the full exercise of the Series Seed Warrant at fair value
of RMB
644
and the full exercise of Series A Warrant at fair value of RMB
1,754
. Total issuance cost in the amount of RMB
8,095
was incurred
for the Former Series A Capital Contribution, including a finder's commission of RMB
6,509
.
Furthermore,
the Company issued
116,600,000
Series A Preferred Shares with the subscription price at US$
0.000005
per share to two of the institutional
investors of the Initial Ordinary Shareholders, which was accounted for as a modification/extinguishment to Series A Preferred Shares
from the Initial Ordinary Shareholders' contributions.
In
February 2018, pursuant to a share purchase agreement, the Company issued
110,803,324
shares of Series B Preferred Shares for cash of
US$
100,000
(RMB
630,010
equivalent). Total issuance cost in the amount of RMB
14,062
was incurred for the Series B Preferred Shares, including
a finder's commission of US$
2,000
(RMB
12,600
equivalent). The Company paid
50
% of the commission in cash amounted US$
1,000
and
the remaining
50
% by issuance of
1,108,033
shares of Series B Preferred Shares for no consideration to the finder, a financial advisor
in June 2018. The total of the finder's commission was also recorded as an issuance cost as a deduction of the preferred shares.
In
June and November 2018, pursuant to a share purchase agreement, the Company issued
21,105,395
shares of Series B+ Preferred Shares for
cash of US$
20,000
(RMB
128,416
equivalent) with issuance cost in the amount of RMB
5,867
.
The
Series Seed, Series A, Series B and Series B+ Preferred Shares are collectively referred to as the "Preferred Shares". All
series of Preferred Shares have the same par value of US
0.000005
per share.
All
of Preferred Shares were converted into Class A ordinary shares immediately upon the completion of the Company's initial public
offerings on May 3, 2019 (Note 21). Prior to their conversion, Preferred Shares were entitled to certain preference with respect to conversion,
redemption, dividends and liquidation.
F-
54
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
23.
SHARE-BASED COMPENSATION
On
December 19, 2017, the Company adopted the 2017 Share Incentive Plan ("the 2017 Plan"), which allows the compensation committee
to grant options and restricted share units ("RSU") of the Company to its directors, employees, and etc. (collectively, the
"Grantees") to acquire ordinary shares of the Company at an exercise price as determined by the Compensation Committee at
the time of grant. The 2017 Plan was amended and restated in its entirety in March 2019 and referred to as the 2019 Plan. The awards
granted and outstanding under the 2017 Plan survive the termination of the 2017 Plan and remain effective and binding under the 2019
Plan. According to the 2019 Plan,
227,401,861
ordinary shares were authorized and reserved for the issuance.
Since
adoption of the 2017 Plan, the Company granted options and RSUs to employees. All options and RSUs granted have a contractual term of
six years from the grant date, and the vest over a period of four years of continuous service, half (1/2) of which vest upon the second
anniversary of the stated vesting commencement date and one-fourth (1/4) of the remaining will vest upon the third and fourth anniversaries
of the stated vesting commencement date. Under the option plan, options are exercisable subject to the grantee's continuous service.
The
Company accounted for the share-based compensation costs on a straight-line bases over the requisite service period for the award based
on the fair value on their respectively grant date.
On
December 19, 2017, June 30, 2018, November 28, 2018, and January 31, 2019 the Company granted
73,225,200
,
12,021,500
,
5,540,000
and
4,968,000
stock options to its directors and employees, respectively. In addition, on December 19, 2017, November 28, 2018 and January 31, 2019,
the Company granted
5,000,000
,
19,800,000
and
14,925,000
RSUs to its directors and employees, respectively. On May 3, 2019, the Company
granted
720,000
stock options to its two independent directors. In addition, on May 3, 2019, the Company was authorized by its Board
of Directors to grant stock options and RSUs to non-employees under the 2019 Plan, and granted total
10,409,050
stock options and
3,332,040
RSUs to non-employees by batches during the year ended December 31, 2019.
On
January 1, 2020, the Company granted
356,210
and
49,964,000
RSUs to its two external consultants and employees, respectively. In addition,
on July 1, 2020, the Company granted
13,890,000
RSUs to its directors and employees.
