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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, D.C. 20549</b></p><div>

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

</div><p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></p><div>

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

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

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></ix:nonNumeric> <span style="font-size: 10pt"><b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>


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

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

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

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric> <span style="font-size: 10pt"><b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>For the fiscal year ended <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></b></p><div>

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

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

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

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></ix:nonNumeric> <span style="font-size: 10pt"><b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>For the transition period from <span style="text-decoration:underline">_________</span>to_________</b></p><div>

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

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

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

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></ix:nonNumeric> <span style="font-size: 10pt"><b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of event requiring this shell company report:<span style="text-decoration:underline">__________</span></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the transition period from________to_________</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Commission file number: <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">333-269871</ix:nonNumeric></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 12pt"><b><span style="-sec-ix-hidden: hidden-fact-0">Jayud Global Logistics Limited</span></b></span></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 50%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>(Exact name of
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline;text-decoration: none">N/A</span></b></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 50%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode"><b><span style="text-decoration:underline;text-decoration: none">Cayman Islands</span></b></ix:nonNumeric></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">4th Floor</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2">Building 4</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" continuedAt="_EntityAddressAddressLine3-c0_cont_1" name="dei:EntityAddressAddressLine3">Shatoujiao Free Trade
Zone</ix:nonNumeric></b></p><div>

</div><ix:continuation id="_EntityAddressAddressLine3-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Shenyan Road, Yantian District</b></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Shenzhen</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">China</ix:nonNumeric></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline;text-decoration: none">(86) 0755-25595406</span></b></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 50%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Lin Bao, chief financial officer</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Telephone: <ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">+86</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">0755-25595406</ix:nonNumeric></b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; "><b>Email
address:&#160;lin.bao@jayud.com</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">4th Floor</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2">Building 4</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" continuedAt="_EntityAddressAddressLine3-c1_cont_1" name="dei:EntityAddressAddressLine3">Shatoujiao Free Trade
Zone</ix:nonNumeric></b></p><div>

</div><ix:continuation id="_EntityAddressAddressLine3-c1_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Shenyan Road, Yantian District</b></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline;text-decoration: none"><ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Shenzhen</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">China</ix:nonNumeric> </span></b></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 50%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities registered or to be registered pursuant
to Section&#160;12(b) of the Act:</b></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title&#160;of each class</b></span></td> <td style="padding-bottom: 1.5pt; vertical-align: bottom; width: 2%; text-align: center">&#160;</td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Symbol(s)</b></span></td> <td style="padding-bottom: 1.5pt; vertical-align: bottom; width: 2%; text-align: center">&#160;</td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name&#160;of&#160;each&#160;exchange&#160;on which&#160;registered</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class A ordinary shares, par value US$0.0001 per share</b></span></ix:nonNumeric></td> <td style="vertical-align: bottom; text-align: center">&#160;</td> <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JYD</b></span></ix:nonNumeric></td> <td style="vertical-align: bottom; text-align: center">&#160;</td> <td style="text-align: center; vertical-align: bottom"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The <ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric> Stock Market LLC</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(The Nasdaq Capital Market)</b></p></td></tr> </table><div>

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

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

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities registered or to be registered pursuant
to Section&#160;12(g) of the Act:</b></p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities for which there is a reporting obligation
pursuant to Section&#160;15(d) of the Act:</b></p><div>

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>As of December 31, 2022, there were <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">13,590,400</ix:nonFraction> Class A ordinary
shares and <ix:nonFraction contextRef="c3" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">6,409,600</ix:nonFraction> Class B ordinary shares, par value US$0.0001 per share.</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> <ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> <ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. <ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span> No <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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). <ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span>
No <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 definition of &#8220;large
accelerated filer, &#8220;accelerated filer&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act. </p><div>

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

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 20%"><span style="font-size: 10pt">Large&#160;accelerated&#160;filer</span></td> <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="width: 20%"><span style="font-size: 10pt">Accelerated&#160;filer</span></td> <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="width: 20%"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-size: 10pt">Non-accelerated filer</span></ix:nonNumeric></td> <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td style="width: 20%"><span style="font-size: 10pt">Emerging&#160;growth&#160;company</span></td> <td style="width: 5%; text-align: right"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&#160;13(a) of the Exchange Act.&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

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

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">&#8224;</span></td>
    <td><span style="font-size: 10pt">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&#160;5, 2012.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&#160;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. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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). <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark which basis of accounting the registrant has
used to prepare the financial statements included in this filing:</p><div>

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

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 18%"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c0" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></span></td> <td style="width: 2%">&#160;</td> <td style="text-align: center; width: 60%"><span style="font-size: 10pt">International Financial Reporting Standards as issued</span></td> <td style="width: 2%">&#160;</td> <td style="width: 18%; text-align: right"><span style="font-size: 10pt">Other <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td></tr> <tr> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center; vertical-align: bottom"><span style="font-size: 10pt">by the International Accounting Standards Board <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td> <td>&#160;</td> <td>&#160;</td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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: Item 17 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
Item 18 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
No <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING
THE PAST FIVE YEARS)</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> Yes&#160;
&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span> No</p><div>

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

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

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

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

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

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding-bottom: 1.5pt; width: 90%">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center; width: 10%"><span style="font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><a href="#a_001">INTRODUCTION</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">ii</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt"><a href="#a_002">FORWARD-LOOKING INFORMATION</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">iii</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><a href="#a_003">PART I</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_004">ITEM&#160;1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_005">ITEM&#160;2. OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_006">ITEM&#160;3. KEY INFORMATION</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_007">ITEM&#160;4. INFORMATION ON THE COMPANY</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">39</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_008">ITEM&#160;4A. UNRESOLVED STAFF COMMENTS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">63</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_009">ITEM&#160;5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">63</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_010">ITEM&#160;6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">82</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_011">ITEM&#160;7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">89</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_012">ITEM&#160;8. FINANCIAL INFORMATION</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">90</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_013">ITEM&#160;9. THE OFFER AND LISTING</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">90</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_014">ITEM&#160;10. ADDITIONAL INFORMATION</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">91</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_015">ITEM&#160;11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">103</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_016">ITEM&#160;12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></span></td>
    <td style="vertical-align: bottom; text-align: center">103</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><a href="#a_017">PART II</a></span></td>
    <td style="vertical-align: bottom; text-align: center">104</td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_018">ITEM&#160;13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></span></td>
    <td style="vertical-align: bottom; text-align: center">104</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.375in"><span style="font-size: 10pt"><a href="#a_019">ITEM&#160;14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></span></td>
    <td style="vertical-align: bottom; text-align: center">104</td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_020">ITEM&#160;15. CONTROLS AND PROCEDURES</a></span></td>
    <td style="vertical-align: bottom; text-align: center">104</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><a href="#a_036">ITEM&#160;16. [RESERVED]</a></td>
    <td style="vertical-align: bottom; text-align: center">105</td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_021">ITEM&#160;16A. AUDIT COMMITTEE FINANCIAL EXPERT</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">105</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_022">ITEM&#160;16B. CODE OF ETHICS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">105</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_023">ITEM&#160;16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></span></td>
    <td style="vertical-align: bottom; text-align: center">105</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_024">ITEM&#160;16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">106</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_025">ITEM&#160;16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">106</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_026">ITEM&#160;16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">106</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_027">ITEM&#160;16G. CORPORATE GOVERNANCE</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">106</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_028">ITEM&#160;16H. MINE SAFETY DISCLOSURE</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">106</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_029">ITEM&#160;16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</a></span></td>
    <td style="vertical-align: bottom; text-align: center">106</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><a href="#a_030">PART III</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">107</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_031">ITEM&#160;17. FINANCIAL STATEMENTS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">107</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_032">ITEM&#160;18. FINANCIAL STATEMENTS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">107</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt"><a href="#a_033">ITEM&#160;19. EXHIBITS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">107</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><a href="#a_034">SIGNATURES</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">108</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt"><a href="#a_035">INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</a></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">F-1</span></td></tr>
  </table><div>

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


</div><!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INTRODUCTION</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Unless otherwise indicated or the context otherwise
requires, all information in this annual report reflects the following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;CAGR&#8221; refers to compound
average growth rate;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;China&#8221; or the &#8220;PRC&#8221;,
in each case, refers to the People&#8217;s Republic of China, excluding, for the purpose of this annual report only, Hong Kong, Macau
and Taiwan. The term &#8220;Chinese&#8221; has a correlative meaning for the purpose of this annual report. When used in the case of
laws and regulations, of &#8220;China&#8221; or &#8220;the PRC&#8221;, it refers to only such laws and regulations of mainland China;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;Class A ordinary shares&#8221;
refer to our class A ordinary shares, par value US$0.0001 per share after the Forward Share Split;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;Class B ordinary shares&#8221;
refer to our class B ordinary shares, par value US$0.0001 per share after the Forward Share Split;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;EIT&#8221; refers to enterprise
income tax;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;Forward Share Split&#8221;
refers to a 1 to 1.25 forward share split of our ordinary shares under Cayman Islands law implemented on March 16, 2023;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;Hong Kong&#8221; refers
to Hong Kong Special Administrative Region in the PRC;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;ordinary shares&#8221;
or &#8220;shares&#8221; refer to our Class A ordinary shares and Class B ordinary shares of par value US$0.0001 per share;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;R&amp;D&#8221; refers to
research and development;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;Reverse Share Split&#8221;
refers to a 1 for 1.25 reverse share split of our ordinary shares under Cayman Islands law implemented on February 16, 2023;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;RMB&#8221; and &#8220;Renminbi&#8221;
refer to the legal currency of mainland China;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;SEC&#8221; refers to the
Securities and Exchange Commission;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;US$&#8221; and &#8220;U.S.
dollars&#8221; refer to the legal currency of the United States;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;U.S. GAAP&#8221; refers
to generally accepted accounting principles in the United States; and</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">&#8220;we,&#8221; &#8220;us,&#8221;
&#8220;our company,&#8221; and &#8220;our&#8221; refer to Jayud Global Logistics Limited, a Cayman Islands company and its subsidiaries.</span></td>
</tr></table><div>


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


</div><!-- Field: Page; Sequence: 4; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORWARD-LOOKING INFORMATION</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">This annual report contains forward-looking statements
that reflect our current expectations and views of future events. These forward-looking statements are made under the &#8220;safe-harbor&#8221;
provisions of the U.S. Private Securities Litigation Reform Act of 1995. 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 these forward-looking statements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">You can identify these forward-looking statements
by terminology 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;likely to&#8221; or other similar expressions. We have based these
forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe
may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include,
but are not limited to:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">our goals and strategies;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">our future business development,
financial condition and results of operations;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the expected growth of the integrated
logistics industry in China;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">our expectations regarding demand
for and market acceptance of our products and services;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">our expectations regarding our
bases of customers;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">our plans to invest in our products
and services;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">competition in our industries;
and</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">developments in government policies
and regulations relating to our industry.</span></td>
</tr></table><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">We would like to caution you not to place undue
reliance on these forward-looking statements. You should read these statements in conjunction with the risks disclosed in &#8220;Item
3. Key Information&#8212;D. Risk Factors.&#8221; Those risks are not exhaustive. We operate in a rapidly evolving environment. New risks
emerge from time to time and it is impossible for our management to predict all risks, nor can we assess the impact of all risks on our
business or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in any forward-looking
statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART I</b></p><div>

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

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM&#160;1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

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

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM&#160;2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

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

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM&#160;3. KEY INFORMATION </b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Risks Related to Doing Business in China</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Jayud Global Logistics Limited is not a Chinese
operating company, but a Cayman Islands holding company with operations mainly conducted by its subsidiaries based in mainland
China. </p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">We face various legal and operational risks and
uncertainties associated with being based in and having the majority of our operations in mainland China and the complex and evolving
mainland China laws and regulations. For example, we face risks associated with the fact that the PRC government has significant authority
in regulating our operations and may influence or intervene in our operations at any time, regulatory approvals on offerings conducted
overseas by, and foreign investment in, China-based issuers, anti-monopoly regulatory actions, and oversight on data security, which may
impact our ability to conduct certain businesses, accept foreign investments, or continue to list on a United States exchange. These risks
could result in a material adverse change in our operations and the value of our shares, significantly limit or hinder our ability to
offer or continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Permissions Required from the PRC Authorities
for Our Operations</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">We are required to obtain certain licenses,
permits and approvals from relevant governmental authorities in China in order to operate our business. As of December 31, 2022, as advised
by our PRC counsel, PacGate Law Group, we had obtained the licenses, permits and registrations from the PRC government authorities that
are material and necessary for our business operations in China. Given the uncertainties of interpretation and implementation of relevant
laws and regulations and the enforcement practice by relevant government authorities, and the promulgation of new laws and regulations
and amendment to the existing ones, we may be required to obtain additional licenses, permits, registrations, filings or approvals for
our business operations in the future. We cannot assure you that we will be able to obtain, in a timely manner or at all, or maintain
such licenses, permits or approvals, and we may also inadvertently conclude that such permissions or approvals are not required. Any lack
of or failure to maintain requisite approvals, licenses or permits applicable to us may have a material adverse impact on our business,
results of operations, financial condition and prospects and cause the value of any securities we offer to significantly decline or become
worthless. For details, see &#8220;&#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 operation may have a material and adverse impact on our business, financial
condition and results of operations, and any requirement of approvals or permits in connection with our future offering of securities
could cause our operations and financial conditions to be materially adversely affected, our ability to offer securities to investors
to become significantly limited or completely hindered, and the securities being offered to substantially decline in value and become
worthless.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.5pt; text-indent: 22pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">On November 14, 2021, the Cyberspace Administration
of China, or the CAC, issued the Administrative Regulations of Cyber Data Security (Draft for Comments), or the Draft Cyber Data Security
Regulations, which provide that data processors conducting the following activities shall apply for cybersecurity review: (i) merger,
reorganization or spin-off 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. On December 28, 2021, the CAC, together with other relevant administrative
departments, jointly promulgated the Cybersecurity Review Measures which became effective on February 15, 2022. According to the Cybersecurity
Review Measures, critical information infrastructure operators that procure internet products and services are subject to the cybersecurity
review if their activities affect or may affect national security. The Cybersecurity Review Measures further stipulate that an internet
platform operator who possesses personal information of more than one million users shall apply for a cybersecurity review before any
public offering in a foreign country, and the relevant governmental authorities may initiate a cybersecurity review if they consider that
the relevant network products or services or data processing activities affect or may affect national security. As of December 31, 2022,
we had not received any notice that we are a critical information infrastructure operator from any government authority, nor had we received
any request from the CAC to undergo a cybersecurity review in relation to our initial public offering. However, in connection with any
future overseas capital markets activities, we cannot assure you that we will not be required to undergo a cybersecurity review conducted
by the CAC, or meet other regulatory requirements that may be adopted in the future by mainland China authorities. To the extent such
requirements are or become applicable, we cannot assure you that we would be able to comply with them. For more detailed information,
see &#8220;&#8212; D. Risk Factors &#8212; Risks Related to Doing Business in China &#8212; We may be liable for improper use or appropriation
of personal information provided directly or indirectly by our customers or end users.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.5pt; text-indent: 22pt">&#160;</p><div>




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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">On February 17, 2023, the China Securities
Regulatory Commission (the &#8220;CSRC&#8221;) promulgated the Trial Measures of the Overseas Securities Offering and Listing by Domestic
Companies (the &#8220;Overseas Listing Trial Measures&#8221;) and the related guidelines, which became effective on March 31, 2023. The
Overseas Listing Trial Measures has comprehensively improved and reformed the existing regulatory regime for overseas offering and listing
of securities by PRC domestic companies and regulates both direct and indirect overseas offering and listing of securities by PRC domestic
companies by adopting a filing-based regulatory regime. According 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. The CSRC provided further notice related to the Overseas Listing Trial Measures that companies
that have acquired approval from overseas authority or overseas stock exchanges for indirect overseas offering and listing before March
31, 2023 and have completed overseas offering and listing before September 30, 2023, are not required to perform filling procedure. As
advised by our PRC counsel, we are not required to make filing with the CSRC in connection with our initial public offering
and listing on the Nasdaq Capital Market in April 2023. In addition, as of the date of this annual report, we have not received any formal
inquiry, notice, warning, sanction, or regulatory objection from the CSRC with respect to our initial public offering and listing overseas.
However, we could be subject to the filing requirements with the CSRC if we conduct subsequent offerings. See &#8220;Item 4. Information
on the Company &#8212; Regulations &#8212; Regulations Relating to Overseas Listings and M&amp;A Rules.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.5pt; text-indent: 22pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">We cannot assure you that we can complete the
filing procedures, obtain the approvals or complete other compliance procedures in a timely manner, or at all, or that any completion
of filing or approval or other compliance procedures would not be rescinded. Any such failure would subject us to sanctions by the CSRC
or other PRC regulatory authorities. These regulatory authorities may impose restrictions and penalties on the operations in China, significantly
limit or completely hinder our ability to launch any new offering of our securities, limit our ability to pay dividends outside of China,
delay or restrict the repatriation of the proceeds from future capital raising activities into China, or take other actions that could
materially and adversely affect our business, results of operations, financial condition and prospects, as well as the trading price of
our Class A ordinary shares. Furthermore, the PRC government authorities may further strengthen oversight and control over listings and
offerings that are conducted overseas. Any such action may adversely affect our operations and significantly limit or completely hinder
our ability to offer or continue to offer securities to you and cause the value of such securities to significantly decline or be worthless.
For details, see &#8220;&#8212; D. Risk Factors &#8212; Risks Related to Doing Business in China &#8212; The approval of and the filing
with the CSRC or other PRC government authorities may be required in connection with our future offshore offerings under PRC law, and,
if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.&#8221;</p><div>


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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>The Holding Foreign Companies Accountable Act</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The Holding Foreign Companies Accountable Act
(the &#8220;HFCA Act&#8221;) was enacted on December 18, 2020. Pursuant to the HFCA 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 Class A ordinary
shares from being traded on a national securities exchange or in the over-the-counter trading market in the United States. 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. 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.5pt; text-indent: 22pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
auditor prior to December 8, 2022, Friedman LLP, or Friedman, and current auditor, Marcum Asia CPAs LLP (&#8220;Marcum Asia&#8221;), the
independent registered public accounting firms that issue the audit reports included elsewhere in this annual report, as auditors of companies
that are traded publicly in the United States and firms registered with the PCAOB, have been subject to laws in the United States pursuant
to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Both Friedman and
Marcum Asia have been inspected by the PCAOB on a regular basis, with the last inspection in 2020. Neither Friedman nor Marcum Asia is
subject to the determinations announced by the PCAOB on December 16, 2021. The PCAOB is expected to continue to demand complete access
to inspections and investigations against accounting firms headquartered in mainland China and Hong Kong in the future and states that
it has already made plans to resume regular inspections in early 2023 and beyond. For
this reason, we do not expect to be identified as a Commission-Identified Issuer under the HFCA Act after we file this annual report on
Form 20-F. 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 if we use an accounting firm headquartered in one of these jurisdictions to issue
an audit report on our financial statements filed with the SEC by then, we may 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 HFCA Act, and the value of our Class A ordinary shares may significantly decline or become worthless.
For details, see &#8220;&#8212; D. Risk Factors &#8212; Risks Related to Doing Business in China &#8212; The PCAOB had historically been
unable to inspect auditors in mainland China and Hong Kong in relation to their audit work. If the PCAOB determines in the future that
it no longer has full access to inspect and investigate completely accounting firms in these jurisdictions and if we use an accounting
firm headquartered in one of these jurisdictions to issue an audit report by then, our Class A ordinary shares may be prohibited from
trading in the United States under the HFCA Act, and such delisting or the threat of delisting may materially and adversely affect the
value of your investment.&#8221;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.5pt; text-indent: 22pt">&#160;</p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Selected Financial Data</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The following selected consolidated statements of
income&#160;and comprehensive income data&#160;for the years ended December 31, 2020, 2021 and 2022, selected consolidated balance sheets
data as of December 31, 2021 and 2022, and selected consolidated cash flows data for the years ended December 31, 2020, 2021 and 2022
have been derived from our audited consolidated financial statements, which are included in this annual report beginning on page F-1.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.75pt; text-indent: 33.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Our consolidated financial statements
are prepared and presented in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP.
Our historical results are not necessarily indicative of results expected for future periods. You should read this Selected Consolidated
Financial Data section together with our consolidated financial statements and the related notes in conjunction with &#8220;Item 5. Operating
and Financial Review and Prospects&#8221; included elsewhere in this annual report.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The following table presents our selected consolidated
statements of income and comprehensive income data for the years ended December 31, 2020, 2021 and 2022:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The following table presents our selected consolidated
balance sheets data as of December 31,  2021 and 2022:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The following table presents our selected consolidated cash flows data
for the years ended December 31, 2020, 2021 and 2022<span style="font-family: Times New Roman, Times, Serif">:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#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)">
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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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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>5,781,628</b></td><td style="text-align: left"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><b>Cash and cash equivalents and restricted cash at end of year</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>23,705,696</b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>40,266,725</b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>28,440,241</b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>4,083,542</b></td><td style="text-align: left"><b>&#160;</b></td></tr>
  </table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>A.</b></span></td><td style="text-align: left">[<span style="font-size: 10pt"><b><span style="text-decoration:underline">Reserved</span>]</b></span></td>
</tr></table><div>

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

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 33.75pt"><span style="font-size: 10pt"><b>B.</b></span></td>
    <td><span style="font-size: 10pt"><b><span style="text-decoration:underline">Capitalization and Indebtedness</span></b></span></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Not applicable.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 33.75pt"><span style="font-size: 10pt"><b>C.</b></span></td>
    <td><span style="font-size: 10pt"><b><span style="text-decoration:underline">Reasons for the Offer and Use of Proceeds</span></b></span></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Not applicable.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 9; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>D.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Risk Factors</span></b></span></td>
</tr></table><div>
</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Summary Risk Factors</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Our business is subject to numerous risks and
uncertainties, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial
condition, results of operations, cash flows, and prospects. These risks are discussed more fully below and include, but are not limited
to, risks related to:</p><div>

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




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks Related to Our Business and Industry</i></b></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Our business and growth are significantly
affected by the development of international commerce and the e-commerce industry, as well as macroeconomic and other factors that affect
demand for supply chain solutions and logistics services, in China and globally.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Trade restrictions could materially
and adversely affect our business, financial condition and results of operations.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We face intense competition which
could adversely affect our results of operations and market share.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We face risks associated with
the items we deliver and the contents of shipments and inventories handled through our logistics networks, including real or perceived
quality or health issues with the products that are handled through our logistics networks, and risks inherent in the logistics industry,
including personal injury, product damage, and transportation-related incidents.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We may be exposed to credit risks
in relation to defaults from customers.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Our historical results of operations
and financial performance are not indicative of future performance.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">If we are unable to collect our
receivables from our existing customers, our results of operations and cash flows could be adversely affected.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Our
strategies and expansion plans may require a significant amount of capital, and the actual capital requirements may be different from
what we anticipate. We may seek equity or debt financing to finance all or a portion of such capital expenditures. If we cannot obtain
sufficient capital on acceptable terms, our business, financial condition, and prospects will not be materially adversely affected.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Failure to successfully implement
our business strategy, effectively respond to changes in market dynamics and satisfactorily meet customer demand will cause our future
financial results to suffer.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We may need additional capital
to pursue business objectives and respond to business opportunities, challenges or unforeseen circumstances, and financing may not be
available on terms acceptable to us, or at all.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We may fail to successfully enter
necessary or desirable strategic alliances or make acquisitions or investments, and we may not be able to achieve the anticipated benefits
from these alliances, acquisitions or investments we make.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We rely on service providers,
such as air, ocean and ground freight carriers, and if they become financially unstable or have reduced capacity to provide services
because of COVID-19, it may adversely impact our business and operating results.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Our business may be affected by
fluctuations in China&#8217;s road transportation market.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Any disruption to the operation
of the warehousing and logistics facilities operated by us or other third-party transportation companies and couriers that facilitate
our logistics services, or to the development of new warehousing and logistics facilities, could have a material adverse effect on our
business, financial condition and results of operations.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">If we are unable to utilize our
container depots and warehouses effectively, our business and results of operations may be adversely affected.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We may be unable to obtain adequate
amount of cargo space to meet our customers&#8217; needs.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We use third parties in some aspects
of our operations and failure to maintain positive relationships with them could have a material adverse effect on our business, financial
condition and results of operations.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">If we are unable to manage the
expansion of our logistics infrastructure successfully, our business prospects and results of operations may be materially and adversely
affected.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We depend on a limited number
of customers for a significant portion of our revenues and the loss of one or more of these customers could adversely affect our business,
financial condition, and results of operations.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">If our customers reduce their
expenditure on third-party supply chain solutions and logistics services or increase utilization of their internal solutions, our business
and operating results may be materially and adversely affected.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">If we fail to cost-efficiently attract new customers to use
our solutions and services, or to maintain relationships with existing customers, our business and results of operations could be adversely
affected.</td>
</tr></table><div>


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

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

</div><!-- Field: Page; Sequence: 10; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks Related to Doing Business in China</i></b></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Change in China&#8217;s economic,
political or social conditions, laws, regulations or governmental policies could have a material adverse effect on our business, financial
conditions and results of operations.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Uncertainties with respect to
the PRC legal system, including uncertainties regarding the interpretation and enforcement of laws, and sudden or unexpected changes
of PRC laws and regulations with little advance notice could adversely affect us and limit the legal protections available to you and
us, and the Chinese government may exert more oversight and control over offerings that are conducted overseas, which changes could materially
hinder our ability to offer or continue to offer our securities, and cause the value of our securities to significantly decline or become
worthless.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The Chinese government exerts
substantial oversight and influence over the manner in which we must conduct our business and may intervene or influence our operations
at any time, which actions could impact our operations materially and adversely, and significantly limit or completely hinder our ability
to offer or continue to offer securities to investors and cause the value of our securities to significantly decline or be worthless.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The
PCAOB had historically been unable to inspect auditors in mainland China and Hong Kong in relation to their audit work. If the PCAOB
determines in the future that it no longer has full access to inspect and investigate completely accounting firms in these jurisdictions
and if we use an accounting firm headquartered in one of these jurisdictions to issue an audit report by then, our Class A ordinary shares
may be prohibited from trading in the United States under the HFCA Act, and such delisting or the threat of delisting may materially
and adversely affect the value of your investment.</span></td>
</tr></table><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The approval of and the filing
with the CSRC or other PRC government authorities may be required in connection with our future offshore offerings under PRC law, and,
if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We may be liable for improper
use or appropriation of personal information provided directly or indirectly by our customers or end users.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="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></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">It may be difficult for overseas
regulators to conduct investigations or collect evidence within China.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">It may be difficult for overseas
shareholders and/or regulators to conduct investigations or collect evidence within Hong Kong.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="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.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We face uncertainties with respect
to indirect transfer of equity interests in PRC resident enterprises by their non-PRC holding companies.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">If our preferential tax treatments
are revoked or become unavailable or if the calculation of our tax liability is successfully challenged by the PRC tax authorities, we
may be required to pay tax, interest and penalties in excess of our tax provisions.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Failure to make adequate contributions
to various employee benefit plans as required by PRC regulations or comply with laws and regulations on other employment practices may
subject us to penalties.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The enforcement of the PRC Labor
Contract Law and other labor-related regulations in the PRC may subject us to penalties or liabilities.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The M&amp;A Rules and certain
other PRC regulations may make it more difficult for us to pursue growth through acquisitions.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="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. In addition, any
failure to comply with PRC regulations with respect to registration requirements for offshore financing may subject us to legal or administrative
sanctions.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We may be materially adversely
affected if our shareholders and beneficial owners who are PRC entities fail to comply with the PRC overseas investment regulations.</span></td>
</tr></table><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks Related to the Class A Ordinary Shares</i></b></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The trading price of our Class
A ordinary shares has been and will likely continue to be volatile, which could result in substantial losses to investors.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The dual-class structure of our
ordinary shares has the effect of concentrating voting power with our existing shareholders prior to the IPO, which will limit your ability
to influence the outcome of important transactions, including a change in control.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The dual-class structure of our
ordinary shares may adversely affect the trading market for our Class A ordinary shares.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">If securities or industry analysts
do not publish research or reports about our business, or if they adversely change their recommendations regarding our Class A ordinary
shares, the market price for our Class A ordinary shares and trading volume could decline.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The sale or availability for sale
of substantial amounts of our Class A ordinary shares could adversely affect their market price.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Because we do not expect to pay
dividends in the foreseeable future, you must rely on price appreciation of our Class A ordinary shares for return on your investment.</span></td>
</tr></table><div>


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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">There can be no assurance that
we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could
subject U.S. investors in our Class A ordinary shares to significant adverse U.S. federal income tax consequences.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Our memorandum and articles of
association contain anti-takeover provisions that could have a material adverse effect on the rights of holders of our ordinary shares.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Our amended and restated memorandum
and articles of association provide that the United States District Court for the Southern District of New York (or, if the Southern
District of New York lacks subject matter jurisdiction over a particular dispute, the state courts of New York County, New York) shall
be the exclusive forum within the United States for the resolution of any complaint asserting a cause of action arising out of or relating
in any way to the federal securities laws of the United States, regardless of whether such legal suit, action, or proceeding also involves
parties other than us. This could limit the ability of holders of our Class A ordinary shares or other securities to obtain a favorable
judicial forum for disputes with us, our directors and officers, and potentially others.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">You may face difficulties in protecting
your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman
Islands law.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Certain judgments obtained against
us by our shareholders may not be enforceable.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="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 United States
domestic public companies.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We are an emerging growth company,
and the reduced disclosure requirements applicable to emerging growth companies may make our Class A ordinary shares less attractive
to investors.</span></td>
</tr></table><div>


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


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Our Business and Industry</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our business and growth are significantly affected by the development
of international commerce and the&#160;e-commerce&#160;industry, as well as macroeconomic and other factors that affect demand for supply
chain solutions and logistics services, in China and globally.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">We generate a significant portion of volume of
orders by serving merchants that may conduct business on various&#160;e-commerce&#160;platforms, which rely on our supply chain solutions
and logistics services to fulfill orders placed by consumers on such platforms. As such, our business and growth are highly dependent
on the viability and prospects of international commerce, as well as the domestic and international&#160;e-commerce&#160;industry. Any
uncertainties relating to the growth, profitability and regulatory regime of international commerce and/or the&#160;e-commerce&#160;industry
could have a significant impact on us. The development of international commerce and/or the&#160;e-commerce&#160;industry is affected
by a number of factors, most of which are beyond our control. These factors include but not limited to:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the consumption power and disposable
income of consumers, as well as changes in demographics and consumer tastes and preferences;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the potential impact of the COVID-19
and other pandemics on our business operations and the economy in China and elsewhere in the world generally;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the growth of broadband and mobile
Internet penetration and usage;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the availability, reliability
and security of e-commerce platforms;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the selection, price and popularity
of products offered on e-commerce platforms;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the emergence of alternative channels
or business models that better suit the needs of consumers;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the development of logistics,
payment and other ancillary services associated with international commerce and/or e-commerce; and</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">changes in laws and regulations,
as well as government policies that govern international commerce and/or the e-commerce industry</span></td>
</tr></table><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">International commerce and the&#160;e-commerce&#160;industry
are highly sensitive to the changes of macroeconomic conditions, and people&#8217;s&#160;e-commerce&#160;spending tends to decline during
recessionary periods. Many factors beyond our control, including economic recessions, downturns in business cycles, inflation and deflation,
fluctuation of currency exchange rate, volatility of stock and property markets, interest rates, tax rates and other government policies
and changes in unemployment rates, can adversely affect international commerce, consumer confidence and spending behavior on&#160;e-commerce&#160;platforms,
which could in turn materially and adversely affect our growth and profitability. In addition, unfavorable changes in domestic and international
politics, including military conflicts, political turmoil and social instability, may also adversely affect consumer confidence and spending
behavior, which could in turn negatively impact our growth and profitability.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Further, the supply chain solution industry has
historically experienced cyclical fluctuations in operational and financial performance due to economic recessions, reductions in per
capita disposable income and levels of consumer spending, downturns in the business cycles of customers, interest rate fluctuations and
economic factors beyond our control. During economic downturns, whether in China or globally, reduced overall demand for supply chain
services will likely result in decreased demand for our supply chain solutions and logistics services and exert downward pressures on
our rates and margins. As we provide a significant portion of our supply chain solutions and logistics services for the international
commerce and the&#160;e-commerce&#160;industry, if the online and offline retail channel integration trend or any other trend required
for the development of international commerce and the&#160;e-commerce&#160;industry does not develop as we expect, our business prospect
may be adversely affected. In periods of strong economic growth, demand for limited transportation resources can also result in increased
network congestion and operating inefficiencies.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, any deterioration in the economic
environment subjects our business to various risks that may have a material impact on our operating results and future prospects. For
example, the trade dispute between the PRC and the United States and the increase in tariffs that the two states imposed on each other&#8217;s
imports have contributed to increased market volatility, weakened business and consumer confidence, and diminished expectations for economic
growth around the world. The adverse impact on sellers, cross-border e-commerce, logistics companies and overseas warehouses were most
prominent in the trade war if products sold belonged to the tariff lines, further leading to massive growth in tax costs. Any trade barriers,
legal measures and exchange rate fluctuations may severely affect cross-border business activities or integrated supply chain solution
providers that are highly sensitive to price changes. In such deteriorated economic environment, some of our customers may face difficulties
in paying us, and some may go out of business. These customers may not complete their payments as quickly as they did in the past, if
at all, which may have adverse impact on our working capital. We may not be able to promptly adjust our expenses in response to changing
market demands and it may be more difficult to match our staffing levels to our business needs.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Trade restrictions could materially and adversely affect our
business, financial condition and results of operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are an&#160;end-to-end&#160;supply chain solution
provider, and a substantial portion of our business operations is freight forwarding, particularly international freight forwarding. Our
freight forwarding operations may be affected by trade restrictions implemented by countries or territories in which our customers are
located or in which our customers&#8217; products are manufactured or sold. For example, we are subject to risks relating to changes in
trade policies, tariff regulations, embargoes or other trade restrictions adverse to our customers&#8217; business. Actions by governments
which result in restrictions on movement of cargo or otherwise could also impede our ability to carry out freight forwarding operations.
In addition, international trade and political issues, tensions, conflicts and wars may cause delays and interruptions to cross-border
transportation and result in limitations on our insurance coverage. If we are unable to transport cargo to and from countries with trade
restrictions in a timely manner or at all, we may face risks related to contract violations and our business, financial condition and
results of operations could be materially and adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We face intense competition which could adversely affect our
results of operations and market share. </i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The industries we operate in are highly competitive
and fragmented. Our extensive supply chain solutions and logistics services encompass a wide range of services, including freight forwarding
services, supply chain management and other value-added services.<i>&#160;</i>As a result, we may compete with a broad range of companies,
such as integrated supply chain solution and service providers, and express and freight delivery service providers. Specifically, there
are multiple existing market players that offer integrated supply chain solutions and logistics services, and there may be new entrants
emerging in each of the markets we operate in, which compete to attract, engage and retain consumers and merchants. These companies may
have greater financial, technological, research and development, marketing, distribution, and other resources than we do. They may also
have longer operating histories, a larger customer base or broader and deeper market coverage. As a result, our competitors may be able
to respond more quickly and effectively to new or evolving opportunities, technologies, standards or user requirements than we do and
may have the ability to initiate or withstand significant regulatory changes and industry evolvement. Furthermore, when we expand into
other markets, we will face competition from new competitors, domestic or foreign, who may also enter markets where we currently operate
or plan to operate.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any significant increase in competition may have
a material adverse effect on our revenue and profitability as well as on our operations and business prospect. We cannot assure you that
we will be able to continuously distinguish our services from those of our competitors, preserve and improve our relationships with various
participants in the supply chain solution industry, or increase or even maintain our existing market share. We may experience the loss
of market share, and our financial condition and results of operations may deteriorate if we fail to compete effectively.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, many operators in the supply chain
solution industry have consolidated in recent years to create larger enterprises with greater bargaining power, which created greater
competitive pressures on us. If this consolidation trend continues, this industry will be more competitive. New partnerships and strategic
alliances in the supply chain solution industry also can alter market dynamics and adversely impact our businesses and competitive positioning.
If we cannot equip ourselves with necessary resources and skills, we may lose our market share as competition increases. In addition,
our current and potential competitors may also establish cooperative or strategic relationships amongst themselves or with third parties
that may further enhance their resources and offerings. If we are unable to anticipate or react to these competitive challenges, our competitive
position could be undermined, and we could experience a decline in growth which may adversely affect our business, financial condition
and results of operations. Further, certain large retailers or&#160;e-commerce&#160;platforms may establish or further develop their own
logistics networks leveraging on their established warehousing and delivery capacities in selected areas in order to gain control of the
consumer touchpoint and to create synergies with their businesses. They may also compete with us for qualified delivery personnel and
warehouse staff with competitive remuneration. Any of the above could adversely affect our results of operations and market share.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We face risks associated with the items we deliver and the contents
of shipments and inventories handled through our logistics networks, including real or perceived quality or health issues with the products
that are handled through our logistics networks, and risks inherent in the logistics industry, including personal injury, product damage,
and transportation-related incidents.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We handle a large volume of parcels, cargo and
freights across our logistics network, and face challenges with respect to the protection and examination of these parcels. Parcels in
our network may be delayed, stolen, damaged or lost during delivery for various reasons, and we may be perceived or found liable for such
incidents. In addition, we may fail to screen parcels and detect unsafe, prohibited or restricted items. Unsafe items, such as flammables
and explosives, toxic or corrosive items and radioactive materials, may damage other parcels in our network, harm the personnel and facilities
of us, or even injure the recipients. Furthermore, if we fail to prevent prohibited or restricted items from entering into our network
and if we participate in the transportation and delivery of such items unknowingly, we may be subject to administrative or even criminal
penalties, and if any personal injury or property damage is concurrently caused, we may also be liable for civil compensation.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The delivery of parcels also involves inherent
risks. We constantly have a large number of vehicles and personnel in transportation, and are therefore subject to risks associated with
transportation safety. The insurance maintained by us may not fully cover the liabilities caused by transportation related injuries or
losses. From time to time, the vehicles and personnel of our third-party business partners may be involved in transportation and vehicle
accidents, and the parcels carried by them may be lost or damaged. In addition, frictions or disputes may occasionally arise from the
direct interactions between the pickup and delivery personnel with parcel senders and recipients. Personal injuries or property damages
may arise if such incidents escalate.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any of the foregoing could disrupt our services,
cause us to incur substantial expenses and divert the time and attention of our management. We may face claims and incur significant liabilities
if found liable or partially liable for any of injuries, damages or losses. Claims against us may exceed the amount of our insurance coverage,
or may not be covered by insurance at all. Any uninsured or underinsured loss could negatively influence our business and financial condition.
Governmental authorities may also impose significant fines on us or require us to adopt costly preventive measures. Furthermore, if our
services are perceived to be insecure or unsafe by our customers, our business volume may be significantly reduced, and our business,
financial condition and results of operations may be materially and adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may be exposed to&#160;credit risks in relation to defaults
from customers.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our exposure to credit risk may be influenced
mainly by the individual characteristics of each customer as well as the industry or country in which the customers operate, and may be
concentrated on few number of customers. Although we will monitor our exposure to credit risk on an ongoing basis and make periodic judgment
on impairment of overdue receivables based on the likelihood of collectability, we cannot assure you that all of our customers are creditworthy
and reputable and will not default on payments in the future. If we encounter significant delays or defaults in payment by our customers
or are otherwise unable to recover our accounts receivables, our cash flow, liquidity and financial condition may be materially and adversely
affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our historical results of operations and financial performance
are not indicative of future performance.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We generated revenues of RMB290.3 million, RMB545.6 million and RMB652.0 million (US$93.6 million) and gross profits of RMB21.0 million,
RMB34.5 million and RMB37.4 million (US$5.4 million) in 2020, 2021 and 2022, respectively. Although
our business has grown rapidly, our historical results of operations and financial performance may not be indicative of our future performance.
In addition, we cannot assure you that we can continue to operate under our existing business models successfully. As the market and our
business evolve, we may modify our operations, data and technology, sales and marketing, solutions and services. These changes may not
achieve expected results and may have a material and adverse impact on our results of operations and financial condition. We expect our
expenses to continue to increase in the future as we expand our business. Our expenses may grow faster than our revenue, and our expenses
may be greater than we expected. We cannot assure you that we will be able to achieve similar results or grow at the same speed as we
did in the past or at all. Rather than relying on our historical operating and financial results to evaluate us, you should consider our
business prospects in light of the risks and difficulties we may encounter as a company in its&#160;ramp-up&#160;stage of development
and operating in emerging and dynamic industries, including, among other factors, our ability to attract and retain customers; our ability
to create value for participants in our ecosystem and increase monetization; our ability to navigate in the evolving regulatory environment;
our ability to provide high-quality and satisfactory services; our ability to build up our reputation and promote our brand; and our ability
to anticipate and adapt to changing market conditions. We may not be able to successfully address these risks and difficulties, which
could significantly harm our business, results of operations and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we are unable to collect our receivables from our existing
customers, our results of operations and cash flows could be adversely affected.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business depends on our ability to successfully
collect payment from our customers of the amounts they owe us for our services. As of December 31, 2022, we had accounts receivable recorded
at RMB32.1 million (US$4.6&#160;million), of which RMB1.2 million (US$0.2 million) was allowanced, accounting for approximately 3.7% of
our total accounts receivable. We establish an allowance for doubtful accounts based upon estimates, historical experience and other factors
surrounding the credit risk of specific customers. However, actual losses on customer receivables balance could differ from our anticipation
and as a result we might need to adjust our allowance. There is no guarantee that we will accurately assess the creditworthiness of our
customers. Macroeconomic conditions, including related turmoil in the global financial system, could also result in financial difficulties
for our customers, including limited access to the credit markets, insolvency or bankruptcy, and as a result could cause customers to
delay payments to us, requesting modifications to their payment arrangements that could increase our receivables balance or default on
the payment obligations to us. As a result, an extended delay or default in payment relating to a significant account will have a material
and adverse effect on the aging schedule and turnover days of our accounts receivable. If we are unable to collect our receivables from
our customers, our results of operations and cash flows could be adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our strategies and expansion plans may
require a significant amount of capital, and the actual capital requirements may be different from what we anticipate. We may seek equity
or debt financing to finance all or a portion of such capital expenditures. If we cannot obtain sufficient capital on acceptable terms,
our business, financial condition, and prospects will not be materially adversely affected.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In order to carry out our business strategies
as well as market and network expansion plans, we may require significant capital to, among other things, rent, purchase and maintain
our logistics equipment and infrastructure, including but not limited to warehouses, fleet vehicles, equipment and other fixed assets.
We expect that our level of capital expenditures will be significantly affected by customer demand for our services as well as the prevailing
prices of the certain equipment and infrastructure. The fact that we have a limited operating history means we have limited historical
data on the demand for our services. As a result, our future capital requirements may be uncertain and actual capital requirements may
be different from what we currently anticipate.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may seek equity or debt financing to finance
all or some of our capital expenditures. Such financing might not be available to us in a timely manner or on terms that are acceptable
to us, or at all. If we cannot obtain sufficient capital on acceptable terms, our business, financial condition, and prospects may be
materially and adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ability to obtain the necessary financing
to carry out our strategies and expansion plans is subject to a number of factors, including general market conditions and investor acceptance
of our business plans. These factors may make the timing, amount, terms and conditions of such financing unattractive or unavailable to
us. If we are unable to raise sufficient funds, we will have to significantly reduce our spending, delay or cancel our planned activities,
or substantially change our corporate structure. We might not be able to obtain any funding or service any of the debts we incurred, and
we might not have sufficient resources to conduct our business as projected, either of which could mean that we would be forced to curtail
or discontinue our operations. In addition, our future capital needs could require us to issue additional equity or debt securities or
obtain a credit facility. The issuance of additional equity or equity-linked securities could dilute our shareholders.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Failure to successfully implement our business strategy, effectively
respond to changes in market dynamics and satisfactorily meet customer demand will cause our future financial results to suffer.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are making significant investments and other
decisions in connection with our long-term business strategy including our ability to expand the breadth and depth of our solutions and
services and further invest in supply chain technologies. Such initiatives and enhancements may require us to make significant capital
expenditures. Additionally, in developing our business strategy, we make certain assumptions including, but not limited to, those related
to customer demand and preferences, competition landscape and the economy in China and globally. However, the actual market, economic
and other conditions may be different from our assumptions. As the technology, customer behavior and market conditions continue to evolve,
it is important that we maintain the relevance of our brand and service offerings to our customers. If we are not able to successfully
implement our business strategies and effectively respond to changes in market dynamics, our future financial results will suffer. We
have also incurred, and may continue to incur, increased operating expenses in connection with certain changes to our business strategies.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we make planning and spending decisions,
including capacity expansion, procurement commitments, personnel needs and other resource requirements based on our estimate of customer
demand. In particular, we may potentially experience capacity and resource shortages in fulfilling customer orders during peak season
of&#160;e-commerce&#160;consumption or following special promotional campaigns on any&#160;e-commerce&#160;platforms. Failure to meet
customer demand in a timely fashion or at all will adversely affect our competitive position, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may need additional capital to pursue business objectives
and respond to business opportunities, challenges or unforeseen circumstances, and financing may not be available on terms acceptable
to us, or at all.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since inception, we have obtained credit facilities
from commercial banks to support the growth of our business. As we intend to continue to make investments to support the growth of our
business, we may require additional capital to pursue our business objectives and respond to business opportunities, challenges or unforeseen
circumstances, including developing new supply chain solutions and logistics services, expanding our logistics infrastructure, and acquiring
complementary businesses and technologies. Accordingly, we may need to engage in equity or debt financings to secure additional funds.
However, additional funds may not be available when we need them, on terms that are acceptable to us, or at all. Repayment of the indebtedness
may divert a substantial portion of cash flow to repay principal and service interest, which would reduce the funds available for expenses,
capital expenditures, acquisitions and other general corporate purposes; and we may suffer default and foreclosure on our assets if our
operating cash flow is insufficient to fulfill our obligations, which could in turn result in acceleration of obligations to repay the
indebtedness and limit our sources of financing.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Volatility in the credit markets may also have
an adverse effect on our ability to obtain debt financing. If we raise additional funds through further issuances of equity or convertible
debt securities, our existing shareholders could suffer significant dilution, and any new equity securities we issue could have rights,
preferences and privileges superior to those of holders of our ordinary shares. If we are unable to obtain adequate financing or financing
on terms satisfactory to us when we require it, our ability to continue to pursue our business objectives and to respond to business opportunities,
challenges or unforeseen circumstances could be significantly limited, and our business, financial condition, results of operations and
prospects could be adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may fail to successfully enter necessary or desirable strategic
alliances or make acquisitions or investments, and we may not be able to achieve the anticipated benefits from these alliances, acquisitions
or investments we make.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may evaluate and consider strategic investments
and acquisitions or enter into strategic alliances to develop new services or solutions and enhance our competitive position. Investments
or acquisitions involve numerous risks, including potential failure to achieve the expected benefits of the integration or acquisition;
difficulties in, and the cost of, integrating operations, technologies, services and personnel; potential write-offs of acquired assets
or investments; and downward effect on our operating results. These transactions will also divert the management&#8217;s time and resources
from our normal course of operations, and we may have to incur unexpected liabilities or expenses. Further, since our inception, we had
entered into strategic alliances with air freight carriers and ocean freight carriers, thus boosting and stabilizing our service capabilities.
We may also in the future enter into strategic alliances with various third parties. Strategic alliances with third parties could subject
us to a number of risks, including risks associated with potential leakage of proprietary information,&#160;non-performance&#160;by the
counterparty and an increase in expenses incurred in establishing new strategic alliances, any of which may materially and adversely affect
our business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, if we do not successfully execute
or effectively operate, integrate, leverage and grow acquired businesses, our financial results and reputation may suffer. Our strategy
for long-term growth, productivity and profitability depends in part on our ability to make prudent strategic investment or acquisition
decisions and to realize the benefits we expect when we make those investments or acquisitions. While we expect our past and future acquisitions
to enhance our value proposition to customers and improve our long-term profitability, there can be no assurance that we will realize
our expectations within the time frame we envisage, if at all, or that we can continue to support the value we allocate to these acquired
businesses, including their goodwill or other intangible assets.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We rely on service providers, such as air, ocean and ground freight
carriers, and if they become financially unstable or have reduced capacity to provide services because of pandemics, such as&#160;COVID-19,&#160;it
may adversely impact our business and operating results.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We depend on services by air, ocean and overland
freight carriers. The quality and profitability of our services depend upon the effective selection and oversight of our service providers.
Pandemics, such as&#160;COVID-19&#160;have ever placed significant stress on our air, ocean and freight ground carriers, which may continue
to result in reduced carrier capacity or availability, pricing volatility or more limited carrier transportation schedules which could
adversely impact our operations and financial results. During the pandemic, air carriers have been particularly affected having to cancel
flights due to travel restrictions resulting in dramatic drops in revenues, historical losses and liquidity challenges. Uncertainty over
recovery of demand for passenger air travel, in particular business travel, to&#160;pre-pandemic&#160;levels means air carriers&#8217;
operations and financial stability may be adversely affected long term.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our business may be affected by fluctuations in China&#8217;s
road transportation market.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are sensitive to changes in overall economic
conditions that impact cargo volumes and truck capacity. China&#8217;s road transportation market historically has experienced cyclical
fluctuations due to economic slowdowns, downturns in business cycles of shippers, volatility in energy price, pandemic and other economic
factors beyond our control. Deterioration in the economic environment subjects our business to various risks, including the following
that may have a material and adverse impact on our operating results and cause us not to achieve growth or profitability:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">a reduction in overall cargo volumes
reduces our revenue and opportunities for growth; in addition, a decline in the volume of cargo shipped due to a downturn in shippers&#8217;
business cycles or other factors generally results in decreases in order pricing, as truckers compete for shipping orders to maintain
truck productivity, which will affect our monetization opportunities;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">a number of truckers may go out
of business and we may be unable to have sufficient truckers to meet shippers&#8217; demand when the market recovers; and</span></td>
</tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">We may not be able to appropriately
adjust our expenses to changing platform activities. In order to maintain high variability in our business model, it is necessary to
adjust staffing levels to changing platform activities. In periods of rapid change, it is more difficult to match our staffing levels
to our business needs. In addition, we have other expenses that are fixed for a period of time, and we may not be able to adequately
adjust them in a period of rapid change in platform activities;</span></td>
</tr></table><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Any disruption to the operation of the warehousing and logistics
facilities operated by us or other third-party transportation companies and couriers that facilitate our logistics services, or to the
development of new warehousing and logistics facilities, could have a material adverse effect on our business, financial condition and
results of operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December 31, 2022, we had two
self-operated warehouses located in Shenzhen of Guangdong province, with an aggregate gross floor area, or GFA, of approximately
14,564 sq. m. As of the same date, we had the rights to use two third-party warehouses located in Yiwu of Zhejiang province and Hong
Kong, with an aggregate GFA of approximately 8,531 sq.m. In May 2022, we, through Shenzhen Jayud Logistics Technology Co., Ltd.,
entered into an agreement to obtain the right to use a brand new warehouse (&#8220;Dachan Bay Warehouse&#8221;) that was located
close to Dachan Bay Terminals, Shenzhen Baoan International Airport and National Highway G4 which connects Beijing, Hong Kong and
Macao, with an aggregate GFA of approximately 11,000 sq.m. Later in August, Shenzhen Jayud Logistics Technology Co., Ltd. assigned
all its rights and obligations under such agreement to Shenzhen Jayud Yuncang Technology Co., Ltd., one of our subsidiaries in
China, by entering into a supplementary agreement. Dachan Bay Warehouse further enhances our capabilities to cover logistics
services in the Southeast Asian market. See &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Freight
Forwarding Services&#8212;Warehousing Services.&#8221; Natural disasters or other unanticipated catastrophic events, including power
interruptions, water shortage, storms, fires, environmental pollutions, earthquakes, terrorist attacks and wars, as well as changes
in governmental planning for the land underlying these facilities, could destroy any inventory located in these facilities and
significantly impair our business operations. We may not be able to identify suitable replacement warehousing and logistics
facilities that meet our requirements in a timely manner, should any of the foregoing occur.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we are unable to utilize our container depots and warehouses
effectively, our business and results of operations may be adversely affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As part of our&#160;end-to-end&#160;supply chain
solution, we offer depot and warehousing services to our customers. Our continued growth depends in part on our ability to open and profitably
operate our container depots and warehouses. The actual opening timing of new warehouses and its associated contribution to our growth
are subject to a number of risks and uncertainties, including but not limited to our ability to: (i)&#160;obtain adequate funding for
development; (ii)&#160;accurately estimate the customer demand in new warehouses; (iii)&#160;successfully promote our new warehouses;
and (iv)&#160;hire and retain skilled management and employees, especially qualified warehouse managers through our training and promotion,
on commercially reasonable terms. Adverse changes in the economic conditions and any material decline in demand of our container depots
and warehouse may lead to excess capacity. If we are unable to utilize excess warehouse capacity on hand, we may incur losses which could
materially and adversely affect our business, financial condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may be unable to obtain adequate amount of cargo space to
meet our customers&#8217; needs.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We typically obtained cargo space from carriers
through arrangements under block space agreements and spot agreements. Pursuant to the block space agreements, we may procure cargo space
on specified routes for an agreed freight carriage capacity that the shipping carriers provide and we agree to obtain during the term
of the contract. If we wish to obtain more cargo space than the allocated under the block space agreements, such additional cargo space
will be subject to the latest market price, and there is no guarantee that we will be able to obtain such additional cargo space at all.
Further, since cargo space offered by our suppliers is on a first-come-first-served basis with no formal agreement for guaranteed supply
of cargo space from our suppliers other than those under block space agreements, there is no assurance that we will be able to source
cargo space within our customers&#8217; expected timeframe cost-effectively. We cannot guarantee that this will not happen in the future
and if we cannot obtain sufficient cargo space from our suppliers to meet our customers&#8217; demand, in particular during peak seasons,
our reputation within the industry could be damaged.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We use third parties in some aspects of our operations and failure
to maintain positive relationships with them could have a material adverse effect on our business, financial condition and results of
operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We engage independent third parties to supplement
some aspects of our operations and form our integrated logistic service offerings, such as freight transportation and last-mile delivery.
We also depend on third parties to provide transportation services, including fleet and drivers, warehousing equipment, replacement parts,
packaging and certain other materials. Our equipment and transportation service supplier bases are not concentrated and their performance
will impact our overall service quality. In addition, the market for third-party transportation services is fragmented with a large number
of service providers, and it can be difficult to find reliable partners whose performance and reliability meet our standards at the scale
our operations require. Decreased availability or increased costs of key logistics and supply chain services, such as warehousing equipment
and materials, could impact our cost of operations, our profitability, as well as our cash flows. In addition, we may also be exposed
to legal risks and subject to certain liabilities, including administrative fines, if those third parties fail to obtain all necessary
licenses and permits as required.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we are dependent in part on third
party business partners to report certain events to us, such as delivery information and cargo claims. This partial reliance on third
parties could cause delays in reporting certain events, impacting our ability to recognize revenue and claims in a timely manner. In addition,
we cannot assure you that we will be able to obtain access to preferred third-party service providers at attractive rates or that these
providers will have adequate capacity available to meet the needs of our customers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that we have good relationships with
our third-party business partners and are generally able to obtain favorable pricing and other terms from such parties. If we fail to
maintain these relationships with our third-party business partners, or if our third-party business partners are unable to provide the
services we need or undergo financial hardship, we could experience difficulty in obtaining the services needed. Subsequently, our business
and operations could be materially and adversely affected. In addition, our inability to maintain positive relationships with these third-party
service providers could significantly limit our ability to serve our customers on competitive terms. If we are unable to secure sufficient
equipment or other transportation or delivery services to meet our commitments to our customers or provide our services on competitive
terms, our customers could shift their business to our competitors or other third-party service providers, temporarily or permanently,
and our operating results could be materially and adversely affected. Our ability to secure sufficient equipment or other transportation
or delivery services to meet our commitments to customers or provide our services on competitive terms is subject to inherent risks, many
of which are beyond our control, including:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">equipment shortages, particularly
among contracted truckload carriers and railroads;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">interruptions or stoppages in
transportation services as a result of labor disputes, strikes, network congestion, weather-related issues, wars, or acts of terrorism;</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">changes in regulations that have
adverse impact on transportation;</span></td>
</tr></table><div>


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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">increases in operating expenses
for carriers, such as fuel costs, insurance premiums and licensing expenses, that result in a reduction in available carriers; and</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">changes in transportation rates.</span></td>
</tr></table><div>


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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we are unable to manage the expansion of our logistics infrastructure
successfully, our business prospects and results of operations may be materially and adversely affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December 31, 2022, we had two
self-operated warehouses located in Shenzhen City of Guangdong province, respectively, with an aggregate GFA of approximately
14,564 sq.m. In addition, as of the same date, we had the rights to use two third-party warehouses located in Yiwu City of Zhejiang
province and Hong Kong, with an aggregate GFA of approximately 8,531 sq.m. In May 2022, we, through Shenzhen Jayud Logistics
Technology Co., Ltd., entered into an agreement to obtain the right to use a brand new warehouse (&#8220;Dachan Bay
Warehouse&#8221;) that was located close to Dachan Bay Terminals, Shenzhen Baoan International Airport and National Highway G4 which
connects Beijing, Hong Kong and Macao, with an aggregate GFA of approximately 11,000 sq.m. Later in August, Shenzhen Jayud Logistics
Technology Co., Ltd. assigned all its rights and obligations under such agreement to Shenzhen Jayud Yuncang Technology Co., Ltd.,
one of our subsidiaries in China, by entering into a supplementary agreement. As of December 31, 2022, we had an operation team of
over 49 personnel who are responsible for delivery, warehouse operations as well as other functions such as customer services. We
plan to establish larger, custom-designed warehouses to increase our storage capacity and to restructure and reorganize our
logistics workflow and processes. We also plan to establish more warehouses in additional counties and districts to further enhance
our service capacity and distribution network. As we continue to add logistics and warehouse capability, our logistics network
becomes increasingly complex and challenging to operate. We cannot assure you that we will be able to set up warehouses or lease
suitable facilities on commercially acceptable terms or at all. Moreover, the order volume in those less developed areas may not be
sufficient to allow us to operate our own delivery network in a cost-efficient manner. We may not be able to recruit a sufficient
number of qualified employees in connection with the expansion of our logistics infrastructure. In addition, the expansion of our
logistics infrastructure may strain our managerial, financial, operational and other resources. If we fail to manage such expansion
successfully, our growth potential, business and results of operations may be materially and adversely affected. Even if we manage
the expansion of our logistics infrastructure successfully, it may not give us the competitive advantage that we expect if improved
logistics services become widely available at reasonable prices to our existing and potential customers, such as large retailers, in
China.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We depend on a limited number of customers for a significant
portion of our revenues and the loss of one or more of these customers could adversely affect our business, financial condition, and results
of operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain of our businesses depend significantly
on a limited number of key customers. For the years ended December 31, 2020, 2021 and 2022, revenues generated from our five largest customers
in terms of contract amount accounted for approximately 59.9%, 35.8%, and 46.1%, respectively. Most of our contracts with these key customers
are generally renewed&#160;year-by-year.&#160;No other client accounted for more than 10.0% of revenues. Due to the concentration of revenues
from a limited number of customers, if we do not receive the payments expected from any of these key customers, our revenue, financial
condition and results of operations will be negatively impacted. In addition, we cannot assure that any of our customers in the future
will not cease purchasing services or products from us in favor of services or products from our competitors, significantly reduce orders
or seek price reductions in the future, and any such event could have a material adverse effect on our revenue, profitability, and results
of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If our customers reduce their expenditure on third-party supply
chain solutions and logistics services or increase utilization of their internal solutions, our business and operating results may be
materially and adversely affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our growth strategy is partially based on the
assumption that the trend toward outsourcing of supply chain services will continue. Third-party service providers like us are generally
able to provide such services more efficiently than otherwise could be provided&#160;&#8220;in-house,&#8221;&#160;primarily as a result
of our expertise, technology and lower and more flexible employee cost structure. However, many factors could cause a reversal in the
trend. For example, our customers may see risks in relying on third-party service providers, or they may begin to define these activities
as within their own core competencies and decide to perform supply chain operations themselves. If our customers are able to improve the
cost structure of their&#160;in-house&#160;supply chain activities, including in particular their labor-related costs, we may not be able
to provide our customers with an attractive alternative for their supply chain needs. If our customers&#160;in-source&#160;significant
aspects of their supply chain operations, or if potential new customers decide to continue to perform their own supply chain activities,
our business, results of operations and financial condition may be materially adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we fail to cost-efficiently attract new customers to use our
solutions and services, or to maintain relationships with existing customers, our business and results of operations could be adversely
affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The success of our business depends in part on
our ability to cost-effectively attract and retain new customers and increase engagement of existing customers by providing additional
solutions and services. For the years ended December&#160;31, 2020, 2021 and 2022, we were successful in increasing our cooperation with
existing customers and retaining new customers, and the total number of customers increased from 535 in 2020 to 1,299 in 2021 and further
to 1879 in 2022. We believe that our selling and marketing efficiency, consistent and reliable services and rapid responses to changing
customer preferences have been critical in promoting awareness of our services, which in turn drive customer growth and engagement. However,
if our promotional activities and marketing strategies do not work efficiently, we cannot maintain our selling and marketing expenses
at a reasonable level.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, if the customers do not perceive
our solutions and services to be timely and reliable, we may not be able to attract and retain customers and increase their use of our
solutions and services. If we fail to cost-effectively retain customers and increase their use of our solutions and services, our business
and results of operations could be adversely and materially affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, while we currently believe we can achieve
profitability and grow cash flows organically through further penetration of existing customers and by expanding our customer base, we
may not be able to effectively and successfully implement such strategies and realize our stated goals. Our goals may be negatively affected
by a failure to further penetrate our existing customer base, expand our service offerings, pursue new customer opportunities, manage
the operations and expenses of new or growing service offerings or otherwise achieve growth of our service offerings.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Overall tightening of the labor market, increases in labor costs
or any labor unrest may affect our business as we operate in a labor-intensive industry.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business requires a considerable number of
personnel. For the years ended December 31, 2020, 2021, and 2022, our labor costs comprised 5.3%, 3.5%, and 3.6% of our total operating
expenses and cost of revenue for the same periods, respectively. Any failure to retain stable and dedicated labor by us may lead to disruptions
to or delays in our services. We sometimes hire additional or temporary workers, in particular logistics and delivery personnel, during
peak periods of&#160;e-commerce&#160;activities. We have observed an overall tightening labor market. We have experienced, and expect
to continue to experience, increases in labor costs due to increases in salaries, social benefits and employee headcounts and we may also
face seasonal labor shortages. We may compete with other companies for labor, and we may not be able to offer competitive salaries and
benefits compared to what other companies do.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our results of operations are subject to seasonal fluctuations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We experience seasonality in our business, mainly
correlating to the seasonality patterns associated with the&#160;e-commerce&#160;and logistics and supply chain industries both in China
and in other countries. We typically experience a seasonal surge in volume of orders during the second and fourth quarters of each year
when major online retail and&#160;e-commerce&#160;platforms launch special promotional campaigns, for example, June&#160;18 Anniversary
Sale in China and the Black Friday Sale in the United States each year. We may experience capacity and resource shortages in fulfilling
orders during the period of such seasonal surge in our business. On the contrary, activity levels across our business lines are typically
lower around Chinese national holidays, including Chinese New Year in the first quarter of each year, primarily due to weaker consumer
spending, lower user activity levels and decreased availability of delivery personnel and warehouse staff during these holiday seasons.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our financial condition and results of operations
for future periods may continue to fluctuate, and the trading price of our Class A ordinary shares, may fluctuate from time to time, due
to seasonality.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Fluctuations in the price or availability of fuel, may adversely
affect our results of operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We offer transportation services as part of our
supply chain solutions and logistics services, for which we use heavy-duty trucks as the major transportation instrument. Therefore, truck
fuel costs and tolls account for a portion of our cost. We, or our third-party business partners, must purchase large quantities of fuel
to meet the demand of our vehicles, and the price and availability of fuel is subject to political, economic, and market factors that
are outside of our control and can be highly volatile. In the event of significant fuel prices rise, our related costs may arise and our
gross profits may decrease if we are unable to adopt any effective cost control-measures or pass on the incremental costs to our customers
in the form of service surcharges.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Any lack of requisite approvals, licenses or permits applicable
to our business operation may have a material and adverse impact on our business, financial condition and results of operations, and any
requirement of approvals or permits in connection with our future offering of securities could cause our operations and financial conditions
to be materially adversely affected, our ability to offer securities to investors to become significantly limited or completely hindered,
and the securities being offered to substantially decline in value and become worthless.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business is subject to certain regulations,
and we are required to hold or complete a number of licenses, permits and filings in connection with our business operation, including,
but not limited to, Road Transportation Operation Permit, Filings of International Freight Forwarding Agencies, Fillings of&#160;Non-Vessel&#160;Operating
Common Carrier and Fillings of Customs Declaration Entities. Failure to satisfy these requirements may result in penalties to rectify,
fines, or suspension of business for remediation. We hold and complete all material licenses, permits and filings for our current operations
and will apply for certain permits and filings with the government authorities if needed in the future. Please see &#8220;Item 4. Information
on the Company&#8212;B. Business Overview&#8212;Licenses, Permits and Approvals&#8221; for more details of licenses and permits we have
obtained and filings we have made. However, we cannot assure you that we can complete such filings in a timely manner, or at all, due
to complex procedural requirements and the expansion of our business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We, as an end-to-end supply chain solution provider,
conduct a substantial portion of our business operations of freight forwarding, particularly international freight forwarding. According
to the Administrative Provisions on International Freight Forwarders and the implementation rules thereof as well as the Tentative Measures
on Putting on Record of International Freight Forwarding Agencies, all international freight forwarding agencies and their branches shall
be filed with the Ministry of Commerce (&#8220;MOC&#8221;) or the governmental authorities authorized by MOC. Entities engaging in international
freight forwarding operations who do not complete or maintain the filing will be subject to penalties as determined by competent authorities
and any illegal operational activities will be banned. In addition, we, as an end-to-end supply chain solution provider, also provide
our service as a non-vessel operating common carrier (&#8220;NVOCC&#8221;). Under the Regulations on International Maritime Transport
and its implementation rules, all NVOCC shall complete bill of lading filing formalities with the department responsible for transportation
under the State Council. Entities conducting business as an NVOCC in violation of such filing requirements may be ordered to suspend business
and the illegal gains may be confiscated. If the illegal gains are less than RMB100,000, a fine of between two to five times of their
illegal gains may be imposed. Where there are no illegal gains or the illegal gains are less than RMB100,000, a fine ranging from RMB50,000
to RMB200,000 may be imposed.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Meanwhile, we also conduct international trading
business and provide agent services related to export and import business, including application for duty-refund and customs brokerage
services. According to the Customs Law of the People&#8217;s Republic of China and the Administrative Provisions of the Customs of the
People&#8217;s Republic of China on Record-filing of Customs Declaration Entities, enterprises conducting customs declaration business
shall file a record with the Customs in accordance with laws. Implementing Regulations of the Customs of the People&#8217;s Republic of
China on Administrative Penalties provides that, in case anyone undertakes customs declaration business without completing filing with
the Customs, including the fillings of customs declaration entities, it shall be prohibited from conducting relevant business activities,
the illegal gains shall be confiscated, and a fine of less than RMB100,000 may be imposed. Before December 30, 2022, the then-effective
Foreign Trade Law and the Measures for the Record-Filing and Registration of Foreign Trade Business Operators require a foreign trade
business operator who engages in the import or export of goods or technologies to go through the record registration formalities with
the MOC or its entrusted agency. In case a foreign trade business operator fails to complete the said record registration formalities,
the Customs shall not process the formalities for import or export declaration and release. On December 30, 2022, the Foreign Trade Law
of the PRC was amended, and foreign trade operators were no longer required to go through the record registration formalities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are also engaged in the business of road transportation
in support of and concurrently with our main business mentioned above. Road Transport Regulation of the PRC requires that entities apply
for engaging in the freight transport business operations shall apply for a road transport business operation permit, and further sets
out that entities engaging in the road transport business operations without possessing a road transport business operation permit will
be subject to an order to stop business operation and confiscation of any illegal gains, and shall be fined two to ten times of the amount
of the illegal gains, and, if it has not obtained any illegal gains or the amount of illegal gains is less than RMB20,000, a fine ranging
from RMB30,000 to RMB100,000 shall be imposed.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information contained in the licenses, permits,
records or filings that we possessed may not be updated in a timely manner due to changes in any registered information of the applicable
PRC subsidiaries, such as their domicile address, registered capital and type of entity, and we will apply for these changes of registration
as required. However, we cannot guarantee that we will complete such change of registration in time or at all and any failure to complete
the change of registration in a timely manner may result in fines and penalties.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New laws and regulations may be enforced from
time to time to require additional licenses and permits other than those we currently have or provide additional requirements on the operation
of our business. If we do not receive, complete or maintain necessary approvals or filings, or we inadvertently conclude that such approvals
or filings are not required, or there is a change in the applicable laws, regulations, or interpretations such that we need to make filings
or obtain approvals in the future, we may be subject to (i)&#160;investigations by competent regulatory authorities, (ii)&#160;fines or
penalties, (iii) orders to suspend our operations and to rectify any non-compliance, or (iv)&#160;prohibitions from engaging in relevant
businesses and even securities offerings. These risks could result in material adverse changes in our operations, significantly limit
or completely hinder our ability to offer or continue to offer securities to investors, or cause such securities to significantly decline
in value or become worthless.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If it is determined that any approval, filing
or other administrative procedure from other PRC governmental authorities is required for any future offering or listing, we cannot assure
that we can obtain the required approval or accomplish the required filings or other regulatory procedures in a timely manner, or at all.
Any such failure would subject us to sanctions by the CSRC or other PRC regulatory authorities. These regulatory authorities may impose
restrictions and penalties on the operations in China, significantly limit or completely hinder our ability to launch any new offering
of our securities, limit our ability to pay dividends outside of China, delay or restrict the repatriation of the proceeds from future
capital raising activities into China, or take other actions that could materially and adversely affect our business, results of operations,
financial condition and prospects, as well as the trading price of our ordinary shares. Furthermore, the PRC government authorities may
further strengthen oversight and control over listings and offerings that are conducted overseas. Any such action may adversely affect
our operations and significantly limit or completely hinder our ability to offer or continue to offer securities to you and cause the
value of such securities to significantly decline or be worthless.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have been closely monitoring regulatory developments
in China regarding any necessary approvals from the CSRC or other PRC governmental authorities required for overseas listings. As of the
date of this annual report, we have not received any inquiry, notice, warning, sanctions or regulatory objection to our listing status
from the CSRC or other PRC governmental authorities. However, there remains significant uncertainty as to the enactment, interpretation
and implementation of regulatory requirements related to overseas securities offerings and other capital markets activities. If it is
determined in the future that the approval of any PRC regulatory authority is required, we may face sanctions by such regulatory authorities.
These regulatory authorities may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of
China, limit our operations in China, delay or restrict the repatriation of the proceeds into China or take other actions that could have
a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our
securities. Consequently, if you engage in market trading or other activities in anticipation of and prior to settlement and delivery,
you do so at the risk that settlement and delivery may not occur. In addition, if the regulatory PRC agencies later promulgate new rules
requiring that we obtain their approvals for the previous offering, 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 and/or negative publicity regarding such an approval
requirement could have a material adverse effect on the trading price of our securities.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC government may take actions to exert
more oversight and control over offerings by China based issuers conducted overseas and/or foreign investment in such companies, which
could significantly limit or completely hinder our ability to offer or continue to offer securities to investors outside China and cause
the value of our securities to significantly decline or become worthless. See &#8220;&#8212;Uncertainties with respect to the PRC legal
system, including uncertainties regarding the interpretation and enforcement of laws, and sudden or unexpected changes of PRC laws and
regulations with little advance notice could adversely affect us and limit the legal protections available to you and us, and the Chinese
government may exert more oversight and control over offerings that are conducted overseas, which changes could materially hinder our
ability to offer or continue to offer our securities, and cause the value of our securities to significantly decline or become worthless&#8221;
on page 22 and &#8220;The approval of and the filing with the CSRC or other PRC government authorities may be required in connection with
our future offshore offerings under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such
approval or complete such filing&#8221; on page 24.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The&#160;COVID-19&#160;pandemic has, and will likely continue
to, negatively impact the global economy and disrupt normal business activity, which may have an adverse effect on our results of operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The global spread of&#160;COVID-19&#160;and the
efforts to control it have slowed global economic activity and disrupted, and reduced the efficiency of, normal business activities in
much of the world. The pandemic has resulted in authorities around the world implementing numerous unprecedented measures such as travel
restrictions, quarantines, shelter in place orders, and factory and office shutdowns. These measures have impacted and will likely continue
to impact our workforce and operations, and those of our customers and suppliers.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In particular, we have experienced some disruption
to our supply chain during the Chinese government mandated lockdown. For instance, from April to May 2022, Shanghai was shut down and
all the businesses in Shanghai were closed due to the COVID-19 Omicron variant. While all our major suppliers were fully operational as
of December 31, 2022, any future disruption in their operations would impact our ability to manufacture and deliver our products to customers.
In addition, reductions in commercial airline and cargo flights, disruptions to ports and other shipping infrastructure resulting from
the pandemic are resulting in increased transport times to deliver packages to our customers.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to governmental directives and recommended
safety measures, we have implemented personal safety measures at all our facilities. However, these measures may not be sufficient to
mitigate the risk of infection by&#160;COVID-19.&#160;If a significant number of our employees, or employees and third parties performing
key functions, including our chief executive officer and members of our board of directors, become ill, our business may be further adversely
impacted.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the longer-term, the&#160;COVID-19&#160;pandemic
is likely to adversely affect the economies and financial markets of many countries, and could result in a global economic downturn and
a recession. Although China began to modify its zero-COVID policy in late 2022, and most of the travel restrictions and quarantine requirements
were lifted in December 2022, there remains uncertainty as to the future impact of the virus, especially in light of this change in policy.
Future lockdowns or other restrictive measures that may be imposed, especially those imposed in major cities where we have a significant
presence, may have a material impact on our services and our customers, which may, in turn negatively impact our results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Russia-Ukrainian War has, and will likely continue to, negatively
impact the global economy and disrupt international trade and oil price, which may have an adverse effect on our results of operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The conflict between Russia and Ukraine, which
commenced in February 2022, has disrupted supply chains and caused instability and significant volatility in the energy markets and the
global economy. Much uncertainty remains regarding the global impact of the conflict in Ukraine, and it is possible that such instability,
uncertainty and resulting volatility could significantly increase our costs and adversely affect our business, including our ability to
obtain oil and other energy resources, and as a result, adversely affect our business, financial condition, results of operation and cash
flows.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of the conflict between Russia and
Ukraine, Switzerland, the US, the EU, the UK and others have announced unprecedented levels of sanctions and other measures against Russia
and certain Russian entities and nationals. Such sanctions against Russia may adversely affect our business, financial condition, results
of operation and cash flows. For example, apart from the immediate commercial disruptions caused in the conflict zone, escalating tensions
among the two countries and fears of potential shortages in the supply of Russian crude have caused the price of oil to trade above $100
per barrel as of March&#160;18, 2022. The consequent rise of fuel prices may increase our costs and reduce our profits. See &#8220;&#8212;Fluctuations
in the price or availability of fuel, may adversely affect our results of operations&#8221; for more details. In addition, the China-Europe
Railway Express, which we originally relied on as a major means of overland transportation between China and Europe, was at risk because
most of its routes pass through Russia. The ongoing conflict could result in the imposition of further economic sanctions against Russia,
with uncertain impacts on the logistics market and the world economy. While we do not have any Ukrainian or Russian crew, our shipping
routes currently do not cross the Black Sea and we otherwise conduct zero operations in Russia and Ukraine, it is possible that the conflict
in Ukraine, including any increased shipping costs, disruptions of global shipping routes, any impact on the global supply chain and any
impact on current or potential customers caused by the events in Russia and Ukraine, could adversely affect our operations or financial
performance.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Any failure to maintain the satisfactory performance of our technology
systems and resulting interruptions in the availability of our websites, applications, or services could adversely affect our business,
results of operations and prospects.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The satisfactory performance, reliability and
availability of our technology platform are critical to our success. We have developed a technology platform that enables us to deliver
supply chain solutions and logistics services with simplicity, convenience, speed and reliability. These integrated systems support the
smooth performance of certain key functions of our business. However, our technology platform or infrastructure may not function properly
at all times. We may be unable to monitor and ensure high-quality maintenance and upgrade of our technology platform and infrastructure,
and our customers may experience service outages and delays in accessing and using our platforms as we seek to source additional capacity.
In addition, we may experience surges in online traffic and orders associated with promotional activities as we scale, which can put additional
demand on our platform at specific times. Any disruption to our technology platform and causing interruptions to our website, applications,
platform or services could adversely affect our business and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our technology systems may also experience telecommunications
failures, computer viruses, failures during the process of upgrading or replacing software, databases or components, power outages, hardware
failures, user errors, or other attempts to harm our technology systems, which may result in the unavailability or slowdown of our technology
platform or certain functions, delays or errors in transaction processing, loss of data, inability to accept and fulfill orders, reduced
gross merchandise volume and the attractiveness of our technology platform. Further, hackers, acting individually or in coordinated groups,
may also launch distributed denial of service attacks or other coordinated attacks that may cause service outages or other interruptions
in our business. Any of such occurrences could cause severe disruption to our daily operations. If we cannot successfully execute system
maintenance and repair, our business and results of operations could be adversely affected and we could be subject to liability claims.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we fail to keep up with the technological developments and
implementation of advanced technologies, our business, results of operations and prospects may be materially and adversely affected.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We apply technology to serve our clients more
efficiently and bring them better user experience. Our success will in part depends on our ability to keep up with the changes in technology
and the continued successful implementation of advanced technology, including 5G, cloud computing, distributed architecture and big data
analytics. If we fail to adapt our platform and services to changes in technological development in an effective and timely manner, our
business operations may suffer. Changes in technologies may require substantial expenditures in research and development as well as in
modification of our services. Technical hurdles in implementing technological advances may result in our services becoming less attractive
to clients, which, in turn, may materially and adversely affect our business, results of operations and prospects.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We regard our trademarks, copyrights, patents,
domain names,&#160;know-how,&#160;proprietary technologies, and similar intellectual property (which we have ownership or legal rights
to use) as critical to our success, and we rely on a combination of intellectual property laws and contractual arrangements, including
confidentiality, invention assignment and&#160;non-compete&#160;arrangements with our employees and others, to protect our proprietary
rights. 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 our patent applications will be approved, that any issued patents will adequately protect our intellectual property, or that such
patents will not be challenged by third parties or found by a judicial authority to be invalid or unenforceable. Further, 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 on reasonable terms, or at all.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is often difficult to register, maintain and
enforce intellectual property rights in China. Statutory laws and regulations are subject to judicial interpretation and enforcement and
may not be applied consistently due to the lack of clear guidance on statutory interpretation. Confidentiality, invention assignment and&#160;non-compete&#160;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 cannot assure you 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may be subject to intellectual property infringement claims,
which may be expensive to defend and may disrupt our business and operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 solutions
or services, the solutions or services provided by third-party merchants on our marketplace, or other aspects of our business. There could
also be existing patents of which we are not aware that our solutions or services may inadvertently infringe. We cannot assure you that
holders of patents purportedly relating to some aspects 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. 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 solutions and services. Companies that incorporate open
source software into their solutions 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 may 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our business depends on the continued efforts of our senior management,
particularly Mr.&#160;Geng. If Mr.&#160;Geng, or one or more other of our key executives and employees, were unable or unwilling to continue
in their present positions, our business may be severely disrupted.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business operations depend on the continuing
services of our senior management, particularly Mr.&#160;Geng, our chairman and chief executive officer, and our other executive officers
named in this annual report. While we have provided different incentives to our management, we cannot assure you that we can continue
to retain their services. If one or more of our key executives were unable or unwilling to continue in their present positions, we may
not be able to replace them easily or at all, our future growth may be constrained, our business may be severely disrupted and our financial
condition and results of operations may be materially and adversely affected, and we may incur additional expenses to recruit, train and
retain qualified personnel. In addition, although we have entered into confidentiality and&#160;non-competition&#160;agreements with our
key executives of our subsidiaries in China, there is no assurance that any member of our management team will not join our competitors
or form a competing business. Moreover, it is possible that our key employees, upon their departure, will join our competitors or start
their own competing businesses, and may solicit certain of our current customers, which may adversely affect our business, financial results
and daily operations. If any dispute arises between us and our current or former officers, we may have to incur substantial costs and
expenses in order to enforce such agreements in China or we may be unable to enforce them at all.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our executive officers have no prior experience in operating
a U.S. public company, and their inability to operate the public company aspects of our business could harm us.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our executive officers have no experience in
operating a U.S. public company, which makes our ability to comply with applicable laws, rules and regulations uncertain. Our failure
to comply with all laws, rules and regulations applicable to U.S. public companies could subject us or our management to regulatory scrutiny
or sanction, which could harm our reputation and share price.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Any damage to the reputation and recognition of our brand names,
including negative publicity against us, our solutions and services, operations and our directors, senior management and business partners
may materially and adversely affect our business operations and prospects.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe our brand image and corporate reputation
will play an increasingly important role in enhancing our competitiveness and maintaining business growth. Many factors, some of which
are beyond our control, may negatively impact our brand image and corporate reputation if not properly managed. These factors include
our ability to provide superior solutions and services to our customers, successfully conduct marketing and promotional activities, manage
relationship with and among our customers and business partners, and manage complaints and events of negative publicity, maintain positive
perception of our Company, our peers and logistics industry in general. Any actual or perceived deterioration of our service quality,
which is based on an array of factors including customer satisfaction, rate of complaint or rate of accident, could subject us to damages
such as loss of important customers. Any negative publicity against us, our solutions and services, operations, directors, senior management,
employees, business partners or our peers could adversely affect customer perception of our brand, cause damages to our corporate reputation
and result in decreased demand for our solutions and services. If we are unable to promote our brand image and protect our corporate reputation,
we may not be able to maintain and grow our customer base, and our business and growth prospects may be adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We are subject to anti-corruption, anti-bribery, anti-money laundering,
financial and economic sanctions and similar laws, and&#160;non-compliance&#160;with such laws can subject us to administrative, civil
and criminal fines and penalties, collateral consequences, remedial measures and legal expenses, all of which could adversely affect our
business, results of operations, financial condition and reputation.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to anti-corruption, anti-bribery,
anti-money laundering, financial and economic sanctions and similar laws and regulations in various jurisdictions in which we conduct
activities, including the U.S. Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations. The FCPA prohibits
us and our officers, directors, employees and business partners acting on our behalf, including agents, from corruptly offering, promising,
authorizing or providing anything of value to a &#8220;foreign official&#8221; for the purposes of influencing official decisions or obtaining
or retaining business or otherwise obtaining favorable treatment. The FCPA also requires companies to make and keep books, records and
accounts that accurately reflect transactions and dispositions of assets and to maintain a system of adequate internal accounting controls.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have direct or indirect interactions with
officials and employees of government agencies and state-owned affiliated entities in the ordinary course of business. We have also entered
into joint ventures and/or other business partnerships with government agencies and state-owned or affiliated entities. These interactions
subject us to an increased level of compliance- related concerns. We are in the process of implementing policies and procedures designed
to ensure compliance by us and our directors, officers, employees, representatives, consultants, agents and business partners with applicable
anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws and regulations. However, our
policies and procedures may not be sufficient and our directors, officers, employees, representatives, consultants, agents, and business
partners could engage in improper conduct for which we may be held responsible.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Non-compliance&#160;with anti-corruption, anti-bribery,
anti-money laundering or financial and economic sanctions laws could subject us to whistleblower complaints, adverse media coverage, investigations,
and severe administrative, civil and criminal sanctions, collateral consequences, remedial measures and legal expenses, all of which could
materially and adversely affect our business, results of operations, financial condition and reputation. In addition, changes in economic
sanctions laws in the future could adversely impact our business and investments in our shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>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.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a &#8220;controlled company&#8221; as
defined under the Nasdaq Stock Market Rules because our founder, Chairman and chief executive officer, Mr.&#160;Xiaogang Geng, beneficially owns 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 on, 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. As a result, you may not have the same protection afforded to
shareholders of companies that are subject to these corporate governance requirements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We are subject to changing laws, rules and regulations in the
U.S. regarding regulatory matters, corporate governance and public disclosure that will increase both our costs and the risks associated
with&#160;non-compliance.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to rules and regulations by various
governing bodies and self-regulatory organizations, including, for example, the SEC and The Nasdaq Stock Market, which are charged with
the protection of investors and the oversight of companies whose securities are publicly traded, 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.</p><div>

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

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we fail to implement and maintain an effective system of internal
controls, 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 shares may be materially and adversely affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a public company in the United States subject
to the Sarbanes-Oxley Act of 2002. Section&#160;404 of the Sarbanes-Oxley Act of 2002 requires that we include a report of management
on our internal control over financial reporting in our annual report on Form 20-F. Our management may conclude that our internal control
over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting
is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that
is qualified 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 relevant requirements differently from us. In addition, our reporting obligations as a public company
may place a significant strain on our management, operational and financial resources and systems for the foreseeable future. We may be
unable to timely complete our evaluation testing and any required remediation. Our independent registered public accounting firm has not
conducted an audit of our internal control over financial reporting. In the course of management&#8217;s preparation and our independent
registered public accounting firm&#8217;s auditing our consolidated financial statements for the year ended December&#160;31, 2022, we
and our independent registered public accounting firm identified three material weaknesses in our internal control over financial reporting.
As defined in standards established by the Public Company Accounting Oversight Board (&#8220;PCAOB&#8221;), a &#8220;material weakness&#8221;
is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The material
weakness identified relates to (i) the lack of formal internal control policies and internal independent supervision functions to establish
formal risk assessment process and internal control framework; (ii)&#160;the lack of sufficient accounting staff and resources with appropriate
knowledge of generally accepted U.S. GAAP and SEC reporting and compliance requirements to design and implement formal&#160;period-end&#160;financial
reporting policies and procedures to address complex U.S. GAAP technical accounting issue in accordance with U.S. GAAP and the SEC requirements;
and (iii) information technology general control in the areas of: (a) risk and vulnerability assessment and management; (b) third-party
(service organization) vendor management; (c) system change management; (d) backup and recovery management; (e) access to systems and
data; (f) segregation of duties, privileged access, and monitoring; (g) password management.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to the above-mentioned material
weaknesses (i) and (ii) identified, we implemented a number of measures to address the material weakness identified, including but
not limited to recruitment of a chief financial officer with appropriate knowledge and experience in U.S. GAAP accounting and SEC
reporting; and establishing of an audit committee. In addition, we are in the process of implementing a number of measures to
address the material weakness identified, including but not limited to (i) hiring additional qualified accounting and financial
personnel with appropriate knowledge and experience in U.S. GAAP accounting and SEC reporting; and (ii)&#160;organizing regular
training for our accounting staffs, especially training related to U.S. GAAP and SEC reporting requirements. We also plan to adopt
additional measures to improve our internal control over financial reporting, including, among others, creating U.S. GAAP accounting
policies and procedures manual, which will be maintained, reviewed and updated, on a regular basis, to the latest US&#160;GAAP
accounting standards, and strengthening corporate governance. For IT related weakness, we will (1) enhance our data backup
procedures and computer operations monitoring; (2) enhance user account management and enhance segregation of duties; and (3)
enhance risk assessment procedures and system controls. For details, see &#8220;Item 15. Controls and Procedures&#8212;Changes in
Internal Control over Financial Reporting.&#8221; However, we cannot assure you that we will not identify additional material
weaknesses or significant deficiencies in the future. In addition, if we are unable to meet the requirements of Section&#160;404 of
the Sarbanes-Oxley Act, our Class A ordinary shares may not be able to remain listed on the Nasdaq Capital Market.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&#160;404 of the Sarbanes-Oxley Act of
2002 requires that we include a report of management on our internal control over financial reporting in our annual report beginning with our second annual report on Form 20-F. In addition, once we cease to be an &#8220;emerging growth
company&#8221; as such term is defined under the JOBS Act, our independent registered public accounting firm must attest to and report
on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal control over financial
reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective,
our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified
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 relevant requirements differently from us. In addition, as we are a public company, our reporting obligations may
place a significant strain on our management, operational and financial resources and systems for the foreseeable future. We may be unable
to timely complete our evaluation testing and any required remediation.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the course of documenting and testing
our internal control procedures, in order to satisfy the requirements of Section&#160;404 of the Sarbanes- Oxley Act of 2002, we may identify
other weaknesses and deficiencies in our internal control over financial reporting. In addition, if we fail to maintain the adequacy of
our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may not
be able to conclude on an ongoing basis that we have effective internal control over financial reporting. If we fail to achieve and maintain
an effective internal control environment, we could suffer material misstatements in our financial statements and fail to meet our reporting
obligations, which would likely cause investors to lose confidence in our reported financial information. This could in turn limit our
access to capital markets, harm our results of operations and lead to a decline in the trading price of our shares. Additionally, ineffective
internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential
delisting from the stock exchange on which we list, regulatory investigations and civil or criminal sanctions. We may also be required
to restate our financial statements from prior periods.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our insurance coverage may not be adequate, which could expose
us to significant costs and business disruptions.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have obtained or caused relevant counterparties
to obtain insurance to cover certain potential risks and liabilities. We provide social security insurance, including pension insurance,
unemployment insurance, work-related injury insurance, maternity insurance and medical insurance for our employees. Additionally, we provide
group accident insurance for all delivery personnel we employed and some drivers we cooperated with. Further, we have purchased compulsory
motor vehicle liability insurance, as well as commercial insurance for self-operated vehicles. In addition, we also purchase logistics
liability insurance, property insurance covering warehouses and parcels, and some other liability insurance as needed. However, we do
not maintain product liability insurance or&#160;key-man&#160;insurance. There can be no assurance 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 policies 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Natural disasters, epidemics, acts of war, terrorist attacks
and other events could materially and adversely affect our business.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">Natural disasters (such as typhoons, flooding
and earthquakes), epidemics, acts of war, terrorist attacks and other events, many of which are beyond our control, may lead to global
or regional economic instability, which may in turn materially and adversely affect our business, financial condition and results of operations.
An outbreak or epidemic, such as those of the severe acute respiratory syndrome (&#8220;SARS&#8221;), the H1N1 and H5N1, and the&#160;COVID-19&#160;viruses,
could cause general consumption or the demand for specific products to decline, which could result in reduced demand for our services.
Such an outbreak or epidemic may also cause significant interruption to our operations as health or governmental authorities may impose
quarantine and inspection measures on our contract carriers or restrict the flow of cargo to and from areas affected by the epidemic.
In addition, airplanes, shipping vessels and other transportation vehicles can be targets of terrorist attacks, which could lead to, among
other things, increased insurance and security costs. Political tensions or conflicts and acts of war, such as the conflicts in Ukraine,
or the potential for war could also cause damage and disruption to our business, which could materially and adversely affect our business,
financial condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may be subject to potential liability in connection with pending
or threatened legal proceedings and other matters, which could adversely affect our business or financial results</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, we have become and may in
the future become a party to various legal or administrative proceedings arising in the ordinary course of our business in China. We may
also be subject to potential liability in connection with pending or threatened legal proceedings arising from breach of contract claims,
anti-competition claims and other matters. These proceedings, investigations, claims and complaints could be initiated or asserted under
or on the basis of a variety of laws in different jurisdictions, including data protection and privacy laws, trucker or consumer protection
laws, labor and employment laws, anti-monopoly or competition laws, transportation laws, advertising laws, intellectual property laws,
securities laws, tort laws, contract laws and property laws. There is no guarantee that we will be successful in defending ourselves in
legal and administrative actions or in asserting our rights under various laws. If we fail to defend ourselves in these actions, we may
be subject to restrictions, fines or penalties that will materially and adversely affect our operations. Even if we are successful in
our attempt to defend ourselves in legal and regulatory actions or to assert our rights under various laws and regulations, the process
of communicating with relevant regulators, defending ourselves and enforcing our rights against the various parties involved may be expensive
and time-consuming. These actions could expose us to negative publicity, substantial monetary damages and legal defense costs, injunctive
relief and criminal and civil fines and penalties, including but not limited to suspension or revocation of licenses to conduct business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Doing Business in China</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Change in China&#8217;s economic, political or social conditions,
laws, regulations or governmental policies could have a material adverse effect on our business, financial conditions and results of operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Substantially all of our revenues are sourced
from China. Accordingly, our results of operations, financial condition and prospects are influenced by economic, political and legal
developments in China. Economic reforms begun in the late 1970s have resulted in significant economic growth. However, any economic reform
policies or measures in China may from time to time be modified or revised. China&#8217;s economy differs from the economies of most developed
countries in many respects, including with respect to the amount of government involvement, level of development, growth rate, control
of foreign exchange and allocation of resources. Although the Chinese government has implemented measures emphasizing the utilization
of market forces for economic reform, the reduction of state ownership of productive assets and the establishment of improved corporate
governance in business enterprises, a substantial portion of productive assets in China is still owned by the government. In addition,
the Chinese government continues to play a significant role in regulating industry development by imposing industrial policies. The Chinese
government also exercises significant control over China&#8217;s economic growth through allocating resources, controlling payment of
foreign currency-denominated obligations, setting monetary policy, and providing preferential treatment to particular industries or companies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While the PRC economy has experienced significant
growth in the past 30 years, growth has been uneven across different regions and among different economic sectors. The Chinese government
has implemented measures to encourage economic growth and guide the allocation of the 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 government control over capital investments or changes in tax regulations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although the PRC economy has grown significantly
in the past decade, that growth may not continue, as evidenced by the slowing of the growth of the PRC economy since 2012. Any adverse
changes in economic conditions in China, in the policies of the Chinese government or in the laws and regulations in China could have
a material adverse effect on a specific industry including our operating companies in China. Such developments could adversely affect
our business and operating results, lead to reduction in demand for our services and adversely affect our competitive position.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Uncertainties with respect to the PRC legal system, including
uncertainties regarding the interpretation and enforcement of laws, and sudden or unexpected changes of PRC laws and regulations with
little advance notice could adversely affect us and limit the legal protections available to you and us, and the Chinese government may
exert more oversight and control over offerings that are conducted overseas, which changes could materially hinder our ability to offer
or continue to offer our securities, and cause the value of our securities to significantly decline or become worthless.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our operating subsidiaries are incorporated under
and governed by the laws of the PRC. The PRC legal system is a civil law system based on written statutes. Unlike the common law system,
prior court decisions may be cited for reference but have limited precedential value.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 1979, the PRC government began to promulgate
a comprehensive system of laws and regulations governing economic matters in general, such as foreign investment, corporate organization
and governance, commerce, taxation and trade. As a significant part of our business is conducted in China, our operations are principally
governed by PRC laws and regulations. However, since the PRC legal system continues to evolve rapidly, rules and regulations in China
can change quickly with little advance notice. The interpretations of many laws, regulations and rules are not always uniform and enforcement
of these laws and regulations involve uncertainties, which may limit legal protections available to us. Uncertainties due to evolving
laws and regulations could also impede the ability of a China-based company like us, to obtain or maintain permits or licenses required
to conduct business in China. In the absence of required permits or licenses, governmental authorities could impose material sanctions
or penalties on us. See &#8220;&#8212;Any lack of requisite approvals, licenses or permits applicable to our business operation may have
a material and adverse impact on our business, financial condition and results of operations, and any requirement of approvals or permits
in connection with our future offering of securities could cause our operations and financial conditions to be materially adversely affected,
our ability to offer securities to investors to become significantly limited or completely hindered, and the securities being offered
to substantially decline in value and become worthless&#8221; for more details. In addition, some regulatory requirements issued by certain
PRC government authorities may not be consistently applied by other PRC government authorities (including local government authorities),
thus making strict compliance with all regulatory requirements impractical, or in some circumstances impossible. For example, we may have
to resort to administrative and court proceedings to enforce the legal protection that we enjoy either by law or contract. Since PRC administrative
and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult
to evaluate or predict the outcome of administrative and court proceedings and the level of legal protection available to you and us than
in more developed legal systems.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Furthermore, the PRC legal system is based in
part on government policies and internal rules, some of which are not published on a timely basis or at all, and which may have a retroactive
effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime after the violation. Such
uncertainties, including uncertainty over the scope and effect of our contractual, property (including intellectual property) and procedural
rights, and any failure to respond to changes in the regulatory environment in China could materially and adversely affect our business
and impede our ability to continue our operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 6, 2021, the General Office of the Communist
Party of China Central Committee and the General Office of the State Council jointly issued an announcement to crack down on illegal activities
in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant
governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over
China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.
Since this announcement is relatively new, uncertainties still exist in relation to how soon legislative or administrative regulation
making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified
or promulgated, and, if any, the potential impact such modified or new laws and regulations will have on companies like us and our securities.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Given recent statements by the Chinese government
indicating an intent to exert more oversight and control over securities offerings and other capital markets activities that are conducted
overseas and foreign investment in China-based companies like us. Although we are currently not required to obtain permission from any
of the PRC federal or local government and has not received any denial to list on the U.S. exchange, it is uncertain whether or when we
might be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and even if such permission is
obtained, whether it will be later denied or rescinded, which could significantly limit or completely hinder our ability to offer or continue
to offer our securities to investors and cause the value of our shares to significantly decline or be worthless. Any actions by the Chinese
government to exert more oversight and control over offerings that are conducted overseas could materially and adversely hinder our ability
to offer or continue to offer our securities, and cause the value of our securities to significantly decline or become worthless.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Chinese government has substantial oversight and influence
over the manner in which we must conduct our business and may intervene or influence our operations at any time, which actions could impact
our operations materially and adversely, and significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of our securities to significantly decline or be worthless.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Chinese government has significant oversight
and discretion over the conduct of our business and may intervene or influence our operations at any time as the government deems appropriate
to further regulatory, political and societal goals. For instance, the Chinese government has recently published new policies that significantly
affected certain industries such as the education and internet industries. The Chinese government has exercised, and continues to exercise,
substantial control over virtually every sector of the Chinese economy through regulation and state ownership, which could materially
and adversely impact the results of our operations and future prospects.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ability to operate in the PRC may be further
harmed by changes in its laws and regulations. The central or local governments of the PRC may impose new, stricter regulations or interpretations
of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations
or interpretations. Accordingly, government actions in the future, including any decision not to continue to support recent economic reforms
and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies, could have
a significant effect on economic conditions in the PRC or particular regions thereof. We cannot rule out the possibility that it will
in the future release regulations or policies regarding our industry that could adversely affect our business, financial condition, results
of operations and the value of our Class A ordinary shares.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business is also subject to various government
and regulatory interference. We could be subject to regulation by various political and regulatory entities, including various local and
municipal agencies and government sub-divisions. The Company may incur increased costs necessary to comply with existing and newly adopted
laws and regulations or penalties for any failure to comply. Our operations could be adversely affected, directly or indirectly, by existing
or future laws and regulations relating to our business or industry, which could result in further material changes in our operations
and adversely impact the value of our securities.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The PCAOB had historically been unable
to inspect auditors in mainland China and Hong Kong in relation to their audit work. If the PCAOB determines in the future that it no
longer has full access to inspect and investigate completely accounting firms in these jurisdictions and if we use an accounting firm
headquartered in one of these jurisdictions to issue an audit report by then, our Class A ordinary shares may be prohibited from trading
in the United States under the HFCA Act, and such delisting or the threat of delisting may materially and adversely affect the value of
your investment.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The HFCA Act was enacted on December 18, 2020.
Pursuant to the HFCA 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 Class A ordinary shares from being traded
on a national securities exchange or in the over-the-counter trading market in the United States.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our auditor prior to December 8, 2022, Friedman
LLP, or Friedman, and current auditor, Marcum Asia CPAs LLP (&#8220;Marcum Asia&#8221;), the independent registered public accounting
firms that issue the audit reports included elsewhere in this annual report, as auditors of companies that are traded publicly in the
United States and firms registered with the PCAOB, have been subject to laws in the United States pursuant to which the PCAOB conducts
regular inspections to assess its compliance with the applicable professional standards. Both Friedman and Marcum Asia have been inspected
by the PCAOB on a regular basis, with the last inspection in 2020. Neither Friedman nor Marcum Asia is subject to the determinations announced
by the PCAOB on December 16, 2021. The PCAOB is expected to continue to demand complete access to inspections and investigations against
accounting firms headquartered in mainland China and Hong Kong in the future and states that it has already made plans to resume regular
inspections in early 2023 and beyond. For this reason, we do not expect to be identified as a Commission-Identified Issuer under the HFCA
Act after we file this annual report on Form 20-F. 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 if we use an accounting firm headquartered
in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC by then, we may 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 HFCA Act. If our Class A ordinary shares 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 Class A ordinary shares when you wish to do so, and the risk and uncertainty associated with delisting would have a negative
impact on the price of our Class A ordinary shares. 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.</p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The approval of and the filing with the CSRC or other PRC government
authorities may be required in connection with our future offshore offerings under PRC law, and, if required, we cannot predict whether
or for how long we will be able to obtain such approval or complete such filing.</i></b></p><div>

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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July&#160;6, 2021, the relevant 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.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Approved by the State Council, CSRC released
new regulations for the filing-based administration of overseas securities offering and listing by domestic companies on February 17,
2023. The regulations became effective on March 31, 2023, which include the Trial Administrative Measures of Overseas Securities Offering
and Listing by Domestic Companies or the Trial Measures, and 5 supporting guidelines. The Trial Measures stipulates that both direct and
indirect overseas offering and listing activities are subject to regulation. Specifically, where a domestic company seeks to indirectly
offer and list securities in overseas markets, the issuer shall designate a major domestic operating entity, which shall, as the domestic
responsible entity, file with the CSRC. Any overseas offering and listing made by an issuer that meets both the following conditions will
be determined as indirect: (i)&#160;50% or more of the operating revenue, total profit, total assets or net assets as documented in its
audited consolidated financial statements for the most recent accounting year is accounted for by domestic companies; and (ii) the main
parts of the issuer&#8217;s business activities are conducted in the PRC, or its main places of business are located in the PRC, or the senior
managers in charge of its business operation and management are mostly PRC citizens or domiciled in the PRC. The determination as to whether
or not an overseas offering and listing by domestic companies is indirect, shall be made on a substance over form basis. According to
the Trial Measures and the Officials from Relevant Department of CSRC Answered Reporter Question Regarding the Trial Measures, the existing
domestic companies that have acquired approval from overseas regulatory authorities or overseas stock exchanges for indirect overseas
offering and listing before the effective date of the Trial Measures, or March 31, 2023 and have completed overseas offering and listing
before September 30, 2023, shall not be required to perform filling procedures for the completed overseas issuance and listing. However,
from the effective date of the Trial Measures, any of our subsequent securities offering in the same overseas market shall be subject
to the filing with the CSRC within 3 working days after the offering is completed, and any of our subsequent securities offering and listing
in other overseas markets in future shall be subject to the filing with the CSRC within 3 working days after the relevant application
is submitted overseas.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 24, 2023, the CSRC, the Ministry
of Finance, the National Administration of State Secrets Protection and the National Archives Administration jointly issued the Provisions
on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies, or the
Provisions, which took effect on March 31, 2023 concurrently with the Trial Measures. The Provisions, in replacement of the Provisions
on Strengthening Confidentiality and Archives Administration of Overseas Issuance and Listing of Securities which took effect on October
20, 2009, expand its application to cover indirect overseas offering and listing of domestic companies by adding the same confidentiality
obligations to such domestic companies in the course of their indirect overseas issuance and listing. According to the Provisions, a domestic
company that plans to, either directly or through its overseas-listed entity, publicly disclose or provide to relevant entities or individuals
including securities firms, securities service providers, and overseas regulators, documents and materials that contain state secrets
or government work secrets, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative
department at the same level. Further, a domestic company that plans to, either directly or through its overseas-listed entity, publicly
disclose or provide to relevant entities or individuals including securities firms, securities service providers, and overseas regulators,
other documents and materials that, if divulged, will cause an adverse impact on national security or the public interest, shall strictly
fulfill relevant procedures stipulated by applicable national regulations. We do not believe we will be required to obtain the aforementioned
approval or go through such filings procedures as we do not possess nor will we disclose or provide documents and materials that contain
state secrets or government work secrets or other documents and materials that, if divulged, will cause an adverse impact on national
security or the public interest as mentioned above. However, given the recent promulgation of the Provisions, the opinions remain unclear
on how they will be interpreted and implemented by the relevant PRC governmental authorities. After the Provisions took effect on March
31, 2023, if the domestic companies fail to comply with the requirements under the Provisions in the course of their indirect overseas
issuance and listing, such domestic companies may be held legally liable by competent authorities, and referred to the judicial organ
to be investigated for criminal liability if suspected of committing a crime.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If it is determined that any approval, filing
or other administrative procedure from other PRC governmental authorities is required for any future offering or listing, we cannot assure
that we can obtain the required approval or accomplish the required filings or other regulatory procedures in a timely manner, or at all.
Any such failure would subject us to sanctions by the CSRC or other PRC regulatory authorities. These regulatory authorities may impose
restrictions and penalties on the operations in China, significantly limit or completely hinder our ability to launch any new offering
of our securities, limit our ability to pay dividends outside of China, delay or restrict the repatriation of the proceeds from future
capital raising activities into China, or take other actions that could materially and adversely affect our business, results of operations,
financial condition and prospects, as well as the trading price of our ordinary shares. Furthermore, the PRC government authorities may
further strengthen oversight and control over listings and offerings that are conducted overseas. Any such action may adversely affect
our operations and significantly limit or completely hinder our ability to offer or continue to offer securities to you and cause the
value of such securities to significantly decline or be worthless.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December&#160;27, 2021, the NDRC and the Ministry
of Commerce jointly issued the Special Administrative Measures (Negative List) for Foreign Investment Access (2021 Version), or the 2021
Negative List, which became effective on January&#160;1, 2022. Pursuant to the Special Administrative Measures, if a PRC 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 issuer shall not be involved in the company&#8217;s operation
and management, and their shareholding percentages shall be subject,<i>&#160;mutatis mutandis</i>, to the relevant regulations on the
domestic securities investments by foreign investors. As the 2021 Negative List is relatively new, there remain substantial uncertainties
as to the interpretation and implementation of these new requirements, and it is unclear as to whether and to what extent listed companies
like us will be subject to these new requirements. If we are required to comply with these requirements and fail to do so on a timely
basis, if at all, our business operation, financial conditions and business prospect may be adversely and materially affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Measures for
Cybersecurity Review, are required for our future 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 future 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 future 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may be liable for improper use or appropriation of personal
information provided directly or indirectly by our customers or end users.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may become subject to a variety of laws and
regulations in the PRC regarding privacy, data security, cybersecurity, and data protection. These laws and regulations are continuously
evolving and developing. The scope and interpretation of the laws that are or may be applicable to us are often uncertain and may be conflicting,
particularly with respect to foreign laws. In particular, there are numerous laws and regulations regarding privacy and the collection,
sharing, use, processing, disclosure, and protection of personal information and other user data. Such laws and regulations often vary
in scope, may be subject to differing interpretations, and may be inconsistent among different jurisdictions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect to obtain information about various
aspects of our operations as well as regarding our employees and third parties. The integrity and protection of our customers, employees
and company data is critical to our business. Our customers, end users and employees expect that we will adequately protect their personal
information. We are required by applicable laws to keep strictly confidential the personal information that we collect, and to take adequate
security measures to safeguard such information.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC Criminal Law, as amended by its Amendment
7 (effective on February&#160;28, 2009) and Amendment&#160;9 (effective on November&#160;1, 2015), prohibits institutions, companies and
their employees from selling or otherwise illegally disclosing a citizen&#8217;s personal information obtained during the course of performing
duties or providing services or obtaining such information through theft or other illegal ways.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Civil Code of the PRC (issued by the PRC
National People&#8217;s Congress on May&#160;28, 2020 and effective from January&#160;1, 2021) provides main legal basis for privacy and
personal information infringement claims under the Chinese civil laws. PRC regulators, including the Cyberspace Administration of China
(&#8220;CAC&#8221;), MIIT, and the Ministry of Public Security have been increasingly focused on regulation in the areas of data security
and data protection.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC regulatory requirements regarding cybersecurity
are constantly evolving. For instance, various regulatory bodies in China, including the CAC, the Ministry of Public Security and the
SAMR, have enforced data privacy and protection laws and regulations with varying and evolving standards and interpretations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In November&#160;2016, the Standing Committee
of China&#8217;s National People&#8217;s Congress passed China&#8217;s first Cybersecurity Law (&#8220;CSL&#8221;), which became effective
in June&#160;2017. The CSL is the first PRC law that systematically lays out the regulatory requirements on cybersecurity and data protection,
subjecting many previously under-regulated or unregulated activities in cyberspace to government scrutiny. The legal consequences of violation
of the CSL include penalties of warning, confiscation of illegal income, suspension of related business, winding up for rectification,
shutting down the websites, and revocation of business license or relevant permits. In April&#160;2020, the CAC and certain other PRC
regulatory authorities promulgated the Cybersecurity Review Measures (2020), which became effective in June&#160;2020. Pursuant to the
Cybersecurity Review Measures (2020), operators of critical information infrastructure must pass a cybersecurity review when purchasing
network products and services which do or may affect national security.</p><div>

