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根據規則424(b)(5)提交
註冊號333-278762

招股說明書補充日期爲2024年12月23日
(至2024年9月5日的招股說明書)

嘉楠科技股份有限公司

最多爲2.7億美元的美國存托股份代表
A類普通股

我們已與Macquarie Capital Limited、Keefe, Bruyette & Woods, Inc.、中國 Renaissance Securities（香港）有限公司、Compass Point Research & Trading, LLC、Craig-Hallum Capital Group LLC、Northland Securities, Inc.、Rosenblatt Securities Inc.、The Benchmark Company, LLC及b. Riley Securities, Inc.（統稱爲銷售代理）簽署了一份銷售協議，日期爲2024年12月23日，涉及本次招募說明書補充文件所提供的美國存托股份（ADSs）的銷售，每個ADS代表我們一類A普通股的15股，面值爲每股0.00000005美元。根據銷售協議的條款，依據本招募說明書補充文件，我們可能會不定期地通過或向銷售代理提供總額達2.7億美元的ADS。

代表我們一類A普通股的ADS在納斯達克全球市場上以「CAN」的標識符交易。

截至2024年12月20日，ADS的最新成交價格爲每個ADS 2.32美元。

在本招募說明書補充文件下的ADS銷售（如有）將通過被認爲是「市場上交易」的任何方法進行，這符合1933年證券法第415(a)(4)條的定義，包括直接在納斯達克全球市場或美國現存的任何其他市場上銷售代表我們一類A普通股的ADS。根據銷售協議，銷售代理沒有義務出售任何特定數量或金額的證券，而將以我們銷售代理的身份行使符合其正常交易和銷售慣例的商業合理努力。沒有安排在任何託管、信託或類似安排中接收資金。

銷售代理將在銷售協議下出售的每個ADS的總銷售價格中享有高達3.0%的佣金。請參見「分銷計劃」，從第 S-17 for additional information regarding the compensation to be paid to the Sales Agents. In connection with the sale of the ADSs on our behalf, the Sales Agents will be deemed to be 「underwriters」 within the meaning of the Securities Act and the compensation of such Sales Agents will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to the Sales Agents and their affiliates, partners, members, directors, officers, employees and agents with respect to certain liabilities, including liabilities under the Securities Act or the Securities Exchange Act of 1934, as amended, or the Exchange Act.

We are a 「foreign private issuer」 under applicable Securities and Exchange Commission rules, and will be subject to reduced public company reporting requirements for this prospectus supplement and future filings. We will cease being an emerging growth company not later than December 31, 2024. See the section entitled 「Prospectus Supplement Summary — Implications of Being an Emerging Growth Company and a Foreign Private Issuer」 for additional information.

Any offers or sales in the United States will be conducted by broker-dealers registered with the SEC and, to the extent that its conduct may be deemed to involve participation in offers or sales of ADSs in the United States, those offers or sales will be made through one or more SEC-registered broker-dealers in compliance with the applicable laws and regulations. Macquarie Capital Limited will offer ADSs in the United States through its SEC-registered broker-dealer affiliate in the United States, Macquarie Capital (USA) Inc.

Investing in our securities involves a high degree of risk. Before buying any securities, you should review carefully the risks and uncertainties described under the heading 「Risk Factors」 beginning on page S-8 of this prospectus supplement, on page 4 of the accompanying prospectus, and in the reports we file with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended, incorporated by reference in this prospectus supplement.

美國證券交易委員會或任何州證券委員會均未批准或否認這些證券或確定本招股目錄補充或附帶招股書是否真實或完整。任何相反陳述都是一種犯罪。

麥格里資本

金寶匯財務與伍茲

一家斯蒂費爾公司

華興資本

星獅集團

克雷格-哈勒姆

北方資本市場

羅森布拉特

基準公司

b. Riley證券

招股說明書補充日期爲2024年12月23日

關於本招股說明書增補

本招股說明書補充和隨附的招股說明書是我們向證券交易委員會（SEC）提交的一個「架構」註冊聲明的一部分，包含兩個部分。第一部分是本招股說明書補充，描述本次發行的具體條款。第二部分則是隨附的招股說明書，提供更一般的信息，其中一些可能不適用於本次發行。通常，當我們僅提到「招股說明書」時，是指兩部分的組合。本招股說明書補充可能會增加、更新或更改隨附的招股說明書及通過引用納入該補充招股說明書或隨附招股說明書的文件中的信息。

If information in this prospectus supplement is inconsistent with the accompanying prospectus or with any document incorporated by reference that was filed with the SEC before the date of this prospectus supplement, you should rely on this prospectus supplement. If any statement in one of these documents is inconsistent with a statement in another document having a later date — for example, a document incorporated by reference in this prospectus supplement — the statement in the document having the later date modifies or supersedes the earlier statement. This prospectus supplement, the accompanying prospectus and the documents incorporated into each by reference include important information about us, the securities being offered and other information you should know before investing in our securities. You should also read and consider information in the documents we have referred you to in the sections of this prospectus supplement entitled 「Where You CAN Find More Information」 and 「Incorporation by Reference.」

You should rely only on this prospectus supplement, the accompanying prospectus, the documents incorporated or deemed to be incorporated by reference herein and therein and any free writing prospectus prepared by us or on our behalf. We have not, and the Sales Agents have not, authorized anyone to provide you with information that is in addition to or different from that contained or incorporated by reference in this prospectus supplement and the accompanying prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. We and the Sales Agents are not offering to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus supplement, the accompanying prospectus or any free writing prospectus, or incorporated by reference herein, is accurate as of any date other than as of the date of this prospectus supplement or the accompanying prospectus or any free writing prospectus, as the case may be, or in the case of the documents incorporated by reference, the date of such documents regardless of the time of delivery of this prospectus supplement and the accompanying prospectus or any sale of our securities. Our business, financial condition, liquidity, results of operations and prospects may have changed since those dates. It is important for you to read and consider all information contained in this prospectus supplement, the accompanying prospectus and any related free writing prospectus, including the documents incorporated by reference herein and therein, in making your investment decision.