On
January 1, 2021 and February 1, 2021, the Company granted
29,170,000
and
26,818,000
RSUs to its employees, respectively. Meanwhile, the
Company modified the exercise price and vesting schedules of certain stock options on February 1, 2021.
On
January 1, 2022 and August 1, 2022, the Company granted
8,690,000
and
1,160,000
RSUs to its employees, respectively.
On
February 1, 2023 and July 1, 2023, the Company granted
400,000
and
2,500,000
RSUs to its employees, respectively.
F-
55
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
23.
SHARE-BASED COMPENSATION (CONTINUED)
(a)
Options
The
following table sets forth the stock options activity for the years ended December 31, 2021, 2022 and 2023:
Number
    of shares
Weighted-average
    exercise price
Weighted
    average remaining contractual term
Aggregate
intrinsic
value
US$
000'US$
Outstanding
    as of December 31, 2021
61,930,440
0.21
1.73
-
Granted
-
-
Forfeited
(
64,980
)
0.20
Exercised
(
773,640
)
0.09
Expired
-
-
Outstanding
    as of December 31, 2022
61,091,820
0.22
0.89
-
Granted
-
Forfeited
(
173,870
)
0.23
Exercised
-
Expired
(
46,562,380
)
0.09
Outstanding
    as of December 31, 2023
14,355,570
0.61
0.27
-
Vested
    and expected to vest as of December 31, 2023
14,355,570
Exercisable
    as of December 31, 2023
14,355,570
The
aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the estimated fair
value of the underlying stock at each reporting date (December 31, 2022: US$
0.08
, December 31, 2023: US$
0.71
).
The
Group uses the Binominal option pricing model to estimate the fair value of stock options. The assumptions used to value the Company's
options modified were as follow:
2022
2023
Exercise
    price (US$)
N/A
N/A
Exercise
    multiple
N/A
N/A
Risk-free
    interest rate
N/A
N/A
Expected
    term (in years)
N/A
N/A
Expected
    dividend yield
N/A
N/A
Expected
    volatility
N/A
N/A
Expected
    forfeiture rate (post-vesting)
N/A
N/A
Fair
    value of the underlying shares on the date of options grants (US$)
N/A
N/A
Fair
    value of share option (US$)
N/A
N/A
F-
56
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
23.
SHARE-BASED COMPENSATION (CONTINUED)
(a)
Options (continued)
Risk-free
interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at
the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable
companies with a time horizon close to the expected expiry of the term of the options. The Company has never declared or paid any cash
dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the
contract life of the options.
Share-based
compensation expense is recorded on a straight-line basis over the requisite service period, which is generally four years from the date
of grant. The Company recognized share-based compensation expenses of RMB
20,782
, RMB
1,828
and share-based compensation benefit RMB
5,628
for share options granted under the 2017 Plan and the 2019 Plan in the Consolidated Statements of Comprehensive Income/(Loss) for
the years ended 2021, 2022 and 2023, respectively.
As
of December 31, 2022 and 2023, there was RMB
616
and RMB
1
, respectively, in total unrecognized compensation expense, related to unvested
share options, which is expected to be recognized over a weighted average period of
0.4
and
0.08
years, respectively. The unrecognized
compensation expense may be adjusted for future changes in actual forfeitures.
(b)
Restricted share units
A
summary of activities of the service-based RSUs for the years ended December 31, 2021, 2022 and 2023 is presented below:
Number
    of RSUs
Weighted-Average
Grant-Date
                                            Fair Value
US$
Unvested
    at December 31, 2021
45,704,350
0.45
Granted
9,850,000
0.63
Vested
(
10,326,250
)
Forfeited
(
20,306,000
)
Unvested
    at December 31, 2022
24,922,100
0.45
Granted
2,900,000
0.02
Vested
(
1,587,950
)
Forfeited
(
11,609,400
)
Unvested
    at December 31, 2023
14,624,750
0.34
The
fair value of each restricted share units granted with service conditions is estimated based on the fair market value of the underlying
ordinary shares of the Company on the date of grant.