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</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June&#160;10, 2021, the Standing Committee
of the NPC promulgated the PRC Data Security Law, which took effect on September&#160;1, 2021. The Data Security Law also sets forth the
data security protection obligations for entities and individuals handling personal data, including that no entity or individual may acquire
such data by stealing or other illegal means, and the collection and use of such data should not exceed the necessary limits.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November&#160;14, 2021, the CAC published
the Regulations on Network Data Security (draft for public comments), or the draft Regulations on Network Data Security, which reiterate
that data processors that process the personal information of more than one million users and intend to list overseas should apply for
a cybersecurity review. In addition, data processors that process important data or are listed overseas shall carry out an annual data
security assessment on their own or by engaging a data security services institution, and the data security assessment report for the
prior year should be submitted to the local cyberspace affairs administration department before January&#160;31 of each year. Currently,
the draft Regulations on Network Data Security has been released for public comment only, and its implementation provisions and anticipated
adoption or effective date remains substantially uncertain and may be subject to change.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December&#160;28, 2021, the CAC issued the
Cybersecurity Review Measures (2021), which replaced the Cybersecurity Review Measures (2020)&#160;and took into effect on February&#160;15,
2022. The Cybersecurity Review Measures (2021)&#160;required that, in addition to &#8220;operator of critical information infrastructure,&#8221;
any &#8220;operator of internet platform&#8221; carrying out data processing activities that affect or may affect national security should
also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks
of the relevant activities, including, among others, (i)&#160;the risk of core data, important data or a large amount of personal information
being stolen, leaked, destroyed, and illegally used or exited the country; and (ii)&#160;the risk of critical information infrastructure,
core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments
after listing abroad. The CAC has said that under the Cybersecurity Review Measures (2021), operators of internet platforms holding data
on more than 1,000,000 users must now apply for cybersecurity approval when seeking listings in other nations because of the risk that
such data and personal information could be &#8220;affected, controlled, and maliciously exploited by foreign governments.&#8221; The
cybersecurity review will also investigate the potential national security risks from overseas IPOs. Given the recency of the issuance
of the Cybersecurity Review Measures (2021), there is a general lack of guidance and substantial uncertainties exist with respect to their
interpretation and implementation. For example, it is unclear whether the requirement of cybersecurity review applies to&#160;follow-on&#160;offerings
by an &#8220;online platform operator&#8221; that is in possession of personal data of more than one million users where the offshore
holding company of such operator is already listed overseas. We do not know what regulations will be adopted or how such regulations will
affect we and our listing on Nasdaq. In the event that the Cyberspace Administration of China determines that we are subject to these
regulations, we may be required to delist from Nasdaq and we may be subject to fines and penalties.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are not subject to the cybersecurity review
by the CAC, given that: (i)&#160;we do not possess a large amount of personal information in our business operations and (ii)&#160;data
processed in our business does not have a bearing on national security and thus may not be classified as core or important data by the
authorities. However, there remains uncertainty as to how the Cybersecurity Review Measures (2021)&#160;will be interpreted or implemented
and whether the PRC regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation
related to the Cybersecurity Review Measures (2021). If any such new laws, regulations, rules, or implementation and interpretation comes
into effect, we will take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August&#160;20, 2021, the Standing Committee
of the NPC approved the Personal Information Protection Law (&#8220;PIPL&#8221;), which became effective on November&#160;1, 2021. The
PIPL regulates collection of personal identifiable information and seeks to address the issue of algorithmic discrimination. Companies
in violation of the PIPL may be subject to warnings and admonishments, forced corrections, confiscation of corresponding income, suspension
of related services, and fines. We mainly interact with corporate clients and has limited direct interactions with individual customers,
which means our potential access or exposure to customers&#8217; personal identifiable information is limited. However, in the event we
inadvertently access or become exposed to&#160;end-users&#8217;&#160;personal identifiable information, through our corporate clients&#8217;&#160;end-user-facing&#160;applications
which access or store end users&#8217; personal identifiable information, then we may face heightened exposure to the PIPL.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot assure you that PRC regulatory agencies,
including the CAC, would take the same view as we do, and there is no assurance that we can fully or timely comply with such laws. In
the event that we are subject to any mandatory cybersecurity review and other specific actions required by the CAC, we face uncertainty
as to whether any clearance or other required actions can be timely completed, or at all. Given such uncertainty, we may be further required
to suspend our relevant business, shut down our website, or face other penalties, which could materially and adversely affect our business,
financial condition, and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date of this annual report, our three
Hong Kong subsidiaries have not collected, stored, or managed any personal information in Hong Kong. Therefore, we concluded that currently
we do not expect that laws and regulations in mainland China on data security, data protection, or cybersecurity to be applied to our
Hong Kong subsidiaries or that the oversight of the Cyberspace Administration of China will be extended to its operations outside of mainland
China. In Hong Kong, the Personal Data (Privacy) Ordinance (Cap. 486 of Hong Kong), or the PDPO, applies to data users, that control the
collection, holding, processing or use of personal data in Hong Kong. Our Hong Kong subsidiaries are subject to the general requirements
under PDPO including the need to obtain the prescribed consent of the data subject and to take all practicable steps to protect the personal
data held by data users against unauthorized or accidental access, loss or use. Breaches of the PDPO may lead to a variety of civil and
criminal sanctions including fines and imprisonment. In addition, data subjects have a right to bring proceedings in court to seek compensation
for damage. We cannot guarantee that we are, or will be, in compliance with all applicable international regulations as they are enforced
now or as they evolve.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>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.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a company incorporated under the laws
of the Cayman Islands. However, we conduct substantially all of our operations in China and substantially all of our assets are located
in China. In addition, most of our management members reside within China for a significant portion of the time and many of them are PRC
nationals. As a result, it may be difficult for you to effect service of process upon us or our management named in the annual report
inside mainland China. It may also be difficult for you to enforce in U.S. courts of the 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 and other applicable laws, regulations and interpretations based either on treaties between China and
the country where the judgment is made or on principles of reciprocity between jurisdictions. 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. Furthermore, class action lawsuits, which
are available in the United States for investors to seek remedies, are generally uncommon in China.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>It may be difficult for overseas regulators to conduct investigations
or collect evidence within China.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shareholder claims or regulatory investigation
that are common in the United States generally 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 Unities States may not be efficient in the absence of mutual and practical cooperation mechanism. Furthermore, according
to Article&#160;177 of the PRC Securities Law, which became effective in March 2020 (&#8220;Article 177&#8221;), no overseas securities
regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. In addition,
entities or individuals are prohibited from providing documents and information in connection with any securities business activities
to any organizations and/or persons aboard without the prior consent of the securities regulatory authority of the State Council and the
competent departments of the State Council. Article 26 of the Trial Measures, or the Article 26, which was issued by the CSRC on February
17, 2023 and came into effect on March 31, 2023, sets out that where an overseas securities regulatory agency intends to conduct investigation
and evidence collection regarding overseas offering and listing activities by a domestic company, and request assistance of the CSRC under
relevant cross-border securities regulatory cooperation mechanisms, the CSRC may provide necessary assistance in accordance with law.
Any domestic entity or individual providing documents and materials requested by an overseas securities regulatory agency out of investigative
or evidence collection purposes shall not provide such information without prior approval from the CSRC and competent authorities under
the State Council. In addition, Article 11 of the Provisions on Strengthening Confidentiality and Archives Administration in Respect of
Overseas Issuance and Listing of Securities by Domestic Enterprises, or the Article 11, which was jointly issued by the CSRC, the Ministry
of Finance, the State Secrecy Administration and the State Archives Bureau on February 24, 2023 and came into effect on March 31, 2023,
specifies that, (a) where the overseas securities regulator and the relevant competent authorities request to conduct inspections or investigations
to collect evidence from a domestic enterprise and the domestic securities firms and securities service agencies providing corresponding
services regarding the overseas offering and listing activities of the domestic enterprise, the inspection or investigation shall be carried
out under the cross-border regulatory cooperation mechanism, and the CSRC or the relevant authorities shall provide the requisite assistance
pursuant to the bilateral and multilateral cooperation mechanism, and (b) relevant domestic companies, securities firms and securities
service agencies shall obtain the consent of the CSRC or the relevant administrative authorities prior to cooperating in the inspection
or investigation carried out by the overseas securities regulator or relevant administrative authorities or providing documents and materials
for cooperating in the inspection or investigation. While detailed interpretation of or implementation rules under Article 177, the Article
26 and the Article&#160;11 have yet to be promulgated, the inability for an overseas securities regulator to directly conduct investigation
or evidence collection activities within China may further increase difficulties faced by you in protecting your interests. See also &#8220;&#8212;Risks
Related to the Class A Ordinary Shares&#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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>It may be difficult for overseas shareholders and/or regulators
to conduct investigations or collect evidence within Hong Kong.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities and Futures Commission of Hong
Kong (&#8220;SFC&#8221;) is a signatory to the International Organization of Securities Commissions Multilateral Memorandum of Understanding
(&#8220;MMOU&#8221;), which provides for mutual investigatory and other assistance and exchange of information between securities regulators
around the world, including the SEC. This is also reflected in section 186 of the Securities and Futures Ordinance (&#8220;SFO&#8221;)
which empowers the SFC to exercise its investigatory powers to obtain information and documents requested by non-Hong Kong regulators,
and section&#160;378 of the SFO which allows the SFC to share confidential information and documents in its possession with such regulators.
However, there is no assurance that such cooperation will materialize, or if it does, whether it will adequately address any efforts to
investigate or collect evidence to the extent that may be sought by the U.S. regulators.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>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&#160;non-PRC&#160;shareholders.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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. The Notice Regarding the Determination of Chinese-Controlled
Offshore-Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies, which was issued by the
State Administration of Taxation on April&#160;22, 2009 and further amended on December&#160;29, 2017, or Circular 82, provides certain
specific criteria for determining whether the &#8220;de facto management body&#8221; of a&#160;PRC-controlled&#160;enterprise that is
incorporated offshore is located in China. Although Circular 82 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 State
Administration of Taxation&#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 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)&#160;the
primary location of the&#160;day-to-day&#160;operational management is in the PRC; (ii)&#160;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)&#160;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)&#160;at least 50% of voting board members or senior executives habitually reside in the PRC.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe none of our entities outside of China
is a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the
PRC tax authorities and uncertainties remain with respect to the interpretation of the term &#8220;de facto management body.&#8221; 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, subject to any reduction set forth in applicable tax treaties. Furthermore, if we are deemed
a PRC resident enterprise, dividends payable to our&#160;non-PRC&#160;individual shareholders and any gain realized on the transfer of
Class A ordinary shares by such shareholders may be subject to PRC tax at a rate of 10% in the case of&#160;non-PRC&#160;enterprises or
a rate of 20% in the case of&#160;non-PRC&#160;individuals unless a reduced rate is available under an applicable tax treaty. It is unclear
whether&#160;non-PRC&#160;shareholders of our company would be able to claim the benefits of any tax treaties between their country or
area 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 Class A ordinary shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We face uncertainties with respect to indirect transfer of equity
interests in PRC resident enterprises by their&#160;non-PRC&#160;holding companies.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may face uncertainties regarding the reporting
on and consequences of private equity financing transactions involving the transfer and exchange of shares in our company by&#160;non-resident&#160;investors
in the future. In February 2015, the State Administration of Taxation issued the Bulletin on Issues of Enterprise Income Tax on Indirect
Transfers of Assets by&#160;Non-PRC&#160;Resident Enterprises, or Bulletin 7. Pursuant to Bulletin 7, an &#8220;indirect transfer&#8221;
of PRC assets, including a transfer of equity interests in an unlisted&#160;non-PRC&#160;holding company of a PRC resident enterprise,
by&#160;non-PRC&#160;resident enterprises may be&#160;re-characterized&#160;and treated as a direct transfer of the underlying PRC assets,
if such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise
income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October&#160;17, 2017, the State Administration
of Taxation issued the Announcement of the State Administration of Taxation on Issues Concerning the Withholding of&#160;Non-resident&#160;Enterprise
Income Tax at Source, or Bulletin 37, which came into effect on December&#160;1, 2017 and was most-recently amended on June&#160;15, 2018.
Bulletin 37 further clarifies the practice and procedure of the withholding of nonresident enterprise income tax. We face uncertainties
on the reporting and consequences of potential future private equity financing transactions, share exchanges or other transactions involving
the transfer of shares in our company by investors that are&#160;non-PRC&#160;resident enterprises. The PRC tax authorities may pursue
such&#160;non-resident&#160;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&#160;non-resident&#160;enterprises in such transactions may become at
risk of being subject to filing obligations or being taxed under Bulletin 7 and Bulletin 37, and may be required to expend valuable resources
to comply with them or to establish that we and our&#160;non-resident&#160;enterprises should not be taxed under these regulations, which
may have a material adverse effect on our financial condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC tax authorities have the discretion under
Bulletin 7 to make adjustments to the taxable capital gains based on the difference between the fair value of the taxable assets transferred
and the cost of investment. If the PRC tax authorities make adjustments to the taxable income of the transactions under Bulletin 7, our
income tax costs associated with such transactions will be increased, which may have an adverse effect on our financial condition and
results of operations. We cannot assure you that the PRC tax authorities will not, at their discretion, adjust any capital gains and impose
tax return filing obligations on us or require us to provide assistance to them for the investigation of any transactions we were involved
in. Heightened scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions
we may pursue in the future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If our preferential tax treatments are revoked or become unavailable
or if the calculation of our tax liability is successfully challenged by the PRC tax authorities, we may be required to pay tax, interest
and penalties in excess of our tax provisions.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Chinese government has provided various tax
incentives to our PRC subsidiaries, primarily in the form of reduced enterprise income tax rates. For example, under the Enterprise Income
Tax Law and its implementation rules, the statutory enterprise income tax rate is 25%. However, the income tax of an enterprise that has
been determined to be a small&#160;low-profit&#160;enterprise can be reduced to a preferential rate of 20% on 12.5% of its taxable income
with respect to the portion of the annual taxable income that does not exceed RMB1&#160;million during certain periods. In addition, certain
of our PRC subsidiaries enjoy preferential tax treatment. Any increase in the enterprise income tax rate applicable to our PRC subsidiaries
in China, or any discontinuation, retroactive or future reduction or refund of any of the preferential tax treatments and local government
subsidies currently enjoyed by our PRC subsidiaries in China, could adversely affect our business, financial condition and results of
operations.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, in the ordinary course of our business,
we are subject to complex income tax and other tax regulations, and significant judgment is required in the determination of a provision
for income taxes. Although we believe our tax provisions are reasonable, if the PRC tax authorities successfully challenge our position
and we are required to pay tax, interest and penalties in excess of our tax provisions, our financial condition and results of operations
would be materially and adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Failure to make adequate contributions to various employee benefit
plans as required by PRC regulations or comply with laws and regulations on other employment practices may subject us to penalties.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Companies operating in China are required to
participate in various government sponsored employee benefit plans, including certain social insurance, housing funds and other welfare-oriented
payment obligations, and contribute to the plans in amounts equal to certain percentages of salaries, including bonuses and allowances,
of our employees up to a maximum amount specified by the local government from time to time at locations where we operate our businesses.
The requirement of employee benefit plans has not been implemented consistently by the local governments in China given the different
levels of economic development in different locations. Currently, our PRC subsidiaries are making contributions to the plans based on
the minimum standards as required by law for most employees. With respect to the underpaid or unpaid employee benefits, we may be required
to complete registrations, make up the contributions for these plans as well as to pay late fees and fines. If we are subject to late
fees or fines in relation to the underpaid or unpaid employee benefits, our financial condition and results of operations may be adversely
affected. We may also be subject to regulatory investigations and other penalties if our other employment practices are deemed to be in
violation of relevant PRC laws and regulations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The enforcement of the PRC Labor Contract Law and other labor-related
regulations in the PRC may subject us to penalties or liabilities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC Labor Contract Law, which was enacted
in 2008 and amended in 2012, introduced specific provisions related to fixed-term employment contracts, part-time employment, probationary
periods, consultation with labor unions and employee assemblies, employment without a written contract, dismissal of employees, severance,
and collective bargaining to enhance previous PRC labor laws. Under the Labor Contract Law, an employer is obligated to sign a&#160;non-fixed&#160;term
labor contract with any employee who has worked for the employer for ten consecutive years. Further, if an employee requests or agrees
to renew a fixed-term labor contract that has already been entered into twice consecutively, the resulting contract, with certain exceptions,
must have&#160;non-fixed&#160;term, subject to certain exceptions. With certain exceptions, an employer must pay severance to an employee
where a labor contract is terminated or expires. In addition, the PRC governmental authorities have continued to introduce various new
labor-related regulations since the effectiveness of the Labor Contract Law.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These laws and regulations designed to enhance
labor protection tend to increase our labor costs. In addition, as the interpretation and implementation of these regulations are still
evolving, our employment practices may not be at all times deemed in compliance with the regulations. As a result, we could be subject
to penalties or incur significant liabilities in connection with labor disputes or investigations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The M&amp;A Rules and certain other PRC regulations may make
it more difficult for us to pursue growth through acquisitions.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Regulations on Mergers and Acquisitions of
Domestic Companies by Foreign Investors, or the M&amp;A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, and
some other regulations and rules concerning mergers and acquisitions established complex procedures and requirements for acquisition of
Chinese companies by foreign investors, including requirements in some instances that the Ministry of Commerce of the PRC be notified
in advance of any&#160;change-of-control&#160;transaction in which a foreign investor takes control of a PRC domestic enterprise. Moreover,
the Anti-Monopoly Law promulgated by the Standing Committee of the National People&#8217;s Congress, which became effective in 2008 and
was recently amended in June 2022, requires that transactions which are deemed concentrations and involve parties with specified turnover
thresholds must be cleared by the Ministry of Commerce before they can be completed. In addition, the Rules on Implementation of Security
Review System for the Merger and Acquisitions of Domestic Enterprises by Foreign Investors issued by the Ministry of Commerce and became
effective in September 2011 specify that mergers and acquisitions by foreign investors that raise &#8220;national defense and security&#8221;
concerns and mergers and acquisitions through which foreign investors may acquire de facto control over domestic enterprises that raise
&#8220;national security&#8221; concerns are subject to strict review by the Ministry of Commerce, and the rules prohibit any activities
attempting to bypass a security review, including by structuring the transaction through a proxy or contractual control arrangement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the future, we may pursue potential strategic
acquisitions that are complementary to our business and operations. Complying with the requirements of the above-mentioned regulations
and other rules to complete such transactions could be time-consuming, and any required approval processes, including obtaining approval
or clearance from the Ministry of Commerce, may delay or inhibit our ability to complete such transactions, which could affect our ability
to expand our business or maintain our market share. Furthermore, according to the M&amp;A Rules, if a PRC entity or individual plans
to merge or acquire its related PRC entity through an overseas company legitimately incorporated or controlled by such entity or individual,
such a merger and acquisition will be subject to examination and approval by the Ministry of Commerce. The application and interpretations
of M&amp;A Rules are still uncertain, and there is possibility that the PRC regulators may promulgate new rules or explanations requiring
that we obtain approval of the Ministry of Commerce for our completed or ongoing mergers and acquisitions. There is no assurance that
we can obtain such approval from the Ministry of Commerce for our mergers and acquisitions, and if we fail to obtain those approvals,
we may be required to suspend our acquisition and be subject to penalties. Any uncertainties regarding such approval requirements could
have a material adverse effect on our business, results of operations and corporate structure.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>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. In addition, any failure to comply with PRC
regulations with respect to registration requirements for offshore financing may subject us to legal or administrative sanctions.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In July 2014, the State Administration of Foreign
Exchange (&#8220;SAFE&#8221;) 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under these foreign exchange regulations, PRC
residents who make, or have previously made, prior to the implementation of these foreign exchange regulations, direct or indirect investments
in offshore companies are required to register those investments. In addition, any PRC resident who is a direct or indirect shareholder
of an offshore company is required to update its previously filed SAFE registration, to reflect any material change involving its round-trip
investment. If any PRC shareholder fails to make the required registration or update the previously filed registration, the PRC subsidiary
of that offshore parent company may be restricted from distributing their profits and the proceeds from any reduction in capital, share
transfer or liquidation to their offshore parent company, and the offshore parent company may also be restricted from injecting additional
capital into its PRC subsidiary. Moreover, failure to comply with the various foreign exchange registration requirements described above
could result in liability under PRC laws for evasion of applicable foreign exchange restrictions, including (i)&#160;the requirement by
SAFE to return the foreign exchange remitted overseas or into the PRC within a period of time specified by SAFE, with a fine of up to
30% of the total amount of foreign exchange remitted overseas or into PRC and deemed to have been evasive or illegal and (ii)&#160;in
circumstances involving serious violations, a fine of no less than 30% of and up to the total amount of remitted foreign exchange deemed
evasive or illegal.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are committed to complying with and to ensuring
that our shareholders who are subject to these regulations will comply with the SAFE rules and regulations. However, due to the inherent
uncertainty in the implementation of the regulatory requirements by the PRC authorities, such registration might not be always practically
available in all circumstances as prescribed in those regulations. In addition, we may not always be able to compel them to comply with
SAFE Circular 37 or other related regulations. We cannot assure you that SAFE or its local branches will not release explicit requirements
or interpret the PRC laws and regulations otherwise. We may not be fully informed of the identities of all our shareholders or beneficial
owners who are PRC residents, and we cannot provide any assurance that all of our shareholders and beneficial owners who are PRC residents
will comply with our request to make, obtain or update any applicable registrations or comply with other requirements under SAFE Circular
37 or other related rules in a timely manner.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because there is uncertainty concerning the reconciliation
of these foreign exchange regulations with other approval requirements, it is unclear how these regulations, and any future regulation
concerning offshore or cross-border transactions, will be interpreted, amended and implemented by the governmental authorities. We cannot
predict how these regulations will affect our business operations or future strategy. For example, we may be subject to a more stringent
review and approval process with respect to our foreign exchange activities, such as remittance of dividends and foreign-currency-denominated
borrowings, which may adversely affect our results of operations and financial condition. This may restrict our ability to implement our
acquisition strategy and could adversely affect our business and prospects.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our offshore financing activities,
such as the issuance of foreign debt, are also subject to PRC laws and regulations. In accordance with such laws and regulations, we may
be required to complete filing and registration with the National Development and Reform Commission, or NDRC, prior to such activities.
Failure to comply with the requirements may result in administrative meeting, warning, notification and other regulatory penalties and
sanctions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may be materially adversely affected if our shareholders and
beneficial owners who are PRC entities fail to comply with the PRC overseas investment regulations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December&#160;26, 2017, the NDRC promulgated
the Administrative Measures on Overseas Investments by Enterprises, which took effect as of March&#160;1, 2018. According to this regulation,
nonsensitive overseas investment projects are subject to record-filing requirements with the local branch of the NDRC. On September&#160;6,
2014, the Ministry of Commerce promulgated the Administrative Measures on Overseas Investments, which took effect as of October&#160;6,
2014. According to this regulation, overseas investments of PRC enterprises that involve nonsensitive countries and regions and nonsensitive
industries are subject to record-filing requirements with a local branch of Ministry of Commerce. According to the Circular of the State
Administration of Foreign Exchange on Issuing the Regulations on Foreign Exchange Administration of the Overseas Direct Investment of
Domestic Institutions, which was promulgated by the State Administration of Foreign Exchange, or SAFE, on July&#160;13, 2009 and took
effect on August&#160;1, 2009, and Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct
Investment, which was promulgated by the SAFE on February&#160;13, 2015 and took effect on June&#160;1, 2015, PRC enterprises must register
for overseas direct investment with a local SAFE branch or its authorized banks.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may not be fully informed of the identities
of all our shareholders or beneficial owners who are PRC entities, and we cannot provide any assurance that all of our shareholders and
beneficial owners who are PRC entities will comply with our request to complete the overseas direct investment procedures under the aforementioned
regulations or other related rules in a timely manner, or at all. If they fail to complete the filings or registrations required by the
overseas direct investment regulations, the authorities may order them to suspend or cease the implementation of such investment and make
corrections within a specified time, which may adversely affect our business, financial condition and results of operations.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Any failure to comply with PRC regulations regarding the registration
requirements for employee stock incentive plans may subject our plan participants for us to fines and other legal or administrative sanctions.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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&#160;non-PRC&#160;citizens who
reside in China for a continuous period of not less than one year and 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 may be granted options will be subject to these regulations when our company grants options after it became an overseas-listed
company. Failure to complete SAFE registrations may subject them to fines and legal sanctions, and may also limit our ability to contribute
additional capital into our PRC subsidiaries and limit our PRC subsidiaries&#8217; ability to distribute dividends to us. We also face
regulatory uncertainties that could restrict our ability to adopt incentive plans for our directors, executive officers and employees
under PRC law.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 and/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 and/or restricted shares with 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 laws and regulations, we may face sanctions imposed by the tax authorities or other PRC government authorities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may rely on dividends and other distributions on equity paid
by our PRC and Hong Kong subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our
PRC and Hong Kong subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a Cayman Islands holding company and we
rely principally on dividends and other distributions on equity from our PRC and Hong Kong subsidiaries for our cash requirements, including
the funds necessary to pay dividends and other cash distributions to our shareholders for services of any debt we may incur. If our PRC
and Hong Kong subsidiaries incur debt on its own behalf in the future, the instruments governing the debt may restrict its ability to
pay dividends or make other distributions to us. Under PRC laws and regulations, our PRC subsidiary, which is a foreign-owned enterprise,
may pay dividends only out of its respective accumulated profits as determined in accordance with PRC accounting standards and regulations.
In addition, a foreign-owned enterprise, according to the PRC companies law, is required to set aside at least 10% of its accumulated&#160;after-tax&#160;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.
Such reserve funds cannot be distributed to us as dividends.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our PRC subsidiaries generate essentially 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 subsidiary to use their Renminbi revenues to pay dividends to us.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Chinese companies
to&#160;non-PRC-resident&#160;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&#160;non-PRC-resident&#160;enterprises are incorporated.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>You may be subject to PRC income tax on dividends from us or
on any gain realized on the transfer of our Class A ordinary shares.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Enterprise Income Tax Law and its implementation
rules, PRC withholding tax at a rate of 10% is generally applicable to dividends from PRC sources paid to investors that are resident
enterprises outside of China and that do not have an establishment or place of business in China, or that have an establishment or place
of business in China if the income is not effectively connected with the establishment or place of business. Any gain realized on the
transfer of shares by such investors is subject to 10% PRC income tax if this gain is regarded as income derived from sources within China.
Under the PRC Individual Income Tax Law and its implementation rules, dividends from sources within China paid to foreign individual investors
who are not PRC residents are generally subject to a PRC withholding tax at a rate of 20% and gains from PRC sources realized by these
investors on the transfer of shares are generally subject to 20% PRC income tax. Any such PRC tax liability may be reduced by the provisions
of an applicable tax treaty.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although substantially all of our business operations
are in China, it is unclear whether the dividends we pay with respect to our Class A ordinary shares, or the gains realized from the transfer
of our Class A ordinary shares, would be treated as income derived from sources within China and as a result be subject to PRC income
tax if we are considered a PRC resident enterprise. If PRC income tax is imposed on gains realized through the transfer of our Class A
ordinary shares or on dividends paid to our&#160;non-resident&#160;investors, the value of your investment in our Class A ordinary shares
may be materially and adversely affected. Furthermore, our shareholders whose jurisdictions of residence have tax treaties or arrangements
with China may not qualify for benefits under these tax treaties or arrangements.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, pursuant to the Double Tax Avoidance
Arrangement between Hong Kong and China, if a Hong Kong resident enterprise owns more than 25% of the equity interest of a PRC company
at all times during the twelve-month period immediately prior to obtaining a dividend from such company, the 10% withholding tax on the
dividend is reduced to 5%, provided that certain other conditions and requirements are satisfied at the discretion of the PRC tax authority.
However, based on the Notice on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties, issued in 2009
by the State Administration of Taxation, if the PRC tax authorities determine, in their discretion, that a company benefits from the reduced
income tax rate due to a structure or arrangement that is primarily&#160;tax-driven,&#160;the PRC tax authorities may adjust the preferential
tax treatment. If our Hong Kong subsidiaries are determined by PRC government authorities as receiving benefits from reduced income tax
rates due to a structure or arrangement that is primarily&#160;tax-driven,&#160;the dividends paid by our PRC subsidiaries to our Hong
Kong subsidiaries will be taxed at a higher rate, which will have a material adverse effect on our financial performance.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>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 from our
subsequent offerings to make loans or additional capital contributions to our PRC subsidiaries in China, which could materially and adversely
affect our liquidity and our ability to fund and expand our business.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are an offshore holding company conducting
our operations in China through our PRC subsidiaries. We may make loans to our PRC subsidiaries, or we may make additional capital contributions
to our PRC subsidiaries, or we may establish new PRC subsidiaries and make capital contributions to these new PRC subsidiaries, or we
may acquire offshore entities with business operations in China in an offshore transaction.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Most of these ways are subject to PRC regulations
and approvals or registration. For example, loans by us to our wholly owned PRC subsidiary to finance its activities cannot exceed statutory
limits and must be registered with the local counterpart of SAFE. If we decide to finance our wholly owned PRC subsidiary by means of
capital contributions, these capital contributions are subject to registration with the State Administration for Market Regulation or
its local branch, reporting of foreign investment information with the PRC Ministry of Commerce, or registration with other governmental
authorities in China.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, in replacement of the Circular on the Relevant Operating Issues Concerning the Improvement of the Administration
of the Payment and Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, the Notice from the State Administration of
Foreign Exchange on Relevant Issues Concerning Strengthening the Administration of Foreign Exchange Businesses, and the Circular on Further
Clarification and Regulation of the Issues Concerning the Administration of Certain Capital Account Foreign Exchange Businesses. 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&#160;9,
2016, which 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&#160;non-associated&#160;enterprises. Violations of SAFE Circular 19 and SAFE Circular 16 could result
in administrative penalties. SAFE Circular 19 and SAFE Circular 16&#160;may significantly limit our ability to transfer any foreign currency
we hold, including the net proceeds from our subsequent offering, to our PRC subsidiary, which may adversely affect our liquidity and
our ability to fund and expand our business in China. On October&#160;23, 2019, the SAFE promulgated the Notice for Further Advancing
the Facilitation of Cross-border Trade and Investment, or the SAFE Circular 28, which, among other things, allows all foreign-invested
companies to use Renminbi converted from foreign currency-denominated capital for equity investments in China, as long as the equity investment
is genuine, does not violate applicable laws, and complies with the negative list on foreign investment. However, since the SAFE Circular
28 is newly promulgated, it is unclear how SAFE and competent banks will carry this out in practice.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, or at all,
with respect to future loans to our PRC subsidiary or future capital contributions by us to our PRC subsidiary. As a result, uncertainties
exist as to our ability to provide prompt financial support to our PRC subsidiary when needed. If we fail to complete such registrations
or obtain such approvals, our ability to use the proceeds we expect to receive from our subsequent offerings 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Fluctuations in exchange rates could have a material and adverse
effect on our results of operations and the value of your investment.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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. From
time to time, we are exposed to currency risk primarily through sales and purchases which give rise to receivables, payables and cash
balances that are denominated in currencies other than the functional currency of the operations to which the transactions relate.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Substantially all of our income and expenses
are denominated in Renminbi and our reporting currency is Renminbi. Significant revaluation of the Renminbi may have a material and adverse
effect on your investment. For example, 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 reduce the Renminbi 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 Class A ordinary shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Very limited hedging options are available in
China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into any hedging transactions 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 hedge our exposure adequately or at all. In addition, our currency
exchange losses may be magnified by PRC exchange control regulations that restrict our ability to convert Renminbi into foreign currency.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Governmental control of currency conversion may limit our ability
to utilize our income effectively and affect the value of your investment.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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. We receive substantially all of
our income in Renminbi. Under our current corporate structure, our Cayman Islands holding company may rely on dividend payments from our
PRC subsidiary to fund any cash and financing requirements payable outside of China. 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 SAFE by complying with certain procedural requirements. Specifically, under
the existing exchange restrictions, cash generated from the operations of our PRC subsidiary in China may be used to pay dividends to
our company without prior approval of SAFE. 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 subsidiary
to pay any debts they may incur 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, if any of our shareholders who is
subject to SAFE regulations fails to satisfy the applicable overseas direct investment filing or approval requirement, the PRC government
may restrict our access to foreign currencies for current account transactions. If we are prevented from obtaining sufficient foreign
currency to satisfy our foreign currency demands, we may not be able to pay dividends in foreign currencies to our shareholders.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If the chops of our PRC subsidiaries 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.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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. The chops of our PRC subsidiaries are generally
held securely by personnel designated or approved by us in accordance with our internal control procedures. 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may be subject to penalties for failure to register our lease
with the PRC real estate administration department.</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Law on Administration of Urban
Real Estate which took effect in January&#160;1995 with the latest amendment in August&#160;2019 and the Administrative Measures on Leasing
of Commodity Housing which was promulgated by Ministry of Housing and Urban-Rural Development on December&#160;1, 2010 and took effect
on February&#160;1, 2011, lessors and lessees are required to enter into a written lease contract and to register the lease with the real
estate administration department, and failure to comply with the registration requirement may result in a fine ranging from RMB1,000 to
RMB10,000. Our PRC subsidiaries only registered three of their leases with the real estate administration department. With respect to
the unregistered lease, we may be required to complete such registration or subject to fines, which may materially affect our financial
position or operation.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to the Class A Ordinary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The trading price of our Class A ordinary shares has been and
will likely continue to be volatile, which could result in substantial losses to investors.</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a relatively small-capitalization company
with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and
less liquidity than large-capitalization companies. Such volatility, including any stock-run up, may be unrelated to our actual or expected
operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing
value of our Class A ordinary shares.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Moreover, the volatility and fluctuation of the
trading price of our Class A ordinary shares may happen because of broad market and industry factors, like the performance and fluctuation
of the market prices of other companies with business operations located mainly in China that have listed their securities in the United
States. A number of Chinese companies have listed or are in the process of listing their securities on U.S. stock markets. The securities
of some of these companies have experienced significant volatility, including price declines in connection with their initial public offerings.
The trading performances of these Chinese companies&#8217; securities after their offerings may affect the attitudes of investors toward
Chinese companies listed in the United States in general and consequently may impact the trading performance of our Class A ordinary shares,
regardless of our actual operating performance.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to market and industry factors, the
price and trading volume for our Class A ordinary shares may be highly volatile for factors specific to our own operations, including
the following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">variations in our income, earnings
and cash flow;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr>
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    <td style="vertical-align: top; width: 0.25in; font-size: 10pt">&#9679;</td>
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  <tr>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr>
    <td style="font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt">&#9679;</td>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">announcements of new services and expansions by us or our competitors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr>
    <td style="width: 0.5in; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; width: 0.25in; font-size: 10pt">&#9679;</td>
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  <tr>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr>
    <td style="font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt">&#9679;</td>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">detrimental adverse publicity about us, our services or our industry;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr>
    <td style="width: 0.5in">&#160;</td>
    <td style="vertical-align: top; width: 0.25in">&#9679;</td>
    <td style="vertical-align: top"><span style="font-size: 10pt">additions or departures of key personnel;</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td style="vertical-align: top">&#9679;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">release of&#160;lock-up&#160;or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr>
    <td style="width: 0.5in">&#160;</td>
    <td style="vertical-align: top; width: 0.25in">&#9679;</td>
    <td style="vertical-align: top"><span style="font-size: 10pt">potential litigation or regulatory investigations.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any of these factors may result in large and
sudden changes in the volume and price at which our Class A ordinary shares will trade. Furthermore, the stock market in general experiences
price and volume fluctuations that are often unrelated or disproportionate to the operating performance of companies like us. These broad
market and industry fluctuations may adversely affect the market price of our Class A ordinary shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, if the trading volumes of our Class
A ordinary shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Class A ordinary
shares. This low volume of trades could also cause the price of our Class A ordinary shares to fluctuate greatly, with large percentage
changes in price occurring in any trading day session. Holders of our Class A ordinary shares may also not be able to readily liquidate
their investment or may be forced to sell at depressed prices due to low volume trading. If high spreads between the bid and ask prices
of our Class A ordinary shares exist at the time of a purchase, the stock would have to appreciate substantially on a relative percentage
basis for an investor to recoup their investment. Broad market fluctuations and general economic and political conditions may also adversely
affect the market price of our Class A ordinary shares. As a result of this volatility, investors may experience losses on their investment
in our Class A ordinary shares. A decline in the market price of our Class A ordinary shares also could adversely affect our ability to
issue additional Class A ordinary shares or other of our securities and our ability to obtain additional financing in the future. No assurance
can be given that an active market in our Class A ordinary shares will develop or be sustained. If an active market does not develop,
holders of our Class A ordinary shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the past, shareholders of public companies
have often brought securities class action suits against those companies following periods of instability in the market price of their
securities. If we were involved in a class action suit, it could divert a significant amount of our management&#8217;s attention and other
resources from 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.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The dual-class structure of our ordinary shares has the effect
of concentrating voting power with our existing shareholders prior to the IPO, which will limit your ability to influence the outcome
of important transactions, including a change in control.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have adopted a dual-class voting structure
such that our ordinary shares consist of Class A ordinary shares and Class B ordinary shares. Our Class B ordinary shares have ten (10)
votes per share, and our Class A ordinary shares have one (1) vote per share. As of the date of this annual report, our issued and outstanding
share capital consists of 14,942,623 Class A ordinary shares and 6,409,600 Class B ordinary shares. Our founder and chief executive officer,
Mr. Xiaogang Geng is the only shareholder who owns all our issued and outstanding 6,409,600 Class B ordinary shares and beneficially owns
more than 50% of our total voting power. See &#8220;Item 6. Directors, Senior Management and Employees&#8212;E. Share Ownership&#8221;
and &#8220;&#8212;Risks Related to Our Business and Industry&#8212;We are a &#8216;controlled company&#8217; 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.&#8221; As a result of the dual-class share structure and the concentration of voting power, Mr. Xiaogang
Geng, individually or together, may be able to significantly influence matters submitted to our shareholders for approval, including the
election of directors, amendments of our memorandum and articles of association and any merger or other major corporate transactions that
require shareholder approval, or may vote in a way with which you disagree and which may be adverse to your interests. This concentrated
voting power may, by changing the directors of the Company, have the ultimate effect of delaying, preventing or deterring a change in
control of our Company, could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our
company and might ultimately materially and adversely affect the market price of our Class A ordinary shares. Future transfers by the
holder of Class B ordinary shares may result in those shares converting into Class A ordinary shares. Each Class B ordinary share is convertible
into one Class A ordinary share at any time at the option of the holder, but Class A ordinary shares shall not be convertible into Class
B ordinary shares under any circumstances. However, as long as at least approximately 1,941,112 Class B ordinary shares remain outstanding,
and without giving effect to any future issuances, the holder of our Class B ordinary shares will hold a majority of the outstanding voting
power and will continue to control the outcome of matters submitted to shareholders approval, assuming the underwriters do not exercise
their option to purchase additional Class A ordinary shares. Our amended and restated articles of association generally do not prohibit
us from issuing additional Class B ordinary shares, and any future issuance of Class B ordinary shares may be dilutive to Class A ordinary
shareholders.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The dual-class structure of our ordinary shares may adversely
affect the trading market for our Class A ordinary shares.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot predict whether our dual-class structure
will result in a lower or more volatile market price of our Class A ordinary shares or in adverse publicity or other adverse consequences.
For example, certain index providers have announced restrictions on companies with dual-class or multi-class share structures in their
indices. In July 2017, S&amp;P Dow Jones and FTSE Russell announced changes to their eligibility criteria for the inclusion of shares
of public companies on certain indices, including the Russell 2000, the S&amp;P 500, the S&amp;P MidCap 400 and the S&amp;P SmallCap 600,
to exclude companies with multiple classes of shares from being added to these indices. Beginning in 2017, MSCI, a leading stock index
provider, opened public consultations on their treatment of no-vote and multi-class structures and temporarily barred new multi-class
listings from certain of its indices; however, in October 2018, MSCI announced its decision to include equity securities &#8220;with unequal
voting structures&#8221; in its indices and to launch a new index that specifically includes voting rights in its eligibility criteria.
As a result, our dual class capital structure would make us ineligible for inclusion in any of these indices, and mutual funds, exchange-traded
funds and other investment vehicles that attempt to passively track these indices will not be investing in our Class A ordinary shares.
These policies are still relatively new and it is as of yet unclear what effect, if any, they will have on the valuations of publicly
traded companies excluded from the indices, but it is possible that they may depress these valuations compared to those of other similar
companies that are included. Furthermore, we cannot assure you that other stock indices will not take a similar approach to S&amp;P Dow
Jones or FTSE Russell in the future. Exclusion from indices could make our Class A ordinary shares less attractive to investors and, as
a result, the market price of our Class A ordinary shares could be adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If securities or industry analysts do not publish research or
reports about our business, or if they adversely change their recommendations regarding our Class A ordinary shares, the market price
for our Class A ordinary shares and trading volume could decline.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The trading market for our Class A ordinary shares
will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts who
cover us downgrade our Class A ordinary shares, the market price for our Class A ordinary shares would likely decline. If one or more
of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which
in turn could cause the market price or trading volume for our Class A ordinary shares to decline.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The sale or availability for sale of substantial amounts of our
Class A ordinary shares could adversely affect their market price.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sales of substantial amounts of our Class A ordinary
shares in the public market, or the perception that these sales could occur, could adversely affect the market price of our Class A ordinary
shares and could materially impair our ability to raise capital through equity offerings in the future. We cannot predict what effect,
if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities
for future sale will have on the market price of our Class A ordinary shares. In addition, if we issue additional ordinary shares, either
through private transactions or in the public markets in the United States or other jurisdiction, your ownership interests in our company
would be diluted and this, in turn, would have an adverse effect on the price of our Class A ordinary shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Because we do not expect to pay dividends in the foreseeable
future, you must rely on price appreciation of our Class A ordinary shares for return on your investment.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We currently intend to retain most, if not 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 Class A ordinary shares as a source
for any future dividend income.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors has complete discretion
as to whether to distribute dividends. Even if our board of directors decides to declare and pay dividends, the timing, amount and form
of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements
and surplus, the amount of distributions, if any, received by us from our subsidiary, our financial condition, contractual restrictions
and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our Class A ordinary shares
will likely depend entirely upon any future price appreciation of our Class A ordinary shares. There is no guarantee that our Class A
ordinary shares will appreciate in value or even maintain the price at which you purchased the Class A ordinary shares. You may not realize
a return on your investment in our Class A ordinary shares and you may even lose your entire investment in our Class A ordinary shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>There can be no assurance that we will not be a passive foreign
investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could subject U.S. investors in our Class
A ordinary shares to significant adverse U.S. federal income tax consequences.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A non-U.S. corporation, such as our company,
will generally be classified as a &#8220;passive foreign investment company,&#8221; or &#8220;PFIC,&#8221; 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 (generally 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. Passive income generally includes dividends, interest, royalties,
rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. For this purpose,
cash and assets readily convertible into cash are categorized as passive assets and the company&#8217;s goodwill and other unbooked intangibles
are generally taken into account when determining the value of its assets.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon our current and projected income and
assets and the market price of our Class A ordinary shares, we do not believe that we were a PFIC for the taxable year ended December
31, 2022 and we do not presently expect to be a PFIC for the current taxable year or the foreseeable future. However, no assurance can
be given in this regard because the determination of whether we will be or become a PFIC is a factual determination made annually that
will depend, in part, upon the composition of our income and assets and the value of our assets. Fluctuations in the market price of the
Class A ordinary shares may cause us to be or become a PFIC for the current or future taxable years because the value of our assets for
purposes of the asset test, including the value of our goodwill and unbooked intangibles, may be determined by reference to the market
price of the Class A ordinary shares from time to time (which may be volatile). If our market capitalization subsequently declines, we
may be or become a PFIC for the current taxable year or future taxable years. Furthermore, the composition of our income and assets may
also be affected by how, and how quickly, we use our liquid assets. Under circumstances where our revenue from activities that produce
passive income significantly increases relative to our revenue from activities that produce non-passive income, or where we determine
not to deploy significant amounts of cash for active purposes, our risk of becoming a PFIC may substantially increase.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are classified as a PFIC for any taxable
year during which a U.S. Holder (as defined in &#8220;Item 10. Additional Information &#8212; E. Taxation &#8212; U.S. Federal Income
Tax Considerations&#8221;) holds our Class A ordinary shares, the PFIC tax rules discussed under &#8220;Item 10. Additional Information
&#8212; E. Taxation &#8212; U.S. Federal Income Tax Considerations&#8212;PFIC Rules&#8221; will generally apply to such U.S. Holder for
such taxable year and, unless the U.S. Holder makes a &#8220;mark-to-market&#8221; election, will apply in future years even if we cease
to be a PFIC.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our memorandum and articles of association contain anti-takeover
provisions that could have a material adverse effect on the rights of holders of our Class A ordinary shares.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our 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&#160;change-of-control&#160;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 ordinary shares. Preferred shares could be issued quickly with
terms calculated to delay or prevent a change in control of our company or make removal of management more difficult. If our board of
directors decides to issue preferred shares, the price of our Class A ordinary shares may fall and the voting and other rights of the
holders of our Class A ordinary shares may be materially and adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our amended and restated memorandum and articles of association
provide that the United States District Court for the Southern District of New York (or, if the Southern District of New York lacks subject
matter jurisdiction over a particular dispute, the state courts of New York County, New York) shall be the exclusive forum within the
United States for the resolution of any complaint asserting a cause of action arising out of or relating in any way to the federal securities
laws of the United States regardless of whether such legal suit, action, or proceeding also involves parties other than us. This could
limit the ability of holders of our Class A ordinary shares or other securities to obtain a favorable judicial forum for disputes with
us, our directors and officers, and potentially others.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our amended and restated memorandum and articles
of association provide that the United States District Court for the Southern District of New York (or, if the Southern District of New
York lacks subject matter jurisdiction over a particular dispute, the state courts of New York County, New York) shall be the exclusive
forum within the United States for the resolution of any complaint asserting a cause of action arising out of or relating in any way to
the federal securities laws of the United States, regardless of whether such legal suit, action, or proceeding also involves parties other
than us. However, the enforceability of similar choice of forum provisions in other companies&#8217; organizational documents has been
challenged in legal proceedings in the United States, and it is possible that a court could find this type of provision to be inapplicable,
unenforceable, or inconsistent with other documents that are relevant to the filing of such lawsuits. If a court were to find the choice
of forum provision contained in our amended and restated memorandum and articles of association to be inapplicable or unenforceable in
an action, we may incur additional costs associated with resolving such action in other jurisdictions. If upheld, the forum selection
clause in our amended and restated memorandum and articles of association may limit a security-holder&#8217;s ability to bring a claim
against us, our directors and officers, and potentially others in a his or her preferred judicial forum, and this limitation may discourage
such lawsuits.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>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.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are an exempted company incorporated under
the laws of the Cayman Islands. 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 the directors,
actions by 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, Cayman
Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shareholders of Cayman Islands exempted companies
like us have no general rights under Cayman Islands law to inspect corporate records or to obtain copies of lists of shareholders of these
companies. Our directors have discretion under 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain corporate governance practices in the
Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such
as the United States. Currently, we plan to rely on home country practice with respect to corporate governance matters, and our shareholders
may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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. For a discussion of significant
differences between the provisions of the Companies Act (Revised) of the Cayman Islands and the laws applicable to companies incorporated
in the United States and their shareholders, see &#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8212;Differences
in Corporate Law.&#8221;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Certain judgments obtained against us by our shareholders may
not be enforceable.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a Cayman Islands company and substantially
all of our assets are located outside of the United States. Substantially all of our current operations are conducted in China. In addition,
a majority of our current directors and officers are nationals and residents of countries and regions other than the United States, including
China and Hong Kong. Substantially all of the assets of these persons are located outside the United States. 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, China and Hong Kong may render you unable to enforce a judgment against our assets or the
assets of our directors and officers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>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 United States domestic public companies.</i></b></p><div>

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

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

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

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    <td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">the rules under the Exchange Act requiring the filing of quarterly reports on Form&#160;10-Q&#160;or current reports on&#160;Form&#160;8-K&#160;with the SEC;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

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  <tr>
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: left; vertical-align: top"><span style="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>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  <tr>
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">the selective disclosure rules by issuers of material nonpublic information under Regulation&#160;FD.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are required to file an annual report on&#160;Form&#160;20-F&#160;within
four months of the end of each fiscal year. In addition, we intend to publish our results on a quarterly basis through press releases,
distributed pursuant to the rules and regulations of the Nasdaq. Press releases relating to financial results and material events will
also be furnished to the SEC on&#160;Form&#160;6-K.&#160;However, the information we are required to file with or furnish to the SEC will
be less extensive and less timely than 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><b><i>We are an emerging growth company, and the reduced disclosure
requirements applicable to emerging growth companies may make our Class A ordinary shares less attractive to investors.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are an &#8220;emerging growth company,&#8221;
as defined in the JOBS Act, and we may take advantage of certain exemptions from requirements applicable to other public companies that
are not emerging growth companies including, most significantly, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act of 2002 for so long as we remain an emerging growth company. As a result, if we elect not to
comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The JOBS Act also provides that an emerging growth
company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise
required to comply with such new or revised accounting standards. This election allows us to delay the adoption of new or revised accounting
standards that have different effective dates for public and private companies until those standards apply to private companies, and as
a result of this election our financial statements may not be comparable to those of companies that comply with public company effective
dates, including other emerging growth companies that have not made this election.</p><div>

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

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</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM&#160;4. INFORMATION ON THE COMPANY</b></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>A.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">History and Development
of the Company</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a Cayman Islands holding company and primarily
conduct our operations in China through our PRC subsidiaries. We commenced our commercial operations in September 2009 through Shenzhen
Jiayuda Trading Co., Ltd. In July 2015, Shenzhen Jayud Logistics Technology Co., Ltd. (previously under the name of &#8220;Shenzhen Xinyuxiang
Supply Chain Co., Ltd.&#8221;) was established to optimize our resource allocation to further expand our business. On June&#160;10, 2022,
we incorporated Jayud Global Logistics Limited under the laws of the Cayman Islands as our offshore holding company to facilitate offshore
financing. In June 2022, we established Jayud Global Logistics (Hong Kong) Limited, our wholly owned Hong Kong subsidiary. </p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In April 2023, we completed our initial
public offering and listed our Class A ordinary shares on the Nasdaq Capital Market under the symbol &#8220;JYD.&#8221; We raised
approximately US$4.86 million in net proceeds from the issuance of new shares from the initial public offering and partial exercise
of over-allotment option after deducting underwriting discounts, commissions and expenses.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our principal executive offices are located at
4th Floor, Building 4, Shatoujiao Free Trade Zone, Yantian District, Shenzhen, the People&#8217;s Republic of China. Our telephone number
at this address is +86 0755-25595406. Our registered office in the Cayman Islands is located at Vistra (Cayman) Limited, P. O. Box 31119
Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands. Our agent for service of process in the United
States is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor, New York, NY 10168.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEC maintains an internet site that contains
reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC on&#160;<i>www.sec.gov</i>.
You can also find information on our website&#160;http://www.jayud.com/. The information contained on our website is not a part of this
annual report.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Business Overview</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are one of the leading Shenzhen-based end-to-end
supply chain solution providers in China, with a focus on providing cross-border logistics services. According to the Frost &amp; Sullivan
Report, in 2021, we ranked fifth in terms of the revenues generated from providing end-to-end cross-border supply chain solution among
all end-to-end supply chain solution providers based in Shenzhen. Headquartered in Shenzhen, a key component of the Greater Bay Area in
China, we benefit from the unique geographical advantages of providing high degree of support for ocean, air and overland logistics. A
well-connected transportation network enables us to significantly increase efficiency and reduce transportation costs. As one of the most
open and dynamic regions in China, Shenzhen is home to renowned enterprises and the gathering place of cross-border e-commerce market
players, which provides us with a large customer base and enables us to develop long-term in-depth relationships with our customers. In
addition, the sustained and steady growth of local economy and supportive government policies have backed up our development and brought
us great convenience in daily operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the years ended December 31, 2020, 2021
and 2022, our total revenue amounted to RMB290.3 million, RMB545.6 million and RMB652.0 million (US$93.6 million), respectively,
representing a year-over-year increase of 87.9% and 19.5%. For the years ended December 31, 2020, 2021 and 2022, our gross profit
amounted to RMB21.0 million, RMB34.5 million and RMB37.4 million (US$5.4 million), respectively, representing a year-over-year
increase of 64.1% and 8.4%, respectively.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We offer a comprehensive range of cross-border
supply chain solution services, including: (i) freight forwarding services, (ii) supply chain management, and (iii) other value-added
services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Freight Forwarding Services</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our freight forwarding services primarily comprise
(i)&#160;integrated cross-border logistics services, and (ii)&#160;fragmented logistics services. For the years ended December 31, 2020,
2021 and 2022, revenues from our freight forwarding services amounted to RMB243.6 million, RMB488.0 million, and RMB577.6 million (US$82.9
million), respectively, representing a year-over-year increase of 100.3% and 18.3%, respectively.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Integrated Cross-border Logistics Services</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our integrated cross-border logistics services
primarily consist of (i) contract logistics services, where we provide our enterprise customers with customized integrated logistics services
covering the entire delivery process from order origination to the final point of sale or delivery, representing a customized and seamless
combination of order processing, warehousing management, transportation and delivery, and other value-added services; and (ii) basic logistics
services, where our customers may choose from various modularized integrated logistics service offerings that are designed based on our
in-depth understanding of the demands of various industries, such as cross-border e-commerce, chemical industry, and the retail sector.
Leveraging our integrated service capabilities and our self-developed logistic IT systems, we aspire to manage our distribution network
seamlessly, allowing our customers to outsource to us their supply chain process.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our integrated cross-border logistics services
primarily involve order processing, warehousing management, cross-border transportation and delivery (which could involve air freight,
ocean freight and/or overland freight), and other value-added services. Unlike traditional logistics services providers who typically
only provide fragmented logistics services, leaving the burden of coordination to the customers, we, as an integrated logistics services
provider, efficiently coordinate with ocean, air and overland carriers. We also engage in the operation of depots and warehouses, customs
clearance and ground express transportation services (either by our own fleet or third-party trucking service providers), thus reducing
lead time and hassle while improving fulfillment efficiency.</p><div>

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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The flow chart below sets forth an illustration
of our integrated cross-border logistics service process:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><i>Contract Logistics Services</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We customize our integrated logistics solutions
for our major customers, seamlessly covering their entire supply chain process from order origination to the final point of sale or delivery.
For instance, we provide one of our key customers, a leading technology company headquartered in Dongguan, with an end-to-end one-stop
integrated logistics services solution, including custom brokerage, warehousing, logistics and all other links in the integrated cross-border
logistics service process. We opened exclusive air routes for this customer, namely China to Southeast Asia and China to India. Over the
years, our self-developed IT systems are gradually connecting with this customer&#8217;s internal IT systems in order to realize more
efficient logistics management.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Customers of our contract logistics services
are primarily reputable companies such as, among others, a leading China-based lithium-ion battery manufacturer for electric vehicles,
a leading China-based designer and manufacturer of consumer electronics, and a leading China-based personal computer company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Depending on the types of services involved in
the supply chain process, we generally charge our customers of contract logistics services the following: (i) basic service fees, which
typically include freight charges, custom brokerage fees, and pickup fees; and (ii) additional service fees, which, depending on the instructions
from our customers, may include insurance fees, first-mile pickup and/or last-mile delivery fees and warehousing fees.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the fiscal years ended December 31, 2020,
2021, and 2022, revenues from our contract logistics segment amounted to RMB191.9 million, RMB255.8 million and RMB321.2 million (US$46.1
million), respectively, representing a year-over-year increase of 33.3% and 25.6%.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Basic Logistics Services</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We developed various modularized integrated logistics
service offerings based on our&#160;in-depth&#160;understanding of the demands of a variety of industries, such as&#160;cross-border&#160;e-commerce,&#160;chemical
industry, and the retail sector. Principal customers of our basic logistics services, such as owners of&#160;e-commerce&#160;stores and
other&#160;small-and-medium-sized&#160;enterprises (or the &#8220;SMEs&#8221;), may easily choose the service module(s) that accommodate
their needs. We generally charge our customers of basic logistics services the following: (i)&#160;basic service fees, which typically
include freight charges, custom brokerage fees, and pickup fees; and (ii)&#160;additional service fees, which, depending on the instructions
from our customers, may include insurance fees, first-mile pickup and/or last-mile delivery fees and warehousing fees. For the fiscal
years ended December&#160;31, 2020, 2021, and 2022, revenues from our basic logistics segment amounted to RMB18.9 million, RMB134.4 million
and RMB123.1 million (US$17.7 million), respectively, representing a&#160;year-on-year&#160;increase of 609.5% and decrease of 8.4%.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Fragmented Logistics Services</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may also be engaged by our customers to provide
one or more types of logistics services that only consist part of the entire&#160;cross-border&#160;cargo delivery process. Such fragmented
logistics services primarily include one or a combination of the following: (i)&#160;air freight forwarding; (ii)&#160;ocean freight forwarding;
(iii)&#160;overland freight services; (iv)&#160;warehousing; and (v)&#160;other fragmented logistics services, such as port and depot
services,&#160;non-time-definite&#160;delivery and coordination services. For the fiscal years ended December&#160;31, 2020, 2021, and
2022, revenues from our fragmented logistics services amounted to RMB32.8&#160;million, RMB97.8 million, and RMB133.2&#160;million (US$19.1
million), respectively, representing a&#160;year-on-year&#160;increase of 198.1% and 36.2%.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Air Freight Forwarding Services</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Operating as an air freight consolidator, we
provide both time-saving and cost-effective air freight options to our customers. We purchase cargo space from airlines based on volumes
and resell that cargo space to our customers at a lower price than what they could obtain through negotiations with airlines for their
scatter shipment needs. We have established strategic cooperation relationships with domestic and international airlines, allowing our
distribution network to efficiently connect major transportation hubs in China, the Southeast Asia and the U.S. Customers may also order
trucking services to facilitate shipments and/or customs clearance services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our air freight forwarding services generally
fall into the following three categories: (i)&#160;export air freight forwarding; (ii)&#160;import air freight forwarding; and (iii)&#160;domestic
air freight forwarding. We offer deferred, express and charter services, which permit our customers to choose from a menu of different
priority options that secure at different price levels, greater assurance of timely delivery. Customers may also request other logistics
services ancillary to air freight forwarding, such as (i)&#160;port and depot services, where cargos and containers are loaded, uploaded
or stored in preparation for delivery, (ii)&#160;warehousing and trucking services to facilitate shipments, and (iii)&#160;export or import
customs clearance services in relation to cross-border air freight forwarding.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Customers of our air freight forwarding services
primarily include companies in the electronics and new energy industries, as well as other logistics service providers. The majority of
shipments originate in Hong Kong, Shenzhen and Guangzhou of Guangdong province, as well as Shanghai.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We endeavor to ensure air freight shipping capacity
is secured and planned in advance to meet our customers&#8217; requirements. The capacity is then made available to our customers at competitive
pricing and with the added security of availability, particularly during peak air freight shipping periods. Our volumes enable us to enter
significant contracts with airlines to lock in capacity at prices that enable us to secure and retain customers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Depending on the types of services involved in
the process, we generally charge our air freight forwarding customers the following: (i)&#160;basic service fees, which typically include,
among other things, freight charges, and&#160;pick-up&#160;fees; and (ii)&#160;additional service fees, which, depending on the instructions
from our customers, may include custom clearance fees, insurance fees, first-mile pickup and/or last-mile delivery fees and warehousing
service fees.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Ocean Freight Forwarding Services</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Operating as an ocean freight forwarder, we engage
in: (i)&#160;ocean freight consolidation, where we consolidate shipments at the origin or deconsolidate freight at the destination, which
enables our customers to receive the economics of a consolidated container rate rather than a higher rate for less than full container
load, or LCL;&#160;and (ii)&#160;direct ocean forwarding, where we arrange for ocean freight for customers on a LCL basis. We provide
both export and import ocean freight forwarding services. Customers may also request other logistics services ancillary to ocean freight
forwarding, such as (i)&#160;port and depot services, where cargos and containers are loaded, uploaded or stored in preparation for delivery,
(ii)&#160;warehousing and trucking services to facilitate shipments, and (iii)&#160;export or import customs clearance services in relation
to direct ocean freight forwarding.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Customers of our ocean freight forwarding services
primarily include manufacturers, companies that engages in international commerce, as well as other logistics service providers. The majority
of shipments originate in Shenzhen of Guangdong province, Ningbo of Zhejiang province and Shanghai.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We endeavor to ensure that our ocean freight
shipping capacity is secured and planned in advance to meet our customers&#8217; requirements. Ocean freight capacities fluctuated since
the&#160;COVID-19&#160;outbreak. As such, in an effort to lock in capacity at prices that enable us to secure and retain customers, we
have entered significant contracts with major container shipping companies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Depending on the types of services involved in
the process, we generally charge our ocean freight forwarding customers the following: (i)&#160;freight charges and our forwarding commissions;
and (ii)&#160;additional service fees, which, depending on the instructions from our customers, may include custom clearance fees, insurance
fees, first-mile pickup and/or last-mile delivery fees and warehousing fees.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Overland Freight Services</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our overland freight services primarily include
(i)&#160;first-mile pickup, (ii)&#160;last-mile delivery, and (iii)&#160;other overland freight forwarding services, such as rail freight
and intermediate transportations with intermediate stops at Hong Kong.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Customers of our overland freight services primarily
include manufacturers, companies that engages in international commerce, as well as other logistics service providers. The majority of
freights originate in Shenzhen of Guangdong province.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We endeavor to ensure that our overland freight
services capacity is secured and planned in advance to meet our customers&#8217; requirements. To that end, we maintained a fleet of two
self-owned trucks as of December 31, 2022 and have developed sound business relationships with third-party trucking service providers.
Furthermore, we have also chartered rail transport to secure stable overland freight service capabilities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Depending on the types of services involved in
the process, we generally charge our customers of overland freight services the following: (i)&#160;freight charges and/or our forwarding
commissions; and (ii)&#160;additional service fees, which depending on the instructions from our customers, may include insurance fees,
first-mile pickup and/or last-mile delivery fees and warehousing service fees.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Warehousing Services</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our customers may use our warehouses as an
intermediate stop for an average period of up to three days, and may store goods or inventory in our warehouses for a period ranging
from three days to months. As of December 31, 2022, we had two self-operated warehouses located in Shenzhen of Guangdong
province, with an aggregate GFA of approximately 14,564 sq. m. As of the same date, we had the rights to use two third-party
warehouses located in Yiwu of Zhejiang province and Hong Kong, with an aggregate GFA of approximately 8,531 sq.m. In May 2022, we,
through Shenzhen Jayud Logistics Technology Co., Ltd., entered into an agreement to obtain the right to use Dachan Bay Warehouse
that was located close to Dachan Bay Terminals, Shenzhen Baoan International Airport and National Highway G4 which connects Beijing,
Hong Kong and Macao, with an aggregate GFA of approximately 11,000 sq.m. Later in August, Shenzhen Jayud Logistics Technology Co.,
Ltd. assigned all its rights and obligations under such agreement to Shenzhen Jayud Yuncang Technology Co., Ltd., one of our
subsidiaries in China, by entering into a supplementary agreement. Besides, we also provide customers with: (i) labeling services,
where we print thermal labels and paste them on the packages as per the customers&#8217; requests; (ii) packaging services, where,
in the event of the damaged packaging, we may replace the damaged packaging as per the customers&#8217; requests; and (iii)
after-sales reverse logistics services, where we provide replacement and return warehousing to support returns management and other
aftersales activities, such as product inspection, refurbishment or disposal.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We charge our customers warehousing fees primarily
consist of our rental rate for the relevant warehouse, first-mile pickup and/or last-mile delivery fees, and fees for other warehousing
services, as applicable.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Other Fragmented Logistics Services</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the foregoing, we also provide
the following logistics services on a fragmented basis as per our customers&#8217; needs: (i)&#160;port and depot services, where we help
to load, upload, store and/or transport containers and cargos;&#160;(ii)&#160;non-time-definite&#160;delivery services, where we provide
last-mile delivery for cross-border&#160;e-commerce&#160;businesses; and (iii)&#160;coordination services, where we connect&#160;cross-border&#160;supply
chain solution providers, shippers and consignees to improve logistics efficiency.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Supply Chain Management</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our supply chain management business primarily
consists of two&#160;sub-segments,&#160;namely, (i)&#160;international trading, where we engage in international trading directly, with
our customers being the purchasers or sellers, and (ii)&#160;agent services, where we are engaged by customers as their international
trade agent, for the purpose of further streamlining the customers&#8217; supply chain process. We believe our supply chain management
business allows us to enhance the overall customer experience and to create vast cross-selling opportunities to drive customer retention,
thus further differentiating us from our competitors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>International Trading</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also engage in international trading directly
through the wholesaling of certain goods with our customers. Unlike our freight forwarding services, our international trading business
requires us to bear both inventory risks and credit risks.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Agent Services</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may be engaged by our customers to act as
their international trade agent, managing their cross-border supply chains by assisting our customers, pursuant to the agreements between
our customers and designated third-parties, either (i)&#160;to procure certain goods from the designated third-party, or (ii)&#160;to
sell and deliver certain goods to the designated third-party. Similar to our integrated cross-border logistics services, our agent services
also involve a seamless combination of order processing, warehousing management, transportation and delivery, and other&#160;value-added&#160;services.
The major difference from integrated cross-border logistics services is that we carry out a substantial portion of the supply chain process
in our own name, and consequently we may have to bear credit risks involved in the supply chain process.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Other Value-Added Services</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We endeavor to differentiate our service offerings
by, among other things, developing other value-added services. Our value-added services primarily include (i)&#160;custom brokerage; and
(ii)&#160;intelligent logistic IT systems, which we develop and customize for our customers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Custom Brokerage</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We were recognized as an Advanced Certified Enterprise
with a China AEO (that is, Authorized Economic Operator) Certificate issued by the China Customs in 2021. The China AEO Certificate allows
us to perform custom brokerage more efficiently, thus ensuring timely delivery. Our services help importers and exporters to clear cargos
primarily with the China Customs, including documentation collection, valuation review, product classification, electronic submission
to customs and the collection and payment of duties, tariffs and fees. Our custom brokerage fees primarily represent costs incurred plus
our commissions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Intelligent Logistics IT Systems</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have developed proprietary IT systems that
can be categorized into the following types: (i)&#160;the Warehouse Management System, which allows a high degree of customization and
can be integrated with our customers&#8217; enterprise resource planning, or ERP, system to provide&#160;end-to-end&#160;supply chain
visibility; (ii)&#160;the Order Management System, which provides&#160;end-to-end&#160;supply chain visualization; (iii)&#160;the Transportation
Management System, which is an online platform designed to enhance visibility, accessibility and connectivity by enabling prompt information
flow between our customers and their supply chains; and (iv)&#160;the Booking Management System, which allows our staff and customers
to review the details of cargo booking and handling information in real-time. Each of our proprietary IT systems can integrate with our
ERP system. We sell and license our proprietary IT systems as per our customers&#8217; requests.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also develop customized proprietary IT systems
depending on our major customers&#8217; supply chain management needs. For instance, we developed a logistics control system for Lenovo,
the Lenovo Service Control Tower, or the Spider, which expected to contribute to Lenovo&#8217;s supply chain strategy to
establish a world-class intelligent global logistics network. The Spider enables&#160;end-to-end&#160;logistics online management and
helps to realize visualization and cost management. By accumulating logistics big data, the Spider supports the optimization of logistics
network and logistics intelligence improvement.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our Global Network</b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Headquartered in Shenzhen, Guangdong province,
we focus on China as our primary market and expect to expand our business globally. Shenzhen is of great significance in the history of
China&#8217;s opening-up. Located in this strategic city, we have enjoyed the benefits of its rapid development over the three decades
and will continue to take advantage of its growth. The advantages of being headquartered in Shenzhen include: (i) strategic geographical
location; (ii) large customer base; and (iii) sustained and steady growth of the local economy as well as supportive government policies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have established a global operation nexus
to support our business. We own logistic facilities strategically located throughout major transportation hubs in China and globally.
As of December 31, 2022, we had established a presence in 11 provinces (including provincial municipalities) in mainland China, such
as Shenzhen of Guangdong province, Nanjing of Jiangsu province, Ningbo and Yiwu of Zhejiang province, Qingdao of Shandong province, Beijing,
Shanghai, Tianjin, as well as some major global transportation hubs such as Hong Kong.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our global freight network covers various major
trade lanes across the world, including Asia-North America, Asia-Europe and Intra-Asia trade lines. As of December 31, 2022, our footprints
spread across six continents and over 16 countries, such as Thailand, Singapore, India, Philippine, the United Kingdom, and the United
States.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The&#160;end-to-end&#160;cross-border&#160;supply
chain solution market in China is highly fragmented. As a result, although we believe that we have established strong competitive advantage
over existing and potential competitors lies in customized logistics services, omnibearing supply chain solution services, eminent customer
relationships, and the master of digitalization and informatization of logistics services, we may face competition from other companies
with end-to-end&#160;cross-border service capabilities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Sales and Marketing</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are engaged by our customers through tendering
processes and direct engagements. For the years ended December&#160;31, 2020, 2021, and 2022, revenues generated through tendering processes
amounted to approximately RMB59.3&#160;million, RMB51.0 million, and RMB21.0&#160;million (US$3.2 million), respectively, accounting for
approximately 20.4%, 9.4%, and 3.2%, respectively, of the total revenues for the same periods.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We acquire new customers primarily through our
sales and marketing personnel, who, through their experience and good rapport with clients, play an instrumental role in creating and
expanding the work platform for us. As of December 31, 2022, we had sales and marketing teams in China of 42 employees.
We also acquire new customers through marketing activities such as online promotions, participation in trade fairs and functions, as well
as forming strategic alliances with government bodies and other businesses such as major&#160;e-commerce&#160;platforms. Our new customers
may also be referrals from our existing customers, which we believe reflects our existing customers&#8217; recognition of our quality
of services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We focus on attracting financially stable customers
who ideally share traffic flows that complement our existing routes. By maintaining an even flow of freight traffic, we improve our utilization
rate by minimizing the movement of empty idle equipment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Quality Control</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that our ability to maintain the quality
of our services is critical to our growth. In October 2022, four of our PRC subsidiaries obtained the certificates of management certification
issued by a recognized third-party organization in China, certifying that their quality management systems in certain areas are in conformity
with GB/T 19001-2016 / ISO 9001:2015. ISO 9001 Quality Management System is known as the most mature quality framework being used worldwide.
The certified areas include development of logistics information system software, domestic and international freight forwarding, customs
agent, warehousing services, cargo transportation management services, international cargo transportation agent, and cargo declaration
agent services. Our quality assurance measures include the following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
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    <td style="width: 0.5in; font-size: 10pt; text-align: left">&#160;</td>
    <td style="vertical-align: top; width: 0.25in; font-size: 10pt; text-align: left">&#9679;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: left"><span style="font-size: 10pt"><b>Internal quality control regulations and policies.</b>&#160;We have formulated relevant quality control and management measures for different business segments, requiring our employees to follow standard procedures and comply with safety management requirements. Appropriate punishments will be imposed on employees who conduct business in violation of such quality control and management measures. With the development of our business, we will keep pace with leading companies in the supply chain solution market and update such regulations and policies from time to time.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr>
    <td style="width: 0.5in; font-size: 10pt; text-align: left">&#160;</td>
    <td style="vertical-align: top; width: 0.25in; font-size: 10pt; text-align: left">&#9679;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: left"><span style="font-size: 10pt"><b>Quality assurance training courses for employees.</b>&#160;Our employees are responsible for daily business operations, and we require them to attend quality assurance training courses. These courses introduce our latest quality control system and give employees a better understanding of proper business processes. Presenters also answer questions and address issues that employees may encounter in implementing relevant internal regulations and policies. Through employees&#8217; feedback from these courses, we could also optimize our internal quality control measures.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr>
    <td style="width: 0.5in; font-size: 10pt; text-align: left">&#160;</td>
    <td style="vertical-align: top; width: 0.25in; font-size: 10pt; text-align: left">&#9679;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: left"><span style="font-size: 10pt"><b>Regular management meetings.</b>&#160;Our management and other staff hold regular weekly or monthly meetings to discuss topics relating to quality control. During the meetings, our management may review internal regulations and policies, propose new quality control measures, randomly inquire to check facilities&#8217; conditions, go through key customers&#8217; feedback, and deliberate reports on quality control updates presented by each department.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;&#160;</p><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt"><b>Regular facilities inspection.</b>&#160;To
ensure employee and operators&#8217; safety, we have implemented a regular facilities maintenance regime. All facilities, such as trucks
and equipment in warehouses, are subject to regular inspection to avoid any potential hazards and to minimize accidents. Moreover, we
have implemented a GPS system on our vehicles that enables us to accurately track their departure and arrival times, and detect any malpractice
in the course of services.</span></td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt"><b>Quality assurance requirements
to suppliers and partners</b>.&#160;We have set up a quality policy for our suppliers and partners to assure the quality of services
or products from them. We generally make clear stipulations on quality management in the agreements with our suppliers and partners.
In the course of doing business, we also explicitly pass on our quality control principles to third parties, in order to expect them
to operate with high faith and in a responsible manner. If any suppliers or partners fail to meet our quality control standards, we will
seek remedies, require them to make a correction, or terminate the cooperation.</span></td>
</tr></table><div>


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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt"><b>Customer feedbacks and process
improvement.</b>&#160;Our sales and marketing team and customer service team work closely with our customers throughout each job engagement.
We constantly seek feedback from our customers on possible areas of improvement and often make changes to our internal processes in order
to deliver higher quality services to our customers.</span></td>
</tr></table><div>


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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.5in">Historically, our own operating results as well
as the industry as a whole have been subject to seasonal demand. As our manufacturer customers generally experience higher demands from
July to December (until the Spring Festival) and lower demands after the Spring Festival, typically the third quarter and the fourth quarter
are the strongest, with the second quarter being the weakest. However, there are no guarantees that these trends will continue or that
the COVID-19 pandemic will not cause any other business disruptions. Specifically, our operations in Hong Kong were negatively affected
by the COVID-19 pandemic during the first half of 2022, which we believe may impact our results of operations for the same period. It
is widely understood in the industry that these seasonal trends are influenced by a number of factors, including weather patterns, national
holidays, economic conditions, consumer demand, major product launches, as well as a number of other market forces.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Technology, Research and Development</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">We have a dedicated research and development
team responsible for the design and development of our products. As of December 31, 2022, our research and development team consisted
of 20 employees. As of December 31, 2022, the management of our research and development team had experience in the IT industry for more
than six years.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">For the years ended December 31, 2020, 2021,
and 2022, our research and development expenses amounted to RMB1.4 million, RMB1.5 million, and RMB2.1 million (US$0.3 million), respectively.
Such amounts were primarily expenses in relation to our proprietary IT systems, all of which are internally designed and developed to
support efficient operational management and to better serve our customers&#8217; supply chain needs. Each of our proprietary IT systems
can integrate with our enterprise resource planning, or ERP, system, providing seamless services while allowing us to achieve better efficiency.
Our major types of proprietary IT systems include:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The Warehouse Management System
allows a high degree of customization and can be integrated with our customers&#8217; enterprise resource planning systems to provide&#160;end-to-end&#160;supply
chain visibility.</span></td>
</tr></table><div>
</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The Order Management System
provides&#160;end-to-end&#160;supply chain visualization.</span></td>
</tr></table><div>
</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The Transportation Management
System is an online platform designed to enhance visibility, accessibility and connectivity by enabling prompt information flow between
our customers and their supply chains.</span></td>
</tr></table><div>
</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">The Booking Management System
allows our staff and customers to review the details of cargo booking and handling information in real-time.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a part of our value-added services, we from
time to time sell and license our proprietary intelligent logistics IT systems as per our major customers&#8217; requests. We also develop
customized proprietary IT systems depending on our major customers&#8217; supply chain needs.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Intellectual Property</b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We seek to protect our intellectual properties
through a combination of patents, copyrights, trademarks, trade secrets and confidentiality agreements. As of December 31, 2022, we have
registered 51 registered copyrights, three&#160;registered domain names, and four registered trademarks, including &#8220;<span style="font-family: Times New Roman, Times, Serif">&#20339;&#35029;&#36798;</span>&#8221;,
&#8220;JAYUD GROUP&#8221; and &#8220;Joyed&#8221;.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We intend to protect our intellectual
properties vigorously, but there can be no assurance that our efforts will be successful. Even if our efforts are successful, we may
incur significant costs in defending our rights. From time to time, third parties may initiate litigation against us alleging infringement
of their proprietary rights or declaring their non-infringement of our intellectual property rights. See &#8220;Item 3. Key Information
&#8212; D. Risk Factors &#8212;Risks Related to Our Business and Industry&#8212;We may not be able to prevent others from unauthorized
use of our intellectual property, which could harm our business and competitive position.&#8221; and &#8220;Item 3. Key Information &#8212;
D. Risk Factors &#8212;Risks Related to Our Business and Industry&#8212;We may be subject to intellectual
property infringement claims, which may be expensive to defend and may disrupt our business and operations.&#8221;</p><div>

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

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

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We participate in various government statutory
social security plans, including a pension contribution plan, a medical insurance plan, an unemployment insurance plan, a work-related
injury insurance plan, a maternity insurance plan and a housing provident fund. We currently do not have any business liability or disruption
insurance.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our insurance coverage complies with the requirements
of PRC laws, except underpaid or unpaid employee benefits. For the related risk factor, see &#8220;Item 3. Key Information&#8212;D. Risk
Factors&#8212;Risks Related to Doing Business in China&#8212;Failure to make adequate contributions to various employee benefit plans
as required by PRC regulations or comply with laws and regulations on other employment practices may subject us to penalties&#8221; for
more details. We believe that such coverage is in line with industry norms in the PRC and is adequate and sufficient for our current operations.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This section sets forth a summary of the most
significant laws, rules and regulations that affect our business activities in the PRC and our shareholders&#8217; rights to receive dividends
and other distributions from us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Road Transportation</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Regulations on Road Transportation
promulgated by the State Council in April&#160;2004 and most recently amended in March&#160;2022, and the Provisions on Administration
of Road Freight Transportation and Stations (Sites) issued by the Ministry of Transport in June&#160;2005 and most recently amended in
September 2022, or the Road Freight Provisions, the business operations of road freight transportation refer to commercial road freight
transportation activities that provide public services. The road freight transportation includes general road freight transportation,
special road freight transportation, road transportation of large articles, and road transportation of dangerous cargos. Special road
freight transportation refers to freight transportation using special vehicles such as vehicles with containers, refrigeration equipment,
or tank containers. The Road Freight Provisions set forth detailed requirements with respect to vehicles and&#160;drivers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Road Freight Provisions, anyone engaging
in the business of operating road freight transportation or stations (sites) must obtain a road transportation operation permit from the
local county-level competent authority for transportation, and each vehicle used for road freight transportation must have a road transportation
certificate from the same authority. The incorporation of a subsidiary of a road freight transportation operator that intends to engage
in road transportation business is subject to the same approval procedure. If a road freight transportation operator intends to establish
a branch, it should file with the local competent authority for transportation where the branch is to be&#160;established.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although the road transportation operation permits
have no limitation with respect to geographical scope, several provincial governments in China, including Shanghai and Beijing, promulgated
local rules on administration of road transportation, stipulating that permitted operators of road freight transportation registered in
other provinces should also make filing with the local road transportation administrative bureau where it carries out its&#160;business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Cargo Vehicles</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Administrative Provisions Concerning
the Running of Cargo Vehicles with&#160;Out-of-Gauge&#160;Goods promulgated by the Ministry of Transport, which took effect on September&#160;21,
2016 and most recently amended in August 2021, cargo vehicles running on public roads shall not carry cargo weighing more than the limits
prescribed by this regulation and their dimensions shall not exceed those as set forth in the same regulation. Vehicle operators who violate
this regulation may be subject to a fine of up to RMB30,000&#160;for each violation. In the event of repeated violations, the regulatory
authority may suspend the operating license of the vehicle operator and/or revoke the business operation registration of the relevant
vehicle.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to International Freight Forwarding Agencies</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Administrative Provisions on
International Freight Forwarders (promulgated in 1995), its detailed rules for implementing (promulgated in 2004) and the Tentative Measures
on Putting on Record of International Freight Forwarding Agencies (promulgated in 2005 and revised in 2016), all international freight
forwarding agencies and their branches registered with state industrial and commercial administration in accordance with laws should be
filed with the Ministry of Commerce (&#8220;MOC&#8221;) or the governmental authorities authorized by MOC. The minimum amount of registered
capital should be RMB5&#160;million for an international freight forwarder by sea, RMB3&#160;million for an international freight forwarder
by air and RMB2&#160;million for an international freight forwarder by land or for an entity operating international express delivery
services. Additionally, an international freight forwarder must, when applying for setting up its branches, increase its registered capital
(or the excess amount over its minimum registered capital) by RMB500,000. An international freight forwarding agency may accept a commission
to operate part or all of the following businesses, including (i) to book ship&#8217;s holds and warehouses, (ii) to supervise the loading
and unloading of freight and the assembling and dismantling of containers, (iii) multi-forms of international transportation, (iv) international
express deliveries excluding private letters, (v) to submit customs declarations and undergo customs quarantine and insurance inspections,
(vi) to prepare the related bills and certificates, pay transport charges, settle accounts and miscellaneous fees, and (vii) any other
businesses of an international freight forwarder. An international freight forwarding agency should conduct its business within its ratified
scope. To engage in the above-mentioned businesses, an international freight forwarding agency must register with relevant competent authorities
as required by the related laws and administrative rules and regulations. International freight forwarding agencies can also be mutually
entrusted to conduct business as stipulated in these regulations. On January 16, 2013, MOC issued the Guiding Opinions on Accelerating
the Healthy Development of International Freight Forwarding and Logistics Industry, which further provides that MOC entrusts the China
International Freight Forwarders Association (&#8220;CIFA&#8221;) to oversee the filing of international freight forwarding enterprises.
Accordingly, an international freight forwarding enterprise may complete filings with the CIFA or its branch.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to&#160;Non-Vessel&#160;Operating Common Carrier</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Regulations on International
Maritime Transport promulgated by the State Council on December&#160;11, 2001 and most recently amended on March&#160;2, 2019 and Implementing
Rules for the Regulations on International Maritime Transport promulgated by the Ministry of Transport on January&#160;20, 2003 and most
recently amended on November 28, 2019,&#160;Non-vessel&#160;operating common carriers (&#8220;NVOCC&#8221;) shall mean carriers that undertake
to carry cargo of consignors, issue their own bills of lading or other transport documents, collect freight from the consignors, complete
international maritime transport through international shipping operators, and bear carrier liability in the international maritime transport
activities undertaken by them. The NVOCC performs the following activities relating to the entrusted cargo and carried out for the purpose
of accomplishing such activities, including (1)&#160;conclusion of an international cargo transport contract in the capacity of a carrier
with a consignor; (2)&#160;receipt and delivery of cargo in the capacity of a carrier; (3)&#160;issue of bills of lading or other transport
documents; (4)&#160;collection of transport fees and other remuneration for services rendered; (5)&#160;booking of cabin or shipping space
and cargo handling with international shipping operators or other transport operators; (6)&#160;payment of freight or other transport
fees; (7)&#160;container&#160;de-consolidation&#160;and assembly business activities; and (8)&#160;other related business activities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Regulations on International
Maritime Transport and its implementation rules, all NVOCC shall complete bill of lading registration formalities with the department
responsible for transportation under the State Council, and pay the security deposit. Applicants for registration of bill of lading by
a NVOCC shall submit an application for registration of bill of lading to the Ministry of Transport together with the relevant materials.
The Ministry of Transport shall, within 15 working days from receipt of complete application documents, examine the application materials.
Bill of lading registration shall be granted and a&#160;non-vessel&#160;carrier business operation qualification registration certificate
shall be issued to successful applicants. NVOCC using two or more types of bills of lading shall complete registration for each type of
bill of lading. Where there is a change to a registered bill of lading of a NVOCC, a sample format of the new bill of lading shall be
filed with the Ministry of Transport for record at least 15 days in advance of the use of new bill of lading.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February&#160;27, 2019, the State Council
issued the Decision to Cancel and Delegate to Lower-level Authorities a Group of Administrative Licensing Items, deciding to cancel 25
administrative licensing items, including the registration application procedures of NVOCC business, change to the filing procedures,
and the NVOCC security deposit requirements.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Customs Declaration</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Pursuant to the Customs Law of the PRC promulgated
by the Standing Committee of the National People&#8217;s Congress (&#8220;SCNPC&#8221;) on January&#160;22, 1987, most recently amended
on April&#160;29, 2021, the consignor or consignee of the goods exported or imported as well as a customs declaration enterprise must
register themselves for declaration activities at customs in accordance with the law. Anyone who is not registered at the customs shall
not conduct declaration activities. Customs brokers or customs declaration persons shall not make customs declaration illegally on behalf
of others or conduct customs declaration activities beyond their business scope. Pursuant to the Administrative Provisions of the Customs
on Record-filing&#160;of Customs Declaration Entities promulgated by the General Administration of Customs (the &#8220;GAC&#8221;) on
November&#160;19, 2021 and became effective on January&#160;1, 2022, a consignor or consignee of imported and exported goods as well as
customs declaration enterprise shall go through customs declaration entity record-filing&#160;formalities with the competent customs in
accordance with the applicable provisions. Customs declaration entities may handle customs declarations business within the customs territory
of the PRC.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April&#160;16, 2018, the GAC circulated the
Announcement on Matters relating to the Consolidation of Enterprises&#8217; Qualifications for Customs Declaration and Declaration for
Inspection and Quarantine (&#8220;Announcement 28&#8221;), the record-filing for declaration agencies for inspection and quarantine and
the registration for customs declaration enterprises will be consolidated into the registration for customs declaration enterprises. From
April&#160;20, 2018, an enterprise will simultaneously become qualified for the customs declaration and the declaration for inspection
and quarantine, once it has registered itself or filed a record with the customs and the customs will approve and issue the Certificate
of the Customs of the People&#8217;s Republic of China on Registration of the Customs Declaration Entity and the Registration Form for
Declaration Enterprises for Entry-Exit Inspection and Quarantine affixed with its special seal for registration and record-filing to the
registered or recorded enterprise simultaneously.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October&#160;26, 2018, the GAC circulated
the Announcement on Matters Related to Promoting the Integration of Customs Inspection and Optimizing the Registration of Customs Declaration,
according to which, from October&#160;29, 2018, the Certificate of the Customs of the People&#8217;s Republic of China on Registration
of the Customs Declaration Entity issued by the customs to the customs declaration enterprise that has completed the registration automatically
reflects the two qualifications for customs declaration and the declaration for inspection and quarantine. The original &#8220;Registration
Form for Declaration Enterprises for Entry-Exit Inspection and Quarantine&#8221; and &#8220;Registration Form for Entry-Exit Inspection
and Quarantine Reporters&#8221; will no longer be issued. Any enterprises engaged in the business of making customs declarations and making
the declaration for inspection and quarantine as an agent should obtain relevant certificate and make filings for customs declaration
persons as prescribed by the foresaid regulations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Import and Export Of Goods</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Foreign Trade Law which was promulgated
by SCNPC on May&#160;12, 1994 and was most recently amended on December 30, 2022 and the Administrative Regulations for the Import and
Export of Goods which were issued by the State Council on December&#160;10, 2001 and became effective on January&#160;1, 2002, certain
goods are allowed to be imported into or exported out of China freely while certain goods are prohibited or restricted from being imported
into or exported out of China due to their impact on national security, life and health of people, animals or plants, the development
of certain domestic industries, or other reasons stipulated in relevant laws and regulations. No one shall import or export goods that
are prohibited from being imported into or exported out of China. The import and export of goods that are restricted from being imported
into or exported out of China shall be in compliance with relevant restrictive laws and regulations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Before December 30, 2022, according to the then-effective
Foreign Trade Law, and the Measures for the Record-Filing&#160;and Registration of Foreign Trade Operators promulgated by MOC on June&#160;25,
2004, and most recently amended on May&#160;10, 2021, foreign trade operators which engage in the import and export of goods shall go
through the record-filing&#160;and registration with MOC or an authority authorized by MOC, unless laws, administrative regulations and
rules of MOC provide that it is unnecessary to go through such formalities. If foreign trade operators fail to go through the formalities
for record-filing&#160;and registration in accordance with relevant provisions, the PRC customs authority shall refuse to handle the declaration
and clearance formalities of their imports and exports. On December 30, 2022, the Foreign Trade Law of the PRC was amended, and foreign
trade operators were no longer required to go through the record registration formalities.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Customs Law of the PRC, unless
otherwise provided for, the declaration of import or export goods and the payment of customs duties may be made by the consignees or consigners
themselves, and such formalities may also be completed by their entrusted customs brokers that have registered with the PRC customs authority.
The Regulations on Import and Export Duties, promulgated by the State Council on November&#160;23, 2003 and most recently amended on March&#160;1,
2017, further stipulated that, unless otherwise provided by the relevant laws and regulations, goods permitted to be imported into or
exported out of China shall be subject to payment of customs duties. The consignees of imported goods, consigners of exported goods or
owners of inward articles shall undertake the obligation of the payment of customs duties. The State Council also promulgated implementation
rules and tariff schedules to regulate the items and rates of the customs duties.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Import and Export Commodity
Inspection Law promulgated by SCNPC on February&#160;21, 1989 and most recently amended on April&#160;29, 2021 and its implementation
rules, the imported and exported goods that are subject to compulsory inspection listed in the catalog compiled by the import and export
commodity inspection department established by the State Council shall be inspected by the commodity inspection organizations, and the
imported and exported goods that are not subject to statutory inspection shall be subject to random inspection. Consignees and consignors
or their entrusted customs brokers may apply for inspection to the goods inspection authorities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Intellectual Property</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">China has adopted comprehensive legislation governing intellectual
property rights, including copyrights, trademarks, patents and domain names. China is a signatory to the primary international conventions
on intellectual property rights and has been a member of the Agreement on Trade Related Aspects of Intellectual Property Rights since
its accession to the World Trade Organization in December 2001.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Copyright</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September&#160;7, 1990, SCNPC promulgated
the Copyright Law of the People&#8217;s Republic of China, or the Copyright Law, effective on June&#160;1, 1991 and amended on October&#160;27,
2001, February&#160;26, 2010, and November&#160;11, 2020, respectively. The amended Copyright Law extends copyright protection to internet
activities, products disseminated over the Internet and software products. In addition, there is a voluntary registration system administered
by the Copyright Protection Center of China.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Regulations on the Protection of the
Right to Network Dissemination of Information that took effect on July&#160;1, 2006 and was amended on January&#160;30, 2013, it is further
provided that an Internet information service provider may be held liable under various situations, including that if it knows or should
reasonably have known a copyright infringement through the Internet and the service provider fails to take measures to remove or block
or disconnect links to the relevant content, or, although not aware of the infringement, the Internet information service provider fails
to take such measures upon receipt of the copyright holder&#8217;s notice of such infringement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In order to further implement the Regulations
on Computer Software Protection, promulgated by the State Council on December&#160;20, 2001 and amended on January&#160;8, 2011 and January&#160;30,
2013, respectively, the National Copyright Administration issued the Measures for the Registration of Computer Software Copyright on February&#160;20,
2002, which specify detailed procedures and requirements with respect to the registration of software copyrights.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Trademark</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Trademark Law of the People&#8217;s
Republic of China promulgated by SCNPC on August&#160;23, 1982, and amended on February&#160;22, 1993, October&#160;27, 2001, August&#160;30,
2013 and April&#160;23, 2019, respectively, the Trademark Office of the State Administration for Market Regulation (&#8220;SAMR&#8221;)
is responsible for the registration and administration of trademarks in China. SAMR under the State Council has established a Trademark
Review and Adjudication Board for resolving trademark disputes. Registered trademarks are valid for ten years from the date the registration
is approved. A registrant may apply to renew a registration within twelve months before the expiration date of the registration. If the
registrant fails to apply in a timely manner, a grace period of six additional months may be granted. If the registrant fails to apply
before the grace period expires, the registered trademark shall be deregistered. Renewed registrations are valid for ten years. On April&#160;29,
2014, the State Council issued the revised the Implementing Regulations of the Trademark Law of the People&#8217;s Republic of China,
which specified the requirements of applying for trademark registration and renewal.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Patent</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Patent Law of the People&#8217;s
Republic of China, or the Patent Law, promulgated by SCNPC on March&#160;12, 1984 and amended on September&#160;4, 1992, August&#160;25,
2000, December&#160;27, 2008, and October&#160;17, 2020, respectively, and the Implementation Rules of the Patent Law of the People&#8217;s
Republic of China, or the Implementation Rules of the Patent Law, promulgated by the State Council on June&#160;15, 2001 and revised on
December&#160;28, 2002 and January&#160;9, 2010, the patent administrative department under the State Council is responsible for the administration
of patent-related work nationwide. The patent administration departments of provincial or autonomous regions or municipal governments
are responsible for administering patents within their respective administrative areas. The Patent Law and Implementation Rules of the
Patent Law provide for three types of patents, namely &#8220;inventions,&#8221; &#8220;utility models,&#8221; and &#8220;designs.&#8221;
Invention patents are valid for twenty years, while utility model patents are valid for ten years, and design patents are valid for fifteen
years, from the date of application. The Chinese patent system adopts a &#8220;first-come, first file&#8221; principle, which means that
where more than one person files a patent application for the same invention, a patent will be granted to the person who files the application
first. An invention or a utility model must possess novelty, inventiveness, and practical applicability to be patentable. Third Parties
must obtain consent or a proper license from the patent owner to use the patent. Otherwise, the unauthorized use constitutes an infringement
on the patent rights.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Domain Names</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August&#160;24, 2017, the Ministry of Industry
and Information Technology (&#8220;MIIT&#8221;) promulgated the Administrative Measures for Internet Domain Names, or the Domain Name
Measures, which became effective on November&#160;1, 2017. MIIT is the major regulatory body responsible for the administration of the
PRC internet domain names, under supervision of which China Internet Network Information Center, or the CNNIC, is responsible for the
daily administration of CN domain names and PRC domain names. Pursuant to the Domain Name Measures, the registration of domain names adopts
the &#8220;first to file&#8221; principle and the registrant shall complete the registration via the domain name registration service
institutions. The Domain Name Measures regulate the registration of domain names, such as China&#8217;s national&#160;top-level&#160;domain
name &#8220;.CN&#8221;. The CNNIC issued the Measures for the Resolution of Country Code&#160;Top-Level&#160;Domain Name Disputes on June&#160;18,
2019, pursuant to which, in the event of a domain name dispute, the disputed parties may lodge a complaint to the designated domain name
dispute resolution institution to initiate the domain name dispute resolution procedure, file a suit to the People&#8217;s Court, or initiate
an arbitration procedure.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Foreign Exchange&#160;</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The principal regulations governing foreign currency
exchange in China are the Foreign Exchange Administration Regulations, most recently amended in August 2008. Under the PRC foreign exchange
regulations, payments of current account items, such as profit distributions, interest payments, and trade and service-related foreign
exchange transactions, can be made in foreign currencies without prior approval from SAFE by complying with certain procedural requirements.
By contrast, approval from or registration with appropriate government authorities is required where RMB is converted into foreign currency
and remitted out of China to pay capital account items, such as direct investments, repayment of foreign currency-denominated loans, repatriation
of investments, and investments in securities outside of China.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In November 2012, SAFE promulgated the Circular
of Further Improving and Adjusting Foreign Exchange Administration Policies on Foreign Direct Investment, which substantially amends and
simplifies the current foreign exchange procedure. Pursuant to this circular, the opening of various special-purpose foreign exchange
accounts, such as&#160;pre-establishment&#160;expenses accounts, foreign exchange capital accounts and guarantee accounts, the reinvestment
of RMB proceeds derived by foreign investors in the PRC, and remittance of foreign exchange profits and dividends by a foreign-invested
enterprise to its foreign shareholders no longer require the approval or verification of SAFE, and multiple capital accounts for the same
entity may be opened in different provinces, which was not possible previously. In addition, SAFE promulgated the Provisions on Foreign
Exchange Administration over Domestic Direct Investment by Foreign Investors in May 2013, which specifies that the administration by SAFE
or its local branches over direct investment by foreign investors in the PRC must be conducted by way of registration and banks must process
foreign exchange business relating to the direct investment in the PRC based on the registration information provided by SAFE and its
branches. On February&#160;13, 2015, SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign
Exchange Concerning Direct Investment, or SAFE Notice 13. After SAFE Notice 13 became effective on June&#160;1, 2015, instead of applying
for approvals regarding foreign exchange registrations of foreign direct investment and overseas direct investment from SAFE, entities
and individuals may apply for such foreign exchange registrations from qualified banks. Under the supervision of SAFE, the qualified banks
may directly review the applications and conduct the registration.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March&#160;30, 2015, 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, which expands a pilot reform of the administration of the settlement of the foreign exchange capitals
of foreign-invested enterprises nationwide. Circular 19 came into force and replaced both previous Circular&#160;142 and Circular 36 on
June&#160;1, 2015. On June&#160;9, 2016, 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, to further expand and strengthen
such reform. Under Circular 19 and Circular 16, foreign-invested enterprises in the PRC are allowed to use their foreign exchange funds
under capital accounts and RMB funds from exchange settlement for expenditure under current accounts within its business scope or expenditure
under capital accounts permitted by laws and regulations, except that such funds shall not be used for (i)&#160;expenditure beyond the
enterprise&#8217;s business scope or expenditure prohibited by laws and regulations; (ii)&#160;investments in securities or other investments
than banks&#8217; principal-secured products; (iii)&#160;granting of loans to&#160;non-affiliated&#160;enterprises, except where it is
expressly permitted in the business license; and (iv)&#160;construction or purchase of real estate for purposes other than&#160;self-use&#160;(except
for real estate enterprises).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In January 2017, SAFE promulgated the Circular
on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness and Compliance Verification, or SAFE Circular
3, which stipulates several capital control measures with respect to the outbound remittance of profit from domestic entities to offshore
entities, including (i)&#160;under the principle of genuine transaction, banks shall check board resolutions regarding profit distribution,
the original version of tax filing records and audited financial statements; and (ii)&#160;domestic entities shall hold income to account
for previous years&#8217; losses before remitting the profits. Further, according to SAFE Circular 3, domestic entities shall make detailed
explanations of the sources of capital and utilization arrangements and provide board resolutions, contracts and other proof when completing
the registration procedures in connection with an outbound investment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October&#160;23, 2019, SAFE issued the&#160;Circular
of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment, or SAFE Circular
28, which allows&#160;non-investment&#160;foreign-invested enterprises to make domestic equity investment with their capital funds in
accordance with the law under the premise that such investment does not violate the existing special administrative measures (Negative
List) for foreign investment and the project invested in China is authentic and compliant. Pursuant to SAFE Circular 28, upon receiving
the payment of consideration from a foreign investor for the equity transfer under foreign direct investment, the domestic transferor,
with relevant registration certificates, can process the formalities for account opening, fund receipt, and foreign exchange settlement
and use directly at the bank. The foreign investor&#8217;s deposit remitted from overseas or transferred from domestic accounts can be
directly used for its lawful domestic capital contribution as well as domestic and overseas payment after the transaction is concluded.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April&#160;10, 2020, SAFE issued the&#160;Circular
on Optimizing Administration of Foreign Exchange to Support the Development of Foreign-related Business, or SAFE Circular 8, pursuant
to which, eligible enterprises are allowed to use the income under capital account, from such sources as capital funds, foreign debt and
overseas listing, for domestic payment without having to provide supporting authentication materials to the banks for every transaction
in advance, but the use of funds shall be true and compliant as well as conform to the existing administration regulations regarding use
of income under capital account. The concerned bank shall conduct spot checking in accordance with the relevant requirements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Foreign Exchange Registration of Overseas
Investment by PRC Residents&#160;</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SAFE issued SAFE Circular on Relevant Issues
Relating to Domestic Resident&#8217;s Investment and Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular
37, that became effective in July 2014, replacing the previous SAFE Circular 75, the Notice on Relevant Issues Concerning Foreign Exchange
Administration for PRC Residents Engaging in Financing and Roundtrip Investments via Overseas Special Purposes Vehicles. SAFE Circular
37 regulates foreign exchange matters in relation to the use of special purpose vehicles, or SPVs, by PRC residents or entities to seek
offshore investment and financing or conduct round trip investment in China. Under SAFE Circular 37, an SPV refers to an offshore entity
established or controlled, directly or indirectly, by PRC residents or entities to seek offshore financing or make an offshore investment,
using legitimate onshore or offshore assets or interests. An &#8220;round trip investment&#8221; refers to direct investment in China
by PRC residents or entities through SPVs, establishing foreign-invested enterprises to obtain ownership, control rights, and management
rights. SAFE Circular 37 provides that, before contributing to an SPV, PRC residents or entities must complete foreign exchange registration
with SAFE or its local branch. SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign Exchange
Concerning Direct Investment in February 2015, which took effect on June&#160;1, 2015. This notice has amended SAFE Circular 37 requiring
PRC residents or entities to register with qualified banks rather than SAFE or its local branch in connection with their establishment
or control of an offshore entity established for overseas investment or financing.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PRC residents or entities who had contributed
legitimate onshore or offshore interests or assets to SPVs but had not obtained registration as required before the implementation of
SAFE Circular 37 must register their ownership interests or control in the SPVs with qualified banks. An amendment to the registration
is required if there is a material change with respect to the SPV registered, such as any change of basic information (including change
of the PRC residents, name and operation term), increases or decreases in investment amount, transfers or exchanges of shares, and mergers
or divisions. Failure to comply with the registration procedures set forth in SAFE Circular 37 and the subsequent notice, or making misrepresentation
on or failure to disclose controllers of the foreign-invested enterprise that is established through round-trip investment, may result
in restrictions being imposed on the foreign exchange activities of the relevant foreign-invested enterprise, including payment of dividends
and other distributions, such as proceeds from any reduction in capital, share transfer or liquidation, to its offshore parent or affiliate,
and the capital inflow from the offshore parent, and may also subject relevant PRC residents or entities to penalties under PRC foreign
exchange administration regulations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Foreign Exchange Registration of Overseas
Investment by PRC Enterprises</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December&#160;26, 2017, the National Development
Reform Committee (&#8220;NDRC&#8221;) promulgated the Administrative Measures on Overseas Investments by Enterprises, which took effect
as of March&#160;1, 2018. According to this regulation, nonsensitive overseas investment projects are subject to record-filing requirements
with the local branch of NDRC. On September&#160;6, 2014, MOC promulgated the Administrative Measures on Overseas Investments, which took
effect as of October&#160;6, 2014. According to this regulation, overseas investments of PRC enterprises that involve nonsensitive countries
and regions and nonsensitive industries are subject to record-filing requirements with a local branch of MOC. According to the Circular
of the State Administration of Foreign Exchange on Issuing the Regulations on Foreign Exchange Administration of the Overseas Direct Investment
of Domestic Institutions, which was promulgated by the State Administration of Foreign Exchange, or SAFE, on July&#160;13, 2009 and took
effect on August&#160;1, 2009, and Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct
Investment, which was promulgated by SAFE on February&#160;13, 2015 and took effect on June&#160;1, 2015, PRC enterprises must register
for overseas direct investment with a local SAFE branch or its authorized banks.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Dividend Distributions</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under our current corporate structure, we may
rely on dividend payments from our PRC subsidiaries, to fund any cash and financing requirements we may have. The principal regulations
governing the distribution of dividends of foreign-invested enterprises include Foreign Investment Law of the People&#8217;s Republic
of China and the Company Law of the People&#8217;s Republic of China. Under these laws, wholly foreign-owned enterprises in China may
freely make remittance inward and outward in RMB or foreign exchange of capital contribution, profits, capital yield, income from asset
disposal, intellectual property licensing fees, indemnity obtained according to law or income from compensation and liquidation.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the PRC Company Law and Foreign Investment Law, each of
our PRC subsidiaries is required to draw 10% of its&#160;after-tax&#160;profits each year, if any, to fund certain statutory reserve fund,
which may stop drawing its&#160;after-tax&#160;profits if the aggregate balance of the statutory reserve fund has already accounted for
over 50% of its registered capital. These reserves are not distributable as cash dividends. The PRC subsidiaries may, at their discretion,
allocate a portion of their&#160;after-tax&#160;profits based on PRC accounting standards to optional reserve funds. After making up the
losses and allocating reserve funds, the remaining&#160;after-tax&#160;profits of our PRC subsidiaries may be distributed to the shareholders.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Funds Transfer to PRC Subsidiaries</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are permitted under PRC laws and regulations
as an offshore holding company to provide funding to our PRC subsidiaries through loans or capital contributions, subject to satisfaction
of applicable government registration, approval and filing requirements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of subsequent changes in the registered
capital of our PRC subsidiary which is a foreign-invested enterprise, or FIE, such as increase in its registered capital, the FIE shall
complete registration change formalities with competent administrations for market regulation in accordance with relevant regulations,
and registration change formalities shall also be completed with the competent administration of foreign exchange according to the Provisions
on Foreign Exchange Administration over Domestic Direct Investment by Foreign Investors. In addition, pursuant to Circular 16, FIEs shall
use their registered capital pursuant to the principle of authenticity and&#160;self-use&#160;within their business scope.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Provisional Measures on Administration
of Foreign Debt (the &#8220;Foreign Debt Measures&#8221;) issued by the State Development Planning Commission (revised), Ministry of Finance
(&#8220;MOF&#8221;) and SAFE in January 2003 and effective as of March&#160;1, 2003, any loans provided by us to our PRC subsidiaries
in foreign currencies shall be classified as foreign debt under the Foreign Debt Measures. According to the Foreign Debt Measures, the
sum of cumulative accrued amounts of medium-term to long-term foreign loans and balance amounts of short-term foreign loans taken by a
foreign-invested enterprise shall be limited to the difference between the total project investment amount approved by the government
and the amount of registered capital. Foreign-invested enterprises may take foreign loans freely within the scope of difference.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January&#160;12, 2017, the People&#8217;s
Bank of China (&#8220;PBOC&#8221;) issued the Notice of People&#8217;s Bank of China on Matters Concerning Macro-prudential Management
on&#160;All-round&#160;Cross-border Financing (the &#8220;No.9 Notice&#8221;), which improved the policy framework of the cross-border
financing. The No.9 Notice clarifies the new calculation methods of the upper limit of the risk-weighted balance for all types of crossborder
financing, in particular, the upper limit for risk-weighted balance for cross-border financing equals to the capital or the net assets
multiplied by the leverage rate of cross-border financing and the macro-prudential adjustment parameters. Currently, the implementation
of the foregoing methodologies&#160;for foreign-invested enterprises in cross-border financing have not been formally determined by PBOC
and SAFE.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Moreover, as the debtors of cross-border financing,
our PRC subsidiaries are also required to comply with certain registration formalities for execution of foreign debt contracts with the
foreign exchange bureau at the locality according to the Notice of State Administration of Foreign Exchange on Promulgation of the administrative
Measures on Registration of Foreign Debt which was promulgated by SAFE in April 2013 and revised in May 2015.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Administrative Measures for Examination
and Registration of Medium and Long-term Foreign Debts of Enterprises (&#8220;Circular 56&#8221;), which came into force on February 10,
2023 and replaced the Circular of the National Development and Reform Commission on Promoting the Administrative Reform of the Record-filing
and Registration System for the Issuance of Foreign Debts by Enterprises promulgated on September&#160;14, 2015, before the issuance of
foreign loans, enterprises shall first apply to and obtain from NDRC the Certificate of Examination and registration of Foreign Debts
Borrowed by Enterprises and shall report the information on the issuance to NDRC within ten business days after completion of each issuance.
The term &#8220;foreign loan&#8221; shall mean&#160;RMB-denominated&#160;or foreign currency-denominated debt instruments with a maturity
of more than one year which are issued overseas by domestic enterprises and their controlled overseas enterprises or branches and for
which the principal and interest are repaid as agreed, including senior bonds, perpetual bonds, capital bonds, medium-term notes, convertible
bonds, exchangeable bonds, finance leases, and so forth. In February 2023, NDRC circulated the Guide to the Registration of Foreign Debt
Issued by Enterprises on its official website, according to which, domestic companies (and their controlled overseas companies or branches)
who borrowed from foreign companies (including overseas shareholders) a loan for more than one year need to apply to NDRC. However, NDRC
has not issued any other further explanation for the implementation of Circular 56.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Overseas Listings and M&amp;A Rules</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 17, 2023, the CSRC issued the Trial
Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, which became effective
on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules,
the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises
and the relevant CSRC Answers to Reporter Questions on the official website of CSRC, or collectively, the Guidance Rules and Notice. Under
the Trial Measures and the Guidance Rules and Notice, domestic companies conducting overseas securities offering and listing activities,
either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within
three working days following the submission of initial public offering or listing applications. The companies that have already been listed
on overseas stock exchanges or have obtained approvals from overseas supervision administrations or stock exchanges for their offerings
and listings prior to the effective date of the Trial Measures and will complete their overseas offerings and listings prior to September
30, 2023, are not required to make immediate filings for their listings yet need to make filings for subsequent offerings in accordance
with the Trial Measures. The companies that have already submitted applications for initial public offerings to overseas supervision administrations
prior to the effective date of the Trial Measures but have not yet obtained approval from overseas supervision administrations or stock
exchanges for the offering and listing prior to the effective date of the Trial Measures may arrange for the filing within a reasonable
time period and should complete the filing procedures before such companies&#8217; overseas issuances and listings.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date of this annual report, we have
not received any formal inquiry, notice, warning, sanction, or regulatory objection from the CSRC with respect to our listing. As the
Trial Measures were newly published and there exists uncertainty with respect to the filing requirements and their implementation, if
we are required to submit to the CSRC and complete the filing procedure of our overseas public offering and listing, we cannot be sure
that we will be able to complete such filings in a timely manner. Any failure or perceived failure by us to comply with such filing requirements
under the Trial Measures may result in forced corrections, warnings and fines against us and could materially hinder our ability to offer
or continue to offer our securities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 24, 2023, the CSRC, the Ministry
of Finance, the National Administration of State Secrets Protection and the National Archives Administration jointly issued the Provisions
on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies, or the
Provisions, which took effect on March 31, 2023 concurrently with the Trial Measures. The Provisions, in replacement of the Provisions
on Strengthening Confidentiality and Archives Administration of Overseas Issuance and Listing of Securities which took effect on October
20, 2009, expand its application to cover indirect overseas offering and listing of domestic companies by adding the same confidentiality
obligations to such domestic companies in the course of their indirect overseas issuance and listing. According to the Provisions, a domestic
company that plans to, either directly or through its overseas-listed entity, publicly disclose or provide to relevant entities or individuals
including securities firms, securities service providers, and overseas regulators, documents and materials that contain state secrets
or government work secrets, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative
department at the same level. Further, a domestic company that plans to, either directly or through its overseas-listed entity, publicly
disclose or provide to relevant entities or individuals including securities firms, securities service providers, and overseas regulators,
other documents and materials that, if divulged, will cause an adverse impact on national security or the public interest, shall strictly
fulfill relevant procedures stipulated by applicable national regulations. We do not believe we will be required to obtain the aforementioned
approval or go through such filings procedures as we do not possess nor will we disclose or provide documents and materials that contain
state secrets or government work secrets or other documents and materials that, if divulged, will cause an adverse impact on national
security or the public interest as mentioned above. However, given the recent promulgation of the Provisions, the opinions remain unclear
on how they will be interpreted and implemented by the relevant PRC governmental authorities. After the Provisions took effect on March
31, 2023, if the domestic companies fail to comply with the requirements under the Provisions in the course of their indirect overseas
issuance and listing, such domestic companies may be held legally liable by competent authorities, and referred to the judicial organ
to be investigated for criminal liability if suspected of committing a crime.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August&#160;8, 2006, six PRC regulatory authorities,
including the CSRC, jointly adopted the&#160;Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or
the M&amp;A Rules, amended in June 2009. The M&amp;A Rules, among other things, require that if an overseas company established or controlled
by PRC companies or individuals, or 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 MOC for approval. The M&amp;A Rules also require that an overseas SPV formed
for overseas listing purposes and controlled directly or indirectly by the PRC Citizens shall obtain the approval of the CSRC prior to
overseas listing and trading of such overseas SPV&#8217;s securities on an overseas stock exchange. In September 2006, the CSRC published
on its official website procedures regarding its approval of overseas listings by special purpose vehicles. The CSRC approval procedures
require the filing of a number of documents with the CSRC.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our PRC legal counsel, PacGate Law Group, has
advised us that, based on its understanding of the current PRC laws and regulations, our corporate structure and arrangements are not
subject to the M&amp;A Rules. However, our PRC legal counsel has further advised us that there are substantial uncertainties as to how
the M&amp;A Rules will be interpreted or implemented in the context of an overseas offering, and its opinions summarized above are subject
to any new laws, rules and regulations or detailed implementations and interpretations in any form relating to the M&amp;A Rules, and
our PRC legal counsel cannot exclude the possibility that the CSRC or other relevant government authorities might, from time to time,
further clarify or interpret the M&amp;A Rules in writing or orally and require their approvals to be obtained for our subsequent offering.
We cannot assure you that relevant PRC government agencies, including the CSRC, would reach the same conclusion as our PRC legal counsel
does. Consequently, if you engage in market trading or other activities in anticipation of and prior to the settlement and delivery of
the Class A ordinary shares, you would be doing so at the risk that the settlement and delivery may not occur. In addition, if the CSRC
or other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals for the subsequent offerings,
we may be unable to obtain a waiver of such approval requirements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The M&amp;A Rules and other regulations and rules
concerning mergers and acquisitions also established additional procedures and requirements that could make merger and acquisition activities
by foreign investors more time-consuming and complex. For example, the M&amp;A Rules require that MOC be notified in advance of any&#160;change-of-control&#160;transaction
in which a foreign investor takes control of a PRC domestic enterprise, if (i)&#160;any important industry is concerned, (ii)&#160;such
transaction involves factors that impact or may impact national economic security, or (iii)&#160;such transaction will lead to a change
in control of a domestic enterprise which holds a famous trademark or PRC time-honored brand.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, according to the Notice on Establishing
the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors issued by the General Office of the
State Council on February&#160;3, 2011, and which became effective 30 days thereafter, the Rules on Implementation of Security Review
System for the Merger and Acquisition of Domestic Enterprises by Foreign Investors issued by MOC on August&#160;25, 2011, and which became
effective on September&#160;1, 2011, mergers and acquisitions by foreign investors that raise &#8220;national defense and security&#8221;
concerns and mergers and acquisitions through which foreign investors may acquire de facto control over domestic enterprises that raise
&#8220;national security&#8221; concerns are subject to strict review by MOC, and the regulations prohibit any activities attempting to
bypass such security review, including by structuring the transaction through a proxy or contractual control arrangement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Related to Foreign Investment&#160;</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The establishment, operation, and management
of companies in China are mainly governed by the PRC Company Law, as most recently amended in 2018, which applies to both PRC domestic
companies and foreign-invested companies. On March&#160;15, 2019, the National People&#8217;s Congress approved the Foreign Investment
Law, and on December&#160;26, 2019, the State Council promulgated the Implementing Rules of the PRC Foreign Investment Law, or the Implementing
Rules, to further clarify and elaborate the relevant provisions of the Foreign Investment Law. The Foreign Investment Law and the Implementing
Rules both took effect on January&#160;1, 2020. They replaced three previous major laws on foreign investments in China, namely, the Sino-foreign
Equity Joint Venture Law, the Sino-foreign Cooperative Joint Venture Law and the Wholly Foreign-owned Enterprise Law, together with their
respective implementing rules. Pursuant to the Foreign Investment Law, &#8220;foreign investments&#8221; refer to investment activities
conducted by foreign investors (including foreign natural persons, foreign enterprises or other foreign organizations) directly or indirectly
in the PRC, which include any of the following circumstances: (i)&#160;foreign investors setting up foreign-invested enterprises in the
PRC solely or jointly with other investors, (ii)&#160;foreign investors obtaining shares, equity interests, property portions or other
similar rights and interests of enterprises within the PRC, (iii)&#160;foreign investors investing in new projects in the PRC solely or
jointly with other investors, and (iv)&#160;investment in other methods as specified in laws, administrative regulations, or as stipulated
by the State Council. The Foreign Investment Law and the Implementing Rules introduce a&#160;see-through&#160;principle and further provide
that foreign-invested enterprises that invest in the PRC shall also be governed by the Foreign Investment Law and the Implementing Rules.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Foreign Investment Law and the Implementing
Rules provide that a system of&#160;pre-entry&#160;national treatment and negative list shall be applied for the administration of foreign
investment.&#160;&#8220;Pre-entry&#160;national treatment&#8221; means that the treatment given to foreign investors and their investments
at market access stage is no less favorable than that given to domestic investors and their investments. &#8220;Negative list&#8221; means
the special administrative measures for foreign investment&#8217;s access to specific fields or industries, which will be proposed by
the competent investment department of the State Council in conjunction with the competent commerce department of the State Council and
other relevant departments, and be reported to the State Council for promulgation, or be promulgated by the competent investment department
or competent commerce department of the State Council after being reported to the State Council for approval. Foreign investment beyond
the negative list will be granted national treatment. Foreign investors shall not invest in the prohibited fields as specified in the
negative list, and foreign investors who invest in the restricted fields shall comply with the special requirements on the shareholding,
senior management personnel, etc. In the meantime, relevant competent government departments will formulate a catalog of industries for
which foreign investments are encouraged according to the needs for national economic and social development, to list the specific industries,
fields, and regions in which foreign investors are encouraged and guided to invest.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investment activities in the PRC by foreign investors
were principally governed by the catalog for the Guidance of Foreign Investment Industries, or the catalog, which was promulgated and
is amended from time to time by MOC and NDRC. Industries listed in the catalog were divided into three categories: encouraged, restricted
and prohibited. Industries not listed in the catalog were generally deemed as constituting a fourth &#8220;permitted&#8221; category.
The Catalog was replaced by the Special Administrative Measures for Access of Foreign Investment (Negative List) and the catalog of Industries
for Encouraging Foreign Investment in 2018 and 2019, respectively. On December&#160;27, 2021, NDRC and MOC issued the latest Special Administrative
Measures for Access of Foreign Investment (Negative List) (2021 Edition) (the &#8220;Negative List 2021&#8221;), which came into effect
on January&#160;1, 2022. The Negative List 2021 sets out the areas where foreign investment is prohibited and the areas where foreign
investment is allowed only on certain conditions. Foreign investment in areas not listed in the Negative List 2021 is treated equally
with domestic investment and the relevant provisions of the Opinions of the State Council on Implementing Negative List System for Market
Access promulgated by the State Council on October&#160;2, 2015 and effective as of December&#160;1, 2015 shall apply to domestic and
foreign investors on a unified basis. Moreover, according to Negative List 2021, PRC entities which engage in any field forbidden by the
Negative List 2021 for access of foreign investment shall be approved by competent PRC authorities when they seek listing offshore, and
foreign investors shall not participate in operation and management and their shareholding ratio shall be in compliance with PRC laws.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Implementing Rules, the registration
of foreign-invested enterprises shall be handled by the State Administration for Market Regulation (&#8220;SAMR&#8221;) or its authorized
local counterparts. Where a foreign investor invests in an industry or field subject to licensing in accordance with laws, the relevant
competent government department responsible for granting such license shall review the license application of the foreign investor in
accordance with the same conditions and procedures applicable to PRC domestic investors unless it is stipulated otherwise by the laws
and administrative regulations, and the competent government department shall not impose discriminatory requirements on the foreign investor
in terms of licensing conditions, application materials, reviewing steps and deadlines, etc. However, the relevant competent government
departments shall not grant the license or permit enterprise registration if the foreign investor intends to invest in the industries
or fields as specified in the negative list without satisfying the relevant requirements. In the event that a foreign investor invests
in a prohibited field or industry as specified in the negative list, the relevant competent government department shall order the foreign
investor to stop the investment activities, dispose of the shares or assets or take other necessary measures within a specified time limit,
and restore to the status before the occurrence of the investment described above. The illegal gains, if any, shall be confiscated. In
the event that the investment activities of a foreign investor violate the special administration measures for access restrictions on
foreign investments as stipulated in the negative list, the relevant competent government department shall order the investor to make
corrections within the specified time limit and take necessary measures to meet the relevant requirements. In the event that the foreign
investor fails to make corrections within the specified time limit, the provisions above regarding the circumstance that a foreign investor
invests in the prohibited field or industry shall apply.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Foreign Investment Law and the
Implementing Rules, and the Information Reporting Measures for Foreign Investment jointly promulgated by MOC and SAMR, which took effect
on January&#160;1, 2020, a foreign investment information reporting system shall be established and foreign investors or foreign-invested
enterprises shall report investment information to competent commerce departments of the government through the enterprise registration
system and the enterprise credit information publicity system, and the administration for market regulation shall forward the above investment
information to the competent commerce departments in a timely manner. In addition, MOC shall set up a foreign investment information reporting
system to receive and handle the investment information and inter-departmentally shared information forwarded by the administration for
market regulation in a timely manner. The foreign investors or foreign-invested enterprises shall report the investment information by
submitting reports including initial reports, change reports, deregistration reports and annual reports.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Furthermore, the Foreign Investment Law provides
that foreign-invested enterprises established according to the previous laws regulating foreign investment prior to the implementation
of the Foreign Investment Law may maintain their structure and corporate governance within five years after the implementation of the
Foreign Investment Law. The Implementing Rules further clarify that such foreign-invested enterprises established prior to the implementation
of the Foreign Investment Law may either adjust their organizational forms or organizational structures pursuant to the Company Law or
the Partnership Law or maintain their current structure and corporate governance within five years upon the implementation of the Foreign
Investment Law. Since January&#160;1, 2025, if a foreign-invested enterprise fails to adjust its organizational form or structure according
to applicable laws and go through the applicable registrations, the relevant administration for market regulation shall not handle other
registrations for changes and shall publicize the relevant circumstances. However, after the organizational forms or structures have been
adjusted, the original parties to the Sino-foreign equity or cooperative joint ventures may continue to process matters such as equity
interest transfer, income distribution, or surplus assets as agreed in the relevant contracts.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Foreign Investment Law and the
Implementing Rules also specify other 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; 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, etc.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Employment</b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC Labor Law and the Labor Contract Law
require that employers must execute written employment contracts with full-time employees. In the event that an employer fails to enter
into a written employment contract with an employee within one year from the date on which the employment relationship is established,
the employer must rectify the situation by entering into a written employment contract with the employee and pay the employee twice the
employee&#8217;s salary for the period from the day following the lapse of one month from the date of establishment of the employment
relationship to the day prior to the execution of the written employment contract. All employers must compensate their employees with
wages equal to at least the local minimum wage standards. Violations of the PRC Labor Law and the Labor Contract Law may result in the
imposition of fines and other administrative sanctions, and serious violations may result in criminal liabilities.</p><div>

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

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Enterprises in China are required by PRC laws
and regulations to participate in certain employee benefit plans, including social insurance funds, namely a pension plan, a medical insurance
plan, an unemployment insurance plan, a work-related injury insurance plan and a maternity insurance plan, and a housing provident fund,
and contribute to the plans or funds in amounts equal to certain percentages of salaries, including bonuses and allowances, of the employees
as specified by the local government from time to time at locations where they operate their businesses or where they are located. Failure
to make adequate contributions to various employee benefit plans may be subject to fines and other administrative sanctions.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Currently, our PRC subsidiaries are making contributions
to the plans based on the minimum standards as required by law for most employees although the PRC laws required such contributions to
be made for all employees based on the actual employee salaries up to a maximum amount specified by the local government. If we are subject
to late contribution fees or fines in relation to the underpaid employee benefits, our financial condition and results of operations may
be adversely affected. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China&#8212;Failure
to make adequate contributions to various employee benefit plans as required by PRC regulations or comply with laws and regulations on
other employment practices may subject us to penalties.&#8221;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Work Safety</b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Work Safety Law of the PRC promulgated
by SCNPC in June 2002 and was recently amended in June 2021, transportation entities shall establish a work safety management office or
be staffed with full-time work safety management personnel. In March 2015, the Ministry of Transport issued the Notice on Implementing
the Work Safe Law, pursuant to which, the relevant enterprise shall establish and improve safety production responsibility system covering
all aspects of production and operation, clear standards and responsibility to the post, solidly promote the standardization of production
safety and strengthen safety production management.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Leasing</b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Law on Administration of Urban
Real Estate which took effect in January&#160;1995 with the latest amendment in August&#160;2019 and the Administrative Measures on Leasing
of Commodity Housing which was promulgated by Ministry of Housing and Urban-Rural Development on December&#160;1, 2010 and took effect
on February&#160;1, 2011, lessors and lessees are required to enter into a written lease contract, containing such provisions as the term
of the lease, the use of the premises, liability for rent and repair, and other rights and obligations of both parties. Both lessor and
lessee are also required to register the lease with the real estate administration department, and failure to comply with the registration
requirement may result in a fine ranging from RMB1,000 to RMB10,000.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Taxation</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Income Tax</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Enterprise Income Tax Law of
the People&#8217;s Republic of China, or the EIT Law, which was promulgated on March&#160;16, 2007, became effective as from January&#160;1,
2008, and amended on February&#160;24, 2017, and December&#160;29, 2018, an enterprise established outside the PRC with de facto management
bodies within the PRC is considered as a resident enterprise for PRC enterprise income tax purposes and is generally subject to a uniform
25% enterprise income tax rate on its worldwide income. The Implementing Rules of the Enterprise Income Law of the People&#8217;s Republic
of China, or the Implementing Rules of the EIT Law, defines a de facto management body as a managing body that in practice exercises &#8220;substantial
and overall management and control over the production and operations, personnel, accounting, and properties&#8221; of the enterprise.&#160;Non-PRC&#160;resident
enterprises without any branches in the PRC pay an enterprise income tax in connection with their income originating from the PRC at the
tax rate of 10%.</p><div>

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

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

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February&#160;3, 2015, the PRC State Administration
of Taxation, or the SAT, issued the Announcement on Several Issues Concerning the Enterprise Income Tax on Indirect Transfer of Assets
by&#160;Non-Resident&#160;Enterprises, or SAT Bulletin 7. SAT Bulletin 7 repeals certain provisions in the Notice of the State Administration
of Taxation on Strengthening the Administration of Enterprise Income Tax on Income from Equity Transfer by&#160;Non-Resident&#160;Enterprises,
or SAT Circular 698, issued by SAT on December&#160;10, 2009 and the Announcement on Several Issues Relating to the Administration of
Income Tax on&#160;Non-resident&#160;Enterprises issued by SAT on March&#160;28, 2011 and clarifies certain provisions in SAT Circular
698. SAT Bulletin 7 provides comprehensive guidelines relating to, and heightening the Chinese tax authorities&#8217; scrutiny on, indirect
transfers by a&#160;non-resident&#160;enterprise of assets (including assets of organizations and premises in PRC, immovable property
in the PRC, equity investments in PRC resident enterprises), or the PRC Taxable Assets. For instance, when a&#160;non-resident&#160;enterprise
transfers equity interests in an overseas holding company that directly or indirectly holds certain PRC Taxable Assets and if the transfer
is believed by the Chinese tax authorities to have no reasonable commercial purpose other than to evade enterprise income tax, SAT Bulletin
7 allows the Chinese tax authorities to reclassify the indirect transfer of PRC Taxable Assets into a direct transfer and therefore impose
a 10% rate of PRC enterprise income tax on the&#160;non-resident&#160;enterprise. SAT Bulletin 7 lists several factors to be considered
by tax authorities in determining if an indirect transfer has a reasonable commercial purpose. However, regardless of these factors, the
overall arrangements in relation to an indirect transfer satisfying all the following criteria will be deemed to lack a reasonable commercial
purpose: (i) 75% or more of the equity value of the intermediary enterprise being transferred is derived directly or indirectly from PRC
Taxable Assets; (ii)&#160;at any time during the one year period before the indirect transfer, 90% or more of the asset value of the intermediary
enterprise (excluding cash) is comprised directly or indirectly of investments in the PRC, or during the one year period before the indirect
transfer, 90% or more of its income is derived directly or indirectly from the PRC; (iii)&#160;the functions performed and risks assumed
by the intermediary enterprise and any of its subsidiaries and branches that directly or indirectly hold the PRC Taxable Assets are limited
and are insufficient to prove their economic substance; and (iv)&#160;the foreign tax payable on the gain derived from the indirect transfer
of the PRC Taxable Assets is lower than the potential PRC tax on the direct transfer of those assets. On the other hand, indirect transfers
falling into the scope of the safe harbors under SAT Bulletin 7 will not be subject to PRC tax under SAT Bulletin 7. The safe harbors
include qualified group restructurings, public market trades, and exemptions under tax treaties or arrangements.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October&#160;17, 2017, SAT issued the Announcement
on Issues Relating to Withholding at Source of Income Tax of&#160;Non-resident&#160;Enterprises, or SAT Bulletin 37, which took effect
on December&#160;1, 2017 and was most-recently amended on June&#160;15, 2018. According to SAT Bulletin 37, the balance after deducting
the equity net value from the equity transfer income shall be the taxable income amount for equity transfer income. Equity transfer income
shall mean the consideration collected by the equity transferor from the equity transfer, including various income in monetary form and&#160;non-monetary&#160;form.
Equity net value shall mean the tax computation basis for obtaining the said equity. The tax computation basis for equity shall be: (i)&#160;the
capital contribution costs actually paid by the equity transferor to a Chinese resident enterprise at the time of investment and equity
participation, or (ii)&#160;the equity transfer costs actually paid at the time of acquisition of such equity to the original transferor
of the said equity. Where there is reduction or appreciation of value during the equity holding period, and the gains or losses may be
confirmed pursuant to the rules of the finance and tax authorities of the State Council, the equity net value shall be adjusted accordingly.
When an enterprise computes equity transfer income, it shall not deduct the amount in the shareholders&#8217; retained earnings such as
undistributed profits etc., of the investee enterprise, which may be distributed in accordance with the said equity. In the event of partial
transfer of equity under multiple investments or acquisitions, the enterprise shall determine the costs corresponding to the transferred
equity in accordance with the transfer ratio, out of all costs of the equity.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under SAT Bulletin 7 and the Law of the People&#8217;s
Republic of China on the Administration of Tax Collection promulgated by SCNPC on September&#160;4, 1992 and newly amended on April&#160;24,
2015 (the &#8220;Tax Collection Law&#8221;), in the case of an indirect transfer, entities or individuals obligated to pay the transfer
price to the transferor shall act as withholding agents. According to SAT Circular 7, where the transferee fails to withhold any or sufficient
tax, the transferor shall declare and pay such tax to the tax authority by itself within the statutory time limit. SAT Bulletin 37 further
elaborates the relevant implemental rules regarding the calculation, reporting and payment obligations of the withholding tax by the&#160;non-resident&#160;enterprises.
In addition, the tax authority may also hold the withholding agents liable and impose a penalty of ranging from 50% to 300% of the unpaid
tax on them. The penalty imposed on the withholding agents may be reduced or waived if the withholding agents have submitted the relevant
materials in connection with the indirect transfer to the PRC tax authorities in accordance with SAT Bulletin 7.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Withholding Tax on Dividend Distribution</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The EIT Law prescribes a standard withholding
tax rate of 20% on dividends and other China-sourced income of&#160;non-PRC&#160;resident enterprises which have no establishment or place
of business in the PRC, or if established, the relevant dividends or other China-sourced income are in fact not associated with such establishment
or place of business in the PRC. However, the Implementing Rules of the EIT Law which reduced the rate from 20% to 10%, became effective
from January&#160;1, 2008. However, a lower withholding tax rate might be applied if there is a tax treaty between China and the jurisdiction
of the foreign holding companies, for example, pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative
Region for the Avoidance of Double Taxation and Tax Evasion on Income, the withholding tax rate in respect to the payment of dividends
by a PRC enterprise to a Hong Kong enterprise is reduced to 5% from a standard rate of 10% if the Hong Kong enterprise directly holds
at least 25% of the PRC enterprise. Pursuant to the Notice of the State Administration of Taxation on the Issues concerning the Application
of the Dividend Clauses of Tax Agreements, or Circular 81, a Hong Kong resident enterprise must meet the following conditions, among others,
in order to enjoy the reduced withholding tax: (i)&#160;it must directly own the required percentage of equity interests and voting rights
in the PRC resident enterprise; and (ii)&#160;it must have directly owned such percentage in the PRC resident enterprise throughout the
12 months prior to receiving the dividends. There are also other conditions for enjoying the reduced withholding tax rate according to
other relevant tax rules and regulations.</p><div>

