0001794350
2020-01-01
2020-12-31
0001794350
2019-12-31
0001794350
2020-12-31
0001794350
2018-01-01
2018-12-31
0001794350
2019-01-01
2019-12-31
0001794350
2019-01-01
0001794350
2020-01-01
0001794350
2018-01-01
0001794350
2020-05-18
2020-05-18
0001794350
2018-12-31
0001794350
2018-06-30
2018-06-30
0001794350
2019-06-30
2019-06-30
0001794350
2019-12-31
2019-12-31
0001794350
2020-06-28
2020-06-28
0001794350
2020-08-31
2020-08-31
0001794350
2020-12-31
2020-12-31
0001794350
2018-12-31
2018-12-31
0001794350
2018-02-07
0001794350
2017-12-31
0001794350
dei:AdrMember
2020-01-01
2020-12-31
0001794350
us-gaap:CommonClassAMember
2020-01-01
2020-12-31
0001794350
dei:BusinessContactMember
2020-01-01
2020-12-31
0001794350
yala:ElectronicEquipmentMember
2020-01-01
2020-12-31
0001794350
us-gaap:VehiclesMember
2020-01-01
2020-12-31
0001794350
us-gaap:FurnitureAndFixturesMember
2020-01-01
2020-12-31
0001794350
us-gaap:CostOfGoodsTotalMember
us-gaap:SupplierConcentrationRiskMember
yala:ThirdPartyAMember
2020-01-01
2020-12-31
0001794350
us-gaap:CostOfGoodsTotalMember
us-gaap:SupplierConcentrationRiskMember
yala:ThirdPartyBMember
2020-01-01
2020-12-31
0001794350
yala:ClassARedeemableConvertiblePreferredEquityHoldersMember
2020-01-01
2020-12-31
0001794350
yala:ClassCRedeemableConvertiblePreferredEquityHoldersMember
2020-01-01
2020-12-31
0001794350
yala:SeriesPreaRedeemableConvertiblePreferredShareholdersMember
2020-01-01
2020-12-31
0001794350
us-gaap:AdditionalPaidInCapitalMember
2020-01-01
2020-12-31
0001794350
us-gaap:RetainedEarningsMember
2020-01-01
2020-12-31
0001794350
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-01-01
2020-12-31
0001794350
us-gaap:CommonClassBMember
2020-01-01
2020-12-31
0001794350
us-gaap:CommonStockMember
2020-01-01
2020-12-31
0001794350
us-gaap:CommonClassAMember
yala:SeriesPreARedeemableConvertiblePreferredSharesMember
2020-01-01
2020-12-31
0001794350
us-gaap:CommonClassAMember
yala:SeriesARedeemableConvertiblePreferredSharesMember
2020-01-01
2020-12-31
0001794350
us-gaap:CommonClassAMember
yala:SeriesAngelRedeemableConvertiblePreferredSharesMember
2020-01-01
2020-12-31
0001794350
us-gaap:AdditionalPaidInCapitalMember
yala:SeriesAngelRedeemableConvertiblePreferredSharesMember
2020-01-01
2020-12-31
0001794350
yala:SeriesAngelRedeemableConvertiblePreferredSharesMember
2020-01-01
2020-12-31
0001794350
us-gaap:AdditionalPaidInCapitalMember
yala:SeriesPreARedeemableConvertiblePreferredSharesMember
2020-01-01
2020-12-31
0001794350
yala:SeriesPreARedeemableConvertiblePreferredSharesMember
2020-01-01
2020-12-31
0001794350
us-gaap:AdditionalPaidInCapitalMember
yala:SeriesARedeemableConvertiblePreferredSharesMember
2020-01-01
2020-12-31
0001794350
yala:SeriesARedeemableConvertiblePreferredSharesMember
2020-01-01
2020-12-31
0001794350
us-gaap:ReceivablesFromStockholderMember
2020-01-01
2020-12-31
0001794350
country:VG
2020-01-01
2020-12-31
0001794350
country:AE
2020-01-01
2020-12-31
0001794350
yala:PeoplesRepublicofChinaexcludingHongKongSpecialAdministrativeRegionMember
2020-01-01
2020-12-31
0001794350
yala:HongKongSpecialAdministrativeRegionMember
2020-01-01
2020-12-31
0001794350
country:KY
2020-01-01
2020-12-31
0001794350
us-gaap:InlandRevenueHongKongMember
2020-01-01
2020-12-31
0001794350
us-gaap:DomesticCountryMember
us-gaap:StateAdministrationOfTaxationChinaMember
2020-01-01
2020-12-31
0001794350
us-gaap:StateAdministrationOfTaxationChinaMember
us-gaap:ForeignCountryMember
2020-01-01
2020-12-31
0001794350
us-gaap:InlandRevenueHongKongMember
srt:MinimumMember
us-gaap:TaxYear2018Member
2020-01-01
2020-12-31
0001794350
us-gaap:StateAdministrationOfTaxationChinaMember
2020-01-01
2020-12-31
0001794350
us-gaap:InlandRevenueHongKongMember
srt:MaximumMember
us-gaap:TaxYear2018Member
2020-01-01
2020-12-31
0001794350
yala:ClassCRedeemableConvertiblePreferredSharesMember
2020-01-01
2020-12-31
0001794350
yala:GroupChattingServicesMember
2020-01-01
2020-12-31
0001794350
yala:GameServicesMember
2020-01-01
2020-12-31
0001794350
us-gaap:LeaseholdImprovementsMember
2020-01-01
2020-12-31
0001794350
country:CN
2020-01-01
2020-12-31
0001794350
us-gaap:CommonClassAMember
us-gaap:IPOMember
2020-01-01
2020-12-31
0001794350
us-gaap:OverAllotmentOptionMember
us-gaap:CommonClassAMember
2020-01-01
2020-12-31
0001794350
us-gaap:CommonClassBMember
yala:YooYooLimitedMember
2020-01-01
2020-12-31
0001794350
us-gaap:IPOMember
2020-01-01
2020-12-31
0001794350
yala:TwentyTwentyEquityIncentivePlanMember
2020-01-01
2020-12-31
0001794350
yala:CostOfRevenuesMember
2020-01-01
2020-12-31
0001794350
yala:SellingAndMarketingExpensesMember
2020-01-01
2020-12-31
0001794350
yala:GeneralAndAdministrativeExpensesMember
2020-01-01
2020-12-31
0001794350
yala:TechnologyAndProductDevelopmentExpensesMember
2020-01-01
2020-12-31
0001794350
us-gaap:EmployeeStockOptionMember
2020-01-01
2020-12-31
0001794350
us-gaap:CommonClassAMember
2020-12-31
0001794350
us-gaap:CommonClassBMember
2020-12-31
0001794350
yala:SeriesAngelRedeemableConvertiblePreferredSharesMember
2020-12-31
0001794350
yala:SeriesPreARedeemableConvertiblePreferredSharesMember
2020-12-31
0001794350
yala:SeriesARedeemableConvertiblePreferredSharesMember
2020-12-31
0001794350
yala:ClassAOrdinarySharesMember
2020-12-31
0001794350
yala:ClassBOrdinarySharesMember
2020-12-31
0001794350
srt:SubsidiariesMember
country:CN
2020-12-31
0001794350
srt:SubsidiariesMember
country:AE
2020-12-31
0001794350
country:CN
2020-12-31
0001794350
country:AE
2020-12-31
0001794350
country:AE
srt:MaximumMember
2020-12-31
0001794350
country:CN
srt:MaximumMember
2020-12-31
0001794350
us-gaap:InlandRevenueHongKongMember
us-gaap:TaxYear2018Member
2020-12-31
0001794350
srt:MinimumMember
2020-12-31
0001794350
srt:MaximumMember
2020-12-31
0001794350
yala:TwentyTwentyEquityIncentivePlanMember
2020-12-31
0001794350
country:CN
currency:CNY
2020-12-31
0001794350
country:CN
currency:USD
2020-12-31
0001794350
country:HK
currency:USD
2020-12-31
0001794350
country:HK
2020-12-31
0001794350
country:AE
currency:AED
2020-12-31
0001794350
country:AE
currency:USD
2020-12-31
0001794350
country:US
currency:USD
2020-12-31
0001794350
country:US
2020-12-31
0001794350
country:SG
currency:USD
2020-12-31
0001794350
country:SG
2020-12-31
0001794350
us-gaap:IPOMember
2020-12-31
0001794350
us-gaap:IPOMember
us-gaap:CommonClassAMember
2020-12-31
0001794350
yala:SeriesAngelRedeemableConvertiblePreferredSharesMember
2019-12-31
0001794350
yala:SeriesPreARedeemableConvertiblePreferredSharesMember
2019-12-31
0001794350
yala:SeriesARedeemableConvertiblePreferredSharesMember
2019-12-31
0001794350
yala:ClassAOrdinarySharesMember
2019-12-31
0001794350
yala:ClassBOrdinarySharesMember
2019-12-31
0001794350
srt:MinimumMember
2019-12-31
0001794350
srt:MaximumMember
2019-12-31
0001794350
country:CN
currency:CNY
2019-12-31
0001794350
country:CN
currency:USD
2019-12-31
0001794350
country:CN
2019-12-31
0001794350
country:HK
currency:USD
2019-12-31
0001794350
country:HK
2019-12-31
0001794350
country:AE
currency:AED
2019-12-31
0001794350
country:AE
currency:USD
2019-12-31
0001794350
country:AE
2019-12-31
0001794350
country:US
currency:USD
2019-12-31
0001794350
country:US
2019-12-31
0001794350
country:SG
currency:USD
2019-12-31
0001794350
country:SG
2019-12-31
0001794350
us-gaap:IPOMember
2019-12-31
0001794350
us-gaap:CommonClassAMember
2019-12-31
0001794350
us-gaap:CommonClassBMember
2019-12-31
0001794350
us-gaap:CostOfGoodsTotalMember
us-gaap:SupplierConcentrationRiskMember
yala:ThirdPartyAMember
2018-01-01
2018-12-31
0001794350
us-gaap:CostOfGoodsTotalMember
us-gaap:SupplierConcentrationRiskMember
yala:ThirdPartyBMember
2018-01-01
2018-12-31
0001794350
yala:ClassARedeemableConvertiblePreferredEquityHoldersMember
2018-01-01
2018-12-31
0001794350
yala:ClassCRedeemableConvertiblePreferredEquityHoldersMember
2018-01-01
2018-12-31
0001794350
yala:SeriesPreaRedeemableConvertiblePreferredShareholdersMember
2018-01-01
2018-12-31
0001794350
yala:FYXTechBVIMember
2018-01-01
2018-12-31
0001794350
yala:ShenzhenYaleMember
2018-01-01
2018-12-31
0001794350
yala:ClassARedeemableConvertiblePreferredStockMember
us-gaap:RetainedEarningsMember
2018-01-01
2018-12-31
0001794350
yala:ClassARedeemableConvertiblePreferredStockMember
2018-01-01
2018-12-31
0001794350
yala:ClassCRedeemableConvertiblePreferredStockMember
us-gaap:RetainedEarningsMember
2018-01-01
2018-12-31
0001794350
yala:ClassCRedeemableConvertiblePreferredStockMember
2018-01-01
2018-12-31
0001794350
yala:SeriesPreARedeemableConvertiblePreferredSharesMember
us-gaap:RetainedEarningsMember
2018-01-01
2018-12-31
0001794350
yala:SeriesPreARedeemableConvertiblePreferredSharesMember
2018-01-01
2018-12-31
0001794350
us-gaap:CommonStockMember
2018-01-01
2018-12-31
0001794350
us-gaap:ReceivablesFromStockholderMember
2018-01-01
2018-12-31
0001794350
us-gaap:RedeemableConvertiblePreferredStockMember
2018-01-01
2018-12-31
0001794350
us-gaap:RetainedEarningsMember
2018-01-01
2018-12-31
0001794350
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2018-01-01
2018-12-31
0001794350
yala:FyxtechBviMember
2018-01-01
2018-12-31
0001794350
country:VG
2018-01-01
2018-12-31
0001794350
country:AE
2018-01-01
2018-12-31
0001794350
yala:PeoplesRepublicofChinaexcludingHongKongSpecialAdministrativeRegionMember
2018-01-01
2018-12-31
0001794350
yala:HongKongSpecialAdministrativeRegionMember
2018-01-01
2018-12-31
0001794350
country:KY
2018-01-01
2018-12-31
0001794350
us-gaap:StateAdministrationOfTaxationChinaMember
2018-01-01
2018-12-31
0001794350
yala:ClassCRedeemableConvertiblePreferredSharesMember
2018-01-01
2018-12-31
0001794350
yala:ClassARedeemableConvertiblePreferredSharesMember
2018-01-01
2018-12-31
0001794350
yala:ClassBRedeemableConvertiblePreferredSharesMember
2018-01-01
2018-12-31
0001794350
yala:GroupChattingServicesMember
2018-01-01
2018-12-31
0001794350
yala:GameServicesMember
2018-01-01
2018-12-31
0001794350
us-gaap:CostOfGoodsTotalMember
us-gaap:SupplierConcentrationRiskMember
yala:ThirdPartyAMember
2019-01-01
2019-12-31
0001794350
us-gaap:CostOfGoodsTotalMember
us-gaap:SupplierConcentrationRiskMember
yala:ThirdPartyBMember
2019-01-01
2019-12-31
0001794350
us-gaap:RedeemableConvertiblePreferredStockMember
2019-01-01
2019-12-31
0001794350
us-gaap:RetainedEarningsMember
2019-01-01
2019-12-31
0001794350
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2019-01-01
2019-12-31
0001794350
country:VG
2019-01-01
2019-12-31
0001794350
country:AE
2019-01-01
2019-12-31
0001794350
yala:PeoplesRepublicofChinaexcludingHongKongSpecialAdministrativeRegionMember
2019-01-01
2019-12-31
0001794350
yala:HongKongSpecialAdministrativeRegionMember
2019-01-01
2019-12-31
0001794350
country:KY
2019-01-01
2019-12-31
0001794350
us-gaap:StateAdministrationOfTaxationChinaMember
2019-01-01
2019-12-31
0001794350
srt:MinimumMember
2019-01-01
2019-12-31
0001794350
srt:MaximumMember
2019-01-01
2019-12-31
0001794350
yala:SeriesAngelRedeemableConvertiblePreferredSharesMember
2019-01-01
2019-12-31
0001794350
yala:SeriesPreARedeemableConvertiblePreferredSharesMember
2019-01-01
2019-12-31
0001794350
yala:SeriesARedeemableConvertiblePreferredSharesMember
2019-01-01
2019-12-31
0001794350
yala:GroupChattingServicesMember
2019-01-01
2019-12-31
0001794350
yala:GameServicesMember
2019-01-01
2019-12-31
0001794350
country:CN
2019-01-01
2019-12-31
0001794350
yala:FyxtechBviMember
2018-07-01
0001794350
yala:FyxtechBviMember
2018-12-31
0001794350
yala:FYXTechBVIAndShenzhenYaleMember
2018-12-31
0001794350
yala:FyxtechBviMember
2018-07-01
2018-07-01
0001794350
yala:TwentyEighteenShareIncentivePlanMember
2018-06-22
0001794350
yala:TwentyEighteenShareIncentivePlanMember
2019-06-25
0001794350
yala:TerminationMember
2020-12-31
2020-12-31
0001794350
yala:DeathOrDisabilityMember
2020-12-31
2020-12-31
0001794350
yala:ClassBRedeemableConvertiblePreferredSharesMember
2020-12-31
2020-12-31
0001794350
yala:ClassCRedeemableConvertiblePreferredSharesMember
2020-12-31
2020-12-31
0001794350
yala:ClassARedeemableConvertiblePreferredSharesMember
2020-12-31
2020-12-31
0001794350
yala:TwentyEighteenShareIncentivePlanMember
2020-12-31
2020-12-31
0001794350
yala:ClassARedeemableConvertiblePreferredSharesMember
2016-09-30
0001794350
yala:ClassBRedeemableConvertiblePreferredSharesMember
2017-06-30
0001794350
yala:ClassCRedeemableConvertiblePreferredSharesMember
2017-06-30
0001794350
yala:CoFoundersMember
us-gaap:CommonStockMember
2018-05-23
2018-05-23
0001794350
us-gaap:InvestorMember
yala:SeriesAngelRedeemableConvertiblePreferredSharesMember
2018-05-23
2018-05-23
0001794350
yala:SeriesPreARedeemableConvertiblePreferredSharesMember
2018-05-23
2018-05-23
0001794350
us-gaap:SeriesAPreferredStockMember
2018-05-23
2018-05-23
0001794350
yala:SeriesPreARedeemableConvertiblePreferredSharesMember
2018-05-23
0001794350
yala:SeriesAngelRedeemableConvertiblePreferredSharesMember
2018-05-23
0001794350
us-gaap:SeriesAPreferredStockMember
yala:ThirdPartyInvestorMember
2018-05-23
0001794350
yala:ClassCRedeemableConvertiblePreferredSharesMember
2018-05-31
2018-05-31
0001794350
us-gaap:SeriesAPreferredStockMember
yala:ThirdPartyInvestorMember
2018-05-31
2018-05-31
0001794350
yala:CoFoundersMember
2018-05-31
0001794350
us-gaap:InvestorMember
yala:ClassBPreferredStockMember
2018-05-31
0001794350
us-gaap:InvestorMember
yala:ClassCPreferredStockMember
2018-05-31
0001794350
us-gaap:InvestorMember
yala:ClassAPreferredStockMember
2018-05-31
0001794350
yala:SeriesAngelRedeemableConvertiblePreferredSharesMember
2018-05-31
0001794350
yala:SeriesPreARedeemableConvertiblePreferredSharesMember
2018-05-31
0001794350
us-gaap:SeriesAPreferredStockMember
2018-05-31
0001794350
yala:TwentyEighteenShareIncentivePlanMember
2018-06-22
2018-06-22
0001794350
yala:ClassBRedeemableConvertiblePreferredSharesMember
2017-01-31
0001794350
yala:ClassARedeemableConvertiblePreferredSharesMember
2016-04-30
0001794350
us-gaap:InvestorMember
yala:ClassAPreferredStockMember
2018-03-31
0001794350
yala:ClassARedeemableConvertiblePreferredSharesMember
2018-03-31
2018-03-31
0001794350
yala:ClassARedeemableConvertiblePreferredSharesMember
2018-02-28
2018-02-28
0001794350
us-gaap:CommonStockMember
2018-02-07
0001794350
us-gaap:PreferredStockMember
2018-02-07
0001794350
yala:TwentyEighteenShareIncentivePlanMember
2020-06-16
0001794350
us-gaap:CommonStockMember
2019-12-31
0001794350
us-gaap:ReceivablesFromStockholderMember
2019-12-31
0001794350
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2019-12-31
0001794350
us-gaap:RetainedEarningsMember
2019-12-31
0001794350
us-gaap:AdditionalPaidInCapitalMember
2020-12-31
0001794350
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-12-31
0001794350
us-gaap:RetainedEarningsMember
2020-12-31
0001794350
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2017-12-31
0001794350
us-gaap:RetainedEarningsMember
2017-12-31
0001794350
yala:ClassARedeemableConvertiblePreferredSharesMember
2017-12-31
0001794350
yala:ClassBRedeemableConvertiblePreferredSharesMember
2017-12-31
0001794350
yala:ClassCRedeemableConvertiblePreferredSharesMember
2017-12-31
0001794350
us-gaap:CommonStockMember
2018-12-31
0001794350
us-gaap:ReceivablesFromStockholderMember
2018-12-31
0001794350
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2018-12-31
0001794350
us-gaap:RetainedEarningsMember
2018-12-31
0001794350
yala:SeriesAngelRedeemableConvertiblePreferredSharesMember
2018-12-31
0001794350
yala:SeriesPreARedeemableConvertiblePreferredSharesMember
2018-12-31
0001794350
yala:SeriesARedeemableConvertiblePreferredSharesMember
2018-12-31
20-F
2020-12-31
false
2020
FY
Yalla Group Ltd
0001794350
--12-31
No
Non-accelerated Filer
false
true
U.S. GAAP
false
NYSE
American depositary shares, each representing one Class A ordinary share
Class A ordinary shares, par value US$0.0001
true
false
false
false
Dubai
NYSE
Yang Hu
001-39552
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">4. PREPAYMENTS AND OTHER CURRENT ASSETS </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Prepayments and other current assets consisted of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 8pt; border-collapse: collapse; border-spacing: 0px; width: 68%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="width: 73%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Amounts due from third party payment platforms</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,782,990</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">14,237,874</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,147,316</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,487,550</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Prepayments and Other Current Assets</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,930,306</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">15,725,424</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
Yes
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Prepayments and other current assets consisted of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 8pt; border-collapse: collapse; border-spacing: 0px; width: 68%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="width: 73%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Amounts due from third party payment platforms</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,782,990</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">14,237,874</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,147,316</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,487,550</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Prepayments and Other Current Assets</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,930,306</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">15,725,424</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
No
Yes
true
2782990
14237874
1147316
1487550
3930306
15725424
<div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1. DESCRIPTION OF BUSINESS AND ORGANIZATION</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 6pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(a)</div></td><td style="text-align:left;;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Description of Business</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Yalla Group Limited (the “Company”, formerly known as “FYXTech Corporation”), through its wholly-owned subsidiaries (collectively referred to as the “Group”) operates voice-centric social networking and entertainment platform mainly in the Middle East and North Africa region. The platform allows individual users free access to the basic functions on the platform. It also provides enhanced experiences for individual users by sales of virtual items and provision of upgrade services on the platform. </div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(b)</div></td><td style="text-align:left;;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Organization</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; background: none;">The Company was incorporated in the Cayman Islands on February 7, 2018 by the controlling individual shareholders of FYXTech Limited (“FYXTech BVI”) and Shenzhen Yale Technology Co., Ltd (“Shenzhen Yale”), who agreed to vote in concert (collectively referred to as the<div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">“Co-founders”),</div><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div>in connection with a reorganization described below to redomicile the operations of FYXTech BVI and Shenzhen Yale to the Company (the “Reorganization”).</div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">FYXTech BVI was incorporated in the British Virgin Islands on September 25, 2015. Shenzhen Yale was established in Shenzhen, the People’s Republic of China (the “PRC”) on September 27, 2016</div>. The equity structure of FYXTech BVI and Shenzhen Yale was identical before the Reorganization, among which the<div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Co-founders</div><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div>owned 74% of the equity interest on a fully-diluted basis, whereas the investors of Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity owned 12%, 4% and 10% of the equity interest on a fully-diluted basis, respectively.</div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In preparation for the Reorganization, all of the Class A Preferred Equity were repurchased and extinguished in February and March 2018 and all of the Class C Preferred Equity were repurchased and extinguished in May 2018. See note <div style="letter-spacing: 0px; top: 0px;;display:inline;">7</div>.</div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; background: none;">On May 23, 2018, the Company issued 73 million <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Ordinary Shares </div></div>and 10 million Series<div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div>Redeemable Convertible Preferred Shares to the<div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Co-founders</div><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div>with minimal consideration. On the same date, the Company also issued 5 million Series Angel Redeemable Convertible Preferred Shares to the investors of Class B Preferred Equity with minimal consideration. Upon the issuance of preferred shares and ordinary shares, the equity structure of the Company is substantially identical to that of FYXTech BVI and Shenzhen Yale on a fully-diluted basis.</div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; background: none;">In June and July 2018, the Company established two wholly-owned subsidiaries, Hangzhou Yale Technology Co., Ltd. (“Hangzhou Yale”) in Hangzhou, PRC and Yalla Technology<div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">FZ-LLC</div><div style="background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div>(“Yalla Dubai”) in Dubai, United Arab Emirates (“UAE”), respectively. Pursuant to a series of agreements between Hangzhou Yale and Shenzhen Yale, and between Yalla Dubai and FYXTech BVI, FYXTech BVI and Shenzhen Yale transferred their business operations including assets and employees to Yalla Dubai and Hangzhou Yale, respectively, in exchange for minimal consideration. Such transfer was consummated in December 2018.</div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; background: none;"><div style="display:inline;">Upon the completion of the Reorganization, the Company, through its wholly-owned subsidiaries, have succeeded all of the business operations of FYXTech BVI and Shenzhen Yale. Since the Company, FYXTech BVI and Shenzhen Yale were all under common control of the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Co-founders</div> immediately before and after the Reorganization, the transfer of business operations of FYXTech BVI and Shenzhen Yale has been accounted for in a manner similar to a pooling of interest. That is, the consolidated financial statements of the Company include the results of the operations and the financial position of FYXTech BVI and Shenzhen Yale as of the beginning of the earliest period </div>presented. The following assets and liabilities of FYXTech BVI and Shenzhen Yale upon the completion of the Reorganization were treated as distribution to the shareholders at historical cost basis and were not included in the Company’s consolidated financial statements as of December 31, 2018.</div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 1px; margin-top: 12px; margin-bottom: 0px; background: none;"><div style="font-family: 'times new roman'; font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;"><tr style="font-size: 0px;"><td style="width:85%;"></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 8pt;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">As of<br/> December 31,<br/> 2018</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 8pt;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">ASSETS</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Current assets</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">7,601,027</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Prepayments and other current assets</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">476,880</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total current assets</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">8,077,907</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Non-current assets</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,771</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Loans to shareholders</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">10,260,950</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total assets</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">18,340,628</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">LIABILITIES</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Current liabilities</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accounts payable</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">33,832</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">127,867</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total current liabilities</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">161,699</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total liabilities</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">161,699</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