As
of December 31, 2022 and 2023,
10,326,250
RSUs and
1,587,950
RSUs were vested.
For
the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses recognized by the Group for the RSUs granted
were RMB
35,128
, RMB
28,322
and RMB
4,743
, respectively.
As
of December 31, 2022 and 2023, there was RMB
14,592
and RMB
3,489
in total unrecognized compensation expense, related to unvested RSUs,
which is expected to be recognized over a weighted average period of
1.87
and
1.17
years, respectively.
F-
57
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
24.
FAIR VALUE MEASUREMENTS
As
of December 31, 2022 and 2023, information about inputs into the fair value measurement of the Group's assets and liabilities that
are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:
Fair
    value measurement at reporting date using
Description
Fair
    value
as of
December 31,
2022
Quoted
    Prices in Active
Markets for Identical
Assets
(Level 1)
Significant
    Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
RMB
RMB
RMB
RMB
Assets:
Short-term
    investments
Time
    deposits
142,357
-
142,357
-
Wealth
    management products
69,646
-
69,646
-
Long-term
    investments
Equity
    securities with readily determinable fair value
114,843
114,843
-
-
Equity
    securities accounted for under measurement alternative
227,371
-
227,371
-
Total
    assets
554,217
114,843
439,374
-
Fair
    value measurement at reporting date using
Description
Fair
    value
as of
December 31,
2023
Quoted
    Prices in Active
Markets for Identical
Assets
(Level 1)
Significant
    Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
RMB
RMB
RMB
RMB
Assets:
Short-term
    investments
Debt
    securities for trading
7,195
-
7,195
-
Long-term
    investments
Equity
    securities with readily determinable fair value
37,650
37,650
-
-
Equity
    securities accounted for under measurement alternative
220,981
-
220,981
-
Total
    assets
265,826
37,650
228,176
-
When
available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not
available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently
sourced market parameters, such as interest rates and currency rates. Following is a description of the valuation techniques that the
Group uses to measure the fair value of assets that the Group reports in its Consolidated Balance Sheets at fair value on a recurring
basis.
F-
58
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
24.
FAIR VALUE MEASUREMENTS (CONTINUED)
Short-term
investments
Short-term
investment consists of wealth management products, time deposits and equity securities with readily determinable fair value, which are
valued by the Group on a recurring basis. The Group values its short-term wealth management products investments held in certain banks
using model-derived valuations based upon discounted cash flow, in which significant inputs, mainly including expected return, are observable
or can be derived principally from, or corroborated by, observable market data, and accordingly, the Group classifies the valuation techniques
that use these inputs as Level 2. The expected return of the financial products were determined based on the prevailing interest rates
in the market.
Long-term
investments
Equity
securities with readily determinable fair values are measured and recorded at fair value on a recurring basis with changes in fair value.
The Group values these equity securities at its quoted prices in stock market, and accordingly the Group classifies the valuation techniques
that use these inputs as Level 1.
The
Group used measurement alternative for recording equity investments without readily determinable fair values at cost, less impairment,
adjusted for subsequent observable price changes. Based on ASU 2016-01, entities that elect the measurement alternative will report changes
in the carrying value of the equity investments in current earnings. If measurement alternative is used, changes in the carrying value
of the equity investment will be recognized whenever there are observable price changes in orderly transactions for the identical or
similar investment of the same issuer, and impairment charges will be recorded when any impairment indicators are noted and the fair
value is lower than the carrying value. The Group classifies the valuation techniques on investments that use similar identifiable transaction
prices as Level 2 of fair value measurements.
F-
59
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
25.
NET INCOME/(LOSS) PER SHARE
Basic
and diluted net loss per share for each of the years/periods presented are calculated as follows:
Year
                                            Ended
December
                                            31, 2021
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
RMB
RMB
RMB
Numerator:
Net
    income/(loss) attributable to YUNJI INC's ordinary shareholders
131,966
(
138,173
)
(
165,129
)
Denominator:
Denominator
    for basic earnings per ordinary share
-Weighted
    average ordinary shares outstanding
2,139,963,573
2,088,319,721
1,971,108,505
Dilutive
    effect of share options
7,242,017
-
-
Denominator
    for diluted earnings per ordinary share
2,147,205,590
2,088,319,721
1,971,108,505
Net
    income/(loss) per share attributable to ordinary shareholders:
-Basic
0.06
(
0.07
)
(
0.08
)
-Diluted
0.06
(
0.07
)
(
0.08
)
Basic
net income/(loss) per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted net
income/(loss) per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding
during the period.