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

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Circular on Several Issues regarding
the &#8220;Beneficial Owner&#8221; in Tax Treaties, which was issued on February&#160;3, 2018 by the SAT, effective as of April&#160;1,
2018, when determining the applicant&#8217;s status of the &#8220;beneficial owner&#8221; regarding tax treatments in connection with
dividends, interests or royalties in the tax treaties, several factors, including without limitation, whether the applicant is obligated
to pay more than 50% of its income in twelve months to residents in third country or region, whether the business operated by the applicant
constitutes the actual business activities, and whether the counterparty country or region to the tax treaties does not levy any tax or
grant tax exemption on relevant incomes or levy 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 their status of
the &#8220;beneficial owner&#8221; shall submit the relevant documents to the relevant tax bureau according to the Announcement on Issuing
the Measures for the Administration of&#160;Non-Resident&#160;Taxpayers&#8217; Enjoyment of the Treatment under Tax Agreements.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October&#160;14, 2019, the State Administration
of Taxation issued the Notice on the Administrative Measures for&#160;Non-resident&#160;Enterprises to Enjoy Contractual Benefits, or
the Circular 35, which was implemented from January&#160;1, 2020. According to Circular 35,&#160;non-resident&#160;enterprises may enjoy
the benefits by way of &#8220;self-judgment, declaration and enjoyment, and retention of relevant information for future reference&#8221;.
If a&#160;non-resident&#160;enterprise judges that it meets the conditions for enjoying the contractual benefits, it may enjoy the contractual
benefits at the time of tax declaration or through the withholding agent. At the same time, it shall collect and retain relevant information
for reference in accordance with Circular 35, and accept the&#160;follow-up&#160;management of the tax authorities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Value-Added Tax</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Interim Regulations on Value-Added
Tax of the People&#8217;s Republic of China, which was promulgated by the State Council on December&#160;13, 1993, and amended on November&#160;10,
2008, February&#160;6, 2016, and November&#160;19, 2017, and the Implementation Rules for the Interim Regulations on Value-Added Tax of
the People&#8217;s Republic of China, which MOF promulgated on December&#160;25, 1993, and amended on December&#160;15, 2008, and October&#160;28,
2011, entities or individuals engaging in the sale of goods, provision of processing services, repairs and replacement services or import
of goods within the territory of the PRC shall pay value-added tax or the VAT. Unless provided otherwise, the rate of VAT is 17% on sales
and 6% on the services. On April&#160;4, 2018, MOF and SAT jointly promulgated the Circular of the Ministry of Finance and the State Administration
of Taxation on Adjustment of Value-Added Tax Rates, or the Circular 32, according to which (i)&#160;for VAT taxable sales acts or import
of goods originally subject to VAT rates of 17% and 11% respectively, such tax rates shall be adjusted to 16% and 10%, respectively; (ii)&#160;for
purchase of agricultural products originally subject to tax rate of 11%, such tax rate shall be adjusted to 10%; (iii) for purchase of
agricultural products for the purpose of production and sales or consigned processing of goods subject to tax rate of 16%, such tax shall
be calculated at the tax rate of 12%; (iv) for exported goods originally subject to tax rate of 17% and export tax refund rate of 17%,
the export tax refund rate shall be adjusted to 16%; and (v)&#160;for exported goods and cross-border taxable acts originally subject
to tax rate of 11% and export tax refund rate of 11%, the export tax refund rate shall be adjusted to 10%. Circular 32 became effective
on May&#160;1, 2018 and shall supersede existing provisions which are inconsistent with Circular 32.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since January&#160;1, 2012, MOF and SAT have
implemented the Pilot Plan for Imposition of Value-Added Tax to Replace Business Tax, or the VAT Pilot Plan, which imposes VAT in lieu
of business tax for certain &#8220;modern service industries&#8221; in certain regions and eventually expanded to nation-wide application
in 2013. According to the Implementation Rules for the Pilot Plan for Imposition of Value-Added Tax to Replace Business Tax released by
MOF and SAT on the VAT Pilot Program, the &#8220;modern service industries&#8221; include research, development and technology services,
information technology services, cultural innovation services, logistics support, lease of corporeal properties, attestation and consulting
services. The Notice on Comprehensively Promoting the Pilot Plan of the Conversion of Business Tax to Value-Added Tax, which was promulgated
on March&#160;23, 2016, became effective on May&#160;1, 2016 and amended on July&#160;11, 2017, sets out that VAT in lieu of business
tax be collected in all regions and industries.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March&#160;20, 2019, MOF, SAT and GAC jointly
promulgated the Announcement on Relevant Policies for Deepening Value-Added Tax Reform, which became effective on April&#160;1, 2019 and
provides that (i)&#160;with respect to VAT taxable sales acts or import of goods originally subject to VAT rates of 16% and 10% respectively,
such tax rates shall be adjusted to 13% and 9%, respectively; (ii)&#160;with respect to purchase of agricultural products originally subject
to tax rate of 10%, such tax rate shall be adjusted to 9%; (iii) with respect to purchase of agricultural products for the purpose of
production or consigned processing of goods subject to tax rate of 13%, such tax shall be calculated at the tax rate of 10%; (iv) with
respect to export of goods and services originally subject to tax rate of 16% and export tax refund rate of 16%, the export tax refund
rate shall be adjusted to 13%; and (v)&#160;with respect to export of goods and cross-border taxable acts originally subject to tax rate
of 10% and export tax refund rate of 10%, the export tax refund rate shall be adjusted to 9%.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Urban Maintenance and Construction Tax</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Urban Maintenance and Construction
Tax Law of the PRC as promulgated in August 2020, any taxpayer, whether an entity or individual, of consumption tax or value-added tax
shall be required to pay urban maintenance and construction tax based on the total amount of consumption tax or value-added tax paid by
such taxpayer. The tax rate shall be 7% for a taxpayer whose domicile is in an urban area, 5% for a taxpayer whose domicile is in a county
or a town, and 1% for a taxpayer whose domicile is not in any urban area or county or town.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Education Surcharge</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Provisional Provisions on Imposition
of Education Surcharge as amended in January 2011, a taxpayer, whether an entity or individual, of consumption tax or value-added tax
shall pay an education surcharge at a rate of 3% on the total amount of consumption tax or value-added tax paid by such entity, unless
such obliged taxpayer is instead required to pay a rural area education surcharge as stipulated under the Notice of the State Council
on Raising Funds for Schools in Rural Areas that promulgated by State Council in December 1984.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Tax Collection and Payment</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Tax Collection Law prescribes a regulatory
framework of tax collection and payment in the PRC and the Implementation Regulations for the Tax Collection Law as amended in February
2016 has made further provisions on the basis of the Tax Collection Law. Pursuant to the Tax Collection Law, a taxpayer or withholding
agent shall pay or deliver tax payments in compliance within the time limit specified by laws or administrative regulations, or as determined
by taxation authorities in accordance with laws or administrative regulations. Where a taxpayer or a withholding agent fails to pay or
underpays the amount of tax that should be paid or remitted within the specified time, the tax authorities shall order the taxpayer or
withholding agent to pay or remit the tax within the specified time limit, and impose a penalty for late payment on a daily basis at the
rate of 0.05% of the amount of tax in arrears from the date the tax payment is defaulted. If the taxpayer or withholding agent still fails
to do so on the expiration of the time limit, the tax authorities may recover such unpaid taxes by adopting compulsory enforcement measures,
and impose a fine of not less than 50% but not more than five times the amount of tax the taxpayer or withholding agent fails to pay or
underpays or fails to remit. As prescribed by the Tax Collection Law, such compulsory enforcement measures adopted by the tax authorities
may include (i)&#160;to notify in writing the bank or any other financial institution with which the taxpayer, withholding agent or tax
payment guarantor has opened an account to withhold and remit the taxes from its deposits; (ii)&#160;to attach, seal up or, in accordance
with law, auction or dispose of the commodities, goods or other property of the taxpayer, withholding agent or tax payment guarantor,
valued equivalent to the taxes payable, and to use the proceeds therefrom to offset the taxes payable. Furthermore, the taxation authorities
shall also announce the tax payments defaulted by taxpayers regularly.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Anti-Monopoly Enforcement</b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC Anti-Monopoly enforcement agencies have
in recent years strengthened enforcement under the PRC Anti-Monopoly Law. In March 2018, SAMR was formed as a new governmental agency
to take over, among other things, the Anti-Monopoly enforcement functions from the relevant departments under MOC, NDRC and the&#160;pre-existing&#160;State
Administration for Industry and Commerce, respectively. Since its inception, SAMR has continued to strengthen Anti-Monopoly enforcement.
In December 2018, SAMR issued the Notice on Anti-Monopoly Enforcement Authorization, which grants authorities to its province-level branches
to conduct Anti-Monopoly enforcement within their respective jurisdictions. In September 2020, SAMR issued Anti-Monopoly Compliance Guideline
for Operators, which requires, under the PRC Anti-Monopoly Law, operators to establish Anti-Monopoly compliance management systems to
prevent Anti-Monopoly compliance risks. On February&#160;7, 2021, the Anti-Monopoly Commission of the State Council officially promulgated
the Anti-Monopoly Guidelines for Internet Platforms. Pursuant to an official interpretation from the Anti-Monopoly Commission of the State
Council, the Anti-Monopoly Guidelines for Internet Platforms mainly covers five aspects, including general provisions, monopoly agreements,
abusing market dominance, concentration of undertakings, and abusing of administrative powers eliminating or restricting competition.
On June&#160;24, 2022, the SCNPC passed the Amendments to Anti-Monopoly Law (the &#8220;Amendments to the AML&#8221;) which came into
effect on August&#160;1, 2022. The Amendments to the AML set out new substantive rules including safe harbor for monopoly agreements,
introduced&#160;&#8220;stop-the-clock&#8221;&#160;mechanism and enhanced personal liability and monetary penalties for substantive violations.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As the Amendments to the AML are newly published,
we are unable to estimate its specific impact on our business, financial condition, results of operations and prospects and future acquisition
of any PRC subsidiaries. We cannot assure you that our business operations will comply with such regulations and authorities&#8217; requirements
in all respects. Any failure or perceived failure by us to comply such regulations and authorities&#8217; requirements may result in governmental
investigations or enforcement actions, lawsuits or claims against us and could have an adverse effect on our business, financial condition
and results of operations upon our future acquisition of PRC subsidiaries.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulations Relating to Information Protection on Networks&#160;</b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December&#160;28, 2012, SCNPC issued Decision
of the Standing Committee of the National People&#8217;s Congress on Strengthening Information Protection on Networks, pursuant to which
network service providers and other enterprises and institutions shall, when gathering and using electronic personal information of citizens
in business activities, publish their collection and use rules and adhere to the principles of legality, rationality and necessarily,
explicitly state the purposes, manners and scopes of collecting and using information, and obtain the consent of those from whom information
is collected, and shall not collect and use information in violation of laws and regulations and the agreement between both sides; and
the network service providers and other enterprises and institutions and their personnel must strictly keep such information confidential
and may not divulge, alter, damage, sell, or illegally provide others with such information.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July&#160;16, 2013, MIIT issued the Provisions
on the Protection of Personal Information of Telecommunication and Internet User, which was effective as of September&#160;1, 2013. The
requirements under this order are stricter and wider compared to the above decision issued by SCNPC. According to the provisions, if a
network service provider wishes to collect or use personal information, it may do so only if such collection is necessary for the services
it provides. Furthermore, it must disclose to its users the purpose, method and scope of any such collection or usage, and must obtain
consent from the users whose information is being collected or used. Network service providers are also required to establish and publish
their protocols relating to personal information collection or usage, keep any collected information strictly confidential and take technological
and other measures to maintain the security of such information. Network service providers are required to cease any collection or usage
of the relevant personal information, and provide services for the users to&#160;de-register&#160;the relevant user account, when a user
stops using the relevant Internet service. Network service providers are further prohibited from divulging, distorting or destroying any
such personal information, or selling or providing such personal information unlawfully to other parties. In addition, if a network service
provider appoints an agent to undertake any marketing or technical services that involve the collection or usage of personal information,
the network service provider is required to supervise and manage the protection of the information. The provisions state, in broad terms,
that violators may face warnings, fines, public exposure and, criminal liability whereas the case constitutes a crime.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June&#160;1, 2017, the Cybersecurity Law of
the PRC promulgated in November 2016 by SCNPC became effective. This law also absorbed and restated the principles and requirements mentioned
in the aforesaid decision and order, and further provides that, where an individual finds any network operator collects or uses his or
her personal information in violation of the provisions of any law, regulation or the agreement of both parties, the individual shall
be entitled to request the network operator to delete his or her personal information; if the individual finds that his or her personal
information collected or stored by the network operator has any error, he or she shall be entitled to request the network operator to
make corrections, and the network operator shall take measures to do so. Pursuant to this law, the violators may be subject to: (i)&#160;warning;
(ii) confiscation of illegal gains and fines equal to one to ten times of the illegal gains; or if without illegal gains, fines up to
RMB1,000,000; or (iii)&#160;an order to shut down the website, suspend the business operation for rectification, or revoke business license.
Besides, responsible persons may be subject to fines between RMB10,000 and RMB100,000.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June&#160;10, 2021, SCNPC promulgated the
PRC Data Security Law, which has been taken effect on September&#160;1, 2021. The PRC Data Security Law imposes data security and privacy
obligations on entities and individuals carrying out data activities, and introduces a data classification and hierarchical protection
system based on the importance of data in economic and social development, as well as the degree of harm it will cause to national security,
public interests, or legitimate rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked,
or illegally acquired or used. The PRC Data Security Law also provides for a national security review procedure for data activities that
may affect national security and imposes export restrictions on certain data and information.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August&#160;20, 2021, SCNPC promulgated the
PRC Personal Information Protection Law, or the PIPL, which has taken effect in November 2021. In addition to other rules and principles
of personal information processing, the PIPL specifically provides rules for processing sensitive personal information. Sensitive personal
information refers to personal information that, once leaked or illegally used, could easily lead to the infringement of human dignity
or harm to the personal or property safety of an individual, including biometric recognition, religious belief, specific identity, medical
and health, financial account, personal whereabouts and other information of an individual, as well as any personal information of a minor
under the age of 14. Only where there is a specific purpose and sufficient necessity, and under circumstances where strict protection
measures are taken, may personal information processors process sensitive personal information. A personal information processor shall
inform the individual of the necessity of processing such sensitive personal information and the impact thereof on the individual&#8217;s
rights and interests. Article 38 of the PIPL provides that where a personal information processor needs to provide personal information
outside the territory of the PRC due to business or other needs, it shall meet any of the following conditions: (i)&#160;it shall pass
the security evaluation organized by the CAC; (ii)&#160;it shall have been certified by a specialized agency for protection of personal
information in accordance with the provisions of the CAC; (iii)&#160;it shall enter into a contract with the overseas recipient under
the standard contract formulated by the CAC, specifying the rights and obligations of both parties; and (iv)&#160;it shall meet other
conditions prescribed by laws, administrative regulations or the CAC. The CAC published Notice of the Cyberspace Administration of China
on Seeking Public Comments on the Provisions on Standard Contracts for Cross-border Transfers of Personal Information (Exposure Draft)
on June&#160;30, 2022, providing requirements and guidelines for personal information processor to enter into a contract regarding providing
personal information abroad. On February 22, 2023, the CAC promulgated the Measures for the Standard Contract for Outbound Transfer of
Personal Information, along with the standard form of contract for outbound transfer of personal information, which will become effective
on June 1, 2023. Such Measures provide for strict requirements on the conclusion of contracts for outbound transfer of personal information
based on the standard form and require the filing of such contracts with cyberspace administration at the provincial level within ten
business days following its effectiveness.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December&#160;28, 2021, the CAC published
the Cybersecurity Review Measures (2021), which came into effect on February&#160;15, 2022 and has replaced the current Cybersecurity
Review Measures (2020). The Cybersecurity Review Measures provides that the operators of critical information infrastructure must pass
a cybersecurity review when purchasing network products and services which do or may affect national security. In addition, if an &#8220;online
platform operator&#8221; that is in possession of personal data of more than one million users intends to list in a foreign country, it
must apply for a cybersecurity review. Based on a set of Q&amp;A published on the official website of the State Cipher Code Administration
in connection with the issuance of the Cybersecurity Review Measures (2021), an official of the said administration indicated that an
online platform operator should apply for a cybersecurity review prior to the submission of its listing application with&#160;non-PRC&#160;securities
regulators. Given the recency of the issuance of the Cybersecurity Review Measures (2021), there is a general lack of guidance and substantial
uncertainties exist with respect to their interpretation and implementation. For example, it is unclear whether the requirement of cybersecurity
review applies to&#160;follow-on&#160;offerings by an &#8220;online platform operator&#8221; that is in possession of personal data of
more than one million users where the offshore holding company of such operator is already listed overseas.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July&#160;7, 2022, the CAC passed the Security
Assessment Measures for Outbound Data Transfers which came into effect on September&#160;1, 2022. The Security Assessment Measures provide
circumstances in which a data processor is required to declare security assessment for its outbound data transfer to the CAC through the
provincial cyberspace administration, and specified requirement for self-assessment and the administrative procedure for declaration of
security assessment with cyberspace department at the provincial level. Given the recency of the issuance of the Security Assessment Measures,
substantial uncertainties exist with respect to their implementation after their effectiveness.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>C.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Organizational Structure</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The following diagram illustrates our corporate
structure, including our principal subsidiaries, consolidated affiliated entities and subsidiaries of consolidated affiliated entities
as of the date of this annual report. &#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="image_002.jpg" style="width: 850px; height: 508px"/>&#160;</p><div>

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

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.3in; text-align: left">Note:&#160;</td><td style="text-align: left">the English names of our PRC business entities are directly
translated from Chinese and may be different from their names shown on their respective records filed with relevant PRC authorities.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.3in; text-align: left">(1)</td><td style="text-align: left">&#160;No single shareholder among &#8220;other shareholders&#8221;
beneficially owns more than 5% of our ordinary shares.</td>
</tr></table><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>D.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Property, Plant and Equipment</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our corporate headquarters are located in Shenzhen,
China. As of December 31, 2022, the approximate gross floor area of our leased properties was 5,214 sq.m. in aggregate and we did not have
self-held properties. We lease our premises from unrelated third parties under operating lease agreements. We believe that our existing
facilities are generally adequate to meet our current needs, but we expect to seek additional space as needed to accommodate future growth.</p><div>

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

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM&#160;4A. UNRESOLVED STAFF COMMENTS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

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

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You should read the
following discussion together with our consolidated financial statements and the related notes included elsewhere in this annual
report. This discussion contains forward-looking statements about our business and operations. Our actual results may differ
materially from those we currently anticipate as a result of many factors, including those we describe under &#8220;Item 3. Key
Information &#8212; D. Risk Factors&#8221; and elsewhere in this annual report.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>A.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Operating Results</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are one of the leading Shenzhen-based end-to-end
supply chain solution providers in China, with a focus on providing cross-border logistics services. According to the Frost &amp; Sullivan
Report, in 2021, we ranked fifth in terms of the revenues generated from providing end-to-end cross-border supply chain solutions among
all end-to-end supply chain solution providers based in Shenzhen, China. Headquartered in Shenzhen, a key component of the Greater Bay
Area in China, we benefit from the unique geographical advantages of providing high degree of support for ocean, air and overland logistics.
A well-connected transportation network enables us to significantly increase efficiency and reduce transportation costs. As one of the
most open and dynamic regions in China, Shenzhen is home to renowned enterprises and the gathering place of cross-border e-commerce market
players, which provides us with a large customer base and enables us to develop long-term in-depth relationships with our customers. In
addition, the sustained and steady growth of local economy and supportive government policies have backed up our development and brought
us great convenience in daily operations.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We experienced a rapid growth in 2020 and 2021 as well as in 2022. For the years ended December 31, 2020, 2021
and 2022, our total revenue amounted to RMB290.3 million, RMB545.6 million and RMB652.0 million (US$93.6 million), respectively, representing
a year-over-year increase of 87.9% and 19.5%. For the years ended December 31, 2020, 2021 and 2022, our gross profit amounted to RMB21.0
million, RMB34.5 million and RMB37.4 million (US$5.4 million), respectively, representing a year-over-year increase of 64.1% and 8.4%.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We offer a comprehensive range of cross-border
supply chain solution services, including: (i) freight forwarding services, (ii) supply chain management, and (iii) other value-added
services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Key Factors that Affect Operating Results</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Changes in the global and local economic conditions</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our financial performance, particularly our ability
to drive growth, depends upon the demand for our services, which is closely linked to the global and local economies, and is sensitive
to the level of expenditure by business entities&#8217; on our services. While the logistics industry in China has been benefiting from
the remarkable growth of the Chinese economy in recent years, issues and conditions with global reach, such as the COVID-19 outbreak,
trade wars and occasional regional armed conflicts, have negatively affected the global economy and had a chain reaction in the global
logistics industry. Despite the substantial improvements in social and economic conditions in China since the outbreak of COVID-19 in early
2020, there remain uncertainties regarding the overall economic conditions and demand for our services worldwide. Other macro-economic
factors beyond our control may also affect our results of operations. For example, any prolonged recurrence of other contagious diseases,
social instability or significant natural disasters may have a negative impact on the demand for our services.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our ability to maintain our major customers</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the years ended December 31, 2020, 2021 and
2022, approximately 59.9%, 35.8% and 45.5% of our total revenues, respectively, were generated by our five largest customers. While certain
service contracts contain options of renewal, there is no assurance that our major customers will continue their business relationships
with us, or the revenue generated from dealings with them will be maintained or increased in the future. If we are unable to enter into
new service contracts with our customers upon expiry of the current contracts, or there is a reduction or cessation of demands from these
customers for whatever reasons and we are unable to enter into service contracts of comparable size and terms in substitution, our business,
financial conditions and results of operation may be materially and adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our ability to obtain new customers and to increase our revenue
per customer</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The number of our customers were 535, 1299 and
1879 as of December 31, 2020, 2021 and 2022, respectively, representing a year-over-year 142.8% and 44.6% increase. In addition, average
revenue per customer were RMB542.7 thousand, RMB420 thousand and RMB347 thousand (US$50 thousand) per customer for the year ended December
31, 2020, 2021 and 2022, respectively. Our ability to increase our revenues and our profitability will depend on our ability to continue
to increase our customer base and revenue per customer. To achieve this, we strive to increase our marketing efforts such as making more
event sponsorship, increasing online and offline advertising advertisements in targeted markets and enhancing the quality and capabilities
of our technologies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our ability to pursue strategic opportunities for growth</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although the end-to-end cross-border supply chain
solution market in China is highly fragmented, top companies in this market in China hold stronger comprehensive service capabilities
and bargaining power. In the future, it is expected that more competitors will enter this market. Therefore, we intend to continue to
pursue strategic investments in selective businesses in the logistics industry that will enhance our service capabilities.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that a solid investment strategy in
warehouses and licenses for e-commerce exports may be critical for us to accelerate our growth and strengthen our competitive position
in the future. Our ability to identify and execute strategic investments will likely have an effect on our operating results over time.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Regulatory Environment</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ability to anticipate and respond to potential
changes in government policies and regulations will have a significant impact on our business operations in such countries and our overall
results of operations. In recent years, the PRC government has issued many supportive policies to encourage the development of the logistic
industry. Encouraged by those policies, the logistic industry in China is expected to become more standardized and modernized. The integrated
cross-border logistics service market, as a sub-segment of the logistic industry, is likely to evolve along with the development of the
logistic industry.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Impact of Global Inflationary Pressures</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We primarily face two types of inflationary pressures:
one is inflation-related economic slowdown, and the other is a rise in fuel prices as a result of inflation. Our business is less affected
by the first type of inflationary pressure since substantially all of our business operations are in China, where inflation has been stable
over the past three years. In 2020, 2021 and 2022, the inflation rate in China was 2.5%, 0.9% and 2.0%, respectively. However, due to
global inflation and also triggered by the tensions between Russia and Ukraine in 2022, the prices of fossil fuel have surged and affected
the freight forwarding services section which still relies heavily on fossil fuels to power transportation. With higher fuel prices, costs
of freight forwarding services will increase and the demand for cross-border logistics services will be adversely affected. But we expect
the pressure of high fuel prices to be limited, as we plan to expand warehouse management services to diversify our service lines to mitigate
the impact.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Impact of Supply Chain Disruptions</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The outbreak of COVID-19
since the beginning of March 2020 caused widespread shutdown and weakened the financial conditions of our upstream suppliers and
downstream customers, which resulted in some disruptions to our business operations. However, as supply chain disruptions in North
America and Europe have stimulated global demand for Chinese exports, we, on the other hand, have gained more opportunities to
provide cross- border logistics services. Based on the current situation in China, we do not expect a material impact on our results
of operations and financial performance to be caused by COVID-19 in the future. The tensions between Russia and Ukraine in 2022 also
gave rise to supply chain disruptions in Europe. Our revenue generated from Europe, primarily from freight forwarding services and
supply chain management in aggregate, accounted RMB18.6 million, or 3.4% of total revenue, for the year ended December 31, 2021, and
RMB42.5 million (US$6.3 million), or 6.5% of total revenue, for the year ended December 31, 2022. We will continuously pay close
attention to the supply chain disruptions caused by COVID-19 pandemic and the tensions in Ukraine, conduct a further assessment, and take
measures to minimize the impact. Except for the impact of COVID-19 pandemic and the tensions in Ukraine, there are no other supply chain
disruptions affecting our business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Key Components of Results of Operations</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenues</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our revenues consist of (i) revenues from our
freight forwarding services, which primarily comprise service fees typically ascertained based on the number of packages, weight, measurement,
destination port, types of freight and other special demands; (ii) revenues from our supply chain management, which primarily comprise
product revenues and commissions relates to cross-border supply chains; and (iii) revenues from our other valued-added services, which
primarily comprise custom brokerage, and intelligent logistic IT systems.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A breakdown of our revenues for the years
indicated is summarized below:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td>&#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="text-align: right">210,795</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">72.6</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">390,229</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">444,336</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">32,812</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">97,807</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">133,231</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">43,967</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">14.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">52,975</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">68,879</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">557</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">144</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cost of Revenues</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Cost of revenues represents costs and expenses
incurred in order to generate revenue. Our cost of revenues primarily consists of (i) cost of freight charges, (ii) cost of goods, (iii)
labor costs, (iv) cost of customs brokerage, (v) cost of packaging, (vi) cost of indemnities paid to carriers. Cost of freight charges
consists of (i) air freight/ ocean freight/land freight charges, (ii) delivery fees, (iii) warehouse leasing costs, and (iv) other service
fees.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A breakdown of our cost of revenues for the
years indicated is summarized below:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="26" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Year Ended December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</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>&#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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    <td style="text-align: left">&#160;</td><td style="text-align: right">72.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">364,104</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">92,158</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">18,908</td><td style="text-align: left">&#160;</td><td>&#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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gross Profit</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our gross profit equals to our revenue less our
cost of revenues. Our gross profit is primarily affected by our ability to generate revenue and the fluctuation of our cost.</p><div>

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

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

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our breakdown of gross profit by service line
for the years indicated is set forth below:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Operating expenses</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Operating expenses include selling expenses,
general and administrative expenses, and research and development expenses. General and administrative expenses mainly consist of (i)
employee payroll, rental and depreciation related to general and administrative personnel, (ii) professional service fees; and (iii) other
corporate expenses. Our selling expenses mainly consist of (i) employee payroll and commission, (ii) entertainment and marketing expenses,
and (iii) rental and depreciation related to selling and marketing functions. Research and development expenses mainly consist of (i)
cost of materials used for experiment, (ii) employee payroll, and (iii) depreciation expense for experimental facilities and other daily
expenses related to our research and development activities in logistics related software development.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We anticipate that our operating expenses will
continue to increase as we hire additional personnel and incur additional costs in connection with the expansion of our business operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth our operating
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>RESULTS OF OPERATIONS</i></b></p><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,635</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,703</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,582</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Year Ended December 31, 2022 Compared to Year Ended December
31, 2021</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenues</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Total revenues increased by approximately RMB106.4
million, or 19.5%, from approximately RMB545.6 million for the year ended December 31, 2021 to approximately RMB652.0 million (US$93.6
million) for the year ended December 31, 2022, primarily attributable to a growth of our freight forwarding services and stable development
of our supply chain management and other value-added services.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Revenues from our freight
forwarding services increased by RMB89.6 million, or 18.3%, from RMB488.0 million for the year ended December 31, 2021 to RMB577.6
million (US$82.9 million) for the year ended December 31, 2022. The increase was mainly due to the development of new routes of
chartered airline freight services, which accounted for 18.9% of total revenue. This new chartered airline freight services operated
three times a week and through the same route for one single client from integrated cross-border logistics services. In addition,
the number of customers increased by 44.6% from 1,299 customers for the year ended December 31, 2021 to 1,879 customers for the year ended
December 31, 2022 with our efforts in customer acquisition. Our customer acquisition costs increased by 88.7% from RMB7.2 million
for the year ended December 31, 2021 to RMB13.5 million (US$1.9 million) for the year ended December 31, 2022. Among the new
customers acquired for the year ended December 31, 2022, 56.2% of them are relevant to e-commerce related logistics services.
Customers from e-commerce businesses are relatively small-scale companies compared to traditional freight forwarding customers,
resulting in higher transaction volume but lower transaction amount. Therefore, with the increase in e-commerce related logistics
services, our number of customers increased rapidly in 2022, but the percentage of revenue generated from e-commerce related
logistics services decreased from 24.6% for the year ended December 31, 2021 to 18.9% for the year ended December 31, 2022. However,
larger customer base will provide us more development opportunities in the future.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Revenues from our supply chain management increased
by RMB15.5 million, or 28.9%, from RMB53.5 million for the year ended December 31, 2021 to RMB69.0 million (US$9.9 million) for the year
ended December 31, 2022. The increase was primarily attributable to the business growth of international trading, which was resulted from
the growing logistic network enabling us to serve a wider range of customers in different geographic areas.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Revenues from our other value-added services
increased by RMB1.4 million, or 34.2%, from RMB4.0 million for the year ended December 31, 2021 to RMB5.4 million (US$0.8 million) for
the year ended December 31, 2022. The increase was primarily attributable to an increase of revenue generated from customs brokerage services
as we acquired the certificate of Authorized Economic Operator (&#8220;AEO&#8221;) allowing us to benefit from special expedited customs
treatment, which significantly facilitated the shipment of our goods in various markets so as to attract more customers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cost of Revenues</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our cost of revenues increased by 20.3% from
RMB511.1 million for the year ended December 31, 2021 to RMB614.6 million (US$88.2 million) for the year ended December 31, 2022.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our cost of revenues for freight forwarding services
increased by approximately RMB86.3 million, or 18.9%, from approximately RMB456.3 million for the year ended December 31, 2021 to approximately
RMB542.6 million (US$77.9 million) for the year ended December 31, 2022. The increase was primarily attributable to the increase of the
freight charges. Cost of freight charges, representing the main source of our cost of revenue, increased by RMB179.5 million, or 52.4%,
from approximately RMB342.9 million for the year ended December 31, 2021 to approximately RMB522.5 million (US$75.0 million) for the year
ended December 31, 2022. The main components of freight charges were the freight and the delivery fees paid to third-party carriers. The
soaring in freight charges was primarily due to the increase in fuel price for the year ended December 31, 2022, which was consistent
with the increase in the average oil price disclosed by the Organization of Petroleum Exporting Countries, from US$69.9 per barrel for
the year ended December 31, 2021 to US$94.53 per barrel for the year ended December 31, 2022. In addition, as a result of the rising fuel
oil price, despite we canceled some flights due to cost control concerns, we still incurred indemnity costs paid to carriers. Last but
not least, under the COVID-19 pandemic in 2022, in order to comply with the epidemic prevention requirements of the government such as
Shenzhen, Shanghai and Hong Kong, we had to bear extra costs for longer delivery routes and sterilization for goods.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our cost of revenues for supply chain management
increased by approximately RMB16.6 million, or 32.0%, from approximately RMB51.9 million for the year ended December 31, 2021 to approximately
RMB68.5 million (US$9.8 million) for the year ended December 31, 2022. The increase synchronized with the business growth of international
trading.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our cost of revenues for other value-added services
increased by approximately RMB0.6 million, or 19.2%, from approximately RMB2.9 million for the year ended December 31, 2021 to approximately
RMB3.5 million (US$0.5 million) for the year ended December 31, 2022. The increase was primarily attributable to more investment in rendering
research IT services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gross Profit</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our gross profit increased by RMB2.9 million,
or 8.4%, from RMB34.5 million for the year ended December 31, 2021 to RMB37.4 million (US$5.4 million) for the year ended December 31,
2022. The increase was primarily attributable to the business growth of freight forwarding services. For the years ended December 31,
2021 and 2022, our overall gross profit margin was 6.3% and 5.8%, respectively.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gross profit margin of freight forwarding services
decreased from 6.5% for the year ended December 31, 2021 to 6.1% for the year ended December 31, 2022 mainly due to (i) additional costs
for longer routes, costs associated with sterilization and inspection of goods caused by the COVID-19; and (ii) increasing costs of fuel
oil price and indemnities paid to carriers as a result of flight cancellation. We were seeking to expand our freight forwarding services
by continuously developing new routes and attracting new customers in order to create economies of scale and thereby increased gross profit.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gross profit margin of our supply chain management
decreased from 3.0% for the year ended December 31, 2021 to 0.7% for the year ended December 31, 2022, resulting from our decrease in
international trading due to the decrease of import business.</p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gross profit margin of our other value-added
services increased from 27.9% for the year ended December 31, 2021 to 36.0% for the year ended December 31, 2022 mainly due to the fact
that we were able to undertake orders for customs brokerage with higher margin after we acquired the AEO certificate.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Operating Expenses</i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our operating expenses increased from RMB21.7
million for the year ended December 31, 2021 to RMB36.7 million (US$5.3 million) for the year ended December 31, 2022, representing a
year-over-year increase of 69.1%. This increase was primarily attributable to the increases in our general and administrative expenses,
selling expenses and, to a lesser extent, our research and development expenses. We anticipate that our operating expenses will continue
to increase as we hire additional personnel and incur additional costs in connection with the expansion of our business operations and
becoming a public listed company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span style="text-decoration:underline">General and administrative expenses</span></i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">General and administrative expenses mainly consisted
of (i) employee payroll, rental and depreciation related to general and administrative functions, (ii) professional service fees; and
(iii) other corporate expenses. Our general and administrative expenses increased by 64.6% from RMB11.3 million for the year ended December
31, 2021 to RMB18.6 million (US$2.7 million) for the year ended December 31, 2022, which was primarily attributable to (i) an increase
of RMB3.3 million in professional expenses for consulting and auditing services; (ii) an increase of RMB1.8 million in leasing expenses
to satisfy the need for offices and warehouses; (iii) an increase of RMB2.3 million in staff costs due to an increase of employee headcounts
resulting from our business growth and establishment of three new branch offices of Shenzhen Jiayuda International Logistics Co., Ltd.
in Guangzhou, Qingdao and Ningbo and our new subsidiaries Cargo Link Company Limited and Shenzhen Jayud Yuncang Technology Co., Ltd. and
(iv) an occurrence of RMB0.5 million bad debt allowances.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span style="text-decoration:underline">Selling expenses</span></i></b></p><div>

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

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our selling expenses mainly consisted of (i)
employee payroll and commission, (ii) entertainment and marketing expenses, and (iii) rental and depreciation related to selling and marketing
functions. Our selling expenses increased by 79.0% from RMB9.0 million for the year ended December 31, 2021 to RMB16.0 million (US$2.3
million) for the year ended December 31, 2022, which was primarily attributable to (i) an increase of RMB6.4 million of customer acquisition
costs, including RMB4.0 million in employee payroll and commission resulting from our business growth and establishment of three branch
offices of Shenzhen Jiayuda International Logistics Co., Ltd. in Guangzhou, Qingdao and Ningbo, and our new subsidiaries Cargo Link Company
Limited and Shenzhen Jayud Yuncang Technology Co., Ltd. and RMB2.4 million business promotion and entertainment expenses for market expansion;
(ii) an increase of RMB1.1 million for new office space.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span style="text-decoration:underline">Research and development expenses</span></i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Research and development expenses mainly consisted
of (i) cost of materials used for experiment, (ii) employee payroll, and (iii) depreciation expense for experimental facilities and other
daily expenses related to our research and development activities. Research and development expenses increased slightly by 43.5% from
RMB1.5 million for the year ended December 31, 2021 to RMB2.1 million (US$0.3 million) for the year ended December 31, 2022. Our research
project was mainly due to more investment for maintenance and inspection of equipment for research activities, and offset by reduce of
staff of research and development department.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Other expenses, net</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other expenses, net consisted of financial expenses,
non-operating income, and non-operating expenses. We had other expenses, net of RMB0.9 million for the year ended December 31, 2021, while
had other income, net of RMB3.3 million (U$0.5 million) for the year ended December 31, 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other expenses, net increased by 1675.2% from
RMB0.01 million for the year ended December 31, 2021 to RMB0.2 million (US$0.03 million) for the year ended December 31, 2022, which was
due to an increase of penalties along with the early termination of office rental agreements due to change of office locations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Foreign exchange gain, net increased by 800.8%
from RMB0.5 million for the year ended December 31, 2021 to RMB4.4 million (US$0.6 million) for the year ended December 31, 2022, which
was primarily attributable to the significant fluctuation of the exchange rate between the dates of record and the dates of settlement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Financial expenses, net decreased by 30.6% from
RMB1.4 million to RMB0.9 million (US$0.1 million), which was consistent with the change of the balance bank borrowings and loans.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Income taxes</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our income tax expense increased by RMB0.9 million,
or 51.6%, from RMB1.7 million for the year ended December 31, 2021 to RMB2.6 million (US$0.4 million) for the year ended December 31,
2022. This increase was primarily due to our effective income tax rate for the year ended December 31, 2022 was approximate 65.2% as compared
to 14.3% in 2021 historically.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Net income</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of the foregoing, our net income
decreased by RMB8.8 million, or 86.5%, from RMB10.2 million for the year ended December 31, 2021 to RMB1.4 million (US$0.2 million) for
the year ended December 31, 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Year Ended December 31, 2021 Compared to Year Ended December
31, 2020</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenues</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Total revenues increased by approximately RMB255.3
million, or 87.9%, from approximately RMB290.3 million for the year ended December 31, 2020 to approximately RMB545.6 million (US$85.6
million) for the year ended December 31, 2021, primarily attributable to a huge growth of our freight forwarding services and stable development
of our supply chain management and other value-added services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Revenues from our freight forwarding services
increased by RMB244.4 million, or 100.3%, from RMB243.6 million for the year ended December 31, 2020 to RMB488.0 million (US$76.5 million)
for the year ended December 31, 2021. The increase was mainly due to the 142.8% increase in customers from 535 customers in 2020 to 1,299
customers in 2021, which is consistent with the 125.93% increase in our customer acquisition costs from RMB3.2 million for the year ended
December 31, 2020 to RMB7.2 million (US$1.1 million) for the year ended December 31, 2021. The soaring customer acquisition costs in 2021
was mainly for the development of e-commerce related logistics services, as we established a new subsidiary (Shenzhen Jiayuda E-Commerce
Technology Co., Ltd.) and three branch offices (Nanjing Jiayuda Logistics Co., Ltd. - Xiamen branch office and Danyang branch office,
and Shenzhen Jiayuda International Logistics Co., Ltd. - Jiangmen Branch which was deregistered in February 2023) in 2021. Among the new
customers acquired in 2021, 65.5% of them are relevant to e-commerce related logistics services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With the expansion of our e-commerce related
logistics services in 2021, the percentage of revenue generated from e-commerce related logistics services increased from 6.5% in 2020
to 24.6% in 2021. Customers from e-commerce businesses are relatively small-scale companies compared to traditional freight forwarding
customers, resulting in higher transaction volume but lower transaction amount. Therefore, with the increase in e-commerce related logistics
services, our number of customers increased rapidly in 2021, but our average revenue per customer decreased from RMB543 in 2020 to RMB420
in 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As compared to 2020, the economy gradually recovered
from the COVID-19 pandemic and the demand for domestic and cross boarder logistic services increased. Under the favorable environment,
we established four new branch offices to complete our transportation coverage in Guangdong province, Fujian province and Jiangsu province
in China. For the year ended December 31, 2021, our new branch offices in Guangdong province, Jiangsu province and Fujian province contributed
RMB79.8 million (US$12.5 million), RMB2.4 million (US$0.4 million), and RMB1.4 million (US$0.2 million), representing 14.6%, 0.4% and
0.3% of the total revenue, respectively. All of the new branch offices are focused on e-commerce related logistics services, therefore,
revenue generated from these new branch offices consists of relatively lower price but high transaction volumes. In addition, we chartered
more airplanes and airlines to strengthen our transportation capacity and optimize transportation efficiency, which enables us to complete
the domestic and global logistic network, providing our customers with more route choices and greater efficiency. Meanwhile, we continuously
seek to expand our customer base and achieve a higher customer retention in 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Revenues from our supply chain management increased
by RMB9.6 million, or 21.8%, from RMB44.0 million for the year ended December 31, 2020 to RMB53.5 million (US$8.4 million) for the year
ended December 31, 2021. The increase was primarily attributable to the business growth of international trading, which was resulted from
(i) the increasing demand of commercial products under the gradual recovery of COVID-19 pandemic; (ii) the growing logistics network enabled
us to serve a wider range of customers in different geographic areas.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Revenues from our other value-added services
increased by RMB1.3 million, or 45.9%, from RMB2.8 million for the year ended December 31, 2020 to RMB4.0 million (US$0.6 million) for
the year ended December 31, 2021. The increase was primarily attributable to an increase of revenue generated from selling intelligent
logistic IT system and rendering IT services, as we offered an upgrade system with more functions.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cost of Revenues</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our cost of revenues increased by 89.8% from
RMB269.3 million for the year ended December 31, 2020 to RMB511.1 million (US$80.2 million) for the year ended December 31, 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our cost of revenues for freight forwarding services
increased by approximately RMB230.1 million, or 101.7%, from approximately RMB226.2 million for the year ended December 31, 2020 to approximately
RMB456.3 million (US$71.6 million) for the year ended December 31, 2021. The increase was primarily attributable to the increase of the
freight charges. Cost of freight charges increased by RMB208.8 million, or 155.6%, from approximately RMB134.2 million for the year ended
December 31, 2020 to approximately RMB342.9 million (US$53.8 million) for the year ended December 31, 2021. The main components of freight
charges were the freight and the delivery fees paid to third-party carriers. The total amount of the freight and the delivery fees was
RMB112.5 million in 2020 and RMB324.0 million (US$50.8 million) in 2021, accounting for 83.9% of total freight charges in 2020 and 94.5%
in 2021. The soaring in freight charges was primarily due to the increase in fuel price in 2021, which was consistent with the 70.5% increase
in the average oil price disclosed by the Organization of Petroleum Exporting Countries, from US$41.0 per barrel in 2020 to US$69.9 per
barrel in 2021. Cost of warehouse management increased by RMB0.7 million, or 21.5%, from RMB3.4 million for the year ended December 31,
2020, to RMB4.1 million (US$0.6 million) for the year ended December 31, 2021. Warehouse management was the facilitating activities to
our freight forwarding services for the years ended December 31, 2020 and 2021, which mainly included rental fees, labor costs for warehouse
staff and depreciation and amortization expenses for warehouse equipment and software.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our cost of revenues for supply chain management
increased by approximately RMB10.6 million, or 25.8%, from approximately RMB41.3 million for the year ended December 31, 2020 to approximately
RMB51.9 million (US$8.1 million) for the year ended December 31, 2021. The increase synchronized with the business growth of international
trading. Our cost of revenues for other value-added services increased approximately RMB1.0 million, or 53.6%, from approximately RMB1.9
million for the year ended December 31, 2020 to approximately RMB2.9 million (US$0.5 million) for the year ended December 31, 2021. The
increase was primarily attributable to more investment in rendering research IT services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gross Profit</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our gross profit increased by RMB13.5 million,
or 64.1%, from RMB21.0 million for the year ended December 31, 2020 to RMB34.5 million (US$5.4 million) for the year ended December 31,
2021. The increase was primarily attributable to the business growth of freight forwarding services. For the years ended December 31,
2020 and 2021, our overall gross profit margin was 7.2% and 6.3%, respectively.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gross profit margin of freight forwarding services
decreased from 7.2% for the year ended December 31, 2020 to 6.5% for the year ended December 31, 2021 mainly due to (i) a lower price
of our chartered airlines freight services provided in order to attract more customers as to increase the utilization; (ii) the increasing
ocean freight charges due to the soaring demand caused by the COVID-19. Overall, although the gross profit margin slightly decreased,
we were able to expand our freight forwarding services by continuously developing new routes and attracting new customers, resulting in
an increase of gross profit.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gross profit margin of our supply chain management
decreased from 6.2% for the year ended December 31, 2020 to 3.0% for the year ended December 31, 2021, resulting from the slow growth
in international trading and the decrease in agent services due to the decrease of import business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gross profit margin of our other value-added
services decreased from 31.5% for the year ended December 31, 2020 to 27.9% for the year ended December 31, 2021 mainly due to the increasing
employee welfare costs, in order to improve our efficiency of providing customs brokerage services, which was offset by increasing demands
for software development system we offered.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Operating Expenses</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our operating expenses increased from RMB14.7
million for the year ended December 31, 2020 to RMB21.7 million (US$3.4 million) for the year ended December 31, 2021, representing a
year-over-year increase of 47.6%. This increase was primarily attributable to the increases in our general and administrative expenses,
selling expenses and, to a lesser extent, our research and development expenses. We anticipate that our operating expenses will continue
to increase as we hire additional personnel and incur additional costs in connection with the expansion of our business operations and
the anticipation of becoming a public listed company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span style="text-decoration:underline">General and administrative expenses</span></i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">General and administrative expenses mainly consisted
of (i) employee payroll, rental and depreciation related to general and administrative functions, (ii) professional service fees; and
(iii) other corporate expenses. Our general and administrative expenses increased by 60.1% from RMB7.0 million for the year ended December
31, 2020 to RMB11.3 million (US$1.8 million) for the year ended December 31, 2021, which was primarily attributable to (i) an increase
of RMB2.1 million in staff cost due to an increase of employee headcounts resulting from our business growth and establishment of a new
subsidiary (Shenzhen Jiayuda E- Commerce Technology Co., Ltd.) and three branch offices (Nanjing Jiayuda Logistics Co., Ltd. - Xiamen
branch office and Danyang branch office, and Shenzhen Jiayuda International Logistics Co., Ltd. - Jiangmen Branch which was deregistered
in February 2023); (ii) an increase of RMB0.6 million in entertainment expense for business developments; (iii) an increase of RMB0.5
million in leasing expense to satisfy the need for office and warehousing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span style="text-decoration:underline">Selling expenses</span></i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our selling expenses mainly consisted of (i)
employee payroll and commission, (ii) entertainment and marketing expenses, and (iii) rental and depreciation related to selling and marketing
functions. Our selling expenses increased by 42.8% from RMB6.3 million for the year ended December 31, 2020 to RMB9.0 million (US$1.4
million) for the year ended December 31, 2021, which was primarily attributable to an increase of RMB2.2 million in employee payroll and
commission resulting from our business growth and establishment of a new subsidiary (Shenzhen Jiayuda E-Commerce Technology Co., Ltd.)
and three branch offices (Nanjing Jiayuda Logistics Co., Ltd. - Xiamen branch office and Danyang branch office, and Shenzhen Jiayuda International
Logistics Co., Ltd. - Jiangmen Branch which was deregistered in February 2023). However, selling expenses as a percentage of revenues
declined from 2.2% in 2020 to 1.6% in 2021, consistent with the slight decrease in customer acquisition costs per customer from RMB5,935
in 2020 to RMB5,523 in 2021. As analyzed under &#8220;&#8212;Revenues,&#8221; the soaring customer acquisition costs in 2021 were mainly
due to the development of e- commerce related logistics services, and among the new customers acquired in 2021, 65.5% of customers were
for e-commerce related logistics services. Due to the nature of new customers in e-commerce and the travel restrictions caused by COVID-19,
the frequency of business travel was decreased, and we switched to online communication when we approached new customers in 2021. Instead
of visiting customers in person and attending exhibitions, we set up online chatting groups through instant messaging software and post
our promotions or advertisements through online communities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span style="text-decoration:underline">Research and development expenses</span></i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Research and development expenses mainly consisted
of (i) cost of materials used for experiment, (ii) employee payroll, and (iii) depreciation expense for experimental facilities and other
daily expenses related to our research and development activities. Research and development expenses increased slightly by 6.1% from RMB1.4
million for the year ended December 31, 2020 to RMB1.5 million (US$0.2 million) for the year ended December 31, 2021. Our research project
was mainly related to the logistics-related software development and our continuous improvement of the functions and efficiency of our
software.</p><div>

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

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

</div><!-- Field: Page; Sequence: 77; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Other expenses, net</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Total other expenses, net decreased by 46.7%
from RMB1.7 million for the year ended December 31, 2020 to RMB0.9 million for the year ended December 31, 2021. Other expenses, net consisted
of financial expenses, non-operating income, and non-operating expenses.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Financial expenses, net decreased by 44.4% from
RMB1.6 million for the year ended December 31, 2020 to RMB0.9 million (US$0.1 million) for the year ended December 2021, which was primarily
attributable to (i) an increase of RMB1.4 million in foreign exchange gain and was offset by (ii) an increase of RMB0.5 million in interest
expenses as a result of the increased short-term borrowings balances.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Income taxes</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our income tax expense increased by RMB0.1 million,
or 4.2%, from RMB1.6 million for the year ended December 31, 2020 to RMB1.7 million (US$0.3 million) for the year ended December 31, 2021.
This increase was primarily attributable to the growth of net income for the year ended December 31, 2021 and was offset by the utilization
of tax credit accumulated from net operating losses in previous years.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Net income</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of the foregoing, our net income
increased by RMB7.2 million, or 235.5%, from RMB3.0 million for the year ended December 31, 2020 to RMB10.2 million (US$1.6 million) for
the year ended December 31, 2021.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Liquidity and Capital Resources</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth a summary of our
cash flows for the periods indicated:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">4,240</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(635</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,729</td><td style="text-align: left">)</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">12,946</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,334</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,340</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Effect of foreign exchange rate changes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(200</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(28</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">18,964</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,561</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(11,827</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,698</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Cash and cash equivalents and restricted cash at beginning of year</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">23,706</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">40,267</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">5,782</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Cash and cash equivalents and restricted cash at end of year</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">23,706</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">40,267</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">28,440</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">4,084</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In assessing our liquidity, we monitor and analyze
our cash on-hand and our operating and capital expenditure commitments. To date, we have financed our working capital requirements from
cash flow from operations, debt and equity financing and capital contributions from our existing shareholders.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December 31, 2022, we had cash of RMB28.4
million (US$4.1 million) and working capital of approximately RMB0.4 million (US$0.1 million).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe our current working capital is sufficient
to support our operations for the next twelve months. We may, however, need additional cash resources in the future if we experience changes
in business conditions or other developments, or if we find and wish to pursue opportunities for investment, acquisition, capital expenditure
or similar actions. If we determine that our cash requirements exceed the amount of cash and cash equivalents we have on hand at the time,
we may seek to issue equity or debt securities or obtain credit facilities. 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. Our obligation to bear credit risk for certain financing transactions we facilitate may
also strain our operating cash flow. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if
at all.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Current foreign exchange and other regulations
in the PRC may restrict our PRC entities in their ability to transfer their net assets to us and our subsidiaries in Hong Kong. However,
as of the date hereof, these restrictions have no impact on the ability of these PRC entities to transfer funds to us as we do not anticipate
declaring or paying any dividends in the foreseeable future, as we plan to retain our retained earnings to continue to grow our business.
In addition, these restrictions have no impact on the ability for us to meet our cash obligations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In utilizing the proceeds we received from our
initial public offering, we may make additional capital contributions to our PRC subsidiary, establish new PRC subsidiaries
and make capital contributions to these new PRC subsidiaries, or make loans to the PRC subsidiaries. However, most of these uses are subject
to PRC regulations. Foreign direct investment and loans must be approved by and/or registered with SAFE, and its local branches. The total
amount of loans we can make to our PRC subsidiary cannot exceed statutory limits and must be registered with the local counterpart of
SAFE. The statutory limit for the total amount of foreign debts of a foreign-invested company, based on its discretionary application,
is either the difference between the amount of total investment and the amount of registered capital or 2.5 times of the amount of the
net assets of such foreign- invested company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are permitted under PRC laws and
regulations to provide funding to our PRC subsidiaries only through loans or capital contributions, and only if we satisfy the
applicable government registration and approval requirements. The relevant filing and registration processes for capital
contributions typically take approximately eight weeks to complete. The filing and registration processes for loans typically take
approximately four weeks or longer to complete. While we currently see no material obstacles to completing the filing and
registration procedures with respect to future capital contributions and loans to our PRC subsidiaries, we cannot assure you that we
will be able to complete these filings and registrations on a timely basis, or at all. 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 of our
subsequent offerings to make loans or make additional capital contributions to our PRC subsidiaries, which could materially and
adversely affect our liquidity and our ability to fund and expand our business.&#8221; Additionally, while there is no statutory
limit on the amount of capital contribution that we can make to our PRC subsidiaries, loans provided to our PRC subsidiaries in the
PRC are subject to certain statutory limits. With respect to our PRC subsidiaries, the maximum amount of the loans that they can
acquire in aggregate from the outside of China is (i) approximately RMB52.5 million (US$8.2 million) as of December 31, 2022 under
the total investment minus registered capital approach as foreign-invested companies; or (ii) approximately RMB139.9 million (US$20.1
million) as of December 31, 2022 under the net asset approach.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are able to use all of the net proceeds
from our initial public offering for investment in our PRC operations by funding our PRC subsidiaries through capital contributions
which is not subject to any statutory limit on the amount under PRC laws and regulations. See &#8220;Item 4. Information on the
Company&#8212;B. Business Overview&#8212;Regulations&#8212;Regulations Relating to Dividend Distributions&#8221; and &#8220;Item 4.
Information on the Company&#8212;B. Business Overview&#8212;Regulations&#8212;Regulations Relating to Funds Transfer to PRC
Subsidiaries.&#8221; We expect approximately 20% of the net proceeds from our initial public offering to be used to fund operations
of our offshore subsidiaries and 80% of the net proceeds to be used to fund operations of our subsidiaries in the PRC in the form of
RMB. Therefore, our PRC subsidiaries will need to convert any capital contributions or loans from U.S. dollars into Renminbi in
accordance with applicable PRC laws and regulations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span style="text-decoration:underline">Operating activities</span></i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December 31, 2022, our net
cash used in operating activities was RMB15.2 million (US$2.2 million), which was primarily attributable to (i) a decrease of
RMB53.6 million (US$7.7 million) in accounts payable to related parties and RMB23.8 million (US$3.4 million) in accounts payable to
third parties as we made payments to Cargo Link Logistics HK Company Ltd. and our suppliers for freight services and other services;
and (ii) a decrease of operating lease liabilities of RMB10.8 million (US$1.5 million) and accrued expenses and other current
liabilities of RMB3.0 million (US$0.4 million) for payments of advances to employees, for daily operational expenses and
transportation deposits; and was offset by (i) a decrease of accounts receivable of RMB55.9 million (US$8.0 million) for collection;
and (iii) a decrease of prepaid expenses and other current assets, net of RMB10.1 million (US$1.4 million) associated with receipts
of goods and service that reduced advances to supplies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December 31, 2021, our net
cash provided by operating activities was RMB4.2 million, which was primarily attributable to (i) net income of RMB10.2 million;
(ii) an increase of RMB39.4 million in accounts payable to related parties as we purchased more freight services from Cargo Link
Logistics HK Company Ltd. and Winpass Logistics (HK) Co. Limited; (iii) an increase of accounts payable of RMB22.1 million and
contract liabilities of RMB5.9 million; (iv) an increase of accrued expenses and other current liabilities of RMB2.9 million for
transportation deposits and advances to employees; and (v) a decrease of accounts receivable from related parties of RMB2.8 million
for collection; and was offset by (i) an increase of accounts receivable of RMB53.6 million and contract assets of RMB2.6 million as
we achieved business growth and more sales; (ii) an increase of prepaid expenses and other current assets, net of RMB21.8 million as
we made prepaid service fees for chartered airlines and advance payments for goods for international trading; (iii) a decrease of
tax payable of RMB0.8 million for payments of taxation; and (iv) a decrease of others payable to shareholders of RMB0.7 million for
payments of reimbursement.</p><div>

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

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

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    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December 31, 2020, our net
cash provided by operating activities was RMB15.3 million, which was primarily attributable to (i) net income of RMB3.0 million;
(ii) an increase of accounts payable to related parties of RMB6.2 million for purchase of freight services with Cargo Link Logistics
HK Company Ltd.; (iii) a decrease of accounts receivable of RMB5.0 million for collection due to higher account receivable turnover
as a result of better management; (iv) an increase of contract liabilities of RMB1.8 million and accounts payable of RMB0.6 million
for purchase of logistic services; and (v) an increase of tax payable of RMB1.6 million resulting from more profit achieved and was
offset by (i) an increase of prepaid expenses and other current asset of RMB2.6 million for more tax refund and deposits
receivables; and (ii) an increase of accounts receivable from related parties of RMB0.7 million for logistic services provided.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The average receivable balance decreased by 2.1%
from 2021 to 2022, and revenue increased by 19.5% from 2021 to 2022, resulting in the average days sales in receivables decreased from
41 days in 2021 to 33 days in 2022. The decrease was mainly due to the credit term from the new route of chartered airline freight services
which accounted for 18.9% of total revenue for the year ended December 31, 2022, which required the full payment in advance. The average
payable balance decreased by 6.5%, from 2021 to 2022, and revenue increased by 19.5% from 2021 to 2022, resulting in the average days
sales in payable decreased from 45 days in 2021 to 35 days in 2022. The decrease was also attributing to the requirement to pay airline
carriers in advance in performing chartered airlines freight services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The average receivable balance increased by
65.4%, from 2020 to 2021, and revenue increased by 87.9% from 2020 to 2021, resulting in the average days sales in receivables
decreased from 46 days in 2020 to 41 days in 2021. Specifically, the average days sales in receivables from e-commerce related
logistics services dropped from 46 days in 2020 to 10 days in 2021. This is mainly due to the development of e-commerce related
logistics services, accounting for 24.6% of total revenue in 2021 and 6.5% of total revenue in 2020, respectively, the customers of
which have shortened payment terms. The average days sales in payables remained relatively stable, from 47 days in 2020 to 48 days
in 2021, as the increase of 90.0% in average payable balance from 2020 to 2021 was comparable to the increase of 87.9% in
revenue.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We identified several material changes of assets
and liabilities as below:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>As of December 31, 2022 Compared to December 31, 2021</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Accounts receivable, net</i> decreased by
RMB56.6 million, or 64.7%, from RMB87.5 million as of December 31, 2021 to RMB30.9 million (US$4.4 million) as of December 31, 2022, which
was mainly due to the sharp decrease of our revenues from freight forwarding services, affected by the closing of customs clearance between
Mainland China and Hong Kong during March to August 2022 that reduced sales orders from overseas, and the sharp decrease of Chinese export
container freight index especially since October 2022. Compared with the average Chinese export container freight index of US$3,449 in
the first quarter of 2022, it significantly decreased to US$1,664 in the fourth quarter of 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Prepaid expenses and other current assets,
net</i> decreased by RMB16.3 million, or 57.2%, from RMB28.6 million as of December 31, 2021 to RMB12.2 million (US$1.8 million) as
of December 31, 2022, which was mainly due to (i) a decrease of RMB18.4 million of the advance payment to our suppliers of charter
airlines freight services; and (ii) a decrease of RMB6.0 million of tax refund receivable from local tax authorities and was offset
by an increase of RMB4.3 million of current deposits receivable for the logistics services provided.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Operating right-of-use assets </i>increased
by RMB24.9 million, or 385.9%, from RMB6.5 million as of December 31, 2021 to RMB31.4 million (US$4.5 million) as of December 31, 2022,
which was mainly due to our four newly invested subsidiaries or branches to explore different geographic markets in 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Accounts payable to third parties </i>decreased
by RMB23.8 million, or 56.7%, from RMB41.9 million as of December 31, 2021 to RMB18.1 million (US$2.6 million) as of December 31, 2022.
This decrease was consistent with the decrease of freight forwarding services we performed during November and December 2022, compared
to November and December 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Accounts payable to related parties</i> decreased
by RMB53.6 million, or 87.8%, from RMB61.0 million as of December 31, 2021 to RMB7.4 million (US$1.1 million) as of December 31, 2022.
The decrease was mainly due to the reduced freight forwarding services near the end of 2022 and the settlement of accounts payable.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>As of December 31, 2021 Compared to December 31, 2020</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Accounts receivable, net </i>increased by
RMB53.1 million, or 154.5%, from RMB34.4 million as of December 31, 2020 to RMB87.5 million (US$13.7 million) as of December 31, 2021,
which was mainly due to the sharp increase of our revenues from freight forwarding services, especially during November and December 2021.
Compared with the same period of 2020, the revenue from freight forwarding services for November and December 2021 increased by RMB154.3
million, or 461.9%. The credit terms of our accounts receivable were generally between 30 to 60 days for the fiscals years of 2020 and
2021.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Prepaid expenses and other current assets,
net </i>increased by RMB21.8 million, or 320.2%, from RMB6.8 million as of December 31, 2020 to RMB28.6 million (US$4.5 million) as
of December 31, 2021, which was mainly due to (i) an increase of RMB18.5 million (US$2.9 million) of the advance payment to our
suppliers of charter airlines freight services; and (ii) an increase of RMB1.4 million (US$0.2 million) of tax refund receivable
from local tax authorities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Accounts payable </i>increased by RMB22.1
million, or 111.4%, from RMB19.8 million as of December 31, 2020 to RMB41.9 million (US$6.6 million) as of December 31, 2021. This increase
was consistent with the increase of freight forwarding services we performed during November and December 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Accounts payable to related parties </i>increased
by RMB39.4 million, or 183.1%, from RMB21.5 million as of December 31, 2020 to RMB61.0 million (US$9.6 million) as of December 31, 2021.
The increase was mainly due to the increase in accounts payable to Cargo Link Logistics HK Company Limited (&#8220;Cargo Link&#8221;),
which was increased from RMB21.2 million as of December 31, 2020 to RMB60.8 million (US$9.5 million) as of December 31, 2021. Cargo Link
was one of our suppliers which mainly engaged in air freight forwarding services. This increase in accounts payable to Cargo Link was
consistent with the increase of freight forwarding services we performed during November and December 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><b><i><span style="text-decoration:underline">Investing activities</span></i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December 31, 2022, our net
cash used in investing activities was RMB5.7 million (US$0.8 million), which was primarily attributable to the prepayment of acquisition
deposit of RMB3.6 million (US$0.5 million) for acquiring a business and for the purchase of property and equipment of RMB2.2 million (US$0.3
million). The RMB2.2 million capital expenditure was mainly invested in electronic equipment and machinery used in our four newly invested
subsidiaries and branches to explore different geographic markets in 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December 31, 2021, our net
cash used in investing activities was RMB0.6 million, which was primarily attributable to the purchase of property, equipment and software.
Among the RMB0.6 million capital expenditure, RMB0.2 million was invested in logistics-related software, in order to improve efficiency
and effectiveness in daily operations. The rest of RMB0.4 million was invested in electronic equipment and machinery.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the years ended December 31, 2020, our net
cash used in investing activities was RMB0.2 million, which was primarily attributable to the purchase of property, equipment and software.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><b><i><span style="text-decoration:underline">Financing activities</span></i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December 31, 2022, our net
cash provided by financing activities was RMB9.3 million (US$1.3 million), which was primarily due to (i) proceeds from
shareholders&#8217; contribution of RMB24.7 million (US$3.5 million); (ii) proceeds from bank short-term borrowings of RMB18.0
million (US$2.6 million) and from bank long-term borrowings of RMB5.0 million (US$0.7 million); (iii) proceeds from loans provided
by shareholders for RMB6.3 million (US$0.9 million); (iv) proceeds from loans provided by third parties of RMB5.6 million (US$0.8
million); (v) proceeds from a loan provided by a related party of RMB0.5 million (US$0.1 million); (vi) an increase of other
payables to related parties of RMB0.6 million (US$0.1 million) for constructive disbursement; and (vii) proceeds from capital
injection from noncontrolling shareholders of RMB0.2 million (US$0.03 million) and was offset by (i) repayments of bank short-term
borrowings of RMB14.1 million (US$2.0 million) and of bank long-term borrowings of RMB4.5 million (US$0.6 million); (ii) repayments
of loans to third parties of RMB10.4 million (US$1.5 million); (iii) repayments of loans to shareholders of RMB8.9 million (US$1.3
million); (iv) payments for dividend distribution of RMB6.2 million (US$0.9 million); (v) payments for deferred offering costs of
RMB5.4 million (US$0.8 million); and (vi) repayments of loans to related parties of RMB2.1 million (US$0.3 million).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December 31, 2021, our net
cash provided by financing activities was RMB12.9 million, which was primarily attributable to (i) proceeds from short-term
borrowings of RMB18.0 million for our business growth and expansion; (ii) proceeds of loans provided by shareholders of RMB6.2
million; (iii) proceeds of loans provided by third parties of RMB4.8 million; (iv) proceeds from a long-term borrowing of RMB5.0
million; (v) proceeds of a short-term loan provided by a related party of RMB2.1 million; and (vi) capital contribution by a
shareholder of RMB0.4 million, and was offset by (i) repayments of short-term borrowings of RMB14.8 million and a long-term
borrowing of RMB0.6 million; (ii) repayments of loans to shareholders of RMB3.7 million; (iv) repayments for settling the
constructive disbursement paid by related parties on behalf of Jayud of RMB1.8 million; (v) repayments of loans to third parties of
RMB1.4 million; (vi) payments for deferred offering costs of RMB0.9 million; and (vii) repayment of a loan to a related party of
RMB0.5 million.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December 31, 2020, our net
cash provided by financing activities was RMB3.8 million, which was primarily attributable to (i) proceeds from short-term
borrowings of RMB10.7 million; (ii) proceeds from loans provided by third parties of RMB7.6 million; (iii) expenses paid by related
parties on behalf of Jayud of RMB3.0 million; and (iv) proceeds from a loan provided by a related party of RMB1.4 million; and was
offset by (i) repayments of short-term borrowings of RMB10.0 million; (ii) repayments of loans to third parties of RMB6.2 million;
(iii) repayment of a loan to a related party of RMB1.4 million; and (iv) payment of dividend distribution to a shareholder of RMB1.4
million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Capital Expenditures</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We made capital expenditures of RMB0.2 million,
RMB0.6 million and RMB2.2 million (US$0.3 million) for the years ended December 31, 2020, 2021 and 2022, respectively. Our capital expenditures
consisted primarily of expenditures related to the expansion of our new branch offices and logistics equipment. We plan to fund our future
capital expenditures with our existing cash balance and proceeds from our initial public offering. We will continue to make capital expenditures
to meet the expected growth of our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Off-Balance Sheet Commitments and Arrangements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have not entered into any off-balance sheet
financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third parties. 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Contractual Obligations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth our contractual
obligations as of December 31, 2022:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Payments due by period</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Within<br/>
one year</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Within<br/>
1-2 years</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; 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="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">32,957,093</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">19,078,380</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">12,474,763</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">1,403,950</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Bank borrowings</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">19,800,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,400,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,400,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">52,757,093</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">34,478,380</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">16,874,763</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,403,950</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than as shown above, we did not have any
significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Holding Company Structure</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jayud Global Logistics Limited is a holding company
with no material operations of its own. We conduct our operations primarily through our subsidiaries in China and Hong Kong. As a result,
Jayud Global Logistics Limited&#8217;s ability to pay dividends depends upon dividends paid by our PRC and Hong Kong subsidiaries. If
our existing PRC and Hong Kong 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our PRC subsidiaries are permitted
to pay dividends to us only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations.
Our PRC subsidiaries had aggregate retained earnings as determined under PRC accounting standards as of December 31, 2022. Pursuant to
the Company Law of the People&#8217;s Republic of China, or the PRC Company Law, our PRC subsidiaries are required to make contribution
of at least 10% of their after-tax profits calculated in accordance with the PRC GAAP to the statutory common reserve. Contribution is
required until the reserve fund has reached 50% of the registered capital of our subsidiaries. As of December 31, 2022, our reserve fund
did not reach 50% of the registered capital of our subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December 31, 2021 and 2022, our PRC subsidiaries
had RMB22.6 million and RMB63.4 million (US$9.1 million) of restricted net asset, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 8, 2022 and February 28, 2022,
Shenzhen Jiayuda E-Commerce Technology Co., Ltd and Shenzhen Jiayuda Global Supply Chain Co., Ltd. declared RMB2.4 million cash
dividend and RMB7.4 million cash dividend respectively, to its then shareholders and its holding company, Shenzhen Jayud Logistics
Technology Co., Ltd. On March 15, 2022, Shenzhen Jayud Logistics Technology Co., Ltd declared RMB9.0 million of dividend to its then
shareholders. Out of the total dividend declared, RMB6.8 million (US$1.0 million) was inter-group dividend, and RMB11.9 (US$1.7
million) was to individual shareholders. Historically, Shenzhen Jayud Logistics Technology Co., Ltd. has also received equity
financing from its then shareholders to fund business operations of our PRC subsidiaries. For the years ended December 31, 2021 and
2022, two of our Hong Kong subsidiaries, Sky Pacific Logistics HK Company Limited (&#8220;Sky Pacific&#8221;) and HongKong Jayud
International Logistics Company Limited (&#8220;HK Jayud International&#8221;), transferred cash proceeds of RMB0.9 million and nil
to our PRC subsidiaries for the settlement of intercompany transactions for our PRC subsidiaries. For the years ended December 31,
2021 and 2022, we transferred cash proceeds of RMB7.3 million and RMB1.0 million (US$0.1 million) to Sky Pacific and HK Jayud
International for the settlement of intercompany transactions. In the future, most cash proceeds raised from overseas financing
activities, including our initial public offering, may be, and are intended to be, transferred by us through our wholly owned Hong
Kong subsidiary, Jayud Global Logistics (Hong Kong) Limited, to our PRC subsidiaries via capital contribution and shareholder loans,
as the case may be. Our PRC subsidiaries that receive such cash proceeds then will transfer funds to their respective subsidiaries
to meet the capital needs of our business operations. For details about the applicable PRC rules that limit transfer of funds from
overseas to our PRC subsidiaries, see &#8220;Item 14. Material Modifications to the Rights of Security Holders and Use of
Proceeds&#8212;Use of Proceeds&#8221; and &#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 of our initial public offering to make
loans or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our
ability to fund and expand our business.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The structure of cash flows within our
organization, and the applicable regulations, are as follows. After foreign investors&#8217; funds are received by Jayud Global
Logistics Limited, our holding company, at the closing of our initial public offering, subject to the cash demand of our PRC and
Hong Kong subsidiaries, the funds can be transferred to our wholly owned Hong Kong subsidiary, Jayud Global Logistics (Hong Kong)
Limited, which will further distribute the funds to our PRC subsidiaries. If we intend to distribute dividends, PRC subsidiaries
will transfer the dividends to Jayud Global Logistics (Hong Kong) Limited in accordance with the laws and regulations of the PRC,
and then Jayud Global Logistics (Hong Kong) Limited will transfer the dividends up to Jayud Global Logistics Limited, and the
dividends will be distributed from Jayud Global Logistics Limited to all shareholders respectively in proportion to the shares they
hold, regardless of whether the shareholders are U.S. investors or investors in other countries or regions. The cross-border
transfer of funds within our corporate group under our direct holding structure must be legal and compliant with relevant laws and
regulations of China and Hong Kong. In utilizing the proceeds from our initial public offering, as an offshore holding company, we
are permitted under PRC laws and regulations to provide funding to our PRC subsidiaries only through loans or capital contributions
and to our affiliated entities only through loans, subject to applicable government reporting, registration and approvals. See
&#8220;Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds&#8212;Use of Proceeds&#8221; and
&#8220;Item 3. Key Information &#8212; D. Risk Factors &#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 of our initial public offering to make loans or additional capital
contributions to our PRC subsidiaries in China, which could materially and adversely affect our liquidity and our ability to fund
and expand our business.&#8221; We do not have any present plan to pay any cash dividends on our ordinary shares in the foreseeable
future after our initial public offering. We have, from time to time, transferred cash between our PRC subsidiaries to fund their
operations, and we do not anticipate any difficulties or limitations on our ability to transfer cash between such subsidiaries. As
of the date of this annual report, no cash generated from our PRC subsidiaries has been used to fund operations of any of our
non-PRC subsidiaries. We may encounter difficulties in our ability to transfer cash between PRC subsidiaries and non-PRC
subsidiaries largely due to various PRC laws and regulations imposed on foreign exchange. However, as long as we are compliant with
the procedures for approvals from foreign exchange authorities and banks in China, the relevant laws and regulations in China do not
impose limitations on the amount of funds that we can transfer out of China. We currently do not have any cash management policy
that dictates the transfer of cash between our subsidiaries. See &#8220;Item 4. Information on the Company&#8212;B. Business
Overview&#8212;Regulations&#8212; Regulations Relating to Foreign Exchange&#8221; for details of such procedures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Inflation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since our inception, inflation in China has not
materially affected our results of operations. According to the National Bureau of Statistics of China, the year-over-year percent changes
in the consumer price index for 2020, 2021 and 2022 were increases of 0.2%, 1.5% and 1.8%, respectively. Although we have not been materially
affected by inflation in the past, we may be affected if China experiences higher rates of inflation in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Taxation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cayman Islands</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the current laws of the Cayman Islands,
we are not subject to tax on income or capital gain. In addition, dividend payments are not subject to withholding taxes in the Cayman
Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Hong Kong</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Entities incorporated in Hong Kong are subject
to profits tax in Hong Kong at the rate of 16.5%. According to Tax (Amendment) (No. 3) Ordinance 2018 published by Hong Kong government,
effective April 1, 2018, under the two-tiered profits tax rates regime, the profits tax rate for the first HKD2 million of assessable
profits will be lowered to 8.25% (half of the rate specified in Schedule 8 to the Inland Revenue Ordinance (IRO)) for corporations. We
are not subject to Hong Kong profit tax for any period presented as it did not have assessable profit during the periods presented.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>PRC</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Enterprise Income Tax Laws of the PRC,
or the EIT Laws, domestic enterprises and Foreign Investment Enterprises, or the FIEs, are usually subject to a unified 25% enterprise
income tax rate, while preferential tax rates, tax holidays and tax exemption may be granted on case-by-case basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In January 2019, the State Administration of
Taxation announced that from January 1, 2019 to December 31, 2021, small and low-profit enterprises can enjoy a 20% corporate income tax
rate on 25% of their taxable income amount for the proportion of taxable income not exceeding RMB1 million; and a 20% corporate income
tax on 50% of their taxable income amount of more than RMB1 million but not exceeding RMB3 million. The State Administration of Taxation
further announced that from January 1, 2022 to December 31, 2022, for the portion of taxable income not exceeding RMB1 million, the amount
of taxable income can be halved from 25% to 12.5%, and the corporate income tax will be levied at 20%, for small and low-profit enterprises,
and from January 1, 2022 to December 31, 2024, small and low-profit enterprises can enjoy a 20% corporate income tax rate on 25% of the
taxable income amount for the portion of taxable income more than RMB1 million but not exceeding RMB3 million.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>C.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Research and Development,
Patents and Licenses, etc.</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &#8220;Item 4. Information on the Company&#8212;B.
Business Overview&#8212;Technology, Research and Development&#8221; and &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Intellectual
Property.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>D.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Trend Information</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than as disclosed elsewhere in this annual
report, we are not aware of any trends, uncertainties, demands, commitments or events for the period from January 1, 2022 to December&#160;31,
2022 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital
resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or
financial conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>E.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Critical Accounting Estimates</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The preparation of the consolidated financial statements
in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates include, but not limited
to revenue recognition, allowance for doubtful accounts, useful lives and impairment of long-lived assets, discount rate used in operating
lease right-of-use assets, deferred income taxes, uncertain tax position and valuation allowance for deferred tax assets. Changes in facts
and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material
to the consolidated financial statements.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe the following critical accounting
policies involve a higher degree of judgment and complexity than our other accounting policies. Therefore, these are the policies we believe
are the most critical to understanding and evaluating our consolidated financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 84; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Accounts receivable, net</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Accounts receivable, net, include amounts billed
and currently due from customers. The amounts due are stated at their net estimated realizable value. The credit terms are generally between
30 to 60 days. Provision for doubtful accounts is recognized when reasonable and supportable forecasts affect the expected collectability.
We review the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability
of individual balances. We consider many factors in assessing the collectability such as the age of the amounts due, consideration of
historical loss experience, adjusted for current conditions, forward-looking indicators, trends in customer payment frequency, and judgments
about the probable effects of relevant observable data, including present and future economic conditions and the financial health of specific
customers and market sectors. We established standards and policies for reviewing major account exposures and concentrations of risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenue Recognition</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Type A: Freight forwarding services</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Substantially all of our revenues are from contracts
associated with freight forwarding services domestically and internationally. Additionally, we provide supply chain management to customers,
by exploiting its advantages in global supply chain services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;We consider the principal for transactions
that it is in control of establishing the transaction price, and it is responsible for managing all aspects of the shipments process and
taking the risk of loss for delivery. Therefore, such revenues are reported on a gross basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For certain contracts, we consider the agent
for transactions that it cooperates with third-party carriers to arrange freight services. Third-party carriers signed the contracts with
customers and were in control of establishing the transaction price, and were responsible for fulfilling the promise to provide freight
services. Therefore, such revenues are reported on a net basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We further divide this type of revenue into two
sub-categories, &#8220;Integrated cross-border logistics&#8221; and &#8220;Fragmented logistics&#8221;. These two sub-categories are consistent
regarding revenue recognition analysis, but with different quotation process. For &#8220;Integrated cross-border logistics&#8221; services,
transaction prices remained unchanged for similar orders during a specific period of time, usually six to twelve months depending on different
route. While for &#8220;Fragmented logistics&#8221; services, transaction prices are assessed and quoted based on each specific order,
which could be varied among similar orders during a specific period of time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The payment term is within 60 days after completion
of freight forwarding services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Type B: Supply chain management</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also engage in supply chain management, which
includes international trading and agent services. We provide international trading, which sells electronic products through both export
and import, by exploiting its advantages in global supply chain services and networks. We fulfill our performance obligation by transferring
products to the designated location. In accordance with our customary business practices, the delivery term is &#8220;Free on board&#8221;
(&#8220;FOB&#8221;). Therefore, once the products are loaded on the board, the control of products has transferred. This type of revenue
is recognized based on the product value specified in the contract at a point in time when the control of products has transferred. We
consider itself the principal because it is in control of establishing the transaction price and bearing inventory risk. Therefore, such
revenues are reported on a gross basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to international trading, we also
provide agent services relates to export/import procedures, for example, application for duty-refund, customs brokerage services and so
on. We fulfill our performance obligation by arranging export/import business for the customer, including but not limited to signing contracts
with end customers on behalf of the customer and preparing customs brokerage and duty refund. This type of revenue is recognized over
time based on the extent of progress towards completion of the agent services. We consider itself the agent because we are not primarily
responsible for fulfilling the promise to provide the specified goods, neither bears the inventory risks. Therefore, such revenues are
reported on a net basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The payment term is within 60 days after completion
of international trading and agent services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Type C: Other value-added services</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also provide customs brokerage services, and
logistics-related software development services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Customs brokerage services under Type C represents
independent revenue stream, different from being one of the facilitating services of the freight forwarding services under Type A, nor
the facilitating services of the agent services under Type B under which those services are bundled as one performance obligation. We
fulfill our performance obligation by providing customs brokerage services only. The transaction price is fixed when the contract was
signed by both parties. This type of revenue is recognized over service period, usually within one day.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also generate revenues from logistics-related
software development services. We identify two performance obligations within the contract: the software development services and the
maintenance services. The transaction price is allocated based on the stand-alone selling price for each type of service. We recognize
software development services revenue over time in proportionate to the relative labor hours over the total budgeted hours of the project.
We also promise to provide one-year maintenance service after the abovementioned software has been launched. We recognize maintenance
services revenue over the service period of one year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span style="text-decoration:underline">Contract assets and liabilities</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In-transit freight with performance obligations
recognized over time that have revenue recognized to date in excess of cumulative billings are reported on consolidated balance sheets
as &#8220;Contract assets&#8221;. Contract assets are reviewed for impairment when events or changes in circumstances indicate that the
carrying value may not be recoverable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Contract liabilities represents the obligation
to transfer goods or services to a customer for which the entity has received consideration from the customer. Our contract liabilities
mainly consist of advance product payments from customers of international trading. We expect to recognize this balance as revenue over
the next 12 months.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span style="text-decoration:underline">Contract costs</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Contract costs consists of incremental costs
of obtaining a contract with customers, for example, sales commissions. We elect to use the practical expedient, allowing to recognize
the incremental costs of obtaining a contract as a cost or an expense when incurred if the amortization period, usually the contractual
period, would have been one year or less.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span style="text-decoration:underline">Income taxes</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We account for current income taxes in accordance
with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items,
which are non-assessable or disallowed. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted at the end of the reporting period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We account for income taxes under ASC 740. Deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial
statement carrying amounts of existing assets and liabilities and their respective tax bases (&#8220;Temporary differences&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which the asset or liability will
be settled, based on rates enacted or substantively enacted at the end of the reporting period. Valuation allowances are established,
when necessary, to reduce deferred tax assets to the amount expected to be realized.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
provisions of ASC 740-10-25, &#8220;Accounting for Uncertainty in Income Taxes,&#8221; prescribe a more-likely- than-not threshold for
consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation
also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets
and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. We will recognize interest
and penalties, if any, related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement
of operations. Accrued interest and penalties will be included on the related tax liability line in the consolidated balance sheet. We</span>&#160;
<span style="font-family: Times New Roman, Times, Serif">believe there were no uncertain tax positions as of December 31, 2020, 2021 and
2022, respectively.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Guidance was also provided on derecognition of
income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and
penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment
is required in evaluating our uncertain tax positions and determining provision for income taxes. We did not recognize any significant
interest and penalties associated with uncertain tax positions for the years ended December 31, 2021 and 2022.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>A.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Directors and Senior Management</span></b></span></td>
</tr></table><div>
</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0 0pt 0in">The following table sets forth information regarding our directors
and executive officers as of the date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 29%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors&#160;and&#160;Executive&#160;Officers</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 59%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xiaogang Geng</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founder, Chairman, Director and Chief Executive Officer</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dun Zhao</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chief Marketing Officer</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feiyong Li</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent&#160;Director</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Gu</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent&#160;Director</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jian Wang</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent&#160;Director</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lin Bao</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jianhong Huang</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Mr.&#160;Xiaogang Geng</i></b>&#160;has
been our director since June 2022. He is also our chairman of the board of directors and chief executive officer. Mr.&#160;Geng is the
founder of Jayud brand and has over 20 years of experience in logistics industry. Mr.&#160;Geng has also been serving as the executive
director and general manager of Shaanxi Jiayuda Supply Chain Management Co., Ltd. since 2018, the supervisor of Shenzhen Jiayuda Trading
Co., Ltd. since 2016, the executive director and general manager of Shenzhen Jayud Logistics Technology Co., Ltd. since 2015, the executive
director and general manager of Shenzhen Jiayuda Customs Declaration Co., Ltd. since 2015, the executive director and general manager
of Shenzhen Jiayuda Global Supply Chain Co., Ltd. since 2014, and the executive director and general manager of Shenzhen Jiayuda International
Logistics Co., Ltd. since 2011. Mr.&#160;Geng previously served as the manager of custom affairs department of Yigao Semiconductor Equipments
(Shenzhen) Co., Ltd. from 2003 to 2006 and as custom broker of Kras Semiconductor Assembly Equipment (Shenzhen) Co. Ltd. from 2000 to
2003. In 2016, Mr.&#160;Geng received an Executive M.B.A. Degree from HSBC Business School of Peking University in China. Mr. Geng has
also been actively involved in charitable activities with a focus on public health and education. We believe that Mr. Geng is qualified
to serve as our director based on his experience as our founder and in the supply chain industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Mr. Dun Zhao&#160;</i></b>has served as
our director and chief marketing officer since March&#160;31, 2023. Mr. Zhao has been the overseas operations director of Shenzhen Jayud
Logistics Technology Co., Ltd. since June 2021. He has extensive overseas living and working experience, and the passion for the global
logistics industry. From 2014 to 2020, Mr. Zhao served as the deputy manager at a parking automation company, where he primarily managed
his family businesses and ventures ranging from industrial manufacturing to real estate development. From 2008 to 2014, Mr. Zhao served
as the marketing analyst at Blue Ocean Trading Corporation, a wholesale distributor of human hair products in Atlanta, and also invested
in the beauty supply retailing business. During his studies in the U.K. from 2002 to 2007, Mr. Zhao was already assisting with his family
business in the U.K., the U.S., Nigeria and Kenya from 2006 to 2007. He worked as a part-time marketing consultant of Comedic LLC, a human
hair products distributor in London. Mr.&#160;Zhao received a Bachelor&#8217;s Degree in International Trade and English in 2005 and a
Master&#8217;s degree in Marketing from University of Portsmouth in 2007. He finished Executive M.B.A. courses at HSBC Business School
of Peking University in China from 2016 to 2018. We believe that Mr. Zhao is qualified to serve as our director based on his international
vision, experience in marketing and extensive knowledge on the supply chain industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Mr.&#160;Feiyong Li</i></b>&#160;has served
as an independent director since March&#160;31, 2023. Mr.&#160;Li has over ten years of experience in investment and financing projects
in the securities market. Mr.&#160;Li has been serving as the investment manager at Koala Securities Limited since 2019. Mr.&#160;Li previously
served as the general manager of Zen Corporate Consulting Limited from 2012 to 2021, where he focused on providing public relations processing
services, listing consulting services, and corporate investment and financing services. From 2013 to 2020, Mr.&#160;Li also served as
the chief investment officer of CNI Securities Group Limited, where he was responsible for project investment and financing. From 2009
to 2011, Mr.&#160;Li consecutively served as the investment consultant of Kingston Securities Limited and Guoyuan Securities Brokerage
(Hong Kong) Limited. In 2021, Mr.&#160;Li received&#160;the Advanced Diploma in Business Studies from Windsor Management College in Singapore.
He has been a licensed individual at Hong Kong Securities and Futures Commission since 2009. We believe that Mr. Li is qualified to serve
as our director based on his experience in investment and financing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Mr.&#160;Steven Gu&#160;</i></b>has served
as an independent director since March&#160;31, 2023. Mr. Gu is both a licensed Certified Public Accountant, or CPA, in the state of Georgia
and a New York registered attorney with more than 15 years of experience in tax and accounting. Mr. Gu has worked with businesses from
startups to established middle-market corporations and Fortune 500 companies and he is currently a member of Georgia Asian Pacific American
Bar Association, and Georgia Society of CPAs. He served as council member for Metro Atlanta Chamber of Commerce, and Technology Association
of Georgia. From 2020 to 2022, Mr. Gu served as fractional chief financial officer for multiple companies including software-as-a-service technology and e-commerce
sectors, where he navigated tax laws and accounting rules and coordinated with entrepreneurs. From 2015 to 2018, Mr. Gu worked in several
local accounting firms before he started his own CPA practice. Mr. Gu previously worked in the M&amp;A Tax Department at KPMG USA LLP
from 2006 to 2014, where he worked on numerous deals including sell-side and buy-side M&amp;A, leveraged buyouts, bankruptcy works, carve-out
and IPOs. Mr. Gu received a Bachelor&#8217;s Degree in Law from China Southwestern University of Finance and Economics in 1999, a Master&#8217;s
Degree in Professional Accountancy from West Texas A&amp;M University in 2004 and a Master&#8217;s Degree in Tax Law from University of
Florida in 2006. We believe that Mr. Gu is qualified to serve as our director based on his extensive accounting experience and tax law
background.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Mr.&#160;Jian Wang&#160;</i></b>has served
as an independent director since March&#160;31, 2023. Mr. Wang has been the executive director of China South City Group Huacaitong Digital
Technology (Shenzhen) Co., Ltd. since 2021. Mr. Wang has over 20 years of working experience in the logistics industry and is proficient
in the application of logistics technologies. He is familiar with business operation of inventory management, logistics management, warehousing
management, and supply chain finance. Mr. Wang has expertise in cross-border e-commerce logistics, settlement and finance. Mr.&#160;Wang
previously served as the vice president of eBao Network Technology Co., Ltd. from 2019 to 2022 and the vice general manager of the south
China region at Cainiao Network Technology Co., Ltd. from 2017 to 2019. From 2001 and 2017, Mr. Wang served as the deputy head of the
General Office, the head of the Regulations Division and the head of the reform office at Shenzhen Customs District. He received a Bachelor&#8217;s
Degree in Economics from University of International Business and Economics in 2001<i>&#160;</i>and an MBA Degree from University of Science
and Technology of China in 2009. We believe that Mr. Wang is qualified to serve as our director based on his operational experience in
the supply chain industry and his expertise in logistics technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Ms. Lin Bao</i></b>&#160;has served as
our chief financial officer since October 2022. Ms. Bao has over 15 years of experience in accounting and auditing. Ms. Bao has been
serving as the independent director of Cetus Capital Acquisition Corp. since January 31, 2023, and served as a chief financial
officer of Eagsen, Inc. from 2020 to 2022. Before Eagsen, Inc. was set up, Ms. Bao served as a chief financial officer of Shanghai
Eagsen Intelligent Co., Ltd. from 2019 to 2020. From 2018 to 2019, she served as a chief financial officer of Jufeel International
Group. From 2015 to 2018, Ms. Bao worked as an independent consultant to provide accounting advisory services for China-based
companies. She also served as a chief financial officer of Balintimes Online Media Ltd. from 2014 to 2015 in China. From 2011 to
2014, she served as the VP Finance of Cathay Forest Products Corp. During the three years from 2008 to 2011, Ms. Bao served as the
corporate controller of Arehada Mining Ltd. and from 2008 to 2010, she concurrently served as the corporate controller of Changfeng
Energy Inc. From 2005 to 2008, she worked as a senior auditor in Ernst &amp; Young LLP in Toronto, Canada. From 1994 to 2000, Ms.
Bao served as the account manager of China Tuhsu Sunry Development Co. Ltd. She received a Bachelor&#8217;s Degree in Accountancy
from Concordia University in Montreal, Canada in 2004 and she graduated with a Bachelor&#8217;s Degree in Japanese from Beijing
Second Foreign Language University in 1994. Ms.&#160;Bao is a CPA in the United States, a Canadian Chartered Professional Accountant
and a CPA in Hong Kong.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Ms. Jianhong Huang</i></b>&#160;has served
as our chief operating officer since March&#160;31, 2023. Ms. Huang is well experienced in the global logistics service industry and has
accumulated extensive on-site knowledge from her work experience. She has been serving as the vice general manager of Shenzhen Jayud Logistics
Technology Co., Ltd. since April 2015. She previously served as the manager of Shenzhen Qinhui Logistics Co., Ltd. from 2005 to 2008 and
the operation supervisor of Dongguan Yihui Logistics Corporation from 2003 to 2005. Ms. Huang worked as a manager assistant in a toy manufacturer
from 2002 to 2003. She graduated from Jiangxi Shangrao Education College with a major in computer application in 2001.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Board Diversity</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The table below provides certain information
regarding the diversity of our board of directors as of the date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 49%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Country of Principal Executive Offices</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Number of Directors</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Compensation</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December 31, 2022, we paid
an aggregate of approximately RMB1.6 million (US$0.2 million) in cash and benefits to our directors and executive officers. We have
not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors.
Our PRC subsidiaries 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>C.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Board Practices</span></b></span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors consists of five directors.
A director is not required to hold any shares in our company to qualify to serve as a director. A director may vote with respect to any
contract, proposed contract, or arrangement in which he or she is materially interested. The directors may exercise all the powers of
the company to borrow money, mortgage its business, property and uncalled capital and issue debentures or other securities whenever money
is borrowed or as security for any obligation of the company or of any third party.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Committees of the Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have established an audit committee, a compensation
committee and a nominating and corporate governance committee under the board of directors. We have adopted a charter for each of the
three committees. Each committee&#8217;s members and functions are described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Audit Committee. </i></b>Our audit committee
consists of Mr. Steven Gu, Mr. Feiyong Li, and Mr. Jian Wang, and is chaired by Mr. Steven Gu. Mr. Steven Gu, Mr. Feiyong Li, and Mr.
Jian Wang satisfy the &#8220;independence&#8221; requirements of Rule 5605(c)(2) of the Listing Rules of the Nasdaq and meet the independence
standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. We have determined that Mr. Steven Gu qualifies as an
&#8220;audit committee financial expert.&#8221; The audit committee oversees 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:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="width: 0.5in; text-align: left">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="width: 0.5in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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    <td style="vertical-align: top; width: 0.25in; text-align: left">&#9679;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Compensation Committee. </i></b>Our compensation
committee consists of Mr. Feiyong Li, Mr. Steven Gu and Mr. Jian Wang, and is chaired by Mr. Jian Wang. Mr. Feiyong Li, Mr.
Steven Gu and Mr. Jian Wang satisfy the &#8220;independence&#8221; requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq.
The compensation committee assists the board of directors in reviewing and approving the compensation structure, including all forms of
compensation, relating to our directors and executive officers. Our executive officers may not be present at any committee meeting during
which their compensation is deliberated upon. The compensation committee is responsible for, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="width: 0.5in; text-align: left">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Nominating and Corporate Governance Committee.&#160;</i></b>Our
nominating and corporate governance committee consists of Mr. Feiyong Li, Mr.&#160;Steven Gu, and Mr. Jian Wang, and is chaired by Mr.
Feiyong Li. Mr.&#160;Feiyong Li, Mr.&#160;Steven Gu, and Mr. Jian Wang satisfy the &#8220;independence&#8221; requirements of Rule 5605(a)(2)
of the Listing Rules of the Nasdaq. The nominating and corporate governance committee assists the board of directors in selecting individuals
qualified to become our directors and in determining the composition of the board of directors and its committees. The nominating and
corporate governance committee is responsible for, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="width: 0.5in; text-align: left">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Duties of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Directors and officers generally owe fiduciary
duties to our company, and not to our company&#8217;s individual shareholders. Our shareholders may not have a direct cause of action
against our directors. Under Cayman Islands law, our directors have a fiduciary duty to act honestly, in good faith and with a view to
our best interests. Our directors also owe to our company a duty to act with skill and care. It was previously considered that a director
needs 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 towards 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 rights vested thereunder
in the holders of the shares. Our company has the right to seek damages if a duty owed by our directors is breached.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Terms of Directors and Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By the affirmative vote of a simple majority
of the remaining directors present and voting at a board meeting, our board of directors has the power from time to time and at any time
to appoint any person as a director to fill a casual vacancy on the board or as an addition to the existing board. Our directors are not
subject to a term of office and will hold their offices until such time as their earlier death, resignation or removal. An appointment
of a director may be on terms that the director shall automatically retire from office (unless he or she has sooner vacated office) at
the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between
the director and us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our officers are elected by and serve at the
discretion of the board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Employment Agreements and Indemnification Agreements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have entered into employment agreements with
each of our executive officers. Under these agreements, each of our executive officers is employed for a specified time period. We may
terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as
conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct
or a failure to perform agreed duties. We may also terminate an executive officer&#8217;s employment without cause upon advance written
notice. In such case of termination by us, we will provide severance payments to the executive officer as expressly required by applicable
law of the jurisdiction where the executive officer is based. The executive officer may resign at any time with an advance written notice.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 two years
following the last date of employment. Specifically, each executive officer has agreed not to (i) approach our suppliers, clients, customers
or contacts or other persons or entities introduced to the executive officer in his or her capacity as a representative of us for the
purpose of doing business with such persons or entities that will harm our business relationships with these persons or entities; (ii)
assume employment with or provide services to any of our competitors, or engage, whether as principal, partner, licensor or otherwise,
any of our competitors, without our express consent; or (iii) seek directly or indirectly, to solicit the services of any of our employees
who is employed by us on or after the date of the executive officer&#8217;s termination, or in the year preceding such termination, without
our express consent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have 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 our director
or officer.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 91; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>D.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Employees</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December&#160;31, 2022, we had 182 full
time employees, all of whom are based in China. The following table sets forth the numbers of our employees categorized by function as
of December&#160;31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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">15</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.2</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">49</td><td style="text-align: left">&#160;</td><td>&#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)">
    <td style="text-align: left">Human resources department</td><td>&#160;</td>
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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">18</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)">
    <td style="text-align: left; padding-bottom: 1.5pt">Sales and marketing department</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As required by laws and regulations in China,
we participate in various employee social security plans that are organized by municipal and provincial governments, including, among
other things, housing, pension, medical insurance and unemployment insurance. We are required under PRC law to make contributions 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We typically enter into standard employment and
confidentiality agreements with our senior management and core personnel. These contracts include a standard non-compete covenant that
prohibits the employee from competing with us, directly or indirectly, during his or her employment and for 12 months after the termination
of the employment, provided that we pay compensation equal to half a month&#8217;s salary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">We maintain a good working relationship with our employees, and we
have not experienced any material labor disputes. None of our employees are represented by labor unions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>E.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Share Ownership</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth information with
respect to the beneficial ownership of our shares as of the date of this annual report by:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="width: 0.5in; text-align: left">&#160;</td>
    <td style="vertical-align: top; width: 0.25in; text-align: left">&#9679;</td>
    <td style="vertical-align: top; text-align: left"><span style="font-size: 10pt">each of our current directors and executive officers; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="width: 0.5in; text-align: left">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The calculations in the table below are based
on 21,352,223 ordinary shares outstanding as of the date of this annual report, comprising of (i) 14,942,623 Class&#160;A ordinary shares,
and (ii) 6,409,600 Class&#160;B ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 92; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &#8220;&#8212;B. Compensation&#8221; for
more details on options and restricted shares granted to our directors and executive officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid"><b>Directors and Executive Officers:*</b></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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of beneficial <br/>
ownership <br/>
(of total Class A and <br/>
Class B <br/>
ordinary shares) (1)</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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    power (1) (2)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">

<td>&#160;&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Feiyong Li</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>
    <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>
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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>
    <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>
  <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">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dun Zhao<sup>(4)</sup></span></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">2.3</td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jianhong Huang<sup>(5)</sup></span></td><td>&#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)">
    <td style="font-weight: bold; text-align: left">Principal Shareholders:</td><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; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Europa Investment Holding Limited<sup>(3)</sup></span></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">6,409,600</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">81.1</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cassini Investment Holding Limited<sup>(6)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,720,000</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>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.1</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.2</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tucana Investment Holding Limited<sup>(5)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,600,000</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>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16.9</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.6</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fornax Investment Holding Limited<sup>(7)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,000,000</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>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.7</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.3</td><td style="text-align: left">%</td></tr>
  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-size: 10pt">Beneficial ownership information
disclosed herein represents direct and indirect holdings of entities owned, controlled or otherwise affiliated with the applicable holder
as determined in accordance with the rules and regulations of the SEC.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: left"><span style="font-size: 10pt">Based on 14,942,623 Class A ordinary
shares and 6,409,600 Class B ordinary shares issued and outstanding as of the date of this annual report.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(2)</span></td><td style="text-align: left"><span style="font-size: 10pt">For each person or group included
in this column, percentage of total voting power represents voting power based on both Class&#160;A and Class&#160;B ordinary shares
held by such person or group with respect to all outstanding shares of our Class&#160;A and Class&#160;B ordinary shares as a single
class. Each holder of our Class&#160;A ordinary shares is entitled to one vote per share. Each holder of our Class&#160;B ordinary shares
is entitled to ten (10) votes per share. Our Class&#160;B ordinary shares are convertible at any time by the holder into Class&#160;A
ordinary shares on a&#160;one-for-one&#160;basis, while Class&#160;A ordinary shares are not convertible into Class&#160;B ordinary shares
under any circumstances.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(3)</span></td><td style="text-align: left"><span style="font-size: 10pt">Represents 6,409,600 Class B ordinary
shares held of record by Europa Investment Holding Limited, a British Virgin Islands company wholly owned by Mr.&#160;Xiaogang Geng.
The registered address of Europa Investment Holding Limited is Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(4)</span></td><td style="text-align: left"><span style="font-size: 10pt">Represents 500,000 Class A ordinary
shares held of record by James Webb Holding Limited, a British Virgin Islands company wholly owned by Mr. Dun Zhao. The registered address
of James Webb Holding Limited is Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(5)</span></td><td style="text-align: left"><span style="font-size: 10pt">Represents 3,600,000 Class A ordinary
shares held of record by Tucana Investment Holding Limited, a British Virgin Islands company wholly owned by Ms. Jianhong Huang. The
registered address of Tucana Investment Holding Limited is Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(6)</span></td><td style="text-align: left"><span style="font-size: 10pt">Represents 1,720,000 Class A ordinary
shares held of record by Cassini Investment Holding Limited, a British Virgin Islands company wholly owned by Ms. Xiaohua Jia, spouse
of Mr. Xiaogang Geng. The registered address of Cassini Investment Holding Limited is Wickhams Cay II, Road Town, Tortola, VG1110, British
Virgin Islands.</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(7)</span></td><td style="text-align: left"><span style="font-size: 10pt">Represents 1,000,000 Class A ordinary
shares held of record by Fornax Investment Holding Limited, a British Virgin Islands company wholly owned by Mr. Yu Yi. The registered
address of Fornax Investment Holding Limited is Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 93; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ordinary shares are divided into Class&#160;A
ordinary shares and Class&#160;B ordinary shares. Holders of Class&#160;A ordinary shares are entitled to one vote per share, while holders
of Class&#160;B ordinary shares are entitled to ten (10) votes per share. We issued Class&#160;A ordinary shares in our initial public
offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date of this annual report, 800,000
of our issued and outstanding Class A ordinary shares were held by record holders in the United States, representing 3.7% of our total
outstanding ordinary shares on an as-converted basis. None of our shareholders has informed us that it is affiliated with a registered
broker-dealer or is in the business of underwriting securities. We are not aware of any arrangement that may, at a subsequent date, result
in a change of control of our company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To our knowledge, except as disclosed elsewhere
in this annual report, we are not directly or indirectly owned or controlled by another corporation, any foreign government or any other
natural or legal person, severally or jointly.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>F.</b></span></td><td style="text-align: left"><span style="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><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>A.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Major Shareholders</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please refer to &#8220;Item 6. Directors, Senior
Management and Employees&#8212;E. Share Ownership.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Related Party Transactions</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Employment Agreements and Indemnification Agreements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &#8220;Item 6. Directors, Senior Management
and Employees&#8212;C. Board Practices&#8212;Employment Agreements and Indemnification Agreements.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Other Related Party Transactions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Purchases and/or provision of logistics
services and products. </i></b>For the years ended December&#160;31, 2020, 2021 and 2022, we purchased logistics services, products and
equipment amounting to RMB159.3&#160;million, RMB193.0 million and RMB123.3&#160;million (US$17.7 million), respectively, from certain
related parties. For the years ended December&#160;31, 2020, 2021 and 2022, we provided logistics services amounting to RMB28.6&#160;million,
RMB14.1&#160;million and RMB2.5 million (US$0.4 million), respectively, to certain related parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Loans from certain directors, executive
officers and principal shareholders</i></b>. For the years ended December&#160;31, 2020, 2021 and 2022, we borrowed loans amounting to
nil, RMB6.2 million and RMB6.3 million (US$0.9 million), respectively, from certain of our directors, executive officers and principal
shareholders. As of December 31, 2022, we had repaid all of such outstanding loans.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>C.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Interests of Experts and
Counsel</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 94; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 8. FINANCIAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>A.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Consolidated Statements
and Other Financial Information</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have appended consolidated financial statements
filed as part of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than disclosed in this annual report, we
are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or
administrative claims and proceedings arising in the ordinary course of business. Litigation or any other legal or administrative proceeding,
regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management&#8217;s time
and attention.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Dividend Policy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December 31, 2022 and 2021, the balance
of dividend payable was approximately RMB6.9 million (US$1.0 million) and RMB1.2 million respectively. In February 2022 and March
2022, our subsidiaries declared cash dividends in the amount of approximately RMB11.9 million (US$1.7 million). As of the date of
this annual report, we have paid cash dividends of approximately RMB7.5 million (US$1.1 million) in total. We have no plan to
declare or pay any dividends in the near future on our shares. We currently intend to retain most, if not all, of our available
funds and any future earnings to operate and expand our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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. For example, under PRC laws
and regulations, we are permitted to use the net proceeds of our initial public offering to provide funding to our PRC Subsidiaries only
through loans or capital contributions. Subject to satisfaction of necessary registrations with government authorities and required governmental
approvals, we may extend inter-company loans or make additional capital contributions to our PRC Subsidiaries. We cannot assure you that
we will be able to make such registrations or obtain such approvals in a timely manner, or at all. See &#8220;Item 3. Key Information
&#8211; 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 of our initial
public offering to make loans or additional capital contributions to our PRC subsidiaries in China, which could materially and adversely
affect our liquidity and our ability to fund and expand our business.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors has discretion on whether
to distribute dividends, 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 we are able to pay our debts as they become due in the ordinary course of business.
Even if our board of directors decides 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Significant Changes</span></b></span></td>
</tr></table><div>
</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as disclosed elsewhere in this annual
report, we have not experienced any significant changes since the date of our audited consolidated financial statements included in this
annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 9. THE OFFER AND LISTING</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>A.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Offering and Listing Details</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &#8220;&#8212;Markets.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Plan of Distribution</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>C.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Markets</span></b></span></td>
</tr></table><div>
</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Class A ordinary shares have been listed
on the Nasdaq Capital Market since April 21, 2023 under the symbol &#8220;JYD.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>D.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Selling Shareholders</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>E.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Dilution</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>F.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Expenses of the Issue</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 10. ADDITIONAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>A.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Share Capital</span></b></span></td>
</tr></table><div>
</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Memorandum and Articles
of Association</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a Cayman Islands exempted company and
our affairs are governed by our memorandum and articles of association and the Companies Act (As Revised) of the Cayman Islands, referred
to as the Companies Act below. The following are summaries of material provisions of our amended and restated memorandum and articles
of association, as well as the Companies Act (As Revised) insofar as they relate to the material terms of our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Registered Office and Objects</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our registered office in the Cayman Islands is
at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 law of the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &#8220;Item&#160;6. Directors, Senior Management
and Employees &#8211; C. Board Practices.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Ordinary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>General.</i></b>&#160;All of our issued
and outstanding ordinary shares are fully paid and&#160;non-assessable.&#160;Certificates representing the ordinary shares are issued
in registered form. Our shareholders who are nonresidents of the Cayman Islands may freely hold and vote their shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Transfer Agent and Registrar.&#160;</i></b>The
transfer agent and registrar for our ordinary shares is Transhare Corporation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Dividends.&#160;</i></b>The holders of
our ordinary shares are entitled to such dividends as may be declared by our board of directors subject to the Companies Act and to our
amended and restated articles of association.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Conversion.&#160;</i></b>Each Class B ordinary
share is convertible into one (1) Class A ordinary share at any time at the option of the holder thereof. The right to convert shall be
exercisable by the holder of the Class B ordinary share delivering a written notice to the Company that such holder elects to convert
a specified number of Class B ordinary share into Class A ordinary share. In no event shall Class A ordinary share be convertible into
Class B ordinary share. Any conversion of Class B ordinary shares into Class A ordinary shares pursuant to these Articles shall be effected
by means of the re-designation and re-classification of each relevant Class B ordinary share as a Class A ordinary share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Voting Rights.</i></b>&#160;Holders of
our Class&#160;A ordinary shares and our Class&#160;B ordinary shares shall, at all times, vote together as one class on all matters submitted
to a vote by our shareholders at any general meeting of our company. Each Class&#160;A ordinary share shall be entitled to one (1) vote,
and each Class&#160;B ordinary share shall be entitled to ten (10) votes, on all matters subject to a vote at general meetings of our
company. At any general meeting a resolution put to the vote of the meeting shall be decided by a poll.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A quorum required for a meeting of shareholders
consists of at least one or more shareholders present in person or by proxy or, if a corporation or other&#160;non-natural&#160;person,
by its duly authorized representative, who hold in aggregate not less than&#160;one-third&#160;(1/3) of the votes attaching to all issued
and outstanding shares of our company. An annual general meeting may (but shall not be obliged to) be held in each year. Extraordinary
general meetings may be held at such times as may be determined by our board of directors and may be convened by a majority of our board
of directors or the chairman of the board on its/his own initiative or upon a request to the directors by shareholders holding in the
aggregate not less than&#160;one-third (1/3)&#160;of our voting share capital. Advance notice of at least seven (7) calendar days is required
for the convening of our annual general meeting and other shareholders&#8217; meetings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An ordinary resolution to be passed by the shareholders
requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast in a general meeting, while a special
resolution requires the affirmative vote of no less than&#160;two-thirds&#160;(2/3) of the votes attaching to the ordinary shares cast
in a general meeting. A special resolution is required for important matters such as a change of name. Holders of the ordinary shares
may effect certain changes by ordinary resolution, including increasing the amount of our authorized share capital, consolidating and
dividing all or any of our share capital into shares of larger amount than our existing share capital, and canceling any unissued shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Transfer of Shares.</i></b>&#160;Subject
to the restrictions of our amended and restated memorandum and articles of association set out below, as applicable, any of our shareholders
may transfer all or any of his or her ordinary shares by an instrument of transfer in writing and in the usual or ordinary form or any
other form approved by our board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors may, in its sole discretion,
decline to register any transfer of any ordinary share which is not fully paid up or on which we have a lien. Our directors may also decline
to register any transfer of any ordinary share unless (a)&#160;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; (b) the instrument of transfer is in respect of only one Class of Shares; (c) the instrument of
transfer is properly stamped, if required; (d)&#160;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; or (e)&#160;a fee of such maximum sum as the Nasdaq may determine to be payable,
or such lesser sum as our board of directors may from time to time require, is paid to us in respect thereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If our directors refuse to register a transfer
they shall, within three (3) calendar 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, after compliance with any notice required of the Nasdaq,
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 thirty (30) calendar days in
any year as our board of directors may determine.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Liquidation.</i></b>&#160;On a return of
capital on winding up or otherwise (other than on conversion, redemption or purchase of shares), assets available for distribution among
the holders of ordinary shares shall be distributed among the holders of the ordinary shares on a pro rata basis. If our assets available
for distribution are insufficient to repay all of the&#160;paid-up&#160;capital, the assets will be distributed so that the losses are
borne by our shareholders proportionately.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Calls on Shares and Forfeiture of Shares.</i></b>&#160;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 fourteen (14) calendar days prior to the specified time and place of payment. The shares that have been called upon
and remain unpaid on the specified time are subject to forfeiture.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Redemption of Shares</i>.</b>&#160;Subject
to the provisions of the Companies Act, we may issue shares on terms that are subject to redemption, at our option or at the option of
the holders, on such terms and in such manner, including out of capital, as may be determined by our board of directors, before the issue
of such shares, or by an ordinary resolution of our shareholders. Our company may also repurchase any of our shares provided that the
manner and terms of such purchase have been approved by our board of directors or by ordinary resolution of our shareholders, or are otherwise
authorized by our articles of association. 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 fresh 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 the 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)&#160;unless
it is fully paid up, (b)&#160;if such redemption or repurchase would result in there being no shares outstanding, or (c)&#160;if the company
has commenced liquidation. In addition, our company may accept the surrender of any fully paid share for no consideration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Variations of Rights of Shares.</i></b>&#160;All
or any of the special rights attached to any shares may, subject to the provisions of the Companies Act, be varied either with the written
consent of the holders of at least two-thirds (2/3) 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Inspection of Books and Records.&#160;</i></b>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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Changes in Capital.</i></b>&#160;Our shareholders
may from time to time by ordinary resolution:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">increase our share capital by
such sum, to be divided into shares of such classes and amount, as the resolution shall prescribe;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">consolidate and divide all or
any of our share capital into shares of a larger amount than our existing shares;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">sub-divide&#160;our existing shares,
or any of them into shares of an amount smaller than that fixed by our memorandum of association, provided that in the subdivision the
proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share
from which the reduced share is derived; and</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">cancel any shares that, at the
date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of our share capital
by the amount of the shares so canceled.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the Companies Act and our amended
and restated memorandum and articles of association with respect to matters to be dealt with by ordinary resolution, we may, by special
resolution, reduce our share capital and any capital redemption reserve in any manner authorized by law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Issuance of Additional Shares.</i></b>&#160;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 there are available authorized but unissued shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our memorandum and articles of association authorizes
our board of directors to establish from time to time one or more series of convertible redeemable preferred shares and to determine,
with respect to any series of convertible redeemable preferred shares, the terms and rights of that series, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">designation of the series;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the number of shares of the series;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 98; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the dividend rights, conversion
rights and voting rights; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the rights and terms of redemption
and liquidation preferences.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Anti-Takeover Provisions</i></b>. Some
provisions of our post-offering 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:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">authorize our board of directors
to issue preferred shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such
preferred shares without any further vote or action by our shareholders; and</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">limit the ability of shareholders
to requisition and convene general meetings of shareholders.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">However, under Cayman Islands law, our directors
may only exercise the rights and powers granted to them under our post-offering 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Exempted Company</i></b>. 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:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">does not have to file an annual
return of its shareholders with the Registrar of Companies;</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">is not required to open its register
of members for inspection;</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">does not have to hold an annual
general meeting;</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">may issue negotiable or bearer
shares or shares with no par value;</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="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></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">may register by way of continuation
in another jurisdiction and be deregistered in the Cayman Islands;</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">may register as a limited duration
company; and</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">may register as a segregated portfolio
company.</span></td>
</tr></table><div>