The following assets and liabilities of FYXTech BVI and Shenzhen Yale upon the completion of the Reorganization were treated as distribution to the shareholders at historical cost basis and were not included in the Company’s consolidated financial statements as of December 31, 2018.<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;"><tr style="font-size: 0px;"><td style="width:85%;"></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 8pt;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">As of<br/> December 31,<br/> 2018</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 8pt;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">ASSETS</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Current assets</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">7,601,027</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Prepayments and other current assets</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">476,880</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total current assets</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">8,077,907</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Non-current assets</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,771</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Loans to shareholders</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">10,260,950</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total assets</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">18,340,628</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">LIABILITIES</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Current liabilities</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accounts payable</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">33,832</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses and other current liabilities</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">127,867</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total current liabilities</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">161,699</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: 'times new roman'; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total liabilities</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">161,699</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
73000000
10000000
5000000
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">3. SHORT-TERM INVESTMENTS </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Short-term investments consisted of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 8pt; border-collapse: collapse; border-spacing: 0px; width: 68%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="width: 76%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 76%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Aggregate cost</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,493,411</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">766,295</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 76%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Gross unrealized gain</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">13,574</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 76%;;vertical-align:bottom;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 76%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Aggregate fair value</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,506,985</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">766,295</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 76%;;vertical-align:bottom;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s short-term investments represent financial products issued by Bank of China and Silicon Valley Bank. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
1493411
766295
13574
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Short-term investments consisted of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 8pt; border-collapse: collapse; border-spacing: 0px; width: 68%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="width: 76%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 76%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Aggregate cost</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,493,411</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">766,295</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 76%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Gross unrealized gain</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">13,574</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 76%;;vertical-align:bottom;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 76%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Aggregate fair value</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,506,985</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">766,295</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 76%;;vertical-align:bottom;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
45302622
236883282
2722941
1506985
766295
53462854
253375001
453923
1241756
200000
54116777
254616757
724487
1573784
6010874
13359827
1576530
6148486
8311891
21082097
8311891
21082097
263608
3570201
22068901
25902710
7339
7339
5218
19896958
12523273
54116777
0.74
0.12
0.04
0.10
254616757
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">aa</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Recent Accounting Pronouncements </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In February 2016, the FASB issued Accounting Standards Updates (“ASU”) No. 2016-02, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases</div> (<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Topic 842</div>) (“ASU 2016-02”). ASU 2016-02 specifies the accounting for leases. For operating leases, ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. ASU 2016-02 was further amended in November 2019 by ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2019-10,</div> Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), and in June 2020 by ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842), which deferred the effective date of new lease standard. As a result, Accounting Standards Codification (“ASC”) 842, Leases, is effective for public companies for annual reporting periods, and interim periods within those years beginning after December 15, 2018. For all other entities, it is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. As the Company is an “emerging growth company” and elects to apply for the new and revised accounting standards at the effective date for a private company, the Company will adopt the new standard on January 1, 2022. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">In June 2016, the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-13,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financial Instruments—Credit Losses (Topic 326)</div>, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Measurement of Credit Losses on Financial Instruments</div>. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-13</div> was further amended in November 2019 by ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2019-10.</div> As a result, ASC326, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financial Instruments—Credit Losses</div> is effective for public companies for annual reporting periods, and interim periods within those years beginning after December 15, 2019. For all other entities it is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As the Company is an “emerging growth company” and elects to apply for the new and revised accounting standards at the effective date for a private company, the Company will adopt the new standard on January 1, 2023. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements<div style="letter-spacing: 0px; top: 0px;;display:inline;">. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">z</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Deferred initial public offering costs </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Direct costs incurred by the Company attributable to its proposed initial public offering (“IPO”) of ordinary shares in the United States were deferred and recorded as other assets and were offset against the gross proceeds received from such offering.</div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">y</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Statutory Reserve </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In accordance with the PRC Company Laws, the PRC subsidiaries must make appropriations from </div>their <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">after-tax</div> profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-distributable</div> reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">after-tax</div> profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the <div style="letter-spacing: 0px; top: 0px;;display:inline;">registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. As of December 31, 2019 and 2020, the statutory reserve of the Company’s PRC subsidiaries was US$196,519 and US $424,682, respectively.</div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">UAE Company Laws requires 10% of Yalla Dubai’s annual net profits to be set aside as a statutory reserve. This allocation may be suspended by a shareholders’ decision once the reserve has reached an amount equal to 50% of <div style="letter-spacing: 0px; top: 0px;;display:inline;">the share capital of the company. As of December 31, 2019 and 2020, the statutory reserve of Yalla Dubai was </div>US$136,147 and US<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>$137,023<div style="letter-spacing: 0px; top: 0px;;display:inline;">, respectively</div>. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">x</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Segment Reporting </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group uses the management approach in determining its operating segments. The Group’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Group’s Chief Executive Officer does not segregate the Group’s business by product or service lines. Management has determined that the Group has one operating segment, which is the social networking and entertainment platform. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">v</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentration and risk </div></div></div></div></td></tr></table> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s cost of revenues mainly included commission fees paid to third party payment platforms, among which two third party payment platforms individually represent greater than 10% of the Group’s cost of revenues excluding payroll and welfare and depreciation for the years ended December 31, 2018, 2019 and 2020 are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 8pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="width:75%;"><br/></td><td style="vertical-align:bottom;;width:8%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:7%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:7%;"><br/></td><td><br/></td><td><br/></td><td><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">For the Year Ended December 31</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">A</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">67</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">% </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">61</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">% </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">60</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">19</td><td style="white-space: nowrap;;vertical-align:bottom;">% </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">14</td><td style="white-space: nowrap;;vertical-align:bottom;">% </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">19</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;">%</td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">u</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Foreign Currency </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s reporting currency is United States Dollars (“US$”). The functional currency of the Company and its wholly-owned subsidiaries incorporated at Dubai, HK S.A.R. and British Virgin Islands is US$. The functional currency of the Company’s PRC subsidiaries is Chinese Renminbi (“RMB”). </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded in general and administrative expenses in the consolidated statements of comprehensive income. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The financial statements of the Company’s PRC subsidiaries are translated from RMB into US$. Assets and liabilities are translated into US$ using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings or deficits generated in the current period are translated into US$ using the appropriate historical rates. Revenues, expenses, gains and losses are translated into US$ using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive income or loss in the consolidated statements of comprehensive income, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income in the consolidated statement of shareholders’ equity (deficit).</div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">t</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Operating Lease </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">The Group leases premises for offices under <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-cancellable</div> operating leases. Payments made under operating lease are charged to the consolidated statements of comprehensive income on a straight-line basis over the term of underlying lease. There are no capital improvement funding, lease concessions, escalated rent provisions or contingent rent in the lease agreements. The Company has no legal or contractual asset retirement obligations at the end of the lease term.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Income Taxes </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Current income taxes are provided on the basis of income before income taxes for financial reporting purposes, and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the liability method. Under this method, deferred income tax assets and liabilities are recognized for the tax effects of temporary differences and are determined by applying enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of comprehensive income in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">more-likely-than-not</div></div></div> that some portion, or all, of the deferred income tax assets will not be realized.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The Group applies a “more likely than not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">re-assessed.</div> Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessities the adjustments occurs. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in interest expenses and general and administrative expenses, respectively. As of December 31, <div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 and </div>2020, the Group did not have any unrecognized uncertain tax positions.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">r</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Employee Benefits </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s subsidiaries in PRC participate in a government mandated, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in China to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the compensation of qualified employees. The Group has no further commitments beyond its monthly contribution. Employee social benefits included as expenses in the accompanying consolidated statements of comprehensive income amounted to US$337,897, US$876,074 and US$1,008,337 for the years ended December 31, 2018, 2019 and 2020, respectively. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(o)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Technology and Product Development Expenses </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Technology and product development expenses consist primarily of (i) staff cost, and (ii) related expenses for the employees involved in designing and developing new features for the mobile platforms and self-developed mobile games. All technology and product development expenditures are expensed as incurred.<div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> </div></div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(n)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">General and Administrative Expenses </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses mainly consist of (i) staff cost, rental and depreciation related to general and administrative personnel, (ii) professional service fees; and (iii) other corporate expenses. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(m)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Selling and Marketing Expenses </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Selling and marketing expenses mainly consist of (i) advertising costs and market promotion expenses, and (ii) staff cost, rental and depreciation related to selling and marketing functions. Advertising costs, which consist primarily of online advertisements, are expensed as incurred. The advertising costs were<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">US$5,296,954<div style="letter-spacing: 0px; top: 0px;;display:inline;">,</div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> US$7,541,366 and US$12,383,514<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>for the years ended <div style="letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2018, 2019 and 2020, respectively</div>. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(l)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cost of Revenues </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Cost of revenues consists primarily of (i) commission fees paid to third party payment platforms, and (ii) staff cost and expenses related to the operations of the mobile platforms. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(j)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fair Value Measurements </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">market-based</div> measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. </div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accounting Standards Codification (“ASC”) 820, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fair Value Measurements and Disclosures</div> (“ASC 820”) defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">three-level</div> fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are: </div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Level 3 — Unobservable inputs which are supported by little or no market activity. </div></div></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The cost approach is based on the amount that would currently be required to replace an asset.</div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Financial assets and liabilities of the Group primarily consist cash and cash equivalents, term deposits, short-term investments, accounts payable, accrued expenses and other current liabilities. The Group measures short-term investments at fair value on a recurring basis. Short-term investments include financial products issued by financial institutions, which are valued based on price per unit quoted by financial institutions. They are categorized in Level 2 of the fair value hierarchy. As of December 31, 2019 and 2020, the carrying values of other financial instruments approximated to their fair values due to the short maturity of these instruments.</div> </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(i)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Value Added Taxes </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s PRC subsidiaries and Dubai subsidiary are subject to value added tax (“VAT”). Revenue from providing services is generally subject to VAT at the rate of<div style="letter-spacing: 0px; top: 0px;;display:inline;"> 6</div>% for PRC subsidiaries and 5% for Dubai subsidiary,<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>respectively. The Group paid to local tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other current liabilities, and the excess of input VAT over output VAT is reflected in prepayments and other current assets in the consolidated balance sheets. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(h)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Property and Equipment, net </div></div></div></div></td></tr></table> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment are stated at cost less depreciation and any impairment. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px; width: 100%;;margin : 0px auto;;text-align:left;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="font-family: "times new roman"; width: 33%;"><br/></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; width: 65%;"><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="white-space: nowrap; width: 33%; padding-bottom: 0.45pt;;vertical-align:bottom;"><div style="font-family: 'times new roman'; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 8pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Category</div></div></div></td><td style="font-family: "times new roman"; width: 2%; padding-bottom: 0.45pt;;vertical-align:bottom;">  </td><td style="white-space: nowrap; width: 65%; font-size: 8pt; border-bottom: 0.75pt solid black;;vertical-align:bottom;"><div style="font-family: "times new roman"; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; background: none; line-height: normal;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 8pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Estimated Useful Life</div></div></div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 33%;;vertical-align:top;">Electronic equipment</td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="width: 65%;;text-align:right;;vertical-align:top;">3 years</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 33%;;vertical-align:top;">Vehicle</td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="width: 65%;;text-align:right;;vertical-align:top;">4 years</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 33%;;vertical-align:top;">Office furniture</td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="width: 65%;;text-align:right;;vertical-align:top;">5 years</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 33%;;vertical-align:top;">Leasehold improvement</td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="width: 65%;;text-align:right;;vertical-align:top;">Shorter of the lease term or the estimated useful life of the assets</td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Ordinary maintenance and repairs are charged to expenses as incurred, while replacements and betterments are capitalized. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value of the item disposed and proceeds realized thereon. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Recoverability of a long-lived asset or asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying value of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment loss is recognized by the amount that the carrying value exceeds the estimated fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>party independent appraisals, as considered necessary. Assets to be disposed are reported at the lower of carrying amount or fair value less costs to sell, and are no longer depreciated. No impairment of long-lived assets was recognized for the year presented. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(g)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Short-term Investments </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Short-term investments include financial products issued by financial institutions. The Group classifies the financial products as <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div> securities, which are recorded at fair value. Unrealized holding gains and losses, net of the related income tax effect, on <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div> securities are excluded from earnings and reported as a separate component of accumulated other comprehensive income until realized. Realized gains and losses from the sale of <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div> securities are determined on a specific-identification basis.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(f)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Term <div style="letter-spacing: 0px; top: 0px;;display:inline;">D</div>eposits </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Term deposits represent deposits placed with banks with original maturities of more than three months but less than one year. The Group’s term deposits as of December 31, 2019 </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">were </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">denominated </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">in USD and were deposited at a financial institution in Singapore. </div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(e)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cash and Cash Equivalents </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents consist of cash at bank and highly liquid investments placed with banks, which have original maturities of three months or less and are readily convertible to known amounts of cash. The Company’s cash and cash equivalents are deposited in financial institutions at below locations: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px; width: 76%;;margin : 0px auto;;text-align:left;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="width: 73%;"><br/></td><td style="width: 2%;;vertical-align:bottom;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="width: 2%;;vertical-align:bottom;"><br/></td><td><br/></td><td><br/></td><td><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:top;"><div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Financial institutions in the mainland of the PRC</div></div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in RMB</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">486,117</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">5,511,982</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,214,485</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,819,424</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash balances held at mainland PRC financial institutions</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,700,602</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">7,331,406</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Financial institutions in Hong Kong Special Administrative Region (“HK S.A.R. “)</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">14,929,853</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">133,911,336</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash balances held at the HK S.A.R. financial institutions</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">14,929,853</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">133,911,336</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Financial institutions in UAE</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in <div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">United </div>Arab Emirates Dirham (“AED”)</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,059,127</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">23,249,640</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">17,355,953</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">35,813,863</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash balances held at the UAE financial institutions</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">23,415,080</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">59,063,503</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Financial institutions in United States</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">119,810</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">10,127,775</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash <div style="letter-spacing: 0px; top: 0px;;display:inline;">and cash equivalents </div>balances held at the United States financial institutions</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">119,810</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">10,127,775</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Financial institutions in Singapore</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">5,137,277</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">26,449,262</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash balances held at the Singapore financial institutions</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">5,137,277</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">26,449,262</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash <div style="letter-spacing: 0px; top: 0px;;display:inline;">and cash equivalents </div>balances held at financial institutions</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">45,302,622</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">236,883,282</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(d)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Commitment and Contingencies </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-income</div> tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(c)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period. Significant accounting estimates include, but not limited to, fair value of share-based compensation awards, ordinary shares and convertible redeemable preferred shares. 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. </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(b)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Principles of Consolidation </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances among the Company and its wholly-owned subsidiaries have been eliminated upon consolidation. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(a)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of Presentation </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The accompanying consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s cost of revenues mainly included commission fees paid to third party payment platforms, among which two third party payment platforms individually represent greater than 10% of the Group’s cost of revenues excluding payroll and welfare and depreciation for the years ended December 31, 2018, 2019 and 2020 are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 8pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="width:75%;"><br/></td><td style="vertical-align:bottom;;width:8%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:7%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:7%;"><br/></td><td><br/></td><td><br/></td><td><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">For the Year Ended December 31</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">A</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">67</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">% </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">61</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">% </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">60</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">19</td><td style="white-space: nowrap;;vertical-align:bottom;">% </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">14</td><td style="white-space: nowrap;;vertical-align:bottom;">% </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">19</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;">%</td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment are stated at cost less depreciation and any impairment. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px; width: 100%;;margin : 0px auto;;text-align:left;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="font-family: "times new roman"; width: 33%;"><br/></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; width: 65%;"><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="white-space: nowrap; width: 33%; padding-bottom: 0.45pt;;vertical-align:bottom;"><div style="font-family: 'times new roman'; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 8pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Category</div></div></div></td><td style="font-family: "times new roman"; width: 2%; padding-bottom: 0.45pt;;vertical-align:bottom;">  </td><td style="white-space: nowrap; width: 65%; font-size: 8pt; border-bottom: 0.75pt solid black;;vertical-align:bottom;"><div style="font-family: "times new roman"; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; background: none; line-height: normal;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 8pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Estimated Useful Life</div></div></div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 33%;;vertical-align:top;">Electronic equipment</td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="width: 65%;;text-align:right;;vertical-align:top;">3 years</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 33%;;vertical-align:top;">Vehicle</td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="width: 65%;;text-align:right;;vertical-align:top;">4 years</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 33%;;vertical-align:top;">Office furniture</td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="width: 65%;;text-align:right;;vertical-align:top;">5 years</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 33%;;vertical-align:top;">Leasehold improvement</td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="width: 65%;;text-align:right;;vertical-align:top;">Shorter of the lease term or the estimated useful life of the assets</td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
0.0001
0.0001
0.0001
4955327
9917226
36363636
4955327
9917226
36363636
4955327
9917226
36363636
263608
850292
22068901
261702
746284
20000000
0.0001
448763811
73393941
73393941
0.0001
100000000
24734013
24734013
0.67
0.61
0.60
0.19
0.14
0.19
42371174
63464574
134927410
13847509
20553319
61270887
5686290
8250130
21701852
1629539
4120693
42974825
853127
1597658
5221124
22016465
34521800
131168688
20354709
28942774
3758722
144565
390227
202474
5712
27568
13994
20504986
29360569
4074467
263363
435766
861081
P3Y
P4Y
P5Y
20241623
28924803
3213386
25586
173610
262184
5712
27568
13994
255706
1635147
11742160
315279
291842
849297
2528228
2571456
7348953
529066
981988
4069530
203872
427933
1029654
2700000
3781363
3570201
-1127052
-1940252
-1577026
-18146091
-9083084
26984551
-2067723
-0.12
0.22
-0.02
73393941
73393941
91755810
-49830
25412
368771
8007
30527
10496
4284
20676
10496
-46107
35263
368771
20195516
28960066
3582157
1428
6892
3498
1428
6892
3498
0.06
0.05
337897
876074
1008337
0
0.10
0.50
23378364
31280984
64792679
2013257
5943321
3661847
1671775
4956176
4451035
2871218
7722941
1511167
6304631
2722941
-1905405
-2833388
2482475
20000000
922589
7584184
10260950
7601027
200000
2346059
9010045
-6368750
-200000
123768671
8146
38326
536835
15112355
28285922
191580660
1904345
17016700
567
28970
849773
136147
137023
0.10
0.50
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><br/></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px; width: 68%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="width: 74%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Accrued expenses and other current liabilities consist of the following:</div></td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Accrued payroll and welfare</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">651,470</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">4,656,854</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Taxes payable</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">721,857</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">709,001</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">203,203</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">782,631</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Accrued Expenses and Other Current Liabilities</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,576,530</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">6,148,486</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
10739601
161699
<table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px; width: 68%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="width: 74%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Accrued expenses and other current liabilities consist of the following:</div></td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Accrued payroll and welfare</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">651,470</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">4,656,854</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Taxes payable</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">721,857</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">709,001</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Others</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">203,203</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">782,631</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Accrued Expenses and Other Current Liabilities</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,576,530</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">6,148,486</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
651470
4656854
721857
709001
203203
782631
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">14</div>. COMMITMENTS AND CONTINGENCIES </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group leases its offices under non-cancelable operating lease agreements. Rental expenses were<div style="letter-spacing: 0px; top: 0px;;display:inline;"> US$235,465,</div> US$567,548 and US$926,117<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>for the years ended <div style="letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2018, 2019 and 2020</div></div><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">, respectively. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2020, future minimum lease commitments, all under office non-cancelable operating lease agreements, were as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="width:88%;"><br/></td><td style="vertical-align:bottom;;width:3%;"><br/></td><td><br/></td><td><br/></td><td><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"><div style="font-family: "times new roman"; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; background: none; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 8pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year ending December 31,</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Office</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2021</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">852,434</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2022</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">474,016</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2023</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">202,676</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Except for those disclosed above, the Group did not have any significant capital or other commitments, long-term obligations, or guarantees as of December 31, 2020.</div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
-11093510
-9083084
15891041
-2067723
73393941
73393941
91755810
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="display:inline;">13</div>. RELATED PARTY TRANSACTIONS </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">On July 1, 2018, the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Co-founders</div> and FYXTech BVI entered into a loan agreement, pursuant to which FYXTech BVI agreed to provide loans with amount up to US$12 million to the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Co-founders.</div> The loan period is 24 months from the first disbursement date. For the year ended December 31, 2018, FYXTech BVI had lent US$10,260,950 to the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Co-founders.</div> As of December 31, 2018, the loans to the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Co-founders</div> was US$10,260,950. As FYXTech BVI ceased to be consolidated within the Group upon the completion of the Reorganization, the balance of loans to the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Co-founders</div> were not included in the Group’s consolidated balance sheet as of December 31, 2018.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
48900
1995491
2044391
2700000
2700000
3781363
3781363
73393941
7339
-7339
3570201
3570201
-1127052
20241623
-49830
8007
4284
-1940252
28924803
25412
30527
20676
73393941
7339
-7339
5218
19896958
-1577026
3213386
132344840
10496
3439418
6010874
Shorter of the lease term or the estimated useful life of the assets
-32838
-18146091
-18178929
73393941
7339
-7339
-30045
-7087593
-7117638
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">12</div>. REVENUE INFORMATION </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Revenues consist of the following: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="width: 63%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="10" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">For the Year Ended December 31,</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-size: 0px;"><td style="width: 63%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 63%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Revenues generated from group chatting services</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">42,371,174</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">63,437,224</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">122,978,167</div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 63%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Revenues generated from game services</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">27,350</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,949,243</div></td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 63%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 63%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total revenues</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">42,371,174</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">63,464,574</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">134,927,410</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 63%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s platform does not require real-name and country of registration of its users. Therefore the Company does not disclose the revenue information by geographical region because country information of its users are not available or not verified by the </div></div><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Company. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Revenues consist of the following: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="width: 63%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="10" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">For the Year Ended December 31,</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td><td style="vertical-align:bottom;;width:;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-size: 0px;"><td style="width: 63%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 63%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Revenues generated from group chatting services</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">42,371,174</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">63,437,224</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">122,978,167</div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 63%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Revenues generated from game services</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">27,350</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11,949,243</div></td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 63%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 63%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total revenues</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">42,371,174</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">63,464,574</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">134,927,410</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 63%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
119196117
11920
220623005
373989
12523273
12000000
P24M
10260950
10260950
9010045
9010045
7339
7339
60805483
60805483
10496