For
the year ended December 31, 2019, assumed conversion of the Preferred Shares have not been reflected in the dilutive calculations pursuant
to ASC 260, "Earnings Per Share," due to the anti-dilutive effect. The effects of all outstanding share options and RSUs
have also been excluded from the computation of diluted loss per share for the years ended December 31, 2022 and 2023 as their effects
would be anti-dilutive. For the year ended December 31, 2021, the Company had potential ordinary shares, including non-vested restricted
shares, and option granted which were included in the computation of diluted EPS in 2021. As the Group incurred losses for the years
ended December 31, 2022 and 2023, these potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net
loss per share of the Company.
F-
60
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
26.
RELATED PARTY BALANCES AND TRANSACTIONS
The
table below sets forth the major related parties and their relationships with the Group as of December 31, 2023:
Name
    of related parties
Relationship
    with the Group
Small
    Ye Group
Controlled
    by Mr. Xiao Shanglue, Founder and CEO of the Group
Hangzhou
    Tianshi Technology Co., Ltd. ("Tianshi")*
An
    associate of the Group (incorporated in 2017)
Guangdong
    Weixin Technology Co., Ltd. ("Weixin")
An
    associate of the Group (incorporated in 2018)
Hangzhou
    Bixin Biotechnology Co., Ltd. ("Bixin")
An
    associate of the Group (incorporated in 2019)
Shanxi
    Yunnong Logistic Management Co., Ltd. ("Yunnong")
An
    associate of the Group (incorporated in 2019)
Zhejiang
    Jimi E-commerce Co., Ltd. ("Jimi")
An
    associate of the Group (incorporated in 2020)
Zhejiang
    Jibi Technology Co., Ltd. ("Jibi")
An
    associate of the Group (incorporated in 2020)
Hangzhou
    Xingsheng Brand Marketing Management Co., Ltd. ("Xingsheng")*
An
    associate of the Group (incorporated in 2020)
Hangzhou
    Yuncheng Brand Management Co., Ltd. ("Yuncheng")*
An
    associate of the Group (incorporated in 2020)
Hangzhou
    Huaji Brand Marketing Management Co., Ltd. ("Huaji")*
An
    associate of the Group (incorporated in 2020)
*
The investments
in these associates were disposed by the Group in 2022 and 2023.
F-
61
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
26.
RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)
The
Group entered into agreements with aforementioned equity method classified investees as related party transactions, including purchase
of merchandise from them and marketplace services provided to them. Details of related party balances and transactions as of December
31, 2021, 2022 and 2023 are as follows:
Advance
to related parties and amounts due from related parties
As
    of December 31,
2022
2023
RMB
RMB
Amounts
    due from related parties
Jimi
67
1,134
Others
135
227
Total
202
1,361
Amounts
due to related parties
As
    of December 31,
2022
2023
RMB
RMB
Bixin
376
1,132
Jibi
618
809
Small
    Ye Group
691
691
Yunnong
728
351
Jimi
125
125
Weixin
5,382
89
Xingsheng
1,209
-
Tianshi
884
-
Others
595
338
10,608
3,535
F-
62
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
26.
RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)
The
terms of the agreements the Group entered into with the related parties are comparable to the terms in arm's-length transactions
with third-party customers and vendors.
Transactions
with related parties
Year
                                            Ended
December
                                            31, 2021
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
RMB
RMB
RMB
Purchase
    of merchandise
Jimi
17,519
7,572
16,353
Tianshi
11,256
2,722
2,793
Bixin
7,637
3,328
1,852
Yunnong
4,301
-
1,286
Weixin
14,508
32
-
Yuncheng
13,147
-
-
Xingsheng
11,768
7,384
-
Huaji
4,265
-
-
Others
7,714
472
312
92,115
21,510
22,596
F-
63
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
26.
RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)
Transactions
with related parties (continued)
Year
                                            Ended
December
                                            31, 2021
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
RMB
RMB
RMB
Marketplace
    service provided to related parties
Jimi
5,637
1,699
1,501
Bixin
2,322
1,234
1,075
Yuncheng
3,309
-
-
Others
815
172
80
12,083
3,105
2,656
Other
    goods and services provided to related parties
Bixin
3
172
Jimi
313
131
56
Tianshi
-
114
45
Xingsheng
-
554
-
Yuncheng
208
-
-
Others
18
21
41
539
823
314
27.
COMMITMENTS AND CONTINGENCIES
(a)
Operating commitments
As
of December 31, 2023, the Company had outstanding operating commitments totaling RMB
580
, which was the short-term lease payments.
(b)
Capital commitments
As
of December 31, 2023, the Company had outstanding capital commitments totaling RMB
13,210
, which was the payment of building construction
design and management.
F-
64
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
27.
COMMITMENTS AND CONTINGENCIES (CONTINUED)
(c)
Contingencies
In
the ordinary course of business, the Group is from time to time involved in legal proceedings and litigations. As of
December
31, 2022, the Group was not involved in any legal or administrative proceedings that the Group believes may have a material adverse impact
on the Group's business, balance sheets or results of operations and cash flows.
As
of December 31, 2023, the Group, as one of the five co-defendants, was involved in a legal proceeding that arose in the ordinary
course of business (the "Case"). The plaintiff sought monetary damages jointly and severally from all co-defendants. As
of the date of this consolidated financial statements release, the Case is still under the appeal trial process and subject to final
judgment by the Guangzhou Intermediate People's Court. The amount is approximately RMB
23.1
million. Management carried out the assessment of the financial impact of this Case and consulted its legal counsel. Based on the
currently available information, management believes that the claims by the plaintiff have no merit and the Group has valid defence
and will defend vigorously in the Case. Accordingly, the Group has not made accrual for the Case as of December 31, 2023.
28.
SUBSEQUENT EVENTS
From
December 31, 2023 to the date of publication of this report, there was no subsequent event which had a material impact on the Group.
29.
STATUTORY RESERVES AND RESTRICTED NET ASSETS
Pursuant
to laws applicable to entities incorporated in the PRC, the Group's subsidiaries and consolidated VIE in the PRC must make appropriations
from after-tax profit to non-distributable reserve funds.
These reserve funds include one or more of the following: (i) a general reserve,
(ii) an enterprise expansion fund and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve
fund requires an annual appropriation of 10% of after tax profit (as determined under accounting principles generally accepted in the
PRC at each year-end) until the accumulative amount of such reserve fund reaches 50% of a company's registered capital, the other
fund appropriations are at the subsidiaries' discretion. These reserve funds can only be used for specific purposes of enterprise
expansion and staff bonus and welfare and are not distributable as cash dividends
. During the years ended December 31, 2021, 2022 and
2023, appropriations to the statutory reserve have been made by the Group, which was RMB
1,395
, RMB
2,059
and RMB
176
respectively.
In
addition, due to restrictions on the distribution of share capital from the Group's subsidiaries and consolidated VIE in PRC and
also as a result of these entities' unreserved accumulated losses, total restrictions placed on the distribution of the Group's
PRC subsidiaries' and consolidated VIEs' net assets was RMB
639,397
, or
54
%
of the Group's total consolidated net assets
as of December 31, 2023.
The
Company performed a test on the restricted net assets of consolidated subsidiaries and VIEs in accordance with Securities and Exchange
Commission Regulation S-X Rule 4-08 (e) (3), "General Notes to Financial Statements" and concluded that it was applicable
for the Company to disclose the financial statements for the parent company.
The
subsidiaries did not pay any dividend to the Company for the periods presented. For the purpose of presenting parent only financial information,
the Company records its investments in its subsidiaries under the equity method of accounting. Such investments are presented on the
separate condensed balance sheets of the Company as "investments in subsidiaries and VIEs" and the loss of the subsidiaries
is presented as "share of loss of subsidiaries". Certain information and footnote disclosures generally included in financial
statements prepared in accordance with US GAAP have been condensed and omitted.