</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#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).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Register of Members</i></b>. Under the
Companies Act, we must keep a register of members and there should be entered therein:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the names and addresses of our
members, a statement of the shares held by each member, of the amount paid or agreed to be considered as paid, on the shares of each
member, and of whether each relevant category of shares held by a member carries voting rights under the articles of association of the
company, and if so, whether such voting rights are conditional;</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the date on which the name of
any person was entered on the register as a member; and</span></td>
</tr></table><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the date on which any person ceased
to be a member.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Cayman Islands law, the register of members
of our company is prima facie evidence of the matters set out therein (i.e. the register of members will raise a presumption of fact on
the matters referred to above unless rebutted) and a member registered in the register of members is deemed as a matter of Cayman Islands
law to have legal title to the shares as set against its name in the register of members. We will perform the procedure necessary to immediately update the register of members to record and give effect to any issuance of shares
by us. Once our register of members has been updated, the shareholders recorded in the register of members will be deemed to have legal
title to the shares set against their name.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the name of any person is incorrectly entered
in or omitted from our register of members, or if there is any default or unnecessary delay in entering on the register the fact of any
person having ceased to be a member of our company, the person or member aggrieved (or any member of our company or our company itself)
may apply to the Grand Court of the Cayman Islands for an order that the register be rectified, and the Court may either refuse such application
or it may, if satisfied of the justice of the case, make an order for the rectification of the register.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Differences in Corporate Law</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Companies Act is modeled after companies
law statutes of England and Wales but does not follow recent United Kingdom statutory enactments. In addition, the Companies Act differs
from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences
between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Mergers and Similar Arrangements. </i></b>The
Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and&#160;non-Cayman&#160;Islands
companies. For these purposes, (a) &#8220;merger&#8221; means the merging of two or more constituent companies and the vesting of their
undertaking, property and liabilities in one of such companies as the surviving company and (b)&#160;a &#8220;consolidation&#8221; means
the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities
of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company
must approve a written plan of merger or consolidation, which must then be authorized by (i)&#160;a special resolution of the shareholders
of each constituent company and (ii)&#160;such other authorization, if any, as may be specified in such constituent company&#8217;s articles
of association. The plan of merger or consolidation must be filed with the Registrar of Companies together with a declaration as to the
solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking
that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and published
in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair value of their shares (which, if not agreed
between the parties, will be determined by the Cayman Islands court) if they follow the required procedures, subject to certain exceptions.
Court approval is not required for a merger or consolidation effected in compliance with these statutory procedures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, there are statutory provisions that
facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by a majority in number of each
class of shareholders and creditors with whom the arrangement is to be made, and who must, in addition, represent three-fourths in value
of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting,
or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand
Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought
not to be approved, the court can be expected to approve the arrangement if it determines that:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the statutory provisions as to
the required majority vote have been met;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the shareholders have been fairly
represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests
adverse to those of the class;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the arrangement is such that may
be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the arrangement is not one that
would more properly be sanctioned under some other provision of the Companies Act.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Companies Act also contains a statutory power
of compulsory acquisition which may facilitate the &#8220;squeeze out&#8221; of dissentient minority shareholder upon a tender offer.
When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a&#160;two-month&#160;period
commencing on the expiration of such four month period, require the holders of the remaining shares to transfer such shares to the offeror
on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but it is unlikely to succeed in the case
of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an arrangement and reconstruction is thus
approved, or if a tender offer is made and accepted, a dissenting shareholder would have no rights comparable to appraisal rights, save
that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman
Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations,
providing rights to receive payment in cash for the judicially determined value of the shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Shareholders&#8217; Suits.</i></b>&#160;In
principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder.
However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands
courts can be expected to apply and follow common law principles that permit a minority shareholder to commence a class action against
the company or a derivative action in the name of the company to challenge certain acts, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">a company acts or proposes to
act illegally or ultra vires;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the act complained of, although
not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">those who control the company
are perpetrating a &#8220;fraud on the minority.&#8221;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Indemnification of Directors and Executive
Officers and Limitation of Liability.</i></b> Cayman Islands law does not limit the extent to which a company&#8217;s memorandum and articles
of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman
Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing
a crime.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our memorandum and articles of association permit
indemnification of officers and directors for losses, damages costs and expenses incurred in their capacities as such unless such losses
or damages arise from dishonesty, fraud or willful default of such directors or officers. This standard of conduct is generally the same
as permitted under the Delaware General Corporation Law for a Delaware corporation. In addition, we intend to enter into indemnification
agreements with our directors and senior executive officers that will provide such persons with additional indemnification beyond that
provided in our memorandum and articles of association.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have
been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is
therefore unenforceable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Directors&#8217; Fiduciary Duties</i>.&#160;</b>Under
Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has
two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that
an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose
to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that
a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or
her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest
of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder
and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in
good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may
be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director,
a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a matter of Cayman Islands law, a director
of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes
the following duties to the company&#8212;a duty to act bona fide in the best interests of the company, a duty not to make a profit based
on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests
of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company
owes to the company a duty to act with skill and care. It was previously considered that a director needs not exhibit in the performance
of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However,
English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities
are likely to be followed in the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Shareholder Action by Written Consent.&#160;</i></b>Under
the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to
its certificate of incorporation. Cayman Islands law and our amended and restated articles of association provide that shareholders may
approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled
to vote on such matter at a general meeting without a meeting being held.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Shareholder Proposals.</i></b>&#160;Under
the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided
it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other
person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cayman Islands law 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 articles allow our shareholders holding
in the aggregate not less than&#160;one-third&#160;of the aggregate number of votes attaching to all issued and outstanding shares of
our company to requisition an extraordinary meeting of the shareholders, in which case the directors are obliged to call such meeting
and to put the resolutions so requisitioned to a vote at such meeting. However, our articles 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As an exempted Cayman company, we are not obliged
by the Company Law to call shareholders&#8217; annual general meetings. Our articles of association provides that we may (but shall not
be obliged to) in each year to hold a general meeting as our annual general meeting, and to specify the meeting as such in the notice
calling it.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Cumulative Voting</i>.</b>&#160;Under the
Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation&#8217;s certificate
of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on
a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single
director, which increases the shareholder&#8217;s voting power with respect to electing such director. There are no prohibitions in relation
to cumulative voting under Cayman Islands law, but our amended and restated articles of association do not provide for cumulative voting.
As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Removal of Directors.</i></b>&#160;Under
the Delaware General Corporation Law, a director of a corporation with a classified board of directors may be removed only for cause with
the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under
our articles of association, directors may be removed by an ordinary resolution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Transactions with Interested Shareholders.&#160;</i></b>The
Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation
has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging
in certain business combinations with an &#8220;interested shareholder&#8221; for three years following the date that such person becomes
an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target&#8217;s
outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a&#160;two-tiered&#160;bid
for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the
date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the
transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation
to negotiate the terms of any acquisition transaction with the target&#8217;s board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cayman Islands law has no comparable statute.
As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although
Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions
must be entered into bona fide in the best interests of the company for a proper corporate purpose and not with the effect of constituting
a fraud on the minority shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Dissolution; Winding up.</i></b>&#160;Under
the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by
shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors
may it be approved by a simple majority of the corporation&#8217;s outstanding shares. Delaware law allows a Delaware corporation to include
in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board of directors.
Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution
of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has
authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable
to do so.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Companies Act of the Cayman Islands
and our memorandum and articles of association, our company may be dissolved, liquidated or wound up voluntarily by a special resolution,
or by an ordinary resolution on the basis that we are unable to pay our debts as they become due.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Variation of Rights of Shares.</i></b>&#160;Under
the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding
shares of such class, unless the certificate of incorporation provides otherwise. Under our amended and restated articles of association,
and as permitted by Cayman Islands law, if our share capital is divided into more than one class of shares, we may vary the rights attached
to any class either with the written consent of the holders of at least two-thirds 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Amendment of Governing Documents.&#160;</i></b>Under
the Delaware General Corporation Law, a corporation&#8217;s governing documents may be amended with the approval of a majority of the
outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our memorandum
and articles of association may only be amended by special resolution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Inspection of Books and Records.&#160;</i></b>Under
the Delaware General Corporation Law, any shareholder of a corporation may for any proper purpose inspect or make copies of the corporation&#8217;s
stock ledger, list of shareholders and other books and records.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders of our shares will have no general right
under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Anti-takeover Provisions in Our Memorandum
and Articles of Association.</i></b>&#160;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 a provision that authorizes 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Such 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 these preference shares, the price of our Class A ordinary shares may fall and the voting and other rights of the holders
of our Class A ordinary shares may be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i>Rights of&#160;Non-resident&#160;or Foreign
Shareholders.</i></b>&#160;There are no limitations imposed by our amended and restated memorandum and articles of association on the
rights of&#160;non-resident&#160;or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions
in our memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>C.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Material Contracts</span></b></span></td>
</tr></table><div>
</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have not entered into any material contracts
in the ordinary course of our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>D.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Exchange Controls</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &#8220;Item 4. Information on the Company&#8212;B.
Business Overview&#8212;Regulations&#8212;Regulations Relating to Foreign Currency Exchange.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>E.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Taxation</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following summary of the material Cayman
Islands, PRC and U.S. federal income tax consequences of an investment in our Class A 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 consequences relating to an investment in our Class A ordinary shares, such as the tax consequences under U.S. state
and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands, PRC and the United States. To the extent that
the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Harney Westwood &amp; Riegels, our special Cayman
Islands counsel; to the extent it relates to PRC tax law, it is the opinion of PacGate Law Group, our PRC counsel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cayman Islands Taxation </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Cayman Islands currently levies no taxes
on individuals or corporations based on 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 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 or produced before a court 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, nor will gains derived from the disposal of our ordinary shares be subject to Cayman
Islands income or corporation tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;PRC Taxation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the EIT Law, which became effective on
January&#160;1, 2008, an enterprise established outside the PRC with &#8220;de facto management bodies&#8221; within the PRC is considered
a &#8220;resident enterprise&#8221; for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income
tax rate on its worldwide income. In 2009, the SAT issued 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. Further to
SAT Circular 82, in 2011, the SAT issued SAT Bulletin 45 (revised in 2018) to provide more guidance on the implementation of SAT Circular
82. In 2014, the SAT issued the Announcement of the State Administration of Taxation on Issues Concerning the Determination of Resident
Enterprises on the Basis of Their Actual Management Bodies that provides more guidance on the implementation of Circular 82.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to SAT Circular 82, an offshore incorporated
enterprise controlled by a PRC enterprise or a PRC enterprise group will be considered a PRC resident enterprise by virtue of having its
&#8220;de facto management body&#8221; in China and will be subject to PRC enterprise income tax on its worldwide income only if all of
the following conditions are met: (a)&#160;the senior management and core management departments in charge of its daily operations function
have their presence mainly in the PRC; (b)&#160;its financial and human resources decisions are subject to determination or approval by
persons or bodies in the PRC; (c)&#160;its major assets, accounting books, company seals, and minutes and files of its board and shareholders&#8217;
meetings are located or kept in the PRC; and (d)&#160;more than half of the enterprise&#8217;s directors or senior management with voting
rights habitually reside in the PRC. Although SAT Circular 82 and SAT Bulletin 45 only apply to offshore incorporated enterprises controlled
by PRC enterprises or PRC enterprise groups and not those controlled by PRC individuals or foreigners, the determination criteria set
forth therein may reflect the SAT&#8217;s general position on how the term &#8220;de facto management body&#8221; could be applied in
determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises, individuals
or foreigners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that we do not meet all of the criteria
described above. We believe that neither we nor our subsidiaries outside of China are PRC tax resident enterprises, because neither we
nor they are controlled by a PRC enterprise or PRC enterprise group, and because our records and their records (including the resolutions
of the respective boards of directors and the resolutions of shareholders) are maintained outside the PRC. However, as 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; when applied to our offshore entities, we may be considered as a resident enterprise
and therefore may be subject to PRC enterprise income tax at 25% on our worldwide income. In addition, if the PRC tax authorities determine
that we are a PRC resident enterprise for PRC enterprise income tax purposes, dividends we pay to&#160;non-PRC&#160;holders may be subject
to PRC withholding tax, and gains realized on the sale or other disposition of ordinary shares may be subject to PRC tax, at a rate of
10% in the case of&#160;non-PRC&#160;enterprises or 20% in the case of&#160;non-PRC&#160;individuals (in each case, subject to the provisions
of any applicable tax treaty), if such dividends or gains are deemed to be from PRC sources. Any such tax may reduce the returns on your
investment in the Class A ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are considered a&#160;&#8220;non-resident&#160;enterprise&#8221;
by the PRC tax authorities, the dividends we receive from our PRC subsidiaries will be subject to a 10% withholding tax. The EIT Law also
imposes a withholding income tax of 10% on dividends distributed by a foreign invested enterprise to its immediate holding company outside
of China, if such immediate holding company is considered as a&#160;non-resident&#160;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. Under the Arrangement Between the PRC 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, the dividend withholding tax rate may be reduced
to 5%, if a Hong Kong resident enterprise that receives a dividend is considered a&#160;non-PRC&#160;tax resident enterprise and holds
at least 25% of the equity interests in the PRC enterprise distributing the dividends, subject to approval of the PRC local tax authority.
However, if the Hong Kong resident enterprise is not considered to be the beneficial owner of such dividends under applicable PRC tax
regulations, such dividends may remain subject to withholding tax at a rate of 10%. Accordingly, Jayud Global Logistics (Hong Kong) Limited
may be able to enjoy the 5% withholding tax rate for the dividends it receives from its PRC subsidiaries if it satisfies the relevant
conditions under tax rules and regulations, and obtains the approvals as required.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>U.S. Federal Income Tax Considerations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a discussion of the material
U.S. federal income tax considerations relevant to the acquisition, ownership, and disposition of our Class A ordinary shares by U.S.
Holders (as defined below) that will hold our Class A ordinary shares as &#8220;capital assets&#8221; (generally, property held for investment)
under the U.S. Internal Revenue Code of 1986, as amended, or the &#8220;Code&#8221;). This discussion is based upon applicable provisions
of the Code, U.S. Treasury regulations promulgated thereunder, pertinent judicial decisions, interpretive rulings of the U.S. Internal
Revenue Service, or the IRS, and such other authorities as we have considered relevant, all of which are subject to change, possibly with
retroactive effect. This discussion does not address all aspects of U.S. federal income taxation that may be important to particular investors
in light of their individual investment circumstances, including investors subject to special tax and/or reporting rules (for example,
certain financial institutions; insurance companies; broker-dealers; pension plans; regulated investment companies; real estate investment
trusts;&#160;tax-exempt&#160;organizations (including private foundations); holders who are not U.S. Holders (as defined below); holders
who own (directly, indirectly, or constructively) 10% or more of the voting power or value of our stock; investors that will hold their
Class A ordinary shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for U.S. federal
income tax purposes; investors that are traders in securities that have elected the&#160;mark-to-market&#160;method of accounting; or
investors that have a functional currency other than the U.S. dollar), or holders that acquire ordinary shares through the exercise of
options or other convertible instruments or in connection with the provision of services, all of whom may be subject to tax rules that
differ significantly from those discussed below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, this discussion does not address
tax considerations relevant to U.S. Holders under any&#160;non-U.S.,&#160;state or local tax laws, the Medicare tax on net investment
income, the one-percent excise tax on stock repurchases, estate or gift tax, or the alternative minimum tax. Each U.S. Holder is urged
to consult its tax advisors regarding the U.S. federal, state, local, and&#160;non-U.S.&#160;income and other tax considerations of an
investment in Class A ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The discussion below of U.S. federal income tax
consequences applies to you if you are a &#8220;U.S. Holder.&#8221; You are a U.S. Holder if you are a beneficial owner of our Class A
ordinary shares and you are: (i)&#160;an individual who is a citizen or resident of the United States for U.S. federal income tax purposes;
(ii)&#160;a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created in, or organized under
the law of any state of the United States, or the District of Columbia; (iii)&#160;an estate the income of which is includible in gross
income for U.S. federal income tax purposes regardless of its source; or (iv)&#160;a trust (A)&#160;the administration of which is subject
to the primary supervision of a U.S. federal or state court and which has one or more U.S. persons who have the authority to control all
substantial decisions of the trust or (B)&#160;that has otherwise validly elected to be treated as a U.S. person under the Code.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you are a partner in a partnership (including
any entity or arrangement treated or elects to be treated as a partnership for U.S. federal income tax purposes) that holds our Class
A ordinary shares, your tax treatment generally will depend on your status and the activities of the partnership (or any such entity or
arrangement treated as or elects to be treated as a partnership for U.S. federal income tax purposes). Partners in a partnership (or any
such entity or arrangement treated as or elects to be treated as a partnership for U.S. federal income tax purposes) holding our Class
A ordinary shares should consult their tax advisors regarding the tax consequences of an investment in the Class A ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a corporation organized under the laws
of the Cayman Islands. As such, we believe that we are properly classified as a&#160;non-U.S.&#160;corporation for U.S. federal income
tax purposes. Under certain provisions of the Code and U.S. Treasury regulations, however, if pursuant to a plan (or a series of related
transactions), a&#160;non-U.S.&#160;corporation (such as our company) acquires substantially all of the properties constituting a trade
or business of a U.S. corporation or partnership, and after the acquisition 80% or more of the stock (by vote or value) of the&#160;non-U.S.&#160;corporation
(excluding stock issued in a public offering related to the acquisition) is owned by former stockholder or partners of the U.S. corporation
or partnership by reason of their holding stock or a capital or profits interest in the U.S. corporation or partnership, the&#160;non-U.S.&#160;corporation
will be considered a U.S. corporation for U.S. federal income tax purposes. You are urged to consult your tax advisor concerning the income
tax consequences of purchasing, holding or disposing of Class A ordinary shares if we were to be treated as a U.S. corporation for U.S.
federal income tax purposes. The remainder of this discussion assumes that our company is treated as a&#160;non-U.S.&#160;corporation
for U.S. Federal income tax purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Dividends</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the PFIC rules discussed below, any
cash distributions (including the amount of any PRC or other tax withheld) paid on our Class A ordinary shares out of our current or accumulated
earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in your gross income as dividend
income on the day actually or constructively received by you. Because we do not intend to determine our earnings and profits under U.S.
federal income tax principles, any distribution paid will generally be treated as a dividend for U.S. federal income tax purposes by us.
Dividends received by corporations on our Class A ordinary shares may be eligible for the dividends received deduction allowed to U.S.
corporations under the Code.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A&#160;non-corporate&#160;U.S. Holder generally
may be subject to tax at preferential tax rates applicable to &#8220;qualified dividend income,&#8221; provided that certain conditions
are satisfied, including that (1)&#160;our stock is readily tradable on an established securities market in the United States, or, in
the event that we are deemed to be a PRC tax resident enterprise under the PRC tax law, we are eligible for the benefit of the comprehensive
United&#160;States-PRC&#160;income tax treaty, or the &#8220;Treaty&#8221;, (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 was paid and the preceding taxable year, and (3)&#160;certain
holding period requirements are met. U.S. holders are urged to consult their own tax advisors regarding the availability of the preferential
rate for any dividends paid with respect to our Class A ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that we are deemed to be a PRC tax
resident enterprise under PRC tax law, you may be subject to PRC withholding taxes on dividends paid on our Class A ordinary shares, as
described under &#8220;Taxation&#8212;People&#8217;s Republic of China Taxation&#8221;. If we are deemed to be a PRC tax resident enterprise,
you may, however, be eligible for the benefits of the Treaty. If we are eligible for such benefits, dividends we pay on our Class A ordinary
shares may be eligible for the reduced rates of taxation applicable to qualified dividend income, as discussed above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For U.S. foreign tax credit purposes, dividends
generally will be treated as income from foreign sources and generally will constitute &#8220;passive&#8221; category income. Depending
on your particular circumstances, you may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect
of any foreign withholding taxes imposed on dividends received on our Class A ordinary shares. If you do not elect to claim a foreign
tax credit for foreign tax withheld, you may instead claim a deduction, for U.S. federal income tax purposes, for the foreign tax withheld,
but only for a year in which you elect to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are
complex. You are urged to consult your tax advisor regarding the availability of the foreign tax credit under your particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Sale or Other Disposition of Class A Ordinary Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the PFIC rules discussed below, you
generally will recognize capital gain or loss upon the sale or other disposition of our Class A ordinary shares in an amount equal to
the difference, if any, between the amount realized upon the disposition and your adjusted tax basis in such Class A ordinary shares.
Any capital gain or loss will be long-term capital gain or loss if you have held the Class A ordinary shares for more than one year, and
will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. In the event that we are deemed to be a PRC tax resident
enterprise under PRC tax law, gain from the disposition of the Class A ordinary shares may be subject to tax in the PRC, as described
under &#8220;Taxation&#8212;People&#8217;s Republic of China Taxation&#8221;. If such income were treated as U.S.-source income for foreign
tax credit purposes, you might not be able to use the foreign tax credit arising from any tax imposed on the sale, exchange, or other
taxable disposition of our Class A ordinary shares unless such credit could be applied (subject to applicable limitations) against tax
due on other income derived from foreign sources. However, if PRC tax were to be imposed on any gain from the disposition of our Class
A ordinary shares, if you are eligible for the benefits of the Treaty, you generally may be able to treat such gain as foreign-source
income. The deductibility of a capital loss may be subject to limitations. You are urged to consult your tax advisor regarding the tax
consequences if a foreign tax is imposed on a disposition of our Class A ordinary shares, including the availability of the foreign tax
credit under your particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>PFIC Rules</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">A&#160;non-U.S.&#160;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 produce or are held for the production of passive income. Passive income
generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income
and net foreign currency gains. For this purpose, cash is categorized as a passive asset and the company&#8217;s goodwill associated
with active business activity is taken into account as an active asset. We will be treated as owning our proportionate share of the assets
and income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the projected composition
of our assets and income, we do not anticipate being classified as a PFIC for our taxable year ending December&#160;31, 2023. While we
do not anticipate being classified as a PFIC, because the value of our assets for purposes of the PFIC asset test will generally be determined
by reference to the market price of our Class A ordinary shares, fluctuations in the market price of our Class A ordinary shares may
cause us to become a PFIC for the current or any subsequent taxable year. The determination of whether we will become a PFIC will also
depend, in part, on the composition of our income and assets, which will be affected by how, and how quickly, we use our liquid assets
and the cash raised in our initial public offering. Whether we are a PFIC is a factual determination and we must make a separate determination
each taxable year as to whether we are a PFIC (after the close of each taxable year). Accordingly, we cannot assure you that we will
not be classified as a PFIC for our taxable year ending December&#160;31, 2023 or any future taxable year. If we are classified as a
PFIC for any taxable year during which you hold our Class A ordinary shares, we generally will continue to be treated as a PFIC, unless
you make certain elections, for all succeeding years during which you hold our Class A ordinary shares even if we cease to qualify as
a PFIC under the rules set forth above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are a PFIC for any taxable
year during which you hold our Class A ordinary shares, you will be subject to special tax rules with respect to any &#8220;excess distribution&#8221;
that you receive and any gain you realize from a sale or other disposition (including a pledge) of our Class A ordinary shares, unless
you make a&#160;&#8220;mark-to-market&#8221;&#160;election as discussed below. Distributions you receive in a taxable year that are greater
than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period
for the Class A ordinary shares will be treated as an excess distribution. Under these special tax rules:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">the excess distribution or gain
will be allocated ratably over your holding period for the Class A ordinary shares;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">amounts allocated to the current
taxable year and any taxable years in your holding period prior to the first taxable year in which we are classified as a PFIC (a&#160;&#8220;pre-PFIC&#160;year&#8221;)
will be taxable as ordinary income; and</span></td>
</tr></table><div>
</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">amounts allocated to each prior
taxable year, other than the current taxable year or a&#160;pre-PFIC&#160;year, will be subject to tax at the highest tax rate in effect
applicable to you for that year, and such amounts will be increased by an additional tax equal to interest on the resulting tax deemed
deferred with respect to such years.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">If we are classified as a
PFIC for any taxable year during which you hold our Class A ordinary shares and any of our&#160;non-U.S.&#160;subsidiaries is also a
PFIC, you will be treated as owning a proportionate amount (by value) of the shares of each such&#160;non-U.S.&#160;subsidiary classified
as a PFIC for purposes of the application of these rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Alternatively, a U.S. Holder of &#8220;marketable
stock&#8221; (as defined below) in a PFIC may make a&#160;mark-to-market&#160;election for such stock of a PFIC to elect out of the tax
treatment discussed in the two preceding paragraphs. If you make a valid&#160;mark-to-market&#160;election for the Class A ordinary shares,
you will include in income each year an amount equal to the excess, if any, of the fair market value of the Class A ordinary shares as
of the close of your taxable year over your adjusted basis in such Class A ordinary shares. You will be allowed a deduction for the excess,
if any, of the adjusted basis of the Class A ordinary shares over their fair market value as of the close of the taxable year. However,
deductions will be allowable only to the extent of any net&#160;mark-to-market&#160;gains on the Class A ordinary shares included in
your income for prior taxable years. Amounts included in your income under a&#160;mark-to-market&#160;election, as well as gain on the
actual sale or other disposition of the Class A ordinary shares, will be treated as ordinary income. Ordinary loss treatment will also
apply to the deductible portion of any&#160;mark-to-market&#160;loss on the Class A ordinary shares, as well as to any loss realized
on the actual sale or disposition of the ordinary shares, to the extent that the amount of such loss does not exceed the net&#160;mark-to-market&#160;gains
previously included for such Class A ordinary shares. Your basis in the Class A ordinary shares will be adjusted to reflect any such
income or loss amounts. If you make a&#160;mark-to-market&#160;election, tax rules that apply to distributions by corporations which
are not PFICs would apply to distributions by us (except that the preferential rates for qualified dividend income would not apply).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The&#160;mark-to-market&#160;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 (&#8220;regularly traded&#8221;) on a qualified exchange or other market, as defined in applicable U.S. Treasury
regulations. We expect that the Class A ordinary shares will be listed on the Nasdaq, which is a qualified exchange for these purposes.
If the Class A ordinary shares are regularly traded, and the Class A ordinary shares qualify as &#8220;marketable stock&#8221; for purposes
of the&#160;mark-to-market&#160;rules, then the&#160;mark-to-market&#160;election might be available to you if we were to become a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because, as a technical matter, a&#160;mark-to-market&#160;election
cannot be made for any lower-tier PFICs that we may own, you may continue to be subject to the PFIC rules with respect to your 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not currently 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
the general tax treatment for PFICs described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 106; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you own our Class A ordinary shares during
any taxable year that we are a PFIC, you must file an annual report with the IRS, subject to certain exceptions based on the value of
the Class A ordinary shares held. You are urged to consult your tax advisor concerning the U.S. federal income tax consequences of purchasing,
holding, and disposing of our Class A ordinary shares if we are or become a PFIC, including the possibility of making a&#160;mark-to-market&#160;election.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Information Reporting and Backup Withholding</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You may be required to submit to the IRS certain
information with respect to your beneficial ownership of our Class A ordinary shares, if such Class A ordinary shares are not held on
your behalf by certain financial institutions. Penalties also may be imposed if you are required to submit such information to the IRS
and fail to do so.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dividend payments with respect to Class A ordinary
shares and proceeds from the sale, exchange or redemption of Class A ordinary shares may be subject to information reporting to the IRS
and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification
number and makes any other required certification or who is otherwise exempt from backup withholding. U.S. Holders who are required to
establish their exempt status generally must provide such certification on IRS Form&#160;W-9&#160;or by otherwise establishing an exemption.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Backup withholding is not an additional tax.
Amounts withheld as backup withholding may be credited against your U.S. Federal income tax liability, and you may obtain a refund of
any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing
any required information. You are urged to consult your tax advisors regarding the application of the U.S. information reporting and
backup withholding rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The U.S. federal income tax discussion set forth
above is included for general information only and may not be applicable depending upon a holder&#8217;s particular situation. Holders
are urged to consult their tax advisors with respect to the tax consequences to them of the acquisition, ownership and disposition of
our ordinary shares and warrants, including the tax consequences under state, local, estate, foreign and other tax laws and tax treaties
and the possible effects of changes in U.S. or other tax laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>F.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Dividends and Paying Agents</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>G.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Statement by Experts</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>H.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Documents on Display</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We previously filed a registration statement
on Form F-1 (Registration No.&#160;333-269871) with the SEC to register the issuance and sale of our Class A ordinary shares in our initial
public offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to periodic reporting and other
informational requirements of the Exchange Act as applicable to foreign private issuers and are required to file reports and other information
with the SEC. Specifically, we are required to file annually an annual report on Form 20-F within four months after the end of each fiscal
year, which is December 31.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All information filed with the SEC can be obtained
over the internet at the SEC&#8217;s website at <i>www.sec.gov</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&#160;16 of the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 107; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>I.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Subsidiary Information</span></b></span></td>
</tr></table><div>
</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>J.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Annual Report to Security
Holders</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Foreign Exchange Risk</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The revenue and expenses of our entities in
the mainland China are generally denominated in Renminbi and their assets and liabilities are denominated in Renminbi. In addition, the
value of your investment in our Class A ordinary shares will be affected by the exchange rate between the U.S. dollar and Renminbi because
the value of our business is effectively denominated in Renminbi, while our Class A ordinary shares will be traded in U.S. dollars.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Renminbi is not freely convertible into foreign
currencies. Remittances of foreign currencies into mainland China or remittances of Renminbi out of mainland China, as well as exchange
between Renminbi and foreign currencies, require approval by foreign exchange administrative authorities with certain supporting documentation.
The State Administration for Foreign Exchange, under the authority of the People&#8217;s Bank of mainland China, controls the conversion
of Renminbi into other currencies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 Renminbi 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 for other business purposes, appreciation of the U.S. dollars against the Renminbi would have a negative
effect on the U.S. dollar amounts available to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We incurred and recognized foreign currency exchange loss of RMB912,988,
foreign currency exchange gain of RMB489,268, foreign currency exchange gain of RMB4,407,133 (US$632,791) in 2020, 2021, and 2022, respectively,
as a result of changes in the exchange rate. We incurred and recognized foreign currency exchange loss of approximately RMB0.9 million,
foreign currency exchange gain of approximately RMB0.5 million, foreign currency exchange gain of approximately RMB4.4 million (US$0.6
million) in 2020, 2021, and 2022, respectively, as a result of changes in the exchange rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>A.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Debt Securities</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>B.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Warrants and Rights</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Information pertaining to representative&#8217;s
warrants is set forth in the Registration Statement under the section titled &#8220;Underwriting &#8211; Representative&#8217;s Warrants&#8221;
which is incorporated herein by reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>C.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Other Securities</span></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 108; Options: NewSection; Value: 103 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PART II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Material Modifications to the Rights of Security Holders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None. 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Proceeds </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following &#8220;Use of Proceeds&#8221;
information relates to the registration statement on Form F-1, as amended (File Number No. 333-269871) (the &#8220;F-1 Registration Statement&#8221;)
in relation to our initial public offering of 1,352,223 Class A ordinary shares (reflecting the partial exercise of the over-allotment
option by the underwriters to purchase an additional 102,223 Class A ordinary shares), at an initial offering price of US$4.00 per Class
A ordinary share. Our initial public offering was completed in April 2023. The Benchmark Company, LLC acted as the representative of
the underwriters for our initial public offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The F-1 Registration Statement was declared
effective by the SEC on March&#160;31, 2023. The total expenses incurred for our company&#8217;s account in connection with our initial
public offering was approximately US$2.0 million, which included US$0.5 million in underwriting discounts and commissions for the initial
public offering and approximately US$1.5 million in other costs and expenses for our initial public offering. We raised approximately
US$3.4 million in net proceeds from the issuance of new shares from the initial public offering and partial exercise of over-allotment
option. None of the transaction expenses included payments to directors or officers of our company or their associates, persons owning
more than 10% or more of our equity securities or our affiliates. None of the net proceeds from the initial public offering were paid,
directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity securities
or our affiliates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We still intend to use the proceeds from our
initial public offering as disclosed in the F-1 Registration Statement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 15. CONTROLS AND PROCEDURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Evaluation of Disclosure Controls and Procedures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As required by Rule 13a-15 under the Exchange
Act, management, including our chief executive officer and our chief financial officer, has evaluated the effectiveness of our
disclosure controls and procedures as of the end of the period covered by this annual report. Disclosure controls and procedures
refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit
under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of
the SEC. Disclosure controls and procedures include, without limitations, controls and procedures designed to ensure that
information required to be disclosed by us in our reports that we file or submit under the Exchange Act is accumulated and
communicated to management, including our principal executive and principal financial officers, or persons performing similar
functions, as appropriate to allow timely decisions regarding our required disclosures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the foregoing, our chief executive
officer and our chief financial officer have concluded that, as of December 31, 2022, our disclosure controls and procedures were not
effective due to three material weaknesses in our internal control over the financial statement closing process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Management&#8217;s Annual Report on Internal Control over Financial
Reporting and Attestation Report of the Registered Public Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This annual report does not include a report
of management&#8217;s assessment regarding internal control over financial reporting due to a transition period established by rules
of the SEC for newly public companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Internal Control Over Financial Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the audit of our
consolidated financial statements, as of December 31, 2021 and 2022, and for the years ended December 31, 2020, 2021 and 2022, we and our independent registered public accounting firm identified three
material weaknesses in our internal control over financial reporting. As defined in the standards established by the U.S. Public
Company Accounting Oversight Board, a &#8220;material weakness&#8221; is a deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim
financial statements will not be prevented or detected on a timely basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The three material weaknesses that have been identified
relate to (i) the lack of formal internal control policies and internal independent supervision functions to establish formal risk assessment
process and internal control framework; (ii) the lack of sufficient accounting staff and resources with appropriate knowledge of generally
accepted U.S. GAAP and SEC reporting and compliance requirements to design and implement formal period-end financial reporting policies
and procedures to address complex U.S. GAAP technical accounting issue in accordance with U.S. GAAP and the SEC requirements; and (iii)
information technology general control in the areas of: (a) risk and vulnerability assessment and management; (b)
third-party (service organization) vendor management; (c)&#160;system change management; (d) backup and recovery management; (e) access
to systems and data; (f)&#160;segregation of duties, privileged access, and monitoring; and (g) password management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 109; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither we nor our independent registered public
accounting firm undertook a comprehensive assessment of our internal control for purposes of identifying and reporting material weaknesses
and other deficiencies in our internal control over financial reporting. Had we performed a formal assessment of our internal control
over financial reporting or had our independent registered public accounting firm performed an audit of our internal control over financial
reporting, additional deficiencies may have been identified.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to the above-mentioned material
weaknesses (i) and (ii) identified, we implemented a number of measures to address the material weakness identified, including but
not limited to (i) recruitment of a chief financial officer with appropriate knowledge and experience in U.S. GAAP accounting and
SEC reporting; and (ii)&#160;establishing of an audit committee. In addition, we are in the process of (i) setting up formal internal
control policies and internal independent supervision functions to establish formal risk assessment process and internal control
framework; and (ii) organizing regular training for our accounting staffs, especially training related to U.S. GAAP and SEC
reporting requirements. We also plan to adopt additional measures to improve our internal control over financial reporting,
including, among others, creating U.S. GAAP accounting policies and procedures manual, which will be maintained, reviewed and
updated, on a regular basis, to the latest US&#160;GAAP accounting standards, and strengthening corporate governance. For IT related weakness, we will (1) enhance our data backup procedures
and computer operations monitoring; (2) enhance user account management and enhance segregation of duties; (3) enhance risk assessment
procedures and system controls. See &#8220;Item 3. Key Information&#8212;D. Risk Factors &#8211; Risks Related to Our Business and Industry &#8211; If we fail to
implement and maintain an effective system of internal controls, 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 shares may be materially and
adversely affected.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a company with less than US$1.235&#160;billion
in revenue for the fiscal year of 2022, we qualify as an &#8220;emerging growth company&#8221; pursuant to the JOBS Act. An emerging
growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public
companies. These provisions include exemption from the auditor attestation requirement under Section&#160;404 of the Sarbanes-Oxley Act
of 2002 in the assessment of the emerging growth company&#8217;s internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Changes in Internal Control over Financial Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than the remediation of material weaknesses
as described above, there has been no change in our internal controls over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_036"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><b>ITEM 16. [RESERVED]</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors has determined that Mr.
Steven Gu, an independent director (under the standards set forth in Nasdaq Stock Market Rule 5605(a)(2) and Rule 10A-3 under the Exchange
Act) and chairman of our audit committee, is an audit committee financial expert.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM&#160;16B.&#160;CODE OF ETHICS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors has adopted a code of
business conduct and ethics, which is applicable to all of our directors, officers, and employees. Our code of business conduct and ethics
is publicly available on our website at https://ir.jayud.com/.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM&#160;16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the aggregate fees
by categories specified below in connection with certain professional services rendered and billed by Marcum Asia CPAs LLP, our independent registered public accountant firm, since December 8, 2022, and Friedman LLP, our independent
registered public accountant firm before December 8, 2022, for the periods indicated.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For&#160;the&#160;years&#160;ended
    December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">(in&#160;thousands)</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Audit fees(1)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">3,103.4</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">445.6</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: left"><span style="font-size: 10pt">&#8220;Audit fees&#8221; means
the aggregate fees incurred in each of the fiscal years listed for professional services rendered by our principal auditor for the audit
or review of our annual financial statements or quarterly financial information and review of documents filed with the SEC.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The Audit Committee of the
Board of Directors on an annual basis reviews audit and non-audit services performed by the independent auditors. All audit and non-audit
services are pre-approved by the Audit Committee, which considers, among other things, the possible effect of the performance of such
services on the auditors<span style="font-family: Times New Roman, Times, Serif">&#8217;</span> independence.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 110; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with our prior initial public offering,
we engaged Friedman LLP (&#8220;Friedman&#8221;) on January 3, 2022, to audit our consolidated financial statements for the fiscal years
ended December 31, 2020 and 2021. Effective September 1, 2022, Friedman merged with Marcum LLP. On December 8, 2022, the audit committee
of our board of directors approved the engagement of Marcum Asia CPAs LLP (&#8220;Marcum Asia&#8221;) to serve
as our independent registered public accounting firm.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Friedman&#8217;s reports on our financial statements
for the fiscal years ended December 31, 2020 and 2021 did not contain an adverse opinion or a disclaimer of opinion and were not qualified
or modified as to uncertainty, audit scope, or accounting principles.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Furthermore, during the fiscal years ended December
31, 2020 and 2021 and the subsequent interim period through December 8, 2022, in connection with Friedman&#8217;s audits on our consolidated
financial statements for the fiscal years ended December 31, 2020 and 2021, there were (i) no disagreements with Friedman on any matter
of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved
to Friedman&#8217;s satisfaction, would have caused Friedman to make reference to the subject matter of the disagreement in connection
with its reports on the Company&#8217;s financial statements for such years, and (ii) no &#8220;reportable events&#8221; as that term
is described in Item 304(a)(1)(v) of Regulation S-K.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the engagement of Marcum Asia, neither
the Company nor anyone acting on the Company&#8217;s behalf consulted Marcum Asia with respect to any of the matters or reportable events
set forth in Item 304(a)(1)(v) of Regulation S-K.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We provided Friedman with a copy of the above statements
and requested that Friedman furnish us with a letter addressed to the SEC stating whether or not it agrees with the above statements.
A copy of Friedman&#8217;s letter, dated May 15, 2023, to the SEC, regarding the disclosures herein under the heading &#8220;Change in
Registrant&#8217;s Certifying Accountant&#8221; is filed as Exhibit 16.1 to this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16G. CORPORATE GOVERNANCE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a Cayman Islands exempted company listed
on the Nasdaq Capital Market, we are subject to the Nasdaq Stock Market Rules corporate governance listing standards. However,
Nasdaq Stock Market 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 the Nasdaq
Stock Market Rules. We have not relied on any home country practice exemption as of the date of this annual report. However, we may
choose to follow certain home country practices in the future, which may cause our shareholders to be afforded less protection than they would otherwise enjoy under the Nasdaq
Stock Market&#8217;s corporate governance listing standards applicable to U.S. domestic issuers. See &#8220;Item 3. Key
Information&#8212;D. Risk Factors&#8212;Risks Related to the Class A Ordinary Shares&#8212; 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 United States
domestic public companies.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16H. MINE SAFETY DISCLOSURE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_029"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART III</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 17. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have elected to provide financial statements
pursuant to Item 18.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_032"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 18. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consolidated financial statements of Jayud
Global Logistics Limited and its subsidiaries are included at the end of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_033"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 19. EXHIBITS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top"><td style="width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 90%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of Document</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1938186/000119312523072685/d735110dex34.htm">Third Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.4 to the Form F-1 filed on March 21, 2023 (File No. 333-269871))</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1938186/000119312523042094/d735110dex41.htm">Registrant&#8217;s Specimen Certificate for Class A Ordinary Shares (incorporated herein by reference to Exhibit 4.1 to the Form F-1 filed on February 17, 2023 (File No. 333-269871))</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1938186/000119312523072685/d735110dex42.htm">Form of Representative&#8217;s Warrant (incorporated herein by reference to Exhibit 4.2 to the Form F-1/A filed on March 16, 2023 (File No. 333-269871))</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex2-3_jayudglobal.htm">Description of Securities</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1938186/000119312523042094/d735110dex41.htm">Form of Indemnification Agreement between the Registrant and each of its directors and executive officers (incorporated herein by reference to Exhibit 10.4 to the Form F-1 filed on February 17, 2023 (File No. 333-269871))</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1938186/000119312523042094/d735110dex101.htm">Form of Employment Agreement Between the Registrant and its directors and executive officers (incorporated herein by reference to Exhibit 10.1 to the Form F-1 filed on February 17, 2023 (File No. 333-269871))</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex8-1_jayudglobal.htm">List of Significant Subsidiaries of the Registrant</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1938186/000119312523042094/d735110dex991.htm">Code of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the Form F-1 filed on February 17, 2023 (File No. 333-269871))</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex12-1_jayudglobal.htm">Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex12-2_jayudglobal.htm">Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1**</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex13-1_jayudglobal.htm">Certification by Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2**</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex13-2_jayudglobal.htm">Certification by Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex15-1_jayudglobal.htm">Consent of Harney Westwood &amp; Riegels</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex15-2_jayudglobal.htm">Consent of PacGate Law Group</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>16.1*</td>
    <td>&#160;</td>
    <td><a href="f20f2022ex16-1_jayudglobal.htm">Letter from Friedman LLP to the U.S. Securities and Exchange Commission dated May 15, 2023</a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Instance Document</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Schema Document</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Calculation Linkbase
    Document</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Definition Linkbase
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  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE*</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy Extension Presentation Linkbase
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  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (formatted as inline
    XBRL and contained in Exhibit 101)</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="width: 25%">&#160;</div><div>

</div><div style="width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><div>

</div><div style="width: 25%"></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">*</span></td>
    <td><span style="font-size: 10pt">Filed herewith</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">**</span></td>
    <td><span style="font-size: 10pt">Furnished herewith</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_034"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The registrant hereby certifies that it meets
all of the requirements for filing its annual report on Form 20-F and that it has duly caused and authorized the undersigned to sign
this annual report on its behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td colspan="2" style="text-align: left"><span style="font-size: 10pt"><b>Jayud Global Logistics Limited</b></span></td>
    <td>&#160;</td></tr>
  <tr>
    <td style="width: 6%; text-align: left">&#160;</td>
    <td style="width: 34%; text-align: left">&#160;</td>
    <td style="text-align: left; width: 60%">&#160;</td></tr>
  <tr>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">/s/ Xiaogang Geng</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr>
    <td style="text-align: left"><span style="font-size: 10pt">Name:</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">Xiaogang Geng</span></td>
    <td style="text-align: left">&#160;</td></tr>
  <tr>
    <td style="text-align: left"><span style="font-size: 10pt">Title:</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">Chief Executive Officer</span></td>
    <td style="text-align: left">&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: May&#160;15, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 113; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_035"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"><td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif"><b>Page</b></span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"><a href="#b_014">Report of Independent Registered Public Accounting Firm (PCAOB ID 5395)</a></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; 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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 114; Options: NewSection; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><div><a id="b_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_004.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">To the Board of Directors and Shareholders of</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Jayud Global Logistics Limited</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Opinion on the Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have audited the accompanying consolidated
balance sheet of Jayud Global Logistics Limited and its Subsidiaries (collectively, the &#8220;Company&#8221;) as of December 31, 2022,
the related consolidated statements of income and comprehensive income, changes in shareholders&#8217; equity, and cash flows for the
year ended December 31, 2022, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
as of December 31, 2022, and the results of its operations and its cash flows for the year ended December 31, 2022, in conformity with
accounting principles generally accepted in the United States of America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">These consolidated financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s consolidated financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(&#8220;PCAOB&#8221;) 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. 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 audit, 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our audit included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides
a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><img alt="" src="image_006.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" name="dei:AuditorName">Marcum Asia CPAs LLP</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&#8217;s auditor since 2022 (such date
takes into account the acquisition of certain assets of Friedman LLP by Marcum Asia CPAs LLP effective September 1, 2022).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 15, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NEW YORK OFFICE &#9679; 7 Penn Plaza &#9679; Suite
830 &#9679; New York, New York &#9679; 10001</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Phone 646.442.4845 &#9679; Fax 646.349.5200 &#9679;
www.marcumasia.com</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><div><a id="b_013"></a></div><p style="margin: 0pt"><img alt="" src="image_003.jpg"/></p><div>

</div><p style="margin: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: center; text-indent: -0.9pt">REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: center; text-indent: -0.9pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">To the Board of Directors and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Shareholders of Jayud Global Logistics Limited</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Opinion on the Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have audited the accompanying consolidated balance
sheets of Jayud Global Logistics Limited and subsidiaries (collectively, the &#8220;Company&#8221;) as of December 31, 2020 and 2021,
and the related consolidated statements of income and comprehensive income, changes in shareholders&#8217; equity, and cash flows for
each of the years in the two-year period ended December 31, 2021, and the related notes (collectively referred to as the 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, 2020 and 2021, and the results of its operations and its cash flows for each of the years in the two-year period ended
December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">These financial statements are the responsibility
of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal
control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal
control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our audits included performing procedures to assess
the risks of material misstatement of the 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 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 financial statements. We believe that our audits provide a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><img alt="" src="image_005.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We served as the Company&#8217;s auditor during 2022.
New York, New York</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">September 21, 2022</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED BALANCE SHEETS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in">Restricted cash</td><td style="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)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#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; ">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">LIABILITIES AND SHAREHOLDERS&#8217;
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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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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"><div style="-sec-ix-hidden: hidden-fact-7">-</div></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"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLoansPayableCurrent" scale="0" unitRef="cny">1,612,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-8">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-9">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-10">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="text-align: left">&#160;</td></tr>
  <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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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></tr>
  <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="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="cny">2,539,151</ix:nonFraction></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; ">
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#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"><div style="-sec-ix-hidden: hidden-fact-14">&#160;</div></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">&#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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  <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; text-indent: -0.125in; padding-left: 0.125in">Total Jayud Global Logistics Limited
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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; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Total shareholders&#8217;
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in">TOTAL LIABILITIES
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: left"><ix:footnote id="ix_0_footnote" xml:lang="en-US">Ordinary shares, additional paid-in capital and share data have been retroactively restated to give&#160;effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)).</ix:footnote></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 117; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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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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  <tr style="vertical-align: bottom; ">
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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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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>
    <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; ">
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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">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="cny">1,634,929</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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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"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" unitRef="cny">3,047,128</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" unitRef="cny">10,223,668</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" unitRef="cny">1,377,897</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" unitRef="usd">197,843</ix:nonFraction></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 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="cny">15,309</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="cny">81,640</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="cny">2,510,826</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="usd">360,513</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in">Net income attributable to the Jayud Global Logistics Limited&#8217;s ordinary shareholders</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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">&#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: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: left">Ordinary shares, additional paid-in capital and share data have
been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)).</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217;
EQUITY </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 2in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 7pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 7pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></td><td style="font: bold 7pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: left"><ix:footnote id="ix_1_footnote" xml:lang="en-US">Ordinary shares, additional paid-in capital and share data have
been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)).</ix:footnote></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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</div><div><a id="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Contract assets</td><td>&#160;</td>
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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">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidExpense" scale="0" unitRef="cny">2,567,994</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Prepaid expenses - related parties</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Refundable deposits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-145">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-146">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDepositOtherAssets" scale="0" unitRef="cny">3,002,260</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDepositOtherAssets" scale="0" unitRef="usd">431,074</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" unitRef="cny">628,951</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts payable - related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="jyd:AccountsPayableRelatedParty" scale="0" unitRef="cny">6,172,032</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="jyd:AccountsPayableRelatedParty" scale="0" unitRef="cny">39,435,858</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="jyd:AccountsPayableRelatedParty" scale="0" sign="-" unitRef="cny">53,553,469</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="jyd:AccountsPayableRelatedParty" scale="0" sign="-" unitRef="usd">7,689,382</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Contract liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" scale="0" unitRef="cny">1,833,468</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" scale="0" unitRef="cny">5,943,100</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" scale="0" unitRef="cny">170,846</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" scale="0" unitRef="usd">24,531</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued expenses and other current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" unitRef="cny">744,214</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" unitRef="cny">2,884,200</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" sign="-" unitRef="cny">3,021,321</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" sign="-" unitRef="usd">433,811</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Others payable - shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="jyd:IncreaseDecreaseOthersPayable" scale="0" sign="-" unitRef="cny">213,302</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="jyd:IncreaseDecreaseOthersPayable" scale="0" sign="-" unitRef="cny">659,832</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="jyd:IncreaseDecreaseOthersPayable" scale="0" sign="-" unitRef="cny">71,266</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="jyd:IncreaseDecreaseOthersPayable" scale="0" sign="-" unitRef="usd">10,233</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Tax payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" unitRef="cny">1,616,662</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" sign="-" unitRef="cny">792,044</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" sign="-" unitRef="cny">215,481</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" sign="-" unitRef="usd">30,940</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="cny">3,235,059</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="cny">3,532,276</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="cny">10,755,243</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd">1,544,273</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#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>
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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></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Prepayment for acquisition</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Proceeds from disposal of property and equipment</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"><div style="-sec-ix-hidden: hidden-fact-152">-</div></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"><b>&#160;</b></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><b>(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">822,556</ix:nonFraction></b></td><td style="padding-bottom: 1.5pt; text-align: left"><b>)</b></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Cash flows from financing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceeds from short-term borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromShortTermDebt" scale="0" unitRef="cny">10,710,000</ix:nonFraction></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)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceeds from a long-term borrowing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-153">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfLongTermDebt" scale="0" unitRef="cny">5,000,000</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfLongTermDebt" scale="0" unitRef="usd">717,916</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Repayments of short-term borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfShortTermDebt" scale="0" unitRef="cny">10,000,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfShortTermDebt" scale="0" unitRef="cny">14,810,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfShortTermDebt" scale="0" unitRef="cny">14,100,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Repayment of a long-term borrowing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-154">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfLongTermDebt" scale="0" unitRef="cny">550,000</ix:nonFraction></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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfLongTermDebt" scale="0" unitRef="usd">638,946</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceeds from loans provided by shareholders</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromOtherDebt" scale="0" unitRef="cny">6,245,000</ix:nonFraction></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"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="0" unitRef="cny">1,385,675</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="0" unitRef="usd">71,792</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Capital injection by a non-controlling interest</td><td>&#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)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><b>Net cash
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Effect of exchange rate changes</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#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">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><b>Cash at beginning
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  <tr style="vertical-align: bottom; ">
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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"><div style="-sec-ix-hidden: hidden-fact-167">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 120; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="f_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>1.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>ORGANIZATION AND PRINCIPAL
ACTIVITIES</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(a)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Organization</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Jayud Global Logistics Limited (&#8220;Jayud&#8221;
or the &#8220;Company&#8221;) was incorporated in the Cayman Islands on June 10, 2022 under the Cayman Islands Companies Act. The Company
through its consolidated subsidiaries (collectively, the &#8220;Group&#8221;) is principally engaged in the freight forwarding and trading
based in the People&#8217;s Republic of China (&#8220;PRC&#8221; or &#8220;China&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As of December 31, 2022, the details
of the Company&#8217;s subsidiaries are as follows. All subsidiaries of the Group are all owned by the Company through equity investment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_5" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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(&#8220;JYD HK&#8221;)</td>
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    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen Jayud Logistics Technology Co., Ltd <br/>
(&#8220;JYD WLKJ&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c79" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD HK</ix:nonNumeric></td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c79" name="jyd:PrincipalActivities">Freight forwarding</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen Jia Yu Da International Logistics Co., Ltd.&#160;&#160;<br/>
(&#8220;JYD SZGJHY&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c80" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD WLKJ</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c80" name="jyd:DateOfIncorporation1">June 19, 2011</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c80" name="jyd:PlaceOfIncorporation">PRC</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c80" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c80" name="jyd:PrincipalActivities">Freight forwarding</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen Jia Yu Da Trading Co., Ltd. <br/>
(&#8220;JYD SM&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c81" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD WLKJ</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c81" name="jyd:DateOfIncorporation1">September 18, 2009</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c81" name="jyd:PlaceOfIncorporation">PRC</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c81" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c81" name="jyd:PrincipalActivities">International trading</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Xuchang Jayud Supply Chain Management Co., Ltd <br/>
(&#8220;JYD XC&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c82" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD WLKJ</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c82" name="jyd:DateOfIncorporation1">May 6, 2021</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c82" name="jyd:PlaceOfIncorporation">PRC</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c82" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c82" name="jyd:PrincipalActivities">Freight forwarding</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen Jiayuda Customs Declaration Co., Ltd. <br/>
(&#8220;JYD BG&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c83" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD WLKJ</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c83" name="jyd:DateOfIncorporation1">September 14, 2015</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c83" name="jyd:PlaceOfIncorporation">PRC</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c83" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c83" name="jyd:PrincipalActivities">Customs brokerage</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen XIN YU Xiang Import &amp; Export Co., Ltd. <br/>
(&#8220;JYD XYX&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c84" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD WLKJ</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c84" name="jyd:DateOfIncorporation1">October 26, 2011</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c84" name="jyd:PlaceOfIncorporation">PRC</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c84" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c84" name="jyd:PrincipalActivities">Agent service</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen Jiayuda Global Supply Chain Co., Ltd. <br/>
(&#8220;JYD HQ&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c85" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD WLKJ</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c85" name="jyd:DateOfIncorporation1">April 23, 2014</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c85" name="jyd:PlaceOfIncorporation">PRC</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c85" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c85" name="jyd:PrincipalActivities">Freight forwarding</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen Jiayuda E-Commerce Technology Co., Ltd <br/>
(&#8220;JYD DS&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c86" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD WLKJ</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c86" name="jyd:DateOfIncorporation1">April 1, 2014</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c86" name="jyd:PlaceOfIncorporation">PRC</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c86" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c86" name="jyd:PrincipalActivities">Freight forwarding</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Nanjing Jiayuda Logistics Co., Ltd. <br/>
(&#8220;JYD NJWL&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c87" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD WLKJ</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c87" name="jyd:DateOfIncorporation1">February 12, 2018</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c87" name="jyd:PlaceOfIncorporation">PRC</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c87" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c87" name="jyd:PrincipalActivities">Freight forwarding</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shaanxi Jia Yuda Supply Chain Management Co., Ltd. <br/>
(&#8220;JYD SXGYL&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c88" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD WLKJ</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c88" name="jyd:DateOfIncorporation1">March 27, 2018</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c88" name="jyd:PlaceOfIncorporation">PRC</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c88" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c88" name="jyd:PrincipalActivities">Freight forwarding</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cargo Link Company Limited <br/>
(&#8220;JYD SHWL&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c89" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD WLKJ</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c89" name="jyd:DateOfIncorporation1">November 10, 2021</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c89" name="jyd:PlaceOfIncorporation">PRC</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c89" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">51</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c89" name="jyd:PrincipalActivities">Freight forwarding</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Sky Pacific Logistics HK Company Limited <br/>
(&#8220;TPYHK&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c90" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD HQ</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c90" name="jyd:DateOfIncorporation1">March 2, 2016</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c90" name="jyd:PlaceOfIncorporation">Hong Kong</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c90" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">67</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c90" name="jyd:PrincipalActivities">Agent service</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Hongkong Jayud International Logistics Company Limited <br/>
(&#8220;JYD HKGJHY&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c91" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD HK</ix:nonNumeric></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c91" name="jyd:PlaceOfIncorporation">Hong Kong</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c91" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c91" name="jyd:PrincipalActivities">Agent service</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Shenzhen Jayud Yuncang Technology Co., Ltd. <br/>
(&#8220;JYD YCKJ&#8221;)</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c92" name="jyd:EquityMethodInvestmentDescriptionOfPrincipalActivity">JYD WLKJ</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c92" name="jyd:DateOfIncorporation1">July 25, 2022</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c92" name="jyd:PlaceOfIncorporation">PRC</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: top; text-align: right"><ix:nonFraction contextRef="c92" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">52</ix:nonFraction></td>
    <td style="vertical-align: top; text-align: left">%</td>
    <td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_6" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(b)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Reorganization</i></b></span></td>
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</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_7" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">In anticipation of an initial public
offering (&#8220;IPO&#8221;) of its equity securities, the Company incorporated Jayud Global Logistic (Hong Kong) Limited (&#8220;JYD
HK&#8221;) under the laws of Hong Kong, PRC, as its direct wholly-owned subsidiary, on June 24, 2022. In September 2022, JYD HK directly
invested in JYD WLKJ as its direct wholly-owned subsidiary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>1.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>ORGANIZATION AND PRINCIPAL
ACTIVITIES </b>(Cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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and its subsidiaries were effectively controlled by the same shareholders immediately before and after the reorganization completed in
September 2022, as described above, the reorganization was accounted for as a recapitalization. As a result, the Group&#8217;s consolidated
financial statements have been prepared as if the current corporate structure has been in existence throughout the periods presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_9" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Company and its subsidiaries
resulting from the reorganization have always been under the common control of the same controlling shareholders before and after the
reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis
as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated
financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from
the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_10" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(c)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Changes of non-controlling
interests</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: left">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_11" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">In October 2021, JYD WLKJ set
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</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_12" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">In November 2021, the Company
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</div><div>

</div><ix:continuation id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">In July 2022, JYD WLKJ set up
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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POLICIES</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_2" id="_SignificantAccountingPoliciesTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(a)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Basis of presentation</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_3" id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The accompanying consolidated financial
statements are prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_4" id="_SignificantAccountingPoliciesTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="_ConsolidationPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(b)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Principles of consolidation</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_5" id="_SignificantAccountingPoliciesTextBlock-c0_cont_4"><ix:continuation id="_ConsolidationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The consolidated financial statements
include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among the Company and
its subsidiaries have been eliminated upon consolidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 122; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b> (Cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_6" id="_SignificantAccountingPoliciesTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" continuedAt="_UseOfEstimates-c0_cont_1" escape="true" name="us-gaap:UseOfEstimates"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(c)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Use of estimates and assumptions</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_7" id="_SignificantAccountingPoliciesTextBlock-c0_cont_6"><ix:continuation id="_UseOfEstimates-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The preparation of the consolidated financial
statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates include,
but not limited to revenue recognition, allowance for doubtful accounts, useful lives and impairment of long-lived assets, discount rate
used in operating lease right-of-use assets,&#160;deferred income taxes, uncertain tax position and valuation allowance for deferred
tax assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and
as such, differences may be material to the consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_8" id="_SignificantAccountingPoliciesTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(d)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Foreign currencies and foreign
currency translation</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_9" id="_SignificantAccountingPoliciesTextBlock-c0_cont_8"><ix:continuation continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_2" id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The functional and reporting currency
of the Group is Renminbi (&#8220;RMB&#8221;). The Company&#8217;s operating subsidiaries in China and Hong Kong use their respective
currencies RMB and Hong Kong Dollar (&#8220;HKD&#8221;) as their functional currencies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_10" id="_SignificantAccountingPoliciesTextBlock-c0_cont_9"><ix:continuation continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_3" id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The financial statements of Hong
Kong entities are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities and average exchange
rate for the years for income and expense items. Assets and liabilities denominated in foreign currencies at the balance sheet date are
translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency other than RMB
is translated at the historical rate of exchange at the time of capital contribution.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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31, 2020, 2021 and 2022, respectively and are shown as a separate component of shareholders&#8217; equity on the consolidated financial
statement. The following table outlines the currency exchange rates that were used in preparing the consolidated financial statements,
representing the index rates stipulated by the Bank of China:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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    <td style="border-bottom: Black 1.5pt solid; width: 17%; font-weight: bold; text-align: center">December 31,<br/>
2021</td><td style="padding-bottom: 1.5pt; width: 1%; font-weight: bold">&#160;</td>
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2022</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Year-end spot rate</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_13" id="_SignificantAccountingPoliciesTextBlock-c0_cont_12"><ix:continuation id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Foreign currency transactions denominated
in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. Net gains and losses resulting from foreign exchange transactions are
included in exchange gains or losses on the consolidated statements of income and comprehensive income. The Group incurred and recognized
foreign currency exchange loss of RMB<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="jyd:ForeignCurrencyExchangeLoss" scale="0" unitRef="cny">912,988</ix:nonFraction> for the years ended December 31, 2020 and foreign currency exchange gain of RMB<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="jyd:ForeignCurrencyExchangeGain" scale="0" unitRef="cny">489,268</ix:nonFraction> and
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 123; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </b>(Cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_14" id="_SignificantAccountingPoliciesTextBlock-c0_cont_13"><ix:nonNumeric contextRef="c0" continuedAt="jyd_ConvenienceTranslationsPolicyTextBlock-c0_cont_1" escape="true" name="jyd:ConvenienceTranslationsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(e)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Convenience translation</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_15" id="_SignificantAccountingPoliciesTextBlock-c0_cont_14"><ix:continuation id="jyd_ConvenienceTranslationsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The United States dollar (&#8220;US$&#8221;)
amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts
from RMB into US$ for the convenience of the reader were calculated at the rate of US$<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="jyd:RateOfConvenienceTranslation" scale="0" unitRef="usdPershares">1.00</ix:nonFraction>=RMB<ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="jyd:RateOfConvenienceTranslation" scale="0" unitRef="cnyPershares">6.9646</ix:nonFraction> on December 31, 2022, representing
the middle rate as set forth in the statistical release of the Bank of China as of December 31, 2022. No representation is made that
the RMB amounts could have been, or could be, converted into US$ at such rate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_16" id="_SignificantAccountingPoliciesTextBlock-c0_cont_15"><ix:nonNumeric contextRef="c0" continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(f)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Segment information</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_17" id="_SignificantAccountingPoliciesTextBlock-c0_cont_16"><ix:continuation continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_2" id="_SegmentReportingPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">An operating segment is a component
of the Group that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of
the internal financial reports that are provided to and regularly reviewed by the Group&#8217;s chief operating decision maker in order
to allocate resources and assess performance of the segment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_18" id="_SignificantAccountingPoliciesTextBlock-c0_cont_17"><ix:continuation continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_3" id="_SegmentReportingPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">In accordance with ASC (&#8220;Accounting
Standard Codification&#8221;) 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate
financial information is available that is evaluated regularly by the chief operating decision maker (&#8220;CODM&#8221;), or decision-making
group, in deciding how to allocate resources and in assessing performance. The Group uses the &#8220;management approach&#8221; in determining
reportable operating segments. The management approach considers the internal organization and reporting used by the Group&#8217;s chief
operating decision maker for making operating decisions and assessing performance as the source for determining the Group&#8217;s reportable
segments. The Group&#8217;s CODM has been identified as the chief executive officer (the &#8220;CEO&#8221;), who reviews consolidated
results when making decisions about allocating resources and assessing performance of the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_19" id="_SignificantAccountingPoliciesTextBlock-c0_cont_18"><ix:continuation id="_SegmentReportingPolicyPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group has determined that there
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business process and allocation of the resources and assessment of the performance are not separately evaluated by the Group&#8217;s
CODM.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_20" id="_SignificantAccountingPoliciesTextBlock-c0_cont_19"><ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(g)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Cash and Restricted Cash
</i></b></span></td>
</tr></table><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

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cash in bank. The Group maintains cash with various financial institutions primarily in China. As of December 31, 2021 and 2022, balances
of cash were RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="cny">40,266,725</ix:nonFraction> and RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="cny">27,939,170</ix:nonFraction> (US$<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="usd">4,011,597</ix:nonFraction>), respectively. The Group has not experienced any losses in bank accounts
and believes it is not exposed to any risks on its cash in bank accounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"></p><div>

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Bank Guarantee for an international express company. Under the Demand Bank Guarantee, the Company need to deposit RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositAssets" scale="0" unitRef="cny">500,000</ix:nonFraction> into the
bank account in the Bank of China and the cash deposited is restricted for use to make the payments to the international express company
under the two-year Air Freight Agency Agreement between the Company and the express company. The term of the Demand Bank Guarantee is
from March 2022 to January 2024. Therefore, the restricted cash is treated as non-current assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 124; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </b>(Cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_23" id="_SignificantAccountingPoliciesTextBlock-c0_cont_22"><ix:nonNumeric contextRef="c0" continuedAt="_TradeAndOtherAccountsReceivablePolicy-c0_cont_1" escape="true" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(h)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Accounts receivable, net</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_24" id="_SignificantAccountingPoliciesTextBlock-c0_cont_23"><ix:continuation continuedAt="_TradeAndOtherAccountsReceivablePolicy-c0_cont_2" id="_TradeAndOtherAccountsReceivablePolicy-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Accounts receivable, net, include
amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. The credit terms
are generally between 30 to 60 days.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_25" id="_SignificantAccountingPoliciesTextBlock-c0_cont_24"><ix:continuation continuedAt="_TradeAndOtherAccountsReceivablePolicy-c0_cont_3" id="_TradeAndOtherAccountsReceivablePolicy-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Provision for doubtful accounts is
recognized when reasonable and supportable forecasts affect the expected collectability. The Group reviews the accounts receivable on
a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. The Group
considers many factors in assessing the collectability such as the age of the amounts due, consideration of historical loss experience,
adjusted for current conditions, forward-looking indicators, trends in customer payment frequency, and judgments about the probable effects
of relevant observable data, including present and future economic conditions and the financial health of specific customers and market
sectors. The Group established standards and policies for reviewing major account exposures and concentrations of risk.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_26" id="_SignificantAccountingPoliciesTextBlock-c0_cont_25"><ix:continuation id="_TradeAndOtherAccountsReceivablePolicy-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The allowance for doubtful accounts
as of December 31, 2021 and 2022 was RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" scale="0" unitRef="cny">682,905</ix:nonFraction> and RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" scale="0" unitRef="cny">1,185,328</ix:nonFraction> (US$<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllowanceForDoubtfulAccountsReceivable" scale="0" unitRef="usd">170,193</ix:nonFraction>), respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_27" id="_SignificantAccountingPoliciesTextBlock-c0_cont_26"><ix:nonNumeric contextRef="c0" continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(i)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Property and equipment,
net</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_28" id="_SignificantAccountingPoliciesTextBlock-c0_cont_27"><ix:continuation continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_2" id="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Property and equipment is stated
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with an estimated residual value of the assets as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_29" id="_SignificantAccountingPoliciesTextBlock-c0_cont_28"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:PropertyPlantAndEquipmentAndIntangibleAssetsTextBlock"><ix:continuation continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_3" id="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; ">
    <td style="white-space: nowrap; border-bottom: Black 1.5pt solid; width: 88%; font-weight: bold; text-align: left">Category.</td><td style="white-space: nowrap; width: 1%; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="white-space: nowrap; border-bottom: Black 1.5pt solid; width: 11%; font-weight: bold; text-align: center">Estimated<br/>
useful<br/>
lives</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Motor vehicles</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c125" format="ixt-sec:duryear" name="us-gaap:PublicUtilitiesPropertyPlantAndEquipmentVehiclesUsefulLife">4</ix:nonNumeric> - <ix:nonNumeric contextRef="c126" format="ixt-sec:duryear" name="us-gaap:PublicUtilitiesPropertyPlantAndEquipmentVehiclesUsefulLife">5</ix:nonNumeric> years</td></tr>
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    <td style="text-align: left">Electronic equipment</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c127" format="ixt-sec:duryear" name="us-gaap:PublicUtilitiesPropertyPlantAndEquipmentVehiclesUsefulLife">1</ix:nonNumeric> - <ix:nonNumeric contextRef="c128" format="ixt-sec:duryear" name="us-gaap:PublicUtilitiesPropertyPlantAndEquipmentVehiclesUsefulLife">5</ix:nonNumeric> years</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Machinery</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c129" format="ixt-sec:duryear" name="us-gaap:PublicUtilitiesPropertyPlantAndEquipmentVehiclesUsefulLife">5</ix:nonNumeric> years</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Other equipment</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c130" format="ixt-sec:duryear" name="us-gaap:PublicUtilitiesPropertyPlantAndEquipmentVehiclesUsefulLife">5</ix:nonNumeric> years</td></tr>
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</div><div>

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charged to expenses as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment
are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated
depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of income and other comprehensive
income in other income or expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 125; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </b>(Cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_32" id="_SignificantAccountingPoliciesTextBlock-c0_cont_31"><ix:continuation continuedAt="_IntangibleAssetsFiniteLivedPolicy-c0_cont_2" id="_IntangibleAssetsFiniteLivedPolicy-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Intangible asset is carried at cost
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_33" id="_SignificantAccountingPoliciesTextBlock-c0_cont_32"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock"><ix:continuation id="_IntangibleAssetsFiniteLivedPolicy-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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useful<br/>
lives</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_34" id="_SignificantAccountingPoliciesTextBlock-c0_cont_33"><ix:nonNumeric contextRef="c0" continuedAt="jyd_RefundableDepositsPolicyTextBlock-c0_cont_1" escape="true" name="jyd:RefundableDepositsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_35" id="_SignificantAccountingPoliciesTextBlock-c0_cont_34"><ix:continuation id="jyd_RefundableDepositsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Refundable deposits represents the
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the term over one year, these deposits are classified as long term assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_36" id="_SignificantAccountingPoliciesTextBlock-c0_cont_35"><ix:nonNumeric contextRef="c0" continuedAt="jyd_PrepaymentForAcquisitionPolicyTextBlock-c0_cont_1" escape="true" name="jyd:PrepaymentForAcquisitionPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(l)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Prepayment for acquisition</i></b></span></td>
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_37" id="_SignificantAccountingPoliciesTextBlock-c0_cont_36"><ix:continuation id="jyd_PrepaymentForAcquisitionPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The prepayment for acquisition is
the payment made to acquire a business. These amounts are refundable if the acquisition is not successfully completed. Management reviews
its prepayments on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. As of December
31, 2022, no allowance was deemed necessary. The Company expects to finish its acquisition by the middle of 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_38" id="_SignificantAccountingPoliciesTextBlock-c0_cont_37"><ix:nonNumeric contextRef="c0" continuedAt="jyd_RelatedPartyPolicyTextBlock-c0_cont_1" escape="true" name="jyd:RelatedPartyPolicyTextBlock"><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in; font-size: 10pt"><span style="font-size: 10pt"><b><i>(m) </i></b></span></td> <td style="font-size: 10pt"><span style="font-size: 10pt"><b><i>Related parties</i></b></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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c) management, which are persons having responsibility for achieving objectives of the entity and requisite authority to make decision;
d) immediate family of management or principal owners; e) a parent company and its subsidiaries; and f) other parties that have ability
to significant influence the management or operating policies of the entity. The Company discloses all significant related party transactions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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assets</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_41" id="_SignificantAccountingPoliciesTextBlock-c0_cont_40"><ix:continuation id="_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group reviews its long-lived
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When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted
future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted
cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss, which is the excess of carrying
amount over the fair value of the assets, using the expected future discounted cash flows. No impairments of long-lived assets were recognized
as of December 31, 2021 and 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 126; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </b>(Cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_42" id="_SignificantAccountingPoliciesTextBlock-c0_cont_41"><ix:nonNumeric contextRef="c0" continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(o)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Fair value measurement</i></b></span></td>
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_43" id="_SignificantAccountingPoliciesTextBlock-c0_cont_42"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_2" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group applies ASC 820, <i>Fair
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measuring fair value and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided on fair value
measurement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_44" id="_SignificantAccountingPoliciesTextBlock-c0_cont_43"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">ASC 820 establishes a three-tier
fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_45" id="_SignificantAccountingPoliciesTextBlock-c0_cont_44"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Level 1 &#8212; Observable inputs
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_46" id="_SignificantAccountingPoliciesTextBlock-c0_cont_45"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_5" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Level 2 &#8212; Include other
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_47" id="_SignificantAccountingPoliciesTextBlock-c0_cont_46"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_6" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-size: 10pt">Level 3 &#8212; Unobservable inputs
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_48" id="_SignificantAccountingPoliciesTextBlock-c0_cont_47"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_7" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">ASC 820 describes three main approaches
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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 cash flow amounts to a single present value amount. The&#160;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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_49" id="_SignificantAccountingPoliciesTextBlock-c0_cont_48"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_8" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Financial assets and liabilities
of the Group primarily consisted of cash, accounts receivable, amounts due from related parties, other receivables included in prepaid
expenses and other current assets, short-term borrowings, accounts payable, amounts due to related parties, other payables included in
accrued expenses and other current liabilities. As of December 31, 2021 and 2022, the carrying amounts of financial instruments approximated
to their fair values due to the short-term maturity of these instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_50" id="_SignificantAccountingPoliciesTextBlock-c0_cont_49"><ix:continuation id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group&#8217;s non-financial assets,
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 127; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b> (Cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

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<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(p)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Revenue recognition</i></b></span></td>
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</div><div>

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</div><div>

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</div><div>

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</div><div>

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December 31,<br/>
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December 31,<br/>
2021</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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December 31,<br/>
<span style="font-size: 10pt">2022</span></b>&#160;</p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b> (Cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(p)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Revenue recognition</i></b>
(cont.)</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_58" id="_SignificantAccountingPoliciesTextBlock-c0_cont_57"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_8" id="_RevenueRecognitionPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group primarily engages in freight
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services and so on. For freight services, the Group fulfils its performance obligation by transporting freights from the origin to the
destination, both are specified by customers, via air freight, ocean freight, and land freight. The Group considers that there is only
one performance obligation as the customer cannot benefit from the facilitating services on its own but be bundled with the freight services
since the customer&#8217;s purpose for entering into this contract is to transport goods from the origin to the destination. The transaction
price is fixed when the contract was signed by both parties. This type of revenue is recognized over time based on the extent of progress
towards completion of the performance obligation. The Group adopts the output method, which is based on the transit time period, to measure
progress.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_59" id="_SignificantAccountingPoliciesTextBlock-c0_cont_58"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_9" id="_RevenueRecognitionPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">For warehousing services, such as <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">labeling,
packaging, loading and unloading service, the customer can benefit from each service provided and the promise to transfer the
service is separately identifiable. Each service represents a standalone performance obligation. The Group is entitled to receive
the service fees after it provides services to its customers. For storage services, the Company normally charges monthly or daily.
Therefore, the revenue from storage services is divided into two categories by timing of revenue recognition: 1. point in time for
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_60" id="_SignificantAccountingPoliciesTextBlock-c0_cont_59"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_10" id="_RevenueRecognitionPolicyTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group considers itself the principal
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process and taking the risk of loss for delivery. Therefore, such revenues are reported on a gross basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_61" id="_SignificantAccountingPoliciesTextBlock-c0_cont_60"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_11" id="_RevenueRecognitionPolicyTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">For certain contracts, the Group
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signed the contracts with customers and were in control of establishing the transaction price, and were responsible for fulfilling the
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_62" id="_SignificantAccountingPoliciesTextBlock-c0_cont_61"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_12" id="_RevenueRecognitionPolicyTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The payment term is within 60 days
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_63" id="_SignificantAccountingPoliciesTextBlock-c0_cont_62"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_13" id="_RevenueRecognitionPolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Type B: Supply chain management</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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products through both export and import, by exploiting its advantages in global supply chain services and networks. The Group fulfils
its performance obligation by transferring products to the designated location. In accordance with the Company&#8217;s customary business
practices, the delivery term is &#8220;Free on board&#8221; (&#8220;FOB&#8221;). Therefore, once the products are loaded on the board,
the control of products has transferred. The transaction price is fixed when the contract was signed by both parties. This type of revenue
is recognized based on the product value specified in the contract at a point in time when the control of products has transferred. The
Group considers itself the principal because it is in control of establishing the transaction price and bearing inventory risk. Therefore,
such revenues are reported on a gross basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 129; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b> (Cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(p)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Revenue recognition </i></b>(cont.)</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Type B: Supply chain management
</b>(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

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the Group also provides agent services relates to export/import procedures, for example, application for duty-refund, customs brokerage
services and so on. The Group fulfils its performance obligation by arranging export/import business for the customer, including but
not limited to signing contracts with end customers on behalf of the customer and preparing customs brokerage and duty refund. This type
of revenue is recognized over time based on the extent of progress towards completion of the agent services. The Group considers itself
the agent because the Group is not primarily responsible for fulfilling the promise to provide the specified goods, neither bears the
inventory risks. Therefore, such revenues are reported on a net basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_66" id="_SignificantAccountingPoliciesTextBlock-c0_cont_65"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_16" id="_RevenueRecognitionPolicyTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The payment term is within 60 days
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_67" id="_SignificantAccountingPoliciesTextBlock-c0_cont_66"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_17" id="_RevenueRecognitionPolicyTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Type C: Other value-added services</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_68" id="_SignificantAccountingPoliciesTextBlock-c0_cont_67"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_18" id="_RevenueRecognitionPolicyTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group also provides customs brokerage
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_69" id="_SignificantAccountingPoliciesTextBlock-c0_cont_68"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_19" id="_RevenueRecognitionPolicyTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Customs brokerage services under
Type C represents independent revenue stream, different from being one of the facilitating services of the freight forwarding business
under Type A, or the facilitating services of the agent services under Type B under which those services are bundled as one performance
obligation. The Group fulfils its performance obligation by providing customs brokerage services only. The transaction price is fixed
when the contract was signed by both parties. This type of revenue is recognized over service period, usually within one day.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_70" id="_SignificantAccountingPoliciesTextBlock-c0_cont_69"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_20" id="_RevenueRecognitionPolicyTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group also generates revenues
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development services and the maintenance services. The transaction price is allocated based on the stand-alone selling price for each
type of service. The Group recognizes software development services revenue over time in proportionate to the relative labor hours over
the total budgeted hours of the project. The Group also promises to provide one-year maintenance service after the above mentioned software
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_71" id="_SignificantAccountingPoliciesTextBlock-c0_cont_70"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_21" id="_RevenueRecognitionPolicyTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Contract assets and liabilities</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_72" id="_SignificantAccountingPoliciesTextBlock-c0_cont_71"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_22" id="_RevenueRecognitionPolicyTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">In-transit freight with performance
obligations recognized over time that have revenue recognized to date in excess of cumulative billings are reported on consolidated balance
sheets as &#8220;Contract assets&#8221;. Contract assets are reviewed for impairment when events or changes in circumstances indicate
that the carrying value may not be recoverable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_73" id="_SignificantAccountingPoliciesTextBlock-c0_cont_72"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_23" id="_RevenueRecognitionPolicyTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Contract liabilities represents the
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of the Group mainly consist of advance product payments from customers of international trading. The Group expects to recognize this
balance as revenue over the next 12 months.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 130; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b> (Cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(p)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Revenue recognition </i></b><i>(cont.)</i></span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Contract assets and liabilities </b>(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_76" id="_SignificantAccountingPoliciesTextBlock-c0_cont_75"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_26" id="_RevenueRecognitionPolicyTextBlock-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Contract assets were RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositContractsAssets" scale="0" unitRef="cny">3,203,033</ix:nonFraction>
and RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositContractsAssets" scale="0" unitRef="cny">4,460,046</ix:nonFraction> (US$<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositContractsAssets" scale="0" unitRef="usd">640,388</ix:nonFraction>) as of December 31, 2021 and 2022, respectively. Contract liabilities related to advance payments from customers
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_77" id="_SignificantAccountingPoliciesTextBlock-c0_cont_76"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_27" id="_RevenueRecognitionPolicyTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b><i>Contract costs</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_78" id="_SignificantAccountingPoliciesTextBlock-c0_cont_77"><ix:continuation id="_RevenueRecognitionPolicyTextBlock-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Contract costs consists of incremental
costs of obtaining a contract with customers, for example, sales commissions. The Group elects to use the practical expedient, allowing
to recognize the incremental costs of obtaining a contract as a cost or an expense when incurred if the amortization period, usually
the contractual period, would have been one year or less.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_79" id="_SignificantAccountingPoliciesTextBlock-c0_cont_78"><ix:nonNumeric contextRef="c0" continuedAt="_CostOfSalesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CostOfSalesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(q)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Cost of revenues</i></b></span></td>
</tr></table><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_80" id="_SignificantAccountingPoliciesTextBlock-c0_cont_79"><ix:continuation id="_CostOfSalesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Cost of revenues consist primarily
of (i) cost of freight charges, (ii) cost of purchase for international trading, (iii) labor costs, (iv) cost of customs brokerage, (v)
cost of packaging, (vi) cost of indemnity paid to carriers and (vii) cost of wareshouse lease. Cost of freight charges consists of (i)
airfreight/ocean freight/land freight charges, (ii) delivery fees, and (iii) other service fees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_81" id="_SignificantAccountingPoliciesTextBlock-c0_cont_80"><ix:nonNumeric contextRef="c0" continuedAt="jyd_SellingExpensesPolicyTextBlock-c0_cont_1" escape="true" name="jyd:SellingExpensesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(r)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Selling expenses</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_82" id="_SignificantAccountingPoliciesTextBlock-c0_cont_81"><ix:continuation id="jyd_SellingExpensesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Selling expenses mainly consist of
(i) employee payroll and commission, (ii) advertising and marketing expenses, and (iii) rental and depreciation related to selling and
marketing functions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_83" id="_SignificantAccountingPoliciesTextBlock-c0_cont_82"><ix:nonNumeric contextRef="c0" continuedAt="_AdvertisingCostsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:AdvertisingCostsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(s)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Advertising expenses</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_84" id="_SignificantAccountingPoliciesTextBlock-c0_cont_83"><ix:continuation id="_AdvertisingCostsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Advertising costs amounted to RMB<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="cny">529,816</ix:nonFraction>,
RMB<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="cny">598,605</ix:nonFraction> and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="cny">2,724,575</ix:nonFraction> (US$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="usd">391,203</ix:nonFraction>) for the years ended December 31, 2020, 2021 and 2022, respectively. Advertising costs are expensed
as incurred and included in selling and marketing expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_85" id="_SignificantAccountingPoliciesTextBlock-c0_cont_84"><ix:nonNumeric contextRef="c0" continuedAt="_SellingGeneralAndAdministrativeExpensesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(t)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>General and administrative
expenses</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_86" id="_SignificantAccountingPoliciesTextBlock-c0_cont_85"><ix:continuation id="_SellingGeneralAndAdministrativeExpensesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">General and administrative expenses
mainly consist of (i) employee payroll, rental and depreciation related to general and administrative personnel, (ii) professional service
fees, and (iii) other corporate expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 131; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </b>(Cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_87" id="_SignificantAccountingPoliciesTextBlock-c0_cont_86"><ix:nonNumeric contextRef="c0" continuedAt="_ResearchAndDevelopmentExpensePolicy-c0_cont_1" escape="true" name="us-gaap:ResearchAndDevelopmentExpensePolicy"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(u)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Research and development
expenses</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_88" id="_SignificantAccountingPoliciesTextBlock-c0_cont_87"><ix:continuation id="_ResearchAndDevelopmentExpensePolicy-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Research and development expenses
mainly consist of (i) employee payroll, (ii) lease expenses, and (iii) depreciation expense for experimental facilities and other daily
expenses related to the Group&#8217;s research and development activities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_89" id="_SignificantAccountingPoliciesTextBlock-c0_cont_88"><ix:nonNumeric contextRef="c0" continuedAt="jyd_FinancialExpensesNetPolicyTextBlock-c0_cont_1" escape="true" name="jyd:FinancialExpensesNetPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(v)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Financial expenses, net</i></b></span></td>
</tr></table><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_90" id="_SignificantAccountingPoliciesTextBlock-c0_cont_89"><ix:continuation id="jyd_FinancialExpensesNetPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Financial expenses, net mainly consist
of (i) interest expenses, (ii) foreign exchange gain or loss, and (iii) bank charges. The Group incurred interest expenses of RMB<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="jyd:InterestExpenses" scale="0" unitRef="cny">533,982</ix:nonFraction>,
RMB<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="jyd:InterestExpenses" scale="0" unitRef="cny">1,046,305</ix:nonFraction> and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="jyd:InterestExpenses" scale="0" unitRef="cny">795,144</ix:nonFraction> (US$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="jyd:InterestExpenses" scale="0" unitRef="usd">114,169</ix:nonFraction>) for the years ended December 31, 2020, 2021 and 2022, respectively. The Group incurred foreign
exchange loss of RMB<ix:nonFraction contextRef="c93" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TradingActivityLoss" scale="0" unitRef="cny">912,988</ix:nonFraction> for the year ended December 31, 2020 and foreign exchange gain of RMB<ix:nonFraction contextRef="c94" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TradingActivityGain" scale="0" unitRef="cny">489,268</ix:nonFraction> and RMB<ix:nonFraction contextRef="c95" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TradingActivityGain" scale="0" unitRef="cny">4,407,133</ix:nonFraction> (US$<ix:nonFraction contextRef="c95" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TradingActivityGain" scale="0" unitRef="usd">632,791</ix:nonFraction>)
for the years ended December 31, 2021 and 2022, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_91" id="_SignificantAccountingPoliciesTextBlock-c0_cont_90"><ix:nonNumeric contextRef="c0" continuedAt="_DeferredChargesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:DeferredChargesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(w)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Deferred offering costs</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_92" id="_SignificantAccountingPoliciesTextBlock-c0_cont_91"><ix:continuation id="_DeferredChargesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Deferred offering costs consist of
legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the initial
public offering. These costs, together with the underwriting discounts and commissions, will be charged to permanent equity upon completion
of the initial public offering. Should the initial public offering prove to be unsuccessful, these deferred costs, as well as additional
expenses to be incurred, will be charged to expenses. For the year ended December 31, 2020, 2021 and 2022, the Group has incurred and
deferred <span style="-sec-ix-hidden: hidden-fact-170">nil</span>, RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredOfferingCosts" scale="0" unitRef="cny">898,870</ix:nonFraction> and additional RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredOfferingCosts" scale="0" unitRef="cny">5,427,260</ix:nonFraction> (US$<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredOfferingCosts" scale="0" unitRef="usd">779,264</ix:nonFraction>) of deferred offering costs, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_93" id="_SignificantAccountingPoliciesTextBlock-c0_cont_92"><ix:nonNumeric contextRef="c0" continuedAt="jyd_NoncontrollingInterestsPolicyTextBlock-c0_cont_1" escape="true" name="jyd:NoncontrollingInterestsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(x)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Non-controlling interests</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_94" id="_SignificantAccountingPoliciesTextBlock-c0_cont_93"><ix:continuation continuedAt="jyd_NoncontrollingInterestsPolicyTextBlock-c0_cont_2" id="jyd_NoncontrollingInterestsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On June 13, 2017, JYD HQ entered into
an equity investment agreement with Mr. Mak Chun Pong, the shareholder of TYPHK, to acquire <ix:nonFraction contextRef="c96" decimals="2" format="ixt:num-dot-decimal" name="jyd:EquityMethodInvestmentOwnershipPercent" scale="-2" unitRef="pure">67</ix:nonFraction>% of equity interest in TYPHK with HKD
<ix:nonFraction contextRef="c97" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:MembersEquityAttributableToNoncontrollingInterest" scale="0" unitRef="hkd">6,781</ix:nonFraction>. Since the Group retains the control of TYPHK, the remaining <ix:nonFraction contextRef="c98" decimals="2" format="ixt:num-dot-decimal" name="jyd:EquityMethodInvestmentOwnershipPercent" scale="-2" unitRef="pure">33</ix:nonFraction>% of equity interest in TYPHK from the other shareholder, Cargo
Link Logistics HK Company Limited, was accounted for as non-controlling interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_95" id="_SignificantAccountingPoliciesTextBlock-c0_cont_94"><ix:continuation continuedAt="jyd_NoncontrollingInterestsPolicyTextBlock-c0_cont_3" id="jyd_NoncontrollingInterestsPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On October 30, 2021, JYD WLKJ entered
into a joint venture agreement with Cargo Link Logistics HK Company Limited and Ms. Zheng Yan, to set up JYD SHWL. Since the Group retains
control of JYD SHWL, the remaining <ix:nonFraction contextRef="c99" decimals="2" format="ixt:num-dot-decimal" name="jyd:EquityMethodInvestmentOwnershipPercent" scale="-2" unitRef="pure">44</ix:nonFraction>% of equity interest from Cargo Link Logistics HK Company Limited and <ix:nonFraction contextRef="c100" decimals="2" format="ixt:num-dot-decimal" name="jyd:EquityMethodInvestmentOwnershipPercent" scale="-2" unitRef="pure">5</ix:nonFraction>% of equity interest from
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_96" id="_SignificantAccountingPoliciesTextBlock-c0_cont_95"><ix:continuation continuedAt="jyd_NoncontrollingInterestsPolicyTextBlock-c0_cont_4" id="jyd_NoncontrollingInterestsPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">In November 2021, the Company
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equity interest of JYD HKGJHY. Changes in controlling ownership interest that do not result in a loss of control of the subsidiary
are accounted for in accordance with ASC 810. Any difference between the consideration paid by the parent to a non-controlling
interest shareholder and the adjustment to the carrying amount of the non-controlling interest in the subsidiary is recognized
directly in equity (i.e. additional paid-in capital) and attributable to the controlling interest.<span style="font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </b>(Cont.)</span></td>
</tr></table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(x)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Non-controlling interests
</i></b>(cont.)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_97" id="_SignificantAccountingPoliciesTextBlock-c0_cont_96"><ix:continuation continuedAt="jyd_NoncontrollingInterestsPolicyTextBlock-c0_cont_5" id="jyd_NoncontrollingInterestsPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">In July 2022, JYD WLKJ entered into
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_98" id="_SignificantAccountingPoliciesTextBlock-c0_cont_97"><ix:continuation continuedAt="jyd_NoncontrollingInterestsPolicyTextBlock-c0_cont_6" id="jyd_NoncontrollingInterestsPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As of December 31, 2021 and 2022,
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_99" id="_SignificantAccountingPoliciesTextBlock-c0_cont_98"><ix:nonNumeric contextRef="c0" escape="true" name="jyd:ScheduleOfBalanceOfNoncontrollingInterestTableTextBlock"><ix:continuation id="jyd_NoncontrollingInterestsPolicyTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December&#160;31, <br/>
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December 31,<br/>
</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2022</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="jyd:NoncontrollingInterestOfParentEquity" scale="0" sign="-" unitRef="cny">117,244</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_100" id="_SignificantAccountingPoliciesTextBlock-c0_cont_99"><ix:nonNumeric contextRef="c0" continuedAt="_EmployeeStockOwnershipPlanESOPPolicy-c0_cont_1" escape="true" name="us-gaap:EmployeeStockOwnershipPlanESOPPolicy"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(y)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Employee benefits</i></b></span></td>
</tr></table><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
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PRC, full-time eligible employees of the Group in the PRC are entitled to various government statutory employee benefit plans, including
medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated
employee benefit plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages
of the qualified employees&#8217; salaries. The Group has no further commitments beyond its monthly contribution. Employee social benefits
included as costs and expenses in the accompanying consolidated statements of income and comprehensive income amounted to RMB<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" scale="0" unitRef="cny">334,896</ix:nonFraction>,
RMB<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" scale="0" unitRef="cny">1,187,520</ix:nonFraction> and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" scale="0" unitRef="cny">2,170,805</ix:nonFraction> (US$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" scale="0" unitRef="usd">311,691</ix:nonFraction>) for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2021
and 2022, the outstanding social insurance plan contributions payable were RMB<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="jyd:EmployeeOutstandingBenefitPlan" scale="0" unitRef="cny">25,319</ix:nonFraction> and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="jyd:EmployeeOutstandingBenefitPlan" scale="0" unitRef="cny">20,960</ix:nonFraction> (US$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="jyd:EmployeeOutstandingBenefitPlan" scale="0" unitRef="usd">3,010</ix:nonFraction>), respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_102" id="_SignificantAccountingPoliciesTextBlock-c0_cont_101"><ix:nonNumeric contextRef="c0" continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:LesseeLeasesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(z)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Leases</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_103" id="_SignificantAccountingPoliciesTextBlock-c0_cont_102"><ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_2" id="_LesseeLeasesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.75pt; text-align: justify">The Company adopted ASC 842 on January
1, 2019 on a modified retrospective basis and elected the practical expedients permitted under the transition guidance, which allows the
Company to carryforward the historical lease classification, the assessment on whether a contract is or contains a lease, and the initial
direct costs for any leases that exist prior to adoption of the new standard.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.75pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_104" id="_SignificantAccountingPoliciesTextBlock-c0_cont_103"><ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_3" id="_LesseeLeasesPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">At inception of a contract, the Group
assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of
an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group
assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic
benefits from the use of the asset and whether it has the right to control the use of the asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_105" id="_SignificantAccountingPoliciesTextBlock-c0_cont_104"><ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_4" id="_LesseeLeasesPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The right-of-use assets and related
lease liabilities are recognized at the lease commencement date. The Group recognizes operating lease expenses on a straight-line basis
over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_106" id="_SignificantAccountingPoliciesTextBlock-c0_cont_105"><ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_5" id="_LesseeLeasesPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Leases with an initial term of 12
months or less are short-term lease and not recognized as operating lease right-of-use assets and operating lease liabilities on the consolidated
balance sheet. The Group recognizes lease expense for short-term leases on a straight-line basis over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </b>(Cont.)</span></td>
</tr></table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(z)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Leases</i></b> (cont.)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_107" id="_SignificantAccountingPoliciesTextBlock-c0_cont_106"><ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_6" id="_LesseeLeasesPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The right-of-use of asset is initially
measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement
date, plus any initial direct costs incurred and less any lease incentive received.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_108" id="_SignificantAccountingPoliciesTextBlock-c0_cont_107"><ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_7" id="_LesseeLeasesPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Operating lease liabilities are recognized
based on the present value of the lease payments not yet paid, discounted using the average borrowing rate of the Group&#8217;s outstanding
loans.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_109" id="_SignificantAccountingPoliciesTextBlock-c0_cont_108"><ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_8" id="_LesseeLeasesPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Lease term includes rent holidays
and options to extend or terminate the lease when the Group is reasonably certain that the Group will exercise that option. The lease
assets for operating leases consist of the amount of the measurement of the lease liabilities and any prepaid lease payments. Operating
lease expense is recognized on a straight-line basis over the lease term by adding interest expense determined using the effective interest
method to the amortization of the operating lease right-of-use assets. Interest expense is determined using the effective interest method.
The Group&#8217;s lease agreements do not contain any material residual value guarantees or material restrictive covenants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_110" id="_SignificantAccountingPoliciesTextBlock-c0_cont_109"><ix:continuation id="_LesseeLeasesPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group reviews the impairment of
its ROU assets consistent with the approach applied for its other long-lived assets. The Group reviews the recoverability of its long-lived
assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment
of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax
cash flows of the related operations. The Group has elected to include the carrying amount of operating lease liabilities in any tested
asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_111" id="_SignificantAccountingPoliciesTextBlock-c0_cont_110"><ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(aa)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Income taxes</i></b></span></td>
</tr></table><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_112" id="_SignificantAccountingPoliciesTextBlock-c0_cont_111"><ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_2" id="_IncomeTaxPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group accounts for current income
taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year
as adjusted for items, which are non-assessable or disallowed. The tax rates and tax laws used to compute the amount are those that are
enacted or substantively enacted at the end of the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_113" id="_SignificantAccountingPoliciesTextBlock-c0_cont_112"><ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_3" id="_IncomeTaxPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group accounts for income taxes
under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between
the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases (&#8220;Temporary
differences&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_114" id="_SignificantAccountingPoliciesTextBlock-c0_cont_113"><ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_4" id="_IncomeTaxPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">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. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which the asset or
liability will be settled, based on rates enacted or substantively enacted at the end of the reporting period. Valuation allowances are
established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 134; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b> (Cont.)</span></td>
</tr></table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(aa)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Income taxes</i></b> (cont.)</span></td>
</tr></table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_115" id="_SignificantAccountingPoliciesTextBlock-c0_cont_114"><ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_5" id="_IncomeTaxPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
provisions of ASC 740-10-25, &#8220;Accounting for Uncertainty in Income Taxes,&#8221; prescribe a more-likely-than-not threshold for
consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation
also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets
and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company will recognize
interest and penalties, if any,&#160;related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated
statement of operations. Accrued interest and penalties will be included on the related tax liability line in the consolidated balance
sheet. The Group believes there were no uncertain tax positions as of </span>&#160;<span style="font-family: Times New Roman, Times, Serif">December
31, 2020, 2021 and 2022, respectively.</span></p><p style="margin: 0">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_116" id="_SignificantAccountingPoliciesTextBlock-c0_cont_115"><ix:continuation id="_IncomeTaxPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-size: 10pt">Guidance was also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group&#8217;s uncertain tax positions and determining its provision for income taxes. The Group did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2020, 2021 and 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_117" id="_SignificantAccountingPoliciesTextBlock-c0_cont_116"><ix:nonNumeric contextRef="c0" continuedAt="jyd_ValueAddedTaxPolicyTextBlock-c0_cont_1" escape="true" name="jyd:ValueAddedTaxPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(ab)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Value added tax (&#8220;VAT&#8221;)</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_118" id="_SignificantAccountingPoliciesTextBlock-c0_cont_117"><ix:continuation continuedAt="jyd_ValueAddedTaxPolicyTextBlock-c0_cont_2" id="jyd_ValueAddedTaxPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group is subject to VAT and related
surcharges on revenues generated from providing services. Revenue from providing services and sales of products is generally subject to
VAT at applicable tax rates, and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT
over input VAT is reflected tax payable. The Group reports revenue net of PRC&#8217;s VAT for all the periods presented in the Consolidated
Statements of Income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_119" id="_SignificantAccountingPoliciesTextBlock-c0_cont_118"><ix:continuation continuedAt="jyd_ValueAddedTaxPolicyTextBlock-c0_cont_3" id="jyd_ValueAddedTaxPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The PRC VAT rate is <ix:nonFraction contextRef="c8" decimals="2" format="ixt:num-dot-decimal" name="jyd:ValueAddedTax" scale="-2" unitRef="pure">0</ix:nonFraction>%, <ix:nonFraction contextRef="c9" decimals="2" format="ixt:num-dot-decimal" name="jyd:ValueAddedTax" scale="-2" unitRef="pure">1</ix:nonFraction>%, <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="jyd:ValueAddedTax" scale="-2" unitRef="pure">6</ix:nonFraction>% and
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_120" id="_SignificantAccountingPoliciesTextBlock-c0_cont_119"><ix:continuation continuedAt="jyd_ValueAddedTaxPolicyTextBlock-c0_cont_4" id="jyd_ValueAddedTaxPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Notice of Ministry of Finance
(&#8220;MOF&#8221;) and State Administration of Taxation (&#8220;SAT&#8221;) on the Adjustment to VAT Rates, promulgated on April 4, 2018
and effective as of May 1, 2018, adjusted the applicative rate of VAT. The deduction rates of <ix:nonFraction contextRef="c105" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOfTaxesRateDeduction" scale="-2" unitRef="pure">17</ix:nonFraction>% and <ix:nonFraction contextRef="c106" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOfTaxesRateDeduction" scale="-2" unitRef="pure">11</ix:nonFraction>% applicable to the taxpayers
who have VAT taxable sales activities or imported goods are adjusted to <ix:nonFraction contextRef="c105" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOfTaxRateOnImportActivities" scale="-2" unitRef="pure">16</ix:nonFraction>% and <ix:nonFraction contextRef="c106" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOfTaxRateOnImportActivities" scale="-2" unitRef="pure">10</ix:nonFraction>%, respectively. For the export goods to which a tax
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and cross-border taxable activities to which a tax rate of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOfTaxRateOnExportAndCrossBorderActivities" scale="-2" unitRef="pure">11</ix:nonFraction>% was originally applicable and the export rebate rate was <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOfTaxRateOnExportRebateAndCrossBorderActivities" scale="-2" unitRef="pure">11</ix:nonFraction>%, the export
rebate rate is adjusted to <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOfAdjustedTaxRatesOnExportAndBorderCrossing" scale="-2" unitRef="pure">10</ix:nonFraction>%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_121" id="_SignificantAccountingPoliciesTextBlock-c0_cont_120"><ix:continuation id="jyd_ValueAddedTaxPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Pursuant to the Announcement on Relevant
Policies for Deepening Value-Added Tax Reform, which was promulgated by MOF, SAT and the General Administration of Customs on March 20,
2019 and became effective on April 1, 2019, where (i) for VAT taxable sales or imports of goods originally subject to value-added tax
rates of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOfVATRateOnSales" scale="-2" unitRef="pure">16</ix:nonFraction>%, such tax rates shall be adjusted to <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOfAdjustedVATOnSales" scale="-2" unitRef="pure">13</ix:nonFraction>%; (ii) for the exported goods originally subject to a tax rate of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOfTaxRateOnExportedGoods" scale="-2" unitRef="pure">16</ix:nonFraction>% and an export
tax refund rate of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOnExportTaxRefund" scale="-2" unitRef="pure">16</ix:nonFraction>%, the export tax refund rate shall be adjusted to <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOfExportTaxRefundAdjusted" scale="-2" unitRef="pure">13</ix:nonFraction>%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 135; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b> (Cont.)</span></td>
</tr></table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_122" id="_SignificantAccountingPoliciesTextBlock-c0_cont_121"><ix:nonNumeric contextRef="c0" continuedAt="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c0_cont_1" escape="true" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(ac)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Share-based compensation</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_123" id="_SignificantAccountingPoliciesTextBlock-c0_cont_122"><ix:continuation continuedAt="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c0_cont_2" id="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group grants shares (&#8220;Share-based
Awards&#8221;) to external consultants in exchange for services provided and accounts for share-based compensation in accordance with
ASC 718, Compensation-Stock Compensation. Share-based awards are measured at the grant date fair value of the shares granted. For shares
with performance conditions, the Group would recognize compensation cost if and when it concludes that it is probable that the performance
condition will be achieved.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_124" id="_SignificantAccountingPoliciesTextBlock-c0_cont_123"><ix:continuation id="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">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 Group for accounting purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_125" id="_SignificantAccountingPoliciesTextBlock-c0_cont_124"><ix:nonNumeric contextRef="c0" continuedAt="_EarningsPerSharePolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(ad)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Earnings per share</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

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(&#8220;EPS&#8221;) in accordance with ASC 260, &#8220;Earnings per Share&#8221; (&#8220;ASC&#160;260&#8221;). ASC 260 requires companies
with complex capital structures to present basic and diluted EPS.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_127" id="_SignificantAccountingPoliciesTextBlock-c0_cont_126"><ix:continuation id="_EarningsPerSharePolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Basic EPS are computed by dividing
income available to ordinary shareholders of the Group by the weighted average ordinary shares outstanding during the period. Diluted
EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised
and converted into ordinary shares. As of December 31, 2020, 2021 and 2022, there was no dilution impact.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_128" id="_SignificantAccountingPoliciesTextBlock-c0_cont_127"><ix:nonNumeric contextRef="c0" continuedAt="_ComprehensiveIncomePolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(ae)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Comprehensive income</i></b></span></td>
</tr></table><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

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the increase in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting
from investments by owners and distributions to owners. Among other disclosures, ASC 220, <i>Comprehensive Income</i>, requires that all
items that are required to be recognized under current accounting standards as components of comprehensive income be reported in a financial
statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Group&#8217;s
comprehensive income included net income and foreign currency translation adjustments that are presented in the consolidated statements
of comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 136; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b> (Cont.)</span></td>
</tr></table><div>

</div><p style="margin: 0">&#160;</p><div>

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<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(af)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Statutory reserves</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

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Appropriation to the statutory reserve by the Group is based on profit arrived at under PRC accounting standards for business enterprises
for each year. The profit arrived at must be set off against any accumulated losses sustained by corresponding PRC subsidiaries in prior
years, before allocation is made to the statutory reserve. Appropriation to the statutory reserve must be made before distribution of
dividends to shareholders. The appropriation is required until the statutory reserve reaches <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="jyd:RegisteredCapital" scale="-2" unitRef="pure">50</ix:nonFraction>% of the registered capital. This statutory
reserve is not distributable in the form of cash dividends. For the years ended December 31, 2020, 2021 and 2022, statutory reserve provided
were RMB<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="jyd:StatutoryReserve" scale="0" unitRef="cny">823,564</ix:nonFraction>, RMB<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="jyd:StatutoryReserve" scale="0" unitRef="cny">979,039</ix:nonFraction> and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="jyd:StatutoryReserve" scale="0" unitRef="cny">2,203,279</ix:nonFraction> (US$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="jyd:StatutoryReserve" scale="0" unitRef="usd">316,354</ix:nonFraction>), respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_132" id="_SignificantAccountingPoliciesTextBlock-c0_cont_131"><ix:nonNumeric contextRef="c0" continuedAt="_CommitmentsAndContingenciesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(ag)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Contingencies</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_133" id="_SignificantAccountingPoliciesTextBlock-c0_cont_132"><ix:continuation id="_CommitmentsAndContingenciesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">From time to time, the Group may become
involved in litigation relating to claims arising in the ordinary course of the business. There are no claims or actions pending or threatened
against the Group that, if adversely determined, would in the Group&#8217;s management&#8217;s judgment have a material adverse effect
on the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_134" id="_SignificantAccountingPoliciesTextBlock-c0_cont_133"><ix:nonNumeric contextRef="c0" continuedAt="_ConcentrationRiskCreditRisk-c0_cont_1" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(ah)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Concentration of risks</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_135" id="_SignificantAccountingPoliciesTextBlock-c0_cont_134"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_2" id="_ConcentrationRiskCreditRisk-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><i><span style="text-decoration:underline">Concentration of Credit Risks</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_136" id="_SignificantAccountingPoliciesTextBlock-c0_cont_135"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_3" id="_ConcentrationRiskCreditRisk-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Financial instruments that potentially
expose the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company places its cash with
financial institutions with high credit ratings and quality. As of December 31, 2021 and 2022, RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositsSavingsDeposits" scale="0" unitRef="cny">35,463,754</ix:nonFraction> and RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositsSavingsDeposits" scale="0" unitRef="cny">27,832,171</ix:nonFraction> (US$<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositsSavingsDeposits" scale="0" unitRef="usd">3,996,229</ix:nonFraction>)
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_137" id="_SignificantAccountingPoliciesTextBlock-c0_cont_136"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_4" id="_ConcentrationRiskCreditRisk-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group has a concentration of its
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of accounts receivable, respectively. As of December 31, 2022, two customers each accounted for <ix:nonFraction contextRef="c110" decimals="3" format="ixt:num-dot-decimal" name="jyd:PercentageRateOfAccountsReceivables" scale="-2" unitRef="pure">13.0</ix:nonFraction>% of accounts receivable, respectively.
For the year ended December 31, 2020, three customers accounted for approximately <ix:nonFraction contextRef="c111" decimals="3" format="ixt:num-dot-decimal" name="jyd:PercentageOfRevenue" scale="-2" unitRef="pure">17.9</ix:nonFraction>%, <ix:nonFraction contextRef="c112" decimals="3" format="ixt:num-dot-decimal" name="jyd:PercentageOfRevenue" scale="-2" unitRef="pure">15.7</ix:nonFraction>% and <ix:nonFraction contextRef="c113" decimals="3" format="ixt:num-dot-decimal" name="jyd:PercentageOfRevenue" scale="-2" unitRef="pure">10.7</ix:nonFraction>% of the total revenue, respectively.
For the year ended December 31, 2021, one customer accounted for approximately <ix:nonFraction contextRef="c114" decimals="3" format="ixt:num-dot-decimal" name="jyd:PercentageOfRevenue" scale="-2" unitRef="pure">13.1</ix:nonFraction>% of the total revenue. For the year ended December
31, 2022, two customers accounted for approximately <ix:nonFraction contextRef="c115" decimals="3" format="ixt:num-dot-decimal" name="jyd:PercentageOfRevenue" scale="-2" unitRef="pure">18.0</ix:nonFraction>% and <ix:nonFraction contextRef="c116" decimals="3" format="ixt:num-dot-decimal" name="jyd:PercentageOfRevenue" scale="-2" unitRef="pure">11.3</ix:nonFraction>% of the total revenue, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_138" id="_SignificantAccountingPoliciesTextBlock-c0_cont_137"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_5" id="_ConcentrationRiskCreditRisk-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Company conducts credit evaluations
of customers, and generally does not require collateral or other security from its customers. The Company establishes an allowance for
doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 137; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>2.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (</b>Cont.)</span></td>
</tr></table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(ah)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Concentration of risks</i></b>
(cont.)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><i><span style="text-decoration:underline">Concentration of Credit Risks
</span></i>(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

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accounts payable balance, respectively. For the years ended December 31, 2020 and 2021, one supplier accounted for <ix:nonFraction contextRef="c121" decimals="3" format="ixt:num-dot-decimal" name="jyd:PercentageOfTotalPurchase" scale="-2" unitRef="pure">58.0</ix:nonFraction>% and <ix:nonFraction contextRef="c122" decimals="3" format="ixt:num-dot-decimal" name="jyd:PercentageOfTotalPurchase" scale="-2" unitRef="pure">36.4</ix:nonFraction>% of
the total purchases, respectively. For the year ended December 31, 2022, two suppliers accounted for <ix:nonFraction contextRef="c123" decimals="2" format="ixt:num-dot-decimal" name="jyd:PercentageOfTotalPurchase" scale="-2" unitRef="pure">20</ix:nonFraction>% and <ix:nonFraction contextRef="c124" decimals="3" format="ixt:num-dot-decimal" name="jyd:PercentageOfTotalPurchase" scale="-2" unitRef="pure">19.8</ix:nonFraction>% of the total purchases,
respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_140" id="_SignificantAccountingPoliciesTextBlock-c0_cont_139"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_7" id="_ConcentrationRiskCreditRisk-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><i><span style="text-decoration:underline">Foreign Exchange Risk</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_141" id="_SignificantAccountingPoliciesTextBlock-c0_cont_140"><ix:continuation id="_ConcentrationRiskCreditRisk-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Groups&#8217; operations are primarily
in China. The reporting currency is denominated in RMB. The Group is exposed to currency risk primarily through sales and purchases which
give rise to receivables, payables and cash balances that are denominated in currencies other than the functional currency of the operations
to which the transactions relate. Thus, revenues and results of operations may be impacted by exchange rate fluctuations between RMB and
U.S.&#160;dollars.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_142" id="_SignificantAccountingPoliciesTextBlock-c0_cont_141"><ix:nonNumeric contextRef="c0" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b><i>(ai)</i></b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><i>Recent accounting pronouncements</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_143" id="_SignificantAccountingPoliciesTextBlock-c0_cont_142"><ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_2" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">In June 2016, the FASB issued ASU
No. 2016-13, &#8220;Financial Instruments &#8212; Credit Losses&#8221;, which will require the measurement of all expected credit losses
for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts.
Further, the FASB issued ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11 and ASU No. 2021-02 to provide additional
guidance on the credit losses standard. For all other entities, the amendments for ASU No. 2016-13 are effective for fiscal years beginning
after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Adoption of the ASUs is on
a modified retrospective basis. The Group will adopt ASU No. 2016-13 from January 1, 2023. The Group is in the process of evaluating the
impacts the standards will have on its consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SignificantAccountingPoliciesTextBlock-c0_cont_143"><ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Other accounting standards that have
been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial
statements upon adoption. The Group does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated
to its consolidated financial condition, results of operations, cash flows or disclosures.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><ix:continuation continuedAt="_AccountsAndNontradeReceivableTextBlock-c0_cont_2" id="_AccountsAndNontradeReceivableTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Accounts receivable consisted of the
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</div><div>

</div><ix:continuation continuedAt="_AccountsAndNontradeReceivableTextBlock-c0_cont_3" id="_AccountsAndNontradeReceivableTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:AccountsReceivableNoncurrentPastDueTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

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</div><div>

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</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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</div><div>

</div><ix:continuation id="_AccountsAndNontradeReceivableTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group recorded bad debt expenses
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>4.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>PREPAID EXPENSES AND OTHER
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</div><div>

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</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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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>&#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; ">
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</div><div>

</div><ix:continuation continuedAt="_OtherCurrentAssetsTextBlock-c0_cont_4" id="_OtherCurrentAssetsTextBlock-c0_cont_3"><ix:continuation continuedAt="_ScheduleOfOtherCurrentAssetsTableTextBlock-c0_cont_2" id="_ScheduleOfOtherCurrentAssetsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(a)</span></td><td style="text-align: left"><ix:footnote id="ix_2_footnote" xml:lang="en-US"><span style="font-size: 10pt">The balance mainly represents
the advance payments made chartered airlines freight services and rent.</span></ix:footnote></td>
</tr></table><p style="margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OtherCurrentAssetsTextBlock-c0_cont_5" id="_OtherCurrentAssetsTextBlock-c0_cont_4"><ix:continuation continuedAt="_ScheduleOfOtherCurrentAssetsTableTextBlock-c0_cont_3" id="_ScheduleOfOtherCurrentAssetsTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(b)</span></td><td style="text-align: left"><ix:footnote id="ix_3_footnote" xml:lang="en-US"><span style="font-size: 10pt">The balance mainly represents
the tax refund JYD SM entitled from international trading business. Jayud has recorded a full allowance for the portion with doubt of
collection.</span></ix:footnote></td>
</tr></table><p style="margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OtherCurrentAssetsTextBlock-c0_cont_6" id="_OtherCurrentAssetsTextBlock-c0_cont_5"><ix:continuation continuedAt="_ScheduleOfOtherCurrentAssetsTableTextBlock-c0_cont_4" id="_ScheduleOfOtherCurrentAssetsTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(c)</span></td><td style="text-align: left"><ix:footnote id="ix_4_footnote" xml:lang="en-US"><span style="font-size: 10pt">The balance mainly represents
the current operational deposits for lease and cargo space reservation to vendors. The significant increase was mainly due to the business
growth of our freight forwarding services provided.</span></ix:footnote></td>
</tr></table><p style="margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OtherCurrentAssetsTextBlock-c0_cont_7" id="_OtherCurrentAssetsTextBlock-c0_cont_6"><ix:continuation id="_ScheduleOfOtherCurrentAssetsTableTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(d)</span></td><td style="text-align: left"><ix:footnote id="ix_5_footnote" xml:lang="en-US"><span style="font-size: 10pt">The balance mainly represents
the customs or fees that Jayud paid on behalf of customers and advances to employees.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_OtherCurrentAssetsTextBlock-c0_cont_8" id="_OtherCurrentAssetsTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The movement of allowance of doubtful
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</div><div>

</div><ix:continuation continuedAt="_OtherCurrentAssetsTextBlock-c0_cont_9" id="_OtherCurrentAssetsTextBlock-c0_cont_8"><ix:nonNumeric contextRef="c0" escape="true" name="jyd:PrepaidExpensesAndOtherCurrentAssetsAllowanceOfDoubtfulAccountsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#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: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">December&#160;31,<br/>
</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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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)">
    <td>Reverse</td><td>&#160;</td>
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  <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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinancingReceivableAllowanceForCreditLossesWriteOffs" scale="0" unitRef="usd">681,240</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_OtherCurrentAssetsTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Group recorded bad debt expenses of RMB<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="cny">144,687</ix:nonFraction>, RMB <span style="-sec-ix-hidden: hidden-fact-177">nil</span> and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="cny">237,704</ix:nonFraction>(US$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd">34,140</ix:nonFraction>)
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(US$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WriteOffOfDeferredDebtIssuanceCost" scale="0" unitRef="usd">681,240</ix:nonFraction>) in bad debt since after all collection efforts have been exhausted.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 140; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>5.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>PROPERTY AND EQUIPMENT, NET</b></span></td>
</tr></table><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>
</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_2" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Property and equipment, net consisted
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</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_3" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <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"><ix:nonFraction contextRef="c169" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="cny">639,424</ix:nonFraction></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)">
    <td>Subtotal</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="cny">3,440,870</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <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">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" scale="0" unitRef="cny">2,286,895</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</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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</div><div>

</div><ix:continuation id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Depreciation expense was RMB<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1" scale="0" unitRef="cny">754,302</ix:nonFraction>,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_IntangibleAssetsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>6.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>INTANGIBLE ASSETS, NET</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>
</div><div>

</div><ix:continuation continuedAt="_IntangibleAssetsDisclosureTextBlock-c0_cont_2" id="_IntangibleAssetsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Intangible asset, net consisted of
the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IntangibleAssetsDisclosureTextBlock-c0_cont_3" id="_IntangibleAssetsDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#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: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">December&#160;31,<br/>
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  <tr style="vertical-align: bottom">
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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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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation id="_IntangibleAssetsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Amortization expense was RMB<ix:nonFraction contextRef="c38" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AmortizationExpensePerDollarOfGrossRevenue" scale="0" unitRef="cny">124,686</ix:nonFraction>,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_ShortTermDebtTextBlock-c0_cont_1" escape="true" name="us-gaap:ShortTermDebtTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>7.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SHORT-TERM BORROWINGS</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>
</div><div>

</div><ix:continuation continuedAt="_ShortTermDebtTextBlock-c0_cont_2" id="_ShortTermDebtTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Short-term borrowings represent amounts
due to various banks normally maturing within one year. The principal of the borrowings is due at maturity. Accrued interest is due either
monthly or quarterly. The bank borrowings are for working capital and capital expenditure purposes. The balance of short-term borrowings
consists of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ShortTermDebtTextBlock-c0_cont_3" id="_ShortTermDebtTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfShortTermDebtTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,<br/>
</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">December&#160;31,<br/>
</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</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: 64%; text-align: left">China Construction Bank Shenzhen Shangbu Branch (a)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c177" decimals="0" format="ixt:num-dot-decimal" id="ix_58_fact" name="us-gaap:ShortTermBorrowings" scale="0" unitRef="cny">7,900,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-178">-</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-179">-</div></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Industrial and Commercial Bank of China (b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c179" decimals="0" format="ixt:num-dot-decimal" id="ix_59_fact" name="us-gaap:ShortTermBorrowings" scale="0" unitRef="cny">3,000,000</ix:nonFraction></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)">
    <td style="text-align: left">Shenzhen Futian Yinzuo Rural Bank(c)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-180">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Bank of China Shenzhen Dongbu Branch (d)</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"><div style="-sec-ix-hidden: hidden-fact-181">-</div></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)">
    <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBorrowings" scale="0" unitRef="cny">10,900,000</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBorrowings" scale="0" unitRef="cny">14,800,000</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_ShortTermDebtTextBlock-c0_cont_4" id="_ShortTermDebtTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(a)</span></td><td style="text-align: left"><span style="font-size: 10pt">On October 13, 2021, JYD HQ entered
into an entrusted loan agreement with Shenzhen Guarantee Group Co. LTD (&#8220;SZ Guarantee&#8221;). SZ Guarantee requested the Shezhen
Shangbu Branch of China Construction Bank to grant a one-year maturity loan of total amount of RMB<ix:nonFraction contextRef="c171" decimals="0" format="ixt:num-dot-decimal" name="jyd:BankLoan" scale="0" unitRef="cny">8,000,000</ix:nonFraction> (US$<ix:nonFraction contextRef="c171" decimals="0" format="ixt:num-dot-decimal" name="jyd:BankLoan" scale="0" unitRef="usd">1,148,666</ix:nonFraction>) with an interest
rate of <ix:nonFraction contextRef="c171" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" unitRef="pure">3.60</ix:nonFraction>%. The loan was guaranteed by JYD SM and shareholders of the Group (Xiaogang Geng and Xiaohua Jia). RMB<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap-sup:DebtInstrumentRepaidPrincipal" scale="0" unitRef="cny">100,000</ix:nonFraction> was repaid
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December 31, 2022.</span></td>
</tr></table><p style="margin: 0">&#160;</p></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="_ShortTermDebtTextBlock-c0_cont_5" id="_ShortTermDebtTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 15, 2020, JYD HQ initially entered into a loan agreement with Industrial and Commercial Bank of China in the total amount of RMB<ix:nonFraction contextRef="c172" decimals="0" format="ixt:num-dot-decimal" name="jyd:LoanAgreement" scale="0" unitRef="cny">3,000,000</ix:nonFraction> (US$<ix:nonFraction contextRef="c172" decimals="0" format="ixt:num-dot-decimal" name="jyd:LoanAgreement" scale="0" unitRef="usd">430,750</ix:nonFraction>) with a half-year term with an interest rate of <ix:nonFraction contextRef="c172" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" unitRef="pure">4.65</ix:nonFraction>%. </span><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The loan is subject to repayment and is eligible for renewal every six month and the newest term was from March 15, 2022 to September 15, 2022 with an updated interest rate of <ix:nonFraction contextRef="c173" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" unitRef="pure">4.3</ix:nonFraction>%. The loan was renewed for another six months in September 2022 and due in March</span>&#160; <span style="font-family: Times New Roman, Times, Serif">2023. In March 23, the loan was renewed for another six months to September 2023.</span></span></td></tr> </table><p style="margin: 0">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_ShortTermDebtTextBlock-c0_cont_6" id="_ShortTermDebtTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(c)</span></td><td style="text-align: left"><span style="font-size: 10pt">On June 27, 2022, JYD WLKJ entered
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</tr></table><p style="margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ShortTermDebtTextBlock-c0_cont_7" id="_ShortTermDebtTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(d)</span></td><td style="text-align: left"><span style="font-size: 10pt">On November 14, 2022, JYD HQ entered
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with an interest rate of <ix:nonFraction contextRef="c175" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" unitRef="pure">4.34</ix:nonFraction>%. The loan was guaranteed by Shenzhen SME Financing Guarantee Co., LTD. and shareholders of the Group (Xiaogang
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation id="_ShortTermDebtTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Interest expenses were RMB<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseOther" scale="0" unitRef="cny">448,601</ix:nonFraction>,
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respectively.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>8.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>ACCRUED EXPENSES AND OTHER
CURRENT LIABILITIES</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>
</div><div>

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    <td>&#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: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,<br/>
</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">December&#160;31,<br/>
</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 64%; text-align: left">Accrued payroll and employee benefits</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Payable to third parties (a)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" id="ix_66_fact" name="us-gaap:NotesPayableRelatedPartiesClassifiedCurrent" scale="0" unitRef="cny">2,084,745</ix:nonFraction></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"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" id="ix_68_fact" name="us-gaap:NotesPayableRelatedPartiesClassifiedCurrent" scale="0" unitRef="usd">173,699</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Deposit payable</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in">Others</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"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="jyd:Others" scale="0" unitRef="usd">42,950</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation id="_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock-c0_cont_2"><ix:continuation id="_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(a)</span></td><td style="text-align: left"><ix:footnote id="ix_10_footnote" xml:lang="en-US"><span style="font-size: 10pt">The balance mainly represents
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services as of December 31, 2021 and 2022.</span></ix:footnote></td>
</tr></table></ix:continuation></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>9.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>LOANS PAYABLE - THIRD PARTIES</b></span></td>
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</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_2" id="_DebtDisclosureTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="jyd:ScheduleOfLoansPayableTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,<br/>
</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">December&#160;31,<br/>
</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 64%; text-align: left">Jia Li</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-183">&#160;&#160;&#160;-</div></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold">Total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LoansPayable" scale="0" unitRef="cny">4,800,000</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-185">-</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DebtDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On August 2, 2021, Jayud borrowed
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_1" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>10.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>LEASES</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>
</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_2" id="_LesseeOperatingLeasesTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Supplemental balance sheet information
related to operating lease was as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_3" id="_LesseeOperatingLeasesTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:OperatingLeaseLeaseIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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; padding-bottom: 4pt">Total operating lease liabilities</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiability" scale="0" unitRef="cny">6,237,384</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_4" id="_LesseeOperatingLeasesTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The weighted average remaining lease
terms and discount rates for the operating lease as of December 31, 2022 were as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_5" id="_LesseeOperatingLeasesTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:OperatingLeasesOfLesseeDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>Remaining lease term and discount rate:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">Weighted average remaining lease term (years)</td><td style="width: 1%">&#160;</td>
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    <td>Weighted average discount rate</td><td>&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_6" id="_LesseeOperatingLeasesTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">For the years ended December 31, 2020,
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</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_7" id="_LesseeOperatingLeasesTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The following is a schedule of future
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</div><div>

</div><ix:continuation id="_LesseeOperatingLeasesTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amounts</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Thereafter</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="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeasesFutureMinimumPaymentsDue" scale="0" unitRef="usd">32,957,093</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <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">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ReceivableWithImputedInterestNetAmount" scale="0" unitRef="usd">1,601,293</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

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<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>11.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>LONG-TERM BORROWING</b></span></td>
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</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c0_cont_3" id="_LongTermDebtTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfDebtTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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: left">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c0_cont_4" id="_LongTermDebtTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On January 1, 2021, JYD HQ entered
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rate of <ix:nonFraction contextRef="c188" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtPercentageBearingFixedInterestRate" scale="-2" unitRef="pure">4.35</ix:nonFraction>%. The loan was guaranteed by Shenzhen SME Financing Guarantee Co., LTD. and shareholders of the Group (Xiaogang Geng and
Xiaohua Jia). RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentAnnualPrincipalPayment" scale="0" unitRef="cny">550,000</ix:nonFraction> was repaid during the year ended December 31, 2021, and the remaining balance was fully repaid on December 28,
2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c0_cont_5" id="_LongTermDebtTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On December 30, 2022, JYD SM entered
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an interest rate of <ix:nonFraction contextRef="c189" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtPercentageBearingFixedInterestRate" scale="-2" unitRef="pure">4.15</ix:nonFraction>%. The loan was guaranteed by Shenzhen SME Financing Guarantee Co., LTD. and shareholders of the Group
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</div><div>

</div><ix:continuation id="_LongTermDebtTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Interest expenses were RMB <span style="-sec-ix-hidden: hidden-fact-186">nil</span>, RMB<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestAndDebtExpense" scale="0" unitRef="cny">197,103</ix:nonFraction>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="jyd_TaxationTextBlock-c0_cont_1" escape="true" name="jyd:TaxationTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>12.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>TAXATION</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>
</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_2" id="jyd_TaxationTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b><i>Cayman Islands</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_3" id="jyd_TaxationTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Company is incorporated in the
Cayman Islands. Under the current laws of the Cayman Islands, these entities are not subject to income or capital gains taxes. In addition,
dividend payments are not subject to withholding tax in the Cayman Islands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>12.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>TAXATION </b>(Cont.)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_4" id="jyd_TaxationTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b><i>Hong Kong</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_5" id="jyd_TaxationTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Entities incorporated in Hong Kong
are subject to profits tax in Hong Kong at the rate of <ix:nonFraction contextRef="c190" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">16.5</ix:nonFraction>%. According to Tax (Amendment) (No. 3) Ordinance 2018 published by Hong
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million of assessable profits will be lowered to <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">8.25</ix:nonFraction>% (half of the rate specified in Schedule 8 to the Inland Revenue Ordinance
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</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_6" id="jyd_TaxationTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b><i>PRC</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_7" id="jyd_TaxationTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Generally, the Company&#8217;s subsidiaries
that are considered PRC resident enterprises under PRC tax law, are subject to enterprise income tax on their worldwide taxable income
as determined under PRC tax laws and accounting standards at a rate of <ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:InvestmentInterestRate" scale="-2" unitRef="pure">25</ix:nonFraction>%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_8" id="jyd_TaxationTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">For the year ended December 31, 2020
and 2021, JYD WLKJ, JYD SZGJHY, JYD SM, JYD XC, JYD BG, JYD XYX, JYD NJWL, JYD DS, JYD SHWL were recognized as small low-profit enterprises
and there was one additional subsidiary, JYD YCKJ, was recognized as small low-profit enterprise for the year ended December 31, 2022.
For the year ended December 31, 2022, JYD WLKJ changed to be a general taxpayer whose applicable tax rate is <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="jyd:GeneralTaxRatePercentage" scale="-2" unitRef="pure">25.0</ix:nonFraction>% and other subsidiaries
remained unchanged. Entities with annual taxable income exceeding RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeSecuritiesTaxable" scale="0" unitRef="cny">3,000,000</ix:nonFraction>, total assets exceeding RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" unitRef="cny">50,000,000</ix:nonFraction>, and their number
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</div><div>

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of Taxation announced that from January 1, 2019 to December 31, 2021, small and low-profit enterprises can enjoy a 20% corporate income
tax rate on 25% of their taxable income amount for the proportion of taxable income not exceeding RMB1 million; and a 20% corporate income
tax on 50% of their taxable income amount of more than RMB1 million but not exceeding RMB3 million. The State Administration of Taxation
further announced that from January 1, 2022 to December 31, 2022, for the portion of taxable income not exceeding RMB1 million, the amount
of taxable income can be halved from 25% to 12.5%, and the corporate income tax will be levied at 20%, for small and low-profit enterprises,
and from January 1, 2022 to December 31, 2024, small and low-profit enterprises can enjoy a 20% corporate income tax rate on 25% of the
taxable income amount for the portion of taxable income more than RMB1 million but not exceeding RMB3 million.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

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</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherIncomeTaxExpenseBenefitContinuingOperations" scale="0" unitRef="usd">370,763</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>12.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>TAXATION</b> (Cont.)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_12" id="jyd_TaxationTextBlock-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="srt:CondensedStatementOfComprehensiveIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>For the years ended December 31, </b></p> <p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</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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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Income / (loss) before provision for income taxes is attributable to the following geographic locations:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">PRC</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" scale="0" unitRef="cny">4,728,447</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" scale="0" unitRef="cny">8,630,868</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" scale="0" unitRef="usd">1,239,248</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Foreign</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" scale="0" sign="-" unitRef="cny">46,390</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" scale="0" sign="-" unitRef="cny">89,670</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" scale="0" sign="-" unitRef="cny">4,670,754</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" scale="0" sign="-" unitRef="usd">670,642</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Total Income before Income Taxes</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" unitRef="cny">4,682,057</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" unitRef="cny">11,926,847</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" unitRef="cny">3,960,114</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_13" id="jyd_TaxationTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Reconciliation between the provision
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</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_14" id="jyd_TaxationTextBlock-c0_cont_13"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; font-size: 10pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td colspan="2" style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td colspan="2" style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td colspan="2" style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; font: 10pt Times New Roman, Times, Serif; text-align: left">PRC statutory income tax rate</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c8" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxCreditsForeign" scale="-2" unitRef="pure">25.0</ix:nonFraction></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxCreditsForeign" scale="-2" unitRef="pure">25.0</ix:nonFraction></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
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</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_15" id="jyd_TaxationTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The effect on deferred offering costs
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deductible under PRC tax regulation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_16" id="jyd_TaxationTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As of December 31, 2021 and 2022,
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</div><div>

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    <td style="text-align: center">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>2021</b></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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    <td>Deferred tax assets:</td><td>&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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</div><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>12.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>TAXATION </b>(Cont.)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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of December 31, 2022, PRC net operating loss carry forward will
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</div><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_20" id="jyd_TaxationTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Valuation allowances have been provided
on the deferred tax assets where, based on all available evidence, it was considered more likely than not that some portion or all of
the recorded deferred tax assets will not be realized in future periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_21" id="jyd_TaxationTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Net operating loss from Hong Kong can be carried forward indefinitely.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_22" id="jyd_TaxationTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group evaluates each uncertain
tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized
benefits associated with the tax positions. As of December 31, 2021 and 2022, the Group did not have any significant unrecognized uncertain
tax positions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="jyd_TaxationTextBlock-c0_cont_23" id="jyd_TaxationTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group&#8217;s taxes payable consists
of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="jyd_TaxationTextBlock-c0_cont_23"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:OtherLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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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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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>13.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>EQUITY</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>
</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Ordinary shares</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Company&#8217;s authorized share
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par value US$<ix:nonFraction contextRef="c3" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> each. On June 10, 2022, the Company issued <ix:nonFraction contextRef="c197" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">9,420,000</ix:nonFraction> Class A ordinary shares and <ix:nonFraction contextRef="c198" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">6,409,600</ix:nonFraction> Class B ordinary shares.
On September 6, 2022, the Company issued another <ix:nonFraction contextRef="c199" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" scale="0" unitRef="shares">1,370,400</ix:nonFraction> Class A ordinary shares which issuance was considered as being part of the
reorganization of the Group and was retroactively applied as if the transaction occurred at the beginning of the period presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_4" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On September 7, 2022, the Company
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condition of a successful initial public offering (&#8220;IPO&#8221;) under the professional financial advisory services originally agreed
in 2022. Granted shares shall be subject to a right of repurchase by the Company for <span style="-sec-ix-hidden: hidden-fact-187">nil</span> consideration if the Company fails to achieve
a successful IPO.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>13.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>EQUITY</b> (Cont.)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_5" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Subscription receivable</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_6" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On September 9, 2022, the Company
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market value of comparable companies in the same industry at that time. Since the consideration was not received as of December 31, 2022
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Company received the consideration in January and February 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Capital injection by shareholders</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_8" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">For the year ended December 31, 2021, one of the shareholders, Mr.
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_9" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.75pt; text-align: justify"><b>Capital injection by non-controlling
shareholder</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.75pt; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_10" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33.75pt; text-align: justify">In September 2022, the non-controlling
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_11" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Dividend</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_12" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">In February and March 2022, JYD DS,
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_13" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Restricted net assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_14" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">A significant portion of the Group&#8217;s
operations are conducted through its PRC (excluding Hong Kong) subsidiaries, the Company&#8217;s ability to pay dividends is primarily
dependent on receiving distributions of funds from subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends
by subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations,
and after it has met the PRC requirements for appropriation to statutory reserves. The Group is required to make appropriations to certain
reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined
in accordance with generally accepted accounting principles of the PRC (&#8220;PRC GAAP&#8221;). Appropriations to the statutory surplus
reserve are required to be at least <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" scale="-2" unitRef="pure">10</ix:nonFraction>% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal
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</div><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As a result of these PRC laws and
regulations, the Company&#8217;s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company.
As of December 31, 2021 and 2022, net assets restricted in the aggregate, which include paid-in capital, additional paid-in capital and
statutory reserve funds of the Company&#8217;s subsidiaries, that are included in the Company&#8217;s consolidated net assets were approximately
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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TRANSACTIONS</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>
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</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As of December 31, 2021 and 2022,
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</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="jyd:ScheduleOfAccountsReceivableFromARelatedPartyTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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 December&#160;31, <br/>
2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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2022</b></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
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    <td style="text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="text-decoration:underline">Prepaid expenses - a related party</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