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="display:inline;">10</div>. DIVIDEND TO SHAREHOLDERS </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">On May 18, 2020, the Board of Directors of the Company approved the declaration of cash dividend of US$0.07 <div style="display:inline;">per share to the Company’s ordinary shareholders and preferred shareholders in the amount of </div>US$9,010,045<div style="display:inline;">, which was paid in May 2020</div>. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9</div>. INCOME TAX </div></div></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 6pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">a)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Income tax </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cayman Islands </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">British Virgin Islands (“BVI”) </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Under the current laws of the BVI, the Company’s entity incorporated in the BVI is not subject to tax on income or capital gains. In addition, upon payments of dividends by the entity to their shareholders, no BVI withholding tax will be imposed. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">UAE </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Under the current laws of the UAE, the Company is not subject to tax on income or capital gain. Additionally, UAE does not impose a withholding tax on payments of dividends to shareholders. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Hong Kong </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiary is subject to Hong Kong profits tax at the rate of 16.5% on its taxable income generated from the operations in Hong Kong. Payments of dividends by the Hong Kong subsidiary to the Company is not subject to withholding tax in Hong Kong. A <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">two-tiered</div> profits tax rates regime was introduced in 2018 where the first HK$2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. No provision for <div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Hong Kong profits tax has been made in the financial statements as the subsidiaries in Hong Kong have accumulated loss for the years ended December 31, 2018, 2019 and 2020. </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">PRC </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s PRC subsidiaries are subject to the PRC Corporate Income Tax Law (“CIT Law”) and are taxed at the statutory income tax rate of 25%, unless otherwise specified. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The CIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">de facto</div> management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the CIT Law define the location of the “<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">de facto</div> management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-PRC</div> company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is more likely than not that its operations outside the PRC should be considered a resident enterprise for PRC tax purposes.</div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Income before income taxes were generated in the following jurisdictions: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="width: 65%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 1%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 1%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="10" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">For the Year Ended December 31,</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">British Virgin Islands (B.V.I)</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">22,887,838</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(382</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(976</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">UAE</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(3,331,781</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">27,663,586</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">63,056,081 </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">PRC, excluding HK S.A.R.</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">845,644</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,142,160</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(57,038,284 </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">HK S.A.R.</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(619</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(85,436</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">65,233 </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Cayman Islands</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">103,904</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(359,359</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(2,007,587</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 65%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%;;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">20,504,986</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">29,360,569</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">4,074,467</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 65%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Income tax expense recognized in the consolidated statement of comprehensive income consists of current income tax expense. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The effective income tax rate for the years ended December 31, 2018, 2019 and 2020 was 1.3%, 1.5% and 21.1%, respectively. All the income tax expense was related to the subsidiaries located in PRC, which were subject to the PRC statutory income tax at the rate of 25% for their taxable income. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Deferred income tax assets are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width: 81%;"></td><td style="width: 3%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgba(255, 255, 255, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 1pt; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgba(255, 255, 255, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgba(255, 255, 255, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="background-color: rgba(255, 255, 255, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="background-color: rgba(255, 255, 255, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 81%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Deferred tax assets</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 81%; background-color: rgba(255, 255, 255, 0);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">—Net operating loss carry forwards</div></div></td><td style="font-family: "times new roman"; width: 3%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="background-color: rgba(255, 255, 255, 0);;text-align:right;;vertical-align:bottom;">40,859</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="background-color: rgba(255, 255, 255, 0);;text-align:right;;vertical-align:bottom;">3,334</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 81%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Less: Valuation allowance</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(40,859</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(3,334</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 81%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 3%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; width: 2%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 81%; background-color: rgba(255, 255, 255, 0);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total deferred income tax asset<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div></div></div></td><td style="font-family: "times new roman"; width: 3%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="white-space: nowrap; text-align: right; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">—  </div></td><td style="white-space: nowrap; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">— </div></td><td style="white-space: nowrap; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 81%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 3%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; width: 2%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Changes in valuation allowance are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width: 81%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 81%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Balance at the beginning of the year</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">102</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">40,859 </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 81%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Additions</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">40,757</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">131</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr><td style="background-color: rgb(204, 238, 255); width: 81%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Reversals</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="background-color: rgb(204, 238, 255);"><div style="text-align: right; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; text-align: right; line-height: normal;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">(37,656)</div></div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 81%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255); width: 81%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance at the end of the year</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">40,859</div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,334</div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 81%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">A valuation allowance is provided against deferred income tax assets when the Group determines that it is more likely than not that the deferred income tax assets will not be utilized in the foreseeable future. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated deficit or retained earnings, existence of taxable temporary differences and reversal periods. </div></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Income before income taxes were generated in the following jurisdictions: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="width: 65%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 1%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 1%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="10" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">For the Year Ended December 31,</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">British Virgin Islands (B.V.I)</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">22,887,838</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(382</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(976</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">UAE</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(3,331,781</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">27,663,586</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">63,056,081 </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">PRC, excluding HK S.A.R.</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">845,644</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,142,160</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(57,038,284 </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">HK S.A.R.</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(619</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(85,436</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">65,233 </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Cayman Islands</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">103,904</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(359,359</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(2,007,587</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 65%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%;;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">20,504,986</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">29,360,569</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">4,074,467</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 65%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Changes in valuation allowance are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width: 81%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 81%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Balance at the beginning of the year</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">102</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">40,859 </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 81%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Additions</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">40,757</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">131</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr><td style="background-color: rgb(204, 238, 255); width: 81%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Reversals</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="background-color: rgb(204, 238, 255);"><div style="text-align: right; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; text-align: right; line-height: normal;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">(37,656)</div></div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 81%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255); width: 81%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance at the end of the year</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">40,859</div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,334</div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 81%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
0.07
9010045
22887838
-382
-976
-3331781
27663586
63056081
845644
2142160
-57038284
-619
-85436
65233
103904
-359359
-2007587
40859
3334
40859
3334
102
40859
40757
131
3334
0.165
2000000
0.165
0
0.25
0.25
0.013
0.015
0.211
0.25
26733506
0.19
P8Y6M
15116000
0.35
136000
0.10
41713506
0.25
P8Y9M10D
41713506
0.25
P8Y9M10D
587342349
2.2
0.35
P10Y
0.019
0.020
0.55
0.562
0.00
2.2
2.8
3.02
3.94
P10Y
11733506
15000000
P4Y
0.25
4873822
19252381
2607303
15000000
P3M
P10Y
0.26
2.96
4.78
The Company’s cash and cash equivalents are deposited in financial institutions at below locations:<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px; width: 76%;;margin : 0px auto;;text-align:left;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="width: 73%;"><br/></td><td style="width: 2%;;vertical-align:bottom;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="width: 2%;;vertical-align:bottom;"><br/></td><td><br/></td><td><br/></td><td><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:top;"><div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Financial institutions in the mainland of the PRC</div></div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in RMB</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">486,117</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">5,511,982</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,214,485</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,819,424</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash balances held at mainland PRC financial institutions</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,700,602</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">7,331,406</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Financial institutions in Hong Kong Special Administrative Region (“HK S.A.R. “)</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">14,929,853</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">133,911,336</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash balances held at the HK S.A.R. financial institutions</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">14,929,853</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">133,911,336</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Financial institutions in UAE</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in <div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">United </div>Arab Emirates Dirham (“AED”)</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,059,127</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">23,249,640</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">17,355,953</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">35,813,863</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash balances held at the UAE financial institutions</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">23,415,080</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">59,063,503</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Financial institutions in United States</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">119,810</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">10,127,775</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash <div style="letter-spacing: 0px; top: 0px;;display:inline;">and cash equivalents </div>balances held at the United States financial institutions</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">119,810</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">10,127,775</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Financial institutions in Singapore</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">5,137,277</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">26,449,262</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash balances held at the Singapore financial institutions</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">5,137,277</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">26,449,262</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash <div style="letter-spacing: 0px; top: 0px;;display:inline;">and cash equivalents </div>balances held at financial institutions</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">45,302,622</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">236,883,282</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
486117
5511982
1214485
1819424
1700602
7331406
14929853
133911336
14929853
133911336
6059127
23249640
17355953
35813863
23415080
59063503
119810
10127775
119810
10127775
5137277
26449262
5137277
26449262
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The activities of Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity for the year ended December 31, 2018 are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;"><tr style="font-size: 0px;"><td style="width:65%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Class A<br/> Preferred<br/> Equity</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Class B<br/> Preferred<br/> Equity</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Class C<br/> Preferred<br/> Equity</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Total</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of January 1, 2018</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">300,000</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">218,233</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">772,382</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,290,615</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accretion</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">30,439</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">30,439</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Repurchase</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(300,000</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(802,821</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(1,102,821</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Re-designation</div> (see note below)</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(218,233</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(218,233</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2018</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">All of the Redeemable Convertible Preferred Shares were converted to equivalent number of Class A Ordinary Shares immediately upon the completion of the Company’s initial public offering on September 30, 2020. </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The activities of Series Angel Preferred Shares, Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares and Series A Preferred Shares for the years ended December 31, 2019 and 2020 are as follows:</div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;"><tr style="font-size: 0px;"><td style="width:60%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Series Angel<br/> Preferred<br/> Shares</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Series Pre-A</div><br/> Preferred<br/> Shares</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Series A<br/> Preferred<br/> Shares</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Total</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of January 1, 2019</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">234,394</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,570,201</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">20,157,863</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">23,962,458</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accretion</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">29,214</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">—  </div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,911,038</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,940,252</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2019</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">263,608</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,570,201</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">22,068,901</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">25,902,710</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accretion</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">24,299</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,552,727</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,577,026</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;">Conversion to ordinary shares</div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(287,907</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(3,570,201</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(23,621,628</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(27,479,736</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2020</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">— </div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">— </div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">— </div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">— </div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
300000
218233
772382
1290615
-30439
-30439
300000
802821
1102821
218233
218233
234394
3570201
20157863
23962458
-29214
-1911038
-1940252
263608
3570201
22068901
25902710
-24299
-1552727
-1577026
-287907
-3570201
-23621628
-27479736
0.12
1.00
Each holder of Class C Preferred Equity shall have the right to request FYXTech BVI and Shenzhen Yale to redeem Class C Preferred Equity held by such shareholder at the price of the original purchase price of such Class C Preferred Equity plus a simple interest rate of 15% per annum, and minus cumulative dividends that has been distributed on such Class C Preferred Equity if (1) FYXTech BVI or Shenzhen Yale fails to consummate an IPO within five (5) years after the closing date of the purchase of the Class C Preferred Equity, or (2) a material breach as defined in the agreement occurs.
