
6100 2023 2456828464748505253 110 (ACG, HKACG) * * 595415–3 * 894417 1617 Maples Corporate Services LimitedP.O. Box 309, Ugland HouseGrand Cayman KY1-1104Cayman Islands 6100 Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary Hall, Cricket SquareGrand Cayman KY1-1102Cayman Islands 108 3A10 www.liepin.com *20239 1220239 12 20236 30 •20236 30589.820226 30723.018.4% •20236 30439.320226 30565.022.2% •20236 3061.120226 30171.220236 3050.720226 30145.9 •20236 3062.920226 30186.6 20236 30 •20236 301,093.020226 301,371.620.3% •20236 30822.020226 301,084.624.2% •20236 3012.920226 30184.420236 308.320226 30142.2 •20236 3046.920226 30242.8 •20236 30 2023 202320236 301,093.012.9 BHC20236 3090.013.2%30.0%45.0% 20236 3021.94.6%SaaS 20236 3060,4079.6%ARPU 8BC 10 20238 25 202320237 202320236 202361,100 520238 202320236 30589.81,093.018.4%20.3% 526.2978.019.2%18.7%202220236301,078,6371,217,41712.9%2023630660,4079.6% 63.2114.1202220236 3079.590.013.2% 202362.9202346.9 BCsub-SaaSCB 20237 2023OFFER AISaaS MBA 20236 3020226 30 20236 301,093.020226 301,371.620.3%2023630978.089.5%20226 301,202.718.7%(1)(2) 20236 30114.110.4%20226 30168.132.1% 20236 300.920226 300.8 20236 30270.920226 30287.05.6%8.620228.60.220220.2 20236 30822.020226 301,084.624.2%20226 3079.1%20236 3075.2% 20236 30557.620226 30617.99.8%5.620225.40.7202215.720226 3045.0%20236 3051.0% 20236 30157.720226 30165.54.7%(1)(2)11.9202218.220226 3012.1%20236 3014.4% 20236 30169.420226 30184.28.0%20226 3014.720236 307.220226 3013.4%20236 3015.5% 20226 3062.820%20236 3075.4 20236 3012.720226 30179.9 1620236 306.220226 3012.2 20236 3019.32022630192.5 20236 306.420226 308.1 20236 3012.920226 30184.4 20236 30589.820226 30723.018.4%2023630526.289.2%20226 30651.219.2% 20236 3063.210.7%20226 3071.311.4% 20236 300.420226 300.4 20236 30150.520226 30158.04.8%20234.320224.3 20236 30439.320226 30565.022.2%20226 3078.1%20236 3074.5% 20236 30279.520226 30268.44.2%20233.020223.60.320227.920226 3037.1%20236 3047.4% 20236 3076.020226 3089.615.2%20236 302.320226 3010.520226 3012.4%20236 3012.9% 20236 3080.920226 3094.314.2%20226 308.020236303.520226 3013.0%20236 3013.7% 20226 3039.717.0%20236 3046.5 20236 3049.420226 30152.4 1620236 3013.420226 3016.016.4% 20236 3062.82022630168.8 20236 301.720226 302.4 20236 3061.120226 30171.2 202320226 30524.5406.5 20236 30198.020226 3027.1 20236 30456.720226 3071.3 20236 30212.620226 30136.2 20236 301.73%20226 300.23% 20236 3080.12.45%5.50%5.04.813.1 (i)(ii)2023630 20236 30 202320226 3011.617.020236 30 20236 30 20236 30 20236 30 2,804.620236 3020186192,549.1 20236 30 20236 30255.5 20236 30 20236 30571XV(a)XV78(b)352(c) (1)The Dai Family TrustSMP Trustees (Hong Kong) LimitedMay Flower Information Technology Co., LimitedMay FlowerPioneer Choice GlobalLimitedPioneer Choice Global LimitedSMP Trustees (Hong Kong) LimitedThe Dai Family TrustThe Dai Family TrustSMP Trustees (Hong Kong) LimitedPioneer ChoiceGlobalLimitedMayFlower203,967,03320236 3039.11%MayFlower111,776,19920236 3021.43%92,190,83420236 3017.68% (i)Tenzing Holdings 2011 Ltd.25,442,731(ii)Wisest Holding Co., Limited11,245,748(iii)Xiaoying Information Technology Co., Limited14,098,226(iv)Yiheng Capital, LLC36,798,774(v)4,605,355 1,390,145 (3)TheXiaoying TrustVistraTrust(Singapore)Pte.LimitedXiaoyingInformation Technology Co.,Limited Rewarding Boost LimitedRewarding Boost LimitedVistra Trust (Singapore) Pte. LimitedThe Xiaoying TrustThe Xiaoying TrustVistra Trust (Singapore) Pte. LimitedRewarding Boost LimitedXiaoyingInformation Technology Co., Limited14,398,226 20236 30XVXV78352 20236 30XV23XV336 (1)The Song Family TrustSMP Trustees (Hong Kong) LimitedAll Connected Information Technology Co., LimitedAll ConnectedHero DreamsGroupLimitedHeroDreams Group Limited SMP Trustees(Hong Kong)LimitedThe Song FamilyTrustThe Song Family TrustSMP Trustees (Hong Kong) LimitedHeroDreams Group LimitedAll Connected1,390,145 (2)203,967,03328(1)(2) (3)May FlowerPioneer Choice Global LimitedPioneer Choice Global LimitedSMP Trustees (Hong Kong)LimitedThe Dai Family TrustThe Dai Family TrustSMP Trustees(Hong Kong) LimitedPioneer Choice Global LimitedMay Flower203,967,033MayFlower111,776,19920236 3021.43%203,967,03320236 3017.68%92,190,834 (i)Tenzing Holdings 2011 Ltd.25,442,731 (ii)Wisest Holding Co., Limited11,245,748 (iii)Xiaoying Information Technology Co., Limited14,098,226 (iv)Yiheng Capital, LLC36,798,774 (v)4,605,355 (4)Pandanus Associates Inc.Pandanus Partners L.P.Pandanus Partners L.P.FIL Limited (5)Futureshare LimitedTricor Trust (Hong Kong) LimitedFutureshare Partner Trust (6)Giant Lilly Investment Ltd.Warburg Pincus Private Equity XI, L.P.Warburg Pincus XI (Asia), L.P.Warburg Pincus Private Equity XI-B, L.P.60.47%22.06%11.20%6.27%Warburg PincusPrivate Equity XI, L.P.Warburg Pincus XI, L.P.Warburg Pincus XI, L.P.WP Global LLCWP Global LLCWarburg Pincus Partners II, L.P.Warburg Pincus Partne