F-
65
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
30.
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
Balance
sheets of the parent company
As
    of December 31, 2022
As
    of December 31, 2023
RMB
RMB
ASSETS
Current
    assets:
Cash
    and cash equivalents
65,363
64,070
Short-term
    investment
70,125
7,195
Amounts
    due from the group companies
161,124
195,917
Prepaid
    expenses and other current assets
1,516
1,059
Total
    current assets
298,128
268,241
Non-current
    assets:
Long-term
    investments
39,817
39,500
Investment
    in subsidiaries and VIEs
1,020,937
883,681
Total
    non-current assets
1,060,754
923,181
Total
    assets
1,358,882
1,191,422
LIABILITIES
    AND EQUITY
Current
    liabilities
Other
    payables and accruals
3,852
1,206
Total
    liabilities
3,852
1,206
Shareholders'
    equity
Ordinary
    shares (US$
0.000005
par value
20,000,000,000
shares authorized as of December 31, 2022 and 2023;
1,208,831,222
Class A ordinary shares
    and
949,960,000
Class B ordinary shares issued as of December 31, 2022 and 2023;
1,068,437,352
and
1,016,418,532
Class A ordinary
    shares and
949,960,000
and
949,960,000
Class B ordinary shares outstanding as of December 31, 2022 and 2023, respectively)
70
70
Additional
    paid-in capital
7,332,098
7,327,581
Accumulated
    other comprehensive income
91,498
116,171
Less:
    Treasury stock (
140,393,870
and
192,412,690
shares as of December 31, 2022 and 2023, respectively)
(
98,709
)
(
116,108
)
Accumulated
    deficit
(
5,969,927
)
(
6,137,498
)
Total
    shareholders' equity
1,355,030
1,190,216
Total
    liabilities and shareholders' equity
1,358,882
1,191,422
F-
66
YUNJI
INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
30.
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (CONTINUED)
Statements
of comprehensive income/(loss) of the parent company
Year
                                            Ended
December
                                            31, 2021
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
RMB
RMB
RMB
Operation
    expense
Sales
    and marketing
(
2,052
)
-
-
General
    and administrative
(
17,632
)
(
10,706
)
(
8,557
)
Total
    operating expenses
(
19,684
)
(
10,706
)
(
8,557
)
Share
    of income/(loss) of subsidiaries and VIEs
167,444
(
115,080
)
(
151,117
)
Financial
    expense, net
(
15,883
)
(
12,283
)
(
518
)
Foreign
    exchange loss
(
466
)
(
134
)
-
Other
    non-operating income/(expense), net
555
30
(
4,232
)
Income/(loss)
    before income tax expense
131,966
(
138,173
)
(
164,424
)
Equity
    in loss of affiliates, net of tax
-
-
(
705
)
Net
    income/(loss)
131,966
(
138,173
)
(
165,129
)
Net
    income/(loss) attributable to ordinary shareholders
131,966
(
138,173
)
(
165,129
)
Net
    income/(loss)
131,966
(
138,173
)
(
165,129
)
Other
    comprehensive income
Foreign
    currency translation
35,433
134,143
24,673
Total
    comprehensive income/(loss)
167,399
(
4,030
)
(
140,456
)
Statements
of cash flows of the parent company
Year
                                            Ended
December
                                            31, 2021
Year
                                            Ended
December
                                            31, 2022
Year
                                            Ended
December
                                            31, 2023
RMB
RMB
RMB
Net
    cash used in operating activities
(
23,226
)
(
9,075
)
(
8,557
)
Net
    cash generated from investing activities
29,919
154,552
31,720
Net
    cash generated from/(used in) financing activities
788
(
94,752
)
(
25,334
)
Effect
    of exchange rate changes on cash, cash equivalents and restricted cash
(
2,457
)
5,960
878
Net
    increase/(decrease) in cash, cash equivalents and restricted cash
5,024
56,685
(
1,293
)
Cash,
    cash equivalents and restricted cash at beginning of the year
3,654
8,678
65,363
Cash,
    cash equivalents and restricted cash at end of the year
8,678
65,363
64,070
F-
67