1:1
a) Firstly, each holder of Class C Preferred Equity shall have the right to receive the higher of the following: (1) the fair market value multiplied by the share percentage of the Class C Preferred Equity that such holder holds in FYXTech BVI and Shenzhen Yale, (2) 150% of the original purchase price of such Class C Preferred Equity; or (3) the original purchase price of such Class C Preferred Equity plus the amount calculated at the compound interest rate of 15% per annum;
1.50
1.00
1.00
3000000
4600000
2700000
3781363
4955327
0.0001
0.11
0.0528
0.0753
0.5500
20000000
36363636
0.5500
1-to-1
3570201
922589
7601027
476880
8077907
1771
10260950
18340628
33832
127867
161699
161699
100101256
587342349
42371174
63437224
27350
P1Y
0.0825
218233
726195
218233
300000
300000
AE
false
YALA
P12M
3000000
373989
-3704083
1930
496
60805483
2700000
135117436
5296954
7541366
12383514
60805483
76830482
P1Y1M20D
-37656
852434
474016
202676
<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2020, future minimum lease commitments, all under office non-cancelable operating lease agreements, were as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="width:88%;"><br/></td><td style="vertical-align:bottom;;width:3%;"><br/></td><td><br/></td><td><br/></td><td><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"><div style="font-family: "times new roman"; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; background: none; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 8pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year ending December 31,</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Office</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2021</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">852,434</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2022</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">474,016</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2023</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">202,676</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
235465
567548
926117
0
19902176
233534660
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Deferred income tax assets are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width: 81%;"></td><td style="width: 3%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgba(255, 255, 255, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 1pt; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgba(255, 255, 255, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgba(255, 255, 255, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="background-color: rgba(255, 255, 255, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="background-color: rgba(255, 255, 255, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 81%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Deferred tax assets</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 81%; background-color: rgba(255, 255, 255, 0);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">—Net operating loss carry forwards</div></div></td><td style="font-family: "times new roman"; width: 3%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="background-color: rgba(255, 255, 255, 0);;text-align:right;;vertical-align:bottom;">40,859</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="background-color: rgba(255, 255, 255, 0);;text-align:right;;vertical-align:bottom;">3,334</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 81%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Less: Valuation allowance</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(40,859</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(3,334</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 81%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 3%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; width: 2%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 81%; background-color: rgba(255, 255, 255, 0);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total deferred income tax asset<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div></div></div></div></td><td style="font-family: "times new roman"; width: 3%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="white-space: nowrap; text-align: right; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">—  </div></td><td style="white-space: nowrap; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">— </div></td><td style="white-space: nowrap; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 81%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 3%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; width: 2%; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
0.0001
0
0
0
0.0001
0
0
0
0.0001
0
0
0
0.0001
400000000
119196117
119196117
11920
2473
220623005
99277
19300000
132342910
4955327
368771
9917226
992
36363636
3636
9632500
911190
196519
424682
<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">6. ORDINARY SHARES </div></div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Upon incorporation in 2018, the Company’s authorized ordinary shares were 500,000,000 shares with a par value of US$0.0001 per share. The authorized shares of the Company were divided into 448,763,811 Ordinary Shares and 51,236,189 preferred shares in connection with issuance of Series Angel, Series Pre-A, Series A Redeemable Convertible Preferred Shares. The number of ordinary shares issued and outstanding was 73,393,941 as of December 31, 2019. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Immediately prior to the completion of IPO, the Company’s authorized share capital was US$50,000 divided into 500,000,000 shares comprising of (i) 400,000,000 Class A </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Ordinary Shares </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">with a par value of US$0.0001 each, (ii) 100,000,000 Class B </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Ordinary Shares </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">with a par value of US$0.0001 each. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Immediately prior to the completion of IPO, all outstanding Redeemable Convertible Preferred Shares, including (i) 4,955,327 Series Angel Redeemable Convertible Preferred Shares with a par value of US$0.0001 each, (ii) 9,917,226 of Series Pre-A Redeemable Convertible Preferred Shares with a par value of US$0.0001 each, and (iii) 36,363,636 of Series A Redeemable Convertible Preferred Shares with a par value of US$0.0001 each, were converted into Class A </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Ordinary Shares </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">on a one-to-one basis. All outstanding ordinary shares were re-designated and re-classified as Class A </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Ordinary Shares </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">on a one-to-one basis, except that 24,734,013 ordinary shares held by YooYoo Limited were re-designated and re-classified as Class B </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Ordinary Shares </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">on a one-to-one basis. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Upon the completion of the Company’s initial public offering and exercise of the green shoes options, the Company issued 18,600,000 and 700,000 Class A Ordinary Shares at price of US$7.5 per share, respectively. The net proceeds after deducting underwriting commissions and discounts were US$135,117,436. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2020, there were 119,196,117 Class A </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;">Ordinary Shares </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">and 24,734,013 Class B ordinary shares outstanding. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights.</div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> Each Class A Ordinary Share entitles the holder to one vote on all matters subject to vote at general meetings of the Company, and each Class B Ordinary Share entitles the holder to twenty votes on all matters subject to vote at general meetings of the Company.<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>Each Class B Ordinary Share is convertible into one Class A Ordinary Share. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. </div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
50000
24734013
119196117
24734013
Each Class A Ordinary Share entitles the holder to one vote
each Class B Ordinary Share entitles the holder to twenty votes
Each Class B Ordinary Share is convertible into one Class A Ordinary Share. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8. SHARE-BASED COMPENSATION</div></div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">On June 22, 2018, the Board of Directors of the Company approved and adopted the 2018 Share Incentive Plan (the “2018 Plan”), under which the Company reserves 11,733,506 ordinary shares to motivate employees of the Group. On June 25, 2019, the Board of Directors of the Company approved the reservation of additional 15,000,000 ordinary shares for issuance under the 2018 Plan.<div style="letter-spacing: 0px; top: 0px;;display:inline;"> On June 16, 2020, the Board of Directors of the Company approved the reservation of additional 15,000,000 ordinary shares for issuance under the 2018 Plan.</div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Under the 2018 plan, the options are generally subject to a four year service schedule, under which an employee earns an entitlement to vest 25% of his/her option at the end of each year of complete service. </div></div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company granted 4,873,822, 19,252,381, 2,607,303<div style="letter-spacing: 0px; top: 0px;;display:inline;">,</div> 15,000,000 <div style="letter-spacing: 0px; top: 0px;;display:inline;">and 116,000 stock options to its employees in June 2018, June 2019, December 2019, June 2020 and August 2020, respectively</div>. Stock options granted to employees will be exercisable upon the Company’s completion of IPO and shall be forfeited at the time the employee terminates of cause and breaches of the employees’ obligations, three months after termination of employment of the employee or twelve months after employee terminates of death or disability. The exercise price is US$0.10, US$0.18, US$0.22 or US$0.35 for these stock options granted. The options have a contractual term of ten years. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">A summary of the share options activities for the years ended December 31, 2020 is presented below</div>: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="width:60%;"><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:3%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Number of<br/> shares</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted<br/> average<br/> exercise<br/> price</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted<br/> remaining<br/> contractual<br/> years</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Aggregate<br/> intrinsic value</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-size: 0px;"><td style="width:59%;"><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Outstanding at<div style="letter-spacing: 0px; top: 0px;;display:inline;"> January 1, 2020</div></div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">26,733,506</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0.19</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8.50</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">100,101,256</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">15,116,000</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">0.35</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Forfeited</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; text-align: right; background-color: rgb(204, 238, 255);;vertical-align:bottom;">(136,000</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0.10</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Outstanding at December 31, 2020</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">41,713,506</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">0.25</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">8.78</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">587,342,349</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Vested and expect to<div style="display:inline;"> be</div> vested as of December 31, 2020</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">41,713,506</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0.25</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8.78</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">587,342,349</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;;vertical-align:bottom;"><div style="line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;width:100%;">Exercisable as of December 31, 202<div style="letter-spacing: 0px; top: 0px;;display:inline;">0</div></div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal; text-align: right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,669,543</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal; text-align: right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0.19</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal; text-align: right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8.16</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal; text-align: right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">122,626,494</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td></tr></table><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The fair value of the options granted is estimated on the date of grant using the binomial option pricing model with the following key assumptions used: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="background-color: initial; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="font-family: "times new roman"; width: 70%;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; text-align: center;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; text-align: center;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; text-align: center;"></td><td style="font-family: "times new roman";"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Risk-free rate of return (per annum)</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); text-align: center;;vertical-align:bottom;">2.9%</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); text-align: center;;vertical-align:bottom;"><div style="white-space: nowrap; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1.9%-2.0%</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); padding: 0px; text-align: center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">0.70%</div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Volatility</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align: center;;vertical-align:bottom;">57.10%</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align: center;;vertical-align:bottom;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">55%-56.2%</div></td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding: 0px; text-align: center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">56.60%</div></td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Expected dividend yield</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); text-align: center;;vertical-align:bottom;">0%</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); text-align: center;;vertical-align:bottom;">0%</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); padding: 0px; text-align: center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">0%</div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Exercise multiple</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align: center;;vertical-align:bottom;">2.2</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align: center;;vertical-align:bottom;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2.2-2.8</div></td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding: 0px; text-align: center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.2-2.8</div></td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Fair value of underlying ordinary share</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); text-align: center;;vertical-align:bottom;">0.35</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); text-align: center;;vertical-align:bottom;"><div style="white-space: nowrap; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3.02-3.94</div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); padding: 0px; text-align: center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5.12</div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Expected term</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align: center;;vertical-align:bottom;">10</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align: center;;vertical-align:bottom;">10</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding: 0px; text-align: center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10</div></td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr></table><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The estimated fair values of the underlying ordinary shares at the grant date was estimated by management with the assistance of an independent valuation firm. The Company first determined its enterprise value by using income approach, which required the estimation of future cash flows, and the application of an appropriate discount rate with reference to comparable listed companies engaged in the similar industry to convert such future cash flows to a single present value, and then allocated the enterprise value between the ordinary shares and preferred shares. The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in USD for a term consistent with the expected term of the Company’s options in effect at the option valuation date. The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employee exercise history, it was estimated by referencing to a widely-accepted academic research publication. Expected dividend yield is zero as the Company does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the option.</div><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The weighted average grant date fair value of the share options for the years ended December 31, 2018, 2019 and 2020 was US$0.26, US$2.96 and US$4.78, </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">respectively. Since the exercisability is dependent upon the completion of an initial public offering of the Company, no compensation expense relating to the options was recorded for the years ended December 31, 2018 and 2019. For the year ended December 31, 2020, the Company recognized </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">US$60,805,483<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">share-based compensation expenses.</div></div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2020, US$76,830,482<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>of total unrecognized compensation expense related to <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> share options is expected to be recognized over a weighted average period of approximately 1.14<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>years.</div><div style="background-color: initial; font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div>
<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The fair value of the options granted is estimated on the date of grant using the binomial option pricing model with the following key assumptions used: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="background-color: initial; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="font-family: "times new roman"; width: 70%;"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; text-align: center;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; text-align: center;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; text-align: center;"></td><td style="font-family: "times new roman";"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Risk-free rate of return (per annum)</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); text-align: center;;vertical-align:bottom;">2.9%</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); text-align: center;;vertical-align:bottom;"><div style="white-space: nowrap; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1.9%-2.0%</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); padding: 0px; text-align: center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">0.70%</div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Volatility</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align: center;;vertical-align:bottom;">57.10%</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align: center;;vertical-align:bottom;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">55%-56.2%</div></td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding: 0px; text-align: center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">56.60%</div></td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Expected dividend yield</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); text-align: center;;vertical-align:bottom;">0%</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); text-align: center;;vertical-align:bottom;">0%</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); padding: 0px; text-align: center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">0%</div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Exercise multiple</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align: center;;vertical-align:bottom;">2.2</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align: center;;vertical-align:bottom;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2.2-2.8</div></td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding: 0px; text-align: center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2.2-2.8</div></td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Fair value of underlying ordinary share</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); text-align: center;;vertical-align:bottom;">0.35</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); text-align: center;;vertical-align:bottom;"><div style="white-space: nowrap; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3.02-3.94</div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); padding: 0px; text-align: center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5.12</div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Expected term</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align: center;;vertical-align:bottom;">10</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align: center;;vertical-align:bottom;">10</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="padding: 0px; text-align: center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">10</div></td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
8669543
0.19
P8Y1M27D
122626494
0.0070
0.5660
0.00
2.2
2.8
5.12
P10Y
0.029
0.5710
0.00
15000000
116000
122978167
11949243
500000000
400000000
0.0001
100000000
0.0001
<div> </div><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The potential dilutive securities that have not been included in the calculation of diluted /earnings (loss) per share as their inclusion would be anti-dilutive are as follow: </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 8pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="width: 64%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">For the Year Ended December 31,</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgba(255, 255, 255, 0); width: 64%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Redeemable convertible preferred shares</div></div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="background-color: rgba(255, 255, 255, 0);;text-align:right;;vertical-align:bottom;">51,236,189</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 2%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgba(255, 255, 255, 0);;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">51,236,189</div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="background-color: rgba(255, 255, 255, 0);;text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td></tr><tr style="height: 14pt;"><td style="background: none rgb(204, 238, 255); width: 64%; height: 14pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Share options</div></div></td><td style="font-family: "times new roman"; background: none rgb(204, 238, 255); width: 2%; height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background: none rgb(204, 238, 255); height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="background: none rgb(204, 238, 255); height: 14pt;"><div style="margin-bottom: 0px; margin-top: 0px; text-align: right; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">— </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td style="white-space: nowrap; font-family: "times new roman"; background: none rgb(204, 238, 255); height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background: none rgb(204, 238, 255); width: 2%; height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="white-space: nowrap; font-family: "times new roman"; background: none rgb(204, 238, 255); height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="white-space: nowrap; background: none rgb(204, 238, 255); height: 14pt;;text-align:right;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td><td style="white-space: nowrap; font-family: "times new roman"; background: none rgb(204, 238, 255); height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background: none rgb(204, 238, 255); width: 2%; height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background: none rgb(204, 238, 255); height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="white-space: nowrap; height: 14pt; background: none rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">35,764,660</div></td><td style="white-space: nowrap; font-family: "times new roman"; background: none rgb(204, 238, 255); height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td></tr></table><div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
-73393941
-7339
48659928
4866
24734013
2473
24734013
2473
12405096
7339
226537
<table style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(p)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Government Grants </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Government grant is recognized when there is reasonable assurance that the Group will comply with the conditions attach to it and the grant will be received. Government grant for the purpose of giving immediate financial support to the Group with no future related costs or obligation is recognized in the Group’s consolidated statements of comprehensive (loss) / income when the grant becomes receivable. </div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(q)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Share-based Compensation </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group periodically grants share-based awards, mainly including share options to eligible employees and management, which are subject to service and performance conditions.</div> </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The Group recognizes compensation cost for an equity classified award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant date fair value of such award that is vested at that date. For equity awards that contain both a service condition and a performance condition, the Company recognizes compensation cost on a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">tranche-by-tranche</div></div> basis, and when the Group considers that it is probable that the performance condition will be achieved. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
0
2492603
0.02
0
P4Y
0.25
P36M
46458472
16255275
7672437
35861913
1015858
500000000
0.0001
448763811
51236189
18600000
700000
7.5
135117436