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</div><div>

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 December&#160;31, <br/>
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2022</b></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>14.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>RELATED PARTY BALANCES AND
TRANSACTIONS </b>(Cont.)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_8" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="text-decoration:underline">Accounts payable - related parties</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_9" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As of December 31, 2021 and 2022,
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</div><div>

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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
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</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_11" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="text-decoration:underline">Loans payable - related parties</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

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    <td style="text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>


</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_14" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_13"><ix:continuation continuedAt="jyd_ScheduleOfLoanPayableToARelatedPartyTableTextBlock-c0_cont_2" id="jyd_ScheduleOfLoanPayableToARelatedPartyTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0in; font-size: 10pt">&#160;</td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)</b></span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="ix_11_footnote" xml:lang="en-US">For the year ended December 31, 2021, Jayud borrowed a total amount RMB<ix:nonFraction contextRef="c208" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromShortTermDebt" scale="0" unitRef="cny">1,500,000</ix:nonFraction> from Shenzhen Quanjieyuan Enterprise Management Consulting Partnership (Limited Partnership) without interest for a half year and repaid RMB<ix:nonFraction contextRef="c208" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfShortTermDebt" scale="0" unitRef="cny">500,000</ix:nonFraction>. For the year ended December 31, 2022, the Company borrowed another RMB <ix:nonFraction contextRef="c209" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromShortTermDebt" scale="0" unitRef="cny">500,000</ix:nonFraction> in FY2022 and fully repaid RMB <ix:nonFraction contextRef="c209" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfShortTermDebt" scale="0" unitRef="cny">1,500,000</ix:nonFraction></ix:footnote>.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>14.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>RELATED PARTY BALANCES AND
TRANSACTIONS</b> (Cont.)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_17" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As of December 31, 2021 and 2022,
others payable to related parties consisted of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Nature</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/>
 December&#160;31, <br/>
2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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                                            December&#160;31, <br/>
                                            2022</b></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; vertical-align: top; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt; vertical-align: top; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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    <td style="vertical-align: top; width: 26%; text-align: left">Winpass Logistics (HK) Co., Limited</td><td style="width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 26%; text-align: left"><ix:nonNumeric contextRef="c236" name="jyd:OthersPayableRelatedPartiesRelationship">100% controlled by Xiaohua Jia</ix:nonNumeric></td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right"><ix:nonFraction contextRef="c239" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueFromOtherRelatedPartiesCurrent" scale="0" unitRef="cny">1,371,882</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="vertical-align: top; text-align: left">Cargo Link Logistics HK Company Limited</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Shenzhen Feijia Supply Chain Management Co., Ltd (&#8220;Feijia&#8221;)</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"><div style="-sec-ix-hidden: hidden-fact-201">-</div></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="vertical-align: top; text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="vertical-align: top; text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(a)</span></td><td style="text-align: left"><ix:footnote id="ix_13_footnote" xml:lang="en-US"><span style="font-size: 10pt">For the year ended December 31,
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December 31, 2021, Winpass paid on behalf of Jayud in a total amount of RMB<ix:nonFraction contextRef="c216" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfShortTermDebt" scale="0" unitRef="cny">16,467,687</ix:nonFraction> and collected a total amount of RMB<ix:nonFraction contextRef="c216" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" unitRef="cny">18,601,890</ix:nonFraction>.
For the year ended December 31, 2022, Winpass paid on behalf of Jayud in a total amount of RMB<ix:nonFraction contextRef="c217" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfShortTermDebt" scale="0" unitRef="cny">4,608,483</ix:nonFraction> (US$<ix:nonFraction contextRef="c217" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfShortTermDebt" scale="0" unitRef="usd">661,701</ix:nonFraction>) and collected a
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</tr></table><p style="margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</tr></table><p style="margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="text-align: left; width: 0.5in"><span style="font-size: 10pt"><b>14.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>RELATED PARTY BALANCES AND
TRANSACTIONS</b> (Cont.)</span></td>
</tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_22" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="text-decoration:underline">Loans payable &#8211; shareholders</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_23" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As of December 31, 2021 and as of
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</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_24" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_23"><ix:nonNumeric contextRef="c0" continuedAt="jyd_ScheduleOfLoansPayableToShareholdersTableTextBlock-c0_cont_1" escape="true" name="jyd:ScheduleOfLoansPayableToShareholdersTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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 December&#160;31,<br/>
 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 December 31, <br/>
2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="vertical-align: top; text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="vertical-align: top; text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_25" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_24"><ix:continuation continuedAt="jyd_ScheduleOfLoansPayableToShareholdersTableTextBlock-c0_cont_2" id="jyd_ScheduleOfLoansPayableToShareholdersTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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</tr></table><p style="margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_26" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_25"><ix:continuation continuedAt="jyd_ScheduleOfLoansPayableToShareholdersTableTextBlock-c0_cont_3" id="jyd_ScheduleOfLoansPayableToShareholdersTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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</tr></table><p style="margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_27" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_26"><ix:continuation continuedAt="jyd_ScheduleOfLoansPayableToShareholdersTableTextBlock-c0_cont_4" id="jyd_ScheduleOfLoansPayableToShareholdersTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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</tr></table><p style="margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_28" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_27"><ix:continuation id="jyd_ScheduleOfLoansPayableToShareholdersTableTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_29" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="text-decoration:underline">Others payable &#8211; shareholders</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_30" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As of December 31, 2021 and 2022,
others payables to shareholders consisted of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_31" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_30"><ix:nonNumeric contextRef="c0" escape="true" name="jyd:ScheduleOfOthersPayablesToShareholdersTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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 December 31,<br/>
 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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December 31, <br/>
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>14.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>RELATED PARTY BALANCES AND
TRANSACTIONS </b>(Cont.)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><!-- Field: Page; Sequence: 154; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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    <td colspan="2" style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-242; font-size: 10pt">*</span></td>
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    <td style="white-space: nowrap">&#160;</td>
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    <td colspan="2" style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-249; font-size: 10pt">*</span></td>
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    <td colspan="2" style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-250; font-size: 10pt">*</span></td>
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    <td colspan="2" style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-251; font-size: 10pt">*</span></td>
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    <td colspan="2" style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-252; font-size: 10pt">*</span></td>
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    <td colspan="2" style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-253; font-size: 10pt">*</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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    <td style="white-space: nowrap">&#160;</td>
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</div><div>

</div><ix:continuation id="_ConcentrationRiskDisclosureTextBlock-c0_cont_12"><ix:continuation id="jyd_CondensedPurchaseTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: left"><ix:footnote id="ix_23_footnote" xml:lang="en-US">Represented the percentage below <ix:nonFraction contextRef="c282" decimals="2" format="ixt:num-dot-decimal" name="jyd:ConcentrationRiskThresholdsPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>%</ix:footnote></td>
</tr></table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>16.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>COMMITMENTS AND CONTINGENCIES</b></span></td>
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</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Group has not entered into any
off-balance sheet financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third parties.
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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The following table sets forth our
contractual obligations as of December 31, 2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="srt:ContractualObligationFiscalYearMaturityScheduleTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <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"><div style="-sec-ix-hidden: hidden-fact-268">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeasePaymentsUse" scale="0" unitRef="cny">52,757,093</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Other than as shown above, we did
not have any significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 156; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>16.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>COMMITMENTS AND CONTINGENCIES
</b>(Cont.)</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The ongoing outbreak of the novel
coronavirus (COVID-19) has spread rapidly to many parts of the world. In March 2020, the World Health Organization declared the COVID-19
as a pandemic. The pandemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and business facilities
in China from February to mid-March in 2020. After the initial outbreak of COVID-19, from time to time, some instances of COVID-19 infections
have emerged in various regions of China, including the infections caused by the Omicron variants in early 2022. Such outbreak caused
significant interruption to our operations as health and governmental authorities imposed quarantine and inspection measures on our contract
carriers or restrict the flow of cargo to and from areas affected by the epidemic. Also reductions in commercial airline and cargo flights,
disruptions to ports and other shipping infrastructure resulting from the pandemic largely increased our costs and transport times to
deliver packages to our customers. The Company&#8217;s profitability was negatively impacted by COVID-19, especially second half of 2022.
The extent to which COVID-19 further impacts the Company's business, results of operations, financial condition and prospects will depend
on the further developments of the pandemic, including new information concerning the global severity of the pandemic and actions to be
taken to contain the pandemic, which are highly uncertain and unpredictable.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SubsequentEventsTextBlock-c0_cont_1" escape="true" name="us-gaap:SubsequentEventsTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>17.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>SUBSEQUENT EVENTS</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:nonNumeric><div>
</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_2" id="_SubsequentEventsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b><span style="text-decoration:underline">Reverse Share Split</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_3" id="_SubsequentEventsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On February 16, 2023, <ix:nonNumeric contextRef="c328" name="us-gaap:StockholdersEquityReverseStockSplit">Jayud implemented
a 1 for 1.25 reverse share split of its ordinary shares under Cayman Islands law (the &#8220;Reverse Share Split&#8221;).</ix:nonNumeric> As a result
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The Reverse Share Split maintained existing shareholders&#8217; percentage ownership interests in Jayud. The Reverse Share Split also
increased the par value of Jayud&#8217;s ordinary shares from $<ix:nonFraction contextRef="c333" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> to $<ix:nonFraction contextRef="c333" decimals="6" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">0.000125</ix:nonFraction> and decreased the number of its authorized shares from
<ix:nonFraction contextRef="c333" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesAuthorized" scale="0" unitRef="shares">500,000,000</ix:nonFraction> to <ix:nonFraction contextRef="c333" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased" scale="0" unitRef="shares">400,000,000</ix:nonFraction>, which are divided into <ix:nonFraction contextRef="c329" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased" scale="0" unitRef="shares">384,000,000</ix:nonFraction> Class A ordinary shares and <ix:nonFraction contextRef="c334" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased" scale="0" unitRef="shares">16,000,000</ix:nonFraction> Class B ordinary shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.25pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_4" id="_SubsequentEventsTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b><span style="text-decoration:underline">Forward Share Split</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_5" id="_SubsequentEventsTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On March 16, 2023, <ix:nonNumeric contextRef="c335" name="jyd:ForwardShareSplitDescription">the Company implemented
a 1 to 1.25 forward share split of its ordinary shares under Cayman Islands Law, or the Forward Share Split.</ix:nonNumeric> As a result of the Forward
Share Split, the total of <ix:nonFraction contextRef="c336" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesReverseStockSplits" scale="0" unitRef="shares">10,872,320</ix:nonFraction> issued and outstanding Class A ordinary shares prior to the Forward Share Split was increased back
to a total of <ix:nonFraction contextRef="c337" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares">13,590,400</ix:nonFraction> issued and outstanding Class A ordinary shares, and the total of <ix:nonFraction contextRef="c335" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesReverseStockSplits" scale="0" unitRef="shares">5,127,680</ix:nonFraction> issued and outstanding Class B ordinary
shares prior to the Forward Share Split was increased back to a total of <ix:nonFraction contextRef="c338" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesStockSplits" scale="0" unitRef="shares">6,409,600</ix:nonFraction> issued and outstanding Class B ordinary shares. The
Forward Share Split maintained existing shareholders&#8217; percentage ownership interests in Jayud. The Forward Share Split also reduced
the par value of Jayud&#8217;s ordinary shares from $<ix:nonFraction contextRef="c339" decimals="6" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">0.000125</ix:nonFraction> back to $<ix:nonFraction contextRef="c339" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction>, and increased the number of authorized shares from <ix:nonFraction contextRef="c339" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesAuthorized" scale="0" unitRef="shares">400,000,000</ix:nonFraction>
back to <ix:nonFraction contextRef="c339" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">500,000,000</ix:nonFraction>, which are divided into <ix:nonFraction contextRef="c337" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">480,000,000</ix:nonFraction> Class A ordinary shares and <ix:nonFraction contextRef="c340" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">20,000,000</ix:nonFraction> Class B ordinary shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 157; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>17.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b><span style="text-decoration:underline">SUBSEQUENT EVENTS</span></b>
(Cont.)</span></td>
</tr></table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_6" id="_SubsequentEventsTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Completion of initial public offering</span></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_7" id="_SubsequentEventsTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">In April 2023, the Company completed
initial public offering and listed its Class A ordinary shares on the Nasdaq Capital Market under the symbol &#8220;JYD.&#8221; The
Company raised approximately US$<ix:nonFraction contextRef="c341" decimals="-4" format="ixt:num-dot-decimal" name="jyd:NetProceeds" scale="6" unitRef="usd">4.86</ix:nonFraction> million in net proceeds at US$ <ix:nonFraction contextRef="c341" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares">4</ix:nonFraction> per share from the issuance of <ix:nonFraction contextRef="c342" decimals="0" format="ixt:num-dot-decimal" name="jyd:IssuanceOfShares" scale="0" unitRef="shares">1,250,000</ix:nonFraction> new Class A ordinary
shares from the initial public offering and <ix:nonFraction contextRef="c343" decimals="0" format="ixt:num-dot-decimal" name="jyd:IssuanceOfShares" scale="0" unitRef="shares">102,223</ix:nonFraction> new Class A ordinary shares from partial exercise of over-allotment option by
its underwriter after deducting underwriting discounts, commissions and expenses. Upon the completion of initial public offering,
the Company has <ix:nonFraction contextRef="c344" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares">21,352,223</ix:nonFraction> ordinary shares outstanding as comprising of (i) <ix:nonFraction contextRef="c345" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">14,942,623</ix:nonFraction> Class&#160;A ordinary shares, and (ii)
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</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_8" id="_SubsequentEventsTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b><span style="text-decoration:underline">Warrant</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_9" id="_SubsequentEventsTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On April 25, 2023, the Company issued
warrants to its underwriter to purchase up to <ix:nonFraction contextRef="c347" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" scale="0" unitRef="shares">37,500</ix:nonFraction> Class A ordinary shares. The warrants have an exercise price of US$<ix:nonFraction contextRef="c348" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares">4.00</ix:nonFraction> per share
and may be exercised on a cashless basis. The warrants are exercisable beginning September 27, 2023 and ending March 31, 2028.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_10" id="_SubsequentEventsTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>Establishment of a new subsidiary</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SubsequentEventsTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On April 25, 2023, we incorporated
Joyed Logistics Service Inc. in State of Georgia as our wholly owned US subsidiary to expend our business in U.S.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>18.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>CONDENSED FINANCIAL INFORMATION
OF THE PARENT COMPANY</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:nonNumeric><div>
</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_2" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Company performed a test on the
restricted net assets of consolidated subsidiary in accordance with U.S. 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_3" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The condensed financial information
of the parent company, Jayud, has been prepared using the same accounting policies as set out in Jayud&#8217;s consolidated financial
statements except that the parent company has used equity method to account for its investment in its subsidiaries.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_4" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Jayud&#8217;s share of income and
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</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_5" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Jayud is incorporated in the Cayman
Islands. Under the current laws of the Cayman Islands, Jayud is not subject to income or capital gains taxes. In addition, dividend payments
are not subject to withholdings tax in the Cayman Islands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_6" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Jayud did not have significant capital
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</div><div>

</div><!-- Field: Page; Sequence: 158; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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OF THE PARENT COMPANY</b> (Cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

