Each Unit consists of one Class A Ordinary Share ("Ordinary Share") of the Company (or one pre-funded warrant to purchase one Ordinary Share in lieu thereof) ("Pre-Funded Warrant"), with a par value of US$0.04 per share, and one Common Warrant to purchase one Class A Ordinary Share of the Company (the "Common Warrant"). Each Unit consisting of a Pre-Funded Warrant in lieu of an Ordinary Share and a Common Warrant is referred to herein as a "Pre-Funded Unit." The public offering price per Pre-Funded Unit is $4.56, which is equal to the public offering price per Unit to be sold in the Offering, minus the $0.04 exercise price per Pre-Funded Warrant. The aggregate gross proceeds from the Offering are expected to be approximately US$2.0 million, prior to deducting placement agent fees, legal fees, administrative and other offering-related expenses.

Each Common Warrant will be immediately exercisable upon issuance at an initial exercise price of US$4.60, which is equal to the public offering price per Unit. The warrant exercise price is subject to customary anti-dilution adjustments in connection with share splits, share combinations, dividend distributions, subsequent equity sale and other corporate restructurings. The Common Warrants will expire on the fifth anniversary of the issuance date.