<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7. MEZZANINE EQUITY </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Class A, Class B and Class C Redeemable Convertible Preferred Shares </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In April and September 2016, FYXTech BVI and Shenzhen Yale issued Class A Redeemable Convertible Preferred Shares to investors in exchange for a total cash consideration of US$300,000. The rights, preferences and privileges of Class A Redeemable Convertible Preferred Shares issued by FYXTech BVI and Shenzhen Yale (collectively “Class A Preferred Equity”) are substantially identical. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In January and June 2017, FYXTech BVI and Shenzhen Yale issued Class B Redeemable Convertible Preferred Shares to individual investors in exchange for a total cash consideration of US$218,233. The rights, preferences and privileges of Class B Redeemable Convertible Preferred Shares issued by FYXTech BVI and Shenzhen Yale (collectively “Class B Preferred Equity”) are substantially identical. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In June 2017, FYXTech BVI and Shenzhen Yale issued Class C Redeemable Convertible Preferred Shares to an investor in exchange for a total cash consideration of US$726,195. The rights, preferences and privileges of Class C Redeemable Convertible Preferred Shares issued by FYXTech BVI and Shenzhen Yale (collectively “Class C Preferred Equity”) are substantially identical. </div></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Upon the issuance of Class C Preferred Equity, the holders of Class A Preferred Equity, the Class B Preferred Equity and the Class C Preferred Equity owned 12%, 4% and 10% of FYXTech BVI and Shenzhen Yale’s equity interest on a fully-diluted basis, respectively. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The rights, preferences and privileges of Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity are as follows: </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Redemption Rights </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Each holder of Class A Preferred Equity and Class B Preferred Equity shall be entitled to receive an amount equal to 100% of the original purchase price of such preferred equity if deemed liquidation events as defined in the agreement which were outside of the control of FYXTech BVI and Shenzhen Yale occur. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Each holder of Class C Preferred Equity shall have the right to request FYXTech BVI and Shenzhen Yale to redeem Class C Preferred Equity held by such shareholder at the price of the original purchase price of such Class C Preferred Equity plus a simple interest rate of 15% per annum, and minus cumulative dividends that has been distributed on such Class C Preferred Equity if </div></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 6pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"> </td><td style="text-align:left;;vertical-align:top;;width:5%;">(1)</td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">FYXTech BVI or Shenzhen Yale fails to consummate an IPO within five (5) years after the closing date of the purchase of the Class C Preferred Equity, or </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 6pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"> </td><td style="text-align:left;;vertical-align:top;;width:5%;">(2)</td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">a material breach as defined in the agreement occurs. </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Conversion Rights </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Each of Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity may be converted into ordinary shares of FYXTech BVI at the sole discretion of its holder at the initial conversion ratio of 1:1. The initial conversion ratio of Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity is subject to contingent conversion adjustments for any new securities issued. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Voting Rights </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Each holder of Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity shall be entitled to that number of votes corresponding to the number of ordinary shares on an <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">as-converted</div> basis.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Dividend Rights </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Each of Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity shall be entitled to an equal share (on an <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">as-converted</div> basis) in any dividend.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Liquidation Preferences </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In the event of a liquidation, dissolution, winding up or deemed liquidation defined in the agreement, the distributable assets thereof shall be distributed among the shareholders as follows: </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(a) Firstly, each holder of Class C Preferred Equity shall have the right to receive the higher of the following: (1) the fair market value multiplied by the share percentage of the Class C Preferred Equity that such holder holds in FYXTech BVI and Shenzhen Yale, (2) 150% of the original <div style="letter-spacing: 0px; top: 0px;;display:inline;">purchase </div>price of such Class C Preferred Equity; or (3) the original purchase price of such Class C Preferred Equity plus the amount calculated at the compound interest rate of 15% per annum; </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(b) Secondly, after the payment of the Class C Liquidation Preference, each holder of Class B Preferred Equity shall be entitled to receive an amount equal to one hundred percent (100%) of the original purchase price of such Class B Preferred Equity; </div></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(c) Thirdly, after the payment of the Class B Liquidation Preference, each holder of the Class A Preferred Equity shall be entitled to receive an amount equal to one hundred percent (100%) of the original purchase price of such Class A Preferred Equity; </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(d)<div style="letter-spacing: 0px; top: 0px;;display:inline;"> Finally</div>, after the payment of the Class A Liquidation Preference, the balance of the surplus assets (if any) of the Company shall be distributed among the holders of ordinary shares, Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity on a fully diluted basis. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Accounting of Class A, Class B and Class C Preferred Equity </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company classified Class A Preferred Equity and Class B Preferred Equity as mezzanine equity in the consolidated balance sheet as they were contingently redeemable upon the occurrence of deemed liquidation events which were outside of the control of FYXTech BVI and Shenzhen Yale. The Company classified Class C Preferred Equity as mezzanine equity in the consolidated balance sheet as they were contingently redeemable upon the occurrence of IPO or defined events which were outside of the control of FYXTech BVI and Shenzhen Yale. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company concluded the embedded conversion and redemption option of Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity did not need to be bifurcated pursuant to ASC 815 because these terms do not permit net settlement, nor they can be readily settled net by a means outside the contract, nor they can provide for delivery of an asset that puts the holders in a position not substantially different from net settlement. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company also determined that there was no beneficial conversion feature attributable to Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity because the initial effective conversion prices of these Preferred Equity were higher than the estimated fair value of FYXTech BVI and Shenzhen Yale’s ordinary shares at each commitment dates. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity were recorded initially at fair value, net of issuance costs. The Company accreted changes in the redemption value of Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity over the period from the date of issuance to the earliest redemption date using the interest method. The accretions were recorded against retained earnings, or in the absence of retained earnings, by charges against additional <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital. Once additional <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital had been exhausted, additional charges were recorded against retained earnings or accumulated deficit.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">FYXTech BVI and Shenzhen Yale repurchased Class A Preferred Equity in February 2018 and March 2018 in exchange for a total cash consideration of US$3 million. FYXTech BVI and Shenzhen Yale repurchased Class C Preferred Equity in May 2018 in exchange for a cash consideration of US$4.6 million. The repurchased preferred shares were cancelled immediately. The excess of the repurchase price over the carrying amount of Class A Preferred Equity and Class C Preferred Equity in the amount of US$2,700,000 and US$3,781,363, respectively, representing a return to the holders of Class A Preferred Equity and Class C Preferred Equity was treated as deemed dividends to these Preferred Equity Holders. </div></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The activities of Class A Preferred Equity, Class B Preferred Equity and Class C Preferred Equity for the year ended December 31, 2018 are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;"><tr style="font-size: 0px;"><td style="width:65%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Class A<br/> Preferred<br/> Equity</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Class B<br/> Preferred<br/> Equity</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Class C<br/> Preferred<br/> Equity</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Total</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of January 1, 2018</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">300,000</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">218,233</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">772,382</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,290,615</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accretion</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">30,439</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">30,439</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Repurchase</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(300,000</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(802,821</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(1,102,821</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Re-designation</div> (see note below)</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(218,233</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(218,233</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2018</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-weight:bold;display:inline;">Series Angel, Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> and Series A Redeemable Convertible Preferred Shares </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">On May 23, 2018, the Company issued 4,955,327 Series Angel Redeemable Convertible Preferred Shares (“Series Angel Preferred Shares”), with par value of US$0.0001 per share to the Class B Preferred Equity Holders at minimal consideration. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">On May 23, 2018, the Company issued 9,917,226 Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Redeemable Convertible Preferred Shares (“Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares”) with par value of US$0.0001 per share to the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Co-founders</div> at minimal consideration.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">As stated in note 1, in connection with the Reorganization, the equity structure of the Company was substantially identical to that of FYXTech BVI and Shenzhen Yale immediately before the Reorganization on a fully-diluted basis. Therefore, the Company considered that on May 23, 2018, Class B Preferred Equity were redesignated into Series Angel Preferred Shares, and the ordinary shares which represented 11% equity interest of FYXTech BVI and Shenzhen Yale were redesignated into Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">On May 23, 2018, the Company issued 36,363,636 Series A Redeemable Convertible Preferred Shares (“Series A Preferred Shares”) to third-party investors in exchange for a total cash consideration of US$20 million, or US$0.5500 per share. Total issuance costs of Series A Preferred Shares were US$922,589. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The rights, preferences and privileges of Series Angel Preferred Shares, Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares and Series A Preferred Shares (collectively “Preferred Shares”) are as follows:</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Redemption Rights </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Preferred Shares shall be redeemable at the option of holders of the Preferred Shares if: </div></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 6pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"> </td><td style="text-align:left;;vertical-align:top;;width:5%;">(1)</td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">the Company has not consummated a Qualified Initial Public Offering (“Qualified IPO”) within five (5) years after the issuance of Preferred Shares; or </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 6pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"> </td><td style="text-align:left;;vertical-align:top;;width:5%;">(2)</td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">the material breach as defined in the agreement occurs. </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The redemption price of Series Angel Preferred Share, Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares and Series A Preferred shares was US$0.0528, US$0.0753 and US$0.5500 per share, respectively, plus a single rate of ten percent per annum for the period from the date on which Series Angel Preferred Share, Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares and Series A Preferred shares were issued to the date on which the preferred shares are redeemed and the redemption price is paid, plus all accrued but unpaid dividends.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The redemption preference from high priority to low priority is in sequence as follows: (i) Series A Preferred Shares, (ii) Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares, and (iii) Series Angel Preferred Shares.</div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Conversion Rights </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Each holder of Preferred Shares shall have the right, at such holder’s sole discretion, to convert all or any portion of its Preferred Shares into <div style="letter-spacing: 0px; top: 0px;;display:inline;">ordinary shares </div>at any time. The conversion rate for Preferred Shares shall be determined by dividing the original issuance price for Series A Preferred Shares or assumed issuance price (which is also the redemption price aforementioned) for Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares and Series Angel Preferred Shares (collectively “Preferred Share Issuance Price”) by the conversion price then in effect at the date of the conversion. The initial conversion price will be the Preferred Share Issuance Price (i.e., a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">1-to-1</div></div> initial conversion ratio), as applicable, which will be subject to adjustments to reflect share dividends, share splits, combination, subdivisions, consolidations, reclassifications, exchange, substitutions, reorganizations, mergers and other dilutive events.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Each preferred share shall automatically be converted into ordinary shares, at the then applicable preferred share conversion price (i) upon the closing of a Qualified IPO or (ii) the prior written approval of the holders of a majority of the Preferred Shares then outstanding. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Voting Rights </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Each Preferred Share holder shall carry a number of votes equal to the number of ordinary shares then issuable upon its conversion into ordinary shares at the record date for determination of the shareholders entitled to vote on such matters, or, if no such record date is established, at the date such vote is taken or any written consent of shareholders is solicited. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Dividend Rights </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Each holder of the Preferred Shares shall be entitled to receive preferential, <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-cumulative</div> dividends, out of any assets legally available therefor, at an amount equal to the greater of: (i) a single annual rate of eight percent of the Preferred Shares Issuance Price (as adjusted for any subdivisions, consolidations, bonus issues, reclassifications and the like) as and if declared by the Board, or (ii) any dividends which would be distributed to the holders of Preferred Shares on a pro rata, pari passu basis among all holders of <div style="letter-spacing: 0px; top: 0px;;display:inline;">ordinary shares </div>and Preferred Shares (on an <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">as-converted</div> basis) when, as and if declared by the Board.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Liquidation Preferences </div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In the event of any liquidation, dissolution, winding up or deemed liquidation defined in the agreement, either voluntary or involuntary, the holders of Preferred Shares shall be entitled to receive, an amount equal to one hundred percent of Preferred Shares Issuance Price and all accrued or declared but unpaid dividends thereon.</div> </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The liquidation right should be settled in the sequence of (i) Series A Preferred Shares, (ii) Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares, and (iii) Series Angel Preferred Shares.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Accounting of Series Angel, Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> and Series A Preferred Shares </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">The Company classified Series Angel Preferred Shares, Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares and Series A Preferred Shares as mezzanine equity in the consolidated balance sheet<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> as they are contingently redeemable upon the occurrence of certain events outside of the Company’s control.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The Company concluded the embedded conversion and redemption option of Series Angel Preferred Shares, Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares and Series A Preferred Shares did not need to be bifurcated pursuant to ASC 815 because these terms do not permit net settlement, nor they can be readily settled net by a means outside the contract, nor they can provide for delivery of an asset that puts the holders in a position not substantially different from net settlement.</div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;">The Company also determined that there was no beneficial conversion feature attributable to the Series Angel Preferred Shares, Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares and Series A Preferred Shares because the initial effective conversion prices of these preferred shares were higher than the estimated fair value of the Company’s ordinary shares at the relevant commitment dates.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">As described above, on May 23, 2018, Class B Preferred Equity were redesignated into Series Angel Preferred Shares. The Company determines whether such amendment or modification to the terms of Series Angel Preferred Shares represents an extinguishment based on a fair value approach. Since the difference between the fair value of the Class B Preferred Shares and Series Angel Preferred Shares upon the modification date was immaterial, the Company initially recorded the Series Angel Preferred Shares at the carrying amount of Class B Preferred Shares on the issuance date of Series Angel Preferred Shares. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">As described above, on May 23, 2018, certain portion of ordinary shares of FYXTech BVI and Shenzhen Yale were redesignated into Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares. Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares were recorded initially at fair value. The excess of fair value of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares upon the issuance date over the carrying amount of ordinary shares was US$3,570,201 was in substance a transfer of wealth from ordinary shareholders to the holders of preferred shares and therefore was treated as deemed dividend to the Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shareholders.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The Company accreted changes in the redemption value of Series Angel Preferred Shares and Series A Preferred Shares over the period from the date of issuance to the earliest redemption date using the interest method. The accretions were recorded against retained earnings, or in the absence of retained earnings, by charges against additional <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital. Once additional <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital had been exhausted, additional charges were recorded against retained earnings or accumulated deficit. Since the redemption value of Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares is less than its carrying amount, no accretion was recorded.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">All of the Redeemable Convertible Preferred Shares were converted to equivalent number of Class A Ordinary Shares immediately upon the completion of the Company’s initial public offering on September 30, 2020. </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The activities of Series Angel Preferred Shares, Series <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Preferred Shares and Series A Preferred Shares for the years ended December 31, 2019 and 2020 are as follows:</div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;"><tr style="font-size: 0px;"><td style="width:60%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Series Angel<br/> Preferred<br/> Shares</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Series Pre-A</div><br/> Preferred<br/> Shares</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Series A<br/> Preferred<br/> Shares</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Total</div></td><td style="padding-bottom: 1pt; font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of January 1, 2019</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">234,394</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,570,201</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">20,157,863</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">23,962,458</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accretion</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">29,214</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">—  </div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,911,038</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,940,252</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2019</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">263,608</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">3,570,201</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">22,068,901</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">25,902,710</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accretion</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">24,299</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,552,727</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">1,577,026</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;">Conversion to ordinary shares</div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(287,907</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(3,570,201</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(23,621,628</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(27,479,736</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance as of December 31, 2020</div></div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">— </div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">— </div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">— </div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">— </div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
287411
287907
3569209
3570201
23617992
23621628
50000
500000000
0.0001
0.0001
0.15
0.15
Stock options granted to employees will be exercisable upon the Company’s completion of IPO and shall be forfeited at the time the employee terminates of cause and breaches of the employees’ obligations, three months after termination of employment of the employee or twelve months after employee terminates of death or disability. The exercise price is US$0.10, US$0.18, US$0.22 or US$0.35 for these stock options granted
minimal consideration
minimal consideration
51236189
51236189
35764660
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(k)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenue Recognition </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group has adopted ASC 606, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenue from Contracts with Customers</div>, since its establishment and recognizes revenue when control of the promised services are transferred to the customers, in an amount that reflects the consideration that the Group expects to receive in exchange for those services. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Substantially all the revenues of the Group were derived from voice-centric social networking and entertainment platform, which provides group chatting and games services. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Group chatting service</div> </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group provides group chatting service to individual users with fr<div style="letter-spacing: 0px; top: 0px;;display:inline;">e</div>e access to the basic functions on the platform. It also provide<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> enhanced experience by sales of virtual items and provision of upgrade service on the platform. The Group has the sole discretion in designing the specifications and establishing pricing of virtual items and upgrade service. Individual user purchases virtual items and upgrade service using the Group’s virtual currency which is in turn acquired through third party payment platforms. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group recognizes revenue relating to virtual items at the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">point-in-time</div></div> when they are consumed. Upgrade service primarily consists of VIP rights or premium membership in chat rooms over a specified limited period or the period the users are registered on the platform. Revenues from the upgrade service with limited period are recognized ratably over the period the service is made available to the users. Revenues from the upgrade service without any time limits are recognized ratably over the estimated period of the relevant user groups. </div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Games service</div> </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group provides games service to individual users through its mobile game applications. Individual users consume virtual currency to play a game, purchase virtual items which can be used to enjoy one-time privileges in the game, and upgrade service. Each game is completed within several minutes. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group charges individual users virtual currency to play a game, which currently accounts for a small portion of games service revenue. The Group has determined that each of these games represents a distinct performance obligation. The related revenue is recognized over the period of the gameplay which takes several minutes. The Group recognizes revenue relating to virtual items upon consumption. Upgrade service primarily consists of premium rights over the period the users are registered on the platform. Revenues from the upgrade service are recognized ratably over the estimated period of the relevant user groups. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The estimated period of upgrade services in both the group chatting service and games service is determined based on the expected service period derived from historical users’ behavioral pattern. This estimate is <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">re-assessed</div> on a quarterly basis. Adjustments arising from the changes of estimated period of the users are applied prospectively as such changes are resulted from new information indicating a change in the users’ behavior. </div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Deferred revenue</div> </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Virtual currency is non-refundable and does not have expiration date. Proceeds received from users’ purchase of virtual currency are recorded as deferred revenue. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Deferred revenue (a contract liability) is recognized when the Group has an obligation to transfer services to a customer for which the Company has received consideration related to the Group’s group chatting and games services from the customer. </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The balance of deferred revenue as of January 1, 2018, 2019, and 2020 was US$911,190, </div>US$3,439,418<div style="letter-spacing: 0px; top: 0px;;display:inline;">,</div> and<div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">US$</div></div>6,010,874 <div style="letter-spacing: 0px; top: 0px;;display:inline;">respectively, which were recognized as revenue for the years ended December 31, 2018, 2019, and 2020, respectively. The balance as of December 31, 2020 is expected to be recognized as revenues within</div> one year. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">w</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Earnings (Loss) per Share </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Basic earnings (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders, taking into consideration the deemed dividends to preferred shareholders (if any), by the weighted average number of ordinary shares outstanding during the year using the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">two-class</div> method. Under the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">two-class</div> method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Shares issuable for little to no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic earnings (loss) per share as of the date that all necessary conditions have been satisfied. Net losses are not allocated to other participating securities if based on their contractual terms they are not obligated to share the losses.</div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s redeemable convertible preferred shares are participating securities, as they have contractual nonforfeitable right to participate in distributions of earnings. The redeemable convertible preferred shares have no contractual obligation to fund or otherwise absorb the Group’s losses. Accordingly, any undistributed net income is allocated on a pro rata basis to ordinary shares and redeemable convertible preferred shares; whereas any undistributed net loss is allocated to ordinary shares only. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Diluted earnings (loss) per share is calculated by dividing net earnings (loss) attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of ordinary shares issuable upon the conversion of the preferred shares, using the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">if-converted</div> method, and shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted earnings (loss) per share calculation when inclusion of such share would be anti-dilutive. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">11</div>. EARNINGS (LOSS) PER SHARE </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The following table sets forth the basic and diluted earnings (loss) per share computation and provides a reconciliation of the numerator and denominator for the periods presented. Shares issuable for little consideration relating to the vested share options have been included in the number of outstanding shares used for basic earnings per share: </div></div></div> <div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px; text-decoration: none;;display:inline;"> </div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; background: none; line-height: 12pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="width: 65%;"></td><td style="width: 1%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 1%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 1%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;">  </td><td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">For the Year Ended December 31,</div></td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Numerator:</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Net Income</div></div></td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">20,241,623</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">28,924,803</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">3,213,386</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Deemed dividend to Class A Redeemable Convertible Preferred Equity Holder<div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">s</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(2,700,000</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Deemed dividend to Class C Redeemable Convertible Preferred Equity Holder</div></div></td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(3,781,363</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;">Deemed dividend to Series <div style="white-space: nowrap; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Redeemable Convertible Preferred Shareholders</div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(3,570,201</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accretion of redeemable convertible preferred shares</div></div></td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(1,127,052</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(1,940,252</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(1,577,026</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;">) </td></tr><tr><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:top;"><div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">Dividends distributed to redeemable convertible preferred shareholders</div></div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">(3,704,083</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">) </div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Distribution to the shareholders of FYXTech BVI and</div></div><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Shenzhen Yale in connection with the Reorganization</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">(18,146,091</td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255); width: 9%; padding: 0pt 5pt 0pt 0pt;;text-align:right;;vertical-align:bottom;">—</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Earnings attributable to redeemable convertible preferred shareholders</div></div></td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(11,093,510</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 9%; padding: 0pt 5pt 0pt 0pt;;text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 65%; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Numerator for basic and diluted earnings (loss) per share calculation</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(9,083,084</div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">) </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">15,891,041</div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(255, 255, 255); width: 8%; padding: 0pt 0pt 0pt 5pt;;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(2,067,723 </div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;width:100%;">)</div><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 65%; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Denominator:</div></div></div></td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average number of ordinary shares</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">73,393,941</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">73,393,941</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">91,755,810</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 65%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Denominator for basic and diluted earnings (loss) per share calculation</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">73,393,941</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">73,393,941</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">91,755,810</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 65%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgba(255, 255, 255, 0); width: 65%;;vertical-align:bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Earnings (loss) per ordinary share</div></div></div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">— Basic and diluted</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(0.12</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0.22</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(0.02</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 65%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">For the purpose of calculating loss per share for the year ended December 31, 2018, the weighted average number of ordinary shares outstanding used in the calculation has been retrospectively adjusted to reflect the issuance of ordinary shares in connection with the Reorganization (see note 1), as if the Reorganization had occurred at the beginning of the year. </div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The potential dilutive securities that have not been included in the calculation of diluted /earnings (loss) per share as their inclusion would be anti-dilutive are as follow: </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 8pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="width: 64%;"></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 2%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">For the Year Ended December 31,</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 64%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Redeemable convertible preferred shares</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">51,236,189</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">51,236,189</div></td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="height: 14pt;"><td style="background: none rgb(255, 255, 255); width: 64%; height: 14pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Share options</div></div></td><td style="font-family: "times new roman"; background: none rgb(255, 255, 255); width: 2%; height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background: none rgb(255, 255, 255); height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="background: none rgb(255, 255, 255); height: 14pt;"><div style="margin-bottom: 0px; margin-top: 0px; text-align: right; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">— </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></div></td><td style="white-space: nowrap; font-family: "times new roman"; background: none rgb(255, 255, 255); height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background: none rgb(255, 255, 255); width: 2%; height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="white-space: nowrap; font-family: "times new roman"; background: none rgb(255, 255, 255); height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="white-space: nowrap; background: none rgb(255, 255, 255); height: 14pt;;text-align:right;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td><td style="white-space: nowrap; font-family: "times new roman"; background: none rgb(255, 255, 255); height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background: none rgb(255, 255, 255); width: 2%; height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background: none rgb(255, 255, 255); height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="white-space: nowrap; height: 14pt; background: none rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;"><div style="font-size: 9.5pt; letter-spacing: 0px; top: 0px;;display:inline;">35,764,660</div></td><td style="white-space: nowrap; font-family: "times new roman"; background: none rgb(255, 255, 255); height: 14pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-size: 1px; margin-top: 0px; margin-bottom: 0px;"> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The following table sets forth the basic and diluted earnings (loss) per share computation and provides a reconciliation of the numerator and denominator for the periods presented. Shares issuable for little consideration relating to the vested share options have been included in the number of outstanding shares used for basic earnings per share: </div></div></div> <div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px; text-decoration: none;;display:inline;"> </div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; background: none; line-height: 12pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="width: 65%;"></td><td style="width: 1%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 1%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 1%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;">  </td><td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">For the Year Ended December 31,</div></td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Numerator:</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Net Income</div></div></td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">20,241,623</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">28,924,803</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">3,213,386</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Deemed dividend to Class A Redeemable Convertible Preferred Equity Holder<div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">s</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(2,700,000</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Deemed dividend to Class C Redeemable Convertible Preferred Equity Holder</div></div></td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(3,781,363</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;">Deemed dividend to Series <div style="white-space: nowrap; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Pre-A</div> Redeemable Convertible Preferred Shareholders</div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(3,570,201</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Accretion of redeemable convertible preferred shares</div></div></td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(1,127,052</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(1,940,252</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">(1,577,026</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;">) </td></tr><tr><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:top;"><div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">Dividends distributed to redeemable convertible preferred shareholders</div></div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">—  </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; text-align:right; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">(3,704,083</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;;vertical-align:bottom;"><div style="margin:0in 0in 0.0001pt; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">) </div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Distribution to the shareholders of FYXTech BVI and</div></div><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Shenzhen Yale in connection with the Reorganization</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">(18,146,091</td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255); width: 9%; padding: 0pt 5pt 0pt 0pt;;text-align:right;;vertical-align:bottom;">—</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Earnings attributable to redeemable convertible preferred shareholders</div></div></td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(11,093,510</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 9%; padding: 0pt 5pt 0pt 0pt;;text-align:right;;vertical-align:bottom;">— </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 65%; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Numerator for basic and diluted earnings (loss) per share calculation</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(9,083,084</div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">) </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">15,891,041</div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(255, 255, 255); width: 8%; padding: 0pt 0pt 0pt 5pt;;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(2,067,723 </div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;width:100%;">)</div><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 65%; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 65%; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Denominator:</div></div></div></td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 1%; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average number of ordinary shares</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">73,393,941</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">73,393,941</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">91,755,810</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 65%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Denominator for basic and diluted earnings (loss) per share calculation</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">73,393,941</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">73,393,941</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">91,755,810</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 65%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgba(255, 255, 255, 0); width: 65%;;vertical-align:bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Earnings (loss) per ordinary share</div></div></div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 65%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">— Basic and diluted</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(0.12</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0.22</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 1%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(0.02</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 65%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0); width: 1%;;vertical-align:bottom;">  </td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgba(255, 255, 255, 0);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgba(255, 255, 255, 0);"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: 12pt;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; background: none; line-height: 12pt;"> </div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(a)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of Presentation </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The accompanying consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(b)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Principles of Consolidation </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances among the Company and its wholly-owned subsidiaries have been eliminated upon consolidation. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(c)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">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, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period. Significant accounting estimates include, but not limited to, fair value of share-based compensation awards, ordinary shares and convertible redeemable preferred shares. 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. </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(d)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Commitment and Contingencies </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-income</div> tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.</div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(e)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cash and Cash Equivalents </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents consist of cash at bank and highly liquid investments placed with banks, which have original maturities of three months or less and are readily convertible to known amounts of cash. The Company’s cash and cash equivalents are deposited in financial institutions at below locations: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px; width: 76%;;margin : 0px auto;;text-align:left;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="width: 73%;"><br/></td><td style="width: 2%;;vertical-align:bottom;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="width: 2%;;vertical-align:bottom;"><br/></td><td><br/></td><td><br/></td><td><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">As of December 31,</div></td><td style="padding-bottom: 0.7pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">US$</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:top;"><div style="margin-top:0in; margin-right:0in; margin-bottom:.0001pt; margin-left:12.0pt; text-indent:-12.0pt; line-height:normal; font-family:calibri,sans-serif"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Financial institutions in the mainland of the PRC</div></div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"><div style="margin: 0px 0in; line-height: normal; font-family: calibri, sans-serif;"> </div></td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td><td style="background:#cceeff; padding:0in 0in 0in 0in;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in RMB</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">486,117</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">5,511,982</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,214,485</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,819,424</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash balances held at mainland PRC financial institutions</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">1,700,602</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">7,331,406</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Financial institutions in Hong Kong Special Administrative Region (“HK S.A.R. “)</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><br/></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">14,929,853</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">133,911,336</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash balances held at the HK S.A.R. financial institutions</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">14,929,853</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">133,911,336</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Financial institutions in UAE</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in <div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">United </div>Arab Emirates Dirham (“AED”)</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,059,127</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">23,249,640</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">17,355,953</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">35,813,863</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash balances held at the UAE financial institutions</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">23,415,080</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">59,063,503</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Financial institutions in United States</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">119,810</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">10,127,775</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash <div style="letter-spacing: 0px; top: 0px;;display:inline;">and cash equivalents </div>balances held at the United States financial institutions</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">119,810</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">10,127,775</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Financial institutions in Singapore</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">—Denominated in USD</div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">5,137,277</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">26,449,262</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash balances held at the Singapore financial institutions</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">5,137,277</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255); width: 2%;;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">26,449,262</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 73%;;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total cash <div style="letter-spacing: 0px; top: 0px;;display:inline;">and cash equivalents </div>balances held at financial institutions</div></div></div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">45,302,622</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="text-align:right;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">236,883,282</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 73%;;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background: none; line-height: normal;"> </div></td><td style="font-family: 'times new roman';"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(f)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Term <div style="letter-spacing: 0px; top: 0px;;display:inline;">D</div>eposits </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Term deposits represent deposits placed with banks with original maturities of more than three months but less than one year. The Group’s term deposits as of December 31, 2019 </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">were </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">denominated </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">in USD and were deposited at a financial institution in Singapore. </div></div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(g)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Short-term Investments </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Short-term investments include financial products issued by financial institutions. The Group classifies the financial products as <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div> securities, which are recorded at fair value. Unrealized holding gains and losses, net of the related income tax effect, on <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div> securities are excluded from earnings and reported as a separate component of accumulated other comprehensive income until realized. Realized gains and losses from the sale of <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div> securities are determined on a specific-identification basis.</div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(h)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Property and Equipment, net </div></div></div></div></td></tr></table> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment are stated at cost less depreciation and any impairment. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px; width: 100%;;margin : 0px auto;;text-align:left;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="font-family: "times new roman"; width: 33%;"><br/></td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;"><br/></td><td style="font-family: "times new roman"; width: 65%;"><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="white-space: nowrap; width: 33%; padding-bottom: 0.45pt;;vertical-align:bottom;"><div style="font-family: 'times new roman'; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 8pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Category</div></div></div></td><td style="font-family: "times new roman"; width: 2%; padding-bottom: 0.45pt;;vertical-align:bottom;">  </td><td style="white-space: nowrap; width: 65%; font-size: 8pt; border-bottom: 0.75pt solid black;;vertical-align:bottom;"><div style="font-family: "times new roman"; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; background: none; line-height: normal;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 8pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Estimated Useful Life</div></div></div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 33%;;vertical-align:top;">Electronic equipment</td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="width: 65%;;text-align:right;;vertical-align:top;">3 years</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 33%;;vertical-align:top;">Vehicle</td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="width: 65%;;text-align:right;;vertical-align:top;">4 years</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 33%;;vertical-align:top;">Office furniture</td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="width: 65%;;text-align:right;;vertical-align:top;">5 years</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 33%;;vertical-align:top;">Leasehold improvement</td><td style="font-family: "times new roman"; width: 2%;;vertical-align:bottom;">  </td><td style="width: 65%;;text-align:right;;vertical-align:top;">Shorter of the lease term or the estimated useful life of the assets</td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Ordinary maintenance and repairs are charged to expenses as incurred, while replacements and betterments are capitalized. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value of the item disposed and proceeds realized thereon. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Recoverability of a long-lived asset or asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying value of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment loss is recognized by the amount that the carrying value exceeds the estimated fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>party independent appraisals, as considered necessary. Assets to be disposed are reported at the lower of carrying amount or fair value less costs to sell, and are no longer depreciated. No impairment of long-lived assets was recognized for the year presented. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(i)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Value Added Taxes </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s PRC subsidiaries and Dubai subsidiary are subject to value added tax (“VAT”). Revenue from providing services is generally subject to VAT at the rate of<div style="letter-spacing: 0px; top: 0px;;display:inline;"> 6</div>% for PRC subsidiaries and 5% for Dubai subsidiary,<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>respectively. The Group paid to local tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other current liabilities, and the excess of input VAT over output VAT is reflected in prepayments and other current assets in the consolidated balance sheets. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(j)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fair Value Measurements </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">market-based</div> measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. </div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accounting Standards Codification (“ASC”) 820, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fair Value Measurements and Disclosures</div> (“ASC 820”) defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">three-level</div> fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are: </div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Level 3 — Unobservable inputs which are supported by little or no market activity. </div></div></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The cost approach is based on the amount that would currently be required to replace an asset.</div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Financial assets and liabilities of the Group primarily consist cash and cash equivalents, term deposits, short-term investments, accounts payable, accrued expenses and other current liabilities. The Group measures short-term investments at fair value on a recurring basis. Short-term investments include financial products issued by financial institutions, which are valued based on price per unit quoted by financial institutions. They are categorized in Level 2 of the fair value hierarchy. As of December 31, 2019 and 2020, the carrying values of other financial instruments approximated to their fair values due to the short maturity of these instruments.</div> </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(k)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenue Recognition </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group has adopted ASC 606, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenue from Contracts with Customers</div>, since its establishment and recognizes revenue when control of the promised services are transferred to the customers, in an amount that reflects the consideration that the Group expects to receive in exchange for those services. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Substantially all the revenues of the Group were derived from voice-centric social networking and entertainment platform, which provides group chatting and games services. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Group chatting service</div> </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group provides group chatting service to individual users with fr<div style="letter-spacing: 0px; top: 0px;;display:inline;">e</div>e access to the basic functions on the platform. It also provide<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div> enhanced experience by sales of virtual items and provision of upgrade service on the platform. The Group has the sole discretion in designing the specifications and establishing pricing of virtual items and upgrade service. Individual user purchases virtual items and upgrade service using the Group’s virtual currency which is in turn acquired through third party payment platforms. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group recognizes revenue relating to virtual items at the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">point-in-time</div></div> when they are consumed. Upgrade service primarily consists of VIP rights or premium membership in chat rooms over a specified limited period or the period the users are registered on the platform. Revenues from the upgrade service with limited period are recognized ratably over the period the service is made available to the users. Revenues from the upgrade service without any time limits are recognized ratably over the estimated period of the relevant user groups. </div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Games service</div> </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group provides games service to individual users through its mobile game applications. Individual users consume virtual currency to play a game, purchase virtual items which can be used to enjoy one-time privileges in the game, and upgrade service. Each game is completed within several minutes. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group charges individual users virtual currency to play a game, which currently accounts for a small portion of games service revenue. The Group has determined that each of these games represents a distinct performance obligation. The related revenue is recognized over the period of the gameplay which takes several minutes. The Group recognizes revenue relating to virtual items upon consumption. Upgrade service primarily consists of premium rights over the period the users are registered on the platform. Revenues from the upgrade service are recognized ratably over the estimated period of the relevant user groups. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The estimated period of upgrade services in both the group chatting service and games service is determined based on the expected service period derived from historical users’ behavioral pattern. This estimate is <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">re-assessed</div> on a quarterly basis. Adjustments arising from the changes of estimated period of the users are applied prospectively as such changes are resulted from new information indicating a change in the users’ behavior. </div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Deferred revenue</div> </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Virtual currency is non-refundable and does not have expiration date. Proceeds received from users’ purchase of virtual currency are recorded as deferred revenue. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Deferred revenue (a contract liability) is recognized when the Group has an obligation to transfer services to a customer for which the Company has received consideration related to the Group’s group chatting and games services from the customer. </div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The balance of deferred revenue as of January 1, 2018, 2019, and 2020 was US$911,190, </div>US$3,439,418<div style="letter-spacing: 0px; top: 0px;;display:inline;">,</div> and<div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">US$</div></div>6,010,874 <div style="letter-spacing: 0px; top: 0px;;display:inline;">respectively, which were recognized as revenue for the years ended December 31, 2018, 2019, and 2020, respectively. The balance as of December 31, 2020 is expected to be recognized as revenues within</div> one year. </div></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(l)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cost of Revenues </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Cost of revenues consists primarily of (i) commission fees paid to third party payment platforms, and (ii) staff cost and expenses related to the operations of the mobile platforms. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(m)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Selling and Marketing Expenses </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Selling and marketing expenses mainly consist of (i) advertising costs and market promotion expenses, and (ii) staff cost, rental and depreciation related to selling and marketing functions. Advertising costs, which consist primarily of online advertisements, are expensed as incurred. The advertising costs were<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">US$5,296,954<div style="letter-spacing: 0px; top: 0px;;display:inline;">,</div></div></div><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> US$7,541,366 and US$12,383,514<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>for the years ended <div style="letter-spacing: 0px; top: 0px;;display:inline;">December 31, 2018, 2019 and 2020, respectively</div>. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(n)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">General and Administrative Expenses </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">General and administrative expenses mainly consist of (i) staff cost, rental and depreciation related to general and administrative personnel, (ii) professional service fees; and (iii) other corporate expenses. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(o)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Technology and Product Development Expenses </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Technology and product development expenses consist primarily of (i) staff cost, and (ii) related expenses for the employees involved in designing and developing new features for the mobile platforms and self-developed mobile games. All technology and product development expenditures are expensed as incurred.<div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> </div></div></div></div></div> <div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(p)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Government Grants </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Government grant is recognized when there is reasonable assurance that the Group will comply with the conditions attach to it and the grant will be received. Government grant for the purpose of giving immediate financial support to the Group with no future related costs or obligation is recognized in the Group’s consolidated statements of comprehensive (loss) / income when the grant becomes receivable. </div></div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(q)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Share-based Compensation </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Group periodically grants share-based awards, mainly including share options to eligible employees and management, which are subject to service and performance conditions.</div> </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The Group recognizes compensation cost for an equity classified award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant date fair value of such award that is vested at that date. For equity awards that contain both a service condition and a performance condition, the Company recognizes compensation cost on a <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">tranche-by-tranche</div></div> basis, and when the Group considers that it is probable that the performance condition will be achieved. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed.</div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">r</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Employee Benefits </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s subsidiaries in PRC participate in a government mandated, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in China to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the compensation of qualified employees. The Group has no further commitments beyond its monthly contribution. Employee social benefits included as expenses in the accompanying consolidated statements of comprehensive income amounted to US$337,897, US$876,074 and US$1,008,337 for the years ended December 31, 2018, 2019 and 2020, respectively. </div></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Income Taxes </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">Current income taxes are provided on the basis of income before income taxes for financial reporting purposes, and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the liability method. Under this method, deferred income tax assets and liabilities are recognized for the tax effects of temporary differences and are determined by applying enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of comprehensive income in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">more-likely-than-not</div></div></div> that some portion, or all, of the deferred income tax assets will not be realized.</div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">The Group applies a “more likely than not” recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">re-assessed.</div> Adjustments, if required, are recorded in the Group’s consolidated financial statements in the period in which the change that necessities the adjustments occurs. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in interest expenses and general and administrative expenses, respectively. As of December 31, <div style="letter-spacing: 0px; top: 0px;;display:inline;">2019 and </div>2020, the Group did not have any unrecognized uncertain tax positions.</div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">t</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Operating Lease </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;">The Group leases premises for offices under <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-cancellable</div> operating leases. Payments made under operating lease are charged to the consolidated statements of comprehensive income on a straight-line basis over the term of underlying lease. There are no capital improvement funding, lease concessions, escalated rent provisions or contingent rent in the lease agreements. The Company has no legal or contractual asset retirement obligations at the end of the lease term.</div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">u</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Foreign Currency </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s reporting currency is United States Dollars (“US$”). The functional currency of the Company and its wholly-owned subsidiaries incorporated at Dubai, HK S.A.R. and British Virgin Islands is US$. The functional currency of the Company’s PRC subsidiaries is Chinese Renminbi (“RMB”). </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded in general and administrative expenses in the consolidated statements of comprehensive income. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The financial statements of the Company’s PRC subsidiaries are translated from RMB into US$. Assets and liabilities are translated into US$ using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings or deficits generated in the current period are translated into US$ using the appropriate historical rates. Revenues, expenses, gains and losses are translated into US$ using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive income or loss in the consolidated statements of comprehensive income, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income in the consolidated statement of shareholders’ equity (deficit).</div></div></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">v</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentration and risk </div></div></div></div></td></tr></table> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group’s cost of revenues mainly included commission fees paid to third party payment platforms, among which two third party payment platforms individually represent greater than 10% of the Group’s cost of revenues excluding payroll and welfare and depreciation for the years ended December 31, 2018, 2019 and 2020 are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 8pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="width:75%;"><br/></td><td style="vertical-align:bottom;;width:8%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:7%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:7%;"><br/></td><td><br/></td><td><br/></td><td><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;"> </td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;">  </td><td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">For the Year Ended December 31</div></td><td style="padding-bottom: 0.7pt; font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background: none rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">A</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">67</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">% </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">61</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">% </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">60</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background: none; line-height: normal;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">B</div></div></td><td style="font-family: 'times new roman';;vertical-align:bottom;">  </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">19</td><td style="white-space: nowrap;;vertical-align:bottom;">% </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">14</td><td style="white-space: nowrap;;vertical-align:bottom;">% </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="font-family: 'times new roman';;vertical-align:bottom;"> </td><td style="text-align:right;;vertical-align:bottom;">19</td><td style="white-space: nowrap; font-family: 'times new roman';;vertical-align:bottom;">%</td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">w</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Earnings (Loss) per Share </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Basic earnings (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders, taking into consideration the deemed dividends to preferred shareholders (if any), by the weighted average number of ordinary shares outstanding during the year using the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">two-class</div> method. Under the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">two-class</div> method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Shares issuable for little to no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic earnings (loss) per share as of the date that all necessary conditions have been satisfied. Net losses are not allocated to other participating securities if based on their contractual terms they are not obligated to share the losses.</div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s redeemable convertible preferred shares are participating securities, as they have contractual nonforfeitable right to participate in distributions of earnings. The redeemable convertible preferred shares have no contractual obligation to fund or otherwise absorb the Group’s losses. Accordingly, any undistributed net income is allocated on a pro rata basis to ordinary shares and redeemable convertible preferred shares; whereas any undistributed net loss is allocated to ordinary shares only. </div></div></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Diluted earnings (loss) per share is calculated by dividing net earnings (loss) attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares consist of ordinary shares issuable upon the conversion of the preferred shares, using the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">if-converted</div> method, and shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted earnings (loss) per share calculation when inclusion of such share would be anti-dilutive. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">x</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Segment Reporting </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The Group uses the management approach in determining its operating segments. The Group’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Group’s Chief Executive Officer does not segregate the Group’s business by product or service lines. Management has determined that the Group has one operating segment, which is the social networking and entertainment platform. </div></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">y</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Statutory Reserve </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">In accordance with the PRC Company Laws, the PRC subsidiaries must make appropriations from </div>their <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">after-tax</div> profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">non-distributable</div> reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">after-tax</div> profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the <div style="letter-spacing: 0px; top: 0px;;display:inline;">registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. As of December 31, 2019 and 2020, the statutory reserve of the Company’s PRC subsidiaries was US$196,519 and US $424,682, respectively.</div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">UAE Company Laws requires 10% of Yalla Dubai’s annual net profits to be set aside as a statutory reserve. This allocation may be suspended by a shareholders’ decision once the reserve has reached an amount equal to 50% of <div style="letter-spacing: 0px; top: 0px;;display:inline;">the share capital of the company. As of December 31, 2019 and 2020, the statutory reserve of Yalla Dubai was </div>US$136,147 and US<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>$137,023<div style="letter-spacing: 0px; top: 0px;;display:inline;">, respectively</div>. </div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">z</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Deferred initial public offering costs </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Direct costs incurred by the Company attributable to its proposed initial public offering (“IPO”) of ordinary shares in the United States were deferred and recorded as other assets and were offset against the gross proceeds received from such offering.</div></div></div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="font-size: 18pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;width:100%;" cellspacing="0" cellpadding="0" border="0"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(<div style="letter-spacing: 0px; top: 0px;;display:inline;">aa</div>)</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: normal;;text-align:left;"><div style="font-family: 'times new roman'; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Recent Accounting Pronouncements </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In February 2016, the FASB issued Accounting Standards Updates (“ASU”) No. 2016-02, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases</div> (<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Topic 842</div>) (“ASU 2016-02”). ASU 2016-02 specifies the accounting for leases. For operating leases, ASU 2016-02 requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. ASU 2016-02 was further amended in November 2019 by ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2019-10,</div> Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), and in June 2020 by ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842), which deferred the effective date of new lease standard. As a result, Accounting Standards Codification (“ASC”) 842, Leases, is effective for public companies for annual reporting periods, and interim periods within those years beginning after December 15, 2018. For all other entities, it is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. As the Company is an “emerging growth company” and elects to apply for the new and revised accounting standards at the effective date for a private company, the Company will adopt the new standard on January 1, 2022. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements. </div></div> <div style="font-family: 'times new roman'; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;">In June 2016, the FASB issued ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-13,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financial Instruments—Credit Losses (Topic 326)</div>, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Measurement of Credit Losses on Financial Instruments</div>. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2016-13</div> was further amended in November 2019 by ASU <div style="white-space: nowrap; background: none; letter-spacing: 0px; top: 0px;;display:inline;">2019-10.</div> As a result, ASC326, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financial Instruments—Credit Losses</div> is effective for public companies for annual reporting periods, and interim periods within those years beginning after December 15, 2019. For all other entities it is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As the Company is an “emerging growth company” and elects to apply for the new and revised accounting standards at the effective date for a private company, the Company will adopt the new standard on January 1, 2023. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements<div style="letter-spacing: 0px; top: 0px;;display:inline;">. </div></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px; background: none;"><div style="font-size: 1px; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
119196117
24734013
#238, Building 16, Dubai Internet City
E9
<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">A summary of the share options activities for the years ended December 31, 2020 is presented below</div>: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;" cellspacing="0" cellpadding="0" border="0"><tr style="font-size: 0px;"><td style="width:60%;"><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:3%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Number of<br/> shares</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted<br/> average<br/> exercise<br/> price</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted<br/> remaining<br/> contractual<br/> years</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Aggregate<br/> intrinsic value</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">US$</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr><tr style="font-size: 0px;"><td style="width:59%;"><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td><td style="vertical-align:bottom;;width:4%;"><br/></td><td><br/></td><td><br/></td><td><br/></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Outstanding at<div style="letter-spacing: 0px; top: 0px;;display:inline;"> January 1, 2020</div></div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">26,733,506</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0.19</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8.50</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">100,101,256</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">15,116,000</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">0.35</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;">Forfeited</div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; text-align: right; background-color: rgb(204, 238, 255);;vertical-align:bottom;">(136,000</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0.10</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Outstanding at December 31, 2020</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">41,713,506</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">0.25</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">8.78</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">587,342,349</td><td style="white-space: nowrap; font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Vested and expect to<div style="display:inline;"> be</div> vested as of December 31, 2020</div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">41,713,506</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0.25</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8.78</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">587,342,349</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"> </div></td></tr><tr><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;;vertical-align:bottom;"><div style="line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;width:100%;">Exercisable as of December 31, 202<div style="letter-spacing: 0px; top: 0px;;display:inline;">0</div></div></div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal; text-align: right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,669,543</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal; text-align: right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0.19</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal; text-align: right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8.16</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal;"> </div></td><td style="border-bottom: 1.5pt double black; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: normal; text-align: right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">122,626,494</div></div></td><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); padding-bottom: 1.5pt;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
xbrli:shares
iso4217:USD
xbrli:pure
iso4217:USD
xbrli:shares