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</div><div>

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</b></p></td><td style="text-align: center">&#160;</td></tr>
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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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  <tr style="vertical-align: bottom; ">
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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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total shareholders&#8217; equity</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c349" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="cny">16,887,523</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="margin: 0pt 0; font-size: 10pt"></p></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"></td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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<p style="margin: 0pt 0; font-size: 10pt"></p></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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<p style="margin: 0pt 0; font-size: 10pt"></p></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_9" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_8"><ix:continuation id="_ScheduleOfCondensedBalanceSheetTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: left"><ix:footnote id="ix_24_footnote" xml:lang="en-US">Ordinary shares, additional paid-in capital and share data have
been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)).</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 159; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>JAYUD GLOBAL LOGISTICS LIMITED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-size: 10pt"><b>18.</b></span></td><td style="text-align: left"><span style="font-size: 10pt"><b>CONDENSED FINANCIAL INFORMATION
OF THE PARENT COMPANY</b> (Cont.)</span></td>
</tr></table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_10" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b><i>Condensed statements of comprehensive income</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_11" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="srt:ScheduleOfCondensedIncomeStatementTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Operating income:</td><td>&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"></p></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="margin: 0pt 0; font-size: 10pt"></p></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_12" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><b><i>Condensed statements of cash
flows</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_12"><ix:nonNumeric contextRef="c0" escape="true" name="srt:ScheduleOfCondensedCashFlowStatementTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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<ix:footnote id="ix_6_footnote" xml:lang="en-US">On October 13, 2021, JYD HQ entered into an entrusted loan agreement with Shenzhen Guarantee Group Co. LTD (&#8220;SZ Guarantee&#8221;). SZ Guarantee requested the Shezhen Shangbu Branch of China Construction Bank to grant a one-year maturity loan of total amount of RMB8,000,000 (US$1,148,666) with an interest rate of 3.60%. The loan was guaranteed by JYD SM and shareholders of the Group (Xiaogang Geng and Xiaohua Jia). RMB100,000 was repaid during the year ended December 31, 2021, and the remaining balance of RMB 7,900,000 (USD1,134,308) was fully repaid during the year ended December 31, 2022.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of short-term borrowings-->
<ix:footnote id="ix_7_footnote" xml:lang="en-US">On March 15, 2020, JYD HQ initially entered into a loan agreement with Industrial and Commercial Bank of China in the total amount of RMB3,000,000 (US$430,750) with a half-year term with an interest rate of 4.65%.    The loan is subject to repayment and is eligible for renewal every six month and the newest term was from March 15, 2022 to September 15, 2022  with an updated interest rate of 4.3%. The loan was renewed for another six months in September 2022 and due in March  2023. In March 23, the loan was renewed for another six months to September 2023.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of short-term borrowings-->
<ix:footnote id="ix_8_footnote" xml:lang="en-US">On June 27, 2022, JYD WLKJ entered into a loan agreement with Shenzhen Futian Yinzuo Rural Bank in the total amount of RMB2,000,000 (US$287,167) with an interest rate of 10.51% with one-year term.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of short-term borrowings-->
<ix:footnote id="ix_9_footnote" xml:lang="en-US">On November 14, 2022, JYD HQ entered into a one-year maturity loan agreement with Bank of China Shenzhen Dongbu Branch in the total amount of RMB10,000,000(US$1,435,833) with an interest rate of 4.34%. The loan was guaranteed by Shenzhen SME Financing Guarantee Co., LTD. and shareholders of the Group (Xiaogang Geng and Xiaohua Jia). JYD HQ has repaid RMB200,000(USD28,717) during the year ended December 31, 2022.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of short-term borrowings-->
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
20-F
(Mark One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
December 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
_________
to_________
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:
333-269871
Jayud Global Logistics Limited
(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)
4th Floor
,
Building 4
,
Shatoujiao Free Trade
Zone
Shenyan Road, Yantian District
Shenzhen
,
China
(86) 0755-25595406
(Address of principal executive offices)
Lin Bao, chief financial officer
Telephone:
+86
0755-25595406
Email
address: lin.bao@jayud.com
4th Floor
,
Building 4
,
Shatoujiao Free Trade
Zone
Shenyan Road, Yantian District
Shenzhen
,
China
(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)
Securities registered or to be registered pursuant
to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A ordinary shares, par value US$0.0001 per share
JYD
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, 2022, there were
13,590,400
Class A ordinary
shares and
6,409,600
Class B ordinary shares, par value US$0.0001 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 definition 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
Page
INTRODUCTION
ii
FORWARD-LOOKING INFORMATION
iii
PART I
1
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
1
ITEM 3. KEY INFORMATION
1
ITEM 4. INFORMATION ON THE COMPANY
39
ITEM 4A. UNRESOLVED STAFF COMMENTS
63
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
63
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
82
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
89
ITEM 8. FINANCIAL INFORMATION
90
ITEM 9. THE OFFER AND LISTING
90
ITEM 10. ADDITIONAL INFORMATION
91
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
103
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
103
PART II
104
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
104
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
104
ITEM 15. CONTROLS AND PROCEDURES
104
ITEM 16. [RESERVED]
105
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
105
ITEM 16B. CODE OF ETHICS
105
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
105
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
106
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
106
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
106
ITEM 16G. CORPORATE GOVERNANCE
106
ITEM 16H. MINE SAFETY DISCLOSURE
106
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
106
PART III
107
ITEM 17. FINANCIAL STATEMENTS
107
ITEM 18. FINANCIAL STATEMENTS
107
ITEM 19. EXHIBITS
107
SIGNATURES
108
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
F-1
i
INTRODUCTION
Unless otherwise indicated or the context otherwise
requires, all information in this annual report reflects the following:
●
"CAGR" refers to compound
average growth rate;
●
"China" or the "PRC",
in each case, refers to the People's Republic of China, excluding, for the purpose of this annual report only, Hong Kong, Macau
and Taiwan. The term "Chinese" has a correlative meaning for the purpose of this annual report. When used in the case of
laws and regulations, of "China" or "the PRC", it refers to only such laws and regulations of mainland China;
●
"Class A ordinary shares"
refer to our class A ordinary shares, par value US$0.0001 per share after the Forward Share Split;
●
"Class B ordinary shares"
refer to our class B ordinary shares, par value US$0.0001 per share after the Forward Share Split;
●
"EIT" refers to enterprise
income tax;
●
"Forward Share Split"
refers to a 1 to 1.25 forward share split of our ordinary shares under Cayman Islands law implemented on March 16, 2023;
●
"Hong Kong" refers
to Hong Kong Special Administrative Region in the PRC;
●
"ordinary shares"
or "shares" refer to our Class A ordinary shares and Class B ordinary shares of par value US$0.0001 per share;
●
"R&D" refers to
research and development;
●
"Reverse Share Split"
refers to a 1 for 1.25 reverse share split of our ordinary shares under Cayman Islands law implemented on February 16, 2023;
●
"RMB" and "Renminbi"
refer to the legal currency of mainland China;
●
"SEC" refers to the
Securities and Exchange Commission;
●
"US$" and "U.S.
dollars" refer to the legal currency of the United States;
●
"U.S. GAAP" refers
to generally accepted accounting principles in the United States; and
●
"we," "us,"
"our company," and "our" refer to Jayud Global Logistics Limited, a Cayman Islands company and its subsidiaries.
ii
FORWARD-LOOKING INFORMATION
This annual report contains forward-looking statements
that reflect our current expectations and views of future events. These forward-looking statements are made under the "safe-harbor"
provisions of the U.S. Private Securities Litigation Reform Act of 1995. 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 these forward-looking statements.
You can identify these forward-looking statements
by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "likely to" or other similar expressions. We have based these
forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe
may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include,
but are not limited to:
●
our goals and strategies;
●
our future business development,
financial condition and results of operations;
●
the expected growth of the integrated
logistics industry in China;
●
our expectations regarding demand
for and market acceptance of our products and services;
●
our expectations regarding our
bases of customers;
●
our plans to invest in our products
and services;
●
competition in our industries;
and
●
developments in government policies
and regulations relating to our industry.
We would like to caution you not to place undue
reliance on these forward-looking statements. You should read these statements in conjunction with the risks disclosed in "Item
3. Key Information—D. Risk Factors." Those risks are not exhaustive. We operate in a rapidly evolving environment. New risks
emerge from time to time and it is impossible for our management to predict all risks, nor can we assess the impact of all risks on our
business or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in any forward-looking
statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.
iii
PART I
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
ITEM 3. KEY INFORMATION
Risks Related to Doing Business in China
Jayud Global Logistics Limited is not a Chinese
operating company, but a Cayman Islands holding company with operations mainly conducted by its subsidiaries based in mainland
China.
We face various legal and operational risks and
uncertainties associated with being based in and having the majority of our operations in mainland China and the complex and evolving
mainland China laws and regulations. For example, we face risks associated with the fact that the PRC government has significant authority
in regulating our operations and may influence or intervene in our operations at any time, regulatory approvals on offerings conducted
overseas by, and foreign investment in, China-based issuers, anti-monopoly regulatory actions, and oversight on data security, which may
impact our ability to conduct certain businesses, accept foreign investments, or continue to list on a United States exchange. These risks
could result in a material adverse change in our operations and the value of our shares, significantly limit or hinder our ability to
offer or continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless.
Permissions Required from the PRC Authorities
for Our Operations
We are required to obtain certain licenses,
permits and approvals from relevant governmental authorities in China in order to operate our business. As of December 31, 2022, as advised
by our PRC counsel, PacGate Law Group, we had obtained the licenses, permits and registrations from the PRC government authorities that
are material and necessary for our business operations in China. Given the uncertainties of interpretation and implementation of relevant
laws and regulations and the enforcement practice by relevant government authorities, and the promulgation of new laws and regulations
and amendment to the existing ones, we may be required to obtain additional licenses, permits, registrations, filings or approvals for
our business operations in the future. We cannot assure you that we will be able to obtain, in a timely manner or at all, or maintain
such licenses, permits or approvals, and we may also inadvertently conclude that such permissions or approvals are not required. Any lack
of or failure to maintain requisite approvals, licenses or permits applicable to us may have a material adverse impact on our business,
results of operations, financial condition and prospects and cause the value of any securities we offer to significantly decline or become
worthless. For details, see "— D. Risk Factors — Risks Related to Our Business and Industry— Any lack of requisite
approvals, licenses or permits applicable to our business operation may have a material and adverse impact on our business, financial
condition and results of operations, and any requirement of approvals or permits in connection with our future offering of securities
could cause our operations and financial conditions to be materially adversely affected, our ability to offer securities to investors
to become significantly limited or completely hindered, and the securities being offered to substantially decline in value and become
worthless."
On November 14, 2021, the Cyberspace Administration
of China, or the CAC, issued the Administrative Regulations of Cyber Data Security (Draft for Comments), or the Draft Cyber Data Security
Regulations, which provide that data processors conducting the following activities shall apply for cybersecurity review: (i) merger,
reorganization or spin-off 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. On December 28, 2021, the CAC, together with other relevant administrative
departments, jointly promulgated the Cybersecurity Review Measures which became effective on February 15, 2022. According to the Cybersecurity
Review Measures, critical information infrastructure operators that procure internet products and services are subject to the cybersecurity
review if their activities affect or may affect national security. The Cybersecurity Review Measures further stipulate that an internet
platform operator who possesses personal information of more than one million users shall apply for a cybersecurity review before any
public offering in a foreign country, and the relevant governmental authorities may initiate a cybersecurity review if they consider that
the relevant network products or services or data processing activities affect or may affect national security. As of December 31, 2022,
we had not received any notice that we are a critical information infrastructure operator from any government authority, nor had we received
any request from the CAC to undergo a cybersecurity review in relation to our initial public offering. However, in connection with any
future overseas capital markets activities, we cannot assure you that we will not be required to undergo a cybersecurity review conducted
by the CAC, or meet other regulatory requirements that may be adopted in the future by mainland China authorities. To the extent such
requirements are or become applicable, we cannot assure you that we would be able to comply with them. For more detailed information,
see "— D. Risk Factors — Risks Related to Doing Business in China — We may be liable for improper use or appropriation
of personal information provided directly or indirectly by our customers or end users."
1
On February 17, 2023, the China Securities
Regulatory Commission (the "CSRC") promulgated the Trial Measures of the Overseas Securities Offering and Listing by Domestic
Companies (the "Overseas Listing Trial Measures") and the related guidelines, which became effective on March 31, 2023. The
Overseas Listing Trial Measures has comprehensively improved and reformed the existing regulatory regime for overseas offering and listing
of securities by PRC domestic companies and regulates both direct and indirect overseas offering and listing of securities by PRC domestic
companies by adopting a filing-based regulatory regime. According 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. The CSRC provided further notice related to the Overseas Listing Trial Measures that companies
that have acquired approval from overseas authority or overseas stock exchanges for indirect overseas offering and listing before March
31, 2023 and have completed overseas offering and listing before September 30, 2023, are not required to perform filling procedure. As
advised by our PRC counsel, we are not required to make filing with the CSRC in connection with our initial public offering
and listing on the Nasdaq Capital Market in April 2023. In addition, as of the date of this annual report, we have not received any formal
inquiry, notice, warning, sanction, or regulatory objection from the CSRC with respect to our initial public offering and listing overseas.
However, we could be subject to the filing requirements with the CSRC if we conduct subsequent offerings. See "Item 4. Information
on the Company — Regulations — Regulations Relating to Overseas Listings and M&A Rules."
We cannot assure you that we can complete the
filing procedures, obtain the approvals or complete other compliance procedures in a timely manner, or at all, or that any completion
of filing or approval or other compliance procedures would not be rescinded. Any such failure would subject us to sanctions by the CSRC
or other PRC regulatory authorities. These regulatory authorities may impose restrictions and penalties on the operations in China, significantly
limit or completely hinder our ability to launch any new offering of our securities, limit our ability to pay dividends outside of China,
delay or restrict the repatriation of the proceeds from future capital raising activities into China, or take other actions that could
materially and adversely affect our business, results of operations, financial condition and prospects, as well as the trading price of
our Class A ordinary shares. Furthermore, the PRC government authorities may further strengthen oversight and control over listings and
offerings that are conducted overseas. Any such action may adversely affect our operations and significantly limit or completely hinder
our ability to offer or continue to offer securities to you and cause the value of such securities to significantly decline or be worthless.
For details, see "— D. Risk Factors — Risks Related to Doing Business in China — The approval of and the filing
with the CSRC or other PRC government authorities may be required in connection with our future offshore offerings under PRC law, and,
if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing."
The Holding Foreign Companies Accountable Act
The Holding Foreign Companies Accountable Act
(the "HFCA Act") was enacted on December 18, 2020. Pursuant to the HFCA 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 Class A ordinary
shares from being traded on a national securities exchange or in the over-the-counter trading market in the United States. 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. 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.
Our
auditor prior to December 8, 2022, Friedman LLP, or Friedman, and current auditor, Marcum Asia CPAs LLP ("Marcum Asia"), the
independent registered public accounting firms that issue the audit reports included elsewhere in this annual report, as auditors of companies
that are traded publicly in the United States and firms registered with the PCAOB, have been subject to laws in the United States pursuant
to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Both Friedman and
Marcum Asia have been inspected by the PCAOB on a regular basis, with the last inspection in 2020. Neither Friedman nor Marcum Asia is
subject to the determinations announced by the PCAOB on December 16, 2021. The PCAOB is expected to continue to demand complete access
to inspections and investigations against accounting firms headquartered in mainland China and Hong Kong in the future and states that
it has already made plans to resume regular inspections in early 2023 and beyond. For
this reason, we do not expect to be identified as a Commission-Identified Issuer under the HFCA Act after we file this annual report on
Form 20-F. 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 if we use an accounting firm headquartered in one of these jurisdictions to issue
an audit report on our financial statements filed with the SEC by then, we may 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 HFCA Act, and the value of our Class A ordinary shares may significantly decline or become worthless.
For details, see "— D. Risk Factors — Risks Related to Doing Business in China — The PCAOB had historically been
unable to inspect auditors in mainland China and Hong Kong in relation to their audit work. If the PCAOB determines in the future that
it no longer has full access to inspect and investigate completely accounting firms in these jurisdictions and if we use an accounting
firm headquartered in one of these jurisdictions to issue an audit report by then, our Class A ordinary shares may be prohibited from
trading in the United States under the HFCA Act, and such delisting or the threat of delisting may materially and adversely affect the
value of your investment."
2
Selected Financial Data
The following selected consolidated statements of
income and comprehensive income data for the years ended December 31, 2020, 2021 and 2022, selected consolidated balance sheets
data as of December 31, 2021 and 2022, and selected consolidated cash flows data for the years ended December 31, 2020, 2021 and 2022
have been derived from our audited consolidated financial statements, which are included in this annual report beginning on page F-1.
Our consolidated financial statements
are prepared and presented in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP.
Our historical results are not necessarily indicative of results expected for future periods. You should read this Selected Consolidated
Financial Data section together with our consolidated financial statements and the related notes in conjunction with "Item 5. Operating
and Financial Review and Prospects" included elsewhere in this annual report.
The following table presents our selected consolidated
statements of income and comprehensive income data for the years ended December 31, 2020, 2021 and 2022:
For the Year Ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
Selected Consolidated Statements of income and Comprehensive Income Data:
Revenues
290,332,933
545,593,497
651,991,593
93,615,081
Cost of revenues
(269,306,314
)
(511,092,522
)
(614,605,479
)
(88,247,061
)
Gross profit
21,026,619
34,500,975
37,386,114
5,368,020
Operating expenses:
Selling expenses
(6,272,901
)
(8,956,522
)
(16,032,550
)
(2,302,006
)
General and administrative expenses
(7,043,391
)
(11,275,729
)
(18,555,039
)
(2,664,193
)
Research and development expenses
(1,376,644
)
(1,460,960
)
(2,096,317
)
(300,996
)
Total operating expenses
(14,692,936
)
(21,693,211
)
(36,683,906
)
(5,267,195
)
Operating profit
6,333,683
12,807,764
702,208
100,825
Other income/(expenses):
Other expense, net
(87,504
)
(11,599
)
(205,903
)
(29,564
)
Foreign exchange gain (loss), net
(912,988
)
489,268
4,407,133
632,791
Financial expenses, net
(651,134
)
(1,358,586
)
(943,324
)
(135,446
)
Total other income/(expenses), net
(1,651,626
)
(880,917
)
3,257,906
467,781
Income before income tax expense
4,682,057
11,926,847
3,960,114
568,606
Income tax expenses
(1,634,929
)
(1,703,179
)
(2,582,217
)
(370,763
)
Net income
3,047,128
10,223,668
1,377,897
197,843
Foreign currency translation adjustment, net of tax
11,615
10,158
(200,146
)
(28,738
)
Total comprehensive income
3,058,743
10,233,826
1,177,751
169,105
3
The following table presents our selected consolidated
balance sheets data as of December 31,  2021 and 2022:
As
of December 31,
2021
2022
RMB
RMB
US$
Selected Consolidated Balance Sheet Data:
Cash
40,266,725
27,939,170
4,011,597
Accounts receivable, net
87,545,391
30,913,334
4,438,637
Prepaid expenses and other current assets, net
28,551,387
12,210,990
1,753,294
Operating right-of-use assets, net
6,463,320
31,403,688
4,509,044
Total assets
170,842,238
125,422,314
18,008,544
Short-term borrowings
10,900,000
14,800,000
2,125,032
Accounts payable - third parties
41,901,620
18,147,774
2,605,717
Accounts payable - related parties
60,978,653
7,425,184
1,066,132
Total liabilities
154,071,959
94,524,726
13,572,168
Total shareholder
'
s
    equity
16,770,279
30,897,587
4,436,376
The following table presents our selected consolidated cash flows data
for the years ended December 31, 2020, 2021 and 2022
:
For the Year Ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
Summary Consolidated Cash Flow Data:
Net cash provided by/ (used in) operating activities
15,319,723
4,239,582
(15,231,895
)
(2,187,042
)
Net cash used in investing activities
(155,102
)
(634,871
)
(5,728,754
)
(822,556
)
Net cash provided by financing activities
3,787,938
12,946,160
9,334,311
1,340,250
Effect of foreign exchange rate changes
11,615
10,158
(200,146
)
(28,738
)
Net increase/ (decrease) in cash and cash equivalents and restricted cash
18,964,174
16,561,029
(11,826,484
)
(1,698,086
)
Cash and cash equivalents and restricted cash at beginning of year
4,741,522
23,705,696
40,266,725
5,781,628
Cash and cash equivalents and restricted cash at end of year
23,705,696
40,266,725
28,440,241
4,083,542
A.
[
Reserved
]
B.
Capitalization and Indebtedness
Not applicable.
C.
Reasons for the Offer and Use of Proceeds
Not applicable.
4
D.
Risk Factors
Summary Risk Factors
Our business is subject to numerous risks and
uncertainties, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial
condition, results of operations, cash flows, and prospects. These risks are discussed more fully below and include, but are not limited
to, risks related to:
Risks Related to Our Business and Industry
●
Our business and growth are significantly
affected by the development of international commerce and the e-commerce industry, as well as macroeconomic and other factors that affect
demand for supply chain solutions and logistics services, in China and globally.
●
Trade restrictions could materially
and adversely affect our business, financial condition and results of operations.
●
We face intense competition which
could adversely affect our results of operations and market share.
●
We face risks associated with
the items we deliver and the contents of shipments and inventories handled through our logistics networks, including real or perceived
quality or health issues with the products that are handled through our logistics networks, and risks inherent in the logistics industry,
including personal injury, product damage, and transportation-related incidents.
●
We may be exposed to credit risks
in relation to defaults from customers.
●
Our historical results of operations
and financial performance are not indicative of future performance.
●
If we are unable to collect our
receivables from our existing customers, our results of operations and cash flows could be adversely affected.
●
Our
strategies and expansion plans may require a significant amount of capital, and the actual capital requirements may be different from
what we anticipate. We may seek equity or debt financing to finance all or a portion of such capital expenditures. If we cannot obtain
sufficient capital on acceptable terms, our business, financial condition, and prospects will not be materially adversely affected.
●
Failure to successfully implement
our business strategy, effectively respond to changes in market dynamics and satisfactorily meet customer demand will cause our future
financial results to suffer.
●
We may need additional capital
to pursue business objectives and respond to business opportunities, challenges or unforeseen circumstances, and financing may not be
available on terms acceptable to us, or at all.
●
We may fail to successfully enter
necessary or desirable strategic alliances or make acquisitions or investments, and we may not be able to achieve the anticipated benefits
from these alliances, acquisitions or investments we make.
●
We rely on service providers,
such as air, ocean and ground freight carriers, and if they become financially unstable or have reduced capacity to provide services
because of COVID-19, it may adversely impact our business and operating results.
●
Our business may be affected by
fluctuations in China's road transportation market.
●
Any disruption to the operation
of the warehousing and logistics facilities operated by us or other third-party transportation companies and couriers that facilitate
our logistics services, or to the development of new warehousing and logistics facilities, could have a material adverse effect on our
business, financial condition and results of operations.
●
If we are unable to utilize our
container depots and warehouses effectively, our business and results of operations may be adversely affected.
●
We may be unable to obtain adequate
amount of cargo space to meet our customers' needs.
●
We use third parties in some aspects
of our operations and failure to maintain positive relationships with them could have a material adverse effect on our business, financial
condition and results of operations.
●
If we are unable to manage the
expansion of our logistics infrastructure successfully, our business prospects and results of operations may be materially and adversely
affected.
●
We depend on a limited number
of customers for a significant portion of our revenues and the loss of one or more of these customers could adversely affect our business,
financial condition, and results of operations.
●
If our customers reduce their
expenditure on third-party supply chain solutions and logistics services or increase utilization of their internal solutions, our business
and operating results may be materially and adversely affected.
●
If we fail to cost-efficiently attract new customers to use
our solutions and services, or to maintain relationships with existing customers, our business and results of operations could be adversely
affected.
5
Risks Related to Doing Business in China
●
Change in China's economic,
political or social conditions, laws, regulations or governmental policies could have a material adverse effect on our business, financial
conditions and results of operations.
●
Uncertainties with respect to
the PRC legal system, including uncertainties regarding the interpretation and enforcement of laws, and sudden or unexpected changes
of PRC laws and regulations with little advance notice could adversely affect us and limit the legal protections available to you and
us, and the Chinese government may exert more oversight and control over offerings that are conducted overseas, which changes could materially
hinder our ability to offer or continue to offer our securities, and cause the value of our securities to significantly decline or become
worthless.
●
The Chinese government exerts
substantial oversight and influence over the manner in which we must conduct our business and may intervene or influence our operations
at any time, which actions could impact our operations materially and adversely, and significantly limit or completely hinder our ability
to offer or continue to offer securities to investors and cause the value of our securities to significantly decline or be worthless.
●
The
PCAOB had historically been unable to inspect auditors in mainland China and Hong Kong in relation to their audit work. If the PCAOB
determines in the future that it no longer has full access to inspect and investigate completely accounting firms in these jurisdictions
and if we use an accounting firm headquartered in one of these jurisdictions to issue an audit report by then, our Class A ordinary shares
may be prohibited from trading in the United States under the HFCA Act, and such delisting or the threat of delisting may materially
and adversely affect the value of your investment.
●
The approval of and the filing
with the CSRC or other PRC government authorities may be required in connection with our future offshore offerings under PRC law, and,
if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.
●
We may be liable for improper
use or appropriation of personal information provided directly or indirectly by our customers or end users.
●
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.
●
It may be difficult for overseas
regulators to conduct investigations or collect evidence within China.
●
It may be difficult for overseas
shareholders and/or regulators to conduct investigations or collect evidence within Hong Kong.
●
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.
●
We face uncertainties with respect
to indirect transfer of equity interests in PRC resident enterprises by their non-PRC holding companies.
●
If our preferential tax treatments
are revoked or become unavailable or if the calculation of our tax liability is successfully challenged by the PRC tax authorities, we
may be required to pay tax, interest and penalties in excess of our tax provisions.
●
Failure to make adequate contributions
to various employee benefit plans as required by PRC regulations or comply with laws and regulations on other employment practices may
subject us to penalties.
●
The enforcement of the PRC Labor
Contract Law and other labor-related regulations in the PRC may subject us to penalties or liabilities.
●
The M&A Rules and certain
other PRC regulations may make it more difficult for us to pursue growth through acquisitions.
●
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 addition, any
failure to comply with PRC regulations with respect to registration requirements for offshore financing may subject us to legal or administrative
sanctions.
●
We may be materially adversely
affected if our shareholders and beneficial owners who are PRC entities fail to comply with the PRC overseas investment regulations.
6
Risks Related to the Class A Ordinary Shares
●
The trading price of our Class
A ordinary shares has been and will likely continue to be volatile, which could result in substantial losses to investors.
●
The dual-class structure of our
ordinary shares has the effect of concentrating voting power with our existing shareholders prior to the IPO, which will limit your ability
to influence the outcome of important transactions, including a change in control.
●
The dual-class structure of our
ordinary shares may adversely affect the trading market for our Class A ordinary shares.
●
If securities or industry analysts
do not publish research or reports about our business, or if they adversely change their recommendations regarding our Class A ordinary
shares, the market price for our Class A ordinary shares and trading volume could decline.
●
The sale or availability for sale
of substantial amounts of our Class A ordinary shares could adversely affect their market price.
●
Because we do not expect to pay
dividends in the foreseeable future, you must rely on price appreciation of our Class A ordinary shares for return on your investment.
●
There can be no assurance that
we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could
subject U.S. investors in our Class A ordinary shares to significant adverse U.S. federal income tax consequences.
●
Our memorandum and articles of
association contain anti-takeover provisions that could have a material adverse effect on the rights of holders of our ordinary shares.
●
Our amended and restated memorandum
and articles of association provide that the United States District Court for the Southern District of New York (or, if the Southern
District of New York lacks subject matter jurisdiction over a particular dispute, the state courts of New York County, New York) shall
be the exclusive forum within the United States for the resolution of any complaint asserting a cause of action arising out of or relating
in any way to the federal securities laws of the United States, regardless of whether such legal suit, action, or proceeding also involves
parties other than us. This could limit the ability of holders of our Class A ordinary shares or other securities to obtain a favorable
judicial forum for disputes with us, our directors and officers, and potentially others.
●
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.
●
Certain judgments obtained against
us by our shareholders may not be enforceable.
●
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 United States
domestic public companies.
●
We are an emerging growth company,
and the reduced disclosure requirements applicable to emerging growth companies may make our Class A ordinary shares less attractive
to investors.
7
Risks Related to Our Business and Industry
Our business and growth are significantly affected by the development
of international commerce and the e-commerce industry, as well as macroeconomic and other factors that affect demand for supply
chain solutions and logistics services, in China and globally.
We generate a significant portion of volume of
orders by serving merchants that may conduct business on various e-commerce platforms, which rely on our supply chain solutions
and logistics services to fulfill orders placed by consumers on such platforms. As such, our business and growth are highly dependent
on the viability and prospects of international commerce, as well as the domestic and international e-commerce industry. Any
uncertainties relating to the growth, profitability and regulatory regime of international commerce and/or the e-commerce industry
could have a significant impact on us. The development of international commerce and/or the e-commerce industry is affected
by a number of factors, most of which are beyond our control. These factors include but not limited to:
●
the consumption power and disposable
income of consumers, as well as changes in demographics and consumer tastes and preferences;
●
the potential impact of the COVID-19
and other pandemics on our business operations and the economy in China and elsewhere in the world generally;
●
the growth of broadband and mobile
Internet penetration and usage;
●
the availability, reliability
and security of e-commerce platforms;
●
the selection, price and popularity
of products offered on e-commerce platforms;
●
the emergence of alternative channels
or business models that better suit the needs of consumers;
●
the development of logistics,
payment and other ancillary services associated with international commerce and/or e-commerce; and
●
changes in laws and regulations,
as well as government policies that govern international commerce and/or the e-commerce industry
International commerce and the e-commerce industry
are highly sensitive to the changes of macroeconomic conditions, and people's e-commerce spending tends to decline during
recessionary periods. Many factors beyond our control, including economic recessions, downturns in business cycles, inflation and deflation,
fluctuation of currency exchange rate, volatility of stock and property markets, interest rates, tax rates and other government policies
and changes in unemployment rates, can adversely affect international commerce, consumer confidence and spending behavior on e-commerce platforms,
which could in turn materially and adversely affect our growth and profitability. In addition, unfavorable changes in domestic and international
politics, including military conflicts, political turmoil and social instability, may also adversely affect consumer confidence and spending
behavior, which could in turn negatively impact our growth and profitability.
Further, the supply chain solution industry has
historically experienced cyclical fluctuations in operational and financial performance due to economic recessions, reductions in per
capita disposable income and levels of consumer spending, downturns in the business cycles of customers, interest rate fluctuations and
economic factors beyond our control. During economic downturns, whether in China or globally, reduced overall demand for supply chain
services will likely result in decreased demand for our supply chain solutions and logistics services and exert downward pressures on
our rates and margins. As we provide a significant portion of our supply chain solutions and logistics services for the international
commerce and the e-commerce industry, if the online and offline retail channel integration trend or any other trend required
for the development of international commerce and the e-commerce industry does not develop as we expect, our business prospect
may be adversely affected. In periods of strong economic growth, demand for limited transportation resources can also result in increased
network congestion and operating inefficiencies.
In addition, any deterioration in the economic
environment subjects our business to various risks that may have a material impact on our operating results and future prospects. For
example, the trade dispute between the PRC and the United States and the increase in tariffs that the two states imposed on each other's
imports have contributed to increased market volatility, weakened business and consumer confidence, and diminished expectations for economic
growth around the world. The adverse impact on sellers, cross-border e-commerce, logistics companies and overseas warehouses were most
prominent in the trade war if products sold belonged to the tariff lines, further leading to massive growth in tax costs. Any trade barriers,
legal measures and exchange rate fluctuations may severely affect cross-border business activities or integrated supply chain solution
providers that are highly sensitive to price changes. In such deteriorated economic environment, some of our customers may face difficulties
in paying us, and some may go out of business. These customers may not complete their payments as quickly as they did in the past, if
at all, which may have adverse impact on our working capital. We may not be able to promptly adjust our expenses in response to changing
market demands and it may be more difficult to match our staffing levels to our business needs.
8
Trade restrictions could materially and adversely affect our
business, financial condition and results of operations.
We are an end-to-end supply chain solution
provider, and a substantial portion of our business operations is freight forwarding, particularly international freight forwarding. Our
freight forwarding operations may be affected by trade restrictions implemented by countries or territories in which our customers are
located or in which our customers' products are manufactured or sold. For example, we are subject to risks relating to changes in
trade policies, tariff regulations, embargoes or other trade restrictions adverse to our customers' business. Actions by governments
which result in restrictions on movement of cargo or otherwise could also impede our ability to carry out freight forwarding operations.
In addition, international trade and political issues, tensions, conflicts and wars may cause delays and interruptions to cross-border
transportation and result in limitations on our insurance coverage. If we are unable to transport cargo to and from countries with trade
restrictions in a timely manner or at all, we may face risks related to contract violations and our business, financial condition and
results of operations could be materially and adversely affected.
We face intense competition which could adversely affect our
results of operations and market share.
The industries we operate in are highly competitive
and fragmented. Our extensive supply chain solutions and logistics services encompass a wide range of services, including freight forwarding
services, supply chain management and other value-added services.
As a result, we may compete with a broad range of companies,
such as integrated supply chain solution and service providers, and express and freight delivery service providers. Specifically, there
are multiple existing market players that offer integrated supply chain solutions and logistics services, and there may be new entrants
emerging in each of the markets we operate in, which compete to attract, engage and retain consumers and merchants. These companies may
have greater financial, technological, research and development, marketing, distribution, and other resources than we do. They may also
have longer operating histories, a larger customer base or broader and deeper market coverage. As a result, our competitors may be able
to respond more quickly and effectively to new or evolving opportunities, technologies, standards or user requirements than we do and
may have the ability to initiate or withstand significant regulatory changes and industry evolvement. Furthermore, when we expand into
other markets, we will face competition from new competitors, domestic or foreign, who may also enter markets where we currently operate
or plan to operate.
Any significant increase in competition may have
a material adverse effect on our revenue and profitability as well as on our operations and business prospect. We cannot assure you that
we will be able to continuously distinguish our services from those of our competitors, preserve and improve our relationships with various
participants in the supply chain solution industry, or increase or even maintain our existing market share. We may experience the loss
of market share, and our financial condition and results of operations may deteriorate if we fail to compete effectively.
In addition, many operators in the supply chain
solution industry have consolidated in recent years to create larger enterprises with greater bargaining power, which created greater
competitive pressures on us. If this consolidation trend continues, this industry will be more competitive. New partnerships and strategic
alliances in the supply chain solution industry also can alter market dynamics and adversely impact our businesses and competitive positioning.
If we cannot equip ourselves with necessary resources and skills, we may lose our market share as competition increases. In addition,
our current and potential competitors may also establish cooperative or strategic relationships amongst themselves or with third parties
that may further enhance their resources and offerings. If we are unable to anticipate or react to these competitive challenges, our competitive
position could be undermined, and we could experience a decline in growth which may adversely affect our business, financial condition
and results of operations. Further, certain large retailers or e-commerce platforms may establish or further develop their own
logistics networks leveraging on their established warehousing and delivery capacities in selected areas in order to gain control of the
consumer touchpoint and to create synergies with their businesses. They may also compete with us for qualified delivery personnel and
warehouse staff with competitive remuneration. Any of the above could adversely affect our results of operations and market share.
We face risks associated with the items we deliver and the contents
of shipments and inventories handled through our logistics networks, including real or perceived quality or health issues with the products
that are handled through our logistics networks, and risks inherent in the logistics industry, including personal injury, product damage,
and transportation-related incidents.
We handle a large volume of parcels, cargo and
freights across our logistics network, and face challenges with respect to the protection and examination of these parcels. Parcels in
our network may be delayed, stolen, damaged or lost during delivery for various reasons, and we may be perceived or found liable for such
incidents. In addition, we may fail to screen parcels and detect unsafe, prohibited or restricted items. Unsafe items, such as flammables
and explosives, toxic or corrosive items and radioactive materials, may damage other parcels in our network, harm the personnel and facilities
of us, or even injure the recipients. Furthermore, if we fail to prevent prohibited or restricted items from entering into our network
and if we participate in the transportation and delivery of such items unknowingly, we may be subject to administrative or even criminal
penalties, and if any personal injury or property damage is concurrently caused, we may also be liable for civil compensation.
The delivery of parcels also involves inherent
risks. We constantly have a large number of vehicles and personnel in transportation, and are therefore subject to risks associated with
transportation safety. The insurance maintained by us may not fully cover the liabilities caused by transportation related injuries or
losses. From time to time, the vehicles and personnel of our third-party business partners may be involved in transportation and vehicle
accidents, and the parcels carried by them may be lost or damaged. In addition, frictions or disputes may occasionally arise from the
direct interactions between the pickup and delivery personnel with parcel senders and recipients. Personal injuries or property damages
may arise if such incidents escalate.
Any of the foregoing could disrupt our services,
cause us to incur substantial expenses and divert the time and attention of our management. We may face claims and incur significant liabilities
if found liable or partially liable for any of injuries, damages or losses. Claims against us may exceed the amount of our insurance coverage,
or may not be covered by insurance at all. Any uninsured or underinsured loss could negatively influence our business and financial condition.
Governmental authorities may also impose significant fines on us or require us to adopt costly preventive measures. Furthermore, if our
services are perceived to be insecure or unsafe by our customers, our business volume may be significantly reduced, and our business,
financial condition and results of operations may be materially and adversely affected.
9
We may be exposed to credit risks in relation to defaults
from customers.
Our exposure to credit risk may be influenced
mainly by the individual characteristics of each customer as well as the industry or country in which the customers operate, and may be
concentrated on few number of customers. Although we will monitor our exposure to credit risk on an ongoing basis and make periodic judgment
on impairment of overdue receivables based on the likelihood of collectability, we cannot assure you that all of our customers are creditworthy
and reputable and will not default on payments in the future. If we encounter significant delays or defaults in payment by our customers
or are otherwise unable to recover our accounts receivables, our cash flow, liquidity and financial condition may be materially and adversely
affected.
Our historical results of operations and financial performance
are not indicative of future performance.
We generated revenues of RMB290.3 million, RMB545.6 million and RMB652.0 million (US$93.6 million) and gross profits of RMB21.0 million,
RMB34.5 million and RMB37.4 million (US$5.4 million) in 2020, 2021 and 2022, respectively. Although
our business has grown rapidly, our historical results of operations and financial performance may not be indicative of our future performance.
In addition, we cannot assure you that we can continue to operate under our existing business models successfully. As the market and our
business evolve, we may modify our operations, data and technology, sales and marketing, solutions and services. These changes may not
achieve expected results and may have a material and adverse impact on our results of operations and financial condition. We expect our
expenses to continue to increase in the future as we expand our business. Our expenses may grow faster than our revenue, and our expenses
may be greater than we expected. We cannot assure you that we will be able to achieve similar results or grow at the same speed as we
did in the past or at all. Rather than relying on our historical operating and financial results to evaluate us, you should consider our
business prospects in light of the risks and difficulties we may encounter as a company in its ramp-up stage of development
and operating in emerging and dynamic industries, including, among other factors, our ability to attract and retain customers; our ability
to create value for participants in our ecosystem and increase monetization; our ability to navigate in the evolving regulatory environment;
our ability to provide high-quality and satisfactory services; our ability to build up our reputation and promote our brand; and our ability
to anticipate and adapt to changing market conditions. We may not be able to successfully address these risks and difficulties, which
could significantly harm our business, results of operations and financial condition.
If we are unable to collect our receivables from our existing
customers, our results of operations and cash flows could be adversely affected.
Our business depends on our ability to successfully
collect payment from our customers of the amounts they owe us for our services. As of December 31, 2022, we had accounts receivable recorded
at RMB32.1 million (US$4.6 million), of which RMB1.2 million (US$0.2 million) was allowanced, accounting for approximately 3.7% of
our total accounts receivable. We establish an allowance for doubtful accounts based upon estimates, historical experience and other factors
surrounding the credit risk of specific customers. However, actual losses on customer receivables balance could differ from our anticipation
and as a result we might need to adjust our allowance. There is no guarantee that we will accurately assess the creditworthiness of our
customers. Macroeconomic conditions, including related turmoil in the global financial system, could also result in financial difficulties
for our customers, including limited access to the credit markets, insolvency or bankruptcy, and as a result could cause customers to
delay payments to us, requesting modifications to their payment arrangements that could increase our receivables balance or default on
the payment obligations to us. As a result, an extended delay or default in payment relating to a significant account will have a material
and adverse effect on the aging schedule and turnover days of our accounts receivable. If we are unable to collect our receivables from
our customers, our results of operations and cash flows could be adversely affected.
Our strategies and expansion plans may
require a significant amount of capital, and the actual capital requirements may be different from what we anticipate. We may seek equity
or debt financing to finance all or a portion of such capital expenditures. If we cannot obtain sufficient capital on acceptable terms,
our business, financial condition, and prospects will not be materially adversely affected.
In order to carry out our business strategies
as well as market and network expansion plans, we may require significant capital to, among other things, rent, purchase and maintain
our logistics equipment and infrastructure, including but not limited to warehouses, fleet vehicles, equipment and other fixed assets.
We expect that our level of capital expenditures will be significantly affected by customer demand for our services as well as the prevailing
prices of the certain equipment and infrastructure. The fact that we have a limited operating history means we have limited historical
data on the demand for our services. As a result, our future capital requirements may be uncertain and actual capital requirements may
be different from what we currently anticipate.
We may seek equity or debt financing to finance
all or some of our capital expenditures. Such financing might not be available to us in a timely manner or on terms that are acceptable
to us, or at all. If we cannot obtain sufficient capital on acceptable terms, our business, financial condition, and prospects may be
materially and adversely affected.
Our ability to obtain the necessary financing
to carry out our strategies and expansion plans is subject to a number of factors, including general market conditions and investor acceptance
of our business plans. These factors may make the timing, amount, terms and conditions of such financing unattractive or unavailable to
us. If we are unable to raise sufficient funds, we will have to significantly reduce our spending, delay or cancel our planned activities,
or substantially change our corporate structure. We might not be able to obtain any funding or service any of the debts we incurred, and
we might not have sufficient resources to conduct our business as projected, either of which could mean that we would be forced to curtail
or discontinue our operations. In addition, our future capital needs could require us to issue additional equity or debt securities or
obtain a credit facility. The issuance of additional equity or equity-linked securities could dilute our shareholders.
10
Failure to successfully implement our business strategy, effectively
respond to changes in market dynamics and satisfactorily meet customer demand will cause our future financial results to suffer.
We are making significant investments and other
decisions in connection with our long-term business strategy including our ability to expand the breadth and depth of our solutions and
services and further invest in supply chain technologies. Such initiatives and enhancements may require us to make significant capital
expenditures. Additionally, in developing our business strategy, we make certain assumptions including, but not limited to, those related
to customer demand and preferences, competition landscape and the economy in China and globally. However, the actual market, economic
and other conditions may be different from our assumptions. As the technology, customer behavior and market conditions continue to evolve,
it is important that we maintain the relevance of our brand and service offerings to our customers. If we are not able to successfully
implement our business strategies and effectively respond to changes in market dynamics, our future financial results will suffer. We
have also incurred, and may continue to incur, increased operating expenses in connection with certain changes to our business strategies.
In addition, we make planning and spending decisions,
including capacity expansion, procurement commitments, personnel needs and other resource requirements based on our estimate of customer
demand. In particular, we may potentially experience capacity and resource shortages in fulfilling customer orders during peak season
of e-commerce consumption or following special promotional campaigns on any e-commerce platforms. Failure to meet
customer demand in a timely fashion or at all will adversely affect our competitive position, financial condition and results of operations.
We may need additional capital to pursue business objectives
and respond to business opportunities, challenges or unforeseen circumstances, and financing may not be available on terms acceptable
to us, or at all.
Since inception, we have obtained credit facilities
from commercial banks to support the growth of our business. As we intend to continue to make investments to support the growth of our
business, we may require additional capital to pursue our business objectives and respond to business opportunities, challenges or unforeseen
circumstances, including developing new supply chain solutions and logistics services, expanding our logistics infrastructure, and acquiring
complementary businesses and technologies. Accordingly, we may need to engage in equity or debt financings to secure additional funds.
However, additional funds may not be available when we need them, on terms that are acceptable to us, or at all. Repayment of the indebtedness
may divert a substantial portion of cash flow to repay principal and service interest, which would reduce the funds available for expenses,
capital expenditures, acquisitions and other general corporate purposes; and we may suffer default and foreclosure on our assets if our
operating cash flow is insufficient to fulfill our obligations, which could in turn result in acceleration of obligations to repay the
indebtedness and limit our sources of financing.
Volatility in the credit markets may also have
an adverse effect on our ability to obtain debt financing. If we raise additional funds through further issuances of equity or convertible
debt securities, our existing shareholders could suffer significant dilution, and any new equity securities we issue could have rights,
preferences and privileges superior to those of holders of our ordinary shares. If we are unable to obtain adequate financing or financing
on terms satisfactory to us when we require it, our ability to continue to pursue our business objectives and to respond to business opportunities,
challenges or unforeseen circumstances could be significantly limited, and our business, financial condition, results of operations and
prospects could be adversely affected.
We may fail to successfully enter necessary or desirable strategic
alliances or make acquisitions or investments, and we may not be able to achieve the anticipated benefits from these alliances, acquisitions
or investments we make.
We may evaluate and consider strategic investments
and acquisitions or enter into strategic alliances to develop new services or solutions and enhance our competitive position. Investments
or acquisitions involve numerous risks, including potential failure to achieve the expected benefits of the integration or acquisition;
difficulties in, and the cost of, integrating operations, technologies, services and personnel; potential write-offs of acquired assets
or investments; and downward effect on our operating results. These transactions will also divert the management's time and resources
from our normal course of operations, and we may have to incur unexpected liabilities or expenses. Further, since our inception, we had
entered into strategic alliances with air freight carriers and ocean freight carriers, thus boosting and stabilizing our service capabilities.
We may also in the future enter into strategic alliances with various third parties. Strategic alliances with third parties could subject
us to a number of risks, including risks associated with potential leakage of 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.
In addition, if we do not successfully execute
or effectively operate, integrate, leverage and grow acquired businesses, our financial results and reputation may suffer. Our strategy
for long-term growth, productivity and profitability depends in part on our ability to make prudent strategic investment or acquisition
decisions and to realize the benefits we expect when we make those investments or acquisitions. While we expect our past and future acquisitions
to enhance our value proposition to customers and improve our long-term profitability, there can be no assurance that we will realize
our expectations within the time frame we envisage, if at all, or that we can continue to support the value we allocate to these acquired
businesses, including their goodwill or other intangible assets.
11
We rely on service providers, such as air, ocean and ground freight
carriers, and if they become financially unstable or have reduced capacity to provide services because of pandemics, such as COVID-19, it
may adversely impact our business and operating results.
We depend on services by air, ocean and overland
freight carriers. The quality and profitability of our services depend upon the effective selection and oversight of our service providers.
Pandemics, such as COVID-19 have ever placed significant stress on our air, ocean and freight ground carriers, which may continue
to result in reduced carrier capacity or availability, pricing volatility or more limited carrier transportation schedules which could
adversely impact our operations and financial results. During the pandemic, air carriers have been particularly affected having to cancel
flights due to travel restrictions resulting in dramatic drops in revenues, historical losses and liquidity challenges. Uncertainty over
recovery of demand for passenger air travel, in particular business travel, to pre-pandemic levels means air carriers'
operations and financial stability may be adversely affected long term.
Our business may be affected by fluctuations in China's
road transportation market.
We are sensitive to changes in overall economic
conditions that impact cargo volumes and truck capacity. China's road transportation market historically has experienced cyclical
fluctuations due to economic slowdowns, downturns in business cycles of shippers, volatility in energy price, pandemic and other economic
factors beyond our control. Deterioration in the economic environment subjects our business to various risks, including the following
that may have a material and adverse impact on our operating results and cause us not to achieve growth or profitability:
●
a reduction in overall cargo volumes
reduces our revenue and opportunities for growth; in addition, a decline in the volume of cargo shipped due to a downturn in shippers'
business cycles or other factors generally results in decreases in order pricing, as truckers compete for shipping orders to maintain
truck productivity, which will affect our monetization opportunities;
●
a number of truckers may go out
of business and we may be unable to have sufficient truckers to meet shippers' demand when the market recovers; and
●
We may not be able to appropriately
adjust our expenses to changing platform activities. In order to maintain high variability in our business model, it is necessary to
adjust staffing levels to changing platform activities. In periods of rapid change, it is more difficult to match our staffing levels
to our business needs. In addition, we have other expenses that are fixed for a period of time, and we may not be able to adequately
adjust them in a period of rapid change in platform activities;
Any disruption to the operation of the warehousing and logistics
facilities operated by us or other third-party transportation companies and couriers that facilitate our logistics services, or to the
development of new warehousing and logistics facilities, could have a material adverse effect on our business, financial condition and
results of operations.
As of December 31, 2022, we had two
self-operated warehouses located in Shenzhen of Guangdong province, with an aggregate gross floor area, or GFA, of approximately
14,564 sq. m. As of the same date, we had the rights to use two third-party warehouses located in Yiwu of Zhejiang province and Hong
Kong, with an aggregate GFA of approximately 8,531 sq.m. In May 2022, we, through Shenzhen Jayud Logistics Technology Co., Ltd.,
entered into an agreement to obtain the right to use a brand new warehouse ("Dachan Bay Warehouse") that was located
close to Dachan Bay Terminals, Shenzhen Baoan International Airport and National Highway G4 which connects Beijing, Hong Kong and
Macao, with an aggregate GFA of approximately 11,000 sq.m. Later in August, Shenzhen Jayud Logistics Technology Co., Ltd. assigned
all its rights and obligations under such agreement to Shenzhen Jayud Yuncang Technology Co., Ltd., one of our subsidiaries in
China, by entering into a supplementary agreement. Dachan Bay Warehouse further enhances our capabilities to cover logistics
services in the Southeast Asian market. See "Item 4. Information on the Company—B. Business Overview—Freight
Forwarding Services—Warehousing Services." Natural disasters or other unanticipated catastrophic events, including power
interruptions, water shortage, storms, fires, environmental pollutions, earthquakes, terrorist attacks and wars, as well as changes
in governmental planning for the land underlying these facilities, could destroy any inventory located in these facilities and
significantly impair our business operations. We may not be able to identify suitable replacement warehousing and logistics
facilities that meet our requirements in a timely manner, should any of the foregoing occur.
If we are unable to utilize our container depots and warehouses
effectively, our business and results of operations may be adversely affected.
As part of our end-to-end supply chain
solution, we offer depot and warehousing services to our customers. Our continued growth depends in part on our ability to open and profitably
operate our container depots and warehouses. The actual opening timing of new warehouses and its associated contribution to our growth
are subject to a number of risks and uncertainties, including but not limited to our ability to: (i) obtain adequate funding for
development; (ii) accurately estimate the customer demand in new warehouses; (iii) successfully promote our new warehouses;
and (iv) hire and retain skilled management and employees, especially qualified warehouse managers through our training and promotion,
on commercially reasonable terms. Adverse changes in the economic conditions and any material decline in demand of our container depots
and warehouse may lead to excess capacity. If we are unable to utilize excess warehouse capacity on hand, we may incur losses which could
materially and adversely affect our business, financial condition and results of operations.
We may be unable to obtain adequate amount of cargo space to
meet our customers' needs.
We typically obtained cargo space from carriers
through arrangements under block space agreements and spot agreements. Pursuant to the block space agreements, we may procure cargo space
on specified routes for an agreed freight carriage capacity that the shipping carriers provide and we agree to obtain during the term
of the contract. If we wish to obtain more cargo space than the allocated under the block space agreements, such additional cargo space
will be subject to the latest market price, and there is no guarantee that we will be able to obtain such additional cargo space at all.
Further, since cargo space offered by our suppliers is on a first-come-first-served basis with no formal agreement for guaranteed supply
of cargo space from our suppliers other than those under block space agreements, there is no assurance that we will be able to source
cargo space within our customers' expected timeframe cost-effectively. We cannot guarantee that this will not happen in the future
and if we cannot obtain sufficient cargo space from our suppliers to meet our customers' demand, in particular during peak seasons,
our reputation within the industry could be damaged.
12
We use third parties in some aspects of our operations and failure
to maintain positive relationships with them could have a material adverse effect on our business, financial condition and results of
operations.
We engage independent third parties to supplement
some aspects of our operations and form our integrated logistic service offerings, such as freight transportation and last-mile delivery.
We also depend on third parties to provide transportation services, including fleet and drivers, warehousing equipment, replacement parts,
packaging and certain other materials. Our equipment and transportation service supplier bases are not concentrated and their performance
will impact our overall service quality. In addition, the market for third-party transportation services is fragmented with a large number
of service providers, and it can be difficult to find reliable partners whose performance and reliability meet our standards at the scale
our operations require. Decreased availability or increased costs of key logistics and supply chain services, such as warehousing equipment
and materials, could impact our cost of operations, our profitability, as well as our cash flows. In addition, we may also be exposed
to legal risks and subject to certain liabilities, including administrative fines, if those third parties fail to obtain all necessary
licenses and permits as required.
In addition, we are dependent in part on third
party business partners to report certain events to us, such as delivery information and cargo claims. This partial reliance on third
parties could cause delays in reporting certain events, impacting our ability to recognize revenue and claims in a timely manner. In addition,
we cannot assure you that we will be able to obtain access to preferred third-party service providers at attractive rates or that these
providers will have adequate capacity available to meet the needs of our customers.
We believe that we have good relationships with
our third-party business partners and are generally able to obtain favorable pricing and other terms from such parties. If we fail to
maintain these relationships with our third-party business partners, or if our third-party business partners are unable to provide the
services we need or undergo financial hardship, we could experience difficulty in obtaining the services needed. Subsequently, our business
and operations could be materially and adversely affected. In addition, our inability to maintain positive relationships with these third-party
service providers could significantly limit our ability to serve our customers on competitive terms. If we are unable to secure sufficient
equipment or other transportation or delivery services to meet our commitments to our customers or provide our services on competitive
terms, our customers could shift their business to our competitors or other third-party service providers, temporarily or permanently,
and our operating results could be materially and adversely affected. Our ability to secure sufficient equipment or other transportation
or delivery services to meet our commitments to customers or provide our services on competitive terms is subject to inherent risks, many
of which are beyond our control, including:
●
equipment shortages, particularly
among contracted truckload carriers and railroads;
●
interruptions or stoppages in
transportation services as a result of labor disputes, strikes, network congestion, weather-related issues, wars, or acts of terrorism;
●
changes in regulations that have
adverse impact on transportation;
●
increases in operating expenses
for carriers, such as fuel costs, insurance premiums and licensing expenses, that result in a reduction in available carriers; and
●
changes in transportation rates.
If we are unable to manage the expansion of our logistics infrastructure
successfully, our business prospects and results of operations may be materially and adversely affected.
As of December 31, 2022, we had two
self-operated warehouses located in Shenzhen City of Guangdong province, respectively, with an aggregate GFA of approximately
14,564 sq.m. In addition, as of the same date, we had the rights to use two third-party warehouses located in Yiwu City of Zhejiang
province and Hong Kong, with an aggregate GFA of approximately 8,531 sq.m. In May 2022, we, through Shenzhen Jayud Logistics
Technology Co., Ltd., entered into an agreement to obtain the right to use a brand new warehouse ("Dachan Bay
Warehouse") that was located close to Dachan Bay Terminals, Shenzhen Baoan International Airport and National Highway G4 which
connects Beijing, Hong Kong and Macao, with an aggregate GFA of approximately 11,000 sq.m. Later in August, Shenzhen Jayud Logistics
Technology Co., Ltd. assigned all its rights and obligations under such agreement to Shenzhen Jayud Yuncang Technology Co., Ltd.,
one of our subsidiaries in China, by entering into a supplementary agreement. As of December 31, 2022, we had an operation team of
over 49 personnel who are responsible for delivery, warehouse operations as well as other functions such as customer services. We
plan to establish larger, custom-designed warehouses to increase our storage capacity and to restructure and reorganize our
logistics workflow and processes. We also plan to establish more warehouses in additional counties and districts to further enhance
our service capacity and distribution network. As we continue to add logistics and warehouse capability, our logistics network
becomes increasingly complex and challenging to operate. We cannot assure you that we will be able to set up warehouses or lease
suitable facilities on commercially acceptable terms or at all. Moreover, the order volume in those less developed areas may not be
sufficient to allow us to operate our own delivery network in a cost-efficient manner. We may not be able to recruit a sufficient
number of qualified employees in connection with the expansion of our logistics infrastructure. In addition, the expansion of our
logistics infrastructure may strain our managerial, financial, operational and other resources. If we fail to manage such expansion
successfully, our growth potential, business and results of operations may be materially and adversely affected. Even if we manage
the expansion of our logistics infrastructure successfully, it may not give us the competitive advantage that we expect if improved
logistics services become widely available at reasonable prices to our existing and potential customers, such as large retailers, in
China.
13
We depend on a limited number of customers for a significant
portion of our revenues and the loss of one or more of these customers could adversely affect our business, financial condition, and results
of operations.
Certain of our businesses depend significantly
on a limited number of key customers. For the years ended December 31, 2020, 2021 and 2022, revenues generated from our five largest customers
in terms of contract amount accounted for approximately 59.9%, 35.8%, and 46.1%, respectively. Most of our contracts with these key customers
are generally renewed year-by-year. No other client accounted for more than 10.0% of revenues. Due to the concentration of revenues
from a limited number of customers, if we do not receive the payments expected from any of these key customers, our revenue, financial
condition and results of operations will be negatively impacted. In addition, we cannot assure that any of our customers in the future
will not cease purchasing services or products from us in favor of services or products from our competitors, significantly reduce orders
or seek price reductions in the future, and any such event could have a material adverse effect on our revenue, profitability, and results
of operations.
If our customers reduce their expenditure on third-party supply
chain solutions and logistics services or increase utilization of their internal solutions, our business and operating results may be
materially and adversely affected.
Our growth strategy is partially based on the
assumption that the trend toward outsourcing of supply chain services will continue. Third-party service providers like us are generally
able to provide such services more efficiently than otherwise could be provided "in-house," primarily as a result
of our expertise, technology and lower and more flexible employee cost structure. However, many factors could cause a reversal in the
trend. For example, our customers may see risks in relying on third-party service providers, or they may begin to define these activities
as within their own core competencies and decide to perform supply chain operations themselves. If our customers are able to improve the
cost structure of their in-house supply chain activities, including in particular their labor-related costs, we may not be able
to provide our customers with an attractive alternative for their supply chain needs. If our customers in-source significant
aspects of their supply chain operations, or if potential new customers decide to continue to perform their own supply chain activities,
our business, results of operations and financial condition may be materially adversely affected.
If we fail to cost-efficiently attract new customers to use our
solutions and services, or to maintain relationships with existing customers, our business and results of operations could be adversely
affected.
The success of our business depends in part on
our ability to cost-effectively attract and retain new customers and increase engagement of existing customers by providing additional
solutions and services. For the years ended December 31, 2020, 2021 and 2022, we were successful in increasing our cooperation with
existing customers and retaining new customers, and the total number of customers increased from 535 in 2020 to 1,299 in 2021 and further
to 1879 in 2022. We believe that our selling and marketing efficiency, consistent and reliable services and rapid responses to changing
customer preferences have been critical in promoting awareness of our services, which in turn drive customer growth and engagement. However,
if our promotional activities and marketing strategies do not work efficiently, we cannot maintain our selling and marketing expenses
at a reasonable level.
In addition, if the customers do not perceive
our solutions and services to be timely and reliable, we may not be able to attract and retain customers and increase their use of our
solutions and services. If we fail to cost-effectively retain customers and increase their use of our solutions and services, our business
and results of operations could be adversely and materially affected.
Further, while we currently believe we can achieve
profitability and grow cash flows organically through further penetration of existing customers and by expanding our customer base, we
may not be able to effectively and successfully implement such strategies and realize our stated goals. Our goals may be negatively affected
by a failure to further penetrate our existing customer base, expand our service offerings, pursue new customer opportunities, manage
the operations and expenses of new or growing service offerings or otherwise achieve growth of our service offerings.
Overall tightening of the labor market, increases in labor costs
or any labor unrest may affect our business as we operate in a labor-intensive industry.
Our business requires a considerable number of
personnel. For the years ended December 31, 2020, 2021, and 2022, our labor costs comprised 5.3%, 3.5%, and 3.6% of our total operating
expenses and cost of revenue for the same periods, respectively. Any failure to retain stable and dedicated labor by us may lead to disruptions
to or delays in our services. We sometimes hire additional or temporary workers, in particular logistics and delivery personnel, during
peak periods of e-commerce activities. We have observed an overall tightening labor market. We have experienced, and expect
to continue to experience, increases in labor costs due to increases in salaries, social benefits and employee headcounts and we may also
face seasonal labor shortages. We may compete with other companies for labor, and we may not be able to offer competitive salaries and
benefits compared to what other companies do.
14
Our results of operations are subject to seasonal fluctuations.
We experience seasonality in our business, mainly
correlating to the seasonality patterns associated with the e-commerce and logistics and supply chain industries both in China
and in other countries. We typically experience a seasonal surge in volume of orders during the second and fourth quarters of each year
when major online retail and e-commerce platforms launch special promotional campaigns, for example, June 18 Anniversary
Sale in China and the Black Friday Sale in the United States each year. We may experience capacity and resource shortages in fulfilling
orders during the period of such seasonal surge in our business. On the contrary, activity levels across our business lines are typically
lower around Chinese national holidays, including Chinese New Year in the first quarter of each year, primarily due to weaker consumer
spending, lower user activity levels and decreased availability of delivery personnel and warehouse staff during these holiday seasons.
Our financial condition and results of operations
for future periods may continue to fluctuate, and the trading price of our Class A ordinary shares, may fluctuate from time to time, due
to seasonality.
Fluctuations in the price or availability of fuel, may adversely
affect our results of operations.
We offer transportation services as part of our
supply chain solutions and logistics services, for which we use heavy-duty trucks as the major transportation instrument. Therefore, truck
fuel costs and tolls account for a portion of our cost. We, or our third-party business partners, must purchase large quantities of fuel
to meet the demand of our vehicles, and the price and availability of fuel is subject to political, economic, and market factors that
are outside of our control and can be highly volatile. In the event of significant fuel prices rise, our related costs may arise and our
gross profits may decrease if we are unable to adopt any effective cost control-measures or pass on the incremental costs to our customers
in the form of service surcharges.
Any lack of requisite approvals, licenses or permits applicable
to our business operation may have a material and adverse impact on our business, financial condition and results of operations, and any
requirement of approvals or permits in connection with our future offering of securities could cause our operations and financial conditions
to be materially adversely affected, our ability to offer securities to investors to become significantly limited or completely hindered,
and the securities being offered to substantially decline in value and become worthless.
Our business is subject to certain regulations,
and we are required to hold or complete a number of licenses, permits and filings in connection with our business operation, including,
but not limited to, Road Transportation Operation Permit, Filings of International Freight Forwarding Agencies, Fillings of Non-Vessel Operating
Common Carrier and Fillings of Customs Declaration Entities. Failure to satisfy these requirements may result in penalties to rectify,
fines, or suspension of business for remediation. We hold and complete all material licenses, permits and filings for our current operations
and will apply for certain permits and filings with the government authorities if needed in the future. Please see "Item 4. Information
on the Company—B. Business Overview—Licenses, Permits and Approvals" for more details of licenses and permits we have
obtained and filings we have made. However, we cannot assure you that we can complete such filings in a timely manner, or at all, due
to complex procedural requirements and the expansion of our business.
We, as an end-to-end supply chain solution provider,
conduct a substantial portion of our business operations of freight forwarding, particularly international freight forwarding. According
to the Administrative Provisions on International Freight Forwarders and the implementation rules thereof as well as the Tentative Measures
on Putting on Record of International Freight Forwarding Agencies, all international freight forwarding agencies and their branches shall
be filed with the Ministry of Commerce ("MOC") or the governmental authorities authorized by MOC. Entities engaging in international
freight forwarding operations who do not complete or maintain the filing will be subject to penalties as determined by competent authorities
and any illegal operational activities will be banned. In addition, we, as an end-to-end supply chain solution provider, also provide
our service as a non-vessel operating common carrier ("NVOCC"). Under the Regulations on International Maritime Transport
and its implementation rules, all NVOCC shall complete bill of lading filing formalities with the department responsible for transportation
under the State Council. Entities conducting business as an NVOCC in violation of such filing requirements may be ordered to suspend business
and the illegal gains may be confiscated. If the illegal gains are less than RMB100,000, a fine of between two to five times of their
illegal gains may be imposed. Where there are no illegal gains or the illegal gains are less than RMB100,000, a fine ranging from RMB50,000
to RMB200,000 may be imposed.
Meanwhile, we also conduct international trading
business and provide agent services related to export and import business, including application for duty-refund and customs brokerage
services. According to the Customs Law of the People's Republic of China and the Administrative Provisions of the Customs of the
People's Republic of China on Record-filing of Customs Declaration Entities, enterprises conducting customs declaration business
shall file a record with the Customs in accordance with laws. Implementing Regulations of the Customs of the People's Republic of
China on Administrative Penalties provides that, in case anyone undertakes customs declaration business without completing filing with
the Customs, including the fillings of customs declaration entities, it shall be prohibited from conducting relevant business activities,
the illegal gains shall be confiscated, and a fine of less than RMB100,000 may be imposed. Before December 30, 2022, the then-effective
Foreign Trade Law and the Measures for the Record-Filing and Registration of Foreign Trade Business Operators require a foreign trade
business operator who engages in the import or export of goods or technologies to go through the record registration formalities with
the MOC or its entrusted agency. In case a foreign trade business operator fails to complete the said record registration formalities,
the Customs shall not process the formalities for import or export declaration and release. On December 30, 2022, the Foreign Trade Law
of the PRC was amended, and foreign trade operators were no longer required to go through the record registration formalities.
We are also engaged in the business of road transportation
in support of and concurrently with our main business mentioned above. Road Transport Regulation of the PRC requires that entities apply
for engaging in the freight transport business operations shall apply for a road transport business operation permit, and further sets
out that entities engaging in the road transport business operations without possessing a road transport business operation permit will
be subject to an order to stop business operation and confiscation of any illegal gains, and shall be fined two to ten times of the amount
of the illegal gains, and, if it has not obtained any illegal gains or the amount of illegal gains is less than RMB20,000, a fine ranging
from RMB30,000 to RMB100,000 shall be imposed.
15
The information contained in the licenses, permits,
records or filings that we possessed may not be updated in a timely manner due to changes in any registered information of the applicable
PRC subsidiaries, such as their domicile address, registered capital and type of entity, and we will apply for these changes of registration
as required. However, we cannot guarantee that we will complete such change of registration in time or at all and any failure to complete
the change of registration in a timely manner may result in fines and penalties.
New laws and regulations may be enforced from
time to time to require additional licenses and permits other than those we currently have or provide additional requirements on the operation
of our business. If we do not receive, complete or maintain necessary approvals or filings, or we inadvertently conclude that such approvals
or filings are not required, or there is a change in the applicable laws, regulations, or interpretations such that we need to make filings
or obtain approvals in the future, we may be subject to (i) investigations by competent regulatory authorities, (ii) fines or
penalties, (iii) orders to suspend our operations and to rectify any non-compliance, or (iv) prohibitions from engaging in relevant
businesses and even securities offerings. These risks could result in material adverse changes in our operations, significantly limit
or completely hinder our ability to offer or continue to offer securities to investors, or cause such securities to significantly decline
in value or become worthless.
If it is determined that any approval, filing
or other administrative procedure from other PRC governmental authorities is required for any future offering or listing, we cannot assure
that we can obtain the required approval or accomplish the required filings or other regulatory procedures in a timely manner, or at all.
Any such failure would subject us to sanctions by the CSRC or other PRC regulatory authorities. These regulatory authorities may impose
restrictions and penalties on the operations in China, significantly limit or completely hinder our ability to launch any new offering
of our securities, limit our ability to pay dividends outside of China, delay or restrict the repatriation of the proceeds from future
capital raising activities into China, or take other actions that could materially and adversely affect our business, results of operations,
financial condition and prospects, as well as the trading price of our ordinary shares. Furthermore, the PRC government authorities may
further strengthen oversight and control over listings and offerings that are conducted overseas. Any such action may adversely affect
our operations and significantly limit or completely hinder our ability to offer or continue to offer securities to you and cause the
value of such securities to significantly decline or be worthless.
We have been closely monitoring regulatory developments
in China regarding any necessary approvals from the CSRC or other PRC governmental authorities required for overseas listings. As of the
date of this annual report, we have not received any inquiry, notice, warning, sanctions or regulatory objection to our listing status
from the CSRC or other PRC governmental authorities. However, there remains significant uncertainty as to the enactment, interpretation
and implementation of regulatory requirements related to overseas securities offerings and other capital markets activities. If it is
determined in the future that the approval of any PRC regulatory authority is required, we may face sanctions by such regulatory authorities.
These regulatory authorities may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of
China, limit our operations in China, delay or restrict the repatriation of the proceeds into China or take other actions that could have
a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our
securities. Consequently, if you engage in market trading or other activities in anticipation of and prior to settlement and delivery,
you do so at the risk that settlement and delivery may not occur. In addition, if the regulatory PRC agencies later promulgate new rules
requiring that we obtain their approvals for the previous offering, 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 and/or negative publicity regarding such an approval
requirement could have a material adverse effect on the trading price of our securities.
The PRC government may take actions to exert
more oversight and control over offerings by China based issuers conducted overseas and/or foreign investment in such companies, which
could significantly limit or completely hinder our ability to offer or continue to offer securities to investors outside China and cause
the value of our securities to significantly decline or become worthless. See "—Uncertainties with respect to the PRC legal
system, including uncertainties regarding the interpretation and enforcement of laws, and sudden or unexpected changes of PRC laws and
regulations with little advance notice could adversely affect us and limit the legal protections available to you and us, and the Chinese
government may exert more oversight and control over offerings that are conducted overseas, which changes could materially hinder our
ability to offer or continue to offer our securities, and cause the value of our securities to significantly decline or become worthless"
on page 22 and "The approval of and the filing with the CSRC or other PRC government authorities may be required in connection with
our future offshore offerings under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such
approval or complete such filing" on page 24.
The COVID-19 pandemic has, and will likely continue
to, negatively impact the global economy and disrupt normal business activity, which may have an adverse effect on our results of operations.
The global spread of COVID-19 and the
efforts to control it have slowed global economic activity and disrupted, and reduced the efficiency of, normal business activities in
much of the world. The pandemic has resulted in authorities around the world implementing numerous unprecedented measures such as travel
restrictions, quarantines, shelter in place orders, and factory and office shutdowns. These measures have impacted and will likely continue
to impact our workforce and operations, and those of our customers and suppliers.
In particular, we have experienced some disruption
to our supply chain during the Chinese government mandated lockdown. For instance, from April to May 2022, Shanghai was shut down and
all the businesses in Shanghai were closed due to the COVID-19 Omicron variant. While all our major suppliers were fully operational as
of December 31, 2022, any future disruption in their operations would impact our ability to manufacture and deliver our products to customers.
In addition, reductions in commercial airline and cargo flights, disruptions to ports and other shipping infrastructure resulting from
the pandemic are resulting in increased transport times to deliver packages to our customers.
In response to governmental directives and recommended
safety measures, we have implemented personal safety measures at all our facilities. However, these measures may not be sufficient to
mitigate the risk of infection by COVID-19. If a significant number of our employees, or employees and third parties performing
key functions, including our chief executive officer and members of our board of directors, become ill, our business may be further adversely
impacted.
16
In the longer-term, the COVID-19 pandemic
is likely to adversely affect the economies and financial markets of many countries, and could result in a global economic downturn and
a recession. Although China began to modify its zero-COVID policy in late 2022, and most of the travel restrictions and quarantine requirements
were lifted in December 2022, there remains uncertainty as to the future impact of the virus, especially in light of this change in policy.
Future lockdowns or other restrictive measures that may be imposed, especially those imposed in major cities where we have a significant
presence, may have a material impact on our services and our customers, which may, in turn negatively impact our results of operations.
The Russia-Ukrainian War has, and will likely continue to, negatively
impact the global economy and disrupt international trade and oil price, which may have an adverse effect on our results of operations.
The conflict between Russia and Ukraine, which
commenced in February 2022, has disrupted supply chains and caused instability and significant volatility in the energy markets and the
global economy. Much uncertainty remains regarding the global impact of the conflict in Ukraine, and it is possible that such instability,
uncertainty and resulting volatility could significantly increase our costs and adversely affect our business, including our ability to
obtain oil and other energy resources, and as a result, adversely affect our business, financial condition, results of operation and cash
flows.
As a result of the conflict between Russia and
Ukraine, Switzerland, the US, the EU, the UK and others have announced unprecedented levels of sanctions and other measures against Russia
and certain Russian entities and nationals. Such sanctions against Russia may adversely affect our business, financial condition, results
of operation and cash flows. For example, apart from the immediate commercial disruptions caused in the conflict zone, escalating tensions
among the two countries and fears of potential shortages in the supply of Russian crude have caused the price of oil to trade above $100
per barrel as of March 18, 2022. The consequent rise of fuel prices may increase our costs and reduce our profits. See "—Fluctuations
in the price or availability of fuel, may adversely affect our results of operations" for more details. In addition, the China-Europe
Railway Express, which we originally relied on as a major means of overland transportation between China and Europe, was at risk because
most of its routes pass through Russia. The ongoing conflict could result in the imposition of further economic sanctions against Russia,
with uncertain impacts on the logistics market and the world economy. While we do not have any Ukrainian or Russian crew, our shipping
routes currently do not cross the Black Sea and we otherwise conduct zero operations in Russia and Ukraine, it is possible that the conflict
in Ukraine, including any increased shipping costs, disruptions of global shipping routes, any impact on the global supply chain and any
impact on current or potential customers caused by the events in Russia and Ukraine, could adversely affect our operations or financial
performance.
Any failure to maintain the satisfactory performance of our technology
systems and resulting interruptions in the availability of our websites, applications, or services could adversely affect our business,
results of operations and prospects.
The satisfactory performance, reliability and
availability of our technology platform are critical to our success. We have developed a technology platform that enables us to deliver
supply chain solutions and logistics services with simplicity, convenience, speed and reliability. These integrated systems support the
smooth performance of certain key functions of our business. However, our technology platform or infrastructure may not function properly
at all times. We may be unable to monitor and ensure high-quality maintenance and upgrade of our technology platform and infrastructure,
and our customers may experience service outages and delays in accessing and using our platforms as we seek to source additional capacity.
In addition, we may experience surges in online traffic and orders associated with promotional activities as we scale, which can put additional
demand on our platform at specific times. Any disruption to our technology platform and causing interruptions to our website, applications,
platform or services could adversely affect our business and results of operations.
Our technology systems may also experience telecommunications
failures, computer viruses, failures during the process of upgrading or replacing software, databases or components, power outages, hardware
failures, user errors, or other attempts to harm our technology systems, which may result in the unavailability or slowdown of our technology
platform or certain functions, delays or errors in transaction processing, loss of data, inability to accept and fulfill orders, reduced
gross merchandise volume and the attractiveness of our technology platform. Further, hackers, acting individually or in coordinated groups,
may also launch distributed denial of service attacks or other coordinated attacks that may cause service outages or other interruptions
in our business. Any of such occurrences could cause severe disruption to our daily operations. If we cannot successfully execute system
maintenance and repair, our business and results of operations could be adversely affected and we could be subject to liability claims.
If we fail to keep up with the technological developments and
implementation of advanced technologies, our business, results of operations and prospects may be materially and adversely affected.
We apply technology to serve our clients more
efficiently and bring them better user experience. Our success will in part depends on our ability to keep up with the changes in technology
and the continued successful implementation of advanced technology, including 5G, cloud computing, distributed architecture and big data
analytics. If we fail to adapt our platform and services to changes in technological development in an effective and timely manner, our
business operations may suffer. Changes in technologies may require substantial expenditures in research and development as well as in
modification of our services. Technical hurdles in implementing technological advances may result in our services becoming less attractive
to clients, which, in turn, may materially and adversely affect our business, results of operations and prospects.
17
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 (which we have ownership or legal rights
to use) 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 arrangements with our employees and others, to protect our proprietary
rights. 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 our patent applications will be approved, that any issued patents will adequately protect our intellectual property, or that such
patents will not be challenged by third parties or found by a judicial authority to be invalid or unenforceable. Further, 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 on reasonable terms, or at all.
It is often difficult to register, maintain and
enforce intellectual property rights in China. Statutory laws and regulations are subject to judicial interpretation and enforcement and
may not be applied consistently due to the lack of clear guidance on statutory interpretation. Confidentiality, invention assignment and non-compete agreements
may be breached by counterparties, and there may not be adequate remedies available to us for any such breach. Accordingly, we may not
be able to effectively protect 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 cannot assure you 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 solutions
or services, the solutions or services provided by third-party merchants on our marketplace, or other aspects of our business. There could
also be existing patents of which we are not aware that our solutions or services may inadvertently infringe. We cannot assure you that
holders of patents purportedly relating to some aspects 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. 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 solutions and services. Companies that incorporate open
source software into their solutions 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 may 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.
Our business depends on the continued efforts of our senior management,
particularly Mr. Geng. If Mr. Geng, or one or more other of our key executives and employees, were unable or unwilling to continue
in their present positions, our business may be severely disrupted.
Our business operations depend on the continuing
services of our senior management, particularly Mr. Geng, our chairman and chief executive officer, and our other executive officers
named in this annual report. While we have provided different incentives to our management, we cannot assure you that we can continue
to retain their services. If one or more of our key executives were unable or unwilling to continue in their present positions, we may
not be able to replace them easily or at all, our future growth may be constrained, our business may be severely disrupted and our financial
condition and results of operations may be materially and adversely affected, and we may incur additional expenses to recruit, train and
retain qualified personnel. In addition, although we have entered into confidentiality and non-competition agreements with our
key executives of our subsidiaries in China, there is no assurance that any member of our management team will not join our competitors
or form a competing business. Moreover, it is possible that our key employees, upon their departure, will join our competitors or start
their own competing businesses, and may solicit certain of our current customers, which may adversely affect our business, financial results
and daily operations. If any dispute arises between us and our current or former officers, we may have to incur substantial costs and
expenses in order to enforce such agreements in China or we may be unable to enforce them at all.
Our executive officers have no prior experience in operating
a U.S. public company, and their inability to operate the public company aspects of our business could harm us.
Our executive officers have no experience in
operating a U.S. public company, which makes our ability to comply with applicable laws, rules and regulations uncertain. Our failure
to comply with all laws, rules and regulations applicable to U.S. public companies could subject us or our management to regulatory scrutiny
or sanction, which could harm our reputation and share price.
18
Any damage to the reputation and recognition of our brand names,
including negative publicity against us, our solutions and services, operations and our directors, senior management and business partners
may materially and adversely affect our business operations and prospects.
We believe our brand image and corporate reputation
will play an increasingly important role in enhancing our competitiveness and maintaining business growth. Many factors, some of which
are beyond our control, may negatively impact our brand image and corporate reputation if not properly managed. These factors include
our ability to provide superior solutions and services to our customers, successfully conduct marketing and promotional activities, manage
relationship with and among our customers and business partners, and manage complaints and events of negative publicity, maintain positive
perception of our Company, our peers and logistics industry in general. Any actual or perceived deterioration of our service quality,
which is based on an array of factors including customer satisfaction, rate of complaint or rate of accident, could subject us to damages
such as loss of important customers. Any negative publicity against us, our solutions and services, operations, directors, senior management,
employees, business partners or our peers could adversely affect customer perception of our brand, cause damages to our corporate reputation
and result in decreased demand for our solutions and services. If we are unable to promote our brand image and protect our corporate reputation,
we may not be able to maintain and grow our customer base, and our business and growth prospects may be adversely affected.
We are subject to anti-corruption, anti-bribery, anti-money laundering,
financial and economic sanctions and similar laws, and non-compliance with such laws can subject us to administrative, civil
and criminal fines and penalties, collateral consequences, remedial measures and legal expenses, all of which could adversely affect our
business, results of operations, financial condition and reputation.
We are subject to anti-corruption, anti-bribery,
anti-money laundering, financial and economic sanctions and similar laws and regulations in various jurisdictions in which we conduct
activities, including the U.S. Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations. The FCPA prohibits
us and our officers, directors, employees and business partners acting on our behalf, including agents, from corruptly offering, promising,
authorizing or providing anything of value to a "foreign official" for the purposes of influencing official decisions or obtaining
or retaining business or otherwise obtaining favorable treatment. The FCPA also requires companies to make and keep books, records and
accounts that accurately reflect transactions and dispositions of assets and to maintain a system of adequate internal accounting controls.
We have direct or indirect interactions with
officials and employees of government agencies and state-owned affiliated entities in the ordinary course of business. We have also entered
into joint ventures and/or other business partnerships with government agencies and state-owned or affiliated entities. These interactions
subject us to an increased level of compliance- related concerns. We are in the process of implementing policies and procedures designed
to ensure compliance by us and our directors, officers, employees, representatives, consultants, agents and business partners with applicable
anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws and regulations. However, our
policies and procedures may not be sufficient and our directors, officers, employees, representatives, consultants, agents, and business
partners could engage in improper conduct for which we may be held responsible.
Non-compliance with anti-corruption, anti-bribery,
anti-money laundering or financial and economic sanctions laws could subject us to whistleblower complaints, adverse media coverage, investigations,
and severe administrative, civil and criminal sanctions, collateral consequences, remedial measures and legal expenses, all of which could
materially and adversely affect our business, results of operations, financial condition and reputation. In addition, changes in economic
sanctions laws in the future could adversely impact our business and investments in our shares.
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 our founder, Chairman and chief executive officer, Mr. Xiaogang Geng, beneficially owns 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 on, 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. As a result, you may not have the same protection afforded to
shareholders of companies that are subject to these corporate governance requirements.
We are subject to changing laws, rules and regulations in the
U.S. regarding regulatory matters, corporate governance and public disclosure that will increase both our costs and the risks associated
with non-compliance.
We are subject to rules and regulations by various
governing bodies and self-regulatory organizations, including, for example, the SEC and The Nasdaq Stock Market, which are charged with
the protection of investors and the oversight of companies whose securities are publicly traded, 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.
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If we fail to implement and maintain an effective system of internal
controls, 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 shares may be materially and adversely affected.
We are a public company in the United States subject
to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002 requires that we include a report of management
on our internal control over financial reporting in our annual report on Form 20-F. Our management may conclude that our internal control
over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting
is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that
is qualified 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 relevant requirements differently from us. In addition, our reporting obligations as a public company
may place a significant strain on our management, operational and financial resources and systems for the foreseeable future. We may be
unable to timely complete our evaluation testing and any required remediation. Our independent registered public accounting firm has not
conducted an audit of our internal control over financial reporting. In the course of management's preparation and our independent
registered public accounting firm's auditing our consolidated financial statements for the year ended December 31, 2022, we
and our independent registered public accounting firm identified three material weaknesses in our internal control over financial reporting.
As defined in standards established by the Public Company Accounting Oversight Board ("PCAOB"), a "material weakness"
is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The material
weakness identified relates to (i) the lack of formal internal control policies and internal independent supervision functions to establish
formal risk assessment process and internal control framework; (ii) the lack of sufficient accounting staff and resources with appropriate
knowledge of generally accepted U.S. GAAP and SEC reporting and compliance requirements to design and implement formal period-end financial
reporting policies and procedures to address complex U.S. GAAP technical accounting issue in accordance with U.S. GAAP and the SEC requirements;
and (iii) information technology general control in the areas of: (a) risk and vulnerability assessment and management; (b) third-party
(service organization) vendor management; (c) system change management; (d) backup and recovery management; (e) access to systems and
data; (f) segregation of duties, privileged access, and monitoring; (g) password management.
In response to the above-mentioned material
weaknesses (i) and (ii) identified, we implemented a number of measures to address the material weakness identified, including but
not limited to recruitment of a chief financial officer with appropriate knowledge and experience in U.S. GAAP accounting and SEC
reporting; and establishing of an audit committee. In addition, we are in the process of implementing a number of measures to
address the material weakness identified, including but not limited to (i) hiring additional qualified accounting and financial
personnel with appropriate knowledge and experience in U.S. GAAP accounting and SEC reporting; and (ii) organizing regular
training for our accounting staffs, especially training related to U.S. GAAP and SEC reporting requirements. We also plan to adopt
additional measures to improve our internal control over financial reporting, including, among others, creating U.S. GAAP accounting
policies and procedures manual, which will be maintained, reviewed and updated, on a regular basis, to the latest US GAAP
accounting standards, and strengthening corporate governance. For IT related weakness, we will (1) enhance our data backup
procedures and computer operations monitoring; (2) enhance user account management and enhance segregation of duties; and (3)
enhance risk assessment procedures and system controls. For details, see "Item 15. Controls and Procedures—Changes in
Internal Control over Financial Reporting." However, we cannot assure you that we will not identify additional material
weaknesses or significant deficiencies in the future. In addition, if we are unable to meet the requirements of Section 404 of
the Sarbanes-Oxley Act, our Class A ordinary shares may not be able to remain listed on the Nasdaq Capital Market.
Section 404 of the Sarbanes-Oxley Act of
2002 requires that we include a report of management on our internal control over financial reporting in our annual report beginning with our second annual report on Form 20-F. In addition, once we cease to be an "emerging growth
company" as such term is defined under the JOBS Act, our independent registered public accounting firm must attest to and report
on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal control over financial
reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective,
our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified
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 relevant requirements differently from us. In addition, as we are a public company, our reporting obligations may
place a significant strain on our management, operational and financial resources and systems for the foreseeable future. We may be unable
to timely complete our evaluation testing and any required remediation.
20
During the course of documenting and testing
our internal control procedures, in order to satisfy the requirements of Section 404 of the Sarbanes- Oxley Act of 2002, we may identify
other weaknesses and deficiencies in our internal control over financial reporting. In addition, if we fail to maintain the adequacy of
our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may not
be able to conclude on an ongoing basis that we have effective internal control over financial reporting. If we fail to achieve and maintain
an effective internal control environment, we could suffer material misstatements in our financial statements and fail to meet our reporting
obligations, which would likely cause investors to lose confidence in our reported financial information. This could in turn limit our
access to capital markets, harm our results of operations and lead to a decline in the trading price of our shares. Additionally, ineffective
internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential
delisting from the stock exchange on which we list, regulatory investigations and civil or criminal sanctions. We may also be required
to restate our financial statements from prior periods.
Our insurance coverage may not be adequate, which could expose
us to significant costs and business disruptions.
We have obtained or caused relevant counterparties
to obtain insurance to cover certain potential risks and liabilities. We provide social security insurance, including pension insurance,
unemployment insurance, work-related injury insurance, maternity insurance and medical insurance for our employees. Additionally, we provide
group accident insurance for all delivery personnel we employed and some drivers we cooperated with. Further, we have purchased compulsory
motor vehicle liability insurance, as well as commercial insurance for self-operated vehicles. In addition, we also purchase logistics
liability insurance, property insurance covering warehouses and parcels, and some other liability insurance as needed. However, we do
not maintain product liability insurance or key-man insurance. There can be no assurance 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 policies 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.
Natural disasters, epidemics, acts of war, terrorist attacks
and other events could materially and adversely affect our business.
Natural disasters (such as typhoons, flooding
and earthquakes), epidemics, acts of war, terrorist attacks and other events, many of which are beyond our control, may lead to global
or regional economic instability, which may in turn materially and adversely affect our business, financial condition and results of operations.
An outbreak or epidemic, such as those of the severe acute respiratory syndrome ("SARS"), the H1N1 and H5N1, and the COVID-19 viruses,
could cause general consumption or the demand for specific products to decline, which could result in reduced demand for our services.
Such an outbreak or epidemic may also cause significant interruption to our operations as health or governmental authorities may impose
quarantine and inspection measures on our contract carriers or restrict the flow of cargo to and from areas affected by the epidemic.
In addition, airplanes, shipping vessels and other transportation vehicles can be targets of terrorist attacks, which could lead to, among
other things, increased insurance and security costs. Political tensions or conflicts and acts of war, such as the conflicts in Ukraine,
or the potential for war could also cause damage and disruption to our business, which could materially and adversely affect our business,
financial condition and results of operations.
We may be subject to potential liability in connection with pending
or threatened legal proceedings and other matters, which could adversely affect our business or financial results
From time to time, we have become and may in
the future become a party to various legal or administrative proceedings arising in the ordinary course of our business in China. We may
also be subject to potential liability in connection with pending or threatened legal proceedings arising from breach of contract claims,
anti-competition claims and other matters. These proceedings, investigations, claims and complaints could be initiated or asserted under
or on the basis of a variety of laws in different jurisdictions, including data protection and privacy laws, trucker or consumer protection
laws, labor and employment laws, anti-monopoly or competition laws, transportation laws, advertising laws, intellectual property laws,
securities laws, tort laws, contract laws and property laws. There is no guarantee that we will be successful in defending ourselves in
legal and administrative actions or in asserting our rights under various laws. If we fail to defend ourselves in these actions, we may
be subject to restrictions, fines or penalties that will materially and adversely affect our operations. Even if we are successful in
our attempt to defend ourselves in legal and regulatory actions or to assert our rights under various laws and regulations, the process
of communicating with relevant regulators, defending ourselves and enforcing our rights against the various parties involved may be expensive
and time-consuming. These actions could expose us to negative publicity, substantial monetary damages and legal defense costs, injunctive
relief and criminal and civil fines and penalties, including but not limited to suspension or revocation of licenses to conduct business.
21
Risks Related to Doing Business in China
Change in China's economic, political or social conditions,
laws, regulations or governmental policies could have a material adverse effect on our business, financial conditions and results of operations.
Substantially all of our revenues are sourced
from China. Accordingly, our results of operations, financial condition and prospects are influenced by economic, political and legal
developments in China. Economic reforms begun in the late 1970s have resulted in significant economic growth. However, any economic reform
policies or measures in China may from time to time be modified or revised. China's economy differs from the economies of most developed
countries in many respects, including with respect to the amount of government involvement, level of development, growth rate, control
of foreign exchange and allocation of resources. Although the Chinese government has implemented measures emphasizing the utilization
of market forces for economic reform, the reduction of state ownership of productive assets and the establishment of improved corporate
governance in business enterprises, a substantial portion of productive assets in China is still owned by the government. In addition,
the Chinese government continues to play a significant role in regulating industry development by imposing industrial policies. The Chinese
government also exercises significant control over China's economic growth through allocating resources, controlling payment of
foreign currency-denominated obligations, setting monetary policy, and providing preferential treatment to particular industries or companies.
While the PRC economy has experienced significant
growth in the past 30 years, growth has been uneven across different regions and among different economic sectors. The Chinese government
has implemented measures to encourage economic growth and guide the allocation of the 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 government control over capital investments or changes in tax regulations.
Although the PRC economy has grown significantly
in the past decade, that growth may not continue, as evidenced by the slowing of the growth of the PRC economy since 2012. Any adverse
changes in economic conditions in China, in the policies of the Chinese government or in the laws and regulations in China could have
a material adverse effect on a specific industry including our operating companies in China. Such developments could adversely affect
our business and operating results, lead to reduction in demand for our services and adversely affect our competitive position.
Uncertainties with respect to the PRC legal system, including
uncertainties regarding the interpretation and enforcement of laws, and sudden or unexpected changes of PRC laws and regulations with
little advance notice could adversely affect us and limit the legal protections available to you and us, and the Chinese government may
exert more oversight and control over offerings that are conducted overseas, which changes could materially hinder our ability to offer
or continue to offer our securities, and cause the value of our securities to significantly decline or become worthless.
Our operating subsidiaries are incorporated under
and governed by the laws of the PRC. The PRC legal system is a civil law system based on written statutes. Unlike the common law system,
prior court decisions may be cited for reference but have limited precedential value.
In 1979, the PRC government began to promulgate
a comprehensive system of laws and regulations governing economic matters in general, such as foreign investment, corporate organization
and governance, commerce, taxation and trade. As a significant part of our business is conducted in China, our operations are principally
governed by PRC laws and regulations. However, since the PRC legal system continues to evolve rapidly, rules and regulations in China
can change quickly with little advance notice. The interpretations of many laws, regulations and rules are not always uniform and enforcement
of these laws and regulations involve uncertainties, which may limit legal protections available to us. Uncertainties due to evolving
laws and regulations could also impede the ability of a China-based company like us, to obtain or maintain permits or licenses required
to conduct business in China. In the absence of required permits or licenses, governmental authorities could impose material sanctions
or penalties on us. See "—Any lack of requisite approvals, licenses or permits applicable to our business operation may have
a material and adverse impact on our business, financial condition and results of operations, and any requirement of approvals or permits
in connection with our future offering of securities could cause our operations and financial conditions to be materially adversely affected,
our ability to offer securities to investors to become significantly limited or completely hindered, and the securities being offered
to substantially decline in value and become worthless" for more details. In addition, some regulatory requirements issued by certain
PRC government authorities may not be consistently applied by other PRC government authorities (including local government authorities),
thus making strict compliance with all regulatory requirements impractical, or in some circumstances impossible. For example, we may have
to resort to administrative and court proceedings to enforce the legal protection that we enjoy either by law or contract. Since PRC administrative
and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult
to evaluate or predict the outcome of administrative and court proceedings and the level of legal protection available to you and us than
in more developed legal systems.
22
Furthermore, the PRC legal system is based in
part on government policies and internal rules, some of which are not published on a timely basis or at all, and which may have a retroactive
effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime after the violation. Such
uncertainties, including uncertainty over the scope and effect of our contractual, property (including intellectual property) and procedural
rights, and any failure to respond to changes in the regulatory environment in China could materially and adversely affect our business
and impede our ability to continue our operations.
On July 6, 2021, the General Office of the Communist
Party of China Central Committee and the General Office of the State Council jointly issued an announcement to crack down on illegal activities
in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant
governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over
China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.
Since this announcement is relatively new, uncertainties still exist in relation to how soon legislative or administrative regulation
making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified
or promulgated, and, if any, the potential impact such modified or new laws and regulations will have on companies like us and our securities.
Given recent statements by the Chinese government
indicating an intent to exert more oversight and control over securities offerings and other capital markets activities that are conducted
overseas and foreign investment in China-based companies like us. Although we are currently not required to obtain permission from any
of the PRC federal or local government and has not received any denial to list on the U.S. exchange, it is uncertain whether or when we
might be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and even if such permission is
obtained, whether it will be later denied or rescinded, which could significantly limit or completely hinder our ability to offer or continue
to offer our securities to investors and cause the value of our shares to significantly decline or be worthless. Any actions by the Chinese
government to exert more oversight and control over offerings that are conducted overseas could materially and adversely hinder our ability
to offer or continue to offer our securities, and cause the value of our securities to significantly decline or become worthless.
The Chinese government has substantial oversight and influence
over the manner in which we must conduct our business and may intervene or influence our operations at any time, which actions could impact
our operations materially and adversely, and significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of our securities to significantly decline or be worthless.
The Chinese government has significant oversight
and discretion over the conduct of our business and may intervene or influence our operations at any time as the government deems appropriate
to further regulatory, political and societal goals. For instance, the Chinese government has recently published new policies that significantly
affected certain industries such as the education and internet industries. The Chinese government has exercised, and continues to exercise,
substantial control over virtually every sector of the Chinese economy through regulation and state ownership, which could materially
and adversely impact the results of our operations and future prospects.
Our ability to operate in the PRC may be further
harmed by changes in its laws and regulations. The central or local governments of the PRC may impose new, stricter regulations or interpretations
of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations
or interpretations. Accordingly, government actions in the future, including any decision not to continue to support recent economic reforms
and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies, could have
a significant effect on economic conditions in the PRC or particular regions thereof. We cannot rule out the possibility that it will
in the future release regulations or policies regarding our industry that could adversely affect our business, financial condition, results
of operations and the value of our Class A ordinary shares.
Our business is also subject to various government
and regulatory interference. We could be subject to regulation by various political and regulatory entities, including various local and
municipal agencies and government sub-divisions. The Company may incur increased costs necessary to comply with existing and newly adopted
laws and regulations or penalties for any failure to comply. Our operations could be adversely affected, directly or indirectly, by existing
or future laws and regulations relating to our business or industry, which could result in further material changes in our operations
and adversely impact the value of our securities.
23
The PCAOB had historically been unable
to inspect auditors in mainland China and Hong Kong in relation to their audit work. If the PCAOB determines in the future that it no
longer has full access to inspect and investigate completely accounting firms in these jurisdictions and if we use an accounting firm
headquartered in one of these jurisdictions to issue an audit report by then, our Class A ordinary shares may be prohibited from trading
in the United States under the HFCA Act, and such delisting or the threat of delisting may materially and adversely affect the value of
your investment.
The HFCA Act was enacted on December 18, 2020.
Pursuant to the HFCA 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 Class A ordinary shares from being traded
on a national securities exchange or in the over-the-counter trading market in the United States.
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. 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.
Our auditor prior to December 8, 2022, Friedman
LLP, or Friedman, and current auditor, Marcum Asia CPAs LLP ("Marcum Asia"), the independent registered public accounting
firms that issue the audit reports included elsewhere in this annual report, as auditors of companies that are traded publicly in the
United States and firms registered with the PCAOB, have been subject to laws in the United States pursuant to which the PCAOB conducts
regular inspections to assess its compliance with the applicable professional standards. Both Friedman and Marcum Asia have been inspected
by the PCAOB on a regular basis, with the last inspection in 2020. Neither Friedman nor Marcum Asia is subject to the determinations announced
by the PCAOB on December 16, 2021. The PCAOB is expected to continue to demand complete access to inspections and investigations against
accounting firms headquartered in mainland China and Hong Kong in the future and states that it has already made plans to resume regular
inspections in early 2023 and beyond. For this reason, we do not expect to be identified as a Commission-Identified Issuer under the HFCA
Act after we file this annual report on Form 20-F. 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 if we use an accounting firm headquartered
in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC by then, we may 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 HFCA Act. If our Class A ordinary shares 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 Class A ordinary shares when you wish to do so, and the risk and uncertainty associated with delisting would have a negative
impact on the price of our Class A ordinary shares. 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.
The approval of and the filing with the CSRC or other PRC government
authorities may be required in connection with our future offshore offerings under PRC law, and, if required, we cannot predict whether
or for how long we will be able to obtain such approval or complete such filing.
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. 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, 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.
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On July 6, 2021, the relevant 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.
Approved by the State Council, CSRC released
new regulations for the filing-based administration of overseas securities offering and listing by domestic companies on February 17,
2023. The regulations became effective on March 31, 2023, which include the Trial Administrative Measures of Overseas Securities Offering
and Listing by Domestic Companies or the Trial Measures, and 5 supporting guidelines. The Trial Measures stipulates that both direct and
indirect overseas offering and listing activities are subject to regulation. Specifically, where a domestic company seeks to indirectly
offer and list securities in overseas markets, the issuer shall designate a major domestic operating entity, which shall, as the domestic
responsible entity, file with the CSRC. Any overseas offering and listing made by an issuer that meets both the following conditions will
be determined as indirect: (i) 50% or more of the operating revenue, total profit, total assets or net assets as documented in its
audited consolidated financial statements for the most recent accounting year is accounted for by domestic companies; and (ii) the main
parts of the issuer's business activities are conducted in the PRC, or its main places of business are located in the PRC, or the senior
managers in charge of its business operation and management are mostly PRC citizens or domiciled in the PRC. The determination as to whether
or not an overseas offering and listing by domestic companies is indirect, shall be made on a substance over form basis. According to
the Trial Measures and the Officials from Relevant Department of CSRC Answered Reporter Question Regarding the Trial Measures, the existing
domestic companies that have acquired approval from overseas regulatory authorities or overseas stock exchanges for indirect overseas
offering and listing before the effective date of the Trial Measures, or March 31, 2023 and have completed overseas offering and listing
before September 30, 2023, shall not be required to perform filling procedures for the completed overseas issuance and listing. However,
from the effective date of the Trial Measures, any of our subsequent securities offering in the same overseas market shall be subject
to the filing with the CSRC within 3 working days after the offering is completed, and any of our subsequent securities offering and listing
in other overseas markets in future shall be subject to the filing with the CSRC within 3 working days after the relevant application
is submitted overseas.
On February 24, 2023, the CSRC, the Ministry
of Finance, the National Administration of State Secrets Protection and the National Archives Administration jointly issued the Provisions
on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies, or the
Provisions, which took effect on March 31, 2023 concurrently with the Trial Measures. The Provisions, in replacement of the Provisions
on Strengthening Confidentiality and Archives Administration of Overseas Issuance and Listing of Securities which took effect on October
20, 2009, expand its application to cover indirect overseas offering and listing of domestic companies by adding the same confidentiality
obligations to such domestic companies in the course of their indirect overseas issuance and listing. According to the Provisions, a domestic
company that plans to, either directly or through its overseas-listed entity, publicly disclose or provide to relevant entities or individuals
including securities firms, securities service providers, and overseas regulators, documents and materials that contain state secrets
or government work secrets, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative
department at the same level. Further, a domestic company that plans to, either directly or through its overseas-listed entity, publicly
disclose or provide to relevant entities or individuals including securities firms, securities service providers, and overseas regulators,
other documents and materials that, if divulged, will cause an adverse impact on national security or the public interest, shall strictly
fulfill relevant procedures stipulated by applicable national regulations. We do not believe we will be required to obtain the aforementioned
approval or go through such filings procedures as we do not possess nor will we disclose or provide documents and materials that contain
state secrets or government work secrets or other documents and materials that, if divulged, will cause an adverse impact on national
security or the public interest as mentioned above. However, given the recent promulgation of the Provisions, the opinions remain unclear
on how they will be interpreted and implemented by the relevant PRC governmental authorities. After the Provisions took effect on March
31, 2023, if the domestic companies fail to comply with the requirements under the Provisions in the course of their indirect overseas
issuance and listing, such domestic companies may be held legally liable by competent authorities, and referred to the judicial organ
to be investigated for criminal liability if suspected of committing a crime.
If it is determined that any approval, filing
or other administrative procedure from other PRC governmental authorities is required for any future offering or listing, we cannot assure
that we can obtain the required approval or accomplish the required filings or other regulatory procedures in a timely manner, or at all.
Any such failure would subject us to sanctions by the CSRC or other PRC regulatory authorities. These regulatory authorities may impose
restrictions and penalties on the operations in China, significantly limit or completely hinder our ability to launch any new offering
of our securities, limit our ability to pay dividends outside of China, delay or restrict the repatriation of the proceeds from future
capital raising activities into China, or take other actions that could materially and adversely affect our business, results of operations,
financial condition and prospects, as well as the trading price of our ordinary shares. Furthermore, the PRC government authorities may
further strengthen oversight and control over listings and offerings that are conducted overseas. Any such action may adversely affect
our operations and significantly limit or completely hinder our ability to offer or continue to offer securities to you and cause the
value of such securities to significantly decline or be worthless.
25
On December 27, 2021, the NDRC and the Ministry
of Commerce jointly issued the Special Administrative Measures (Negative List) for Foreign Investment Access (2021 Version), or the 2021
Negative List, which became effective on January 1, 2022. Pursuant to the Special Administrative Measures, if a PRC 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 issuer shall not be involved in the company's operation
and management, and their shareholding percentages shall be subject,
mutatis mutandis
, to the relevant regulations on the
domestic securities investments by foreign investors. As the 2021 Negative List is relatively new, there remain substantial uncertainties
as to the interpretation and implementation of these new requirements, and it is unclear as to whether and to what extent listed companies
like us will be subject to these new requirements. If we are required to comply with these requirements and fail to do so on a timely
basis, if at all, our business operation, financial conditions and business prospect may be adversely and materially affected.
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 Measures for
Cybersecurity Review, are required for our future 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 future 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 future 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 may be liable for improper use or appropriation of personal
information provided directly or indirectly by our customers or end users.
We may become subject to a variety of laws and
regulations in the PRC regarding privacy, data security, cybersecurity, and data protection. These laws and regulations are continuously
evolving and developing. The scope and interpretation of the laws that are or may be applicable to us are often uncertain and may be conflicting,
particularly with respect to foreign laws. In particular, there are numerous laws and regulations regarding privacy and the collection,
sharing, use, processing, disclosure, and protection of personal information and other user data. Such laws and regulations often vary
in scope, may be subject to differing interpretations, and may be inconsistent among different jurisdictions.
We expect to obtain information about various
aspects of our operations as well as regarding our employees and third parties. The integrity and protection of our customers, employees
and company data is critical to our business. Our customers, end users and employees expect that we will adequately protect their personal
information. We are required by applicable laws to keep strictly confidential the personal information that we collect, and to take adequate
security measures to safeguard such information.
The PRC Criminal Law, as amended by its Amendment
7 (effective on February 28, 2009) and Amendment 9 (effective on November 1, 2015), prohibits institutions, companies and
their employees from selling or otherwise illegally disclosing a citizen's personal information obtained during the course of performing
duties or providing services or obtaining such information through theft or other illegal ways.
The Civil Code of the PRC (issued by the PRC
National People's Congress on May 28, 2020 and effective from January 1, 2021) provides main legal basis for privacy and
personal information infringement claims under the Chinese civil laws. PRC regulators, including the Cyberspace Administration of China
("CAC"), MIIT, and the Ministry of Public Security have been increasingly focused on regulation in the areas of data security
and data protection.
The PRC regulatory requirements regarding cybersecurity
are constantly evolving. For instance, various regulatory bodies in China, including the CAC, the Ministry of Public Security and the
SAMR, have enforced data privacy and protection laws and regulations with varying and evolving standards and interpretations.
In November 2016, the Standing Committee
of China's National People's Congress passed China's first Cybersecurity Law ("CSL"), which became effective
in June 2017. The CSL is the first PRC law that systematically lays out the regulatory requirements on cybersecurity and data protection,
subjecting many previously under-regulated or unregulated activities in cyberspace to government scrutiny. The legal consequences of violation
of the CSL include penalties of warning, confiscation of illegal income, suspension of related business, winding up for rectification,
shutting down the websites, and revocation of business license or relevant permits. In April 2020, the CAC and certain other PRC
regulatory authorities promulgated the Cybersecurity Review Measures (2020), which became effective in June 2020. Pursuant to the
Cybersecurity Review Measures (2020), operators of critical information infrastructure must pass a cybersecurity review when purchasing
network products and services which do or may affect national security.
26
On June 10, 2021, the Standing Committee
of the NPC promulgated the PRC Data Security Law, which took effect on September 1, 2021. The Data Security Law also sets forth the
data security protection obligations for entities and individuals handling personal data, including that no entity or individual may acquire
such data by stealing or other illegal means, and the collection and use of such data should not exceed the necessary limits.
On November 14, 2021, the CAC published
the Regulations on Network Data Security (draft for public comments), or the draft Regulations on Network Data Security, which reiterate
that data processors that process the personal information of more than one million users and intend to list overseas should apply for
a cybersecurity review. In addition, data processors that process important data or are listed overseas shall carry out an annual data
security assessment on their own or by engaging a data security services institution, and the data security assessment report for the
prior year should be submitted to the local cyberspace affairs administration department before January 31 of each year. Currently,
the draft Regulations on Network Data Security has been released for public comment only, and its implementation provisions and anticipated
adoption or effective date remains substantially uncertain and may be subject to change.
On December 28, 2021, the CAC issued the
Cybersecurity Review Measures (2021), which replaced the Cybersecurity Review Measures (2020) and took into effect on February 15,
2022. The Cybersecurity Review Measures (2021) required that, in addition to "operator of critical information infrastructure,"
any "operator of internet platform" carrying out data processing activities that affect or may affect national security should
also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks
of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information
being stolen, leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure,
core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments
after listing abroad. The CAC has said that under the Cybersecurity Review Measures (2021), operators of internet platforms holding data
on more than 1,000,000 users must now apply for cybersecurity approval when seeking listings in other nations because of the risk that
such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments." The
cybersecurity review will also investigate the potential national security risks from overseas IPOs. Given the recency of the issuance
of the Cybersecurity Review Measures (2021), there is a general lack of guidance and substantial uncertainties exist with respect to their
interpretation and implementation. For example, it is unclear whether the requirement of cybersecurity review applies to follow-on offerings
by an "online platform operator" that is in possession of personal data of more than one million users where the offshore
holding company of such operator is already listed overseas. We do not know what regulations will be adopted or how such regulations will
affect we and our listing on Nasdaq. In the event that the Cyberspace Administration of China determines that we are subject to these
regulations, we may be required to delist from Nasdaq and we may be subject to fines and penalties.
We are not subject to the cybersecurity review
by the CAC, given that: (i) we do not possess a large amount of personal information in our business operations and (ii) data
processed in our business does not have a bearing on national security and thus may not be classified as core or important data by the
authorities. However, there remains uncertainty as to how the Cybersecurity Review Measures (2021) will be interpreted or implemented
and whether the PRC regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation
related to the Cybersecurity Review Measures (2021). If any such new laws, regulations, rules, or implementation and interpretation comes
into effect, we will take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us.
On August 20, 2021, the Standing Committee
of the NPC approved the Personal Information Protection Law ("PIPL"), which became effective on November 1, 2021. The
PIPL regulates collection of personal identifiable information and seeks to address the issue of algorithmic discrimination. Companies
in violation of the PIPL may be subject to warnings and admonishments, forced corrections, confiscation of corresponding income, suspension
of related services, and fines. We mainly interact with corporate clients and has limited direct interactions with individual customers,
which means our potential access or exposure to customers' personal identifiable information is limited. However, in the event we
inadvertently access or become exposed to end-users' personal identifiable information, through our corporate clients' end-user-facing applications
which access or store end users' personal identifiable information, then we may face heightened exposure to the PIPL.
We cannot assure you that PRC regulatory agencies,
including the CAC, would take the same view as we do, and there is no assurance that we can fully or timely comply with such laws. In
the event that we are subject to any mandatory cybersecurity review and other specific actions required by the CAC, we face uncertainty
as to whether any clearance or other required actions can be timely completed, or at all. Given such uncertainty, we may be further required
to suspend our relevant business, shut down our website, or face other penalties, which could materially and adversely affect our business,
financial condition, and results of operations.
As of the date of this annual report, our three
Hong Kong subsidiaries have not collected, stored, or managed any personal information in Hong Kong. Therefore, we concluded that currently
we do not expect that laws and regulations in mainland China on data security, data protection, or cybersecurity to be applied to our
Hong Kong subsidiaries or that the oversight of the Cyberspace Administration of China will be extended to its operations outside of mainland
China. In Hong Kong, the Personal Data (Privacy) Ordinance (Cap. 486 of Hong Kong), or the PDPO, applies to data users, that control the
collection, holding, processing or use of personal data in Hong Kong. Our Hong Kong subsidiaries are subject to the general requirements
under PDPO including the need to obtain the prescribed consent of the data subject and to take all practicable steps to protect the personal
data held by data users against unauthorized or accidental access, loss or use. Breaches of the PDPO may lead to a variety of civil and
criminal sanctions including fines and imprisonment. In addition, data subjects have a right to bring proceedings in court to seek compensation
for damage. We cannot guarantee that we are, or will be, in compliance with all applicable international regulations as they are enforced
now or as they evolve.
27
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 a company incorporated under the laws
of the Cayman Islands. However, we conduct substantially all of our operations in China and substantially all of our assets are located
in China. In addition, most of our management members reside within China for a significant portion of the time and many of them are PRC
nationals. As a result, it may be difficult for you to effect service of process upon us or our management named in the annual report
inside mainland China. It may also be difficult for you to enforce in U.S. courts of the 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.
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 and other applicable laws, regulations and interpretations based either on treaties between China and
the country where the judgment is made or on principles of reciprocity between jurisdictions. 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. Furthermore, class action lawsuits, which
are available in the United States for investors to seek remedies, are generally uncommon in China.
It may be difficult for overseas regulators to conduct investigations
or collect evidence within China.
Shareholder claims or regulatory investigation
that are common in the United States generally 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 Unities States may not be efficient in the absence of mutual and practical cooperation mechanism. Furthermore, according
to Article 177 of the PRC Securities Law, which became effective in March 2020 ("Article 177"), no overseas securities
regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. In addition,
entities or individuals are prohibited from providing documents and information in connection with any securities business activities
to any organizations and/or persons aboard without the prior consent of the securities regulatory authority of the State Council and the
competent departments of the State Council. Article 26 of the Trial Measures, or the Article 26, which was issued by the CSRC on February
17, 2023 and came into effect on March 31, 2023, sets out that where an overseas securities regulatory agency intends to conduct investigation
and evidence collection regarding overseas offering and listing activities by a domestic company, and request assistance of the CSRC under
relevant cross-border securities regulatory cooperation mechanisms, the CSRC may provide necessary assistance in accordance with law.
Any domestic entity or individual providing documents and materials requested by an overseas securities regulatory agency out of investigative
or evidence collection purposes shall not provide such information without prior approval from the CSRC and competent authorities under
the State Council. In addition, Article 11 of the Provisions on Strengthening Confidentiality and Archives Administration in Respect of
Overseas Issuance and Listing of Securities by Domestic Enterprises, or the Article 11, which was jointly issued by the CSRC, the Ministry
of Finance, the State Secrecy Administration and the State Archives Bureau on February 24, 2023 and came into effect on March 31, 2023,
specifies that, (a) where the overseas securities regulator and the relevant competent authorities request to conduct inspections or investigations
to collect evidence from a domestic enterprise and the domestic securities firms and securities service agencies providing corresponding
services regarding the overseas offering and listing activities of the domestic enterprise, the inspection or investigation shall be carried
out under the cross-border regulatory cooperation mechanism, and the CSRC or the relevant authorities shall provide the requisite assistance
pursuant to the bilateral and multilateral cooperation mechanism, and (b) relevant domestic companies, securities firms and securities
service agencies shall obtain the consent of the CSRC or the relevant administrative authorities prior to cooperating in the inspection
or investigation carried out by the overseas securities regulator or relevant administrative authorities or providing documents and materials
for cooperating in the inspection or investigation. While detailed interpretation of or implementation rules under Article 177, the Article
26 and the Article 11 have yet to be promulgated, the inability for an overseas securities regulator to directly conduct investigation
or evidence collection activities within China may further increase difficulties faced by you in protecting your interests. See also "—Risks
Related to the Class A Ordinary Shares—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.
It may be difficult for overseas shareholders and/or regulators
to conduct investigations or collect evidence within Hong Kong.
The Securities and Futures Commission of Hong
Kong ("SFC") is a signatory to the International Organization of Securities Commissions Multilateral Memorandum of Understanding
("MMOU"), which provides for mutual investigatory and other assistance and exchange of information between securities regulators
around the world, including the SEC. This is also reflected in section 186 of the Securities and Futures Ordinance ("SFO")
which empowers the SFC to exercise its investigatory powers to obtain information and documents requested by non-Hong Kong regulators,
and section 378 of the SFO which allows the SFC to share confidential information and documents in its possession with such regulators.
However, there is no assurance that such cooperation will materialize, or if it does, whether it will adequately address any efforts to
investigate or collect evidence to the extent that may be sought by the U.S. regulators.
28
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.
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. The Notice Regarding the Determination of Chinese-Controlled
Offshore-Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies, which was issued by the
State Administration of Taxation on April 22, 2009 and further amended on December 29, 2017, or Circular 82, 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 Circular 82 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 State
Administration of Taxation'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 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.
We believe none of our entities outside of China
is a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the
PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body." 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, subject to any reduction set forth in applicable tax treaties. Furthermore, if we are deemed
a PRC resident enterprise, dividends payable to our non-PRC individual shareholders and any gain realized on the transfer of
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 or
area 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 Class A ordinary shares.
We face uncertainties with respect to indirect transfer of equity
interests in PRC resident enterprises by their non-PRC holding companies.
We may face uncertainties regarding the reporting
on and consequences of private equity financing transactions involving the transfer and exchange of shares in our company by non-resident investors
in the future. In February 2015, the State Administration of Taxation issued the Bulletin on Issues of Enterprise Income Tax on Indirect
Transfers of Assets by Non-PRC Resident Enterprises, or Bulletin 7. Pursuant to Bulletin 7, an "indirect transfer"
of PRC assets, including a transfer of equity interests in an unlisted non-PRC holding company of a PRC resident enterprise,
by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of the underlying PRC assets,
if such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise
income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, 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.
On October 17, 2017, the State Administration
of Taxation issued the Announcement of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident Enterprise
Income Tax at Source, or Bulletin 37, which came into effect on December 1, 2017 and was most-recently amended on June 15, 2018.
Bulletin 37 further clarifies the practice and procedure of the withholding of nonresident enterprise income tax. We face uncertainties
on the reporting and consequences of potential 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 Bulletin 7 and Bulletin 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 PRC tax authorities have the discretion under
Bulletin 7 to make adjustments to the taxable capital gains based on the difference between the fair value of the taxable assets transferred
and the cost of investment. If the PRC tax authorities make adjustments to the taxable income of the transactions under Bulletin 7, our
income tax costs associated with such transactions will be increased, which may have an adverse effect on our financial condition and
results of operations. We cannot assure you that the PRC tax authorities will not, at their discretion, adjust any capital gains and impose
tax return filing obligations on us or require us to provide assistance to them for the investigation of any transactions we were involved
in. Heightened scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions
we may pursue in the future.
If our preferential tax treatments are revoked or become unavailable
or if the calculation of our tax liability is successfully challenged by the PRC tax authorities, we may be required to pay tax, interest
and penalties in excess of our tax provisions.
The Chinese government has provided various tax
incentives to our PRC subsidiaries, primarily in the form of reduced enterprise income tax rates. For example, under the Enterprise Income
Tax Law and its implementation rules, the statutory enterprise income tax rate is 25%. However, the income tax of an enterprise that has
been determined to be a small low-profit enterprise can be reduced to a preferential rate of 20% on 12.5% of its taxable income
with respect to the portion of the annual taxable income that does not exceed RMB1 million during certain periods. In addition, certain
of our PRC subsidiaries enjoy preferential tax treatment. Any increase in the enterprise income tax rate applicable to our PRC subsidiaries
in China, or any discontinuation, retroactive or future reduction or refund of any of the preferential tax treatments and local government
subsidies currently enjoyed by our PRC subsidiaries in China, could adversely affect our business, financial condition and results of
operations.
29
Further, in the ordinary course of our business,
we are subject to complex income tax and other tax regulations, and significant judgment is required in the determination of a provision
for income taxes. Although we believe our tax provisions are reasonable, if the PRC tax authorities successfully challenge our position
and we are required to pay tax, interest and penalties in excess of our tax provisions, our financial condition and results of operations
would be materially and adversely affected.
Failure to make adequate contributions to various employee benefit
plans as required by PRC regulations or comply with laws and regulations on other employment practices may subject us to penalties.
Companies operating in China are required to
participate in various government sponsored employee benefit plans, including certain social insurance, housing funds and other welfare-oriented
payment obligations, and contribute to the plans in amounts equal to certain percentages of salaries, including bonuses and allowances,
of our employees up to a maximum amount specified by the local government from time to time at locations where we operate our businesses.
The requirement of employee benefit plans has not been implemented consistently by the local governments in China given the different
levels of economic development in different locations. Currently, our PRC subsidiaries are making contributions to the plans based on
the minimum standards as required by law for most employees. With respect to the underpaid or unpaid employee benefits, we may be required
to complete registrations, make up the contributions for these plans as well as to pay late fees and fines. If we are subject to late
fees or fines in relation to the underpaid or unpaid employee benefits, our financial condition and results of operations may be adversely
affected. We may also be subject to regulatory investigations and other penalties if our other employment practices are deemed to be in
violation of relevant PRC laws and regulations.
The enforcement of the PRC Labor Contract Law and other labor-related
regulations in the PRC may subject us to penalties or liabilities.
The PRC Labor Contract Law, which was enacted
in 2008 and amended in 2012, introduced specific provisions related to fixed-term employment contracts, part-time employment, probationary
periods, consultation with labor unions and employee assemblies, employment without a written contract, dismissal of employees, severance,
and collective bargaining to enhance previous PRC labor laws. Under the Labor Contract Law, an employer is obligated to sign a non-fixed term
labor contract with any employee who has worked for the employer for ten consecutive years. Further, if an employee requests or agrees
to renew a fixed-term labor contract that has already been entered into twice consecutively, the resulting contract, with certain exceptions,
must have non-fixed term, subject to certain exceptions. With certain exceptions, an employer must pay severance to an employee
where a labor contract is terminated or expires. In addition, the PRC governmental authorities have continued to introduce various new
labor-related regulations since the effectiveness of the Labor Contract Law.
These laws and regulations designed to enhance
labor protection tend to increase our labor costs. In addition, as the interpretation and implementation of these regulations are still
evolving, our employment practices may not be at all times deemed in compliance with the regulations. As a result, we could be subject
to penalties or incur significant liabilities in connection with labor disputes or investigations.
The M&A Rules and certain other PRC regulations may make
it more difficult for us to pursue growth through acquisitions.
The Regulations on Mergers and Acquisitions of
Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, and
some other regulations and rules concerning mergers and acquisitions established complex procedures and requirements for acquisition of
Chinese companies by foreign investors, including requirements in some instances that the Ministry of Commerce of the PRC be notified
in advance of any change-of-control transaction in which a foreign investor takes control of a PRC domestic enterprise. Moreover,
the Anti-Monopoly Law promulgated by the Standing Committee of the National People's Congress, which became effective in 2008 and
was recently amended in June 2022, requires that transactions which are deemed concentrations and involve parties with specified turnover
thresholds must be cleared by the Ministry of Commerce before they can be completed. In addition, the Rules on Implementation of Security
Review System for the Merger and Acquisitions of Domestic Enterprises by Foreign Investors issued by the Ministry of Commerce and became
effective in September 2011 specify that mergers and acquisitions by foreign investors that raise "national defense and security"
concerns and mergers and acquisitions through which foreign investors may acquire de facto control over domestic enterprises that raise
"national security" concerns are subject to strict review by the Ministry of Commerce, and the rules prohibit any activities
attempting to bypass a security review, including by structuring the transaction through a proxy or contractual control arrangement.
In the future, we may pursue potential strategic
acquisitions that are complementary to our business and operations. Complying with the requirements of the above-mentioned regulations
and other rules to complete such transactions could be time-consuming, and any required approval processes, including obtaining approval
or clearance from the Ministry of Commerce, may delay or inhibit our ability to complete such transactions, which could affect our ability
to expand our business or maintain our market share. Furthermore, according to the M&A Rules, if a PRC entity or individual plans
to merge or acquire its related PRC entity through an overseas company legitimately incorporated or controlled by such entity or individual,
such a merger and acquisition will be subject to examination and approval by the Ministry of Commerce. The application and interpretations
of M&A Rules are still uncertain, and there is possibility that the PRC regulators may promulgate new rules or explanations requiring
that we obtain approval of the Ministry of Commerce for our completed or ongoing mergers and acquisitions. There is no assurance that
we can obtain such approval from the Ministry of Commerce for our mergers and acquisitions, and if we fail to obtain those approvals,
we may be required to suspend our acquisition and be subject to penalties. Any uncertainties regarding such approval requirements could
have a material adverse effect on our business, results of operations and corporate structure.
30
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 addition, any failure to comply with PRC
regulations with respect to registration requirements for offshore financing may subject us to legal or administrative sanctions.
In July 2014, the State Administration of Foreign
Exchange ("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.
Under these foreign exchange regulations, PRC
residents who make, or have previously made, prior to the implementation of these foreign exchange regulations, direct or indirect investments
in offshore companies are required to register those investments. In addition, any PRC resident who is a direct or indirect shareholder
of an offshore company is required to update its previously filed SAFE registration, to reflect any material change involving its round-trip
investment. If any PRC shareholder fails to make the required registration or update the previously filed registration, the PRC subsidiary
of that offshore parent company may be restricted from distributing their profits and the proceeds from any reduction in capital, share
transfer or liquidation to their offshore parent company, and the offshore parent company may also be restricted from injecting additional
capital into its PRC subsidiary. Moreover, failure to comply with the various foreign exchange registration requirements described above
could result in liability under PRC laws for evasion of applicable foreign exchange restrictions, including (i) the requirement by
SAFE to return the foreign exchange remitted overseas or into the PRC within a period of time specified by SAFE, with a fine of up to
30% of the total amount of foreign exchange remitted overseas or into PRC and deemed to have been evasive or illegal and (ii) in
circumstances involving serious violations, a fine of no less than 30% of and up to the total amount of remitted foreign exchange deemed
evasive or illegal.
We are committed to complying with and to ensuring
that our shareholders who are subject to these regulations will comply with the SAFE rules and regulations. However, due to the inherent
uncertainty in the implementation of the regulatory requirements by the PRC authorities, such registration might not be always practically
available in all circumstances as prescribed in those regulations. In addition, we may not always be able to compel them to comply with
SAFE Circular 37 or other related regulations. We cannot assure you that SAFE or its local branches will not release explicit requirements
or interpret the PRC laws and regulations otherwise. We may not be fully informed of the identities of all our shareholders or beneficial
owners who are PRC residents, and we cannot provide any assurance that all of our shareholders and beneficial owners who are PRC residents
will comply with our request to make, obtain or update any applicable registrations or comply with other requirements under SAFE Circular
37 or other related rules in a timely manner.
Because there is uncertainty concerning the reconciliation
of these foreign exchange regulations with other approval requirements, it is unclear how these regulations, and any future regulation
concerning offshore or cross-border transactions, will be interpreted, amended and implemented by the governmental authorities. We cannot
predict how these regulations will affect our business operations or future strategy. For example, we may be subject to a more stringent
review and approval process with respect to our foreign exchange activities, such as remittance of dividends and foreign-currency-denominated
borrowings, which may adversely affect our results of operations and financial condition. This may restrict our ability to implement our
acquisition strategy and could adversely affect our business and prospects.
In addition, our offshore financing activities,
such as the issuance of foreign debt, are also subject to PRC laws and regulations. In accordance with such laws and regulations, we may
be required to complete filing and registration with the National Development and Reform Commission, or NDRC, prior to such activities.
Failure to comply with the requirements may result in administrative meeting, warning, notification and other regulatory penalties and
sanctions.
We may be materially adversely affected if our shareholders and
beneficial owners who are PRC entities fail to comply with the PRC overseas investment regulations.
On December 26, 2017, the NDRC promulgated
the Administrative Measures on Overseas Investments by Enterprises, which took effect as of March 1, 2018. According to this regulation,
nonsensitive overseas investment projects are subject to record-filing requirements with the local branch of the NDRC. On September 6,
2014, the Ministry of Commerce promulgated the Administrative Measures on Overseas Investments, which took effect as of October 6,
2014. According to this regulation, overseas investments of PRC enterprises that involve nonsensitive countries and regions and nonsensitive
industries are subject to record-filing requirements with a local branch of Ministry of Commerce. According to the Circular of the State
Administration of Foreign Exchange on Issuing the Regulations on Foreign Exchange Administration of the Overseas Direct Investment of
Domestic Institutions, which was promulgated by the State Administration of Foreign Exchange, or SAFE, on July 13, 2009 and took
effect on August 1, 2009, and Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct
Investment, which was promulgated by the SAFE on February 13, 2015 and took effect on June 1, 2015, PRC enterprises must register
for overseas direct investment with a local SAFE branch or its authorized banks.
We may not be fully informed of the identities
of all our shareholders or beneficial owners who are PRC entities, and we cannot provide any assurance that all of our shareholders and
beneficial owners who are PRC entities will comply with our request to complete the overseas direct investment procedures under the aforementioned
regulations or other related rules in a timely manner, or at all. If they fail to complete the filings or registrations required by the
overseas direct investment regulations, the authorities may order them to suspend or cease the implementation of such investment and make
corrections within a specified time, which may adversely affect our business, financial condition and results of operations.
31
Any failure to comply with PRC regulations regarding the registration
requirements for employee stock incentive plans may subject our plan participants for 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 and 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 may be granted options will be subject to these regulations when our company grants options after it became an overseas-listed
company. Failure to complete SAFE registrations may subject them to fines and legal sanctions, and may also limit our ability to contribute
additional capital into our PRC subsidiaries and limit our PRC subsidiaries' ability to distribute dividends to us. We also face
regulatory uncertainties that could restrict our ability to adopt incentive plans for our directors, executive officers and employees
under PRC law.
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 and/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 and/or restricted shares with 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 laws and regulations, we may face sanctions imposed by the tax authorities or other PRC government authorities.
We may rely on dividends and other distributions on equity paid
by our PRC and Hong Kong subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our
PRC and Hong Kong subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business.
We are a Cayman Islands holding company and we
rely principally on dividends and other distributions on equity from our PRC and Hong Kong subsidiaries for our cash requirements, including
the funds necessary to pay dividends and other cash distributions to our shareholders for services of any debt we may incur. If our PRC
and Hong Kong subsidiaries incur debt on its own behalf in the future, the instruments governing the debt may restrict its ability to
pay dividends or make other distributions to us. Under PRC laws and regulations, our PRC subsidiary, which is a foreign-owned enterprise,
may pay dividends only out of its respective accumulated profits as determined in accordance with PRC accounting standards and regulations.
In addition, a foreign-owned enterprise, according to the PRC companies law, is required to set aside at least 10% of its accumulated 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.
Such reserve funds cannot be distributed to us as dividends.
Our PRC subsidiaries generate essentially 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 subsidiary 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 subsidiary 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 Chinese 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.
You may be subject to PRC income tax on dividends from us or
on any gain realized on the transfer of our Class A ordinary shares.
Under the Enterprise Income Tax Law and its implementation
rules, PRC withholding tax at a rate of 10% is generally applicable to dividends from PRC sources paid to investors that are resident
enterprises outside of China and that do not have an establishment or place of business in China, or that have an establishment or place
of business in China if the income is not effectively connected with the establishment or place of business. Any gain realized on the
transfer of shares by such investors is subject to 10% PRC income tax if this gain is regarded as income derived from sources within China.
Under the PRC Individual Income Tax Law and its implementation rules, dividends from sources within China paid to foreign individual investors
who are not PRC residents are generally subject to a PRC withholding tax at a rate of 20% and gains from PRC sources realized by these
investors on the transfer of shares are generally subject to 20% PRC income tax. Any such PRC tax liability may be reduced by the provisions
of an applicable tax treaty.
Although substantially all of our business operations
are in China, it is unclear whether the dividends we pay with respect to our Class A ordinary shares, or the gains realized from the transfer
of our Class A ordinary shares, would be treated as income derived from sources within China and as a result be subject to PRC income
tax if we are considered a PRC resident enterprise. If PRC income tax is imposed on gains realized through the transfer of our Class A
ordinary shares or on dividends paid to our non-resident investors, the value of your investment in our Class A ordinary shares
may be materially and adversely affected. Furthermore, our shareholders whose jurisdictions of residence have tax treaties or arrangements
with China may not qualify for benefits under these tax treaties or arrangements.
32
In addition, pursuant to the Double Tax Avoidance
Arrangement between Hong Kong and China, if a Hong Kong resident enterprise owns more than 25% of the equity interest of a PRC company
at all times during the twelve-month period immediately prior to obtaining a dividend from such company, the 10% withholding tax on the
dividend is reduced to 5%, provided that certain other conditions and requirements are satisfied at the discretion of the PRC tax authority.
However, based on the Notice on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties, issued in 2009
by the State Administration of Taxation, if the PRC tax authorities determine, in their discretion, that a company benefits from the reduced
income tax rate due to a structure or arrangement that is primarily tax-driven, the PRC tax authorities may adjust the preferential
tax treatment. If our Hong Kong subsidiaries are determined by PRC government authorities as receiving benefits from reduced income tax
rates due to a structure or arrangement that is primarily tax-driven, the dividends paid by our PRC subsidiaries to our Hong
Kong subsidiaries will be taxed at a higher rate, which will have a material adverse effect on our financial performance.
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 from our
subsequent offerings to make loans or additional capital contributions to our PRC subsidiaries 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. We may make loans to our PRC subsidiaries, or we may make additional capital contributions
to our PRC subsidiaries, or we may establish new PRC subsidiaries and make capital contributions to these new PRC subsidiaries, or we
may acquire offshore entities with business operations in China in an offshore transaction.
Most of these ways are subject to PRC regulations
and approvals or registration. For example, loans by us to our wholly owned PRC subsidiary to finance its activities cannot exceed statutory
limits and must be registered with the local counterpart of SAFE. If we decide to finance our wholly owned PRC subsidiary by means of
capital contributions, these capital contributions are subject to registration with the State Administration for Market Regulation or
its local branch, reporting of foreign investment information with the PRC Ministry of Commerce, or registration with other governmental
authorities in China.
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, in replacement of the Circular on the Relevant Operating Issues Concerning the Improvement of the Administration
of the Payment and Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, the Notice from the State Administration of
Foreign Exchange on Relevant Issues Concerning Strengthening the Administration of Foreign Exchange Businesses, and the Circular on Further
Clarification and Regulation of the Issues Concerning the Administration of Certain Capital Account Foreign Exchange Businesses. 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 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. 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 from our subsequent offering, to our PRC subsidiary, which may adversely affect our liquidity and
our ability to fund and expand our business in China. On October 23, 2019, the SAFE promulgated the Notice for Further Advancing
the Facilitation of Cross-border Trade and Investment, or the SAFE Circular 28, which, among other things, allows all foreign-invested
companies to use Renminbi converted from foreign currency-denominated capital for equity investments in China, as long as the equity investment
is genuine, does not violate applicable laws, and complies with the negative list on foreign investment. However, since the SAFE Circular
28 is newly promulgated, it is unclear how SAFE and competent banks will carry this out in practice.
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, or at all,
with respect to future loans to our PRC subsidiary or future capital contributions by us to our PRC subsidiary. As a result, uncertainties
exist as to our ability to provide prompt financial support to our PRC subsidiary when needed. If we fail to complete such registrations
or obtain such approvals, our ability to use the proceeds we expect to receive from our subsequent offerings 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.
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. From
time to time, we are exposed to currency risk primarily through sales and purchases which give rise to receivables, payables and cash
balances that are denominated in currencies other than the functional currency of the operations to which the transactions relate.
33
Substantially all of our income and expenses
are denominated in Renminbi and our reporting currency is Renminbi. Significant revaluation of the Renminbi may have a material and adverse
effect on your investment. For example, 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 reduce the Renminbi 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 Class A ordinary shares.
Very limited hedging options are available in
China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into any hedging transactions 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 hedge our exposure adequately or at all. In addition, our currency
exchange losses may be magnified by PRC exchange control regulations that restrict our ability to convert Renminbi into foreign currency.
Governmental control of currency conversion may limit our ability
to utilize our income 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. We receive substantially all of
our income in Renminbi. Under our current corporate structure, our Cayman Islands holding company may rely on dividend payments from our
PRC subsidiary to fund any cash and financing requirements payable outside of China. 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 SAFE by complying with certain procedural requirements. Specifically, under
the existing exchange restrictions, cash generated from the operations of our PRC subsidiary in China may be used to pay dividends to
our company without prior approval of SAFE. 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 subsidiary
to pay any debts they may incur 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.
In addition, if any of our shareholders who is
subject to SAFE regulations fails to satisfy the applicable overseas direct investment filing or approval requirement, the PRC government
may restrict our access to foreign currencies for current account transactions. If we are prevented from obtaining sufficient foreign
currency to satisfy our foreign currency demands, we may not be able to pay dividends in foreign currencies to our shareholders.
If the chops of our PRC subsidiaries 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.
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. The chops of our PRC subsidiaries are generally
held securely by personnel designated or approved by us in accordance with our internal control procedures. 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.
We may be subject to penalties for failure to register our lease
with the PRC real estate administration department.
Pursuant to the Law on Administration of Urban
Real Estate which took effect in January 1995 with the latest amendment in August 2019 and the Administrative Measures on Leasing
of Commodity Housing which was promulgated by Ministry of Housing and Urban-Rural Development on December 1, 2010 and took effect
on February 1, 2011, lessors and lessees are required to enter into a written lease contract and to register the lease with the real
estate administration department, and failure to comply with the registration requirement may result in a fine ranging from RMB1,000 to
RMB10,000. Our PRC subsidiaries only registered three of their leases with the real estate administration department. With respect to
the unregistered lease, we may be required to complete such registration or subject to fines, which may materially affect our financial
position or operation.
Risks Related to the Class A Ordinary Shares
The trading price of our Class A ordinary shares has been and
will likely continue to be volatile, which could result in substantial losses to investors.
As a relatively small-capitalization company
with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and
less liquidity than large-capitalization companies. Such volatility, including any stock-run up, may be unrelated to our actual or expected
operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing
value of our Class A ordinary shares.
Moreover, the volatility and fluctuation of the
trading price of our Class A ordinary shares may happen because of broad market and industry factors, like the performance and fluctuation
of the market prices of other companies with business operations located mainly in China that have listed their securities in the United
States. A number of Chinese companies have listed or are in the process of listing their securities on U.S. stock markets. The securities
of some of these companies have experienced significant volatility, including price declines in connection with their initial public offerings.
The trading performances of these Chinese companies' securities after their offerings may affect the attitudes of investors toward
Chinese companies listed in the United States in general and consequently may impact the trading performance of our Class A ordinary shares,
regardless of our actual operating performance.
34
In addition to market and industry factors, the
price and trading volume for our Class A ordinary shares may be highly volatile for factors specific to our own operations, including
the following:
●
variations in our income, earnings
and cash flow;
●
announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors;
●
announcements of new services and expansions by us or our competitors;
●
changes in financial estimates by securities analysts;
●
detrimental adverse publicity about us, our services or our industry;
●
additions or departures of key personnel;
●
release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and
●
potential litigation or regulatory investigations.
Any of these factors may result in large and
sudden changes in the volume and price at which our Class A ordinary shares will trade. Furthermore, the stock market in general experiences
price and volume fluctuations that are often unrelated or disproportionate to the operating performance of companies like us. These broad
market and industry fluctuations may adversely affect the market price of our Class A ordinary shares.
In addition, if the trading volumes of our Class
A ordinary shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Class A ordinary
shares. This low volume of trades could also cause the price of our Class A ordinary shares to fluctuate greatly, with large percentage
changes in price occurring in any trading day session. Holders of our Class A ordinary shares may also not be able to readily liquidate
their investment or may be forced to sell at depressed prices due to low volume trading. If high spreads between the bid and ask prices
of our Class A ordinary shares exist at the time of a purchase, the stock would have to appreciate substantially on a relative percentage
basis for an investor to recoup their investment. Broad market fluctuations and general economic and political conditions may also adversely
affect the market price of our Class A ordinary shares. As a result of this volatility, investors may experience losses on their investment
in our Class A ordinary shares. A decline in the market price of our Class A ordinary shares also could adversely affect our ability to
issue additional Class A ordinary shares or other of our securities and our ability to obtain additional financing in the future. No assurance
can be given that an active market in our Class A ordinary shares will develop or be sustained. If an active market does not develop,
holders of our Class A ordinary shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.
In the past, shareholders of public companies
have often brought securities class action suits against those companies following periods of instability in the market price of their
securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other
resources from 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.
The dual-class structure of our ordinary shares has the effect
of concentrating voting power with our existing shareholders prior to the IPO, which will limit your ability to influence the outcome
of important transactions, including a change in control.
We have adopted a dual-class voting structure
such that our ordinary shares consist of Class A ordinary shares and Class B ordinary shares. Our Class B ordinary shares have ten (10)
votes per share, and our Class A ordinary shares have one (1) vote per share. As of the date of this annual report, our issued and outstanding
share capital consists of 14,942,623 Class A ordinary shares and 6,409,600 Class B ordinary shares. Our founder and chief executive officer,
Mr. Xiaogang Geng is the only shareholder who owns all our issued and outstanding 6,409,600 Class B ordinary shares and beneficially owns
more than 50% of our total voting power. See "Item 6. Directors, Senior Management and Employees—E. Share Ownership"
and "—Risks Related to Our Business and Industry—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." As a result of the dual-class share structure and the concentration of voting power, Mr. Xiaogang
Geng, individually or together, may be able to significantly influence matters submitted to our shareholders for approval, including the
election of directors, amendments of our memorandum and articles of association and any merger or other major corporate transactions that
require shareholder approval, or may vote in a way with which you disagree and which may be adverse to your interests. This concentrated
voting power may, by changing the directors of the Company, have the ultimate effect of delaying, preventing or deterring a change in
control of our Company, could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our
company and might ultimately materially and adversely affect the market price of our Class A ordinary shares. Future transfers by the
holder of Class B ordinary shares may result in those shares converting into Class A ordinary shares. Each Class B ordinary share is convertible
into one Class A ordinary share at any time at the option of the holder, but Class A ordinary shares shall not be convertible into Class
B ordinary shares under any circumstances. However, as long as at least approximately 1,941,112 Class B ordinary shares remain outstanding,
and without giving effect to any future issuances, the holder of our Class B ordinary shares will hold a majority of the outstanding voting
power and will continue to control the outcome of matters submitted to shareholders approval, assuming the underwriters do not exercise
their option to purchase additional Class A ordinary shares. Our amended and restated articles of association generally do not prohibit
us from issuing additional Class B ordinary shares, and any future issuance of Class B ordinary shares may be dilutive to Class A ordinary
shareholders.
35
The dual-class structure of our ordinary shares may adversely
affect the trading market for our Class A ordinary shares.
We cannot predict whether our dual-class structure
will result in a lower or more volatile market price of our Class A ordinary shares or in adverse publicity or other adverse consequences.
For example, certain index providers have announced restrictions on companies with dual-class or multi-class share structures in their
indices. In July 2017, S&P Dow Jones and FTSE Russell announced changes to their eligibility criteria for the inclusion of shares
of public companies on certain indices, including the Russell 2000, the S&P 500, the S&P MidCap 400 and the S&P SmallCap 600,
to exclude companies with multiple classes of shares from being added to these indices. Beginning in 2017, MSCI, a leading stock index
provider, opened public consultations on their treatment of no-vote and multi-class structures and temporarily barred new multi-class
listings from certain of its indices; however, in October 2018, MSCI announced its decision to include equity securities "with unequal
voting structures" in its indices and to launch a new index that specifically includes voting rights in its eligibility criteria.
As a result, our dual class capital structure would make us ineligible for inclusion in any of these indices, and mutual funds, exchange-traded
funds and other investment vehicles that attempt to passively track these indices will not be investing in our Class A ordinary shares.
These policies are still relatively new and it is as of yet unclear what effect, if any, they will have on the valuations of publicly
traded companies excluded from the indices, but it is possible that they may depress these valuations compared to those of other similar
companies that are included. Furthermore, we cannot assure you that other stock indices will not take a similar approach to S&P Dow
Jones or FTSE Russell in the future. Exclusion from indices could make our Class A ordinary shares less attractive to investors and, as
a result, the market price of our Class A ordinary shares could be adversely affected.
If securities or industry analysts do not publish research or
reports about our business, or if they adversely change their recommendations regarding our Class A ordinary shares, the market price
for our Class A ordinary shares and trading volume could decline.
The trading market for our Class A ordinary shares
will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts who
cover us downgrade our Class A ordinary shares, the market price for our Class A ordinary shares would likely decline. If one or more
of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which
in turn could cause the market price or trading volume for our Class A ordinary shares to decline.
The sale or availability for sale of substantial amounts of our
Class A ordinary shares could adversely affect their market price.
Sales of substantial amounts of our Class A ordinary
shares in the public market, or the perception that these sales could occur, could adversely affect the market price of our Class A ordinary
shares and could materially impair our ability to raise capital through equity offerings in the future. We cannot predict what effect,
if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities
for future sale will have on the market price of our Class A ordinary shares. In addition, if we issue additional ordinary shares, either
through private transactions or in the public markets in the United States or other jurisdiction, your ownership interests in our company
would be diluted and this, in turn, would have an adverse effect on the price of our Class A ordinary shares.
Because we do not expect to pay dividends in the foreseeable
future, you must rely on price appreciation of our Class A ordinary shares for return on your investment.
We currently intend to retain most, if not 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 Class A ordinary shares as a source
for any future dividend income.
Our board of directors has complete discretion
as to whether to distribute dividends. Even if our board of directors decides to declare and pay dividends, the timing, amount and form
of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements
and surplus, the amount of distributions, if any, received by us from our subsidiary, our financial condition, contractual restrictions
and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our Class A ordinary shares
