(Mark One) Table of Contents Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annualreport: As of December 31, 2024, there were283,981,320class A ordinary shares issued and outstanding, par value US$0.00001 per share. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) ofthe Securities Exchange Act of 1934.Yes☐No☒ Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Actof 1934 from their obligations under those Sections. Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant haselected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section13(a) of the Exchange Act.☐ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to itsAccounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to☐Item 17☐Item 18 follow. If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the SecuritiesExchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.Yes☐No☐ TABLE OF CONTENTS INTRODUCTION1FORWARD-LOOKING STATEMENTS3PARTI.4ITEM1 IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS4ITEM2 OFFER STATISTICS AND EXPECTED TIMETABLE4ITEM3 KEY INFORMATION4ITEM4 INFORMATION ON THE COMPANY75ITEM4A UNRESOLVED STAFF COMMENTS122ITEM5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS122ITEM6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES143ITEM7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS154ITEM8 FINANCIAL INFORMATION157ITEM9 THE OFFER AND LISTING158ITEM10 ADDITIONAL INFORMATION159ITEM11 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK174ITEM12 DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES175PARTII.181ITEM13 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES181ITEM14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS ANDUSE OF PROCEEDS181ITEM15 CONTROLS AND PROCEDURES181ITEM16 [RESERVED]182ITEM16A AUDIT COMMITTEE FINANCIAL EXPERT182ITEM16B CODE OF ETHICS182ITEM16C PRINCIPAL ACCOUNTANT FEES AND SERVICES182ITEM16D EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES182ITEM16E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATEDPURCHASERS183ITEM16F CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT184ITEM16G CORPORATE GOVERNANCE185ITEM16H MINE SAFETY DISCLOSURE185ITEM 16I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENTINSPECTIONS185ITEM 16J INSIDER TRADING POLICIES185ITEM 16K CYBERSECURITY185PARTIII.18