will likely depend entirely upon any future price appreciation of our Class A ordinary shares. There is no guarantee that our Class A
ordinary shares will appreciate in value or even maintain the price at which you purchased the Class A ordinary shares. You may not realize
a return on your investment in our Class A ordinary shares and you may even lose your entire investment in our Class A ordinary shares.
There can be no assurance that we will not be a passive foreign
investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could subject U.S. investors in our Class
A ordinary shares to significant adverse U.S. federal income tax consequences.
A non-U.S. corporation, such as our company,
will generally be classified as a "passive foreign investment company," or "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 (generally 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. Passive income generally includes dividends, interest, royalties,
rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. For this purpose,
cash and assets readily convertible into cash are categorized as passive assets and the company's goodwill and other unbooked intangibles
are generally taken into account when determining the value of its assets.
36
Based upon our current and projected income and
assets and the market price of our Class A ordinary shares, we do not believe that we were a PFIC for the taxable year ended December
31, 2022 and we do not presently expect to be a PFIC for the current taxable year or the foreseeable future. However, no assurance can
be given in this regard because the determination of whether we will be or become a PFIC is a factual determination made annually that
will depend, in part, upon the composition of our income and assets and the value of our assets. Fluctuations in the market price of the
Class A ordinary shares may cause us to be or become a PFIC for the current or future taxable years because the value of our assets for
purposes of the asset test, including the value of our goodwill and unbooked intangibles, may be determined by reference to the market
price of the Class A ordinary shares from time to time (which may be volatile). If our market capitalization subsequently declines, we
may be or become a PFIC for the current taxable year or future taxable years. Furthermore, the composition of our income and assets may
also be affected by how, and how quickly, we use our liquid assets. Under circumstances where our revenue from activities that produce
passive income significantly increases relative to our revenue from activities that produce non-passive income, or where we determine
not to deploy significant amounts of cash for active purposes, our risk of becoming a PFIC may substantially increase.
If we are classified as a PFIC for any taxable
year during which a U.S. Holder (as defined in "Item 10. Additional Information — E. Taxation — U.S. Federal Income
Tax Considerations") holds our Class A ordinary shares, the PFIC tax rules discussed under "Item 10. Additional Information
— E. Taxation — U.S. Federal Income Tax Considerations—PFIC Rules" will generally apply to such U.S. Holder for
such taxable year and, unless the U.S. Holder makes a "mark-to-market" election, will apply in future years even if we cease
to be a PFIC.
Our memorandum and articles of association contain anti-takeover
provisions that could have a material adverse effect on the rights of holders of our Class A ordinary shares.
Our 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 ordinary shares. Preferred shares could be issued quickly with
terms calculated to delay or prevent a change in control of our company or make removal of management more difficult. If our board of
directors decides to issue preferred shares, the price of our Class A ordinary shares may fall and the voting and other rights of the
holders of our Class A ordinary shares may be materially and adversely affected.
Our amended and restated memorandum and articles of association
provide that the United States District Court for the Southern District of New York (or, if the Southern District of New York lacks subject
matter jurisdiction over a particular dispute, the state courts of New York County, New York) shall be the exclusive forum within the
United States for the resolution of any complaint asserting a cause of action arising out of or relating in any way to the federal securities
laws of the United States regardless of whether such legal suit, action, or proceeding also involves parties other than us. This could
limit the ability of holders of our Class A ordinary shares or other securities to obtain a favorable judicial forum for disputes with
us, our directors and officers, and potentially others.
Our amended and restated memorandum and articles
of association provide that the United States District Court for the Southern District of New York (or, if the Southern District of New
York lacks subject matter jurisdiction over a particular dispute, the state courts of New York County, New York) shall be the exclusive
forum within the United States for the resolution of any complaint asserting a cause of action arising out of or relating in any way to
the federal securities laws of the United States, regardless of whether such legal suit, action, or proceeding also involves parties other
than us. However, the enforceability of similar choice of forum provisions in other companies' organizational documents has been
challenged in legal proceedings in the United States, and it is possible that a court could find this type of provision to be inapplicable,
unenforceable, or inconsistent with other documents that are relevant to the filing of such lawsuits. If a court were to find the choice
of forum provision contained in our amended and restated memorandum and articles of association to be inapplicable or unenforceable in
an action, we may incur additional costs associated with resolving such action in other jurisdictions. If upheld, the forum selection
clause in our amended and restated memorandum and articles of association may limit a security-holder's ability to bring a claim
against us, our directors and officers, and potentially others in a his or her preferred judicial forum, and this limitation may discourage
such lawsuits.
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. 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 the directors,
actions by 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, Cayman
Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.
37
Shareholders of Cayman Islands exempted companies
like us have no general rights under Cayman Islands law to inspect corporate records or to obtain copies of lists of shareholders of these
companies. Our directors have discretion under 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.
Certain corporate governance practices in the
Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such
as the United States. Currently, we plan to rely on home country practice with respect to corporate governance matters, and our shareholders
may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.
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. For a discussion of significant
differences between the provisions of the Companies Act (Revised) of the Cayman Islands and the laws applicable to companies incorporated
in the United States and their shareholders, see "Item 10. Additional Information—B. Memorandum and Articles of Association—Differences
in Corporate Law."
Certain judgments obtained against us by our shareholders may
not be enforceable.
We are a Cayman Islands company and substantially
all of our assets are located outside of the United States. Substantially all of our current operations are conducted in China. In addition,
a majority of our current directors and officers are nationals and residents of countries and regions other than the United States, including
China and Hong Kong. Substantially all of the assets of these persons are located outside the United States. 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, China and Hong Kong may render you unable to enforce a judgment against our assets or the
assets of our directors and officers.
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 United States domestic public companies.
Because we are 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 of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;
●
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 are 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 through press releases,
distributed pursuant to the rules and regulations of the Nasdaq. 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 than 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.
We are an emerging growth company, and the reduced disclosure
requirements applicable to emerging growth companies may make our Class A ordinary shares less attractive to investors.
We are an "emerging growth company,"
as defined in the JOBS Act, and we may take advantage of certain exemptions from requirements applicable to other public companies that
are not emerging growth companies including, most significantly, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act of 2002 for so long as we remain an emerging growth company. As a result, if we elect not to
comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.
The JOBS Act also provides that an emerging growth
company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise
required to comply with such new or revised accounting standards. This election allows us to delay the adoption of new or revised accounting
standards that have different effective dates for public and private companies until those standards apply to private companies, and as
a result of this election our financial statements may not be comparable to those of companies that comply with public company effective
dates, including other emerging growth companies that have not made this election.
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ITEM 4. INFORMATION ON THE COMPANY
A.
History and Development
of the Company
We are a Cayman Islands holding company and primarily
conduct our operations in China through our PRC subsidiaries. We commenced our commercial operations in September 2009 through Shenzhen
Jiayuda Trading Co., Ltd. In July 2015, Shenzhen Jayud Logistics Technology Co., Ltd. (previously under the name of "Shenzhen Xinyuxiang
Supply Chain Co., Ltd.") was established to optimize our resource allocation to further expand our business. On June 10, 2022,
we incorporated Jayud Global Logistics Limited under the laws of the Cayman Islands as our offshore holding company to facilitate offshore
financing. In June 2022, we established Jayud Global Logistics (Hong Kong) Limited, our wholly owned Hong Kong subsidiary.
In April 2023, we completed our initial
public offering and listed our Class A ordinary shares on the Nasdaq Capital Market under the symbol "JYD." We raised
approximately US$4.86 million in net proceeds from the issuance of new shares from the initial public offering and partial exercise
of over-allotment option after deducting underwriting discounts, commissions and expenses.
Our principal executive offices are located at
4th Floor, Building 4, Shatoujiao Free Trade Zone, Yantian District, Shenzhen, the People's Republic of China. Our telephone number
at this address is +86 0755-25595406. Our registered office in the Cayman Islands is located at Vistra (Cayman) Limited, P. O. Box 31119
Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands. Our agent for service of process in the United
States is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor, New York, NY 10168.
SEC maintains an internet site that contains
reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC on
www.sec.gov
.
You can also find information on our website http://www.jayud.com/. The information contained on our website is not a part of this
annual report.
B.
Business Overview
Overview
We are one of the leading Shenzhen-based end-to-end
supply chain solution providers in China, with a focus on providing cross-border logistics services. According to the Frost & Sullivan
Report, in 2021, we ranked fifth in terms of the revenues generated from providing end-to-end cross-border supply chain solution among
all end-to-end supply chain solution providers based in Shenzhen. Headquartered in Shenzhen, a key component of the Greater Bay Area in
China, we benefit from the unique geographical advantages of providing high degree of support for ocean, air and overland logistics. A
well-connected transportation network enables us to significantly increase efficiency and reduce transportation costs. As one of the most
open and dynamic regions in China, Shenzhen is home to renowned enterprises and the gathering place of cross-border e-commerce market
players, which provides us with a large customer base and enables us to develop long-term in-depth relationships with our customers. In
addition, the sustained and steady growth of local economy and supportive government policies have backed up our development and brought
us great convenience in daily operations.
For the years ended December 31, 2020, 2021
and 2022, our total revenue amounted to RMB290.3 million, RMB545.6 million and RMB652.0 million (US$93.6 million), respectively,
representing a year-over-year increase of 87.9% and 19.5%. For the years ended December 31, 2020, 2021 and 2022, our gross profit
amounted to RMB21.0 million, RMB34.5 million and RMB37.4 million (US$5.4 million), respectively, representing a year-over-year
increase of 64.1% and 8.4%, respectively.
We offer a comprehensive range of cross-border
supply chain solution services, including: (i) freight forwarding services, (ii) supply chain management, and (iii) other value-added
services.
Freight Forwarding Services
Our freight forwarding services primarily comprise
(i) integrated cross-border logistics services, and (ii) fragmented logistics services. For the years ended December 31, 2020,
2021 and 2022, revenues from our freight forwarding services amounted to RMB243.6 million, RMB488.0 million, and RMB577.6 million (US$82.9
million), respectively, representing a year-over-year increase of 100.3% and 18.3%, respectively.
Integrated Cross-border Logistics Services
Our integrated cross-border logistics services
primarily consist of (i) contract logistics services, where we provide our enterprise customers with customized integrated logistics services
covering the entire delivery process from order origination to the final point of sale or delivery, representing a customized and seamless
combination of order processing, warehousing management, transportation and delivery, and other value-added services; and (ii) basic logistics
services, where our customers may choose from various modularized integrated logistics service offerings that are designed based on our
in-depth understanding of the demands of various industries, such as cross-border e-commerce, chemical industry, and the retail sector.
Leveraging our integrated service capabilities and our self-developed logistic IT systems, we aspire to manage our distribution network
seamlessly, allowing our customers to outsource to us their supply chain process.
Our integrated cross-border logistics services
primarily involve order processing, warehousing management, cross-border transportation and delivery (which could involve air freight,
ocean freight and/or overland freight), and other value-added services. Unlike traditional logistics services providers who typically
only provide fragmented logistics services, leaving the burden of coordination to the customers, we, as an integrated logistics services
provider, efficiently coordinate with ocean, air and overland carriers. We also engage in the operation of depots and warehouses, customs
clearance and ground express transportation services (either by our own fleet or third-party trucking service providers), thus reducing
lead time and hassle while improving fulfillment efficiency.
39
The flow chart below sets forth an illustration
of our integrated cross-border logistics service process:
Contract Logistics Services
We customize our integrated logistics solutions
for our major customers, seamlessly covering their entire supply chain process from order origination to the final point of sale or delivery.
For instance, we provide one of our key customers, a leading technology company headquartered in Dongguan, with an end-to-end one-stop
integrated logistics services solution, including custom brokerage, warehousing, logistics and all other links in the integrated cross-border
logistics service process. We opened exclusive air routes for this customer, namely China to Southeast Asia and China to India. Over the
years, our self-developed IT systems are gradually connecting with this customer's internal IT systems in order to realize more
efficient logistics management.
Customers of our contract logistics services
are primarily reputable companies such as, among others, a leading China-based lithium-ion battery manufacturer for electric vehicles,
a leading China-based designer and manufacturer of consumer electronics, and a leading China-based personal computer company.
Depending on the types of services involved in
the supply chain process, we generally charge our customers of contract logistics services the following: (i) basic service fees, which
typically include freight charges, custom brokerage fees, and pickup fees; and (ii) additional service fees, which, depending on the instructions
from our customers, may include insurance fees, first-mile pickup and/or last-mile delivery fees and warehousing fees.
For the fiscal years ended December 31, 2020,
2021, and 2022, revenues from our contract logistics segment amounted to RMB191.9 million, RMB255.8 million and RMB321.2 million (US$46.1
million), respectively, representing a year-over-year increase of 33.3% and 25.6%.
Basic Logistics Services
We developed various modularized integrated logistics
service offerings based on our in-depth understanding of the demands of a variety of industries, such as cross-border e-commerce, chemical
industry, and the retail sector. Principal customers of our basic logistics services, such as owners of e-commerce stores and
other small-and-medium-sized enterprises (or the "SMEs"), may easily choose the service module(s) that accommodate
their needs. We generally charge our customers of basic logistics services the following: (i) basic service fees, which typically
include freight charges, custom brokerage fees, and pickup fees; and (ii) additional service fees, which, depending on the instructions
from our customers, may include insurance fees, first-mile pickup and/or last-mile delivery fees and warehousing fees. For the fiscal
years ended December 31, 2020, 2021, and 2022, revenues from our basic logistics segment amounted to RMB18.9 million, RMB134.4 million
and RMB123.1 million (US$17.7 million), respectively, representing a year-on-year increase of 609.5% and decrease of 8.4%.
Fragmented Logistics Services
We may also be engaged by our customers to provide
one or more types of logistics services that only consist part of the entire cross-border cargo delivery process. Such fragmented
logistics services primarily include one or a combination of the following: (i) air freight forwarding; (ii) ocean freight forwarding;
(iii) overland freight services; (iv) warehousing; and (v) other fragmented logistics services, such as port and depot
services, non-time-definite delivery and coordination services. For the fiscal years ended December 31, 2020, 2021, and
2022, revenues from our fragmented logistics services amounted to RMB32.8 million, RMB97.8 million, and RMB133.2 million (US$19.1
million), respectively, representing a year-on-year increase of 198.1% and 36.2%.
40
Air Freight Forwarding Services
Operating as an air freight consolidator, we
provide both time-saving and cost-effective air freight options to our customers. We purchase cargo space from airlines based on volumes
and resell that cargo space to our customers at a lower price than what they could obtain through negotiations with airlines for their
scatter shipment needs. We have established strategic cooperation relationships with domestic and international airlines, allowing our
distribution network to efficiently connect major transportation hubs in China, the Southeast Asia and the U.S. Customers may also order
trucking services to facilitate shipments and/or customs clearance services.
Our air freight forwarding services generally
fall into the following three categories: (i) export air freight forwarding; (ii) import air freight forwarding; and (iii) domestic
air freight forwarding. We offer deferred, express and charter services, which permit our customers to choose from a menu of different
priority options that secure at different price levels, greater assurance of timely delivery. Customers may also request other logistics
services ancillary to air freight forwarding, such as (i) port and depot services, where cargos and containers are loaded, uploaded
or stored in preparation for delivery, (ii) warehousing and trucking services to facilitate shipments, and (iii) export or import
customs clearance services in relation to cross-border air freight forwarding.
Customers of our air freight forwarding services
primarily include companies in the electronics and new energy industries, as well as other logistics service providers. The majority of
shipments originate in Hong Kong, Shenzhen and Guangzhou of Guangdong province, as well as Shanghai.
We endeavor to ensure air freight shipping capacity
is secured and planned in advance to meet our customers' requirements. The capacity is then made available to our customers at competitive
pricing and with the added security of availability, particularly during peak air freight shipping periods. Our volumes enable us to enter
significant contracts with airlines to lock in capacity at prices that enable us to secure and retain customers.
Depending on the types of services involved in
the process, we generally charge our air freight forwarding customers the following: (i) basic service fees, which typically include,
among other things, freight charges, and pick-up fees; and (ii) additional service fees, which, depending on the instructions
from our customers, may include custom clearance fees, insurance fees, first-mile pickup and/or last-mile delivery fees and warehousing
service fees.
Ocean Freight Forwarding Services
Operating as an ocean freight forwarder, we engage
in: (i) ocean freight consolidation, where we consolidate shipments at the origin or deconsolidate freight at the destination, which
enables our customers to receive the economics of a consolidated container rate rather than a higher rate for less than full container
load, or LCL; and (ii) direct ocean forwarding, where we arrange for ocean freight for customers on a LCL basis. We provide
both export and import ocean freight forwarding services. Customers may also request other logistics services ancillary to ocean freight
forwarding, such as (i) port and depot services, where cargos and containers are loaded, uploaded or stored in preparation for delivery,
(ii) warehousing and trucking services to facilitate shipments, and (iii) export or import customs clearance services in relation
to direct ocean freight forwarding.
Customers of our ocean freight forwarding services
primarily include manufacturers, companies that engages in international commerce, as well as other logistics service providers. The majority
of shipments originate in Shenzhen of Guangdong province, Ningbo of Zhejiang province and Shanghai.
We endeavor to ensure that our ocean freight
shipping capacity is secured and planned in advance to meet our customers' requirements. Ocean freight capacities fluctuated since
the COVID-19 outbreak. As such, in an effort to lock in capacity at prices that enable us to secure and retain customers, we
have entered significant contracts with major container shipping companies.
Depending on the types of services involved in
the process, we generally charge our ocean freight forwarding customers the following: (i) freight charges and our forwarding commissions;
and (ii) additional service fees, which, depending on the instructions from our customers, may include custom clearance fees, insurance
fees, first-mile pickup and/or last-mile delivery fees and warehousing fees.
41
Overland Freight Services
Our overland freight services primarily include
(i) first-mile pickup, (ii) last-mile delivery, and (iii) other overland freight forwarding services, such as rail freight
and intermediate transportations with intermediate stops at Hong Kong.
Customers of our overland freight services primarily
include manufacturers, companies that engages in international commerce, as well as other logistics service providers. The majority of
freights originate in Shenzhen of Guangdong province.
We endeavor to ensure that our overland freight
services capacity is secured and planned in advance to meet our customers' requirements. To that end, we maintained a fleet of two
self-owned trucks as of December 31, 2022 and have developed sound business relationships with third-party trucking service providers.
Furthermore, we have also chartered rail transport to secure stable overland freight service capabilities.
Depending on the types of services involved in
the process, we generally charge our customers of overland freight services the following: (i) freight charges and/or our forwarding
commissions; and (ii) additional service fees, which depending on the instructions from our customers, may include insurance fees,
first-mile pickup and/or last-mile delivery fees and warehousing service fees.
Warehousing Services
Our customers may use our warehouses as an
intermediate stop for an average period of up to three days, and may store goods or inventory in our warehouses for a period ranging
from three days to months. As of December 31, 2022, we had two self-operated warehouses located in Shenzhen of Guangdong
province, with an aggregate GFA of approximately 14,564 sq. m. As of the same date, we had the rights to use two third-party
warehouses located in Yiwu of Zhejiang province and Hong Kong, with an aggregate GFA of approximately 8,531 sq.m. In May 2022, we,
through Shenzhen Jayud Logistics Technology Co., Ltd., entered into an agreement to obtain the right to use Dachan Bay Warehouse
that was located close to Dachan Bay Terminals, Shenzhen Baoan International Airport and National Highway G4 which connects Beijing,
Hong Kong and Macao, with an aggregate GFA of approximately 11,000 sq.m. Later in August, Shenzhen Jayud Logistics Technology Co.,
Ltd. assigned all its rights and obligations under such agreement to Shenzhen Jayud Yuncang Technology Co., Ltd., one of our
subsidiaries in China, by entering into a supplementary agreement. Besides, we also provide customers with: (i) labeling services,
where we print thermal labels and paste them on the packages as per the customers' requests; (ii) packaging services, where,
in the event of the damaged packaging, we may replace the damaged packaging as per the customers' requests; and (iii)
after-sales reverse logistics services, where we provide replacement and return warehousing to support returns management and other
aftersales activities, such as product inspection, refurbishment or disposal.
We charge our customers warehousing fees primarily
consist of our rental rate for the relevant warehouse, first-mile pickup and/or last-mile delivery fees, and fees for other warehousing
services, as applicable.
42
Other Fragmented Logistics Services
In addition to the foregoing, we also provide
the following logistics services on a fragmented basis as per our customers' needs: (i) port and depot services, where we help
to load, upload, store and/or transport containers and cargos; (ii) non-time-definite delivery services, where we provide
last-mile delivery for cross-border e-commerce businesses; and (iii) coordination services, where we connect cross-border supply
chain solution providers, shippers and consignees to improve logistics efficiency.
Supply Chain Management
Our supply chain management business primarily
consists of two sub-segments, namely, (i) international trading, where we engage in international trading directly, with
our customers being the purchasers or sellers, and (ii) agent services, where we are engaged by customers as their international
trade agent, for the purpose of further streamlining the customers' supply chain process. We believe our supply chain management
business allows us to enhance the overall customer experience and to create vast cross-selling opportunities to drive customer retention,
thus further differentiating us from our competitors.
International Trading
We also engage in international trading directly
through the wholesaling of certain goods with our customers. Unlike our freight forwarding services, our international trading business
requires us to bear both inventory risks and credit risks.
Agent Services
We may be engaged by our customers to act as
their international trade agent, managing their cross-border supply chains by assisting our customers, pursuant to the agreements between
our customers and designated third-parties, either (i) to procure certain goods from the designated third-party, or (ii) to
sell and deliver certain goods to the designated third-party. Similar to our integrated cross-border logistics services, our agent services
also involve a seamless combination of order processing, warehousing management, transportation and delivery, and other value-added services.
The major difference from integrated cross-border logistics services is that we carry out a substantial portion of the supply chain process
in our own name, and consequently we may have to bear credit risks involved in the supply chain process.
Other Value-Added Services
We endeavor to differentiate our service offerings
by, among other things, developing other value-added services. Our value-added services primarily include (i) custom brokerage; and
(ii) intelligent logistic IT systems, which we develop and customize for our customers.
Custom Brokerage
We were recognized as an Advanced Certified Enterprise
with a China AEO (that is, Authorized Economic Operator) Certificate issued by the China Customs in 2021. The China AEO Certificate allows
us to perform custom brokerage more efficiently, thus ensuring timely delivery. Our services help importers and exporters to clear cargos
primarily with the China Customs, including documentation collection, valuation review, product classification, electronic submission
to customs and the collection and payment of duties, tariffs and fees. Our custom brokerage fees primarily represent costs incurred plus
our commissions.
Intelligent Logistics IT Systems
We have developed proprietary IT systems that
can be categorized into the following types: (i) the Warehouse Management System, which allows a high degree of customization and
can be integrated with our customers' enterprise resource planning, or ERP, system to provide end-to-end supply chain
visibility; (ii) the Order Management System, which provides end-to-end supply chain visualization; (iii) the Transportation
Management System, which is an online platform designed to enhance visibility, accessibility and connectivity by enabling prompt information
flow between our customers and their supply chains; and (iv) the Booking Management System, which allows our staff and customers
to review the details of cargo booking and handling information in real-time. Each of our proprietary IT systems can integrate with our
ERP system. We sell and license our proprietary IT systems as per our customers' requests.
We also develop customized proprietary IT systems
depending on our major customers' supply chain management needs. For instance, we developed a logistics control system for Lenovo,
the Lenovo Service Control Tower, or the Spider, which expected to contribute to Lenovo's supply chain strategy to
establish a world-class intelligent global logistics network. The Spider enables end-to-end logistics online management and
helps to realize visualization and cost management. By accumulating logistics big data, the Spider supports the optimization of logistics
network and logistics intelligence improvement.
43
Our Global Network
Headquartered in Shenzhen, Guangdong province,
we focus on China as our primary market and expect to expand our business globally. Shenzhen is of great significance in the history of
China's opening-up. Located in this strategic city, we have enjoyed the benefits of its rapid development over the three decades
and will continue to take advantage of its growth. The advantages of being headquartered in Shenzhen include: (i) strategic geographical
location; (ii) large customer base; and (iii) sustained and steady growth of the local economy as well as supportive government policies.
We have established a global operation nexus
to support our business. We own logistic facilities strategically located throughout major transportation hubs in China and globally.
As of December 31, 2022, we had established a presence in 11 provinces (including provincial municipalities) in mainland China, such
as Shenzhen of Guangdong province, Nanjing of Jiangsu province, Ningbo and Yiwu of Zhejiang province, Qingdao of Shandong province, Beijing,
Shanghai, Tianjin, as well as some major global transportation hubs such as Hong Kong.
Our global freight network covers various major
trade lanes across the world, including Asia-North America, Asia-Europe and Intra-Asia trade lines. As of December 31, 2022, our footprints
spread across six continents and over 16 countries, such as Thailand, Singapore, India, Philippine, the United Kingdom, and the United
States.
Competition
The end-to-end cross-border supply
chain solution market in China is highly fragmented. As a result, although we believe that we have established strong competitive advantage
over existing and potential competitors lies in customized logistics services, omnibearing supply chain solution services, eminent customer
relationships, and the master of digitalization and informatization of logistics services, we may face competition from other companies
with end-to-end cross-border service capabilities.
Sales and Marketing
We are engaged by our customers through tendering
processes and direct engagements. For the years ended December 31, 2020, 2021, and 2022, revenues generated through tendering processes
amounted to approximately RMB59.3 million, RMB51.0 million, and RMB21.0 million (US$3.2 million), respectively, accounting for
approximately 20.4%, 9.4%, and 3.2%, respectively, of the total revenues for the same periods.
We acquire new customers primarily through our
sales and marketing personnel, who, through their experience and good rapport with clients, play an instrumental role in creating and
expanding the work platform for us. As of December 31, 2022, we had sales and marketing teams in China of 42 employees.
We also acquire new customers through marketing activities such as online promotions, participation in trade fairs and functions, as well
as forming strategic alliances with government bodies and other businesses such as major e-commerce platforms. Our new customers
may also be referrals from our existing customers, which we believe reflects our existing customers' recognition of our quality
of services.
We focus on attracting financially stable customers
who ideally share traffic flows that complement our existing routes. By maintaining an even flow of freight traffic, we improve our utilization
rate by minimizing the movement of empty idle equipment.
Quality Control
We believe that our ability to maintain the quality
of our services is critical to our growth. In October 2022, four of our PRC subsidiaries obtained the certificates of management certification
issued by a recognized third-party organization in China, certifying that their quality management systems in certain areas are in conformity
with GB/T 19001-2016 / ISO 9001:2015. ISO 9001 Quality Management System is known as the most mature quality framework being used worldwide.
The certified areas include development of logistics information system software, domestic and international freight forwarding, customs
agent, warehousing services, cargo transportation management services, international cargo transportation agent, and cargo declaration
agent services. Our quality assurance measures include the following:
●
Internal quality control regulations and policies.
We have formulated relevant quality control and management measures for different business segments, requiring our employees to follow standard procedures and comply with safety management requirements. Appropriate punishments will be imposed on employees who conduct business in violation of such quality control and management measures. With the development of our business, we will keep pace with leading companies in the supply chain solution market and update such regulations and policies from time to time.
●
Quality assurance training courses for employees.
Our employees are responsible for daily business operations, and we require them to attend quality assurance training courses. These courses introduce our latest quality control system and give employees a better understanding of proper business processes. Presenters also answer questions and address issues that employees may encounter in implementing relevant internal regulations and policies. Through employees' feedback from these courses, we could also optimize our internal quality control measures.
●
Regular management meetings.
Our management and other staff hold regular weekly or monthly meetings to discuss topics relating to quality control. During the meetings, our management may review internal regulations and policies, propose new quality control measures, randomly inquire to check facilities' conditions, go through key customers' feedback, and deliberate reports on quality control updates presented by each department.
44
●
Regular facilities inspection.
To
ensure employee and operators' safety, we have implemented a regular facilities maintenance regime. All facilities, such as trucks
and equipment in warehouses, are subject to regular inspection to avoid any potential hazards and to minimize accidents. Moreover, we
have implemented a GPS system on our vehicles that enables us to accurately track their departure and arrival times, and detect any malpractice
in the course of services.
●
Quality assurance requirements
to suppliers and partners
. We have set up a quality policy for our suppliers and partners to assure the quality of services
or products from them. We generally make clear stipulations on quality management in the agreements with our suppliers and partners.
In the course of doing business, we also explicitly pass on our quality control principles to third parties, in order to expect them
to operate with high faith and in a responsible manner. If any suppliers or partners fail to meet our quality control standards, we will
seek remedies, require them to make a correction, or terminate the cooperation.
●
Customer feedbacks and process
improvement.
Our sales and marketing team and customer service team work closely with our customers throughout each job engagement.
We constantly seek feedback from our customers on possible areas of improvement and often make changes to our internal processes in order
to deliver higher quality services to our customers.
Seasonality
Historically, our own operating results as well
as the industry as a whole have been subject to seasonal demand. As our manufacturer customers generally experience higher demands from
July to December (until the Spring Festival) and lower demands after the Spring Festival, typically the third quarter and the fourth quarter
are the strongest, with the second quarter being the weakest. However, there are no guarantees that these trends will continue or that
the COVID-19 pandemic will not cause any other business disruptions. Specifically, our operations in Hong Kong were negatively affected
by the COVID-19 pandemic during the first half of 2022, which we believe may impact our results of operations for the same period. It
is widely understood in the industry that these seasonal trends are influenced by a number of factors, including weather patterns, national
holidays, economic conditions, consumer demand, major product launches, as well as a number of other market forces.
Technology, Research and Development
We have a dedicated research and development
team responsible for the design and development of our products. As of December 31, 2022, our research and development team consisted
of 20 employees. As of December 31, 2022, the management of our research and development team had experience in the IT industry for more
than six years.
For the years ended December 31, 2020, 2021,
and 2022, our research and development expenses amounted to RMB1.4 million, RMB1.5 million, and RMB2.1 million (US$0.3 million), respectively.
Such amounts were primarily expenses in relation to our proprietary IT systems, all of which are internally designed and developed to
support efficient operational management and to better serve our customers' supply chain needs. Each of our proprietary IT systems
can integrate with our enterprise resource planning, or ERP, system, providing seamless services while allowing us to achieve better efficiency.
Our major types of proprietary IT systems include:
●
The Warehouse Management System
allows a high degree of customization and can be integrated with our customers' enterprise resource planning systems to provide end-to-end supply
chain visibility.
●
The Order Management System
provides end-to-end supply chain visualization.
●
The Transportation Management
System is an online platform designed to enhance visibility, accessibility and connectivity by enabling prompt information flow between
our customers and their supply chains.
●
The Booking Management System
allows our staff and customers to review the details of cargo booking and handling information in real-time.
As a part of our value-added services, we from
time to time sell and license our proprietary intelligent logistics IT systems as per our major customers' requests. We also develop
customized proprietary IT systems depending on our major customers' supply chain needs.
45
Intellectual Property
We seek to protect our intellectual properties
through a combination of patents, copyrights, trademarks, trade secrets and confidentiality agreements. As of December 31, 2022, we have
registered 51 registered copyrights, three registered domain names, and four registered trademarks, including "
佳裕达
",
"JAYUD GROUP" and "Joyed".
We intend to protect our intellectual
properties vigorously, but there can be no assurance that our efforts will be successful. Even if our efforts are successful, we may
incur significant costs in defending our rights. From time to time, third parties may initiate litigation against us alleging infringement
of their proprietary rights or declaring their non-infringement of our intellectual property rights. See "Item 3. Key Information
— D. Risk Factors —Risks Related to Our Business and Industry—We may not be able to prevent others from unauthorized
use of our intellectual property, which could harm our business and competitive position." and "Item 3. Key Information —
D. Risk Factors —Risks Related to Our Business and Industry—We may be subject to intellectual
property infringement claims, which may be expensive to defend and may disrupt our business and operations."
Insurance
We participate in various government statutory
social security plans, including a pension contribution plan, a medical insurance plan, an unemployment insurance plan, a work-related
injury insurance plan, a maternity insurance plan and a housing provident fund. We currently do not have any business liability or disruption
insurance.
Our insurance coverage complies with the requirements
of PRC laws, except underpaid or unpaid employee benefits. For the related risk factor, see "Item 3. Key Information—D. Risk
Factors—Risks Related to Doing Business in China—Failure to make adequate contributions to various employee benefit plans
as required by PRC regulations or comply with laws and regulations on other employment practices may subject us to penalties" for
more details. We believe that such coverage is in line with industry norms in the PRC and is adequate and sufficient for our current operations.
Regulations
This section sets forth a summary of the most
significant laws, rules and regulations that affect our business activities in the PRC and our shareholders' rights to receive dividends
and other distributions from us.
Regulations Relating to Road Transportation
Pursuant to the Regulations on Road Transportation
promulgated by the State Council in April 2004 and most recently amended in March 2022, and the Provisions on Administration
of Road Freight Transportation and Stations (Sites) issued by the Ministry of Transport in June 2005 and most recently amended in
September 2022, or the Road Freight Provisions, the business operations of road freight transportation refer to commercial road freight
transportation activities that provide public services. The road freight transportation includes general road freight transportation,
special road freight transportation, road transportation of large articles, and road transportation of dangerous cargos. Special road
freight transportation refers to freight transportation using special vehicles such as vehicles with containers, refrigeration equipment,
or tank containers. The Road Freight Provisions set forth detailed requirements with respect to vehicles and drivers.
Under the Road Freight Provisions, anyone engaging
in the business of operating road freight transportation or stations (sites) must obtain a road transportation operation permit from the
local county-level competent authority for transportation, and each vehicle used for road freight transportation must have a road transportation
certificate from the same authority. The incorporation of a subsidiary of a road freight transportation operator that intends to engage
in road transportation business is subject to the same approval procedure. If a road freight transportation operator intends to establish
a branch, it should file with the local competent authority for transportation where the branch is to be established.
Although the road transportation operation permits
have no limitation with respect to geographical scope, several provincial governments in China, including Shanghai and Beijing, promulgated
local rules on administration of road transportation, stipulating that permitted operators of road freight transportation registered in
other provinces should also make filing with the local road transportation administrative bureau where it carries out its business.
Regulations Relating to Cargo Vehicles
Pursuant to the Administrative Provisions Concerning
the Running of Cargo Vehicles with Out-of-Gauge Goods promulgated by the Ministry of Transport, which took effect on September 21,
2016 and most recently amended in August 2021, cargo vehicles running on public roads shall not carry cargo weighing more than the limits
prescribed by this regulation and their dimensions shall not exceed those as set forth in the same regulation. Vehicle operators who violate
this regulation may be subject to a fine of up to RMB30,000 for each violation. In the event of repeated violations, the regulatory
authority may suspend the operating license of the vehicle operator and/or revoke the business operation registration of the relevant
vehicle.
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Regulations Relating to International Freight Forwarding Agencies
According to the Administrative Provisions on
International Freight Forwarders (promulgated in 1995), its detailed rules for implementing (promulgated in 2004) and the Tentative Measures
on Putting on Record of International Freight Forwarding Agencies (promulgated in 2005 and revised in 2016), all international freight
forwarding agencies and their branches registered with state industrial and commercial administration in accordance with laws should be
filed with the Ministry of Commerce ("MOC") or the governmental authorities authorized by MOC. The minimum amount of registered
capital should be RMB5 million for an international freight forwarder by sea, RMB3 million for an international freight forwarder
by air and RMB2 million for an international freight forwarder by land or for an entity operating international express delivery
services. Additionally, an international freight forwarder must, when applying for setting up its branches, increase its registered capital
(or the excess amount over its minimum registered capital) by RMB500,000. An international freight forwarding agency may accept a commission
to operate part or all of the following businesses, including (i) to book ship's holds and warehouses, (ii) to supervise the loading
and unloading of freight and the assembling and dismantling of containers, (iii) multi-forms of international transportation, (iv) international
express deliveries excluding private letters, (v) to submit customs declarations and undergo customs quarantine and insurance inspections,
(vi) to prepare the related bills and certificates, pay transport charges, settle accounts and miscellaneous fees, and (vii) any other
businesses of an international freight forwarder. An international freight forwarding agency should conduct its business within its ratified
scope. To engage in the above-mentioned businesses, an international freight forwarding agency must register with relevant competent authorities
as required by the related laws and administrative rules and regulations. International freight forwarding agencies can also be mutually
entrusted to conduct business as stipulated in these regulations. On January 16, 2013, MOC issued the Guiding Opinions on Accelerating
the Healthy Development of International Freight Forwarding and Logistics Industry, which further provides that MOC entrusts the China
International Freight Forwarders Association ("CIFA") to oversee the filing of international freight forwarding enterprises.
Accordingly, an international freight forwarding enterprise may complete filings with the CIFA or its branch.
Regulations Relating to Non-Vessel Operating Common Carrier
Pursuant to the Regulations on International
Maritime Transport promulgated by the State Council on December 11, 2001 and most recently amended on March 2, 2019 and Implementing
Rules for the Regulations on International Maritime Transport promulgated by the Ministry of Transport on January 20, 2003 and most
recently amended on November 28, 2019, Non-vessel operating common carriers ("NVOCC") shall mean carriers that undertake
to carry cargo of consignors, issue their own bills of lading or other transport documents, collect freight from the consignors, complete
international maritime transport through international shipping operators, and bear carrier liability in the international maritime transport
activities undertaken by them. The NVOCC performs the following activities relating to the entrusted cargo and carried out for the purpose
of accomplishing such activities, including (1) conclusion of an international cargo transport contract in the capacity of a carrier
with a consignor; (2) receipt and delivery of cargo in the capacity of a carrier; (3) issue of bills of lading or other transport
documents; (4) collection of transport fees and other remuneration for services rendered; (5) booking of cabin or shipping space
and cargo handling with international shipping operators or other transport operators; (6) payment of freight or other transport
fees; (7) container de-consolidation and assembly business activities; and (8) other related business activities.
According to the Regulations on International
Maritime Transport and its implementation rules, all NVOCC shall complete bill of lading registration formalities with the department
responsible for transportation under the State Council, and pay the security deposit. Applicants for registration of bill of lading by
a NVOCC shall submit an application for registration of bill of lading to the Ministry of Transport together with the relevant materials.
The Ministry of Transport shall, within 15 working days from receipt of complete application documents, examine the application materials.
Bill of lading registration shall be granted and a non-vessel carrier business operation qualification registration certificate
shall be issued to successful applicants. NVOCC using two or more types of bills of lading shall complete registration for each type of
bill of lading. Where there is a change to a registered bill of lading of a NVOCC, a sample format of the new bill of lading shall be
filed with the Ministry of Transport for record at least 15 days in advance of the use of new bill of lading.
On February 27, 2019, the State Council
issued the Decision to Cancel and Delegate to Lower-level Authorities a Group of Administrative Licensing Items, deciding to cancel 25
administrative licensing items, including the registration application procedures of NVOCC business, change to the filing procedures,
and the NVOCC security deposit requirements.
47
Regulations Relating to Customs Declaration
Pursuant to the Customs Law of the PRC promulgated
by the Standing Committee of the National People's Congress ("SCNPC") on January 22, 1987, most recently amended
on April 29, 2021, the consignor or consignee of the goods exported or imported as well as a customs declaration enterprise must
register themselves for declaration activities at customs in accordance with the law. Anyone who is not registered at the customs shall
not conduct declaration activities. Customs brokers or customs declaration persons shall not make customs declaration illegally on behalf
of others or conduct customs declaration activities beyond their business scope. Pursuant to the Administrative Provisions of the Customs
on Record-filing of Customs Declaration Entities promulgated by the General Administration of Customs (the "GAC") on
November 19, 2021 and became effective on January 1, 2022, a consignor or consignee of imported and exported goods as well as
customs declaration enterprise shall go through customs declaration entity record-filing formalities with the competent customs in
accordance with the applicable provisions. Customs declaration entities may handle customs declarations business within the customs territory
of the PRC.
On April 16, 2018, the GAC circulated the
Announcement on Matters relating to the Consolidation of Enterprises' Qualifications for Customs Declaration and Declaration for
Inspection and Quarantine ("Announcement 28"), the record-filing for declaration agencies for inspection and quarantine and
the registration for customs declaration enterprises will be consolidated into the registration for customs declaration enterprises. From
April 20, 2018, an enterprise will simultaneously become qualified for the customs declaration and the declaration for inspection
and quarantine, once it has registered itself or filed a record with the customs and the customs will approve and issue the Certificate
of the Customs of the People's Republic of China on Registration of the Customs Declaration Entity and the Registration Form for
Declaration Enterprises for Entry-Exit Inspection and Quarantine affixed with its special seal for registration and record-filing to the
registered or recorded enterprise simultaneously.
On October 26, 2018, the GAC circulated
the Announcement on Matters Related to Promoting the Integration of Customs Inspection and Optimizing the Registration of Customs Declaration,
according to which, from October 29, 2018, the Certificate of the Customs of the People's Republic of China on Registration
of the Customs Declaration Entity issued by the customs to the customs declaration enterprise that has completed the registration automatically
reflects the two qualifications for customs declaration and the declaration for inspection and quarantine. The original "Registration
Form for Declaration Enterprises for Entry-Exit Inspection and Quarantine" and "Registration Form for Entry-Exit Inspection
and Quarantine Reporters" will no longer be issued. Any enterprises engaged in the business of making customs declarations and making
the declaration for inspection and quarantine as an agent should obtain relevant certificate and make filings for customs declaration
persons as prescribed by the foresaid regulations.
Regulations Relating to Import and Export Of Goods
Pursuant to the Foreign Trade Law which was promulgated
by SCNPC on May 12, 1994 and was most recently amended on December 30, 2022 and the Administrative Regulations for the Import and
Export of Goods which were issued by the State Council on December 10, 2001 and became effective on January 1, 2002, certain
goods are allowed to be imported into or exported out of China freely while certain goods are prohibited or restricted from being imported
into or exported out of China due to their impact on national security, life and health of people, animals or plants, the development
of certain domestic industries, or other reasons stipulated in relevant laws and regulations. No one shall import or export goods that
are prohibited from being imported into or exported out of China. The import and export of goods that are restricted from being imported
into or exported out of China shall be in compliance with relevant restrictive laws and regulations.
Before December 30, 2022, according to the then-effective
Foreign Trade Law, and the Measures for the Record-Filing and Registration of Foreign Trade Operators promulgated by MOC on June 25,
2004, and most recently amended on May 10, 2021, foreign trade operators which engage in the import and export of goods shall go
through the record-filing and registration with MOC or an authority authorized by MOC, unless laws, administrative regulations and
rules of MOC provide that it is unnecessary to go through such formalities. If foreign trade operators fail to go through the formalities
for record-filing and registration in accordance with relevant provisions, the PRC customs authority shall refuse to handle the declaration
and clearance formalities of their imports and exports. On December 30, 2022, the Foreign Trade Law of the PRC was amended, and foreign
trade operators were no longer required to go through the record registration formalities.
48
According to the Customs Law of the PRC, unless
otherwise provided for, the declaration of import or export goods and the payment of customs duties may be made by the consignees or consigners
themselves, and such formalities may also be completed by their entrusted customs brokers that have registered with the PRC customs authority.
The Regulations on Import and Export Duties, promulgated by the State Council on November 23, 2003 and most recently amended on March 1,
2017, further stipulated that, unless otherwise provided by the relevant laws and regulations, goods permitted to be imported into or
exported out of China shall be subject to payment of customs duties. The consignees of imported goods, consigners of exported goods or
owners of inward articles shall undertake the obligation of the payment of customs duties. The State Council also promulgated implementation
rules and tariff schedules to regulate the items and rates of the customs duties.
According to the Import and Export Commodity
Inspection Law promulgated by SCNPC on February 21, 1989 and most recently amended on April 29, 2021 and its implementation
rules, the imported and exported goods that are subject to compulsory inspection listed in the catalog compiled by the import and export
commodity inspection department established by the State Council shall be inspected by the commodity inspection organizations, and the
imported and exported goods that are not subject to statutory inspection shall be subject to random inspection. Consignees and consignors
or their entrusted customs brokers may apply for inspection to the goods inspection authorities.
Regulations Relating to Intellectual Property
China has adopted comprehensive legislation governing intellectual
property rights, including copyrights, trademarks, patents and domain names. China is a signatory to the primary international conventions
on intellectual property rights and has been a member of the Agreement on Trade Related Aspects of Intellectual Property Rights since
its accession to the World Trade Organization in December 2001.
Copyright
On September 7, 1990, SCNPC promulgated
the Copyright Law of the People's Republic of China, or the Copyright Law, effective on June 1, 1991 and amended on October 27,
2001, February 26, 2010, and November 11, 2020, respectively. The amended Copyright Law extends copyright protection to internet
activities, products disseminated over the Internet and software products. In addition, there is a voluntary registration system administered
by the Copyright Protection Center of China.
Under the Regulations on the Protection of the
Right to Network Dissemination of Information that took effect on July 1, 2006 and was amended on January 30, 2013, it is further
provided that an Internet information service provider may be held liable under various situations, including that if it knows or should
reasonably have known a copyright infringement through the Internet and the service provider fails to take measures to remove or block
or disconnect links to the relevant content, or, although not aware of the infringement, the Internet information service provider fails
to take such measures upon receipt of the copyright holder's notice of such infringement.
In order to further implement the Regulations
on Computer Software Protection, promulgated by the State Council on December 20, 2001 and amended on January 8, 2011 and January 30,
2013, respectively, the National Copyright Administration issued the Measures for the Registration of Computer Software Copyright on February 20,
2002, which specify detailed procedures and requirements with respect to the registration of software copyrights.
Trademark
According to the Trademark Law of the People's
Republic of China promulgated by SCNPC on August 23, 1982, and amended on February 22, 1993, October 27, 2001, August 30,
2013 and April 23, 2019, respectively, the Trademark Office of the State Administration for Market Regulation ("SAMR")
is responsible for the registration and administration of trademarks in China. SAMR under the State Council has established a Trademark
Review and Adjudication Board for resolving trademark disputes. Registered trademarks are valid for ten years from the date the registration
is approved. A registrant may apply to renew a registration within twelve months before the expiration date of the registration. If the
registrant fails to apply in a timely manner, a grace period of six additional months may be granted. If the registrant fails to apply
before the grace period expires, the registered trademark shall be deregistered. Renewed registrations are valid for ten years. On April 29,
2014, the State Council issued the revised the Implementing Regulations of the Trademark Law of the People's Republic of China,
which specified the requirements of applying for trademark registration and renewal.
49
Patent
According to the Patent Law of the People's
Republic of China, or the Patent Law, promulgated by SCNPC on March 12, 1984 and amended on September 4, 1992, August 25,
2000, December 27, 2008, and October 17, 2020, respectively, and the Implementation Rules of the Patent Law of the People's
Republic of China, or the Implementation Rules of the Patent Law, promulgated by the State Council on June 15, 2001 and revised on
December 28, 2002 and January 9, 2010, the patent administrative department under the State Council is responsible for the administration
of patent-related work nationwide. The patent administration departments of provincial or autonomous regions or municipal governments
are responsible for administering patents within their respective administrative areas. The Patent Law and Implementation Rules of the
Patent Law provide for three types of patents, namely "inventions," "utility models," and "designs."
Invention patents are valid for twenty years, while utility model patents are valid for ten years, and design patents are valid for fifteen
years, from the date of application. The Chinese patent system adopts a "first-come, first file" principle, which means that
where more than one person files a patent application for the same invention, a patent will be granted to the person who files the application
first. An invention or a utility model must possess novelty, inventiveness, and practical applicability to be patentable. Third Parties
must obtain consent or a proper license from the patent owner to use the patent. Otherwise, the unauthorized use constitutes an infringement
on the patent rights.
Domain Names
On August 24, 2017, the Ministry of Industry
and Information Technology ("MIIT") promulgated the Administrative Measures for Internet Domain Names, or the Domain Name
Measures, which became effective on November 1, 2017. MIIT is the major regulatory body responsible for the administration of the
PRC internet domain names, under supervision of which China Internet Network Information Center, or the CNNIC, is responsible for the
daily administration of CN domain names and PRC domain names. Pursuant to the Domain Name Measures, the registration of domain names adopts
the "first to file" principle and the registrant shall complete the registration via the domain name registration service
institutions. The Domain Name Measures regulate the registration of domain names, such as China's national top-level domain
name ".CN". The CNNIC issued the Measures for the Resolution of Country Code Top-Level Domain Name Disputes on June 18,
2019, pursuant to which, in the event of a domain name dispute, the disputed parties may lodge a complaint to the designated domain name
dispute resolution institution to initiate the domain name dispute resolution procedure, file a suit to the People's Court, or initiate
an arbitration procedure.
Regulations Relating to Foreign Exchange
The principal regulations governing foreign currency
exchange in China are the Foreign Exchange Administration Regulations, most recently amended in August 2008. Under the PRC foreign exchange
regulations, payments of current account items, such as profit distributions, interest payments, and trade and service-related foreign
exchange transactions, can be made in foreign currencies without prior approval from SAFE by complying with certain procedural requirements.
By contrast, approval from or registration with appropriate government authorities is required where RMB is converted into foreign currency
and remitted out of China to pay capital account items, such as direct investments, repayment of foreign currency-denominated loans, repatriation
of investments, and investments in securities outside of China.
In November 2012, SAFE promulgated the Circular
of Further Improving and Adjusting Foreign Exchange Administration Policies on Foreign Direct Investment, which substantially amends and
simplifies the current foreign exchange procedure. Pursuant to this circular, the opening of various special-purpose foreign exchange
accounts, such as pre-establishment expenses accounts, foreign exchange capital accounts and guarantee accounts, the reinvestment
of RMB proceeds derived by foreign investors in the PRC, and remittance of foreign exchange profits and dividends by a foreign-invested
enterprise to its foreign shareholders no longer require the approval or verification of SAFE, and multiple capital accounts for the same
entity may be opened in different provinces, which was not possible previously. In addition, SAFE promulgated the Provisions on Foreign
Exchange Administration over Domestic Direct Investment by Foreign Investors in May 2013, which specifies that the administration by SAFE
or its local branches over direct investment by foreign investors in the PRC must be conducted by way of registration and banks must process
foreign exchange business relating to the direct investment in the PRC based on the registration information provided by SAFE and its
branches. On February 13, 2015, SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign
Exchange Concerning Direct Investment, or SAFE Notice 13. After SAFE Notice 13 became effective on June 1, 2015, instead of applying
for approvals regarding foreign exchange registrations of foreign direct investment and overseas direct investment from SAFE, entities
and individuals may apply for such foreign exchange registrations from qualified banks. Under the supervision of SAFE, the qualified banks
may directly review the applications and conduct the registration.
50
On March 30, 2015, 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, which expands a pilot reform of the administration of the settlement of the foreign exchange capitals
of foreign-invested enterprises nationwide. Circular 19 came into force and replaced both previous Circular 142 and Circular 36 on
June 1, 2015. On June 9, 2016, 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, to further expand and strengthen
such reform. Under Circular 19 and Circular 16, foreign-invested enterprises in the PRC are allowed to use their foreign exchange funds
under capital accounts and RMB funds from exchange settlement for expenditure under current accounts within its business scope or expenditure
under capital accounts permitted by laws and regulations, except that such funds shall not be used for (i) expenditure beyond the
enterprise's business scope or expenditure prohibited by laws and regulations; (ii) investments in securities or other investments
than banks' principal-secured products; (iii) granting of loans to non-affiliated enterprises, except where it is
expressly permitted in the business license; and (iv) construction or purchase of real estate for purposes other than self-use (except
for real estate enterprises).
In January 2017, SAFE promulgated the Circular
on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness and Compliance Verification, or SAFE Circular
3, which stipulates several capital control measures with respect to the outbound remittance of profit from domestic entities to offshore
entities, including (i) under the principle of genuine transaction, banks shall check board resolutions regarding profit distribution,
the original version of tax filing records and audited financial statements; and (ii) domestic entities shall hold income to account
for previous years' losses before remitting the profits. Further, according to SAFE Circular 3, domestic entities shall make detailed
explanations of the sources of capital and utilization arrangements and provide board resolutions, contracts and other proof when completing
the registration procedures in connection with an outbound investment.
On October 23, 2019, SAFE issued the Circular
of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment, or SAFE Circular
28, which allows non-investment foreign-invested enterprises to make domestic equity investment with their capital funds in
accordance with the law under the premise that such investment does not violate the existing special administrative measures (Negative
List) for foreign investment and the project invested in China is authentic and compliant. Pursuant to SAFE Circular 28, upon receiving
the payment of consideration from a foreign investor for the equity transfer under foreign direct investment, the domestic transferor,
with relevant registration certificates, can process the formalities for account opening, fund receipt, and foreign exchange settlement
and use directly at the bank. The foreign investor's deposit remitted from overseas or transferred from domestic accounts can be
directly used for its lawful domestic capital contribution as well as domestic and overseas payment after the transaction is concluded.
On April 10, 2020, SAFE issued the Circular
on Optimizing Administration of Foreign Exchange to Support the Development of Foreign-related Business, or SAFE Circular 8, pursuant
to which, eligible enterprises are allowed to use the income under capital account, from such sources as capital funds, foreign debt and
overseas listing, for domestic payment without having to provide supporting authentication materials to the banks for every transaction
in advance, but the use of funds shall be true and compliant as well as conform to the existing administration regulations regarding use
of income under capital account. The concerned bank shall conduct spot checking in accordance with the relevant requirements.
Regulations Relating to Foreign Exchange Registration of Overseas
Investment by PRC Residents
SAFE issued SAFE Circular on Relevant Issues
Relating to Domestic Resident's Investment and Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular
37, that became effective in July 2014, replacing the previous SAFE Circular 75, the Notice on Relevant Issues Concerning Foreign Exchange
Administration for PRC Residents Engaging in Financing and Roundtrip Investments via Overseas Special Purposes Vehicles. SAFE Circular
37 regulates foreign exchange matters in relation to the use of special purpose vehicles, or SPVs, by PRC residents or entities to seek
offshore investment and financing or conduct round trip investment in China. Under SAFE Circular 37, an SPV refers to an offshore entity
established or controlled, directly or indirectly, by PRC residents or entities to seek offshore financing or make an offshore investment,
using legitimate onshore or offshore assets or interests. An "round trip investment" refers to direct investment in China
by PRC residents or entities through SPVs, establishing foreign-invested enterprises to obtain ownership, control rights, and management
rights. SAFE Circular 37 provides that, before contributing to an SPV, PRC residents or entities must complete foreign exchange registration
with SAFE or its local branch. SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign Exchange
Concerning Direct Investment in February 2015, which took effect on June 1, 2015. This notice has amended SAFE Circular 37 requiring
PRC residents or entities to register with qualified banks rather than SAFE or its local branch in connection with their establishment
or control of an offshore entity established for overseas investment or financing.
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PRC residents or entities who had contributed
legitimate onshore or offshore interests or assets to SPVs but had not obtained registration as required before the implementation of
SAFE Circular 37 must register their ownership interests or control in the SPVs with qualified banks. An amendment to the registration
is required if there is a material change with respect to the SPV registered, such as any change of basic information (including change
of the PRC residents, name and operation term), increases or decreases in investment amount, transfers or exchanges of shares, and mergers
or divisions. Failure to comply with the registration procedures set forth in SAFE Circular 37 and the subsequent notice, or making misrepresentation
on or failure to disclose controllers of the foreign-invested enterprise that is established through round-trip investment, may result
in restrictions being imposed on the foreign exchange activities of the relevant foreign-invested enterprise, including payment of dividends
and other distributions, such as proceeds from any reduction in capital, share transfer or liquidation, to its offshore parent or affiliate,
and the capital inflow from the offshore parent, and may also subject relevant PRC residents or entities to penalties under PRC foreign
exchange administration regulations.
Regulations Relating to Foreign Exchange Registration of Overseas
Investment by PRC Enterprises
On December 26, 2017, the National Development
Reform Committee ("NDRC") promulgated the Administrative Measures on Overseas Investments by Enterprises, which took effect
as of March 1, 2018. According to this regulation, nonsensitive overseas investment projects are subject to record-filing requirements
with the local branch of NDRC. On September 6, 2014, MOC promulgated the Administrative Measures on Overseas Investments, which took
effect as of October 6, 2014. According to this regulation, overseas investments of PRC enterprises that involve nonsensitive countries
and regions and nonsensitive industries are subject to record-filing requirements with a local branch of MOC. According to the Circular
of the State Administration of Foreign Exchange on Issuing the Regulations on Foreign Exchange Administration of the Overseas Direct Investment
of Domestic Institutions, which was promulgated by the State Administration of Foreign Exchange, or SAFE, on July 13, 2009 and took
effect on August 1, 2009, and Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct
Investment, which was promulgated by SAFE on February 13, 2015 and took effect on June 1, 2015, PRC enterprises must register
for overseas direct investment with a local SAFE branch or its authorized banks.
Regulations Relating to Dividend Distributions
Under our current corporate structure, we may
rely on dividend payments from our PRC subsidiaries, to fund any cash and financing requirements we may have. The principal regulations
governing the distribution of dividends of foreign-invested enterprises include Foreign Investment Law of the People's Republic
of China and the Company Law of the People's Republic of China. Under these laws, wholly foreign-owned enterprises in China may
freely make remittance inward and outward in RMB or foreign exchange of capital contribution, profits, capital yield, income from asset
disposal, intellectual property licensing fees, indemnity obtained according to law or income from compensation and liquidation.
According to the PRC Company Law and Foreign Investment Law, each of
our PRC subsidiaries is required to draw 10% of its after-tax profits each year, if any, to fund certain statutory reserve fund,
which may stop drawing its after-tax profits if the aggregate balance of the statutory reserve fund has already accounted for
over 50% of its registered capital. These reserves are not distributable as cash dividends. The PRC subsidiaries may, at their discretion,
allocate a portion of their after-tax profits based on PRC accounting standards to optional reserve funds. After making up the
losses and allocating reserve funds, the remaining after-tax profits of our PRC subsidiaries may be distributed to the shareholders.
Regulations Relating to Funds Transfer to PRC Subsidiaries
We are permitted under PRC laws and regulations
as an offshore holding company to provide funding to our PRC subsidiaries through loans or capital contributions, subject to satisfaction
of applicable government registration, approval and filing requirements.
In the event of subsequent changes in the registered
capital of our PRC subsidiary which is a foreign-invested enterprise, or FIE, such as increase in its registered capital, the FIE shall
complete registration change formalities with competent administrations for market regulation in accordance with relevant regulations,
and registration change formalities shall also be completed with the competent administration of foreign exchange according to the Provisions
on Foreign Exchange Administration over Domestic Direct Investment by Foreign Investors. In addition, pursuant to Circular 16, FIEs shall
use their registered capital pursuant to the principle of authenticity and self-use within their business scope.
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Pursuant to the Provisional Measures on Administration
of Foreign Debt (the "Foreign Debt Measures") issued by the State Development Planning Commission (revised), Ministry of Finance
("MOF") and SAFE in January 2003 and effective as of March 1, 2003, any loans provided by us to our PRC subsidiaries
in foreign currencies shall be classified as foreign debt under the Foreign Debt Measures. According to the Foreign Debt Measures, the
sum of cumulative accrued amounts of medium-term to long-term foreign loans and balance amounts of short-term foreign loans taken by a
foreign-invested enterprise shall be limited to the difference between the total project investment amount approved by the government
and the amount of registered capital. Foreign-invested enterprises may take foreign loans freely within the scope of difference.
On January 12, 2017, the People's
Bank of China ("PBOC") issued the Notice of People's Bank of China on Matters Concerning Macro-prudential Management
on All-round Cross-border Financing (the "No.9 Notice"), which improved the policy framework of the cross-border
financing. The No.9 Notice clarifies the new calculation methods of the upper limit of the risk-weighted balance for all types of crossborder
financing, in particular, the upper limit for risk-weighted balance for cross-border financing equals to the capital or the net assets
multiplied by the leverage rate of cross-border financing and the macro-prudential adjustment parameters. Currently, the implementation
of the foregoing methodologies for foreign-invested enterprises in cross-border financing have not been formally determined by PBOC
and SAFE.
Moreover, as the debtors of cross-border financing,
our PRC subsidiaries are also required to comply with certain registration formalities for execution of foreign debt contracts with the
foreign exchange bureau at the locality according to the Notice of State Administration of Foreign Exchange on Promulgation of the administrative
Measures on Registration of Foreign Debt which was promulgated by SAFE in April 2013 and revised in May 2015.
Pursuant to the Administrative Measures for Examination
and Registration of Medium and Long-term Foreign Debts of Enterprises ("Circular 56"), which came into force on February 10,
2023 and replaced the Circular of the National Development and Reform Commission on Promoting the Administrative Reform of the Record-filing
and Registration System for the Issuance of Foreign Debts by Enterprises promulgated on September 14, 2015, before the issuance of
foreign loans, enterprises shall first apply to and obtain from NDRC the Certificate of Examination and registration of Foreign Debts
Borrowed by Enterprises and shall report the information on the issuance to NDRC within ten business days after completion of each issuance.
The term "foreign loan" shall mean RMB-denominated or foreign currency-denominated debt instruments with a maturity
of more than one year which are issued overseas by domestic enterprises and their controlled overseas enterprises or branches and for
which the principal and interest are repaid as agreed, including senior bonds, perpetual bonds, capital bonds, medium-term notes, convertible
bonds, exchangeable bonds, finance leases, and so forth. In February 2023, NDRC circulated the Guide to the Registration of Foreign Debt
Issued by Enterprises on its official website, according to which, domestic companies (and their controlled overseas companies or branches)
who borrowed from foreign companies (including overseas shareholders) a loan for more than one year need to apply to NDRC. However, NDRC
has not issued any other further explanation for the implementation of Circular 56.
Regulations Relating to Overseas Listings and M&A Rules
On February 17, 2023, the CSRC issued the Trial
Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, which became effective
on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No.5 Supporting Guidance Rules,
the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises
and the relevant CSRC Answers to Reporter Questions on the official website of CSRC, or collectively, the Guidance Rules and Notice. Under
the Trial Measures and the Guidance Rules and Notice, domestic companies conducting overseas securities offering and listing activities,
either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within
three working days following the submission of initial public offering or listing applications. The companies that have already been listed
on overseas stock exchanges or have obtained approvals from overseas supervision administrations or stock exchanges for their offerings
and listings prior to the effective date of the Trial Measures and will complete their overseas offerings and listings prior to September
30, 2023, are not required to make immediate filings for their listings yet need to make filings for subsequent offerings in accordance
with the Trial Measures. The companies that have already submitted applications for initial public offerings to overseas supervision administrations
prior to the effective date of the Trial Measures but have not yet obtained approval from overseas supervision administrations or stock
exchanges for the offering and listing prior to the effective date of the Trial Measures may arrange for the filing within a reasonable
time period and should complete the filing procedures before such companies' overseas issuances and listings.
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As of the date of this annual report, we have
not received any formal inquiry, notice, warning, sanction, or regulatory objection from the CSRC with respect to our listing. As the
Trial Measures were newly published and there exists uncertainty with respect to the filing requirements and their implementation, if
we are required to submit to the CSRC and complete the filing procedure of our overseas public offering and listing, we cannot be sure
that we will be able to complete such filings in a timely manner. Any failure or perceived failure by us to comply with such filing requirements
under the Trial Measures may result in forced corrections, warnings and fines against us and could materially hinder our ability to offer
or continue to offer our securities.
On February 24, 2023, the CSRC, the Ministry
of Finance, the National Administration of State Secrets Protection and the National Archives Administration jointly issued the Provisions
on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies, or the
Provisions, which took effect on March 31, 2023 concurrently with the Trial Measures. The Provisions, in replacement of the Provisions
on Strengthening Confidentiality and Archives Administration of Overseas Issuance and Listing of Securities which took effect on October
20, 2009, expand its application to cover indirect overseas offering and listing of domestic companies by adding the same confidentiality
obligations to such domestic companies in the course of their indirect overseas issuance and listing. According to the Provisions, a domestic
company that plans to, either directly or through its overseas-listed entity, publicly disclose or provide to relevant entities or individuals
including securities firms, securities service providers, and overseas regulators, documents and materials that contain state secrets
or government work secrets, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative
department at the same level. Further, a domestic company that plans to, either directly or through its overseas-listed entity, publicly
disclose or provide to relevant entities or individuals including securities firms, securities service providers, and overseas regulators,
other documents and materials that, if divulged, will cause an adverse impact on national security or the public interest, shall strictly
fulfill relevant procedures stipulated by applicable national regulations. We do not believe we will be required to obtain the aforementioned
approval or go through such filings procedures as we do not possess nor will we disclose or provide documents and materials that contain
state secrets or government work secrets or other documents and materials that, if divulged, will cause an adverse impact on national
security or the public interest as mentioned above. However, given the recent promulgation of the Provisions, the opinions remain unclear
on how they will be interpreted and implemented by the relevant PRC governmental authorities. After the Provisions took effect on March
31, 2023, if the domestic companies fail to comply with the requirements under the Provisions in the course of their indirect overseas
issuance and listing, such domestic companies may be held legally liable by competent authorities, and referred to the judicial organ
to be investigated for criminal liability if suspected of committing a crime.
On August 8, 2006, six PRC regulatory authorities,
including the CSRC, jointly adopted the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or
the M&A Rules, amended in June 2009. The M&A Rules, among other things, require that if an overseas company established or controlled
by PRC companies or individuals, or 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 MOC for approval. The M&A Rules also require that an overseas SPV formed
for overseas listing purposes and controlled directly or indirectly by the PRC Citizens shall obtain the approval of the CSRC prior to
overseas listing and trading of such overseas SPV's securities on an overseas stock exchange. In September 2006, the CSRC published
on its official website procedures regarding its approval of overseas listings by special purpose vehicles. The CSRC approval procedures
require the filing of a number of documents with the CSRC.
Our PRC legal counsel, PacGate Law Group, has
advised us that, based on its understanding of the current PRC laws and regulations, our corporate structure and arrangements are not
subject to the M&A Rules. However, our PRC legal counsel has further advised us that there are substantial uncertainties as to how
the M&A Rules will be interpreted or implemented in the context of an overseas offering, and its opinions summarized above are subject
to any new laws, rules and regulations or detailed implementations and interpretations in any form relating to the M&A Rules, and
our PRC legal counsel cannot exclude the possibility that the CSRC or other relevant government authorities might, from time to time,
further clarify or interpret the M&A Rules in writing or orally and require their approvals to be obtained for our subsequent offering.
We cannot assure you that relevant PRC government agencies, including the CSRC, would reach the same conclusion as our PRC legal counsel
does. Consequently, if you engage in market trading or other activities in anticipation of and prior to the settlement and delivery of
the Class A ordinary shares, you would be doing so at the risk that the settlement and delivery may not occur. In addition, if the CSRC
or other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals for the subsequent offerings,
we may be unable to obtain a waiver of such approval requirements.
The M&A Rules and other regulations and rules
concerning mergers and acquisitions also established additional procedures and requirements that could make merger and acquisition activities
by foreign investors more time-consuming and complex. For example, the M&A Rules require that MOC be notified in advance of any change-of-control transaction
in which a foreign investor takes control of a PRC domestic enterprise, if (i) any important industry is concerned, (ii) such
transaction involves factors that impact or may impact national economic security, or (iii) such transaction will lead to a change
in control of a domestic enterprise which holds a famous trademark or PRC time-honored brand.
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In addition, according to the Notice on Establishing
the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors issued by the General Office of the
State Council on February 3, 2011, and which became effective 30 days thereafter, the Rules on Implementation of Security Review
System for the Merger and Acquisition of Domestic Enterprises by Foreign Investors issued by MOC on August 25, 2011, and which became
effective on September 1, 2011, mergers and acquisitions by foreign investors that raise "national defense and security"
concerns and mergers and acquisitions through which foreign investors may acquire de facto control over domestic enterprises that raise
"national security" concerns are subject to strict review by MOC, and the regulations prohibit any activities attempting to
bypass such security review, including by structuring the transaction through a proxy or contractual control arrangement.
Regulations Related to Foreign Investment
The establishment, operation, and management
of companies in China are mainly governed by the PRC Company Law, as most recently amended in 2018, which applies to both PRC domestic
companies and foreign-invested companies. On March 15, 2019, the National People's Congress approved the Foreign Investment
Law, and on December 26, 2019, the State Council promulgated the Implementing Rules of the PRC Foreign Investment Law, or the Implementing
Rules, to further clarify and elaborate the relevant provisions of the Foreign Investment Law. The Foreign Investment Law and the Implementing
Rules both took effect on January 1, 2020. They replaced three previous major laws on foreign investments in China, namely, the Sino-foreign
Equity Joint Venture Law, the Sino-foreign Cooperative Joint Venture Law and the Wholly Foreign-owned Enterprise Law, together with their
respective implementing rules. Pursuant to the Foreign Investment Law, "foreign investments" refer to investment activities
conducted by foreign investors (including foreign natural persons, foreign enterprises or other foreign organizations) directly or indirectly
in the PRC, which include any of the following circumstances: (i) foreign investors setting up foreign-invested enterprises in the
PRC solely or jointly with other investors, (ii) foreign investors obtaining shares, equity interests, property portions or other
similar rights and interests of enterprises within the PRC, (iii) foreign investors investing in new projects in the PRC solely or
jointly with other investors, and (iv) investment in other methods as specified in laws, administrative regulations, or as stipulated
by the State Council. The Foreign Investment Law and the Implementing Rules introduce a see-through principle and further provide
that foreign-invested enterprises that invest in the PRC shall also be governed by the Foreign Investment Law and the Implementing Rules.
The Foreign Investment Law and the Implementing
Rules provide that a system of pre-entry national treatment and negative list shall be applied for the administration of foreign
investment. "Pre-entry national treatment" means that the treatment given to foreign investors and their investments
at market access stage is no less favorable than that given to domestic investors and their investments. "Negative list" means
the special administrative measures for foreign investment's access to specific fields or industries, which will be proposed by
the competent investment department of the State Council in conjunction with the competent commerce department of the State Council and
other relevant departments, and be reported to the State Council for promulgation, or be promulgated by the competent investment department
or competent commerce department of the State Council after being reported to the State Council for approval. Foreign investment beyond
the negative list will be granted national treatment. Foreign investors shall not invest in the prohibited fields as specified in the
negative list, and foreign investors who invest in the restricted fields shall comply with the special requirements on the shareholding,
senior management personnel, etc. In the meantime, relevant competent government departments will formulate a catalog of industries for
which foreign investments are encouraged according to the needs for national economic and social development, to list the specific industries,
fields, and regions in which foreign investors are encouraged and guided to invest.
Investment activities in the PRC by foreign investors
were principally governed by the catalog for the Guidance of Foreign Investment Industries, or the catalog, which was promulgated and
is amended from time to time by MOC and NDRC. Industries listed in the catalog were divided into three categories: encouraged, restricted
and prohibited. Industries not listed in the catalog were generally deemed as constituting a fourth "permitted" category.
The Catalog was replaced by the Special Administrative Measures for Access of Foreign Investment (Negative List) and the catalog of Industries
for Encouraging Foreign Investment in 2018 and 2019, respectively. On December 27, 2021, NDRC and MOC issued the latest Special Administrative
Measures for Access of Foreign Investment (Negative List) (2021 Edition) (the "Negative List 2021"), which came into effect
on January 1, 2022. The Negative List 2021 sets out the areas where foreign investment is prohibited and the areas where foreign
investment is allowed only on certain conditions. Foreign investment in areas not listed in the Negative List 2021 is treated equally
with domestic investment and the relevant provisions of the Opinions of the State Council on Implementing Negative List System for Market
Access promulgated by the State Council on October 2, 2015 and effective as of December 1, 2015 shall apply to domestic and
foreign investors on a unified basis. Moreover, according to Negative List 2021, PRC entities which engage in any field forbidden by the
Negative List 2021 for access of foreign investment shall be approved by competent PRC authorities when they seek listing offshore, and
foreign investors shall not participate in operation and management and their shareholding ratio shall be in compliance with PRC laws.
55
According to the Implementing Rules, the registration
of foreign-invested enterprises shall be handled by the State Administration for Market Regulation ("SAMR") or its authorized
local counterparts. Where a foreign investor invests in an industry or field subject to licensing in accordance with laws, the relevant
competent government department responsible for granting such license shall review the license application of the foreign investor in
accordance with the same conditions and procedures applicable to PRC domestic investors unless it is stipulated otherwise by the laws
and administrative regulations, and the competent government department shall not impose discriminatory requirements on the foreign investor
in terms of licensing conditions, application materials, reviewing steps and deadlines, etc. However, the relevant competent government
departments shall not grant the license or permit enterprise registration if the foreign investor intends to invest in the industries
or fields as specified in the negative list without satisfying the relevant requirements. In the event that a foreign investor invests
in a prohibited field or industry as specified in the negative list, the relevant competent government department shall order the foreign
investor to stop the investment activities, dispose of the shares or assets or take other necessary measures within a specified time limit,
and restore to the status before the occurrence of the investment described above. The illegal gains, if any, shall be confiscated. In
the event that the investment activities of a foreign investor violate the special administration measures for access restrictions on
foreign investments as stipulated in the negative list, the relevant competent government department shall order the investor to make
corrections within the specified time limit and take necessary measures to meet the relevant requirements. In the event that the foreign
investor fails to make corrections within the specified time limit, the provisions above regarding the circumstance that a foreign investor
invests in the prohibited field or industry shall apply.
Pursuant to the Foreign Investment Law and the
Implementing Rules, and the Information Reporting Measures for Foreign Investment jointly promulgated by MOC and SAMR, which took effect
on January 1, 2020, a foreign investment information reporting system shall be established and foreign investors or foreign-invested
enterprises shall report investment information to competent commerce departments of the government through the enterprise registration
system and the enterprise credit information publicity system, and the administration for market regulation shall forward the above investment
information to the competent commerce departments in a timely manner. In addition, MOC shall set up a foreign investment information reporting
system to receive and handle the investment information and inter-departmentally shared information forwarded by the administration for
market regulation in a timely manner. The foreign investors or foreign-invested enterprises shall report the investment information by
submitting reports including initial reports, change reports, deregistration reports and annual reports.
Furthermore, the Foreign Investment Law provides
that foreign-invested enterprises established according to the previous laws regulating foreign investment prior to the implementation
of the Foreign Investment Law may maintain their structure and corporate governance within five years after the implementation of the
Foreign Investment Law. The Implementing Rules further clarify that such foreign-invested enterprises established prior to the implementation
of the Foreign Investment Law may either adjust their organizational forms or organizational structures pursuant to the Company Law or
the Partnership Law or maintain their current structure and corporate governance within five years upon the implementation of the Foreign
Investment Law. Since January 1, 2025, if a foreign-invested enterprise fails to adjust its organizational form or structure according
to applicable laws and go through the applicable registrations, the relevant administration for market regulation shall not handle other
registrations for changes and shall publicize the relevant circumstances. However, after the organizational forms or structures have been
adjusted, the original parties to the Sino-foreign equity or cooperative joint ventures may continue to process matters such as equity
interest transfer, income distribution, or surplus assets as agreed in the relevant contracts.
In addition, the Foreign Investment Law and the
Implementing Rules also specify other 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; 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, etc.
Regulations Relating to Employment
The PRC Labor Law and the Labor Contract Law
require that employers must execute written employment contracts with full-time employees. In the event that an employer fails to enter
into a written employment contract with an employee within one year from the date on which the employment relationship is established,
the employer must rectify the situation by entering into a written employment contract with the employee and pay the employee twice the
employee's salary for the period from the day following the lapse of one month from the date of establishment of the employment
relationship to the day prior to the execution of the written employment contract. All employers must compensate their employees with
wages equal to at least the local minimum wage standards. Violations of the PRC Labor Law and the Labor Contract Law may result in the
imposition of fines and other administrative sanctions, and serious violations may result in criminal liabilities.
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Enterprises in China are required by PRC laws
and regulations to participate in certain employee benefit plans, including social insurance funds, namely a pension plan, a medical insurance
plan, an unemployment insurance plan, a work-related injury insurance plan and a maternity insurance plan, and a housing provident fund,
and contribute to the plans or funds in amounts equal to certain percentages of salaries, including bonuses and allowances, of the employees
as specified by the local government from time to time at locations where they operate their businesses or where they are located. Failure
to make adequate contributions to various employee benefit plans may be subject to fines and other administrative sanctions.
Currently, our PRC subsidiaries are making contributions
to the plans based on the minimum standards as required by law for most employees although the PRC laws required such contributions to
be made for all employees based on the actual employee salaries up to a maximum amount specified by the local government. If we are subject
to late contribution fees or fines in relation to the underpaid employee benefits, our financial condition and results of operations may
be adversely affected. See "Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Failure
to make adequate contributions to various employee benefit plans as required by PRC regulations or comply with laws and regulations on
other employment practices may subject us to penalties."
Regulations Relating to Work Safety
Pursuant to the Work Safety Law of the PRC promulgated
by SCNPC in June 2002 and was recently amended in June 2021, transportation entities shall establish a work safety management office or
be staffed with full-time work safety management personnel. In March 2015, the Ministry of Transport issued the Notice on Implementing
the Work Safe Law, pursuant to which, the relevant enterprise shall establish and improve safety production responsibility system covering
all aspects of production and operation, clear standards and responsibility to the post, solidly promote the standardization of production
safety and strengthen safety production management.
Regulations Relating to Leasing
Pursuant to the Law on Administration of Urban
Real Estate which took effect in January 1995 with the latest amendment in August 2019 and the Administrative Measures on Leasing
of Commodity Housing which was promulgated by Ministry of Housing and Urban-Rural Development on December 1, 2010 and took effect
on February 1, 2011, lessors and lessees are required to enter into a written lease contract, containing such provisions as the term
of the lease, the use of the premises, liability for rent and repair, and other rights and obligations of both parties. Both lessor and
lessee are also required to register the lease with the real estate administration department, and failure to comply with the registration
requirement may result in a fine ranging from RMB1,000 to RMB10,000.
Regulations Relating to Taxation
Income Tax
According to the Enterprise Income Tax Law of
the People's Republic of China, or the EIT Law, which was promulgated on March 16, 2007, became effective as from January 1,
2008, and amended on February 24, 2017, and December 29, 2018, an enterprise established outside the PRC with de facto management
bodies within the PRC is considered as a resident enterprise for PRC enterprise income tax purposes and is generally subject to a uniform
25% enterprise income tax rate on its worldwide income. The Implementing Rules of the Enterprise Income Law of the People's Republic
of China, or the Implementing Rules of the EIT Law, defines a de facto management body as a managing body that in practice exercises "substantial
and overall management and control over the production and operations, personnel, accounting, and properties" of the enterprise. Non-PRC resident
enterprises without any branches in the PRC pay an enterprise income tax in connection with their income originating from the PRC at the
tax rate of 10%.
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On February 3, 2015, the PRC State Administration
of Taxation, or the SAT, issued the Announcement on Several Issues Concerning the Enterprise Income Tax on Indirect Transfer of Assets
by Non-Resident Enterprises, or SAT Bulletin 7. SAT Bulletin 7 repeals certain provisions in the Notice of the State Administration
of Taxation on Strengthening the Administration of Enterprise Income Tax on Income from Equity Transfer by Non-Resident Enterprises,
or SAT Circular 698, issued by SAT on December 10, 2009 and the Announcement on Several Issues Relating to the Administration of
Income Tax on Non-resident Enterprises issued by SAT on March 28, 2011 and clarifies certain provisions in SAT Circular
698. SAT Bulletin 7 provides comprehensive guidelines relating to, and heightening the Chinese tax authorities' scrutiny on, indirect
transfers by a non-resident enterprise of assets (including assets of organizations and premises in PRC, immovable property
in the PRC, equity investments in PRC resident enterprises), or the PRC Taxable Assets. For instance, when a non-resident enterprise
transfers equity interests in an overseas holding company that directly or indirectly holds certain PRC Taxable Assets and if the transfer
is believed by the Chinese tax authorities to have no reasonable commercial purpose other than to evade enterprise income tax, SAT Bulletin
7 allows the Chinese tax authorities to reclassify the indirect transfer of PRC Taxable Assets into a direct transfer and therefore impose
a 10% rate of PRC enterprise income tax on the non-resident enterprise. SAT Bulletin 7 lists several factors to be considered
by tax authorities in determining if an indirect transfer has a reasonable commercial purpose. However, regardless of these factors, the
overall arrangements in relation to an indirect transfer satisfying all the following criteria will be deemed to lack a reasonable commercial
purpose: (i) 75% or more of the equity value of the intermediary enterprise being transferred is derived directly or indirectly from PRC
Taxable Assets; (ii) at any time during the one year period before the indirect transfer, 90% or more of the asset value of the intermediary
enterprise (excluding cash) is comprised directly or indirectly of investments in the PRC, or during the one year period before the indirect
transfer, 90% or more of its income is derived directly or indirectly from the PRC; (iii) the functions performed and risks assumed
by the intermediary enterprise and any of its subsidiaries and branches that directly or indirectly hold the PRC Taxable Assets are limited
and are insufficient to prove their economic substance; and (iv) the foreign tax payable on the gain derived from the indirect transfer
of the PRC Taxable Assets is lower than the potential PRC tax on the direct transfer of those assets. On the other hand, indirect transfers
falling into the scope of the safe harbors under SAT Bulletin 7 will not be subject to PRC tax under SAT Bulletin 7. The safe harbors
include qualified group restructurings, public market trades, and exemptions under tax treaties or arrangements.
On October 17, 2017, SAT issued the Announcement
on Issues Relating to Withholding at Source of Income Tax of Non-resident Enterprises, or SAT Bulletin 37, which took effect
on December 1, 2017 and was most-recently amended on June 15, 2018. According to SAT Bulletin 37, the balance after deducting
the equity net value from the equity transfer income shall be the taxable income amount for equity transfer income. Equity transfer income
shall mean the consideration collected by the equity transferor from the equity transfer, including various income in monetary form and non-monetary form.
Equity net value shall mean the tax computation basis for obtaining the said equity. The tax computation basis for equity shall be: (i) the
capital contribution costs actually paid by the equity transferor to a Chinese resident enterprise at the time of investment and equity
participation, or (ii) the equity transfer costs actually paid at the time of acquisition of such equity to the original transferor
of the said equity. Where there is reduction or appreciation of value during the equity holding period, and the gains or losses may be
confirmed pursuant to the rules of the finance and tax authorities of the State Council, the equity net value shall be adjusted accordingly.
When an enterprise computes equity transfer income, it shall not deduct the amount in the shareholders' retained earnings such as
undistributed profits etc., of the investee enterprise, which may be distributed in accordance with the said equity. In the event of partial
transfer of equity under multiple investments or acquisitions, the enterprise shall determine the costs corresponding to the transferred
equity in accordance with the transfer ratio, out of all costs of the equity.
Under SAT Bulletin 7 and the Law of the People's
Republic of China on the Administration of Tax Collection promulgated by SCNPC on September 4, 1992 and newly amended on April 24,
2015 (the "Tax Collection Law"), in the case of an indirect transfer, entities or individuals obligated to pay the transfer
price to the transferor shall act as withholding agents. According to SAT Circular 7, where the transferee fails to withhold any or sufficient
tax, the transferor shall declare and pay such tax to the tax authority by itself within the statutory time limit. SAT Bulletin 37 further
elaborates the relevant implemental rules regarding the calculation, reporting and payment obligations of the withholding tax by the non-resident enterprises.
In addition, the tax authority may also hold the withholding agents liable and impose a penalty of ranging from 50% to 300% of the unpaid
tax on them. The penalty imposed on the withholding agents may be reduced or waived if the withholding agents have submitted the relevant
materials in connection with the indirect transfer to the PRC tax authorities in accordance with SAT Bulletin 7.
Withholding Tax on Dividend Distribution
The EIT Law prescribes a standard withholding
tax rate of 20% on dividends and other China-sourced income of non-PRC resident enterprises which have no establishment or place
of business in the PRC, or if established, the relevant dividends or other China-sourced income are in fact not associated with such establishment
or place of business in the PRC. However, the Implementing Rules of the EIT Law which reduced the rate from 20% to 10%, became effective
from January 1, 2008. However, a lower withholding tax rate might be applied if there is a tax treaty between China and the jurisdiction
of the foreign holding companies, for example, pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative
Region for the Avoidance of Double Taxation and Tax Evasion on Income, the withholding tax rate in respect to the payment of dividends
by a PRC enterprise to a Hong Kong enterprise is reduced to 5% from a standard rate of 10% if the Hong Kong enterprise directly holds
at least 25% of the PRC enterprise. Pursuant to the Notice of the State Administration of Taxation on the Issues concerning the Application
of the Dividend Clauses of Tax Agreements, or Circular 81, a Hong Kong resident enterprise must meet the following conditions, among others,
in order to enjoy the reduced withholding tax: (i) it must directly own the required percentage of equity interests and voting rights
in the PRC resident enterprise; and (ii) it must have directly owned such percentage in the PRC resident enterprise throughout the
12 months prior to receiving the dividends. There are also other conditions for enjoying the reduced withholding tax rate according to
other relevant tax rules and regulations.
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According to the Circular on Several Issues regarding
the "Beneficial Owner" in Tax Treaties, which was issued on February 3, 2018 by the SAT, effective as of April 1,
2018, when determining the applicant's status of the "beneficial owner" regarding tax treatments in connection with
dividends, interests or royalties in the tax treaties, several factors, including without limitation, whether the applicant is obligated
to pay more than 50% of its income in twelve months to residents in third country or region, whether the business operated by the applicant
constitutes the actual business activities, and whether the counterparty country or region to the tax treaties does not levy any tax or
grant tax exemption on relevant incomes or levy 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 their status of
the "beneficial owner" 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 October 14, 2019, the State Administration
of Taxation issued the Notice on the Administrative Measures for Non-resident Enterprises to Enjoy Contractual Benefits, or
the Circular 35, which was implemented from January 1, 2020. According to Circular 35, non-resident enterprises may enjoy
the benefits by way of "self-judgment, declaration and enjoyment, and retention of relevant information for future reference".
If a non-resident enterprise judges that it meets the conditions for enjoying the contractual benefits, it may enjoy the contractual
benefits at the time of tax declaration or through the withholding agent. At the same time, it shall collect and retain relevant information
for reference in accordance with Circular 35, and accept the follow-up management of the tax authorities.
Value-Added Tax
Pursuant to the Interim Regulations on Value-Added
Tax of the People's Republic of China, which was promulgated by the State Council on December 13, 1993, and amended on November 10,
2008, February 6, 2016, and November 19, 2017, and the Implementation Rules for the Interim Regulations on Value-Added Tax of
the People's Republic of China, which MOF promulgated on December 25, 1993, and amended on December 15, 2008, and October 28,
2011, entities or individuals engaging in the sale of goods, provision of processing services, repairs and replacement services or import
of goods within the territory of the PRC shall pay value-added tax or the VAT. Unless provided otherwise, the rate of VAT is 17% on sales
and 6% on the services. On April 4, 2018, MOF and SAT jointly promulgated the Circular of the Ministry of Finance and the State Administration
of Taxation on Adjustment of Value-Added Tax Rates, or the Circular 32, according to which (i) for VAT taxable sales acts or import
of goods originally subject to VAT rates of 17% and 11% respectively, such tax rates shall be adjusted to 16% and 10%, respectively; (ii) for
purchase of agricultural products originally subject to tax rate of 11%, such tax rate shall be adjusted to 10%; (iii) for purchase of
agricultural products for the purpose of production and sales or consigned processing of goods subject to tax rate of 16%, such tax shall
be calculated at the tax rate of 12%; (iv) for exported goods originally subject to tax rate of 17% and export tax refund rate of 17%,
the export tax refund rate shall be adjusted to 16%; and (v) for exported goods and cross-border taxable acts originally subject
to tax rate of 11% and export tax refund rate of 11%, the export tax refund rate shall be adjusted to 10%. Circular 32 became effective
on May 1, 2018 and shall supersede existing provisions which are inconsistent with Circular 32.
Since January 1, 2012, MOF and SAT have
implemented the Pilot Plan for Imposition of Value-Added Tax to Replace Business Tax, or the VAT Pilot Plan, which imposes VAT in lieu
of business tax for certain "modern service industries" in certain regions and eventually expanded to nation-wide application
in 2013. According to the Implementation Rules for the Pilot Plan for Imposition of Value-Added Tax to Replace Business Tax released by
MOF and SAT on the VAT Pilot Program, the "modern service industries" include research, development and technology services,
information technology services, cultural innovation services, logistics support, lease of corporeal properties, attestation and consulting
services. The Notice on Comprehensively Promoting the Pilot Plan of the Conversion of Business Tax to Value-Added Tax, which was promulgated
on March 23, 2016, became effective on May 1, 2016 and amended on July 11, 2017, sets out that VAT in lieu of business
tax be collected in all regions and industries.
On March 20, 2019, MOF, SAT and GAC jointly
promulgated the Announcement on Relevant Policies for Deepening Value-Added Tax Reform, which became effective on April 1, 2019 and
provides that (i) with respect to VAT taxable sales acts or import of goods originally subject to VAT rates of 16% and 10% respectively,
such tax rates shall be adjusted to 13% and 9%, respectively; (ii) with respect to purchase of agricultural products originally subject
to tax rate of 10%, such tax rate shall be adjusted to 9%; (iii) with respect to purchase of agricultural products for the purpose of
production or consigned processing of goods subject to tax rate of 13%, such tax shall be calculated at the tax rate of 10%; (iv) with
respect to export of goods and services originally subject to tax rate of 16% and export tax refund rate of 16%, the export tax refund
rate shall be adjusted to 13%; and (v) with respect to export of goods and cross-border taxable acts originally subject to tax rate
of 10% and export tax refund rate of 10%, the export tax refund rate shall be adjusted to 9%.
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Urban Maintenance and Construction Tax
Pursuant to the Urban Maintenance and Construction
Tax Law of the PRC as promulgated in August 2020, any taxpayer, whether an entity or individual, of consumption tax or value-added tax
shall be required to pay urban maintenance and construction tax based on the total amount of consumption tax or value-added tax paid by
such taxpayer. The tax rate shall be 7% for a taxpayer whose domicile is in an urban area, 5% for a taxpayer whose domicile is in a county
or a town, and 1% for a taxpayer whose domicile is not in any urban area or county or town.
Education Surcharge
Pursuant to the Provisional Provisions on Imposition
of Education Surcharge as amended in January 2011, a taxpayer, whether an entity or individual, of consumption tax or value-added tax
shall pay an education surcharge at a rate of 3% on the total amount of consumption tax or value-added tax paid by such entity, unless
such obliged taxpayer is instead required to pay a rural area education surcharge as stipulated under the Notice of the State Council
on Raising Funds for Schools in Rural Areas that promulgated by State Council in December 1984.
Tax Collection and Payment
The Tax Collection Law prescribes a regulatory
framework of tax collection and payment in the PRC and the Implementation Regulations for the Tax Collection Law as amended in February
2016 has made further provisions on the basis of the Tax Collection Law. Pursuant to the Tax Collection Law, a taxpayer or withholding
agent shall pay or deliver tax payments in compliance within the time limit specified by laws or administrative regulations, or as determined
by taxation authorities in accordance with laws or administrative regulations. Where a taxpayer or a withholding agent fails to pay or
underpays the amount of tax that should be paid or remitted within the specified time, the tax authorities shall order the taxpayer or
withholding agent to pay or remit the tax within the specified time limit, and impose a penalty for late payment on a daily basis at the
rate of 0.05% of the amount of tax in arrears from the date the tax payment is defaulted. If the taxpayer or withholding agent still fails
to do so on the expiration of the time limit, the tax authorities may recover such unpaid taxes by adopting compulsory enforcement measures,
and impose a fine of not less than 50% but not more than five times the amount of tax the taxpayer or withholding agent fails to pay or
underpays or fails to remit. As prescribed by the Tax Collection Law, such compulsory enforcement measures adopted by the tax authorities
may include (i) to notify in writing the bank or any other financial institution with which the taxpayer, withholding agent or tax
payment guarantor has opened an account to withhold and remit the taxes from its deposits; (ii) to attach, seal up or, in accordance
with law, auction or dispose of the commodities, goods or other property of the taxpayer, withholding agent or tax payment guarantor,
valued equivalent to the taxes payable, and to use the proceeds therefrom to offset the taxes payable. Furthermore, the taxation authorities
shall also announce the tax payments defaulted by taxpayers regularly.
Regulations Relating to Anti-Monopoly Enforcement
The PRC Anti-Monopoly enforcement agencies have
in recent years strengthened enforcement under the PRC Anti-Monopoly Law. In March 2018, SAMR was formed as a new governmental agency
to take over, among other things, the Anti-Monopoly enforcement functions from the relevant departments under MOC, NDRC and the pre-existing State
Administration for Industry and Commerce, respectively. Since its inception, SAMR has continued to strengthen Anti-Monopoly enforcement.
In December 2018, SAMR issued the Notice on Anti-Monopoly Enforcement Authorization, which grants authorities to its province-level branches
to conduct Anti-Monopoly enforcement within their respective jurisdictions. In September 2020, SAMR issued Anti-Monopoly Compliance Guideline
for Operators, which requires, under the PRC Anti-Monopoly Law, operators to establish Anti-Monopoly compliance management systems to
prevent Anti-Monopoly compliance risks. On February 7, 2021, the Anti-Monopoly Commission of the State Council officially promulgated
the Anti-Monopoly Guidelines for Internet Platforms. Pursuant to an official interpretation from the Anti-Monopoly Commission of the State
Council, the Anti-Monopoly Guidelines for Internet Platforms mainly covers five aspects, including general provisions, monopoly agreements,
abusing market dominance, concentration of undertakings, and abusing of administrative powers eliminating or restricting competition.
On June 24, 2022, the SCNPC passed the Amendments to Anti-Monopoly Law (the "Amendments to the AML") which came into
effect on August 1, 2022. The Amendments to the AML set out new substantive rules including safe harbor for monopoly agreements,
introduced "stop-the-clock" mechanism and enhanced personal liability and monetary penalties for substantive violations.
As the Amendments to the AML are newly published,
we are unable to estimate its specific impact on our business, financial condition, results of operations and prospects and future acquisition
of any PRC subsidiaries. We cannot assure you that our business operations will comply with such regulations and authorities' requirements
in all respects. Any failure or perceived failure by us to comply such regulations and authorities' requirements may result in governmental
investigations or enforcement actions, lawsuits or claims against us and could have an adverse effect on our business, financial condition
and results of operations upon our future acquisition of PRC subsidiaries.
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Regulations Relating to Information Protection on Networks
On December 28, 2012, SCNPC issued Decision
of the Standing Committee of the National People's Congress on Strengthening Information Protection on Networks, pursuant to which
network service providers and other enterprises and institutions shall, when gathering and using electronic personal information of citizens
in business activities, publish their collection and use rules and adhere to the principles of legality, rationality and necessarily,
explicitly state the purposes, manners and scopes of collecting and using information, and obtain the consent of those from whom information
is collected, and shall not collect and use information in violation of laws and regulations and the agreement between both sides; and
the network service providers and other enterprises and institutions and their personnel must strictly keep such information confidential
and may not divulge, alter, damage, sell, or illegally provide others with such information.
On July 16, 2013, MIIT issued the Provisions
on the Protection of Personal Information of Telecommunication and Internet User, which was effective as of September 1, 2013. The
requirements under this order are stricter and wider compared to the above decision issued by SCNPC. According to the provisions, if a
network service provider wishes to collect or use personal information, it may do so only if such collection is necessary for the services
it provides. Furthermore, it must disclose to its users the purpose, method and scope of any such collection or usage, and must obtain
consent from the users whose information is being collected or used. Network service providers are also required to establish and publish
their protocols relating to personal information collection or usage, keep any collected information strictly confidential and take technological
and other measures to maintain the security of such information. Network service providers are required to cease any collection or usage
of the relevant personal information, and provide services for the users to de-register the relevant user account, when a user
stops using the relevant Internet service. Network service providers are further prohibited from divulging, distorting or destroying any
such personal information, or selling or providing such personal information unlawfully to other parties. In addition, if a network service
provider appoints an agent to undertake any marketing or technical services that involve the collection or usage of personal information,
the network service provider is required to supervise and manage the protection of the information. The provisions state, in broad terms,
that violators may face warnings, fines, public exposure and, criminal liability whereas the case constitutes a crime.
On June 1, 2017, the Cybersecurity Law of
the PRC promulgated in November 2016 by SCNPC became effective. This law also absorbed and restated the principles and requirements mentioned
in the aforesaid decision and order, and further provides that, where an individual finds any network operator collects or uses his or
her personal information in violation of the provisions of any law, regulation or the agreement of both parties, the individual shall
be entitled to request the network operator to delete his or her personal information; if the individual finds that his or her personal
information collected or stored by the network operator has any error, he or she shall be entitled to request the network operator to
make corrections, and the network operator shall take measures to do so. Pursuant to this law, the violators may be subject to: (i) warning;
(ii) confiscation of illegal gains and fines equal to one to ten times of the illegal gains; or if without illegal gains, fines up to
RMB1,000,000; or (iii) an order to shut down the website, suspend the business operation for rectification, or revoke business license.
Besides, responsible persons may be subject to fines between RMB10,000 and RMB100,000.
On June 10, 2021, SCNPC promulgated the
PRC Data Security Law, which has been taken effect on September 1, 2021. The PRC Data Security Law imposes data security and privacy
obligations on entities and individuals carrying out data activities, and introduces a data classification and hierarchical protection
system based on the importance of data in economic and social development, as well as the degree of harm it will cause to national security,
public interests, or legitimate rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked,
or illegally acquired or used. The PRC Data Security Law also provides for a national security review procedure for data activities that
may affect national security and imposes export restrictions on certain data and information.
On August 20, 2021, SCNPC promulgated the
PRC Personal Information Protection Law, or the PIPL, which has taken effect in November 2021. In addition to other rules and principles
of personal information processing, the PIPL specifically provides rules for processing sensitive personal information. Sensitive personal
information refers to personal information that, once leaked or illegally used, could easily lead to the infringement of human dignity
or harm to the personal or property safety of an individual, including biometric recognition, religious belief, specific identity, medical
and health, financial account, personal whereabouts and other information of an individual, as well as any personal information of a minor
under the age of 14. Only where there is a specific purpose and sufficient necessity, and under circumstances where strict protection
measures are taken, may personal information processors process sensitive personal information. A personal information processor shall
inform the individual of the necessity of processing such sensitive personal information and the impact thereof on the individual's
rights and interests. Article 38 of the PIPL provides that where a personal information processor needs to provide personal information
outside the territory of the PRC due to business or other needs, it shall meet any of the following conditions: (i) it shall pass
the security evaluation organized by the CAC; (ii) it shall have been certified by a specialized agency for protection of personal
information in accordance with the provisions of the CAC; (iii) it shall enter into a contract with the overseas recipient under
the standard contract formulated by the CAC, specifying the rights and obligations of both parties; and (iv) it shall meet other
conditions prescribed by laws, administrative regulations or the CAC. The CAC published Notice of the Cyberspace Administration of China
on Seeking Public Comments on the Provisions on Standard Contracts for Cross-border Transfers of Personal Information (Exposure Draft)
on June 30, 2022, providing requirements and guidelines for personal information processor to enter into a contract regarding providing
personal information abroad. On February 22, 2023, the CAC promulgated the Measures for the Standard Contract for Outbound Transfer of
Personal Information, along with the standard form of contract for outbound transfer of personal information, which will become effective
on June 1, 2023. Such Measures provide for strict requirements on the conclusion of contracts for outbound transfer of personal information
based on the standard form and require the filing of such contracts with cyberspace administration at the provincial level within ten
business days following its effectiveness.
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On December 28, 2021, the CAC published
the Cybersecurity Review Measures (2021), which came into effect on February 15, 2022 and has replaced the current Cybersecurity
Review Measures (2020). The Cybersecurity Review Measures provides that the operators of critical information infrastructure must pass
a cybersecurity review when purchasing network products and services which do or may affect national security. In addition, if an "online
platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it
must apply for a cybersecurity review. Based on a set of Q&A published on the official website of the State Cipher Code Administration
in connection with the issuance of the Cybersecurity Review Measures (2021), an official of the said administration indicated that an
online platform operator should apply for a cybersecurity review prior to the submission of its listing application with non-PRC securities
regulators. Given the recency of the issuance of the Cybersecurity Review Measures (2021), there is a general lack of guidance and substantial
uncertainties exist with respect to their interpretation and implementation. For example, it is unclear whether the requirement of cybersecurity
review applies to follow-on offerings by an "online platform operator" that is in possession of personal data of
more than one million users where the offshore holding company of such operator is already listed overseas.
On July 7, 2022, the CAC passed the Security
Assessment Measures for Outbound Data Transfers which came into effect on September 1, 2022. The Security Assessment Measures provide
circumstances in which a data processor is required to declare security assessment for its outbound data transfer to the CAC through the
provincial cyberspace administration, and specified requirement for self-assessment and the administrative procedure for declaration of
security assessment with cyberspace department at the provincial level. Given the recency of the issuance of the Security Assessment Measures,
substantial uncertainties exist with respect to their implementation after their effectiveness.
C.
Organizational Structure
The following diagram illustrates our corporate
structure, including our principal subsidiaries, consolidated affiliated entities and subsidiaries of consolidated affiliated entities
as of the date of this annual report.
Note:
the English names of our PRC business entities are directly
translated from Chinese and may be different from their names shown on their respective records filed with relevant PRC authorities.
(1)
No single shareholder among "other shareholders"
beneficially owns more than 5% of our ordinary shares.
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D.
Property, Plant and Equipment
Our corporate headquarters are located in Shenzhen,
China. As of December 31, 2022, the approximate gross floor area of our leased properties was 5,214 sq.m. in aggregate and we did not have
self-held properties. We lease our premises from unrelated third parties under operating lease agreements. We believe that our existing
facilities are generally adequate to meet our current needs, but we expect to seek additional space as needed to accommodate future growth.
ITEM 4A. UNRESOLVED STAFF COMMENTS
Not applicable.
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
You should read the
following discussion together with our consolidated financial statements and the related notes included elsewhere in this annual
report. This discussion contains forward-looking statements about our business and operations. Our actual results may differ
materially from those we currently anticipate as a result of many factors, including those we describe under "Item 3. Key
Information — D. Risk Factors" and elsewhere in this annual report.
A.
Operating Results
Overview
We are one of the leading Shenzhen-based end-to-end
supply chain solution providers in China, with a focus on providing cross-border logistics services. According to the Frost & Sullivan
Report, in 2021, we ranked fifth in terms of the revenues generated from providing end-to-end cross-border supply chain solutions among
all end-to-end supply chain solution providers based in Shenzhen, China. Headquartered in Shenzhen, a key component of the Greater Bay
Area in China, we benefit from the unique geographical advantages of providing high degree of support for ocean, air and overland logistics.
A well-connected transportation network enables us to significantly increase efficiency and reduce transportation costs. As one of the
most open and dynamic regions in China, Shenzhen is home to renowned enterprises and the gathering place of cross-border e-commerce market
players, which provides us with a large customer base and enables us to develop long-term in-depth relationships with our customers. In
addition, the sustained and steady growth of local economy and supportive government policies have backed up our development and brought
us great convenience in daily operations.
We experienced a rapid growth in 2020 and 2021 as well as in 2022. For the years ended December 31, 2020, 2021
and 2022, our total revenue amounted to RMB290.3 million, RMB545.6 million and RMB652.0 million (US$93.6 million), respectively, representing
a year-over-year increase of 87.9% and 19.5%. For the years ended December 31, 2020, 2021 and 2022, our gross profit amounted to RMB21.0
million, RMB34.5 million and RMB37.4 million (US$5.4 million), respectively, representing a year-over-year increase of 64.1% and 8.4%.
We offer a comprehensive range of cross-border
supply chain solution services, including: (i) freight forwarding services, (ii) supply chain management, and (iii) other value-added
services.
Key Factors that Affect Operating Results
Changes in the global and local economic conditions
Our financial performance, particularly our ability
to drive growth, depends upon the demand for our services, which is closely linked to the global and local economies, and is sensitive
to the level of expenditure by business entities' on our services. While the logistics industry in China has been benefiting from
the remarkable growth of the Chinese economy in recent years, issues and conditions with global reach, such as the COVID-19 outbreak,
trade wars and occasional regional armed conflicts, have negatively affected the global economy and had a chain reaction in the global
logistics industry. Despite the substantial improvements in social and economic conditions in China since the outbreak of COVID-19 in early
2020, there remain uncertainties regarding the overall economic conditions and demand for our services worldwide. Other macro-economic
factors beyond our control may also affect our results of operations. For example, any prolonged recurrence of other contagious diseases,
social instability or significant natural disasters may have a negative impact on the demand for our services.
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Our ability to maintain our major customers
For the years ended December 31, 2020, 2021 and
2022, approximately 59.9%, 35.8% and 45.5% of our total revenues, respectively, were generated by our five largest customers. While certain
service contracts contain options of renewal, there is no assurance that our major customers will continue their business relationships
with us, or the revenue generated from dealings with them will be maintained or increased in the future. If we are unable to enter into
new service contracts with our customers upon expiry of the current contracts, or there is a reduction or cessation of demands from these
customers for whatever reasons and we are unable to enter into service contracts of comparable size and terms in substitution, our business,
financial conditions and results of operation may be materially and adversely affected.
Our ability to obtain new customers and to increase our revenue
per customer
The number of our customers were 535, 1299 and
1879 as of December 31, 2020, 2021 and 2022, respectively, representing a year-over-year 142.8% and 44.6% increase. In addition, average
revenue per customer were RMB542.7 thousand, RMB420 thousand and RMB347 thousand (US$50 thousand) per customer for the year ended December
31, 2020, 2021 and 2022, respectively. Our ability to increase our revenues and our profitability will depend on our ability to continue
to increase our customer base and revenue per customer. To achieve this, we strive to increase our marketing efforts such as making more
event sponsorship, increasing online and offline advertising advertisements in targeted markets and enhancing the quality and capabilities
of our technologies.
Our ability to pursue strategic opportunities for growth
Although the end-to-end cross-border supply chain
solution market in China is highly fragmented, top companies in this market in China hold stronger comprehensive service capabilities
and bargaining power. In the future, it is expected that more competitors will enter this market. Therefore, we intend to continue to
pursue strategic investments in selective businesses in the logistics industry that will enhance our service capabilities.
We believe that a solid investment strategy in
warehouses and licenses for e-commerce exports may be critical for us to accelerate our growth and strengthen our competitive position
in the future. Our ability to identify and execute strategic investments will likely have an effect on our operating results over time.
Regulatory Environment
Our ability to anticipate and respond to potential
changes in government policies and regulations will have a significant impact on our business operations in such countries and our overall
results of operations. In recent years, the PRC government has issued many supportive policies to encourage the development of the logistic
industry. Encouraged by those policies, the logistic industry in China is expected to become more standardized and modernized. The integrated
cross-border logistics service market, as a sub-segment of the logistic industry, is likely to evolve along with the development of the
logistic industry.
Impact of Global Inflationary Pressures
We primarily face two types of inflationary pressures:
one is inflation-related economic slowdown, and the other is a rise in fuel prices as a result of inflation. Our business is less affected
by the first type of inflationary pressure since substantially all of our business operations are in China, where inflation has been stable
over the past three years. In 2020, 2021 and 2022, the inflation rate in China was 2.5%, 0.9% and 2.0%, respectively. However, due to
global inflation and also triggered by the tensions between Russia and Ukraine in 2022, the prices of fossil fuel have surged and affected
the freight forwarding services section which still relies heavily on fossil fuels to power transportation. With higher fuel prices, costs
of freight forwarding services will increase and the demand for cross-border logistics services will be adversely affected. But we expect
the pressure of high fuel prices to be limited, as we plan to expand warehouse management services to diversify our service lines to mitigate
the impact.
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Impact of Supply Chain Disruptions
The outbreak of COVID-19
since the beginning of March 2020 caused widespread shutdown and weakened the financial conditions of our upstream suppliers and
downstream customers, which resulted in some disruptions to our business operations. However, as supply chain disruptions in North
America and Europe have stimulated global demand for Chinese exports, we, on the other hand, have gained more opportunities to
provide cross- border logistics services. Based on the current situation in China, we do not expect a material impact on our results
of operations and financial performance to be caused by COVID-19 in the future. The tensions between Russia and Ukraine in 2022 also
gave rise to supply chain disruptions in Europe. Our revenue generated from Europe, primarily from freight forwarding services and
supply chain management in aggregate, accounted RMB18.6 million, or 3.4% of total revenue, for the year ended December 31, 2021, and
RMB42.5 million (US$6.3 million), or 6.5% of total revenue, for the year ended December 31, 2022. We will continuously pay close
attention to the supply chain disruptions caused by COVID-19 pandemic and the tensions in Ukraine, conduct a further assessment, and take
measures to minimize the impact. Except for the impact of COVID-19 pandemic and the tensions in Ukraine, there are no other supply chain
disruptions affecting our business.
Key Components of Results of Operations
Revenues
Our revenues consist of (i) revenues from our
freight forwarding services, which primarily comprise service fees typically ascertained based on the number of packages, weight, measurement,
destination port, types of freight and other special demands; (ii) revenues from our supply chain management, which primarily comprise
product revenues and commissions relates to cross-border supply chains; and (iii) revenues from our other valued-added services, which
primarily comprise custom brokerage, and intelligent logistic IT systems.
A breakdown of our revenues for the years
indicated is summarized below:
For the Year Ended December 31,
2020
2021
2022
RMB
%
RMB
%
RMB
US$
%
(in thousands, except percentages)
Freight forwarding
243,607
83.9
%
488,036
89.5
%
577,567
82,929
88.6
%
Integrated cross-border logistics services
210,795
72.6
%
390,229
71.5
%
444,336
63,799
68.2
%
Fragmented logistics services
32,812
11.3
%
97,807
17.9
%
133,231
19,130
20.4
%
Supply chain management
43,967
15.1
%
53,532
9.8
%
69,023
9,911
10.6
%
International trading in relation to supply chain management
41,986
14.5
%
52,975
9.7
%
68,879
9,890
10.6
%
Agent services
1,981
0.7
%
557
0.1
%
144
21
0.0
%
Other value-added services
2,759
1.0
%
4,025
0.7
%
5,401
775
0.8
%
Total revenues
290,333
100.0
%
545,593
100.0
%
651,991
93,615
100.0
%
Cost of Revenues
Cost of revenues represents costs and expenses
incurred in order to generate revenue. Our cost of revenues primarily consists of (i) cost of freight charges, (ii) cost of goods, (iii)
labor costs, (iv) cost of customs brokerage, (v) cost of packaging, (vi) cost of indemnities paid to carriers. Cost of freight charges
consists of (i) air freight/ ocean freight/land freight charges, (ii) delivery fees, (iii) warehouse leasing costs, and (iv) other service
fees.
A breakdown of our cost of revenues for the
years indicated is summarized below:
For the Year Ended December 31,
2020
2021
2022
RMB
%
RMB
%
RMB
US$
%
(in thousands, except percentages)
Freight forwarding
226,154
84.0
%
456,262
89.2
%
542,610
77,910
88.3
%
Integrated cross-border logistics services
195,000
72.4
%
364,104
71.2
%
410,926
59,002
66.9
%
Fragmented logistics services
31,154
11.6
%
92,158
18.0
%
131,684
18,908
21.4
%
Supply chain management
41,263
15.3
%
51,929
10.2
%
68,536
9,841
11.1
%
International trading in relation to supply chain management
41,263
15.3
%
51,929
10.2
%
68,536
9,841
11.1
%
Agent services
-
-
-
-
-
-
-
Other value-added services
1,889
0.7
%
2,902
0.6
%
3,459
496
0.6
%
Total cost of revenues
269,306
100.0
%
511,093
100.0
%
614,605
88,247
100.0
%
Gross Profit
Our gross profit equals to our revenue less our
cost of revenues. Our gross profit is primarily affected by our ability to generate revenue and the fluctuation of our cost.
65
Our breakdown of gross profit by service line
for the years indicated is set forth below:
For the Year Ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
(in thousands, except percentages)
Freight forwarding
Gross profit
17,453
31,774
34,957
5,019
Gross margin
7.2
%
6.5
%
6.1
%
6.1
%
Supply chain management
Gross profit
2,704
1,603
486
70
Gross margin
6.2
%
3.0
%
0.7
%
0.7
%
Other value-added services
Gross profit
870
1,123
1,943
279
Gross margin
31.5
%
27.9
%
36.0
%
36.0
%
Total
Gross profit
21,027
34,500
37,386
5,368
Gross margin
7.2
%
6.3
%
5.8
%
5.8
%
Operating expenses
Operating expenses include selling expenses,
general and administrative expenses, and research and development expenses. General and administrative expenses mainly consist of (i)
employee payroll, rental and depreciation related to general and administrative personnel, (ii) professional service fees; and (iii) other
corporate expenses. Our selling expenses mainly consist of (i) employee payroll and commission, (ii) entertainment and marketing expenses,
and (iii) rental and depreciation related to selling and marketing functions. Research and development expenses mainly consist of (i)
cost of materials used for experiment, (ii) employee payroll, and (iii) depreciation expense for experimental facilities and other daily
expenses related to our research and development activities in logistics related software development.
We anticipate that our operating expenses will
continue to increase as we hire additional personnel and incur additional costs in connection with the expansion of our business operations.
The following table sets forth our operating
expenses, both in absolute amount and as a percentage of the total operating expenses, for the years indicated:
For the Year Ended December 31,
2020
2021
2022
RMB
%
RMB
%
RMB
US$
%
(in thousands, except percentages)
General and administrative expenses
7,043
47.9
%
11,276
52.0
%
18,555
2,664
50.6
%
Selling expenses
6,273
42.7
%
8,956
41.3
%
16,033
2,302
43.7
%
Research and development expenses
1,377
9.4
%
1,461
6.7
%
2,096
301
5.7
%
Total operating expenses
14,693
100.0
%
21,693
100.0
%
36,684
5,267
100.0
%
66
RESULTS OF OPERATIONS
For the Year Ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
(in thousands)
Revenues
290,333
545,593
651,991
93,615
Cost of revenues
(269,306
)
(511,093
)
(614,605
)
(88,247
)
Gross profit
21,027
34,500
37,386
5,368
Operating expenses:
General and administrative expenses
(7,043
)
(11,276
)
(18,555
)
(2,664
)
Selling expenses
(6,273
)
(8,956
)
(16,033
)
(2,302
)
Research and development expenses
(1,377
)
(1,461
)
(2,096
)
(301
)
Total operating expenses
(14,693
)
(21,693
)
(36,684
)
(5,267
)
Operating profit
6,334
12,807
702
101
Other income/(expenses):
Other expense, net
(88
)
(12
)
(206
)
(30
)
Foreign exchange gain (loss), net
(913
)
489
4,407
633
Financial expenses, net
(651
)
(1,358
)
(943
)
(135
)
Total other income/(expenses), net
(1,652
)
(881
)
3,258
468
Income before income tax expense
4,682
11,927
3,960
569
Income tax expenses
(1,635
)
(1,703
)
(2,582
)
(371
)
Net income
3,047
10,224
1,378
198
Year Ended December 31, 2022 Compared to Year Ended December
31, 2021
Revenues
Total revenues increased by approximately RMB106.4
million, or 19.5%, from approximately RMB545.6 million for the year ended December 31, 2021 to approximately RMB652.0 million (US$93.6
million) for the year ended December 31, 2022, primarily attributable to a growth of our freight forwarding services and stable development
of our supply chain management and other value-added services.
Revenues from our freight
forwarding services increased by RMB89.6 million, or 18.3%, from RMB488.0 million for the year ended December 31, 2021 to RMB577.6
million (US$82.9 million) for the year ended December 31, 2022. The increase was mainly due to the development of new routes of
chartered airline freight services, which accounted for 18.9% of total revenue. This new chartered airline freight services operated
three times a week and through the same route for one single client from integrated cross-border logistics services. In addition,
the number of customers increased by 44.6% from 1,299 customers for the year ended December 31, 2021 to 1,879 customers for the year ended
December 31, 2022 with our efforts in customer acquisition. Our customer acquisition costs increased by 88.7% from RMB7.2 million
for the year ended December 31, 2021 to RMB13.5 million (US$1.9 million) for the year ended December 31, 2022. Among the new
customers acquired for the year ended December 31, 2022, 56.2% of them are relevant to e-commerce related logistics services.
Customers from e-commerce businesses are relatively small-scale companies compared to traditional freight forwarding customers,
resulting in higher transaction volume but lower transaction amount. Therefore, with the increase in e-commerce related logistics
services, our number of customers increased rapidly in 2022, but the percentage of revenue generated from e-commerce related
logistics services decreased from 24.6% for the year ended December 31, 2021 to 18.9% for the year ended December 31, 2022. However,
larger customer base will provide us more development opportunities in the future.
67
Revenues from our supply chain management increased
by RMB15.5 million, or 28.9%, from RMB53.5 million for the year ended December 31, 2021 to RMB69.0 million (US$9.9 million) for the year
ended December 31, 2022. The increase was primarily attributable to the business growth of international trading, which was resulted from
the growing logistic network enabling us to serve a wider range of customers in different geographic areas.
Revenues from our other value-added services
increased by RMB1.4 million, or 34.2%, from RMB4.0 million for the year ended December 31, 2021 to RMB5.4 million (US$0.8 million) for
the year ended December 31, 2022. The increase was primarily attributable to an increase of revenue generated from customs brokerage services
as we acquired the certificate of Authorized Economic Operator ("AEO") allowing us to benefit from special expedited customs
treatment, which significantly facilitated the shipment of our goods in various markets so as to attract more customers.
Cost of Revenues
Our cost of revenues increased by 20.3% from
RMB511.1 million for the year ended December 31, 2021 to RMB614.6 million (US$88.2 million) for the year ended December 31, 2022.
Our cost of revenues for freight forwarding services
increased by approximately RMB86.3 million, or 18.9%, from approximately RMB456.3 million for the year ended December 31, 2021 to approximately
RMB542.6 million (US$77.9 million) for the year ended December 31, 2022. The increase was primarily attributable to the increase of the
freight charges. Cost of freight charges, representing the main source of our cost of revenue, increased by RMB179.5 million, or 52.4%,
from approximately RMB342.9 million for the year ended December 31, 2021 to approximately RMB522.5 million (US$75.0 million) for the year
ended December 31, 2022. The main components of freight charges were the freight and the delivery fees paid to third-party carriers. The
soaring in freight charges was primarily due to the increase in fuel price for the year ended December 31, 2022, which was consistent
with the increase in the average oil price disclosed by the Organization of Petroleum Exporting Countries, from US$69.9 per barrel for
the year ended December 31, 2021 to US$94.53 per barrel for the year ended December 31, 2022. In addition, as a result of the rising fuel
oil price, despite we canceled some flights due to cost control concerns, we still incurred indemnity costs paid to carriers. Last but
not least, under the COVID-19 pandemic in 2022, in order to comply with the epidemic prevention requirements of the government such as
Shenzhen, Shanghai and Hong Kong, we had to bear extra costs for longer delivery routes and sterilization for goods.
Our cost of revenues for supply chain management
increased by approximately RMB16.6 million, or 32.0%, from approximately RMB51.9 million for the year ended December 31, 2021 to approximately
RMB68.5 million (US$9.8 million) for the year ended December 31, 2022. The increase synchronized with the business growth of international
trading.
Our cost of revenues for other value-added services
increased by approximately RMB0.6 million, or 19.2%, from approximately RMB2.9 million for the year ended December 31, 2021 to approximately
RMB3.5 million (US$0.5 million) for the year ended December 31, 2022. The increase was primarily attributable to more investment in rendering
research IT services.
Gross Profit
Our gross profit increased by RMB2.9 million,
or 8.4%, from RMB34.5 million for the year ended December 31, 2021 to RMB37.4 million (US$5.4 million) for the year ended December 31,
2022. The increase was primarily attributable to the business growth of freight forwarding services. For the years ended December 31,
2021 and 2022, our overall gross profit margin was 6.3% and 5.8%, respectively.
Gross profit margin of freight forwarding services
decreased from 6.5% for the year ended December 31, 2021 to 6.1% for the year ended December 31, 2022 mainly due to (i) additional costs
for longer routes, costs associated with sterilization and inspection of goods caused by the COVID-19; and (ii) increasing costs of fuel
oil price and indemnities paid to carriers as a result of flight cancellation. We were seeking to expand our freight forwarding services
by continuously developing new routes and attracting new customers in order to create economies of scale and thereby increased gross profit.
Gross profit margin of our supply chain management
decreased from 3.0% for the year ended December 31, 2021 to 0.7% for the year ended December 31, 2022, resulting from our decrease in
international trading due to the decrease of import business.
Gross profit margin of our other value-added
services increased from 27.9% for the year ended December 31, 2021 to 36.0% for the year ended December 31, 2022 mainly due to the fact
that we were able to undertake orders for customs brokerage with higher margin after we acquired the AEO certificate.
68
Operating Expenses
Our operating expenses increased from RMB21.7
million for the year ended December 31, 2021 to RMB36.7 million (US$5.3 million) for the year ended December 31, 2022, representing a
year-over-year increase of 69.1%. This increase was primarily attributable to the increases in our general and administrative expenses,
selling expenses and, to a lesser extent, our research and development expenses. We anticipate that our operating expenses will continue
to increase as we hire additional personnel and incur additional costs in connection with the expansion of our business operations and
becoming a public listed company.
General and administrative expenses
General and administrative expenses mainly consisted
of (i) employee payroll, rental and depreciation related to general and administrative functions, (ii) professional service fees; and
(iii) other corporate expenses. Our general and administrative expenses increased by 64.6% from RMB11.3 million for the year ended December
31, 2021 to RMB18.6 million (US$2.7 million) for the year ended December 31, 2022, which was primarily attributable to (i) an increase
of RMB3.3 million in professional expenses for consulting and auditing services; (ii) an increase of RMB1.8 million in leasing expenses
to satisfy the need for offices and warehouses; (iii) an increase of RMB2.3 million in staff costs due to an increase of employee headcounts
resulting from our business growth and establishment of three new branch offices of Shenzhen Jiayuda International Logistics Co., Ltd.
in Guangzhou, Qingdao and Ningbo and our new subsidiaries Cargo Link Company Limited and Shenzhen Jayud Yuncang Technology Co., Ltd. and
(iv) an occurrence of RMB0.5 million bad debt allowances.
Selling expenses
Our selling expenses mainly consisted of (i)
employee payroll and commission, (ii) entertainment and marketing expenses, and (iii) rental and depreciation related to selling and marketing
functions. Our selling expenses increased by 79.0% from RMB9.0 million for the year ended December 31, 2021 to RMB16.0 million (US$2.3
million) for the year ended December 31, 2022, which was primarily attributable to (i) an increase of RMB6.4 million of customer acquisition
costs, including RMB4.0 million in employee payroll and commission resulting from our business growth and establishment of three branch
offices of Shenzhen Jiayuda International Logistics Co., Ltd. in Guangzhou, Qingdao and Ningbo, and our new subsidiaries Cargo Link Company
Limited and Shenzhen Jayud Yuncang Technology Co., Ltd. and RMB2.4 million business promotion and entertainment expenses for market expansion;
(ii) an increase of RMB1.1 million for new office space.
Research and development expenses
Research and development expenses mainly consisted
of (i) cost of materials used for experiment, (ii) employee payroll, and (iii) depreciation expense for experimental facilities and other
daily expenses related to our research and development activities. Research and development expenses increased slightly by 43.5% from
RMB1.5 million for the year ended December 31, 2021 to RMB2.1 million (US$0.3 million) for the year ended December 31, 2022. Our research
project was mainly due to more investment for maintenance and inspection of equipment for research activities, and offset by reduce of
staff of research and development department.
Other expenses, net
Other expenses, net consisted of financial expenses,
non-operating income, and non-operating expenses. We had other expenses, net of RMB0.9 million for the year ended December 31, 2021, while
had other income, net of RMB3.3 million (U$0.5 million) for the year ended December 31, 2022.
Other expenses, net increased by 1675.2% from
RMB0.01 million for the year ended December 31, 2021 to RMB0.2 million (US$0.03 million) for the year ended December 31, 2022, which was
due to an increase of penalties along with the early termination of office rental agreements due to change of office locations.
Foreign exchange gain, net increased by 800.8%
from RMB0.5 million for the year ended December 31, 2021 to RMB4.4 million (US$0.6 million) for the year ended December 31, 2022, which
was primarily attributable to the significant fluctuation of the exchange rate between the dates of record and the dates of settlement.
Financial expenses, net decreased by 30.6% from
RMB1.4 million to RMB0.9 million (US$0.1 million), which was consistent with the change of the balance bank borrowings and loans.
69
Income taxes
Our income tax expense increased by RMB0.9 million,
or 51.6%, from RMB1.7 million for the year ended December 31, 2021 to RMB2.6 million (US$0.4 million) for the year ended December 31,
2022. This increase was primarily due to our effective income tax rate for the year ended December 31, 2022 was approximate 65.2% as compared
to 14.3% in 2021 historically.
Net income
As a result of the foregoing, our net income
decreased by RMB8.8 million, or 86.5%, from RMB10.2 million for the year ended December 31, 2021 to RMB1.4 million (US$0.2 million) for
the year ended December 31, 2022.
Year Ended December 31, 2021 Compared to Year Ended December
31, 2020
Revenues
Total revenues increased by approximately RMB255.3
million, or 87.9%, from approximately RMB290.3 million for the year ended December 31, 2020 to approximately RMB545.6 million (US$85.6
million) for the year ended December 31, 2021, primarily attributable to a huge growth of our freight forwarding services and stable development
of our supply chain management and other value-added services.
Revenues from our freight forwarding services
increased by RMB244.4 million, or 100.3%, from RMB243.6 million for the year ended December 31, 2020 to RMB488.0 million (US$76.5 million)
for the year ended December 31, 2021. The increase was mainly due to the 142.8% increase in customers from 535 customers in 2020 to 1,299
customers in 2021, which is consistent with the 125.93% increase in our customer acquisition costs from RMB3.2 million for the year ended
December 31, 2020 to RMB7.2 million (US$1.1 million) for the year ended December 31, 2021. The soaring customer acquisition costs in 2021
was mainly for the development of e-commerce related logistics services, as we established a new subsidiary (Shenzhen Jiayuda E-Commerce
Technology Co., Ltd.) and three branch offices (Nanjing Jiayuda Logistics Co., Ltd. - Xiamen branch office and Danyang branch office,
and Shenzhen Jiayuda International Logistics Co., Ltd. - Jiangmen Branch which was deregistered in February 2023) in 2021. Among the new
customers acquired in 2021, 65.5% of them are relevant to e-commerce related logistics services.
With the expansion of our e-commerce related
logistics services in 2021, the percentage of revenue generated from e-commerce related logistics services increased from 6.5% in 2020
to 24.6% in 2021. Customers from e-commerce businesses are relatively small-scale companies compared to traditional freight forwarding
customers, resulting in higher transaction volume but lower transaction amount. Therefore, with the increase in e-commerce related logistics
services, our number of customers increased rapidly in 2021, but our average revenue per customer decreased from RMB543 in 2020 to RMB420
in 2021.
As compared to 2020, the economy gradually recovered
from the COVID-19 pandemic and the demand for domestic and cross boarder logistic services increased. Under the favorable environment,
we established four new branch offices to complete our transportation coverage in Guangdong province, Fujian province and Jiangsu province
in China. For the year ended December 31, 2021, our new branch offices in Guangdong province, Jiangsu province and Fujian province contributed
RMB79.8 million (US$12.5 million), RMB2.4 million (US$0.4 million), and RMB1.4 million (US$0.2 million), representing 14.6%, 0.4% and
0.3% of the total revenue, respectively. All of the new branch offices are focused on e-commerce related logistics services, therefore,
revenue generated from these new branch offices consists of relatively lower price but high transaction volumes. In addition, we chartered
more airplanes and airlines to strengthen our transportation capacity and optimize transportation efficiency, which enables us to complete
the domestic and global logistic network, providing our customers with more route choices and greater efficiency. Meanwhile, we continuously
seek to expand our customer base and achieve a higher customer retention in 2022.
Revenues from our supply chain management increased
by RMB9.6 million, or 21.8%, from RMB44.0 million for the year ended December 31, 2020 to RMB53.5 million (US$8.4 million) for the year
ended December 31, 2021. The increase was primarily attributable to the business growth of international trading, which was resulted from
(i) the increasing demand of commercial products under the gradual recovery of COVID-19 pandemic; (ii) the growing logistics network enabled
us to serve a wider range of customers in different geographic areas.
Revenues from our other value-added services
increased by RMB1.3 million, or 45.9%, from RMB2.8 million for the year ended December 31, 2020 to RMB4.0 million (US$0.6 million) for
the year ended December 31, 2021. The increase was primarily attributable to an increase of revenue generated from selling intelligent
logistic IT system and rendering IT services, as we offered an upgrade system with more functions.
70
Cost of Revenues
Our cost of revenues increased by 89.8% from
RMB269.3 million for the year ended December 31, 2020 to RMB511.1 million (US$80.2 million) for the year ended December 31, 2021.
Our cost of revenues for freight forwarding services
increased by approximately RMB230.1 million, or 101.7%, from approximately RMB226.2 million for the year ended December 31, 2020 to approximately
RMB456.3 million (US$71.6 million) for the year ended December 31, 2021. The increase was primarily attributable to the increase of the
freight charges. Cost of freight charges increased by RMB208.8 million, or 155.6%, from approximately RMB134.2 million for the year ended
December 31, 2020 to approximately RMB342.9 million (US$53.8 million) for the year ended December 31, 2021. The main components of freight
charges were the freight and the delivery fees paid to third-party carriers. The total amount of the freight and the delivery fees was
RMB112.5 million in 2020 and RMB324.0 million (US$50.8 million) in 2021, accounting for 83.9% of total freight charges in 2020 and 94.5%
in 2021. The soaring in freight charges was primarily due to the increase in fuel price in 2021, which was consistent with the 70.5% increase
in the average oil price disclosed by the Organization of Petroleum Exporting Countries, from US$41.0 per barrel in 2020 to US$69.9 per
barrel in 2021. Cost of warehouse management increased by RMB0.7 million, or 21.5%, from RMB3.4 million for the year ended December 31,
2020, to RMB4.1 million (US$0.6 million) for the year ended December 31, 2021. Warehouse management was the facilitating activities to
our freight forwarding services for the years ended December 31, 2020 and 2021, which mainly included rental fees, labor costs for warehouse
staff and depreciation and amortization expenses for warehouse equipment and software.
Our cost of revenues for supply chain management
increased by approximately RMB10.6 million, or 25.8%, from approximately RMB41.3 million for the year ended December 31, 2020 to approximately
RMB51.9 million (US$8.1 million) for the year ended December 31, 2021. The increase synchronized with the business growth of international
trading. Our cost of revenues for other value-added services increased approximately RMB1.0 million, or 53.6%, from approximately RMB1.9
million for the year ended December 31, 2020 to approximately RMB2.9 million (US$0.5 million) for the year ended December 31, 2021. The
increase was primarily attributable to more investment in rendering research IT services.
Gross Profit
Our gross profit increased by RMB13.5 million,
or 64.1%, from RMB21.0 million for the year ended December 31, 2020 to RMB34.5 million (US$5.4 million) for the year ended December 31,
2021. The increase was primarily attributable to the business growth of freight forwarding services. For the years ended December 31,
2020 and 2021, our overall gross profit margin was 7.2% and 6.3%, respectively.
Gross profit margin of freight forwarding services
decreased from 7.2% for the year ended December 31, 2020 to 6.5% for the year ended December 31, 2021 mainly due to (i) a lower price
of our chartered airlines freight services provided in order to attract more customers as to increase the utilization; (ii) the increasing
ocean freight charges due to the soaring demand caused by the COVID-19. Overall, although the gross profit margin slightly decreased,
we were able to expand our freight forwarding services by continuously developing new routes and attracting new customers, resulting in
an increase of gross profit.
71
Gross profit margin of our supply chain management
decreased from 6.2% for the year ended December 31, 2020 to 3.0% for the year ended December 31, 2021, resulting from the slow growth
in international trading and the decrease in agent services due to the decrease of import business.
Gross profit margin of our other value-added
services decreased from 31.5% for the year ended December 31, 2020 to 27.9% for the year ended December 31, 2021 mainly due to the increasing
employee welfare costs, in order to improve our efficiency of providing customs brokerage services, which was offset by increasing demands
for software development system we offered.
Operating Expenses
Our operating expenses increased from RMB14.7
million for the year ended December 31, 2020 to RMB21.7 million (US$3.4 million) for the year ended December 31, 2021, representing a
year-over-year increase of 47.6%. This increase was primarily attributable to the increases in our general and administrative expenses,
selling expenses and, to a lesser extent, our research and development expenses. We anticipate that our operating expenses will continue
to increase as we hire additional personnel and incur additional costs in connection with the expansion of our business operations and
the anticipation of becoming a public listed company.
General and administrative expenses
General and administrative expenses mainly consisted
of (i) employee payroll, rental and depreciation related to general and administrative functions, (ii) professional service fees; and
(iii) other corporate expenses. Our general and administrative expenses increased by 60.1% from RMB7.0 million for the year ended December
31, 2020 to RMB11.3 million (US$1.8 million) for the year ended December 31, 2021, which was primarily attributable to (i) an increase
of RMB2.1 million in staff cost due to an increase of employee headcounts resulting from our business growth and establishment of a new
subsidiary (Shenzhen Jiayuda E- Commerce Technology Co., Ltd.) and three branch offices (Nanjing Jiayuda Logistics Co., Ltd. - Xiamen
branch office and Danyang branch office, and Shenzhen Jiayuda International Logistics Co., Ltd. - Jiangmen Branch which was deregistered
in February 2023); (ii) an increase of RMB0.6 million in entertainment expense for business developments; (iii) an increase of RMB0.5
million in leasing expense to satisfy the need for office and warehousing.
Selling expenses
Our selling expenses mainly consisted of (i)
employee payroll and commission, (ii) entertainment and marketing expenses, and (iii) rental and depreciation related to selling and marketing
functions. Our selling expenses increased by 42.8% from RMB6.3 million for the year ended December 31, 2020 to RMB9.0 million (US$1.4
million) for the year ended December 31, 2021, which was primarily attributable to an increase of RMB2.2 million in employee payroll and
commission resulting from our business growth and establishment of a new subsidiary (Shenzhen Jiayuda E-Commerce Technology Co., Ltd.)
and three branch offices (Nanjing Jiayuda Logistics Co., Ltd. - Xiamen branch office and Danyang branch office, and Shenzhen Jiayuda International
Logistics Co., Ltd. - Jiangmen Branch which was deregistered in February 2023). However, selling expenses as a percentage of revenues
declined from 2.2% in 2020 to 1.6% in 2021, consistent with the slight decrease in customer acquisition costs per customer from RMB5,935
in 2020 to RMB5,523 in 2021. As analyzed under "—Revenues," the soaring customer acquisition costs in 2021 were mainly
due to the development of e- commerce related logistics services, and among the new customers acquired in 2021, 65.5% of customers were
for e-commerce related logistics services. Due to the nature of new customers in e-commerce and the travel restrictions caused by COVID-19,
the frequency of business travel was decreased, and we switched to online communication when we approached new customers in 2021. Instead
of visiting customers in person and attending exhibitions, we set up online chatting groups through instant messaging software and post
our promotions or advertisements through online communities.
Research and development expenses
Research and development expenses mainly consisted
of (i) cost of materials used for experiment, (ii) employee payroll, and (iii) depreciation expense for experimental facilities and other
daily expenses related to our research and development activities. Research and development expenses increased slightly by 6.1% from RMB1.4
million for the year ended December 31, 2020 to RMB1.5 million (US$0.2 million) for the year ended December 31, 2021. Our research project
was mainly related to the logistics-related software development and our continuous improvement of the functions and efficiency of our
software.
72
Other expenses, net
Total other expenses, net decreased by 46.7%
from RMB1.7 million for the year ended December 31, 2020 to RMB0.9 million for the year ended December 31, 2021. Other expenses, net consisted
of financial expenses, non-operating income, and non-operating expenses.
Financial expenses, net decreased by 44.4% from
RMB1.6 million for the year ended December 31, 2020 to RMB0.9 million (US$0.1 million) for the year ended December 2021, which was primarily
attributable to (i) an increase of RMB1.4 million in foreign exchange gain and was offset by (ii) an increase of RMB0.5 million in interest
expenses as a result of the increased short-term borrowings balances.
Income taxes
Our income tax expense increased by RMB0.1 million,
or 4.2%, from RMB1.6 million for the year ended December 31, 2020 to RMB1.7 million (US$0.3 million) for the year ended December 31, 2021.
This increase was primarily attributable to the growth of net income for the year ended December 31, 2021 and was offset by the utilization
of tax credit accumulated from net operating losses in previous years.
Net income
As a result of the foregoing, our net income
increased by RMB7.2 million, or 235.5%, from RMB3.0 million for the year ended December 31, 2020 to RMB10.2 million (US$1.6 million) for
the year ended December 31, 2021.
B.
Liquidity and Capital Resources
The following table sets forth a summary of our
cash flows for the periods indicated:
For the Year Ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
(in thousands)
Summary Consolidated Cash Flow Data:
Net cash provided by/ (used in) operating activities
15,320
4,240
(15,232
)
(2,187
)
Net cash used in investing activities
(155
)
(635
)
(5,729
)
(823
)
Net cash provided by financing activities
3,788
12,946
9,334
1,340
Effect of foreign exchange rate changes
11
10
(200
)
(28
)
Net increase/ (decrease) in cash and cash equivalents and restricted cash
18,964
16,561
(11,827
)
(1,698
)
Cash and cash equivalents and restricted cash at beginning of year
4,742
23,706
40,267
5,782
Cash and cash equivalents and restricted cash at end of year
23,706
40,267
28,440
4,084
In assessing our liquidity, we monitor and analyze
our cash on-hand and our operating and capital expenditure commitments. To date, we have financed our working capital requirements from
cash flow from operations, debt and equity financing and capital contributions from our existing shareholders.
As of December 31, 2022, we had cash of RMB28.4
million (US$4.1 million) and working capital of approximately RMB0.4 million (US$0.1 million).
We believe our current working capital is sufficient
to support our operations for the next twelve months. We may, however, need additional cash resources in the future if we experience changes
in business conditions or other developments, or if we find and wish to pursue opportunities for investment, acquisition, capital expenditure
or similar actions. If we determine that our cash requirements exceed the amount of cash and cash equivalents we have on hand at the time,
we may seek to issue equity or debt securities or obtain credit facilities. 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. Our obligation to bear credit risk for certain financing transactions we facilitate may
also strain our operating cash flow. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if
at all.
73
Current foreign exchange and other regulations
in the PRC may restrict our PRC entities in their ability to transfer their net assets to us and our subsidiaries in Hong Kong. However,
as of the date hereof, these restrictions have no impact on the ability of these PRC entities to transfer funds to us as we do not anticipate
declaring or paying any dividends in the foreseeable future, as we plan to retain our retained earnings to continue to grow our business.
In addition, these restrictions have no impact on the ability for us to meet our cash obligations.
In utilizing the proceeds we received from our
initial public offering, we may make additional capital contributions to our PRC subsidiary, establish new PRC subsidiaries
and make capital contributions to these new PRC subsidiaries, or make loans to the PRC subsidiaries. However, most of these uses are subject
to PRC regulations. Foreign direct investment and loans must be approved by and/or registered with SAFE, and its local branches. The total
amount of loans we can make to our PRC subsidiary cannot exceed statutory limits and must be registered with the local counterpart of
SAFE. The statutory limit for the total amount of foreign debts of a foreign-invested company, based on its discretionary application,
is either the difference between the amount of total investment and the amount of registered capital or 2.5 times of the amount of the
net assets of such foreign- invested company.
We are permitted under PRC laws and
regulations to provide funding to our PRC subsidiaries only through loans or capital contributions, and only if we satisfy the
applicable government registration and approval requirements. The relevant filing and registration processes for capital
contributions typically take approximately eight weeks to complete. The filing and registration processes for loans typically take
approximately four weeks or longer to complete. While we currently see no material obstacles to completing the filing and
registration procedures with respect to future capital contributions and loans to our PRC subsidiaries, we cannot assure you that we
will be able to complete these filings and registrations on a timely basis, or at all. 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 of our
subsequent offerings to make loans or make additional capital contributions to our PRC subsidiaries, which could materially and
adversely affect our liquidity and our ability to fund and expand our business." Additionally, while there is no statutory
limit on the amount of capital contribution that we can make to our PRC subsidiaries, loans provided to our PRC subsidiaries in the
PRC are subject to certain statutory limits. With respect to our PRC subsidiaries, the maximum amount of the loans that they can
acquire in aggregate from the outside of China is (i) approximately RMB52.5 million (US$8.2 million) as of December 31, 2022 under
the total investment minus registered capital approach as foreign-invested companies; or (ii) approximately RMB139.9 million (US$20.1
million) as of December 31, 2022 under the net asset approach.
We are able to use all of the net proceeds
from our initial public offering for investment in our PRC operations by funding our PRC subsidiaries through capital contributions
which is not subject to any statutory limit on the amount under PRC laws and regulations. See "Item 4. Information on the
Company—B. Business Overview—Regulations—Regulations Relating to Dividend Distributions" and "Item 4.
Information on the Company—B. Business Overview—Regulations—Regulations Relating to Funds Transfer to PRC
Subsidiaries." We expect approximately 20% of the net proceeds from our initial public offering to be used to fund operations
of our offshore subsidiaries and 80% of the net proceeds to be used to fund operations of our subsidiaries in the PRC in the form of
RMB. Therefore, our PRC subsidiaries will need to convert any capital contributions or loans from U.S. dollars into Renminbi in
accordance with applicable PRC laws and regulations.
Operating activities
For the year ended December 31, 2022, our net
cash used in operating activities was RMB15.2 million (US$2.2 million), which was primarily attributable to (i) a decrease of
RMB53.6 million (US$7.7 million) in accounts payable to related parties and RMB23.8 million (US$3.4 million) in accounts payable to
third parties as we made payments to Cargo Link Logistics HK Company Ltd. and our suppliers for freight services and other services;
and (ii) a decrease of operating lease liabilities of RMB10.8 million (US$1.5 million) and accrued expenses and other current
liabilities of RMB3.0 million (US$0.4 million) for payments of advances to employees, for daily operational expenses and
transportation deposits; and was offset by (i) a decrease of accounts receivable of RMB55.9 million (US$8.0 million) for collection;
and (iii) a decrease of prepaid expenses and other current assets, net of RMB10.1 million (US$1.4 million) associated with receipts
of goods and service that reduced advances to supplies.
For the year ended December 31, 2021, our net
cash provided by operating activities was RMB4.2 million, which was primarily attributable to (i) net income of RMB10.2 million;
(ii) an increase of RMB39.4 million in accounts payable to related parties as we purchased more freight services from Cargo Link
Logistics HK Company Ltd. and Winpass Logistics (HK) Co. Limited; (iii) an increase of accounts payable of RMB22.1 million and
contract liabilities of RMB5.9 million; (iv) an increase of accrued expenses and other current liabilities of RMB2.9 million for
transportation deposits and advances to employees; and (v) a decrease of accounts receivable from related parties of RMB2.8 million
for collection; and was offset by (i) an increase of accounts receivable of RMB53.6 million and contract assets of RMB2.6 million as
we achieved business growth and more sales; (ii) an increase of prepaid expenses and other current assets, net of RMB21.8 million as
we made prepaid service fees for chartered airlines and advance payments for goods for international trading; (iii) a decrease of
tax payable of RMB0.8 million for payments of taxation; and (iv) a decrease of others payable to shareholders of RMB0.7 million for
payments of reimbursement.
74
For the year ended December 31, 2020, our net
cash provided by operating activities was RMB15.3 million, which was primarily attributable to (i) net income of RMB3.0 million;
(ii) an increase of accounts payable to related parties of RMB6.2 million for purchase of freight services with Cargo Link Logistics
HK Company Ltd.; (iii) a decrease of accounts receivable of RMB5.0 million for collection due to higher account receivable turnover
as a result of better management; (iv) an increase of contract liabilities of RMB1.8 million and accounts payable of RMB0.6 million
for purchase of logistic services; and (v) an increase of tax payable of RMB1.6 million resulting from more profit achieved and was
offset by (i) an increase of prepaid expenses and other current asset of RMB2.6 million for more tax refund and deposits
receivables; and (ii) an increase of accounts receivable from related parties of RMB0.7 million for logistic services provided.
The average receivable balance decreased by 2.1%
from 2021 to 2022, and revenue increased by 19.5% from 2021 to 2022, resulting in the average days sales in receivables decreased from
41 days in 2021 to 33 days in 2022. The decrease was mainly due to the credit term from the new route of chartered airline freight services
which accounted for 18.9% of total revenue for the year ended December 31, 2022, which required the full payment in advance. The average
payable balance decreased by 6.5%, from 2021 to 2022, and revenue increased by 19.5% from 2021 to 2022, resulting in the average days
sales in payable decreased from 45 days in 2021 to 35 days in 2022. The decrease was also attributing to the requirement to pay airline
carriers in advance in performing chartered airlines freight services.
The average receivable balance increased by
65.4%, from 2020 to 2021, and revenue increased by 87.9% from 2020 to 2021, resulting in the average days sales in receivables
decreased from 46 days in 2020 to 41 days in 2021. Specifically, the average days sales in receivables from e-commerce related
logistics services dropped from 46 days in 2020 to 10 days in 2021. This is mainly due to the development of e-commerce related
logistics services, accounting for 24.6% of total revenue in 2021 and 6.5% of total revenue in 2020, respectively, the customers of
which have shortened payment terms. The average days sales in payables remained relatively stable, from 47 days in 2020 to 48 days
in 2021, as the increase of 90.0% in average payable balance from 2020 to 2021 was comparable to the increase of 87.9% in
revenue.
We identified several material changes of assets
and liabilities as below:
As of December 31, 2022 Compared to December 31, 2021
Accounts receivable, net
decreased by
RMB56.6 million, or 64.7%, from RMB87.5 million as of December 31, 2021 to RMB30.9 million (US$4.4 million) as of December 31, 2022, which
was mainly due to the sharp decrease of our revenues from freight forwarding services, affected by the closing of customs clearance between
Mainland China and Hong Kong during March to August 2022 that reduced sales orders from overseas, and the sharp decrease of Chinese export
container freight index especially since October 2022. Compared with the average Chinese export container freight index of US$3,449 in
the first quarter of 2022, it significantly decreased to US$1,664 in the fourth quarter of 2022.
Prepaid expenses and other current assets,
net
decreased by RMB16.3 million, or 57.2%, from RMB28.6 million as of December 31, 2021 to RMB12.2 million (US$1.8 million) as
of December 31, 2022, which was mainly due to (i) a decrease of RMB18.4 million of the advance payment to our suppliers of charter
airlines freight services; and (ii) a decrease of RMB6.0 million of tax refund receivable from local tax authorities and was offset
by an increase of RMB4.3 million of current deposits receivable for the logistics services provided.
Operating right-of-use assets
increased
by RMB24.9 million, or 385.9%, from RMB6.5 million as of December 31, 2021 to RMB31.4 million (US$4.5 million) as of December 31, 2022,
which was mainly due to our four newly invested subsidiaries or branches to explore different geographic markets in 2022.
Accounts payable to third parties
decreased
by RMB23.8 million, or 56.7%, from RMB41.9 million as of December 31, 2021 to RMB18.1 million (US$2.6 million) as of December 31, 2022.
This decrease was consistent with the decrease of freight forwarding services we performed during November and December 2022, compared
to November and December 2021.
Accounts payable to related parties
decreased
by RMB53.6 million, or 87.8%, from RMB61.0 million as of December 31, 2021 to RMB7.4 million (US$1.1 million) as of December 31, 2022.
The decrease was mainly due to the reduced freight forwarding services near the end of 2022 and the settlement of accounts payable.
As of December 31, 2021 Compared to December 31, 2020
Accounts receivable, net
increased by
RMB53.1 million, or 154.5%, from RMB34.4 million as of December 31, 2020 to RMB87.5 million (US$13.7 million) as of December 31, 2021,
which was mainly due to the sharp increase of our revenues from freight forwarding services, especially during November and December 2021.
Compared with the same period of 2020, the revenue from freight forwarding services for November and December 2021 increased by RMB154.3
million, or 461.9%. The credit terms of our accounts receivable were generally between 30 to 60 days for the fiscals years of 2020 and
2021.
75
Prepaid expenses and other current assets,
net
increased by RMB21.8 million, or 320.2%, from RMB6.8 million as of December 31, 2020 to RMB28.6 million (US$4.5 million) as
of December 31, 2021, which was mainly due to (i) an increase of RMB18.5 million (US$2.9 million) of the advance payment to our
suppliers of charter airlines freight services; and (ii) an increase of RMB1.4 million (US$0.2 million) of tax refund receivable
from local tax authorities.
Accounts payable
increased by RMB22.1
million, or 111.4%, from RMB19.8 million as of December 31, 2020 to RMB41.9 million (US$6.6 million) as of December 31, 2021. This increase
was consistent with the increase of freight forwarding services we performed during November and December 2021.
Accounts payable to related parties
increased
by RMB39.4 million, or 183.1%, from RMB21.5 million as of December 31, 2020 to RMB61.0 million (US$9.6 million) as of December 31, 2021.
The increase was mainly due to the increase in accounts payable to Cargo Link Logistics HK Company Limited ("Cargo Link"),
which was increased from RMB21.2 million as of December 31, 2020 to RMB60.8 million (US$9.5 million) as of December 31, 2021. Cargo Link
was one of our suppliers which mainly engaged in air freight forwarding services. This increase in accounts payable to Cargo Link was
consistent with the increase of freight forwarding services we performed during November and December 2021.
Investing activities
For the year ended December 31, 2022, our net
cash used in investing activities was RMB5.7 million (US$0.8 million), which was primarily attributable to the prepayment of acquisition
deposit of RMB3.6 million (US$0.5 million) for acquiring a business and for the purchase of property and equipment of RMB2.2 million (US$0.3
million). The RMB2.2 million capital expenditure was mainly invested in electronic equipment and machinery used in our four newly invested
subsidiaries and branches to explore different geographic markets in 2022.
For the year ended December 31, 2021, our net
cash used in investing activities was RMB0.6 million, which was primarily attributable to the purchase of property, equipment and software.
Among the RMB0.6 million capital expenditure, RMB0.2 million was invested in logistics-related software, in order to improve efficiency
and effectiveness in daily operations. The rest of RMB0.4 million was invested in electronic equipment and machinery.
For the years ended December 31, 2020, our net
cash used in investing activities was RMB0.2 million, which was primarily attributable to the purchase of property, equipment and software.
Financing activities
For the year ended December 31, 2022, our net
cash provided by financing activities was RMB9.3 million (US$1.3 million), which was primarily due to (i) proceeds from
shareholders' contribution of RMB24.7 million (US$3.5 million); (ii) proceeds from bank short-term borrowings of RMB18.0
million (US$2.6 million) and from bank long-term borrowings of RMB5.0 million (US$0.7 million); (iii) proceeds from loans provided
by shareholders for RMB6.3 million (US$0.9 million); (iv) proceeds from loans provided by third parties of RMB5.6 million (US$0.8
million); (v) proceeds from a loan provided by a related party of RMB0.5 million (US$0.1 million); (vi) an increase of other
payables to related parties of RMB0.6 million (US$0.1 million) for constructive disbursement; and (vii) proceeds from capital
injection from noncontrolling shareholders of RMB0.2 million (US$0.03 million) and was offset by (i) repayments of bank short-term
borrowings of RMB14.1 million (US$2.0 million) and of bank long-term borrowings of RMB4.5 million (US$0.6 million); (ii) repayments
of loans to third parties of RMB10.4 million (US$1.5 million); (iii) repayments of loans to shareholders of RMB8.9 million (US$1.3
million); (iv) payments for dividend distribution of RMB6.2 million (US$0.9 million); (v) payments for deferred offering costs of
RMB5.4 million (US$0.8 million); and (vi) repayments of loans to related parties of RMB2.1 million (US$0.3 million).
For the year ended December 31, 2021, our net
cash provided by financing activities was RMB12.9 million, which was primarily attributable to (i) proceeds from short-term
borrowings of RMB18.0 million for our business growth and expansion; (ii) proceeds of loans provided by shareholders of RMB6.2
million; (iii) proceeds of loans provided by third parties of RMB4.8 million; (iv) proceeds from a long-term borrowing of RMB5.0
million; (v) proceeds of a short-term loan provided by a related party of RMB2.1 million; and (vi) capital contribution by a
shareholder of RMB0.4 million, and was offset by (i) repayments of short-term borrowings of RMB14.8 million and a long-term
borrowing of RMB0.6 million; (ii) repayments of loans to shareholders of RMB3.7 million; (iv) repayments for settling the
constructive disbursement paid by related parties on behalf of Jayud of RMB1.8 million; (v) repayments of loans to third parties of
RMB1.4 million; (vi) payments for deferred offering costs of RMB0.9 million; and (vii) repayment of a loan to a related party of
RMB0.5 million.
76
For the year ended December 31, 2020, our net
cash provided by financing activities was RMB3.8 million, which was primarily attributable to (i) proceeds from short-term
borrowings of RMB10.7 million; (ii) proceeds from loans provided by third parties of RMB7.6 million; (iii) expenses paid by related
parties on behalf of Jayud of RMB3.0 million; and (iv) proceeds from a loan provided by a related party of RMB1.4 million; and was
offset by (i) repayments of short-term borrowings of RMB10.0 million; (ii) repayments of loans to third parties of RMB6.2 million;
(iii) repayment of a loan to a related party of RMB1.4 million; and (iv) payment of dividend distribution to a shareholder of RMB1.4
million.
Capital Expenditures
We made capital expenditures of RMB0.2 million,
RMB0.6 million and RMB2.2 million (US$0.3 million) for the years ended December 31, 2020, 2021 and 2022, respectively. Our capital expenditures
consisted primarily of expenditures related to the expansion of our new branch offices and logistics equipment. We plan to fund our future
capital expenditures with our existing cash balance and proceeds from our initial public offering. We will continue to make capital expenditures
to meet the expected growth of our business.
Off-Balance Sheet Commitments and Arrangements
We have not entered into any off-balance sheet
financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third parties. 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.
Contractual Obligations
The following table sets forth our contractual
obligations as of December 31, 2022:
Payments due by period
Total
Within
one year
Within
1-2 years
Over
2 years
RMB
RMB
RMB
RMB
Operating lease payment
32,957,093
19,078,380
12,474,763
1,403,950
Bank borrowings
19,800,000
15,400,000
4,400,000
-
Total
52,757,093
34,478,380
16,874,763
1,403,950
Other than as shown above, we did not have any
significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2022.
Holding Company Structure
Jayud Global Logistics Limited is a holding company
with no material operations of its own. We conduct our operations primarily through our subsidiaries in China and Hong Kong. As a result,
Jayud Global Logistics Limited's ability to pay dividends depends upon dividends paid by our PRC and Hong Kong subsidiaries. If
our existing PRC and Hong Kong 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 PRC subsidiaries are permitted
to pay dividends to us only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations.
Our PRC subsidiaries had aggregate retained earnings as determined under PRC accounting standards as of December 31, 2022. Pursuant to
the Company Law of the People's Republic of China, or the PRC Company Law, our PRC subsidiaries are required to make contribution
of at least 10% of their after-tax profits calculated in accordance with the PRC GAAP to the statutory common reserve. Contribution is
required until the reserve fund has reached 50% of the registered capital of our subsidiaries. As of December 31, 2022, our reserve fund
did not reach 50% of the registered capital of our subsidiaries.
As of December 31, 2021 and 2022, our PRC subsidiaries
had RMB22.6 million and RMB63.4 million (US$9.1 million) of restricted net asset, respectively.
77
On February 8, 2022 and February 28, 2022,
Shenzhen Jiayuda E-Commerce Technology Co., Ltd and Shenzhen Jiayuda Global Supply Chain Co., Ltd. declared RMB2.4 million cash
dividend and RMB7.4 million cash dividend respectively, to its then shareholders and its holding company, Shenzhen Jayud Logistics
Technology Co., Ltd. On March 15, 2022, Shenzhen Jayud Logistics Technology Co., Ltd declared RMB9.0 million of dividend to its then
shareholders. Out of the total dividend declared, RMB6.8 million (US$1.0 million) was inter-group dividend, and RMB11.9 (US$1.7
million) was to individual shareholders. Historically, Shenzhen Jayud Logistics Technology Co., Ltd. has also received equity
financing from its then shareholders to fund business operations of our PRC subsidiaries. For the years ended December 31, 2021 and
2022, two of our Hong Kong subsidiaries, Sky Pacific Logistics HK Company Limited ("Sky Pacific") and HongKong Jayud
International Logistics Company Limited ("HK Jayud International"), transferred cash proceeds of RMB0.9 million and nil
to our PRC subsidiaries for the settlement of intercompany transactions for our PRC subsidiaries. For the years ended December 31,
2021 and 2022, we transferred cash proceeds of RMB7.3 million and RMB1.0 million (US$0.1 million) to Sky Pacific and HK Jayud
International for the settlement of intercompany transactions. In the future, most cash proceeds raised from overseas financing
activities, including our initial public offering, may be, and are intended to be, transferred by us through our wholly owned Hong
Kong subsidiary, Jayud Global Logistics (Hong Kong) Limited, to our PRC subsidiaries via capital contribution and shareholder loans,
as the case may be. Our PRC subsidiaries that receive such cash proceeds then will transfer funds to their respective subsidiaries
to meet the capital needs of our business operations. For details about the applicable PRC rules that limit transfer of funds from
overseas to our PRC subsidiaries, see "Item 14. Material Modifications to the Rights of Security Holders and Use of
Proceeds—Use of Proceeds" and "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 of our initial public offering to make
loans or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our
ability to fund and expand our business."
The structure of cash flows within our
organization, and the applicable regulations, are as follows. After foreign investors' funds are received by Jayud Global
Logistics Limited, our holding company, at the closing of our initial public offering, subject to the cash demand of our PRC and
Hong Kong subsidiaries, the funds can be transferred to our wholly owned Hong Kong subsidiary, Jayud Global Logistics (Hong Kong)
Limited, which will further distribute the funds to our PRC subsidiaries. If we intend to distribute dividends, PRC subsidiaries
will transfer the dividends to Jayud Global Logistics (Hong Kong) Limited in accordance with the laws and regulations of the PRC,
and then Jayud Global Logistics (Hong Kong) Limited will transfer the dividends up to Jayud Global Logistics Limited, and the
dividends will be distributed from Jayud Global Logistics Limited to all shareholders respectively in proportion to the shares they
hold, regardless of whether the shareholders are U.S. investors or investors in other countries or regions. The cross-border
transfer of funds within our corporate group under our direct holding structure must be legal and compliant with relevant laws and
regulations of China and Hong Kong. In utilizing the proceeds from our initial public offering, as an offshore holding company, we
are permitted under PRC laws and regulations to provide funding to our PRC subsidiaries only through loans or capital contributions
and to our affiliated entities only through loans, subject to applicable government reporting, registration and approvals. See
"Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds—Use of Proceeds" and
"Item 3. Key Information — D. Risk Factors —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 of our initial public offering to make loans or additional capital
contributions to our PRC subsidiaries in China, which could materially and adversely affect our liquidity and our ability to fund
and expand our business." We do not have any present plan to pay any cash dividends on our ordinary shares in the foreseeable
future after our initial public offering. We have, from time to time, transferred cash between our PRC subsidiaries to fund their
operations, and we do not anticipate any difficulties or limitations on our ability to transfer cash between such subsidiaries. As
of the date of this annual report, no cash generated from our PRC subsidiaries has been used to fund operations of any of our
non-PRC subsidiaries. We may encounter difficulties in our ability to transfer cash between PRC subsidiaries and non-PRC
subsidiaries largely due to various PRC laws and regulations imposed on foreign exchange. However, as long as we are compliant with
the procedures for approvals from foreign exchange authorities and banks in China, the relevant laws and regulations in China do not
impose limitations on the amount of funds that we can transfer out of China. We currently do not have any cash management policy
that dictates the transfer of cash between our subsidiaries. See "Item 4. Information on the Company—B. Business
Overview—Regulations— Regulations Relating to Foreign Exchange" for details of such procedures.
78
Inflation
Since our inception, inflation in China has not
materially affected our results of operations. According to the National Bureau of Statistics of China, the year-over-year percent changes
in the consumer price index for 2020, 2021 and 2022 were increases of 0.2%, 1.5% and 1.8%, respectively. Although we have not been materially
affected by inflation in the past, we may be affected if China experiences higher rates of inflation in the future.
Taxation
Cayman Islands
Under the current laws of the Cayman Islands,
we are not subject to tax on income or capital gain. In addition, dividend payments are not subject to withholding taxes in the Cayman
Islands.
Hong Kong
Entities incorporated in Hong Kong are subject
to profits tax in Hong Kong at the rate of 16.5%. According to Tax (Amendment) (No. 3) Ordinance 2018 published by Hong Kong government,
effective April 1, 2018, under the two-tiered profits tax rates regime, the profits tax rate for the first HKD2 million of assessable
profits will be lowered to 8.25% (half of the rate specified in Schedule 8 to the Inland Revenue Ordinance (IRO)) for corporations. We
are not subject to Hong Kong profit tax for any period presented as it did not have assessable profit during the periods presented.
PRC
Under the Enterprise Income Tax Laws of the PRC,
or the EIT Laws, domestic enterprises and Foreign Investment Enterprises, or the FIEs, are usually subject to a unified 25% enterprise
income tax rate, while preferential tax rates, tax holidays and tax exemption may be granted on case-by-case basis.
In January 2019, the State Administration of
Taxation announced that from January 1, 2019 to December 31, 2021, small and low-profit enterprises can enjoy a 20% corporate income tax
rate on 25% of their taxable income amount for the proportion of taxable income not exceeding RMB1 million; and a 20% corporate income
tax on 50% of their taxable income amount of more than RMB1 million but not exceeding RMB3 million. The State Administration of Taxation
further announced that from January 1, 2022 to December 31, 2022, for the portion of taxable income not exceeding RMB1 million, the amount
of taxable income can be halved from 25% to 12.5%, and the corporate income tax will be levied at 20%, for small and low-profit enterprises,
and from January 1, 2022 to December 31, 2024, small and low-profit enterprises can enjoy a 20% corporate income tax rate on 25% of the
taxable income amount for the portion of taxable income more than RMB1 million but not exceeding RMB3 million.
C.
Research and Development,
Patents and Licenses, etc.
See "Item 4. Information on the Company—B.
Business Overview—Technology, Research and Development" 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 from January 1, 2022 to December 31,
2022 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital
resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or
financial conditions.
E.
Critical Accounting Estimates
The preparation of the consolidated financial statements
in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates include, but not limited
to revenue recognition, allowance for doubtful accounts, useful lives and impairment of long-lived assets, discount rate used in operating
lease right-of-use assets, deferred income taxes, uncertain tax position and valuation allowance for deferred tax assets. Changes in facts
and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material
to the consolidated financial statements.
We believe the following critical accounting
policies involve a higher degree of judgment and complexity than our other accounting policies. Therefore, these are the policies we believe
are the most critical to understanding and evaluating our consolidated financial condition and results of operations.
79
Accounts receivable, net
Accounts receivable, net, include amounts billed
and currently due from customers. The amounts due are stated at their net estimated realizable value. The credit terms are generally between
30 to 60 days. Provision for doubtful accounts is recognized when reasonable and supportable forecasts affect the expected collectability.
We review the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability
of individual balances. We consider many factors in assessing the collectability such as the age of the amounts due, consideration of
historical loss experience, adjusted for current conditions, forward-looking indicators, trends in customer payment frequency, and judgments
about the probable effects of relevant observable data, including present and future economic conditions and the financial health of specific
customers and market sectors. We established standards and policies for reviewing major account exposures and concentrations of risk.
Revenue Recognition
Type A: Freight forwarding services
Substantially all of our revenues are from contracts
associated with freight forwarding services domestically and internationally. Additionally, we provide supply chain management to customers,
by exploiting its advantages in global supply chain services.
We consider the principal for transactions
that it is in control of establishing the transaction price, and it is responsible for managing all aspects of the shipments process and
taking the risk of loss for delivery. Therefore, such revenues are reported on a gross basis.
For certain contracts, we consider the agent
for transactions that it cooperates with third-party carriers to arrange freight services. Third-party carriers signed the contracts with
customers and were in control of establishing the transaction price, and were responsible for fulfilling the promise to provide freight
services. Therefore, such revenues are reported on a net basis.
We further divide this type of revenue into two
sub-categories, "Integrated cross-border logistics" and "Fragmented logistics". These two sub-categories are consistent
regarding revenue recognition analysis, but with different quotation process. For "Integrated cross-border logistics" services,
transaction prices remained unchanged for similar orders during a specific period of time, usually six to twelve months depending on different
route. While for "Fragmented logistics" services, transaction prices are assessed and quoted based on each specific order,
which could be varied among similar orders during a specific period of time.
The payment term is within 60 days after completion
of freight forwarding services.
Type B: Supply chain management
We also engage in supply chain management, which
includes international trading and agent services. We provide international trading, which sells electronic products through both export
and import, by exploiting its advantages in global supply chain services and networks. We fulfill our performance obligation by transferring
products to the designated location. In accordance with our customary business practices, the delivery term is "Free on board"
("FOB"). Therefore, once the products are loaded on the board, the control of products has transferred. This type of revenue
is recognized based on the product value specified in the contract at a point in time when the control of products has transferred. We
consider itself the principal because it is in control of establishing the transaction price and bearing inventory risk. Therefore, such
revenues are reported on a gross basis.
In addition to international trading, we also
provide agent services relates to export/import procedures, for example, application for duty-refund, customs brokerage services and so
on. We fulfill our performance obligation by arranging export/import business for the customer, including but not limited to signing contracts
with end customers on behalf of the customer and preparing customs brokerage and duty refund. This type of revenue is recognized over
time based on the extent of progress towards completion of the agent services. We consider itself the agent because we are not primarily
responsible for fulfilling the promise to provide the specified goods, neither bears the inventory risks. Therefore, such revenues are
reported on a net basis.
The payment term is within 60 days after completion
of international trading and agent services.
80
Type C: Other value-added services
We also provide customs brokerage services, and
logistics-related software development services.
Customs brokerage services under Type C represents
independent revenue stream, different from being one of the facilitating services of the freight forwarding services under Type A, nor
the facilitating services of the agent services under Type B under which those services are bundled as one performance obligation. We
fulfill our performance obligation by providing customs brokerage services only. The transaction price is fixed when the contract was
signed by both parties. This type of revenue is recognized over service period, usually within one day.
We also generate revenues from logistics-related
software development services. We identify two performance obligations within the contract: the software development services and the
maintenance services. The transaction price is allocated based on the stand-alone selling price for each type of service. We recognize
software development services revenue over time in proportionate to the relative labor hours over the total budgeted hours of the project.
We also promise to provide one-year maintenance service after the abovementioned software has been launched. We recognize maintenance
services revenue over the service period of one year.
Contract assets and liabilities
In-transit freight with performance obligations
recognized over time that have revenue recognized to date in excess of cumulative billings are reported on consolidated balance sheets
as "Contract assets". Contract assets are reviewed for impairment when events or changes in circumstances indicate that the
carrying value may not be recoverable.
Contract liabilities represents the obligation
to transfer goods or services to a customer for which the entity has received consideration from the customer. Our contract liabilities
mainly consist of advance product payments from customers of international trading. We expect to recognize this balance as revenue over
the next 12 months.
Contract costs
Contract costs consists of incremental costs
of obtaining a contract with customers, for example, sales commissions. We elect to use the practical expedient, allowing to recognize
the incremental costs of obtaining a contract as a cost or an expense when incurred if the amortization period, usually the contractual
period, would have been one year or less.
Income taxes
We account for current income taxes in accordance
with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items,
which are non-assessable or disallowed. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted at the end of the reporting period.
We account for income taxes under ASC 740. Deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial
statement carrying amounts of existing assets and liabilities and their respective tax bases ("Temporary differences").
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. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which the asset or liability will
be settled, based on rates enacted or substantively enacted at the end of the reporting period. Valuation allowances are established,
when necessary, to reduce deferred tax assets to the amount expected to be realized.
The
provisions of ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely- than-not threshold for
consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation
also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets
and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. We will recognize interest
and penalties, if any, related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement
of operations. Accrued interest and penalties will be included on the related tax liability line in the consolidated balance sheet. We
believe there were no uncertain tax positions as of December 31, 2020, 2021 and
2022, respectively.
Guidance was also provided on derecognition of
income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and
penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment
is required in evaluating our uncertain tax positions and determining provision for income taxes. We did not recognize any significant
interest and penalties associated with uncertain tax positions for the years ended December 31, 2021 and 2022.
81
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
Xiaogang Geng
49
Founder, Chairman, Director and Chief Executive Officer
Dun Zhao
40
Director and Chief Marketing Officer
Feiyong Li
40
Independent Director
Steven Gu
44
Independent Director
Jian Wang
44
Independent Director
Lin Bao
49
Chief Financial Officer
Jianhong Huang
39
Chief Operating Officer
Mr. Xiaogang Geng
has
been our director since June 2022. He is also our chairman of the board of directors and chief executive officer. Mr. Geng is the
founder of Jayud brand and has over 20 years of experience in logistics industry. Mr. Geng has also been serving as the executive
director and general manager of Shaanxi Jiayuda Supply Chain Management Co., Ltd. since 2018, the supervisor of Shenzhen Jiayuda Trading
Co., Ltd. since 2016, the executive director and general manager of Shenzhen Jayud Logistics Technology Co., Ltd. since 2015, the executive
director and general manager of Shenzhen Jiayuda Customs Declaration Co., Ltd. since 2015, the executive director and general manager
of Shenzhen Jiayuda Global Supply Chain Co., Ltd. since 2014, and the executive director and general manager of Shenzhen Jiayuda International
Logistics Co., Ltd. since 2011. Mr. Geng previously served as the manager of custom affairs department of Yigao Semiconductor Equipments
(Shenzhen) Co., Ltd. from 2003 to 2006 and as custom broker of Kras Semiconductor Assembly Equipment (Shenzhen) Co. Ltd. from 2000 to
2003. In 2016, Mr. Geng received an Executive M.B.A. Degree from HSBC Business School of Peking University in China. Mr. Geng has
also been actively involved in charitable activities with a focus on public health and education. We believe that Mr. Geng is qualified
to serve as our director based on his experience as our founder and in the supply chain industry.
Mr. Dun Zhao
has served as
our director and chief marketing officer since March 31, 2023. Mr. Zhao has been the overseas operations director of Shenzhen Jayud
Logistics Technology Co., Ltd. since June 2021. He has extensive overseas living and working experience, and the passion for the global
logistics industry. From 2014 to 2020, Mr. Zhao served as the deputy manager at a parking automation company, where he primarily managed
his family businesses and ventures ranging from industrial manufacturing to real estate development. From 2008 to 2014, Mr. Zhao served
as the marketing analyst at Blue Ocean Trading Corporation, a wholesale distributor of human hair products in Atlanta, and also invested
in the beauty supply retailing business. During his studies in the U.K. from 2002 to 2007, Mr. Zhao was already assisting with his family
business in the U.K., the U.S., Nigeria and Kenya from 2006 to 2007. He worked as a part-time marketing consultant of Comedic LLC, a human
hair products distributor in London. Mr. Zhao received a Bachelor's Degree in International Trade and English in 2005 and a
Master's degree in Marketing from University of Portsmouth in 2007. He finished Executive M.B.A. courses at HSBC Business School
of Peking University in China from 2016 to 2018. We believe that Mr. Zhao is qualified to serve as our director based on his international
vision, experience in marketing and extensive knowledge on the supply chain industry.
Mr. Feiyong Li
has served
as an independent director since March 31, 2023. Mr. Li has over ten years of experience in investment and financing projects
in the securities market. Mr. Li has been serving as the investment manager at Koala Securities Limited since 2019. Mr. Li previously
served as the general manager of Zen Corporate Consulting Limited from 2012 to 2021, where he focused on providing public relations processing
services, listing consulting services, and corporate investment and financing services. From 2013 to 2020, Mr. Li also served as
the chief investment officer of CNI Securities Group Limited, where he was responsible for project investment and financing. From 2009
to 2011, Mr. Li consecutively served as the investment consultant of Kingston Securities Limited and Guoyuan Securities Brokerage
(Hong Kong) Limited. In 2021, Mr. Li received the Advanced Diploma in Business Studies from Windsor Management College in Singapore.
He has been a licensed individual at Hong Kong Securities and Futures Commission since 2009. We believe that Mr. Li is qualified to serve
as our director based on his experience in investment and financing.
82
Mr. Steven Gu
has served
as an independent director since March 31, 2023. Mr. Gu is both a licensed Certified Public Accountant, or CPA, in the state of Georgia
and a New York registered attorney with more than 15 years of experience in tax and accounting. Mr. Gu has worked with businesses from
startups to established middle-market corporations and Fortune 500 companies and he is currently a member of Georgia Asian Pacific American
Bar Association, and Georgia Society of CPAs. He served as council member for Metro Atlanta Chamber of Commerce, and Technology Association
of Georgia. From 2020 to 2022, Mr. Gu served as fractional chief financial officer for multiple companies including software-as-a-service technology and e-commerce
sectors, where he navigated tax laws and accounting rules and coordinated with entrepreneurs. From 2015 to 2018, Mr. Gu worked in several
local accounting firms before he started his own CPA practice. Mr. Gu previously worked in the M&A Tax Department at KPMG USA LLP
from 2006 to 2014, where he worked on numerous deals including sell-side and buy-side M&A, leveraged buyouts, bankruptcy works, carve-out
and IPOs. Mr. Gu received a Bachelor's Degree in Law from China Southwestern University of Finance and Economics in 1999, a Master's
Degree in Professional Accountancy from West Texas A&M University in 2004 and a Master's Degree in Tax Law from University of
Florida in 2006. We believe that Mr. Gu is qualified to serve as our director based on his extensive accounting experience and tax law
background.
Mr. Jian Wang
has served
as an independent director since March 31, 2023. Mr. Wang has been the executive director of China South City Group Huacaitong Digital
Technology (Shenzhen) Co., Ltd. since 2021. Mr. Wang has over 20 years of working experience in the logistics industry and is proficient
in the application of logistics technologies. He is familiar with business operation of inventory management, logistics management, warehousing
management, and supply chain finance. Mr. Wang has expertise in cross-border e-commerce logistics, settlement and finance. Mr. Wang
previously served as the vice president of eBao Network Technology Co., Ltd. from 2019 to 2022 and the vice general manager of the south
China region at Cainiao Network Technology Co., Ltd. from 2017 to 2019. From 2001 and 2017, Mr. Wang served as the deputy head of the
General Office, the head of the Regulations Division and the head of the reform office at Shenzhen Customs District. He received a Bachelor's
Degree in Economics from University of International Business and Economics in 2001
and an MBA Degree from University of Science
and Technology of China in 2009. We believe that Mr. Wang is qualified to serve as our director based on his operational experience in
the supply chain industry and his expertise in logistics technologies.
Ms. Lin Bao
has served as
our chief financial officer since October 2022. Ms. Bao has over 15 years of experience in accounting and auditing. Ms. Bao has been
serving as the independent director of Cetus Capital Acquisition Corp. since January 31, 2023, and served as a chief financial
officer of Eagsen, Inc. from 2020 to 2022. Before Eagsen, Inc. was set up, Ms. Bao served as a chief financial officer of Shanghai
Eagsen Intelligent Co., Ltd. from 2019 to 2020. From 2018 to 2019, she served as a chief financial officer of Jufeel International
Group. From 2015 to 2018, Ms. Bao worked as an independent consultant to provide accounting advisory services for China-based
companies. She also served as a chief financial officer of Balintimes Online Media Ltd. from 2014 to 2015 in China. From 2011 to
2014, she served as the VP Finance of Cathay Forest Products Corp. During the three years from 2008 to 2011, Ms. Bao served as the
corporate controller of Arehada Mining Ltd. and from 2008 to 2010, she concurrently served as the corporate controller of Changfeng
Energy Inc. From 2005 to 2008, she worked as a senior auditor in Ernst & Young LLP in Toronto, Canada. From 1994 to 2000, Ms.
Bao served as the account manager of China Tuhsu Sunry Development Co. Ltd. She received a Bachelor's Degree in Accountancy
from Concordia University in Montreal, Canada in 2004 and she graduated with a Bachelor's Degree in Japanese from Beijing
Second Foreign Language University in 1994. Ms. Bao is a CPA in the United States, a Canadian Chartered Professional Accountant
and a CPA in Hong Kong.
Ms. Jianhong Huang
has served
as our chief operating officer since March 31, 2023. Ms. Huang is well experienced in the global logistics service industry and has
accumulated extensive on-site knowledge from her work experience. She has been serving as the vice general manager of Shenzhen Jayud Logistics
Technology Co., Ltd. since April 2015. She previously served as the manager of Shenzhen Qinhui Logistics Co., Ltd. from 2005 to 2008 and
the operation supervisor of Dongguan Yihui Logistics Corporation from 2003 to 2005. Ms. Huang worked as a manager assistant in a toy manufacturer
from 2002 to 2003. She graduated from Jiangxi Shangrao Education College with a major in computer application in 2001.
83
Board Diversity
The table below provides certain information
regarding the diversity of our board of directors as of the date of this annual report.
Board
    Diversity Matrix
Country of Principal Executive Offices
People's Republic of China
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
0
5
0
0
Part II: Demographic Background
Underrepresented Individual in Home Country Jurisdiction
0
LGBTQ+
0
Did Not Disclose Demographic Background
0
B.
Compensation
For the year ended December 31, 2022, we paid
an aggregate of approximately RMB1.6 million (US$0.2 million) in cash and benefits to our directors and executive officers. We have
not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors.
Our PRC subsidiaries 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.
C.
Board Practices
Board of Directors
Our board of directors consists of five directors.
A director is not required to hold any shares in our company to qualify to serve as a director. A director may vote with respect to any
contract, proposed contract, or arrangement in which he or she is materially interested. The directors may exercise all the powers of
the company to borrow money, mortgage its business, property and uncalled capital and issue debentures or other securities whenever money
is borrowed or as security for any obligation of the company or of any third party.
Committees of the Board of Directors
We have established an audit committee, a compensation
committee and a nominating and corporate governance committee under the board of directors. 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. Steven Gu, Mr. Feiyong Li, and Mr. Jian Wang, and is chaired by Mr. Steven Gu. Mr. Steven Gu, Mr. Feiyong Li, and Mr.
Jian Wang satisfy the "independence" requirements of Rule 5605(c)(2) of the Listing Rules of the Nasdaq and meet the independence
standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. We have determined that Mr. Steven Gu qualifies as an
"audit committee financial expert." The audit committee oversees 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:
●
selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;
●
reviewing with the independent registered public accounting firm any audit problems or difficulties and management's response;
84
●
reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;
●
discussing the annual audited financial statements with management and the independent registered public accounting firm;
●
reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies;
●
annually reviewing and reassessing the adequacy of our audit committee charter;
●
meeting separately and periodically with management and the independent registered public accounting firm; and
●
reporting regularly to the board.
Compensation Committee.
Our compensation
committee consists of Mr. Feiyong Li, Mr. Steven Gu and Mr. Jian Wang, and is chaired by Mr. Jian Wang. Mr. Feiyong Li, Mr.
Steven Gu and Mr. Jian Wang satisfy the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq.
The compensation committee assists the board of directors in reviewing and approving the compensation structure, including all forms of
compensation, relating to our directors and executive officers. Our executive officers may not be present at any committee meeting during
which their compensation is deliberated upon. The compensation committee is responsible for, among other things:
●
reviewing the total compensation package for our executive officers and making recommendations to the board with respect to it;
●
reviewing the compensation of our non-employee directors and making recommendations to the board with respect to it; and
●
periodically reviewing and approving any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, and employee pension and welfare benefit plans.
Nominating and Corporate Governance Committee.
Our
nominating and corporate governance committee consists of Mr. Feiyong Li, Mr. Steven Gu, and Mr. Jian Wang, and is chaired by Mr.
Feiyong Li. Mr. Feiyong Li, Mr. Steven Gu, and Mr. Jian Wang satisfy the "independence" requirements of Rule 5605(a)(2)
of the Listing Rules of the Nasdaq. The nominating and corporate governance committee assists the board of directors in selecting individuals
qualified to become our directors and in determining the composition of the board of directors and its committees. The nominating and
corporate governance committee is responsible for, among other things:
●
recommending nominees to the board of directors for election or re-election to the board of directors, or for appointment to fill any vacancy on the board of directors;
●
reviewing annually with the board of directors the current composition of the board of directors with regards to characteristics such as independence, age, skills, experience and availability of service to us;
●
selecting and recommending to the board of directors the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself; and
●
monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.
85
Duties of Directors
Directors and officers generally owe fiduciary
duties to our company, and not to our company's individual shareholders. Our shareholders may not have a direct cause of action
against our directors. Under Cayman Islands law, our directors have a fiduciary duty to act honestly, in good faith and with a view to
our best interests. Our directors also owe to our company a duty to act with skill and care. It was previously considered that a director
needs 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 towards 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 rights vested thereunder
in the holders of the shares. Our company has the right to seek damages if a duty owed by our directors is breached.
Terms of Directors and Officers
By the affirmative vote of a simple majority
of the remaining directors present and voting at a board meeting, our board of directors has the power from time to time and at any time
to appoint any person as a director to fill a casual vacancy on the board or as an addition to the existing board. Our directors are not
subject to a term of office and will hold their offices until such time as their earlier death, resignation or removal. An appointment
of a director may be on terms that the director shall automatically retire from office (unless he or she has sooner vacated office) at
the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between
the director and us.
Our officers are elected by and serve at the
discretion of the board of directors.
Employment Agreements and Indemnification Agreements
We have entered into employment agreements with
each of our executive officers. Under these agreements, each of our executive officers is employed for a specified time period. We may
terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as
conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct
or a failure to perform agreed duties. We may also terminate an executive officer's employment without cause upon advance written
notice. In such case of termination by us, we will provide severance payments to the executive officer as expressly required by applicable
law of the jurisdiction where the executive officer is based. The executive officer may resign at any time with an 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 two years
following the last date of employment. Specifically, each executive officer has agreed not to (i) approach our suppliers, clients, customers
or contacts or other persons or entities introduced to the executive officer in his or her capacity as a representative of us for the
purpose of doing business with such persons or entities that will harm our business relationships with these persons or entities; (ii)
assume employment with or provide services to any of our competitors, or engage, whether as principal, partner, licensor or otherwise,
any of our competitors, without our express consent; or (iii) seek directly or indirectly, to solicit the services of any of our employees
who is employed by us on or after the date of the executive officer's termination, or in the year preceding such termination, without
our express consent.
We have entered into indemnification agreements
with each of our directors and executive officers. Under these agreements, we 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 our director
or officer.
86
D.
Employees
As of December 31, 2022, we had 182 full
time employees, all of whom are based in China. The following table sets forth the numbers of our employees categorized by function as
of December 31, 2022.
Function
As of December 31, 2022
Number
% of Total
Employees
Management
6
3.3
%
Supply chain service department
12
6.6
%
E-commerce service department
14
7.7
%
Key account service department
15
8.2
%
Operational department
49
26.9
%
IT department
20
11.0
%
Human resources department
6
3.3
%
Financial department
18
9.9
%
Sales and marketing department
42
23.1
%
Total
182
100.0
%
As required by laws and regulations in China,
we participate in various employee social security plans that are organized by municipal and provincial governments, including, among
other things, housing, pension, medical insurance and unemployment insurance. We are required under PRC law to make contributions 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 typically enter into standard employment and
confidentiality agreements with our senior management and core personnel. These contracts include a standard non-compete covenant that
prohibits the employee from competing with us, directly or indirectly, during his or her employment and for 12 months after the termination
of the employment, provided that we pay compensation equal to half a month's salary.
We maintain a good working relationship with our employees, and we
have not experienced any material labor disputes. None of our employees are represented by labor unions.
E.
Share Ownership
The following table sets forth information with
respect to the beneficial ownership of our shares as of the date of this annual report by:
●
each of our current directors and executive officers; and
●
each person known to us to own beneficially 5% or more of our shares.
The calculations in the table below are based
on 21,352,223 ordinary shares outstanding as of the date of this annual report, comprising of (i) 14,942,623 Class A ordinary shares,
and (ii) 6,409,600 Class B ordinary shares.
87
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.
See "—B. Compensation" for
more details on options and restricted shares granted to our directors and executive officers.
Directors and Executive Officers:*
Class A
Ordinary
Shares
Class B
Ordinary
Shares
Percentage
of beneficial
ownership
(of total Class A and
Class B
ordinary shares) (1)
Percentage of
total voting
power (1) (2)
Xiaogang Geng
(3)
—
6,409,600
30.0
%
81.1
%
Feiyong Li
—
—
—
—
Steven Gu
—
—
—
—
Jian Wang
—
—
—
—
Lin Bao
—
—
—
—
Dun Zhao
(4)
500,000
—
2.3
%
0.6
%
Jianhong Huang
(5)
3,600,000
—
16.9
%
4.6
%
All directors and executive officers as a group
4,100,000
6,409,600
49.2
%
86.3
%
Principal Shareholders:
Europa Investment Holding Limited
(3)
—
6,409,600
30.0
%
81.1
%
Cassini Investment Holding Limited
(6)
1,720,000
—
8.1
%
2.2
%
Tucana Investment Holding Limited
(5)
3,600,000
—
16.9
%
4.6
%
Fornax Investment Holding Limited
(7)
1,000,000
—
4.7
%
1.3
%
Notes:
*
Beneficial ownership information
disclosed herein represents direct and indirect holdings of entities owned, controlled or otherwise affiliated with the applicable holder
as determined in accordance with the rules and regulations of the SEC.
(1)
Based on 14,942,623 Class A ordinary
shares and 6,409,600 Class B ordinary shares issued and outstanding as of the date of this annual report.
(2)
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 (10) 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.
(3)
Represents 6,409,600 Class B ordinary
shares held of record by Europa Investment Holding Limited, a British Virgin Islands company wholly owned by Mr. Xiaogang Geng.
The registered address of Europa Investment Holding Limited is Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.
(4)
Represents 500,000 Class A ordinary
shares held of record by James Webb Holding Limited, a British Virgin Islands company wholly owned by Mr. Dun Zhao. The registered address
of James Webb Holding Limited is Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.
(5)
Represents 3,600,000 Class A ordinary
shares held of record by Tucana Investment Holding Limited, a British Virgin Islands company wholly owned by Ms. Jianhong Huang. The
registered address of Tucana Investment Holding Limited is Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.
(6)
Represents 1,720,000 Class A ordinary
shares held of record by Cassini Investment Holding Limited, a British Virgin Islands company wholly owned by Ms. Xiaohua Jia, spouse
of Mr. Xiaogang Geng. The registered address of Cassini Investment Holding Limited is Wickhams Cay II, Road Town, Tortola, VG1110, British
Virgin Islands.
(7)
Represents 1,000,000 Class A ordinary
shares held of record by Fornax Investment Holding Limited, a British Virgin Islands company wholly owned by Mr. Yu Yi. The registered
address of Fornax Investment Holding Limited is Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.
88
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 (10) votes per share. We issued Class A ordinary shares in our initial public
offering.
As of the date of this annual report, 800,000
of our issued and outstanding Class A ordinary shares were held by record holders in the United States, representing 3.7% of our total
outstanding ordinary shares on an as-converted basis. None of our shareholders has informed us that it is affiliated with a registered
broker-dealer or is in the business of underwriting securities. We are not aware of any arrangement that may, at a subsequent date, result
in a change of control of our company.
To our knowledge, except as disclosed elsewhere
in this annual report, we are not directly or indirectly owned or controlled by another corporation, any foreign government or any other
natural or legal person, severally or jointly.
F.
Disclosure of a Registrant's
Action to Recover Erroneously Awarded Compensation
Not applicable.
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
Please refer to "Item 6. Directors, Senior
Management and Employees—E. Share Ownership."
B.
Related Party Transactions
Employment Agreements and Indemnification Agreements
See "Item 6. Directors, Senior Management
and Employees—C. Board Practices—Employment Agreements and Indemnification Agreements."
Other Related Party Transactions
Purchases and/or provision of logistics
services and products.
For the years ended December 31, 2020, 2021 and 2022, we purchased logistics services, products and
equipment amounting to RMB159.3 million, RMB193.0 million and RMB123.3 million (US$17.7 million), respectively, from certain
related parties. For the years ended December 31, 2020, 2021 and 2022, we provided logistics services amounting to RMB28.6 million,
RMB14.1 million and RMB2.5 million (US$0.4 million), respectively, to certain related parties.
Loans from certain directors, executive
officers and principal shareholders
. For the years ended December 31, 2020, 2021 and 2022, we borrowed loans amounting to
nil, RMB6.2 million and RMB6.3 million (US$0.9 million), respectively, from certain of our directors, executive officers and principal
shareholders. As of December 31, 2022, we had repaid all of such outstanding loans.
C.
Interests of Experts and
Counsel
Not applicable.
89
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
Other than disclosed in this annual report, we
are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or
administrative claims and proceedings arising in the ordinary course of business. Litigation or any other legal or administrative proceeding,
regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management's time
and attention.
Dividend Policy
As of December 31, 2022 and 2021, the balance
of dividend payable was approximately RMB6.9 million (US$1.0 million) and RMB1.2 million respectively. In February 2022 and March
2022, our subsidiaries declared cash dividends in the amount of approximately RMB11.9 million (US$1.7 million). As of the date of
this annual report, we have paid cash dividends of approximately RMB7.5 million (US$1.1 million) in total. We have no plan to
declare or pay any dividends in the near future on our shares. We currently intend to retain most, if not 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. For example, under PRC laws
and regulations, we are permitted to use the net proceeds of our initial public offering to provide funding to our PRC Subsidiaries only
through loans or capital contributions. Subject to satisfaction of necessary registrations with government authorities and required governmental
approvals, we may extend inter-company loans or make additional capital contributions to our PRC Subsidiaries. We cannot assure you that
we will be able to make such registrations or obtain such approvals in a timely manner, or at all. 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 of our initial
public offering to make loans or additional capital contributions to our PRC subsidiaries in China, which could materially and adversely
affect our liquidity and our ability to fund and expand our business."
Our board of directors has discretion on whether
to distribute dividends, 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 we are able to pay our debts as they become due in the ordinary course of business.
Even if our board of directors decides 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.
B.
Significant Changes
Except as disclosed elsewhere in this annual
report, 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 "—Markets."
B.
Plan of Distribution
Not applicable.
90
C.
Markets
The Class A ordinary shares have been listed
on the Nasdaq Capital Market since April 21, 2023 under the symbol "JYD."
D.
Selling Shareholders
Not applicable.
E.
Dilution
Not applicable.
F.
Expenses of the Issue
Not applicable.
ITEM 10. ADDITIONAL INFORMATION
A.
Share Capital
Not applicable.
B.
Memorandum and Articles
of Association
We are a Cayman Islands exempted company and
our affairs are governed by our memorandum and articles of association and the Companies Act (As Revised) of the Cayman Islands, referred
to as the Companies Act below. The following are summaries of material provisions of our amended and restated memorandum and articles
of association, as well as the Companies Act (As Revised) insofar as they relate to the material terms of our ordinary shares.
Registered Office and Objects
Our registered office in the Cayman Islands is
at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.
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 law of the Cayman Islands.
Board of Directors
See "Item 6. Directors, Senior Management
and Employees – C. Board Practices."
Ordinary Shares
General.
All of our issued
and outstanding ordinary shares are fully paid and non-assessable. Certificates representing the ordinary shares are issued
in registered form. Our shareholders who are nonresidents of the Cayman Islands may freely hold and vote their shares.
Transfer Agent and Registrar.
The
transfer agent and registrar for our ordinary shares is Transhare Corporation.
91
Dividends.
The holders of
our ordinary shares are entitled to such dividends as may be declared by our board of directors subject to the Companies Act and to our
amended and restated articles of association.
Conversion.
Each Class B ordinary
share is convertible into one (1) Class A ordinary share at any time at the option of the holder thereof. The right to convert shall be
exercisable by the holder of the Class B ordinary share delivering a written notice to the Company that such holder elects to convert
a specified number of Class B ordinary share into Class A ordinary share. In no event shall Class A ordinary share be convertible into
Class B ordinary share. Any conversion of Class B ordinary shares into Class A ordinary shares pursuant to these Articles shall be effected
by means of the re-designation and re-classification of each relevant Class B ordinary share as a Class A ordinary share.
Voting Rights.
Holders of
our Class A ordinary shares and our Class B ordinary shares shall, at all times, vote together as one class on all matters submitted
to a vote by our shareholders at any general meeting of our company. Each Class A ordinary share shall be entitled to one (1) vote,
and each Class B ordinary share shall be entitled to ten (10) votes, on all matters subject to a vote at general meetings of our
company. At any general meeting a resolution put to the vote of the meeting shall be decided by a poll.
A quorum required for a meeting of shareholders
consists of at least one or more shareholders present in person or by proxy or, if a corporation or other non-natural person,
by its duly authorized representative, who hold in aggregate not less than one-third (1/3) of the votes attaching to all issued
and outstanding shares of our company. An annual general meeting may (but shall not be obliged to) be held in each year. Extraordinary
general meetings may be held at such times as may be determined by our board of directors and may be convened by a majority of our board
of directors or the chairman of the board on its/his own initiative or upon a request to the directors by shareholders holding in the
aggregate not less than one-third (1/3) of our voting share capital. Advance notice of at least seven (7) calendar days is required
for the convening of our annual general meeting and other shareholders' meetings.
An ordinary resolution to be passed by the shareholders
requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast in a general meeting, while a special
resolution requires the affirmative vote of no less than two-thirds (2/3) of the votes attaching to the ordinary shares cast
in a general meeting. A special resolution is required for important matters such as a change of name. Holders of the ordinary shares
may effect certain changes by ordinary resolution, including increasing the amount of our authorized share capital, consolidating and
dividing all or any of our share capital into shares of larger amount than our existing share capital, and canceling any unissued shares.
Transfer of Shares.
Subject
to the restrictions of our amended and restated memorandum and articles of association set out below, as applicable, any of our shareholders
may transfer all or any of his or her ordinary shares by an instrument of transfer in writing and in the usual or ordinary form or any
other form approved by our board of directors.
Our board of directors may, in its sole discretion,
decline to register any transfer of any ordinary share which is not fully paid up or on which we have a lien. Our directors may also decline
to register any transfer of any ordinary share unless (a) 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; (b) the instrument of transfer is in respect of only one Class of Shares; (c) the instrument of
transfer is properly stamped, if required; (d) 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; or (e) a fee of such maximum sum as the Nasdaq may determine to be payable,
or such lesser sum as our board of 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 (3) calendar 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, after compliance with any notice required of the Nasdaq,
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 thirty (30) calendar days in
any year as our board of directors may determine.
Liquidation.
On a return of
capital on winding up or otherwise (other than on conversion, redemption or purchase of shares), assets available for distribution among
the holders of ordinary shares shall be distributed among the holders of the ordinary shares on a pro rata basis. If our assets available
for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses are
borne by our shareholders proportionately.
92
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 fourteen (14) calendar days prior to the specified time and place of payment. The shares that have been called upon
and remain unpaid on the specified time are subject to forfeiture.
Redemption of Shares
.
Subject
to the provisions of the Companies Act, we may issue shares on terms that are subject to redemption, at our option or at the option of
the holders, on such terms and in such manner, including out of capital, as may be determined by our board of directors, before the issue
of such shares, or by an ordinary resolution of our shareholders. Our company may also repurchase any of our shares provided that the
manner and terms of such purchase have been approved by our board of directors or by ordinary resolution of our shareholders, or are otherwise
authorized by our articles of association. 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 fresh 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 the 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.
All
or any of the special rights attached to any shares may, subject to the provisions of the Companies Act, be varied either with the written
consent of the holders of at least two-thirds (2/3) 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.
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.
Changes in Capital.
Our shareholders
may from time to time by ordinary resolution:
●
increase our share capital by
such sum, to be divided into shares of such classes and amount, as the resolution shall prescribe;
●
consolidate and divide all or
any of our share capital into shares of a larger amount than our existing shares;
●
sub-divide our existing shares,
or any of them into shares of an amount smaller than that fixed by our memorandum of association, provided that in the subdivision the
proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share
from which the reduced share is derived; and
●
cancel any shares that, at the
date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of our share capital
by the amount of the shares so canceled.
Subject to the Companies Act and our amended
and restated memorandum and articles of association with respect to matters to be dealt with by ordinary resolution, we may, by special
resolution, reduce our share capital and any capital redemption reserve in any manner authorized by law.
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 there are available authorized but unissued shares.
Our memorandum and articles of association authorizes
our board of directors to establish from time to time one or more series of convertible redeemable preferred shares and to determine,
with respect to any series of convertible redeemable preferred shares, the terms and rights of that series, including:
●
designation of the series;
●
the number of shares of the series;
93
●
the dividend rights, conversion
rights and voting rights; and
●
the rights and terms of redemption
and liquidation preferences.
Anti-Takeover Provisions
. Some
provisions of our post-offering 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 preferred shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such
preferred 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 post-offering 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).
Register of Members
. Under the
Companies Act, we must keep a register of members and there should be entered therein:
●
the names and addresses of our
members, a statement of the shares held by each member, of the amount paid or agreed to be considered as paid, on the shares of each
member, and of whether each relevant category of shares held by a member carries voting rights under the articles of association of the
company, and if so, whether such voting rights are conditional;
●
the date on which the name of
any person was entered on the register as a member; and
●
the date on which any person ceased
to be a member.
Under Cayman Islands law, the register of members
of our company is prima facie evidence of the matters set out therein (i.e. the register of members will raise a presumption of fact on
the matters referred to above unless rebutted) and a member registered in the register of members is deemed as a matter of Cayman Islands
law to have legal title to the shares as set against its name in the register of members. We will perform the procedure necessary to immediately update the register of members to record and give effect to any issuance of shares
by us. Once our register of members has been updated, the shareholders recorded in the register of members will be deemed to have legal
title to the shares set against their name.
94
If the name of any person is incorrectly entered
in or omitted from our register of members, or if there is any default or unnecessary delay in entering on the register the fact of any
person having ceased to be a member of our company, the person or member aggrieved (or any member of our company or our company itself)
may apply to the Grand Court of the Cayman Islands for an order that the register be rectified, and the Court may either refuse such application
or it may, if satisfied of the justice of the case, make an order for the rectification of the register.
Differences in Corporate Law
The Companies Act is modeled after companies
law statutes of England and Wales but does not follow recent United Kingdom statutory enactments. In addition, the Companies Act differs
from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences
between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.
Mergers and Similar Arrangements.
The
Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands
companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their
undertaking, property and liabilities in one of such companies as the surviving company and (b) a "consolidation" means
the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities
of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company
must approve a written plan of merger or consolidation, which must then be authorized by (i) a special resolution of the shareholders
of each constituent company and (ii) such other authorization, if any, as may be specified in such constituent company's articles
of association. The plan of merger or consolidation must be filed with the Registrar of Companies together with a declaration as to the
solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking
that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and published
in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair value of their shares (which, if not agreed
between the parties, will be determined by the Cayman Islands court) if they follow the required procedures, subject to certain exceptions.
Court approval is not required for a merger or consolidation effected in compliance with these statutory procedures.
In addition, there are statutory provisions that
facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by a majority in number of each
class of shareholders and creditors with whom the arrangement is to be made, and who must, in addition, represent three-fourths in value
of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting,
or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand
Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought
not to be approved, the court can be expected to approve the arrangement if it determines that:
●
the statutory provisions as to
the required majority vote have been met;
●
the shareholders have been fairly
represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests
adverse to those of the class;
●
the arrangement is such that may
be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and
●
the arrangement is not one that
would more properly be sanctioned under some other provision of the Companies Act.
The Companies Act also contains a statutory power
of compulsory acquisition which may facilitate the "squeeze out" of dissentient minority shareholder upon a tender offer.
When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period
commencing on the expiration of such four month period, require the holders of the remaining shares to transfer such shares to the offeror
on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but it is unlikely to succeed in the case
of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.
If an arrangement and reconstruction is thus
approved, or if a tender offer is made and accepted, a dissenting shareholder would have no rights comparable to appraisal rights, save
that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman
Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations,
providing rights to receive payment in cash for the judicially determined value of the shares.
Shareholders' Suits.
In
principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder.
However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands
courts can be expected to apply and follow common law principles that permit a minority shareholder to commence a class action against
the company or a derivative action in the name of the company to challenge certain acts, including the following:
●
a company acts or proposes to
act illegally or ultra vires;
●
the act complained of, although
not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and
●
those who control the company
are perpetrating a "fraud on the minority."
95
Indemnification of Directors and Executive
Officers and Limitation of Liability.
Cayman Islands law does not limit the extent to which a company's memorandum and articles
of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman
Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing
a crime.
Our memorandum and articles of association permit
indemnification of officers and directors for losses, damages costs and expenses incurred in their capacities as such unless such losses
or damages arise from dishonesty, fraud or willful default of such directors or officers. This standard of conduct is generally the same
as permitted under the Delaware General Corporation Law for a Delaware corporation. In addition, we intend to enter into indemnification
agreements with our directors and senior executive officers that will provide such persons with additional indemnification beyond that
provided in our memorandum and articles of association.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have
been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is
therefore unenforceable.
Directors' Fiduciary Duties
.
Under
Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has
two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that
an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose
to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that
a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or
her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest
of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder
and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in
good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may
be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director,
a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.
As a matter of Cayman Islands law, a director
of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes
the following duties to the company—a duty to act bona fide in the best interests of the company, a duty not to make a profit based
on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests
of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company
owes to the company a duty to act with skill and care. It was previously considered that a director needs not exhibit in the performance
of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However,
English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities
are likely to be followed in the Cayman Islands.
Shareholder Action by Written Consent.
Under
the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to
its certificate of incorporation. Cayman Islands law and our amended and restated articles of association provide that shareholders may
approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled
to vote on such matter at a general meeting without a meeting being held.
Shareholder Proposals.
Under
the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided
it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other
person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.
Cayman Islands law 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 articles allow our shareholders holding
in the aggregate not less than one-third of the aggregate number of votes attaching to all issued and outstanding shares of
our company to requisition an extraordinary meeting of the shareholders, in which case the directors are obliged to call such meeting
and to put the resolutions so requisitioned to a vote at such meeting. However, our articles 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.
As an exempted Cayman company, we are not obliged
by the Company Law to call shareholders' annual general meetings. Our articles of association provides that we may (but shall not
be obliged to) in each year to hold a general meeting as our annual general meeting, and to specify the meeting as such in the notice
calling it.
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Cumulative Voting
.
Under the
Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate
of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on
a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single
director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation
to cumulative voting under Cayman Islands law, but our amended and restated articles of association do not provide for cumulative voting.
As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.
Removal of Directors.
Under
the Delaware General Corporation Law, a director of a corporation with a classified board of directors may be removed only for cause with
the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under
our articles of association, directors may be removed by an ordinary resolution.
Transactions with Interested Shareholders.
The
Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation
has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging
in certain business combinations with an "interested shareholder" for three years following the date that such person becomes
an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's
outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid
for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the
date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the
transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation
to negotiate the terms of any acquisition transaction with the target's board of directors.
Cayman Islands law has no comparable statute.
As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although
Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions
must be entered into bona fide in the best interests of the company for a proper corporate purpose and not with the effect of constituting
a fraud on the minority shareholders.
Dissolution; Winding up.
Under
the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by
shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors
may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include
in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board of directors.
Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution
of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has
authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable
to do so.
Under the Companies Act of the Cayman Islands
and our memorandum and articles of association, our company may be dissolved, liquidated or wound up voluntarily by a special resolution,
or by an ordinary resolution on the basis that we are unable to pay our debts as they become due.
Variation of Rights of Shares.
Under
the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding
shares of such class, unless the certificate of incorporation provides otherwise. Under our amended and restated articles of association,
and as permitted by Cayman Islands law, if our share capital is divided into more than one class of shares, we may vary the rights attached
to any class either with the written consent of the holders of at least two-thirds 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.
Amendment of Governing Documents.
Under
the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the
outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our memorandum
and articles of association may only be amended by special resolution.
Inspection of Books and Records.
Under
the Delaware General Corporation Law, any shareholder of a corporation may for any proper purpose inspect or make copies of the corporation's
stock ledger, list of shareholders and other books and records.
Holders of our shares will have no general right
under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records.
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Anti-takeover Provisions in Our Memorandum
and Articles of Association.
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 a provision that authorizes 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.
Such 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 these preference shares, the price of our Class A ordinary shares may fall and the voting and other rights of the holders
of our Class A ordinary shares may be materially and adversely affected.
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.
Rights of Non-resident or Foreign
Shareholders.
There are no limitations imposed by our amended and restated memorandum and articles of association on the
rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions
in our memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.
C.
Material Contracts
We have not entered into any material contracts
in the ordinary course of our business.
D.
Exchange Controls
See "Item 4. Information on the Company—B.
Business Overview—Regulations—Regulations Relating to Foreign Currency Exchange."
E.
Taxation
The following summary of the material Cayman
Islands, PRC and U.S. federal income tax consequences of an investment in our Class A 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 consequences relating to an investment in our Class A ordinary shares, such as the tax consequences under U.S. state
and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands, PRC and the United States. To the extent that
the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Harney Westwood & Riegels, our special Cayman
Islands counsel; to the extent it relates to PRC tax law, it is the opinion of PacGate Law Group, our PRC counsel.
Cayman Islands Taxation
The Cayman Islands currently levies no taxes
on individuals or corporations based on 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 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 or produced before a court 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, nor will gains derived from the disposal of our ordinary shares be subject to Cayman
Islands income or corporation tax.
PRC Taxation
Under the EIT Law, which became effective on
January 1, 2008, an enterprise established outside the PRC with "de facto management bodies" within the PRC is considered
a "resident enterprise" for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income
tax rate on its worldwide income. In 2009, the SAT issued 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. Further to
SAT Circular 82, in 2011, the SAT issued SAT Bulletin 45 (revised in 2018) to provide more guidance on the implementation of SAT Circular
82. In 2014, the SAT issued the Announcement of the State Administration of Taxation on Issues Concerning the Determination of Resident
Enterprises on the Basis of Their Actual Management Bodies that provides more guidance on the implementation of Circular 82.
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According to SAT Circular 82, an offshore incorporated
enterprise controlled by a PRC enterprise or a PRC enterprise group will be considered a PRC resident enterprise by virtue of having its
"de facto management body" in China and will be subject to PRC enterprise income tax on its worldwide income only if all of
the following conditions are met: (a) the senior management and core management departments in charge of its daily operations function
have their presence mainly in the PRC; (b) its financial and human resources decisions are subject to determination or approval by
persons or bodies in the PRC; (c) its major assets, accounting books, company seals, and minutes and files of its board and shareholders'
meetings are located or kept in the PRC; and (d) more than half of the enterprise's directors or senior management with voting
rights habitually reside in the PRC. Although SAT Circular 82 and SAT Bulletin 45 only apply to offshore incorporated enterprises controlled
by PRC enterprises or PRC enterprise groups and not those controlled by PRC individuals or foreigners, the determination criteria set
forth therein may reflect the SAT's general position on how the term "de facto management body" could be applied in
determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises, individuals
or foreigners.
We believe that we do not meet all of the criteria
described above. We believe that neither we nor our subsidiaries outside of China are PRC tax resident enterprises, because neither we
nor they are controlled by a PRC enterprise or PRC enterprise group, and because our records and their records (including the resolutions
of the respective boards of directors and the resolutions of shareholders) are maintained outside the PRC. However, as 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" when applied to our offshore entities, we may be considered as a resident enterprise
and therefore may be subject to PRC enterprise income tax at 25% on our worldwide income. In addition, if the PRC tax authorities determine
that we are a PRC resident enterprise for PRC enterprise income tax purposes, dividends we pay to non-PRC holders may be subject
to PRC withholding tax, and gains realized on the sale or other disposition of ordinary shares may be subject to PRC tax, at a rate of
10% in the case of non-PRC enterprises or 20% in the case of non-PRC individuals (in each case, subject to the provisions
of any applicable tax treaty), if such dividends or gains are deemed to be from PRC sources. Any such tax may reduce the returns on your
investment in the Class A ordinary shares.
If we are considered a "non-resident enterprise"
by the PRC tax authorities, the dividends we receive from our PRC subsidiaries will be subject to a 10% withholding tax. The EIT Law also
imposes a withholding income tax of 10% on dividends distributed by a foreign invested enterprise 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. Under the Arrangement Between the PRC 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, the dividend withholding tax rate may be reduced
to 5%, if a Hong Kong resident enterprise that receives a dividend is considered a non-PRC tax resident enterprise and holds
at least 25% of the equity interests in the PRC enterprise distributing the dividends, subject to approval of the PRC local tax authority.
However, if the Hong Kong resident enterprise is not considered to be the beneficial owner of such dividends under applicable PRC tax
regulations, such dividends may remain subject to withholding tax at a rate of 10%. Accordingly, Jayud Global Logistics (Hong Kong) Limited
may be able to enjoy the 5% withholding tax rate for the dividends it receives from its PRC subsidiaries if it satisfies the relevant
conditions under tax rules and regulations, and obtains the approvals as required.
U.S. Federal Income Tax Considerations
The following is a discussion of the material
U.S. federal income tax considerations relevant to the acquisition, ownership, and disposition of our Class A ordinary shares by U.S.
Holders (as defined below) that will hold our Class A ordinary shares as "capital assets" (generally, property held for investment)
under the U.S. Internal Revenue Code of 1986, as amended, or the "Code"). This discussion is based upon applicable provisions
of the Code, U.S. Treasury regulations promulgated thereunder, pertinent judicial decisions, interpretive rulings of the U.S. Internal
Revenue Service, or the IRS, and such other authorities as we have considered relevant, all of which are subject to change, possibly with
retroactive effect. This discussion does not address all aspects of U.S. federal income taxation that may be important to particular investors
in light of their individual investment circumstances, including investors subject to special tax and/or reporting rules (for example,
certain financial institutions; insurance companies; broker-dealers; pension plans; regulated investment companies; real estate investment
trusts; tax-exempt organizations (including private foundations); holders who are not U.S. Holders (as defined below); holders
who own (directly, indirectly, or constructively) 10% or more of the voting power or value of our stock; investors that will hold their
Class A ordinary shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for U.S. federal
income tax purposes; investors that are traders in securities that have elected the mark-to-market method of accounting; or
investors that have a functional currency other than the U.S. dollar), or holders that acquire ordinary shares through the exercise of
options or other convertible instruments or in connection with the provision of services, all of whom may be subject to tax rules that
differ significantly from those discussed below.
In addition, this discussion does not address
tax considerations relevant to U.S. Holders under any non-U.S., state or local tax laws, the Medicare tax on net investment
income, the one-percent excise tax on stock repurchases, estate or gift tax, or the alternative minimum tax. Each U.S. Holder is urged
to consult its tax advisors regarding the U.S. federal, state, local, and non-U.S. income and other tax considerations of an
investment in Class A ordinary shares.
The discussion below of U.S. federal income tax
consequences applies to you if you are a "U.S. Holder." You are a U.S. Holder if you are a beneficial owner of our Class A
ordinary shares and you are: (i) an individual who is a citizen or resident of the United States for U.S. federal income tax purposes;
(ii) a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created in, or organized under
the law of any state of the United States, or the District of Columbia; (iii) an estate the income of which is includible in gross
income for U.S. federal income tax purposes regardless of its source; or (iv) a trust (A) the administration of which is subject
to the primary supervision of a U.S. federal or state 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 Code.
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If you are a partner in a partnership (including
any entity or arrangement treated or elects to be treated as a partnership for U.S. federal income tax purposes) that holds our Class
A ordinary shares, your tax treatment generally will depend on your status and the activities of the partnership (or any such entity or
arrangement treated as or elects to be treated as a partnership for U.S. federal income tax purposes). Partners in a partnership (or any
such entity or arrangement treated as or elects to be treated as a partnership for U.S. federal income tax purposes) holding our Class
A ordinary shares should consult their tax advisors regarding the tax consequences of an investment in the Class A ordinary shares.
We are a corporation organized under the laws
of the Cayman Islands. As such, we believe that we are properly classified as a non-U.S. corporation for U.S. federal income
tax purposes. Under certain provisions of the Code and U.S. Treasury regulations, however, if pursuant to a plan (or a series of related
transactions), a non-U.S. corporation (such as our company) acquires substantially all of the properties constituting a trade
or business of a U.S. corporation or partnership, and after the acquisition 80% or more of the stock (by vote or value) of the non-U.S. corporation
(excluding stock issued in a public offering related to the acquisition) is owned by former stockholder or partners of the U.S. corporation
or partnership by reason of their holding stock or a capital or profits interest in the U.S. corporation or partnership, the non-U.S. corporation
will be considered a U.S. corporation for U.S. federal income tax purposes. You are urged to consult your tax advisor concerning the income
tax consequences of purchasing, holding or disposing of Class A ordinary shares if we were to be treated as a U.S. corporation for U.S.
federal income tax purposes. The remainder of this discussion assumes that our company is treated as a non-U.S. corporation
for U.S. Federal income tax purposes.
Dividends
Subject to the PFIC rules discussed below, any
cash distributions (including the amount of any PRC or other tax withheld) paid on our Class A ordinary shares out of our current or accumulated
earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in your gross income as dividend
income on the day actually or constructively received by you. Because we do not intend to determine our earnings and profits under U.S.
federal income tax principles, any distribution paid will generally be treated as a dividend for U.S. federal income tax purposes by us.
Dividends received by corporations on our Class A ordinary shares may be eligible for the dividends received deduction allowed to U.S.
corporations under the Code.
A non-corporate U.S. Holder generally
may be subject to tax at preferential tax rates applicable to "qualified dividend income," provided that certain conditions
are satisfied, including that (1) our stock is readily tradable on an established securities market in the United States, or, in
the event that we are deemed to be a PRC tax resident enterprise under the PRC tax law, we are eligible for the benefit of the comprehensive
United States-PRC income tax treaty, or the "Treaty", (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 was paid and the preceding taxable year, and (3) certain
holding period requirements are met. U.S. holders are urged to consult their own tax advisors regarding the availability of the preferential
rate for any dividends paid with respect to our Class A ordinary shares.
In the event that we are deemed to be a PRC tax
resident enterprise under PRC tax law, you may be subject to PRC withholding taxes on dividends paid on our Class A ordinary shares, as
described under "Taxation—People's Republic of China Taxation". If we are deemed to be a PRC tax resident enterprise,
you may, however, be eligible for the benefits of the Treaty. If we are eligible for such benefits, dividends we pay on our Class A ordinary
shares may be eligible for the reduced rates of taxation applicable to qualified dividend income, as discussed above.
For U.S. foreign tax credit purposes, dividends
generally will be treated as income from foreign sources and generally will constitute "passive" category income. Depending
on your particular circumstances, you may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect
of any foreign withholding taxes imposed on dividends received on our Class A ordinary shares. If you do not elect to claim a foreign
tax credit for foreign tax withheld, you may instead claim a deduction, for U.S. federal income tax purposes, for the foreign tax withheld,
but only for a year in which you elect to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are
complex. You are urged to consult your tax advisor regarding the availability of the foreign tax credit under your particular circumstances.
Sale or Other Disposition of Class A Ordinary Shares
Subject to the PFIC rules discussed below, you
generally will recognize capital gain or loss upon the sale or other disposition of our Class A ordinary shares in an amount equal to
the difference, if any, between the amount realized upon the disposition and your adjusted tax basis in such Class A ordinary shares.
Any capital gain or loss will be long-term capital gain or loss if you have held the Class A ordinary shares for more than one year, and
will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. In the event that we are deemed to be a PRC tax resident
enterprise under PRC tax law, gain from the disposition of the Class A ordinary shares may be subject to tax in the PRC, as described
under "Taxation—People's Republic of China Taxation". If such income were treated as U.S.-source income for foreign
tax credit purposes, you might not be able to use the foreign tax credit arising from any tax imposed on the sale, exchange, or other
taxable disposition of our Class A ordinary shares unless such credit could be applied (subject to applicable limitations) against tax
due on other income derived from foreign sources. However, if PRC tax were to be imposed on any gain from the disposition of our Class
A ordinary shares, if you are eligible for the benefits of the Treaty, you generally may be able to treat such gain as foreign-source
income. The deductibility of a capital loss may be subject to limitations. You are urged to consult your tax advisor regarding the tax
consequences if a foreign tax is imposed on a disposition of our Class A ordinary shares, including the availability of the foreign tax
credit under your particular circumstances.
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PFIC Rules
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 produce or are held for the production of passive income. Passive income
generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income
and net foreign currency gains. For this purpose, cash is categorized as a passive asset and the company's goodwill associated
with active business activity is taken into account as an active asset. We will be treated as owning our proportionate share of the assets
and income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.
Based on the projected composition
of our assets and income, we do not anticipate being classified as a PFIC for our taxable year ending December 31, 2023. While we
do not anticipate being classified as a PFIC, because the value of our assets for purposes of the PFIC asset test will generally be determined
by reference to the market price of our Class A ordinary shares, fluctuations in the market price of our Class A ordinary shares may
cause us to become a PFIC for the current or any subsequent taxable year. The determination of whether we will become a PFIC will also
depend, in part, on the composition of our income and assets, which will be affected by how, and how quickly, we use our liquid assets
and the cash raised in our initial public offering. Whether we are a PFIC is a factual determination and we must make a separate determination
each taxable year as to whether we are a PFIC (after the close of each taxable year). Accordingly, we cannot assure you that we will
not be classified as a PFIC for our taxable year ending December 31, 2023 or any future taxable year. If we are classified as a
PFIC for any taxable year during which you hold our Class A ordinary shares, we generally will continue to be treated as a PFIC, unless
you make certain elections, for all succeeding years during which you hold our Class A ordinary shares even if we cease to qualify as
a PFIC under the rules set forth above.
If we are a PFIC for any taxable
year during which you hold our Class A ordinary shares, you will be subject to special tax rules with respect to any "excess distribution"
that you receive and any gain you realize from a sale or other disposition (including a pledge) of our Class A ordinary shares, unless
you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater
than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period
for the Class A ordinary shares will be treated as an excess distribution. Under these special tax rules:
●
the excess distribution or gain
will be allocated ratably over your holding period for the Class A ordinary shares;
●
amounts allocated to the current
taxable year and any taxable years in your holding period prior to the first taxable year in which we are classified as a PFIC (a "pre-PFIC year")
will be taxable as ordinary income; and
●
amounts allocated to each prior
taxable year, other than the current taxable year or a pre-PFIC year, will be subject to tax at the highest tax rate in effect
applicable to you for that year, and such amounts will be increased by an additional tax equal to interest on the resulting tax deemed
deferred with respect to such years.
If we are classified as a
PFIC for any taxable year during which you hold our Class A ordinary shares and any of our non-U.S. subsidiaries is also a
PFIC, you will be treated as owning a proportionate amount (by value) of the shares of each such non-U.S. subsidiary classified
as a PFIC for purposes of the application of these rules.
Alternatively, a U.S. Holder of "marketable
stock" (as defined below) in a PFIC may make a mark-to-market election for such stock of a PFIC to elect out of the tax
treatment discussed in the two preceding paragraphs. If you make a valid mark-to-market election for the Class A ordinary shares,
you will include in income each year an amount equal to the excess, if any, of the fair market value of the Class A ordinary shares as
of the close of your taxable year over your adjusted basis in such Class A ordinary shares. You will be allowed a deduction for the excess,
if any, of the adjusted basis of the Class A ordinary shares over their fair market value as of the close of the taxable year. However,
deductions will be allowable only to the extent of any net mark-to-market gains on the Class A ordinary shares included in
your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the
actual sale or other disposition of the Class A ordinary shares, will be treated as ordinary income. Ordinary loss treatment will also
apply to the deductible portion of any mark-to-market loss on the Class A ordinary shares, as well as to any loss realized
on the actual sale or disposition of the ordinary shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains
previously included for such Class A ordinary shares. Your basis in the Class A ordinary shares will be adjusted to reflect any such
income or loss amounts. If you make a mark-to-market election, tax rules that apply to distributions by corporations which
are not PFICs would apply to distributions by us (except that the preferential rates for qualified dividend income would not apply).
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 ("regularly traded") on a qualified exchange or other market, as defined in applicable U.S. Treasury
regulations. We expect that the Class A ordinary shares will be listed on the Nasdaq, which is a qualified exchange for these purposes.
If the Class A ordinary shares are regularly traded, and the Class A ordinary shares qualify as "marketable stock" for purposes
of the mark-to-market rules, then the mark-to-market election might be available to you if we were to become a PFIC.
Because, as a technical matter, a mark-to-market election
cannot be made for any lower-tier PFICs that we may own, you may continue to be subject to the PFIC rules with respect to your 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 currently 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
the general tax treatment for PFICs described above.
101
If you own our Class A ordinary shares during
any taxable year that we are a PFIC, you must file an annual report with the IRS, subject to certain exceptions based on the value of
the Class A ordinary shares held. You are urged to consult your tax advisor concerning the U.S. federal income tax consequences of purchasing,
holding, and disposing of our Class A ordinary shares if we are or become a PFIC, including the possibility of making a mark-to-market election.
Information Reporting and Backup Withholding
You may be required to submit to the IRS certain
information with respect to your beneficial ownership of our Class A ordinary shares, if such Class A ordinary shares are not held on
your behalf by certain financial institutions. Penalties also may be imposed if you are required to submit such information to the IRS
and fail to do so.
Dividend payments with respect to Class A ordinary
shares and proceeds from the sale, exchange or redemption of Class A ordinary shares may be subject to information reporting to the IRS
and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification
number and makes any other required certification or who is otherwise exempt from backup withholding. U.S. Holders who are required to
establish their exempt status generally must provide such certification on IRS Form W-9 or by otherwise establishing an exemption.
Backup withholding is not an additional tax.
Amounts withheld as backup withholding may be credited against your U.S. Federal income tax liability, and you may obtain a refund of
any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing
any required information. You are urged to consult your tax advisors regarding the application of the U.S. information reporting and
backup withholding rules.
The U.S. federal income tax discussion set forth
above is included for general information only and may not be applicable depending upon a holder's particular situation. Holders
are urged to consult their tax advisors with respect to the tax consequences to them of the acquisition, ownership and disposition of
our ordinary shares and warrants, including the tax consequences under state, local, estate, foreign and other tax laws and tax treaties
and the possible effects of changes in U.S. or other tax laws.
F.
Dividends and Paying Agents
Not applicable.
G.
Statement by Experts
Not applicable.
H.
Documents on Display
We previously filed a registration statement
on Form F-1 (Registration No. 333-269871) with the SEC to register the issuance and sale of our Class A ordinary shares in our initial
public offering.
We are subject to periodic reporting and other
informational requirements of the Exchange Act as applicable to foreign private issuers and are required to file reports and other information
with the SEC. Specifically, we are required to file annually an annual report on Form 20-F within four months after the end of each fiscal
year, which is December 31.
All information filed 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.
102
I.
Subsidiary Information
Not applicable.
J.
Annual Report to Security
Holders
Not applicable.
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
Foreign Exchange Risk
The revenue and expenses of our entities in
the mainland China are generally denominated in Renminbi and their assets and liabilities are denominated in Renminbi. In addition, the
value of your investment in our Class A ordinary shares will be affected by the exchange rate between the U.S. dollar and Renminbi because
the value of our business is effectively denominated in Renminbi, while our Class A ordinary shares will be traded in U.S. dollars.
Renminbi is not freely convertible into foreign
currencies. Remittances of foreign currencies into mainland China or remittances of Renminbi out of mainland China, as well as exchange
between Renminbi and foreign currencies, require approval by foreign exchange administrative authorities with certain supporting documentation.
The State Administration for Foreign Exchange, under the authority of the People's Bank of mainland China, controls the conversion
of Renminbi into other currencies.
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 Renminbi 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 for other business purposes, appreciation of the U.S. dollars against the Renminbi would have a negative
effect on the U.S. dollar amounts available to us.
We incurred and recognized foreign currency exchange loss of RMB912,988,
foreign currency exchange gain of RMB489,268, foreign currency exchange gain of RMB4,407,133 (US$632,791) in 2020, 2021, and 2022, respectively,
as a result of changes in the exchange rate. We incurred and recognized foreign currency exchange loss of approximately RMB0.9 million,
foreign currency exchange gain of approximately RMB0.5 million, foreign currency exchange gain of approximately RMB4.4 million (US$0.6
million) in 2020, 2021, and 2022, respectively, as a result of changes in the exchange rate.
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt Securities
Not applicable.
B.
Warrants and Rights
Information pertaining to representative's
warrants is set forth in the Registration Statement under the section titled "Underwriting – Representative's Warrants"
which is incorporated herein by reference.
C.
Other Securities
Not applicable.
103
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
None. 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
The following "Use of Proceeds"
information relates to the registration statement on Form F-1, as amended (File Number No. 333-269871) (the "F-1 Registration Statement")
in relation to our initial public offering of 1,352,223 Class A ordinary shares (reflecting the partial exercise of the over-allotment
option by the underwriters to purchase an additional 102,223 Class A ordinary shares), at an initial offering price of US$4.00 per Class
A ordinary share. Our initial public offering was completed in April 2023. The Benchmark Company, LLC acted as the representative of
the underwriters for our initial public offering.
The F-1 Registration Statement was declared
effective by the SEC on March 31, 2023. The total expenses incurred for our company's account in connection with our initial
public offering was approximately US$2.0 million, which included US$0.5 million in underwriting discounts and commissions for the initial
public offering and approximately US$1.5 million in other costs and expenses for our initial public offering. We raised approximately
US$3.4 million in net proceeds from the issuance of new shares from the initial public offering and partial exercise of over-allotment
option. None of the transaction expenses included payments to directors or officers of our company or their associates, persons owning
more than 10% or more of our equity securities or our affiliates. None of the net proceeds from the initial public offering were paid,
directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity securities
or our affiliates.
We still intend to use the proceeds from our
initial public offering as disclosed in the F-1 Registration Statement.
ITEM 15. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
As required by Rule 13a-15 under the Exchange
Act, management, including our chief executive officer and our chief financial officer, has evaluated the effectiveness of our
disclosure controls and procedures as of the end of the period covered by this annual report. Disclosure controls and procedures
refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit
under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of
the SEC. Disclosure controls and procedures include, without limitations, controls and procedures designed to ensure that
information required to be disclosed by us in our reports that we file or submit under the Exchange Act is accumulated and
communicated to management, including our principal executive and principal financial officers, or persons performing similar
functions, as appropriate to allow timely decisions regarding our required disclosures.
Based on the foregoing, our chief executive
officer and our chief financial officer have concluded that, as of December 31, 2022, our disclosure controls and procedures were not
effective due to three material weaknesses in our internal control over the financial statement closing process.
Management's Annual Report on Internal Control over Financial
Reporting and Attestation Report of the Registered Public Accounting Firm
This annual report does not include a report
of management's assessment regarding internal control over financial reporting due to a transition period established by rules
of the SEC for newly public companies.
Internal Control Over Financial Reporting
In connection with the audit of our
consolidated financial statements, as of December 31, 2021 and 2022, and for the years ended December 31, 2020, 2021 and 2022, we and our independent registered public accounting firm identified three
material weaknesses in our internal control over financial reporting. As defined in the standards established by the U.S. Public
Company Accounting Oversight Board, a "material weakness" is a deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim
financial statements will not be prevented or detected on a timely basis.
The three material weaknesses that have been identified
relate to (i) the lack of formal internal control policies and internal independent supervision functions to establish formal risk assessment
process and internal control framework; (ii) the lack of sufficient accounting staff and resources with appropriate knowledge of generally
accepted U.S. GAAP and SEC reporting and compliance requirements to design and implement formal period-end financial reporting policies
and procedures to address complex U.S. GAAP technical accounting issue in accordance with U.S. GAAP and the SEC requirements; and (iii)
information technology general control in the areas of: (a) risk and vulnerability assessment and management; (b)
third-party (service organization) vendor management; (c) system change management; (d) backup and recovery management; (e) access
to systems and data; (f) segregation of duties, privileged access, and monitoring; and (g) password management.
104
Neither we nor our independent registered public
accounting firm undertook a comprehensive assessment of our internal control for purposes of identifying and reporting material weaknesses
and other deficiencies in our internal control over financial reporting. Had we performed a formal assessment of our internal control
over financial reporting or had our independent registered public accounting firm performed an audit of our internal control over financial
reporting, additional deficiencies may have been identified.
In response to the above-mentioned material
weaknesses (i) and (ii) identified, we implemented a number of measures to address the material weakness identified, including but
not limited to (i) recruitment of a chief financial officer with appropriate knowledge and experience in U.S. GAAP accounting and
SEC reporting; and (ii) establishing of an audit committee. In addition, we are in the process of (i) setting up formal internal
control policies and internal independent supervision functions to establish formal risk assessment process and internal control
framework; and (ii) organizing regular training for our accounting staffs, especially training related to U.S. GAAP and SEC
reporting requirements. We also plan to adopt additional measures to improve our internal control over financial reporting,
including, among others, creating U.S. GAAP accounting policies and procedures manual, which will be maintained, reviewed and
updated, on a regular basis, to the latest US GAAP accounting standards, and strengthening corporate governance. For IT related weakness, we will (1) enhance our data backup procedures
and computer operations monitoring; (2) enhance user account management and enhance segregation of duties; (3) enhance risk assessment
procedures and system controls. See "Item 3. Key Information—D. Risk Factors – Risks Related to Our Business and Industry – If we fail to
implement and maintain an effective system of internal controls, 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 shares may be materially and
adversely affected."
As a company with less than US$1.235 billion
in revenue for the fiscal year of 2022, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging
growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public
companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act
of 2002 in the assessment of the emerging growth company's internal control over financial reporting.
Changes in Internal Control over Financial Reporting
Other than the remediation of material weaknesses
as described above, there has been no change in our internal controls over financial reporting.
ITEM 16. [RESERVED]
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
Our board of directors has determined that Mr.
Steven Gu, an independent director (under the standards set forth in Nasdaq Stock Market Rule 5605(a)(2) and Rule 10A-3 under the Exchange
Act) and chairman of our audit committee, is an audit committee financial expert.
ITEM 16B. CODE OF ETHICS
Our board of directors has adopted a code of
business conduct and ethics, which is applicable to all of our directors, officers, and employees. Our code of business conduct and ethics
is publicly available on our website at https://ir.jayud.com/.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The following table sets forth the aggregate fees
by categories specified below in connection with certain professional services rendered and billed by Marcum Asia CPAs LLP, our independent registered public accountant firm, since December 8, 2022, and Friedman LLP, our independent
registered public accountant firm before December 8, 2022, for the periods indicated.
For the years ended
    December 31,
2020
2021
2022
(in thousands)
RMB
RMB
RMB
US$
Audit fees(1)
-
-
3,103.4
445.6
(1)
"Audit fees" means
the aggregate fees incurred in each of the fiscal years listed for professional services rendered by our principal auditor for the audit
or review of our annual financial statements or quarterly financial information and review of documents filed with the SEC.
The Audit Committee of the
Board of Directors on an annual basis reviews audit and non-audit services performed by the independent auditors. All audit and non-audit
services are pre-approved by the Audit Committee, which considers, among other things, the possible effect of the performance of such
services on the auditors
'
independence.
105
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS
None.
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
In connection with our prior initial public offering,
we engaged Friedman LLP ("Friedman") on January 3, 2022, to audit our consolidated financial statements for the fiscal years
ended December 31, 2020 and 2021. Effective September 1, 2022, Friedman merged with Marcum LLP. On December 8, 2022, the audit committee
of our board of directors approved the engagement of Marcum Asia CPAs LLP ("Marcum Asia") to serve
as our independent registered public accounting firm.
Friedman's reports on our financial statements
for the fiscal years ended December 31, 2020 and 2021 did not contain an adverse opinion or a disclaimer of opinion and were not qualified
or modified as to uncertainty, audit scope, or accounting principles.
Furthermore, during the fiscal years ended December
31, 2020 and 2021 and the subsequent interim period through December 8, 2022, in connection with Friedman's audits on our consolidated
financial statements for the fiscal years ended December 31, 2020 and 2021, there were (i) no disagreements with Friedman on any matter
of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved
to Friedman's satisfaction, would have caused Friedman to make reference to the subject matter of the disagreement in connection
with its reports on the Company's financial statements for such years, and (ii) no "reportable events" as that term
is described in Item 304(a)(1)(v) of Regulation S-K.
Prior to the engagement of Marcum Asia, neither
the Company nor anyone acting on the Company's behalf consulted Marcum Asia with respect to any of the matters or reportable events
set forth in Item 304(a)(1)(v) of Regulation S-K.
We provided Friedman with a copy of the above statements
and requested that Friedman furnish us with a letter addressed to the SEC stating whether or not it agrees with the above statements.
A copy of Friedman's letter, dated May 15, 2023, to the SEC, regarding the disclosures herein under the heading "Change in
Registrant's Certifying Accountant" is filed as Exhibit 16.1 to this annual report.
ITEM 16G. CORPORATE GOVERNANCE
As a Cayman Islands exempted company listed
on the Nasdaq Capital Market, we are subject to the Nasdaq Stock Market Rules corporate governance listing standards. However,
Nasdaq Stock Market 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 the Nasdaq
Stock Market Rules. We have not relied on any home country practice exemption as of the date of this annual report. However, we may
choose to follow certain home country practices in the future, which may cause our shareholders to be afforded less protection than they would otherwise enjoy under the Nasdaq
Stock Market's corporate governance listing standards applicable to U.S. domestic issuers. See "Item 3. Key
Information—D. Risk Factors—Risks Related to the Class A Ordinary Shares— 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 United States
domestic public companies."
ITEM 16H. MINE SAFETY DISCLOSURE
Not applicable.
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTION
Not applicable.
106
PART III
ITEM 17. FINANCIAL STATEMENTS
We have elected to provide financial statements
pursuant to Item 18.
ITEM 18. FINANCIAL STATEMENTS
The consolidated financial statements of Jayud
Global Logistics Limited and its subsidiaries 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 3.4 to the Form F-1 filed on March 21, 2023 (File No. 333-269871))
2.1
Registrant's Specimen Certificate for Class A Ordinary Shares (incorporated herein by reference to Exhibit 4.1 to the Form F-1 filed on February 17, 2023 (File No. 333-269871))
2.2
Form of Representative's Warrant (incorporated herein by reference to Exhibit 4.2 to the Form F-1/A filed on March 16, 2023 (File No. 333-269871))
2.3*
Description of Securities
4.1
Form of Indemnification Agreement between the Registrant and each of its directors and executive officers (incorporated herein by reference to Exhibit 10.4 to the Form F-1 filed on February 17, 2023 (File No. 333-269871))
4.2
Form of Employment Agreement Between the Registrant and its directors and executive officers (incorporated herein by reference to Exhibit 10.1 to the Form F-1 filed on February 17, 2023 (File No. 333-269871))
8.1*
List of Significant Subsidiaries of the Registrant
11.1
Code of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the Form F-1 filed on February 17, 2023 (File No. 333-269871))
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 Certification 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 Harney Westwood & Riegels
15.2*
Consent of PacGate Law Group
16.1*
Letter from Friedman LLP to the U.S. Securities and Exchange Commission dated May 15, 2023
101.INS*
Inline XBRL Instance Document
101.SCH*
Inline XBRL Taxonomy Extension Schema Document
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase
    Document
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase
    Document
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase
    Document
104
Cover Page Interactive Data File (formatted as inline
    XBRL and contained in Exhibit 101)
*
Filed herewith
**
Furnished herewith
107
SIGNATURES
The registrant hereby certifies that it meets
all of the requirements for filing its annual report on Form 20-F and that it has duly caused and authorized the undersigned to sign
this annual report on its behalf.
Jayud Global Logistics Limited
By:
/s/ Xiaogang Geng
Name:
Xiaogang Geng
Title:
Chief Executive Officer
Date: May 15, 2023
108
JAYUD GLOBAL LOGISTICS LIMITED
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm (PCAOB ID 5395)
F-2
Report of Independent Registered Public Accounting Firm (PCAOB ID
711
)
F-3
Consolidated Balance Sheets as of December 31, 2021 and 2022
F-4
Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, 2020, 2021 and 2022
F-5
Consolidated Statements of Changes in Shareholders' Equity for the Years Ended December 31, 2020, 2021 and 2022
F-6
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2021 and 2022
F-7
Notes to the Consolidated Financial Statements
F-8 – F-47
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Board of Directors and Shareholders of
Jayud Global Logistics Limited
Opinion on the Financial Statements
We have audited the accompanying consolidated
balance sheet of Jayud Global Logistics Limited and its Subsidiaries (collectively, the "Company") as of December 31, 2022,
the related consolidated statements of income and comprehensive income, changes in shareholders' equity, and cash flows for the
year ended December 31, 2022, and the related notes (collectively referred to as the "consolidated financial statements").
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
as of December 31, 2022, and the results of its operations and its cash flows for the year ended December 31, 2022, 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 audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. 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 audit, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides
a reasonable basis for our opinion.
Marcum Asia CPAs LLP
We have served as the Company's auditor since 2022 (such date
takes into account the acquisition of certain assets of Friedman LLP by Marcum Asia CPAs LLP effective September 1, 2022).
New York, New York
May 15, 2023
NEW YORK OFFICE ● 7 Penn Plaza ● Suite
830 ● New York, New York ● 10001
Phone 646.442.4845 ● Fax 646.349.5200 ●
www.marcumasia.com
F-
2
REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and
Shareholders of Jayud Global Logistics Limited
Opinion on the Financial Statements
We have audited the accompanying consolidated balance
sheets of Jayud Global Logistics Limited and subsidiaries (collectively, the "Company") as of December 31, 2020 and 2021,
and the related consolidated statements of income and comprehensive income, changes in shareholders' equity, and cash flows for
each of the years in the two-year period ended December 31, 2021, and the related notes (collectively referred to as the 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, 2020 and 2021, and the results of its operations and its cash flows for each of the years in the two-year period ended
December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal
control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal
control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the 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 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 financial statements. We believe that our audits provide a reasonable basis for our opinion.
We served as the Company's auditor during 2022.
New York, New York
September 21, 2022
F-
3
JAYUD GLOBAL LOGISTICS LIMITED
CONSOLIDATED BALANCE SHEETS
As of December 31,
2021
2022
RMB
RMB
US$
Assets
Current assets
Cash
40,266,725
27,939,170
4,011,597
Accounts receivable, net
87,545,391
30,913,334
4,438,637
Accounts receivable - a related party
26,154
1,676,016
240,648
Contract assets
3,203,033
4,460,046
640,388
Prepaid expenses and other current assets, net
28,551,387
12,210,990
1,753,294
Prepaid expenses - a related party
1,674,157
-
-
Total current
    assets
161,266,847
77,199,556
11,084,564
Non-current assets
Property and equipment, net
1,153,975
2,613,264
375,221
Intangible asset, net
920,908
757,959
108,830
Operating right-of-use assets, net
6,463,320
31,403,688
4,509,044
Deferred offering costs
898,870
6,326,130
908,326
Deferred tax assets
138,318
21,563
3,096
Refundable deposits
-
3,002,260
431,074
Prepayment for acquisition
-
3,596,823
516,444
Restricted cash
-
501,071
71,945
Total non-current
    assets
9,575,391
48,222,758
6,923,980
TOTAL ASSETS
170,842,238
125,422,314
18,008,544
LIABILITIES AND SHAREHOLDERS'
    EQUITY
Current liabilities
Short-term borrowings
10,900,000
14,800,000
2,125,032
Current maturities of long-term borrowing
600,000
600,000
86,150
Loans payable - third parties
4,800,000
-
-
Loans payable - related parties
1,612,000
-
-
Loans payable - shareholders
2,560,000
-
-
Accounts payable - third parties
41,901,620
18,147,774
2,605,717
Accounts payable - related parties
60,978,653
7,425,184
1,066,132
Contract liabilities
7,851,588
1,989,310
285,632
Accrued expenses and other current liabilities
7,239,053
4,217,732
605,596
Other payables - related parties
1,881,145
2,477,658
355,750
Other payables - shareholders
1,314,602
6,980,836
1,002,331
Taxes payable
2,345,914
2,130,433
305,894
Operating lease liabilities - current
3,698,233
18,079,265
2,595,880
Total current
    liabilities
147,682,808
76,848,192
11,034,114
Non-current liabilities
Long-term borrowing
3,850,000
4,400,000
631,766
Operating lease liabilities –
    non-current
2,539,151
13,276,535
1,906,288
Total non-current
    liabilities
6,389,151
17,676,535
2,538,054
Total liabilities
154,071,959
94,524,727
13,572,168
Commitments and contingencies
Shareholders' Equity
Class A Ordinary shares (par value of US$
0.0001
per share;
480,000,000
Class A ordinary shares authorized and
10,790,400
and
13,590,400
Class A ordinary shares issued and outstanding as of December 31, 2021, 2022, respectively.)*
6,880
8,830
1,268
Class B Ordinary shares (par value of US$
0.0001
per share;
20,000,000
Class B ordinary shares authorized and
6,409,600
class B shares issued and outstanding as of December 31, 2021 and 2022, respectively.)*
4,087
4,087
587
Additional paid in capital
13,190,206
72,691,813
10,437,328
Subscription receivable
-
(
34,823,000
)
(
5,000,000
)
Statutory reserves
2,447,862
4,651,141
667,826
Retained earnings (Accumulated deficit)
1,219,888
(
9,025,668
)
(
1,295,935
)
Accumulated other comprehensive
    income (loss)
18,600
(
181,546
)
(
26,068
)
Total Jayud Global Logistics Limited
    shareholders' equity
16,887,523
33,325,657
4,785,006
Non-controlling
    interests
(
117,244
)
(
2,428,070
)
(
348,630
)
Total shareholders'
    equity
16,770,279
30,897,587
4,436,376
TOTAL LIABILITIES
    AND SHAREHOLDERS' EQUITY
170,842,238
125,422,314
18,008,544
*
Ordinary shares, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)).
The accompanying notes are an integral part of
these consolidated financial statements
F-
4
JAYUD GLOBAL LOGISTICS LIMITED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
For the Years Ended
December 31,
2020
2021
2022
RMB
RMB
RMB
US$
Revenues
261,745,451
531,451,949
649,450,107
93,250,166
Revenues - related parties
28,587,482
14,141,548
2,541,486
364,915
Total Revenues
290,332,933
545,593,497
651,991,593
93,615,081
Cost of revenues
(
110,032,969
)
(
318,046,475
)
(
491,762,767
)
(
70,608,903
)
Cost of revenues - related parties
(
159,273,345
)
(
193,046,047
)
(
122,842,712
)
(
17,638,158
)
Total Cost of revenues
(
269,306,314
)
(
511,092,522
)
(
614,605,479
)
(
88,247,061
)
Gross profit
21,026,619
34,500,975
37,386,114
5,368,020
Operating expenses
Selling expenses
(
6,272,901
)
(
8,956,522
)
(
16,032,550
)
(
2,302,006
)
General and administrative expenses
(
7,043,391
)
(
11,275,729
)
(
18,555,039
)
(
2,664,193
)
Research and development expenses
(
1,376,644
)
(
1,460,960
)
(
2,096,317
)
(
300,996
)
Total operating expenses
(
14,692,936
)
(
21,693,211
)
(
36,683,906
)
(
5,267,195
)
Operating profit
6,333,683
12,807,764
702,208
100,825
Other income (expenses)
Other expenses, net
(
87,504
)
(
11,599
)
(
205,903
)
(
29,564
)
Foreign exchange gain (loss) , net
(
912,988
)
489,268
4,407,133
632,791
Financial expenses, net
(
651,134
)
(
1,358,586
)
(
943,324
)
(
135,446
)
Total other income (expenses), net
(
1,651,626
)
(
880,917
)
3,257,906
467,781
Income before income tax expense
4,682,057
11,926,847
3,960,114
568,606
Income tax expenses
(
1,634,929
)
(
1,703,179
)
(
2,582,217
)
(
370,763
)
Net income
3,047,128
10,223,668
1,377,897
197,843
Less: Net loss attributable to non-controlling interests
(
15,309
)
(
81,640
)
(
2,510,826
)
(
360,513
)
Net income attributable to the Jayud Global Logistics Limited's ordinary shareholders
3,062,437
10,305,308
3,888,723
558,356
Net income
3,047,128
10,223,668
1,377,897
197,843
Foreign currency translation adjustment, net of tax
11,615
10,158
(
200,146
)
(
28,738
)
Total comprehensive income
3,058,743
10,233,826
1,177,751
169,105
Less: total comprehensive loss attributable to non-controlling interest
(
15,309
)
(
81,640
)
(
2,510,826
)
(
360,513
)
Total comprehensive income attributable to Jayud Global Logistics Limited's ordinary shareholders
3,074,052
10,315,466
3,688,577
529,618
Net income per share
Basic and diluted
0.18
0.60
0.22
0.03
Weighted average shares
Basic and diluted
17,200,000
17,200,000
18,071,233
18,071,233
*
Ordinary shares, additional paid-in capital and share data have
been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)).
The accompanying notes are an integral part of
these consolidated financial statements.
F-
5
JAYUD GLOBAL LOGISTICS LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY
Class
    A Ordinary shares*
Class
    B Ordinary shares*
Additional
    paid-in
Subscription
Statutory
(Accumulated
    deficit)/Retained
Accumulated
    other comprehensive
Total
    Jayud Global Logistics Limited shareholders'
Non-controlling
Total
    shareholders'
Share
Amount
Share
Amount
capital
receivable
reserves
earnings
income
    (loss)
equity
interests
equity
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
Balance
    as of December 31, 2019
10,790,400
6,880
6,409,600
4,087
12,831,938
-
645,259
(
9,145,254
)
(
3,173
)
4,339,737
(
62,027
)
4,277,710
Provision
    for statutory reserve
-
-
-
-
-
-
823,564
(
823,564
)
-
-
-
-
Net
    income (loss)
-
-
-
-
-
-
-
3,062,437
-
3,062,437
(
15,309
)
3,047,128
Dividend
    distribution
-
-
-
-
-
-
-
(
1,200,000
)
-
(
1,200,000
)
-
(
1,200,000
)
Foreign
    currency translation
-
-
-
-
-
-
-
-
11,615
11,615
-
11,615
Balance
    as of December 31, 2020
10,790,400
6,880
6,409,600
4,087
12,831,938
-
1,468,823
(
8,106,381
)
8,442
6,213,789
(
77,336
)
6,136,453
Provision
    for statutory reserve
-
-
-
-
-
-
979,039
(
979,039
)
-
-
-
-
Net
    income (loss)
-
-
-
-
-
-
-
10,305,308
-
10,305,308
(
81,640
)
10,223,668
Capital
    injection
-
-
-
-
400,000
-
-
-
-
400,000
-
400,000
Acquisition
    of non-controlling interest
-
-
-
-
(
41,732
)
-
-
-
-
(
41,732
)
41,732
-
Foreign
    currency translation
-
-
-
-
-
-
-
-
10,158
10,158
-
10,158
Balance
    as of December 31, 2021
10,790,400
6,880
6,409,600
4,087
13,190,206
-
2,447,862
1,219,888
18,600
16,887,523
(
117,244
)
16,770,279
Provision
    for statutory reserve
-
-
-
-
-
-
2,203,279
(
2,203,279
)
-
-
-
-
Net
    income (loss)
-
-
-
-
-
-
3,888,723
-
3,888,723
(
2,510,826
)
1,377,897
Issuance
    of new shares to third party investors
2,000,000
1,393
-
-
34,821,607
(
34,823,000
)
-
-
-
-
-
-
Issuance
    of new shares to service providers
800,000
557
-
-
-
-
-
-
-
557
-
557
Capital
    injection
-
-
-
-
24,680,000
-
-
-
24,680,000
-
24,680,000
Capital
    injection by non-controlling interest
-
-
-
-
-
-
-
-
-
-
200,000
200,000
Dividend
    distribution
-
-
-
-
-
-
-
(
11,931,000
)
-
(
11,931,000
)
-
(
11,931,000
)
Foreign
    currency translation
-
-
-
-
-
-
-
-
(
200,146
)
(
200,146
)
(
200,146
)
Balance
    as of December 31, 2022
13,590,400
8,830
6,409,600
4,087
72,691,813
(
34,823,000
)
4,651,141
(
9,025,668
)
(
181,546
)
33,325,657
(
2,428,070
)
30,897,587
Balance
    as of December 31, 2022 (US$)
13,590,400
1,268
6,409,600
587
10,437,328
(
5,000,000
)
667,826
(
1,295,935
)
(
26,068
)
4,785,006
(
348,630
)
4,436,376
*
Ordinary shares, additional paid-in capital and share data have
been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)).
The accompanying notes are an integral part of
these consolidated financial statements.
F-
6
JAYUD GLOBAL LOGISTICS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended
December 31,
2020
2021
2022
RMB
RMB
RMB
US$
Cash flows from operating activities:
Net income
3,047,128
10,223,668
1,377,897
197,843
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for doubtful accounts
216,405
442,543
938,209
134,710
Depreciation and amortization
878,988
688,866
848,664
121,854
Amortization of operating lease right-of-use asset
3,205,424
3,498,048
10,933,292
1,569,838
Losses from disposal of property and equipment
10,392
52,663
(
13,076
)
(
1,876
)
Deferred tax (benefits)/expenses
(
1,002,390
)
864,072
116,755
16,764
Changes in operating assets and liabilities
Accounts receivable, net
5,006,669
(
53,592,329
)
55,931,552
8,030,835
Accounts receivable - related parties
(
682,052
)
2,788,565
(
1,649,862
)
(
236,893
)
Contract assets
(
159,475
)
(
2,609,559
)
(
1,257,013
)
(
180,486
)
Prepaid expenses and other current asset, net
(
2,567,994
)
(
21,756,319
)
10,069,570
1,445,825
Prepaid expenses - related parties
-
(
1,674,157
)
1,674,157
240,381
Refundable deposits
-
-
(
3,002,260
)
(
431,074
)
Accounts payable
628,951
22,083,942
(
23,753,846
)
(
3,410,655
)
Accounts payable - related parties
6,172,032
39,435,858
(
53,553,469
)
(
7,689,382
)
Contract liabilities
1,833,468
5,943,100
170,846
24,531
Accrued expenses and other current liabilities
744,214
2,884,200
(
3,021,321
)
(
433,811
)
Others payable - shareholders
(
213,302
)
(
659,832
)
(
71,266
)
(
10,233
)
Tax payable
1,616,662
(
792,044
)
(
215,481
)
(
30,940
)
Operating lease liabilities
(
3,235,059
)
(
3,532,276
)
(
10,755,243
)
(
1,544,273
)
Other long-term liabilities
(
180,338
)
(
49,427
)
-
-
Net cash
    provided by (used in) operating activities
15,319,723
4,239,582
(
15,231,895
)
(
2,187,042
)
Cash flows from investing activities:
Prepayment for acquisition
-
-
(
3,596,823
)
(
516,444
)
Purchase of property, equipment and intangible asset
(
155,102
)
(
634,871
)
(
2,150,431
)
(
308,768
)
Proceeds from disposal of property and equipment
-
-
18,500
2,656
Net cash
    used in investing activities
(
155,102
)
(
634,871
)
(
5,728,754
)
(
822,556
)
Cash flows from financing activities:
Proceeds from short-term borrowings
10,710,000
18,000,000
18,000,000
2,584,499
Proceeds from a long-term borrowing
-
5,000,000
5,000,000
717,916
Repayments of short-term borrowings
(
10,000,000
)
(
14,810,000
)
(
14,100,000
)
(
2,024,524
)
Repayment of a long-term borrowing
-
(
550,000
)
(
4,450,000
)
(
638,946
)
Proceeds from loans provided by shareholders
-
6,245,000
6,295,383
903,912
Proceeds from loans provided by related parties
1,385,675
2,100,000
500,000
71,792
Loans repayment to shareholders
-
(
3,685,000
)
(
8,855,383
)
(
1,271,485
)
Loans repayment to related parties
(
1,385,675
)
(
500,000
)
(
2,112,000
)
(
303,248
)
Proceeds from loans provided by third parties
7,621,342
4,800,000
5,631,457
808,583
Loans repayment to third parties
(
6,235,987
)
(
1,385,355
)
(
10,431,457
)
(
1,497,783
)
Proceeds from shareholder's contribution
-
400,000
24,680,000
3,543,635
Payments for deferred offering costs
-
(
898,870
)
(
5,426,702
)
(
779,184
)
Dividend payment
(
1,350,000
)
-
(
6,193,500
)
(
889,283
)
Capital injection by a non-controlling interest
-
-
200,000
28,717
Others payable - related parties
3,042,583
(
1,769,615
)
596,513
85,649
Net cash
    provided by financing activities
3,787,938
12,946,160
9,334,311
1,340,250
Effect of exchange rate changes
11,615
10,158
(
200,146
)
(
28,738
)
Net increase (decrease) in cash and cash equivalents and restricted cash
18,964,174
16,561,029
(
11,826,484
)
(
1,698,086
)
Cash at beginning
    of the year
4,741,522
23,705,696
40,266,725
5,781,628
Total cash
    and cash equivalents and restricted cash at the end of the year
23,705,696
40,266,725
28,440,241
4,083,542
Cash and cash equivalents at end of the year
23,705,696
40,266,725
27,939,170
4,011,597
Restricted cash at end of the year
-
-
501,071
71,945
Supplemental disclosure of cash flow information:
Interest expense paid
533,982
1,046,305
781,143
361,457
Income tax paid
1,187,085
1,773,998
2,517,405
112,159
Supplemental non-cash investing and financing information:
Obtaining right-of-use assets in exchange for operating lease liabilities
6,200,864
3,603,273
35,873,660
5,150,857
Dividend distribution included in Others payable - shareholders
-
-
6,937,500
996,109
Issuance of new shares with consideration receivable
-
-
34,823,000
5,000,000
Issuance of new shares in exchange of services
-
-
557
80
The accompanying notes are an integral part of
these consolidated financial statements.
F-
7
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND PRINCIPAL
ACTIVITIES
(a)
Organization
Jayud Global Logistics Limited ("Jayud"
or the "Company") was incorporated in the Cayman Islands on June 10, 2022 under the Cayman Islands Companies Act. The Company
through its consolidated subsidiaries (collectively, the "Group") is principally engaged in the freight forwarding and trading
based in the People's Republic of China ("PRC" or "China").
As of December 31, 2022, the details
of the Company's subsidiaries are as follows. All subsidiaries of the Group are all owned by the Company through equity investment.
Entity
Controlled by
Date of
incorporation
Place of
incorporation
Percentage
of direct
ownership
Principal activities
Jayud Global Logistics  (HongKong) Limited
("JYD HK")
Jayud
June 24, 2022
Hong Kong
100
%
Wholly foreign owned enterprise
Shenzhen Jayud Logistics Technology Co., Ltd
("JYD WLKJ")
JYD HK
July 23, 2015
PRC
100
%
Freight forwarding
Shenzhen Jia Yu Da International Logistics Co., Ltd.
("JYD SZGJHY")
JYD WLKJ
June 19, 2011
PRC
100
%
Freight forwarding
Shenzhen Jia Yu Da Trading Co., Ltd.
("JYD SM")
JYD WLKJ
September 18, 2009
PRC
100
%
International trading
Xuchang Jayud Supply Chain Management Co., Ltd
("JYD XC")
JYD WLKJ
May 6, 2021
PRC
100
%
Freight forwarding
Shenzhen Jiayuda Customs Declaration Co., Ltd.
("JYD BG")
JYD WLKJ
September 14, 2015
PRC
100
%
Customs brokerage
Shenzhen XIN YU Xiang Import & Export Co., Ltd.
("JYD XYX")
JYD WLKJ
October 26, 2011
PRC
100
%
Agent service
Shenzhen Jiayuda Global Supply Chain Co., Ltd.
("JYD HQ")
JYD WLKJ
April 23, 2014
PRC
100
%
Freight forwarding
Shenzhen Jiayuda E-Commerce Technology Co., Ltd
("JYD DS")
JYD WLKJ
April 1, 2014
PRC
100
%
Freight forwarding
Nanjing Jiayuda Logistics Co., Ltd.
("JYD NJWL")
JYD WLKJ
February 12, 2018
PRC
100
%
Freight forwarding
Shaanxi Jia Yuda Supply Chain Management Co., Ltd.
("JYD SXGYL")
JYD WLKJ
March 27, 2018
PRC
100
%
Freight forwarding
Cargo Link Company Limited
("JYD SHWL")
JYD WLKJ
November 10, 2021
PRC
51
%
Freight forwarding
Sky Pacific Logistics HK Company Limited
("TPYHK")
JYD HQ
March 2, 2016
Hong Kong
67
%
Agent service
Hongkong Jayud International Logistics Company Limited
("JYD HKGJHY")
JYD HK
December 31, 2017
Hong Kong
100
%
Agent service
Shenzhen Jayud Yuncang Technology Co., Ltd.
("JYD YCKJ")
JYD WLKJ
July 25, 2022
PRC
52
%
Warehousing
(b)
Reorganization
In anticipation of an initial public
offering ("IPO") of its equity securities, the Company incorporated Jayud Global Logistic (Hong Kong) Limited ("JYD
HK") under the laws of Hong Kong, PRC, as its direct wholly-owned subsidiary, on June 24, 2022. In September 2022, JYD HK directly
invested in JYD WLKJ as its direct wholly-owned subsidiary.
F-
8
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1.
ORGANIZATION AND PRINCIPAL
ACTIVITIES
(Cont.)
(b)
Reorganization
(cont.)
Due to the fact that the Company
and its subsidiaries were effectively controlled by the same shareholders immediately before and after the reorganization completed in
September 2022, as described above, the reorganization was accounted for as a recapitalization. As a result, the Group's consolidated
financial statements have been prepared as if the current corporate structure has been in existence throughout the periods presented.
The Company and its subsidiaries
resulting from the reorganization have always been under the common control of the same controlling shareholders before and after the
reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis
as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated
financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from
the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.
(c)
Changes of non-controlling
interests
In October 2021, JYD WLKJ set
up JYD SHWL with non-controlling shareholders and obtained
51
% equity interest of JYD SHWL. (Note 2(x))
In November 2021, the Company
acquired
33
% non-controlling interests of JYD HKGJHY from Cargo Link Logistics HK Company Limited. (Note 2(x))
In July 2022, JYD WLKJ set up
JYD YCKJ with a non-controlling shareholder and obtained
52
% equity interest of JYD YCKJ. (Note 2(x))
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(a)
Basis of presentation
The accompanying consolidated financial
statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
(b)
Principles of consolidation
The consolidated financial statements
include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among the Company and
its subsidiaries have been eliminated upon consolidation.
F-
9
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(c)
Use of estimates and assumptions
The preparation of the consolidated financial
statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Significant accounting estimates include,
but not limited to revenue recognition, allowance for doubtful accounts, useful lives and impairment of long-lived assets, discount rate
used in operating lease right-of-use assets, deferred income taxes, uncertain tax position and valuation allowance for deferred
tax assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and
as such, differences may be material to the consolidated financial statements.
(d)
Foreign currencies and foreign
currency translation
The functional and reporting currency
of the Group is Renminbi ("RMB"). The Company's operating subsidiaries in China and Hong Kong use their respective
currencies RMB and Hong Kong Dollar ("HKD") as their functional currencies.
The financial statements of Hong
Kong entities are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities and average exchange
rate for the years for income and expense items. Assets and liabilities denominated in foreign currencies at the balance sheet date are
translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency other than RMB
is translated at the historical rate of exchange at the time of capital contribution.
Translation adjustments arising from
these are reported as foreign currency translation adjustments RMB
11,615
, RMB
10,158
and RMB
200,146
(US$
28,738
) for the years ended December
31, 2020, 2021 and 2022, respectively and are shown as a separate component of shareholders' equity on the consolidated financial
statement. The following table outlines the currency exchange rates that were used in preparing the consolidated financial statements,
representing the index rates stipulated by the Bank of China:
HKD against RMB
December 31,
2020
December 31,
2021
December 31,
2022
Year-end spot rate
HKD
1
=RMB
0.8504
HKD
1
=RMB
0.8168
HKD
1
=RMB
0.8899
Average rate
HKD
1
=RMB
0.8928
HKD
1
=RMB
0.8327
HKD
1
=RMB
0.8578
Foreign currency transactions denominated
in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. Net gains and losses resulting from foreign exchange transactions are
included in exchange gains or losses on the consolidated statements of income and comprehensive income. The Group incurred and recognized
foreign currency exchange loss of RMB
912,988
for the years ended December 31, 2020 and foreign currency exchange gain of RMB
489,268
and
RMB
4,407,133
(US$
632,791
) for the years ended December 31, 2021 and 2022, respectively, as a result of changes in the exchange rate.
F-
10
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(e)
Convenience translation
The United States dollar ("US$")
amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts
from RMB into US$ for the convenience of the reader were calculated at the rate of US$
1.00
=RMB
6.9646
on December 31, 2022, representing
the middle rate as set forth in the statistical release of the Bank of China as of December 31, 2022. No representation is made that
the RMB amounts could have been, or could be, converted into US$ at such rate.
(f)
Segment information
An operating segment is a component
of the Group that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of
the internal financial reports that are provided to and regularly reviewed by the Group's chief operating decision maker in order
to allocate resources and assess performance of the segment.
In accordance with ASC ("Accounting
Standard Codification") 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate
financial information is available that is evaluated regularly by the chief operating decision maker ("CODM"), or decision-making
group, in deciding how to allocate resources and in assessing performance. The Group uses the "management approach" in determining
reportable operating segments. The management approach considers the internal organization and reporting used by the Group's chief
operating decision maker for making operating decisions and assessing performance as the source for determining the Group's reportable
segments. The Group's CODM has been identified as the chief executive officer (the "CEO"), who reviews consolidated
results when making decisions about allocating resources and assessing performance of the Group.
The Group has determined that there
is only
one
reportable operating segment since all types of the services provided and products delivered are viewed as an integrated
business process and allocation of the resources and assessment of the performance are not separately evaluated by the Group's
CODM.
(g)
Cash and Restricted Cash
Cash consists of cash on hand and
cash in bank. The Group maintains cash with various financial institutions primarily in China. As of December 31, 2021 and 2022, balances
of cash were RMB
40,266,725
and RMB
27,939,170
(US$
4,011,597
), respectively. The Group has not experienced any losses in bank accounts
and believes it is not exposed to any risks on its cash in bank accounts.
Restricted cash represents Demand
Bank Guarantee for an international express company. Under the Demand Bank Guarantee, the Company need to deposit RMB
500,000
into the
bank account in the Bank of China and the cash deposited is restricted for use to make the payments to the international express company
under the two-year Air Freight Agency Agreement between the Company and the express company. The term of the Demand Bank Guarantee is
from March 2022 to January 2024. Therefore, the restricted cash is treated as non-current assets.
F-
11
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(h)
Accounts receivable, net
Accounts receivable, net, include
amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. The credit terms
are generally between 30 to 60 days.
Provision for doubtful accounts is
recognized when reasonable and supportable forecasts affect the expected collectability. The Group reviews the accounts receivable on
a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. The Group
considers many factors in assessing the collectability such as the age of the amounts due, consideration of historical loss experience,
adjusted for current conditions, forward-looking indicators, trends in customer payment frequency, and judgments about the probable effects
of relevant observable data, including present and future economic conditions and the financial health of specific customers and market
sectors. The Group established standards and policies for reviewing major account exposures and concentrations of risk.
The allowance for doubtful accounts
as of December 31, 2021 and 2022 was RMB
682,905
and RMB
1,185,328
(US$
170,193
), respectively.
(i)
Property and equipment,
net
Property and equipment is stated
at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives
with an estimated residual value of the assets as follows:
Category.
Estimated
useful
lives
Motor vehicles
4
-
5
years
Electronic equipment
1
-
5
years
Machinery
5
years
Other equipment
5
years
Repair and maintenance costs are
charged to expenses as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment
are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated
depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of income and other comprehensive
income in other income or expenses.
F-
12
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(j)
Intangible asset, net
Intangible asset is carried at cost
less accumulated amortization and any recorded impairment. The intangible assets of the Group mainly represent the software for operating
activities. Intangible asset is amortized using the straight-line basis over the estimated useful live of the asset as follows:
Category
Estimated
useful
lives
Software
5
-
10
years
(k)
Refundable deposits
Refundable deposits represents the
deposits made for long-term leases. These deposits are interest free and will be refunded at the end of the lease. Since the leases have
the term over one year, these deposits are classified as long term assets.
(l)
Prepayment for acquisition
The prepayment for acquisition is
the payment made to acquire a business. These amounts are refundable if the acquisition is not successfully completed. Management reviews
its prepayments on a regular basis to determine if the allowance is adequate, and adjusts the allowance when necessary. As of December
31, 2022, no allowance was deemed necessary. The Company expects to finish its acquisition by the middle of 2023.
(m)
Related parties
A related party may be any of the
following: a) an affiliate, which is a party that directly or indirectly controls, is controlled by, or is under common control with
another party; b) a principle owner, owner of record or known beneficial owner of more than
10
% of the voting interest of an entity;
c) management, which are persons having responsibility for achieving objectives of the entity and requisite authority to make decision;
d) immediate family of management or principal owners; e) a parent company and its subsidiaries; and f) other parties that have ability
to significant influence the management or operating policies of the entity. The Company discloses all significant related party transactions.
(n)
Impairment of long-lived
assets
The Group reviews its long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable.
When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted
future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted
cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss, which is the excess of carrying
amount over the fair value of the assets, using the expected future discounted cash flows. No impairments of long-lived assets were recognized
as of December 31, 2021 and 2022.
F-
13
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(o)
Fair value measurement
The Group applies ASC 820,
Fair
Value Measurements and Disclosures
, ("ASC 820''). ASC 820 defines fair value, establishes a framework for
measuring fair value and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided on fair value
measurement.
ASC 820 establishes a three-tier
fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
●
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.
ASC 820 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 cash flow 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 primarily consisted of cash, accounts receivable, amounts due from related parties, other receivables included in prepaid
expenses and other current assets, short-term borrowings, accounts payable, amounts due to related parties, other payables included in
accrued expenses and other current liabilities. As of December 31, 2021 and 2022, the carrying amounts of financial instruments approximated
to their fair values due to the short-term maturity of these instruments.
The Group's non-financial assets,
such as property and equipment, would be measured at fair value only if they were determined to be impaired.
F-
14
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(p)
Revenue recognition
Substantially all of the Group's
revenues are from contracts associated with freight forwarding services domestically and internationally. Additionally, the Group provides
supply chain management to customers, by exploiting its advantages in global supply chain services.
The following table identifies the
disaggregation of the Group's revenue for the years ended December 31, 2020, 2021 and 2022, respectively:
Revenue
FY 2020
FY 2021
FY 2022
Categories
(RMB)
%
(RMB)
%
(RMB)
(US$)
%
Type A: Freight forwarding services
243,607,373
83.91
%
488,036,905
89.46
%
577,567,025
82,928,959
88.6
%
- Integrated cross-border logistics
210,794,731
72.61
%
390,229,299
71.53
%
444,335,722
63,799,174
68.2
%
- Fragmented logistics
32,812,642
11.30
%
97,807,606
17.93
%
133,231,303
19,129,785
20.4
%
Type B: Supply chain management
43,966,498
15.14
%
53,531,895
9.81
%
69,022,899
9,910,533
10.6
%
- International trading in relation to supply chain management
41,985,512
14.46
%
52,974,861
9.71
%
68,878,594
9,889,813
10.6
%
- Agent services
1,980,986
0.68
%
557,034
0.10
%
144,305
20,720
0.0
%
Type C: Other services
2,759,062
0.95
%
4,024,697
0.73
%
5,401,669
775,589
0.8
%
- Customs brokerage
2,566,570
0.88
%
2,750,027
0.50
%
4,098,297
588,447
0.6
%
- Software development
192,492
0.07
%
1,274,670
0.23
%
1,303,372
187,142
0.2
%
Total
290,332,933
100.00
%
545,593,497
100.00
%
651,991,593
93,615,081
100.0
%
The following table presents revenue
classified by timing of revenue recognition for the years ended December 31, 2020, 2021 and 2022, respectively.
Year
ended
December 31,
2020
Year
ended
December 31,
2021
Year
ended
December 31,
2022
RMB
RMB
RMB
US$
Point in time
43,966,498
53,531,895
71,448,443
10,258,801
Over time
246,366,435
492,061,602
580,543,150
83,356,280
Total revenue
290,332,933
545,593,497
651,991,593
93,615,081
F-
15
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(p)
Revenue recognition
(cont.)
Type A: Freight forwarding services
The Group primarily engages in freight
forwarding services, including freight services and facilitating services such as customs brokerage services, warehousing services, packaging
services and so on. For freight services, the Group fulfils its performance obligation by transporting freights from the origin to the
destination, both are specified by customers, via air freight, ocean freight, and land freight. The Group considers that there is only
one performance obligation as the customer cannot benefit from the facilitating services on its own but be bundled with the freight services
since the customer's purpose for entering into this contract is to transport goods from the origin to the destination. The transaction
price is fixed when the contract was signed by both parties. This type of revenue is recognized over time based on the extent of progress
towards completion of the performance obligation. The Group adopts the output method, which is based on the transit time period, to measure
progress.
For warehousing services, such as
labeling,
packaging, loading and unloading service, the customer can benefit from each service provided and the promise to transfer the
service is separately identifiable. Each service represents a standalone performance obligation. The Group is entitled to receive
the service fees after it provides services to its customers. For storage services, the Company normally charges monthly or daily.
Therefore, the revenue from storage services is divided into two categories by timing of revenue recognition: 1. point in time for
daily storage services. 2. over time across the service period for monthly storage services.
The Group considers itself the principal
for transactions that it is in control of establishing the transaction price, and it is responsible for managing all aspects of the shipments
process and taking the risk of loss for delivery. Therefore, such revenues are reported on a gross basis.
For certain contracts, the Group
considers itself the agent for transactions that it cooperates with third-party carriers to arrange freight services. Third-party carriers
signed the contracts with customers and were in control of establishing the transaction price, and were responsible for fulfilling the
promise to provide freight services. Therefore, such revenues are reported on a net basis.
The payment term is within 60 days
after completion of freight forwarding services.
Type B: Supply chain management
The Group also engages in supply
chain management, which includes international trading and agent services. The Group provides international trading, which sells electronic
products through both export and import, by exploiting its advantages in global supply chain services and networks. The Group fulfils
its performance obligation by transferring products to the designated location. In accordance with the Company's customary business
practices, the delivery term is "Free on board" ("FOB"). Therefore, once the products are loaded on the board,
the control of products has transferred. The transaction price is fixed when the contract was signed by both parties. This type of revenue
is recognized based on the product value specified in the contract at a point in time when the control of products has transferred. The
Group considers itself the principal because it is in control of establishing the transaction price and bearing inventory risk. Therefore,
such revenues are reported on a gross basis.
F-
16
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(p)
Revenue recognition
(cont.)
Type B: Supply chain management
(cont.)
In addition to international trading,
the Group also provides agent services relates to export/import procedures, for example, application for duty-refund, customs brokerage
services and so on. The Group fulfils its performance obligation by arranging export/import business for the customer, including but
not limited to signing contracts with end customers on behalf of the customer and preparing customs brokerage and duty refund. This type
of revenue is recognized over time based on the extent of progress towards completion of the agent services. The Group considers itself
the agent because the Group is not primarily responsible for fulfilling the promise to provide the specified goods, neither bears the
inventory risks. Therefore, such revenues are reported on a net basis.
The payment term is within 60 days
after completion of international trading and agent services.
Type C: Other value-added services
The Group also provides customs brokerage
services, and logistics-related software development services.
Customs brokerage services under
Type C represents independent revenue stream, different from being one of the facilitating services of the freight forwarding business
under Type A, or the facilitating services of the agent services under Type B under which those services are bundled as one performance
obligation. The Group fulfils its performance obligation by providing customs brokerage services only. The transaction price is fixed
when the contract was signed by both parties. This type of revenue is recognized over service period, usually within one day.
The Group also generates revenues
from logistics-related software development services. The Group identifies two performance obligations within the contract: the software
development services and the maintenance services. The transaction price is allocated based on the stand-alone selling price for each
type of service. The Group recognizes software development services revenue over time in proportionate to the relative labor hours over
the total budgeted hours of the project. The Group also promises to provide one-year maintenance service after the above mentioned software
has been launched. The Group recognizes maintenance services revenue over the service period of
one year
.
Contract assets and liabilities
In-transit freight with performance
obligations recognized over time that have revenue recognized to date in excess of cumulative billings are reported on consolidated balance
sheets as "Contract assets". Contract assets are reviewed for impairment when events or changes in circumstances indicate
that the carrying value may not be recoverable.
Contract liabilities represents the
obligation to transfer goods or services to a customer for which the entity has received consideration from the customer. Contract liabilities
of the Group mainly consist of advance product payments from customers of international trading. The Group expects to recognize this
balance as revenue over the next 12 months.
F-
17
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(p)
Revenue recognition
(cont.)
Contract assets and liabilities
(cont.)
The following table shows the amounts
of revenue recognized in the current reporting period that were included in the contract liabilities at the beginning of the reporting
period:
2020
2021
2022
RMB
RMB
RMB
US$
Revenue recognized that was included in contract liabilities at the beginning of the reporting period:
75,020
1,908,488
7,851,588
1,231,486
Contract assets were RMB
3,203,033
and RMB
4,460,046
(US$
640,388
) as of December 31, 2021 and 2022, respectively. Contract liabilities related to advance payments from customers
were RMB
7,851,588
and RMB
1,989,310
(US$
285,632
) as of December 31, 2021 and 2022, respectively.
Contract costs
Contract costs consists of incremental
costs of obtaining a contract with customers, for example, sales commissions. The Group elects to use the practical expedient, allowing
to recognize the incremental costs of obtaining a contract as a cost or an expense when incurred if the amortization period, usually
the contractual period, would have been one year or less.
(q)
Cost of revenues
Cost of revenues consist primarily
of (i) cost of freight charges, (ii) cost of purchase for international trading, (iii) labor costs, (iv) cost of customs brokerage, (v)
cost of packaging, (vi) cost of indemnity paid to carriers and (vii) cost of wareshouse lease. Cost of freight charges consists of (i)
airfreight/ocean freight/land freight charges, (ii) delivery fees, and (iii) other service fees.
(r)
Selling expenses
Selling expenses mainly consist of
(i) employee payroll and commission, (ii) advertising and marketing expenses, and (iii) rental and depreciation related to selling and
marketing functions.
(s)
Advertising expenses
Advertising costs amounted to RMB
529,816
,
RMB
598,605
and RMB
2,724,575
(US$
391,203
) for the years ended December 31, 2020, 2021 and 2022, respectively. Advertising costs are expensed
as incurred and included in selling and marketing expenses.
(t)
General and administrative
expenses
General and administrative expenses
mainly consist of (i) employee payroll, rental and depreciation related to general and administrative personnel, (ii) professional service
fees, and (iii) other corporate expenses.
F-
18
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(u)
Research and development
expenses
Research and development expenses
mainly consist of (i) employee payroll, (ii) lease expenses, and (iii) depreciation expense for experimental facilities and other daily
expenses related to the Group's research and development activities.
(v)
Financial expenses, net
Financial expenses, net mainly consist
of (i) interest expenses, (ii) foreign exchange gain or loss, and (iii) bank charges. The Group incurred interest expenses of RMB
533,982
,
RMB
1,046,305
and RMB
795,144
(US$
114,169
) for the years ended December 31, 2020, 2021 and 2022, respectively. The Group incurred foreign
exchange loss of RMB
912,988
for the year ended December 31, 2020 and foreign exchange gain of RMB
489,268
and RMB
4,407,133
(US$
632,791
)
for the years ended December 31, 2021 and 2022, respectively.
(w)
Deferred offering costs
Deferred offering costs consist of
legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the initial
public offering. These costs, together with the underwriting discounts and commissions, will be charged to permanent equity upon completion
of the initial public offering. Should the initial public offering prove to be unsuccessful, these deferred costs, as well as additional
expenses to be incurred, will be charged to expenses. For the year ended December 31, 2020, 2021 and 2022, the Group has incurred and
deferred
nil
, RMB
898,870
and additional RMB
5,427,260
(US$
779,264
) of deferred offering costs, respectively.
(x)
Non-controlling interests
On June 13, 2017, JYD HQ entered into
an equity investment agreement with Mr. Mak Chun Pong, the shareholder of TYPHK, to acquire
67
% of equity interest in TYPHK with HKD
6,781
. Since the Group retains the control of TYPHK, the remaining
33
% of equity interest in TYPHK from the other shareholder, Cargo
Link Logistics HK Company Limited, was accounted for as non-controlling interest.
On October 30, 2021, JYD WLKJ entered
into a joint venture agreement with Cargo Link Logistics HK Company Limited and Ms. Zheng Yan, to set up JYD SHWL. Since the Group retains
control of JYD SHWL, the remaining
44
% of equity interest from Cargo Link Logistics HK Company Limited and
5
% of equity interest from
Ms. Zheng Yan in JYD SHWL were accounted for as non-controlling interests.
In November 2021, the Company
acquired
33
% non-controlling interests of JYD HKGJHY from Cargo Link Logistics HK Company Limited at the consideration of
nil
. The
non-controlling interest was HKD
47,844
at the date of acquisition. Upon completion of the acquisition, the Company acquired
100
%
equity interest of JYD HKGJHY. Changes in controlling ownership interest that do not result in a loss of control of the subsidiary
are accounted for in accordance with ASC 810. Any difference between the consideration paid by the parent to a non-controlling
interest shareholder and the adjustment to the carrying amount of the non-controlling interest in the subsidiary is recognized
directly in equity (i.e. additional paid-in capital) and attributable to the controlling interest.
F-
19
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(x)
Non-controlling interests
(cont.)
In July 2022, JYD WLKJ entered into
a joint venture agreement with Mr. He Pengtao, to set up JYD YCKJ. Since the Group retains control of JYD YCKJ, the the remaining
48
%
of equity interest in JYD YCKJ from Mr. He Pengtao was accounted for as non-controlling interest.
As of December 31, 2021 and 2022,
the balance of non-controlling interest is as following.
Entity
As of December 31,
2021
As of
December 31,
2022
RMB
RMB
US$
TYPHK
(
62,187
)
(
72,220
)
(
10,370
)
JYD SHWL
(
55,057
)
(
890,560
)
(
127,869
)
JYD YCKJ
-
(
1,465,290
)
(
210,391
)
Total
(
117,244
)
(
2,428,070
)
(
348,630
)
(y)
Employee benefits
According to the regulations of the
PRC, full-time eligible employees of the Group in the PRC are entitled to various government statutory employee benefit plans, including
medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated
employee benefit plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages
of the qualified employees' salaries. The Group has no further commitments beyond its monthly contribution. Employee social benefits
included as costs and expenses in the accompanying consolidated statements of income and comprehensive income amounted to RMB
334,896
,
RMB
1,187,520
and RMB
2,170,805
(US$
311,691
) for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2021
and 2022, the outstanding social insurance plan contributions payable were RMB
25,319
and RMB
20,960
(US$
3,010
), respectively.
(z)
Leases
The Company adopted ASC 842 on January
1, 2019 on a modified retrospective basis and elected the practical expedients permitted under the transition guidance, which allows the
Company to carryforward the historical lease classification, the assessment on whether a contract is or contains a lease, and the initial
direct costs for any leases that exist prior to adoption of the new standard.
At inception of a contract, the Group
assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of
an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group
assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic
benefits from the use of the asset and whether it has the right to control the use of the asset.
The right-of-use assets and related
lease liabilities are recognized at the lease commencement date. The Group recognizes operating lease expenses on a straight-line basis
over the lease term.
Leases with an initial term of 12
months or less are short-term lease and not recognized as operating lease right-of-use assets and operating lease liabilities on the consolidated
balance sheet. The Group recognizes lease expense for short-term leases on a straight-line basis over the lease term.
F-
20
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(z)
Leases
(cont.)
The right-of-use of asset is initially
measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement
date, plus any initial direct costs incurred and less any lease incentive received.
Operating lease liabilities are recognized
based on the present value of the lease payments not yet paid, discounted using the average borrowing rate of the Group's outstanding
loans.
Lease term includes rent holidays
and options to extend or terminate the lease when the Group is reasonably certain that the Group will exercise that option. The lease
assets for operating leases consist of the amount of the measurement of the lease liabilities and any prepaid lease payments. Operating
lease expense is recognized on a straight-line basis over the lease term by adding interest expense determined using the effective interest
method to the amortization of the operating lease right-of-use assets. Interest expense is determined using the effective interest method.
The Group's lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The Group reviews the impairment of
its ROU assets consistent with the approach applied for its other long-lived assets. The Group reviews the recoverability of its long-lived
assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment
of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax
cash flows of the related operations. The Group has elected to include the carrying amount of operating lease liabilities in any tested
asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows.
(aa)
Income taxes
The Group accounts for current income
taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year
as adjusted for items, which are non-assessable or disallowed. The tax rates and tax laws used to compute the amount are those that are
enacted or substantively enacted at the end of the reporting period.
The Group accounts for income taxes
under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between
the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases ("Temporary
differences").
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. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which the asset or
liability will be settled, based on rates enacted or substantively enacted at the end of the reporting period. Valuation allowances are
established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
F-
21
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(aa)
Income taxes
(cont.)
The
provisions of ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for
consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation
also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets
and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company will recognize
interest and penalties, if any, related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated
statement of operations. Accrued interest and penalties will be included on the related tax liability line in the consolidated balance
sheet. The Group believes there were no uncertain tax positions as of
December
31, 2020, 2021 and 2022, respectively.
Guidance was also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group's uncertain tax positions and determining its provision for income taxes. The Group did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2020, 2021 and 2022.
(ab)
Value added tax ("VAT")
The Group is subject to VAT and related
surcharges on revenues generated from providing services. Revenue from providing services and sales of products is generally subject to
VAT at applicable tax rates, and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT
over input VAT is reflected tax payable. The Group reports revenue net of PRC's VAT for all the periods presented in the Consolidated
Statements of Income.
The PRC VAT rate is
0
%,
1
%,
6
% and
9
% for taxpayers providing logistics services and
13
% for product sales for the years ended December 31, 2020, 2021 and 2022.
The Notice of Ministry of Finance
("MOF") and State Administration of Taxation ("SAT") on the Adjustment to VAT Rates, promulgated on April 4, 2018
and effective as of May 1, 2018, adjusted the applicative rate of VAT. The deduction rates of
17
% and
11
% applicable to the taxpayers
who have VAT taxable sales activities or imported goods are adjusted to
16
% and
10
%, respectively. For the export goods to which a tax
rate of
17
% was originally applicable and the export rebate rate was
17
%, the export rebate rate is adjusted to
16
%. For the export goods
and cross-border taxable activities to which a tax rate of
11
% was originally applicable and the export rebate rate was
11
%, the export
rebate rate is adjusted to
10
%.
Pursuant to the Announcement on Relevant
Policies for Deepening Value-Added Tax Reform, which was promulgated by MOF, SAT and the General Administration of Customs on March 20,
2019 and became effective on April 1, 2019, where (i) for VAT taxable sales or imports of goods originally subject to value-added tax
rates of
16
%, such tax rates shall be adjusted to
13
%; (ii) for the exported goods originally subject to a tax rate of
16
% and an export
tax refund rate of
16
%, the export tax refund rate shall be adjusted to
13
%.
F-
22
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(ac)
Share-based compensation
The Group grants shares ("Share-based
Awards") to external consultants in exchange for services provided and accounts for share-based compensation in accordance with
ASC 718, Compensation-Stock Compensation. Share-based awards are measured at the grant date fair value of the shares granted. For shares
with performance conditions, the Group would recognize compensation cost if and when it concludes that it is probable that the performance
condition will be achieved.
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 Group for accounting purposes.
(ad)
Earnings per share
The Group computes earnings per share
("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies
with complex capital structures to present basic and diluted EPS.
Basic EPS are computed by dividing
income available to ordinary shareholders of the Group by the weighted average ordinary shares outstanding during the period. Diluted
EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised
and converted into ordinary shares. As of December 31, 2020, 2021 and 2022, there was no dilution impact.
(ae)
Comprehensive income
Comprehensive income is defined as
the increase in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting
from investments by owners and distributions to owners. Among other disclosures, ASC 220,
Comprehensive Income
, requires that all
items that are required to be recognized under current accounting standards as components of comprehensive income be reported in a financial
statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Group's
comprehensive income included net income and foreign currency translation adjustments that are presented in the consolidated statements
of comprehensive income.
F-
23
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Cont.)
(af)
Statutory reserves
The Company's PRC subsidiaries
are required to reserve
10
% of their net profit after income tax, as determined in accordance with the PRC accounting rules and regulations.
Appropriation to the statutory reserve by the Group is based on profit arrived at under PRC accounting standards for business enterprises
for each year. The profit arrived at must be set off against any accumulated losses sustained by corresponding PRC subsidiaries in prior
years, before allocation is made to the statutory reserve. Appropriation to the statutory reserve must be made before distribution of
dividends to shareholders. The appropriation is required until the statutory reserve reaches
50
% of the registered capital. This statutory
reserve is not distributable in the form of cash dividends. For the years ended December 31, 2020, 2021 and 2022, statutory reserve provided
were RMB
823,564
, RMB
979,039
and RMB
2,203,279
(US$
316,354
), respectively.
(ag)
Contingencies
From time to time, the Group may become
involved in litigation relating to claims arising in the ordinary course of the business. There are no claims or actions pending or threatened
against the Group that, if adversely determined, would in the Group's management's judgment have a material adverse effect
on the Group.
(ah)
Concentration of risks
Concentration of Credit Risks
Financial instruments that potentially
expose the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company places its cash with
financial institutions with high credit ratings and quality. As of December 31, 2021 and 2022, RMB
35,463,754
and RMB
27,832,171
(US$
3,996,229
)
of the Group's cash were on deposit at financial institutions in the PRC, respectively.
The Group has a concentration of its
account receivables and revenues with specific customers. As of December 31, 2021, three customers accounted for
20.7
%,
14.8
% and
10.2
%
of accounts receivable, respectively. As of December 31, 2022, two customers each accounted for
13.0
% of accounts receivable, respectively.
For the year ended December 31, 2020, three customers accounted for approximately
17.9
%,
15.7
% and
10.7
% of the total revenue, respectively.
For the year ended December 31, 2021, one customer accounted for approximately
13.1
% of the total revenue. For the year ended December
31, 2022, two customers accounted for approximately
18.0
% and
11.3
% of the total revenue, respectively.
The Company conducts credit evaluations
of customers, and generally does not require collateral or other security from its customers. The Company establishes an allowance for
doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific customers.
F-
24
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (
Cont.)
(ah)
Concentration of risks
(cont.)
Concentration of Credit Risks
(cont.)
The Group also has a concentration
of its account payables and purchases with specific suppliers. As of December 31, 2021, two suppliers accounted for
59.1
% and
11.4
%
of the total accounts payable balance, respectively. As of December 31, 2022, two suppliers accounted for
28.1
% and
12.8
% of the total
accounts payable balance, respectively. For the years ended December 31, 2020 and 2021, one supplier accounted for
58.0
% and
36.4
% of
the total purchases, respectively. For the year ended December 31, 2022, two suppliers accounted for
20
% and
19.8
% of the total purchases,
respectively.
Foreign Exchange Risk
The Groups' operations are primarily
in China. The reporting currency is denominated in RMB. The Group is exposed to currency risk primarily through sales and purchases which
give rise to receivables, payables and cash balances that are denominated in currencies other than the functional currency of the operations
to which the transactions relate. Thus, revenues and results of operations may be impacted by exchange rate fluctuations between RMB and
U.S. dollars.
(ai)
Recent accounting pronouncements
In June 2016, the FASB issued ASU
No. 2016-13, "Financial Instruments — Credit Losses", which will require the measurement of all expected credit losses
for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts.
Further, the FASB issued ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11 and ASU No. 2021-02 to provide additional
guidance on the credit losses standard. For all other entities, the amendments for ASU No. 2016-13 are effective for fiscal years beginning
after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Adoption of the ASUs is on
a modified retrospective basis. The Group will adopt ASU No. 2016-13 from January 1, 2023. The Group is in the process of evaluating the
impacts the standards will have on its consolidated financial statements.
Other accounting standards that have
been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial
statements upon adoption. The Group does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated
to its consolidated financial condition, results of operations, cash flows or disclosures.
F-
25
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3.
ACCOUNTS RECEIVABLE, NET
Accounts receivable consisted of the
following:
As of
December 31,
December 31,
2021
2022
RMB
RMB
US$
Accounts receivable
88,228,296
32,098,662
4,608,830
Allowance for doubtful accounts
(
682,905
)
(
1,185,328
)
(
170,193
)
Total accounts receivable, net
87,545,391
30,913,334
4,438,637
The movement of allowance of doubtful
accounts is as follows:
As of
December 31,
December 31,
2021
2022
RMB
RMB
US$
Beginning balance
240,199
682,905
98,054
Addition
442,706
700,505
100,580
Write off
-
(
198,082
)
(
28,441
)
Ending balance
682,905
1,185,328
170,193
The Group recorded bad debt expenses
of RMB
71,718
, RMB
442,706
and RMB
700,505
(US$
100,580
) for the years ended 2020, 2021 and 2022, respectively. For the year ended December
31, 2022, the Group had written off RMB
198,082
(US$
28,441
) in bad debt.
F-
26
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4.
PREPAID EXPENSES AND OTHER
CURRENT ASSETS, NET
Prepaid expenses and other current
assets consisted of the following:
As of
December 31,
December 31,
2021
2022
RMB
RMB
US$
Advances to suppliers (a)
20,578,203
2,222,046
319,049
Tax refund (b)
7,931,578
1,924,536
276,331
Deposits (c)
1,952,388
6,238,305
895,716
Other receivables (d)
2,833,783
2,063,807
296,328
33,295,952
12,448,694
1,787,424
Allowance of doubtful accounts
(
4,744,565
)
(
237,704
)
(
34,130
)
Total prepaid expenses and other receivables, net
28,551,387
12,210,990
1,753,294
(a)
The balance mainly represents
the advance payments made chartered airlines freight services and rent.
(b)
The balance mainly represents
the tax refund JYD SM entitled from international trading business. Jayud has recorded a full allowance for the portion with doubt of
collection.
(c)
The balance mainly represents
the current operational deposits for lease and cargo space reservation to vendors. The significant increase was mainly due to the business
growth of our freight forwarding services provided.
(d)
The balance mainly represents
the customs or fees that Jayud paid on behalf of customers and advances to employees.
The movement of allowance of doubtful
accounts is as follows:
As of
December 31,
December 31,
2021
2022
RMB
RMB
US$
Beginning balance
4,744,728
4,744,565
681,240
Addition
-
237,704
34,130
Reverse
(
163
)
-
-
Write off
-
(
4,744,565
)
(
681,240
)
Ending balance
4,744,565
237,704
34,130
The Group recorded bad debt expenses of RMB
144,687
, RMB
nil
and RMB
237,704
(US$
34,140
)
for the years ended December 31, 2020, 2021 and 2022, respectively. For the year ended December 31, 2022, the Group had write off RMB
4,744,565
(US$
681,240
) in bad debt since after all collection efforts have been exhausted.
F-
27
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5.
PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted
of the following:
As of
December 31,
December 31,
2021
2022
RMB
RMB
US$
Motor vehicles
1,428,587
1,538,213
220,862
Electronic equipment
1,255,203
1,783,988
256,151
Machinery
117,656
1,119,594
160,755
Other equipment
639,424
1,041,034
149,473
Subtotal
3,440,870
5,482,829
787,241
Less: accumulated depreciation
(
2,286,895
)
(
2,869,565
)
(
412,020
)
Property and equipment, net
1,153,975
2,613,264
375,221
Depreciation expense was RMB
754,302
,
RMB
545,048
and RMB
685,714
(US$
98,457
) for the years ended December 31, 2020, 2021 and 2022, respectively.
6.
INTANGIBLE ASSETS, NET
Intangible asset, net consisted of
the following:
As of
December 31,
December 31,
2021
2022
RMB
RMB
US$
Software
1,438,174
1,438,175
206,498
Less: accumulated depreciation
(
517,266
)
(
680,216
)
(
97,668
)
Intangible asset, net
920,908
757,959
108,830
Amortization expense was RMB
124,686
,
RMB
143,818
and RMB
162,950
(US$
23,397
) for the years ended December 31, 2020, 2021 and 2022, respectively.
F-
28
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7.
SHORT-TERM BORROWINGS
Short-term borrowings represent amounts
due to various banks normally maturing within one year. The principal of the borrowings is due at maturity. Accrued interest is due either
monthly or quarterly. The bank borrowings are for working capital and capital expenditure purposes. The balance of short-term borrowings
consists of the following:
As of
December 31,
December 31,
2021
2022
RMB
RMB
US$
China Construction Bank Shenzhen Shangbu Branch (a)
7,900,000
-
-
Industrial and Commercial Bank of China (b)
3,000,000
3,000,000
430,750
Shenzhen Futian Yinzuo Rural Bank(c)
-
2,000,000
287,166
Bank of China Shenzhen Dongbu Branch (d)
-
9,800,000
1,407,116
Total
10,900,000
14,800,000
2,125,032
(a)
On October 13, 2021, JYD HQ entered
into an entrusted loan agreement with Shenzhen Guarantee Group Co. LTD ("SZ Guarantee"). SZ Guarantee requested the Shezhen
Shangbu Branch of China Construction Bank to grant a one-year maturity loan of total amount of RMB
8,000,000
(US$
1,148,666
) with an interest
rate of
3.60
%. The loan was guaranteed by JYD SM and shareholders of the Group (Xiaogang Geng and Xiaohua Jia). RMB
100,000
was repaid
during the year ended December 31, 2021, and the remaining balance of RMB
7,900,000
(USD1,
134,308
) was fully repaid during the year ended
December 31, 2022.
(b)
On March 15, 2020, JYD HQ initially entered into a loan agreement with Industrial and Commercial Bank of China in the total amount of RMB
3,000,000
(US$
430,750
) with a half-year term with an interest rate of
4.65
%.
The loan is subject to repayment and is eligible for renewal every six month and the newest term was from March 15, 2022 to September 15, 2022 with an updated interest rate of
4.3
%. The loan was renewed for another six months in September 2022 and due in March
2023. In March 23, the loan was renewed for another six months to September 2023.
(c)
On June 27, 2022, JYD WLKJ entered
into a loan agreement with Shenzhen Futian Yinzuo Rural Bank in the total amount of RMB
2,000,000
(US$
287,167
) with an interest rate of
10.51
% with one-year term.
(d)
On November 14, 2022, JYD HQ entered
into a one-year maturity loan agreement with Bank of China Shenzhen Dongbu Branch in the total amount of RMB
10,000,000
(US$
1,435,833
)
with an interest rate of
4.34
%. The loan was guaranteed by Shenzhen SME Financing Guarantee Co., LTD. and shareholders of the Group (Xiaogang
Geng and Xiaohua Jia). JYD HQ has repaid RMB
200,000
(USD
28,717
) during the year ended December 31, 2022.
Interest expenses were RMB
448,601
,
RMB
343,544
and RMB
483,727
(US
69,455
) for short-term borrowings for the years ended December 31, 2020, 2021 and 2022,
respectively.
F-
29
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
8.
ACCRUED EXPENSES AND OTHER
CURRENT LIABILITIES
As of
December 31,
December 31,
2021
2022
RMB
RMB
US$
Accrued payroll and employee benefits
3,385,258
2,089,072
299,956
Payable to third parties (a)
2,084,745
1,209,742
173,699
Deposit payable
1,118,416
619,786
88,991
Others
650,634
299,132
42,950
Total
7,239,053
4,217,732
605,596
(a)
The balance mainly represents
the payables for acquiring services for daily operations such as property fees, rent and utility bills as well as professional and consulting
services as of December 31, 2021 and 2022.
9.
LOANS PAYABLE - THIRD PARTIES
As of
December 31,
December 31,
2021
2022
RMB
RMB
US$
Jia Li
4,800,000
-
-
Total
4,800,000
-
-
On August 2, 2021, Jayud borrowed
an interest-free loan from Jia Li of RMB
4,800,000
for seven months. The loan was fully repaid in March 2022.
F-
30
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
10.
LEASES
Supplemental balance sheet information
related to operating lease was as follows:
As of
December 31,
December 31,
2021
2022
RMB
RMB
US$
Right-of-use assets
6,463,320
31,403,688
4,509,044
Operating lease liabilities – current
3,698,233
18,079,265
2,595,880
Operating lease liabilities – non-current
2,539,151
13,276,535
1,906,288
Total operating lease liabilities
6,237,384
31,355,800
4,502,168
The weighted average remaining lease
terms and discount rates for the operating lease as of December 31, 2022 were as follows:
Remaining lease term and discount rate:
Weighted average remaining lease term (years)
2.57
Weighted average discount rate
4.20
%
For the years ended December 31, 2020,
2021 and 2022, the Group incurred total operating lease expenses of RMB
3,205,424
, RMB
3,498,048
and RMB
10,933,292
(US$
1,569,838
) respectively.
The following is a schedule of future
minimum payments under the Group's operating leases as of December 31, 2022:
Year
Amounts
2023
19,078,380
2024
12,474,763
2025
202,248
2026
210,210
2027
210,210
Thereafter
781,282
Total lease payments
32,957,093
Less: imputed interest
(
1,601,293
)
Total operating lease liabilities, net of interest
31,355,800
F-
31
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11.
LONG-TERM BORROWING
Long-term borrowing represents the
amount due to various banks normally maturing over
one year
. The principal of the borrowings is due at maturity. Accrued interest is due
either monthly or quarterly. The bank borrowings are for working capital and capital expenditure purposes. The balance of long-term borrowing
consists of the following:
As of
December 31,
December 31,
2021
2022
RMB
RMB
US$
Postal Savings Bank of China
4,450,000
5,000,000
717,916
Less: to be matured within one year
(
600,000
)
(
600,000
)
(
86,150
)
Total
3,850,000
4,400,000
631,766
On January 1, 2021, JYD HQ entered
into a two-year maturity loan agreement with Postal Savings Bank of China in the total amount of RMB
5,000,000
(US$
784,228
) with an interest
rate of
4.35
%. The loan was guaranteed by Shenzhen SME Financing Guarantee Co., LTD. and shareholders of the Group (Xiaogang Geng and
Xiaohua Jia). RMB
550,000
was repaid during the year ended December 31, 2021, and the remaining balance was fully repaid on December 28,
2022.
On December 30, 2022, JYD SM entered
into a new two-year maturity loan agreement with Postal Savings Bank of China in the total amount of RMB
5,000,000
(US$
717,916
) with
an interest rate of
4.15
%. The loan was guaranteed by Shenzhen SME Financing Guarantee Co., LTD. and shareholders of the Group
(Xiaogang Geng and Xiaohua Jia). According to the loan agreement, RMB
50,000
(US$
7,179
) will be paid monthly starting from January
2023 until December 2024, and remaining balance of RMB
3,800,000
(US$
545,616
) will be paid at the end of the loan term.
Interest expenses were RMB
nil
, RMB
197,103
and RMB
172,578
(US$
24,779
) for long-term borrowings for the years ended December 31, 2020, 2021 and 2022, respectively.
12.
TAXATION
Cayman Islands
The Company is incorporated in the
Cayman Islands. Under the current laws of the Cayman Islands, these entities are not subject to income or capital gains taxes. In addition,
dividend payments are not subject to withholding tax in the Cayman Islands.
F-
32
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
12.
TAXATION
(Cont.)
Hong Kong
Entities incorporated in Hong Kong
are subject to profits tax in Hong Kong at the rate of
16.5
%. According to Tax (Amendment) (No. 3) Ordinance 2018 published by Hong
Kong government, effective April 1, 2018, under the two-tiered profits tax rates regime, the profits tax rate for the first HKD
2
million of assessable profits will be lowered to
8.25
% (half of the rate specified in Schedule 8 to the Inland Revenue Ordinance
(IRO)) for corporations. The Group was not subject to Hong Kong profit tax for any period presented as it did not have assessable
profit during the periods presented.
PRC
Generally, the Company's subsidiaries
that are considered PRC resident enterprises under PRC tax law, are subject to enterprise income tax on their worldwide taxable income
as determined under PRC tax laws and accounting standards at a rate of
25
%.
For the year ended December 31, 2020
and 2021, JYD WLKJ, JYD SZGJHY, JYD SM, JYD XC, JYD BG, JYD XYX, JYD NJWL, JYD DS, JYD SHWL were recognized as small low-profit enterprises
and there was one additional subsidiary, JYD YCKJ, was recognized as small low-profit enterprise for the year ended December 31, 2022.
For the year ended December 31, 2022, JYD WLKJ changed to be a general taxpayer whose applicable tax rate is
25.0
% and other subsidiaries
remained unchanged. Entities with annual taxable income exceeding RMB
3,000,000
, total assets exceeding RMB
50,000,000
, and their number
of employees exceeding 300 are considered general taxpayer.
In January 2019, the State Administration
of Taxation announced that from January 1, 2019 to December 31, 2021, small and low-profit enterprises can enjoy a 20% corporate income
tax rate on 25% of their taxable income amount for the proportion of taxable income not exceeding RMB1 million; and a 20% corporate income
tax on 50% of their taxable income amount of more than RMB1 million but not exceeding RMB3 million. The State Administration of Taxation
further announced that from January 1, 2022 to December 31, 2022, for the portion of taxable income not exceeding RMB1 million, the amount
of taxable income can be halved from 25% to 12.5%, and the corporate income tax will be levied at 20%, for small and low-profit enterprises,
and from January 1, 2022 to December 31, 2024, small and low-profit enterprises can enjoy a 20% corporate income tax rate on 25% of the
taxable income amount for the portion of taxable income more than RMB1 million but not exceeding RMB3 million.
The income tax provision consisted
of the following components:
For the years ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
Current income tax expenses
2,637,319
839,107
2,465,462
353,999
Deferred income tax (benefits)/expenses
(
1,002,390
)
864,072
116,755
16,764
Total income tax expenses
1,634,929
1,703,179
2,582,217
370,763
F-
33
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
12.
TAXATION
(Cont.)
For the years ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
Income / (loss) before provision for income taxes is attributable to the following geographic locations:
PRC
4,728,447
12,016,517
8,630,868
1,239,248
Foreign
(
46,390
)
(
89,670
)
(
4,670,754
)
(
670,642
)
Total Income before Income Taxes
4,682,057
11,926,847
3,960,114
568,606
Reconciliation between the provision
for income taxes computed by applying the PRC EIT rate of
25
% to income before income taxes and the actual provision of income taxes is
as follows:
For the years ended December 31,
2020
2021
2022
PRC statutory income tax rate
25.0
%
25.0
%
25.0
%
Impact of different tax rates in other jurisdictions
0.0
%
0.0
%
22.3
%
Effect of preferential tax rate
(
2.3
)%
(
6.4
)%
53.3
%
Non-deductible (Non-taxable) items
1.5
%
0.9
%
0.9
%
Effect of additional R&D deduction
0.0
%
0.0
%
(
9.0
)%
Tax effect on deferred offering costs
0.0
%
(
1.9
)%
(
32.3
)%
Change in valuation allowance
10.7
%
(
3.3
)%
5.0
%
Effective tax rate
34.9
%
14.3
%
65.2
%
The effect on deferred offering costs
mainly resulted from the book-tax difference of capitalization for initial public offerings expenses. The deferred offering costs are
deductible under PRC tax regulation.
As of December 31, 2021 and 2022,
the significant components of the deferred tax assets and deferred tax liability were summarized below:
As of
December 31,
2021
December 31,
2022
RMB
RMB
US$
Deferred tax assets:
Net operating loss carried forward
1,724,529
1,750,257
251,308
Bad debt provision
39,337
96,568
13,866
Less: Valuation allowance
(
1,625,548
)
(
1,825,262
)
(
262,078
)
Deferred tax assets, net of valuation allowance
138,318
21,563
3,096
F-
34
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
12.
TAXATION
(Cont.)
As
of December 31, 2022, PRC net operating loss carry forward will
expire, if unused, in the following amounts:
For the fiscal years ended December 31,
Amounts
2023
1,624,913
2024
2,206,569
2025
3,216,362
2026
395,107
2027
12,468,752
19,911,703
Valuation allowances have been provided
on the deferred tax assets where, based on all available evidence, it was considered more likely than not that some portion or all of
the recorded deferred tax assets will not be realized in future periods.
Net operating loss from Hong Kong can be carried forward indefinitely.
The Group evaluates each uncertain
tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized
benefits associated with the tax positions. As of December 31, 2021 and 2022, the Group did not have any significant unrecognized uncertain
tax positions.
The Group's taxes payable consists
of the following:
As of
December 31,
2021
December 31,
2022
RMB
RMB
US$
Income tax payable
1,820,229
1,768,285
253,896
VAT and other taxes payable
525,685
362,148
51,998
Total taxes payable
2,345,914
2,130,433
305,894
13.
EQUITY
Ordinary shares
The Company's authorized share
capital comprises of (i)
480,000,000
Class A ordinary shares of par value US$
0.0001
each and (ii)
20,000,000
Class B ordinary shares of
par value US$
0.0001
each. On June 10, 2022, the Company issued
9,420,000
Class A ordinary shares and
6,409,600
Class B ordinary shares.
On September 6, 2022, the Company issued another
1,370,400
Class A ordinary shares which issuance was considered as being part of the
reorganization of the Group and was retroactively applied as if the transaction occurred at the beginning of the period presented.
On September 7, 2022, the Company
granted
800,000
Class A ordinary shares to its financial advisory consultant as the consideration in the form of bonus with a performance
condition of a successful initial public offering ("IPO") under the professional financial advisory services originally agreed
in 2022. Granted shares shall be subject to a right of repurchase by the Company for
nil
consideration if the Company fails to achieve
a successful IPO.
F-
35
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
13.
EQUITY
(Cont.)
Subscription receivable
On September 9, 2022, the Company
entered into a share subscription agreement with various third party investors for
2,000,000
Class A ordinary shares at the consideration
of $
5,000,000
. The price was negotiated with investors, based on the company's performance and taking into consideration of the
market value of comparable companies in the same industry at that time. Since the consideration was not received as of December 31, 2022
for the
2,000,000
shares issued, a subscription receivable was recognized against the share capital and additional paid-in capital. The
Company received the consideration in January and February 2023.
Capital injection by shareholders
For the year ended December 31, 2021, one of the shareholders, Mr.
Yi Yu, made a capital injection of RMB
400,000
to JYD DS. In March and April 2022, shareholders
of JYD WLKJ made capital injection of RMB
24,680,000
(US$
3,543,635
) to JYD WLKJ.
Capital injection by non-controlling
shareholder
In September 2022, the non-controlling
shareholder of JYD YCKJ made a capital injection of RMB
200,000
(US$
28,717
) to JYD YCKJ.
Dividend
In February and March 2022, JYD DS,
JYD WLKJ, and HQ declared dividend to their shareholders with total amount of RMB
18,770,000
(US$
2,695,058
). Out of the total dividend
declared, RMB
6,839,000
(US$
981,966
) was inter-group dividend, and RMB
11,931,000
(US$
1,713,092
) was to individual shareholders. During
the year ended December 31, 2022, RMB
4,993,500
(US$
716,983
) of the distribution has been paid to individual shareholders, and RMB
6,937,500
(US$
996,109
) was outstanding and included in the other payables to shareholders.
Restricted net assets
A significant portion of the Group's
operations are conducted through its PRC (excluding Hong Kong) subsidiaries, the Company's ability to pay dividends is primarily
dependent on receiving distributions of funds from subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends
by subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations,
and after it has met the PRC requirements for appropriation to statutory reserves. The Group is required to make appropriations to certain
reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined
in accordance with generally accepted accounting principles of the PRC ("PRC GAAP"). Appropriations to the statutory surplus
reserve are required to be at least
10
% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal
to
50
% of the entity's registered capital. Appropriations to the surplus reserve are made at the discretion of the Board of Directors.
Paid-in capital of subsidiaries included in the Company's consolidated net assets are also non-distributable for dividend purposes.
As a result of these PRC laws and
regulations, the Company's PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company.
As of December 31, 2021 and 2022, net assets restricted in the aggregate, which include paid-in capital, additional paid-in capital and
statutory reserve funds of the Company's subsidiaries, that are included in the Company's consolidated net assets were approximately
RMB
22.6
million and RMB
63.4
million (US$
9.1
million), respectively.
F-
36
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
14.
RELATED PARTY BALANCES AND
TRANSACTIONS
Accounts receivable - related parties
As of December 31, 2021 and 2022,
accounts receivable from a related party consisted of the following:
Name
Relationship
Nature
As of
December 31,
2021
As
of
December 31,
2022
RMB
RMB
US$
Shenzhen Feijia Supply Chain Management Co., Ltd
45% shares owned by Yuncang's 48% interest minor shareholder
Logistic services
-
1,676,016
240,648
Cargo Link Logistics HK Company Limited
Owns 33% of shares of Sky Pacific Logistics HK Company Limited
Logistic services
26,154
-
-
26,154
1,676,016
240,648
Prepaid expenses - a related party
As of December 31, 2021 and 2022,
prepaid expenses from a related party consisted of the following:
Name
Relationship
Nature
As of
December 31,
2021
As
of
December 31,
2022
RMB
RMB
US$
Winpass Logistics (HK) Co., Limited
100% controlled by Xiaohua Jia
Logistic services
1,674,157
-
-
1,674,157
-
-
F-
37
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
14.
RELATED PARTY BALANCES AND
TRANSACTIONS
(Cont.)
Accounts payable - related parties
As of December 31, 2021 and 2022,
accounts payable to related parties consisted of the following:
Name
Relationship
Nature
As of
December 31,
2021
As
of
December 31,
2022
RMB
RMB
US$
Winpass Logistics (HK) Co., Limited
100% controlled by Xiaohua Jia
Logistic services
205,695
240,175
34,485
Cargo Link Logistics HK Company Limited
Owns 33% of shares of Sky Pacific Logistics HK Company Limited
Logistic services
60,772,958
7,185,009
1,031,647
60,978,653
7,425,184
1,066,132
Loans payable - related parties
As of December 31, 2021 and 2022,
loan payable to a related party consisted of the following:
Name
Relationship
Nature
As of
December 31,
2021
As
of
December 31,
2022
RMB
RMB
US$
Shenzhen Quanjieyuan Enterprise Management Consulting Partnership (Limited Partnership) (a)
Controlled by Xiaogang Geng & Xiaohua Jia
Loan (a)
1,000,000
-
-
Minfang Cheng (b)
Executive of the Group
Loan and related interests (b)
612,000
-
-
1,612,000
-
-
(a)
For the year ended December 31, 2021, Jayud borrowed a total amount RMB
1,500,000
from Shenzhen Quanjieyuan Enterprise Management Consulting Partnership (Limited Partnership) without interest for a half year and repaid RMB
500,000
. For the year ended December 31, 2022, the Company borrowed another RMB
500,000
in FY2022 and fully repaid RMB
1,500,000
.
(b)
On August 28, 2021, Jayud borrowed
a short-term loan from Minfang Cheng of RMB
600,000
with an interest rate of
6
% for a half year. Jayud recorded an interest expense of
RMB
12,000
and RMB
6,000
(US$
861
) for the loan for the year ended December 31, 2021 and 2022, respectively. The total amount of RMB
618,000
(US$
88,734
) was repaid on March 8, 2022.
F-
38
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
14.
RELATED PARTY BALANCES AND
TRANSACTIONS
(Cont.)
Others payable - related parties
As of December 31, 2021 and 2022,
others payable to related parties consisted of the following:
Name
Relationship
Nature
As of
December 31,
2021
As
                                            of
December 31,
2022
RMB
RMB
US$
Winpass Logistics (HK) Co., Limited
100% controlled by Xiaohua Jia
Paid on behalf of the Group (a)
1,370,270
1,371,882
196,979
Cargo Link Logistics HK Company Limited
Owns 33% of shares of Sky Pacific Logistics HK Company Limited
Paid on behalf of the Group (b)
510,875
663,976
95,336
Shenzhen Feijia Supply Chain Management Co., Ltd ("Feijia")
45% shares owned by Yuncang's 48% interest minor shareholder
Purchase of equipment (c)
-
441,800
63,435
1,881,145
2,477,658
355,750
(a)
For the year ended December 31,
2020, Winpass paid on behalf of Jayud in a total amount of RMB
4,092,436
and collected a total amount of RMB
1,040,074
. For the year ended
December 31, 2021, Winpass paid on behalf of Jayud in a total amount of RMB
16,467,687
and collected a total amount of RMB
18,601,890
.
For the year ended December 31, 2022, Winpass paid on behalf of Jayud in a total amount of RMB
4,608,483
(US$
661,701
) and collected a
total amount of RMB
4,606,871
(US$
661,470
).
(b)
For the years ended December 31,
2020, 2021 and 2022, Cargo Link paid on behalf of Jayud in a total amount of RMB
11,480
, RMB
364,588
and RMB
153,101
(US$
21,983
), respectively.
(c)
For the year ended December 31,
2022, Jayud purchased warehouse equipment from Feijia in a total amount of RMB
441,800
(US$
63,435
).
F-
39
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
14.
RELATED PARTY BALANCES AND
TRANSACTIONS
(Cont.)
Loans payable – shareholders
As of December 31, 2021 and as of
December 31, 2022, loans payable to shareholders consisted of the following:
Name
Relationship
Nature
As of
December 31,
2021
As of
December 31,
2022
RMB
RMB
US$
Xiaogang Geng
Shareholder
Loan (a)
190,000
-
-
Xiaohua Jia
Shareholder
Loan (b)
330,000
-
-
Dun Zhao
Shareholder
Loan and related interests (c)
2,040,000
-
-
2,560,000
-
-
(a)
For the year ended December 31,
2021, Jayud borrowed a total amount of RMB
520,000
without interest for 18 months from Geng Xiaogang and repaid RMB
330,000
. For the year
ended December 31, 2022, Jayud borrowed a total amount of RMB
1,000,000
(US$
143,583
) without interest and fully repaid the balance of
RMB
1,190,000
(US$
170,864
).
(b)
For the year ended December 31,
2021, Jayud borrowed a total amount of RMB
3,685,000
without interest for 8 months from Jia Xiaohua and repaid RMB
3,355,000
. For the
year ended December 31, 2022, Jayud borrowed a total amount of RMB
353,383
(US$
50,740
) without interest and fully repaid the balance
of RMB
683,383
(US$
98,122
).
(c)
For the year ended December 31,
2021, Jayud borrowed a total amount of RMB
2,000,000
with an interest rate of
6
% for 6 months from Zhao Dun and recorded interest expenses
of RMB
40,000
. For the year ended December 31, 2022, Jayud recorded an interest expense of RMB
20,000
(US$
2,980
) and fully repaid the principal
and interests in a total amount of RMB
2,060,000
(US$
295,782
).
(d)
For the year ended December 31,
2022, Jayud borrowed a total amount of RMB
4,942,000
(US$
709,588
) without interests from Huang Jian
hong
and repaid the balance during the year.
Others payable – shareholders
As of December 31, 2021 and 2022,
others payables to shareholders consisted of the following:
Name
Relationship
Nature
As of
December 31,
2021
As of
December 31,
2022
RMB
RMB
US$
Jianhong Huang
Shareholder
Dividend
1,200,000
-
-
Qing Wang
Shareholder
Business Reimbursement Payable
114,602
43,336
6,222
Xiaogang Geng
Shareholder
Dividend
-
6,225,000
893,806
Xiaohua Jia
Shareholder
Dividend
-
712,500
102,303
1,314,602
6,980,836
1,002,331
F-
40
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
14.
RELATED PARTY BALANCES AND
TRANSACTIONS
(Cont.)
Related party transactions
For the years ended December 31, 2020,
2021 and 2022, the Group had the following material related party transactions:
For the years ended
December 31,
Related Parties
Nature
2020
2021
2022
RMB
RMB
RMB
US$
Winpass Logistics (HK) Co., Limited
Purchase of logistic services
1,248,954
4,514,552
1,386,915
199,138
Winpass Logistics (HK) Co., Limited
Purchase of products
1,932,797
-
-
-
Cargo Link Logistics HK Company Limited
Purchase of logistic services
156,091,594
185,858,692
121,455,797
17,439,020
Cargo Link Logistics HK Company Limited
Provided logistic services
28,587,482
14,141,548
462,740
66,442
Cargo LINK Logistics (SHENZHEN) Company Limited
Purchase of logistic services
-
2,672,803
-
-
Shenzhen Feijia Supply Chain Management Co., Ltd
Provided logistic services
-
-
2,078,746
298,473
Shenzhen Feijia Supply Chain Management Co., Ltd
Purchase of equipment
-
-
441,800
63,435
Minfang Cheng
Interest expenses of a loan
-
12,000
6,000
861
Shareholder transaction
For the years ended December 31, 2020,
2021 and 2022, the Group had the following material shareholder transaction:
For the years ended
December 31,
Shareholder
Nature
2020
2021
2022
RMB
RMB
RMB
US$
Dun Zhao
Interest expenses of a loan
-
40,000
20,000
2,872
F-
41
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
15.
CONCENTRATION
The following table sets forth information
as to each customer that accounted for
10
% or more of total accounts receivable as of December 31, 2021 and 2022.
As of
As of
December 31, 2021
December 31, 2022
Customer
Amount
% of Total
Amount
% of Total
Amount
RMB
%
RMB
%
US$
A
18,241,469
20.7
%
*
*
*
B
13,088,371
14.8
%
*
*
*
C
9,018,665
10.2
%
*
*
*
D
*
*
4,393,790
13.0
%
630,875
E
*
*
4,376,768
13.0
%
628,431
*
Represented the percentage below
10
%
The following table sets forth information
as to each customer that accounted for
10
% or more of total revenue for the years ended December 31, 2020, 2021 and 2022.
For the year ended
December 31,
For the year ended
December 31,
For the year ended
December 31,
2020
2021
2022
Customer
Amount
% of Total
Amount
% of Total
Amount
% of Total
Amount
RMB
RMB
RMB
US$
B
51,976,003
17.9
%
*
*
*
*
*
G
45,373,496
15.6
%
*
*
*
*
*
H
31,095,213
10.7
%
*
*
*
*
*
F
*
*
*
*
117,415,978
18.0
%
16,864,138
E
*
*
71,419,145
13.1
%
73,423,394
11.3
%
10,542,371
*
Represented the percentage below
10
%
The following table sets forth information
as to each supplier that accounted for
10
% or more of total accounts payable as of December 31, 2021 and 2022.
As of
As of
December 31,
2021
December 31,
2022
Supplier
Amount
% of
Total
Amount
% of
Total
RMB
RMB
Cargo Link Logistics HK Company Limited
60,772,958
59.1
%
7,185,007
28.1
%
A
*
*
3,261,998
12.8
%
B
11,676,432
11.4
%
*
*
*
Represented the percentage below
10
%
F-
42
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
15.
CONCENTRATION
(Cont.)
The following table sets forth information
as to each supplier that accounted for
10
% or more of total purchase for the years ended December 31, 2020, 2021 and 2022.
For the year ended
For the year ended
For the year ended
December 31,
2020
December 31,
2021
December
    31,
2022
Supplier
Amount
% of Total
Amount
% of Total
Amount
% of Total
RMB
RMB
RMB
C
*
*
*
*
122,901,742
20.0
%
Cargo Link Logistics HK Company Limited
156,091,594
58.0
%
185,858,692
36.4
%
121,455,797
19.8
%
*
Represented the percentage below
10
%
16.
COMMITMENTS AND CONTINGENCIES
The Group has not entered into any
off-balance sheet financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third parties.
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.
The following table sets forth our
contractual obligations as of December 31, 2022:
Payments due by period
Total
Within
one year
Within
1-2 years
Over
2 years
RMB
Operating lease payment
32,957,093
19,078,380
12,474,763
1,403,950
Bank borrowings
19,800,000
15,400,000
4,400,000
-
Total
52,757,093
34,478,380
16,874,763
1,403,950
Other than as shown above, we did
not have any significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2022.
F-
43
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
16.
COMMITMENTS AND CONTINGENCIES
(Cont.)
The ongoing outbreak of the novel
coronavirus (COVID-19) has spread rapidly to many parts of the world. In March 2020, the World Health Organization declared the COVID-19
as a pandemic. The pandemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and business facilities
in China from February to mid-March in 2020. After the initial outbreak of COVID-19, from time to time, some instances of COVID-19 infections
have emerged in various regions of China, including the infections caused by the Omicron variants in early 2022. Such outbreak caused
significant interruption to our operations as health and governmental authorities imposed quarantine and inspection measures on our contract
carriers or restrict the flow of cargo to and from areas affected by the epidemic. Also reductions in commercial airline and cargo flights,
disruptions to ports and other shipping infrastructure resulting from the pandemic largely increased our costs and transport times to
deliver packages to our customers. The Company's profitability was negatively impacted by COVID-19, especially second half of 2022.
The extent to which COVID-19 further impacts the Company's business, results of operations, financial condition and prospects will depend
on the further developments of the pandemic, including new information concerning the global severity of the pandemic and actions to be
taken to contain the pandemic, which are highly uncertain and unpredictable.
17.
SUBSEQUENT EVENTS
Reverse Share Split
On February 16, 2023,
Jayud implemented
a 1 for 1.25 reverse share split of its ordinary shares under Cayman Islands law (the "Reverse Share Split").
As a result
of the Reverse Share Split, the total of
13,590,400
issued and outstanding Class A ordinary shares prior to the Reverse Share Split was
reduced to a total of
10,872,320
issued and outstanding Class A ordinary shares and the total of
6,409,600
issued and outstanding Class
B ordinary shares prior to the Reverse Share Split was reduced to a total of
5,127,680
issued and outstanding Class B ordinary shares.
The Reverse Share Split maintained existing shareholders' percentage ownership interests in Jayud. The Reverse Share Split also
increased the par value of Jayud's ordinary shares from $
0.0001
to $
0.000125
and decreased the number of its authorized shares from
500,000,000
to
400,000,000
, which are divided into
384,000,000
Class A ordinary shares and
16,000,000
Class B ordinary shares.
Forward Share Split
On March 16, 2023,
the Company implemented
a 1 to 1.25 forward share split of its ordinary shares under Cayman Islands Law, or the Forward Share Split.
As a result of the Forward
Share Split, the total of
10,872,320
issued and outstanding Class A ordinary shares prior to the Forward Share Split was increased back
to a total of
13,590,400
issued and outstanding Class A ordinary shares, and the total of
5,127,680
issued and outstanding Class B ordinary
shares prior to the Forward Share Split was increased back to a total of
6,409,600
issued and outstanding Class B ordinary shares. The
Forward Share Split maintained existing shareholders' percentage ownership interests in Jayud. The Forward Share Split also reduced
the par value of Jayud's ordinary shares from $
0.000125
back to $
0.0001
, and increased the number of authorized shares from
400,000,000
back to
500,000,000
, which are divided into
480,000,000
Class A ordinary shares and
20,000,000
Class B ordinary shares.
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44
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
17.
SUBSEQUENT EVENTS
(Cont.)
Completion of initial public offering
In April 2023, the Company completed
initial public offering and listed its Class A ordinary shares on the Nasdaq Capital Market under the symbol "JYD." The
Company raised approximately US$
4.86
million in net proceeds at US$
4
per share from the issuance of
1,250,000
new Class A ordinary
shares from the initial public offering and
102,223
new Class A ordinary shares from partial exercise of over-allotment option by
its underwriter after deducting underwriting discounts, commissions and expenses. Upon the completion of initial public offering,
the Company has
21,352,223
ordinary shares outstanding as comprising of (i)
14,942,623
Class A ordinary shares, and (ii)
6,409,600
Class B ordinary shares.
Warrant
On April 25, 2023, the Company issued
warrants to its underwriter to purchase up to
37,500
Class A ordinary shares. The warrants have an exercise price of US$
4.00
per share
and may be exercised on a cashless basis. The warrants are exercisable beginning September 27, 2023 and ending March 31, 2028.
Establishment of a new subsidiary
On April 25, 2023, we incorporated
Joyed Logistics Service Inc. in State of Georgia as our wholly owned US subsidiary to expend our business in U.S.
18.
CONDENSED FINANCIAL INFORMATION
OF THE PARENT COMPANY
The Company performed a test on the
restricted net assets of consolidated subsidiary in accordance with U.S. 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 condensed financial information
of the parent company, Jayud, has been prepared using the same accounting policies as set out in Jayud's consolidated financial
statements except that the parent company has used equity method to account for its investment in its subsidiaries.
Jayud's share of income and
losses from its subsidiaries is reported as incomes from subsidiaries in the accompanying condensed financial information of parent company.
Jayud is incorporated in the Cayman
Islands. Under the current laws of the Cayman Islands, Jayud is not subject to income or capital gains taxes. In addition, dividend payments
are not subject to withholdings tax in the Cayman Islands.
Jayud did not have significant capital
and other commitments, long-term obligations, or guarantees as of December 31, 2021 and 2022.
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45
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
18.
CONDENSED FINANCIAL INFORMATION
OF THE PARENT COMPANY
(Cont.)
Condensed
balance sheets
As of
December 31,
As of
December 31,
2021
2022
RMB
RMB
US$
Assets
Non-current assets
Investments in subsidiaries
16,887,523
33,325,657
4,785,006
Total assets
16,887,523
33,325,657
4,785,006
Shareholders' equity
Class A Ordinary shares (par value of US$
0.0001
per share;
480,000,000
Class A ordinary shares authorized and
10,790,400
and
13,590,400
Class A ordinary shares issued and outstanding as of December 31, 2021, 2022, respectively.)*
6,880
8,830
1,268
Class B Ordinary shares (par value of US$
0.0001
per share;
20,000,000
Class B ordinary shares authorized and
6,409,600
class B shares issued and outstanding as of December 31, 2021 and 2022, respectively.)*
4,087
4,087
587
Additional paid-in capital
13,190,206
72,691,813
10,437,328
Subscription receivable
-
(
34,823,000
)
(
5,000,000
)
Statutory reserves
2,447,862
4,651,141
667,826
Retained earnings (Accumulated deficit)
1,219,888
(
9,025,668
)
(
1,295,935
)
Accumulated other comprehensive income
18,600
(
181,546
)
(
26,068
)
Total shareholders' equity
16,887,523
33,325,657
4,785,006
Total liabilities and shareholders' equity
16,887,523
33,325,657
4,785,006
*
Ordinary shares, additional paid-in capital and share data have
been retroactively restated to give effect to the reverse recapitalization completed on September 6, 2022 (Note 1(b)).
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46
JAYUD GLOBAL LOGISTICS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
18.
CONDENSED FINANCIAL INFORMATION
OF THE PARENT COMPANY
(Cont.)
Condensed statements of comprehensive income
For the years ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
Operating income:
Share of income from subsidiaries
3,062,437
10,305,308
3,888,723
558,356
Total operating income
3,062,437
10,305,308
3,888,723
558,356
Income before income tax expense
3,062,437
10,305,308
3,888,723
558,356
Income tax expense
-
-
-
-
Net income
3,062,437
10,305,308
3,888,723
558,356
Other comprehensive income
11,615
10,158
(
200,146
)
(
28,738
)
Total comprehensive income
3
,074,052
10,315,466
3
,
688,577
529,618
Condensed statements of cash
flows
For the years ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
Cash flows from operating activities:
Net income
3,062,437
10,305,308
3,888,723
558,356
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in gain of subsidiaries
(
3,062,437
)
(
10,305,308
)
(
3,888,723
)
(
558,356
)
Net cash provided by operating activities
-
-
-
-
Net cash provided by investing activities
-
-
-
-
Net cash provided by financing activities
-
-
-
-
Net increase in cash
-
-
-
-
Cash at beginning of year
-
-
-
-
Cash at end of year
-
-
-
-
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47