我們進一步注意到，在任何作爲附件提交的協議中，我們所作的陳述、保證和契約僅爲該協議各方的利益而作，包括在某些情況下，爲了在各方之間分配風險而作，並不應被視爲對您的陳述、保證或契約。此外，這些陳述、保證或契約僅在作出時是準確的。因此，這些陳述、保證和契約不應被依賴爲準確代表我們當前事務的狀態。

在本招股說明書補充中，除非另有說明或上下文另有要求，參考：

•

「ADSs」指的是美國存托股票，每個股份代表我們15股A類普通股；

•

「中國」和「中華人民共和國」指的是中華人民共和國，僅在本招股說明書補充中排除臺灣、香港特別行政區和澳門特別行政區；

•

「CSRC」指的是中國證券監督管理委員會；

S-1

•

爲本招股說明書補充說明的目的，「運營子公司」指的是嘉楠科技有限公司、廊坊創意科技有限公司、嘉楠傳送有限公司、浙江阿瓦隆科技有限公司、嘉楠明視有限公司、嘉楠創意（上海）有限公司、嘉楠創意國際私人有限公司、嘉楠創意全球私人有限公司，以及嘉楠美國有限公司。

•

「人民幣」或「人民幣」指的是中國的法定貨幣；

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「美元」，「美國美元」或「美元」指的是美國的法定貨幣；

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「我們」，「我們的」，「本公司」，「公司」，「我們的」和「嘉楠」指的是嘉楠公司及其子公司，根據上下文的需要。

本詞彙表包含本招股說明書補充中與我們公司及我們的業務相關的某些術語的解釋。在本招股說明書補充中，除非另有說明：

•

「AI」指的是人工智能；

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「ASICs」指的是應用專用集成電路，意味着爲特定應用設計的集成電路；

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「邊緣計算」指的是一種通過在網絡邊緣、接近數據源的地方執行數據處理來優化雲計算系統的方法；

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「ICs」 or 「chips」 are to integrated circuits;

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「neural-network accelerator」 are to a class of microprocessor designed as hardware acceleration for AI applications;

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「Risc-V」 are to an open source instruction set architecture, which is a set of instructions that describes the way in which software talks to an underlying processor, and Risc-V’s open source nature means that anyone CAN build a processor to support it without paying high royalty fees.

No action is being taken in any jurisdiction outside the United States to permit a public offering of the securities. Persons who come into possession of this prospectus supplement or the accompanying prospectus in jurisdictions outside the United States are required to inform themselves about and to observe any restrictions as to this offering and the distribution of this prospectus supplement or the accompanying prospectus applicable to that jurisdiction.

S-2

招募說明書補充摘要

This summary highlights selected information contained elsewhere or incorporated by reference in this prospectus supplement and the accompanying prospectus. The summary may not contain all the information that you should consider before investing in the ADSs. You should read the entire prospectus supplement and the accompanying prospectus carefully, including 「Risk Factors」 beginning on page S-8 of this prospectus supplement, on page 4 of the accompanying prospectus contained in the accompanying prospectus, our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, and any amendment or update thereto reflected in subsequent filings with the SEC and incorporated by reference in this prospectus supplement and the accompanying prospectus, along with our consolidated financial statements and notes to those consolidated financial statements and the other information incorporated by reference in this prospectus supplement and the accompanying prospectus, before making an investment decision. This prospectus supplement may add to, update or change information in the accompanying prospectus.

我們的業務

We provide high performance computing solutions through our proprietary ASICs. We have strong ASIC chip design capability underpinned by over ten years of industry experience and expertise of our founders and management team. We are one of the few fabless IC design companies with the advanced technology to independently design ASIC, established access to leading wafer foundry capacity and proven in-house capability to produce Bitcoin mining machines. We primarily dedicated technology and expertise in ASIC applications to Bitcoin mining machines and are a leading producer of Bitcoin mining machines in the global market. In addition, with our technology expertise and know-how in ASIC chip design, we strive to expand into AI fields and provide holistic AI solutions to our customers. Our operating subsidiaries have delivered commercial edge computing AI chips based on Risc-V architecture and self-developed neural-network accelerator with outstanding performance. We believe our extensive experience and expertise in ASIC applications position us well in our future endeavors.

Leveraging our deep understanding of the cryptocurrency industry and strong technology as applied to ASIC chip design, we intend to capture the growth opportunity along the value chain of the cryptocurrency industry to enhance our offerings and achieve a more stable financial performance. We have started with the Bitcoin mining business through our strategic collaboration with certain cryptocurrency mining farms and aim to develop the Bitcoin mining business as the second engine to capitalize on the Bitcoin ecosystem and synergize with our bitcoin mining machines sales. We also intend to engage in Bitcoin mining through self- owned facilities. We endeavor to grow our deployed computing power for mining and improve the energized hash rate to enhance our mining business. For the years ended December 31, 2021, 2022 and 2023, we generated revenue of US$3.4 million, US$32.5 million and US$34.0 million from the Bitcoin mining business, respectively.

We have developed competitive advantages in our business and technological capabilities, including the following:

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Our expertise in the development, designing and production of Bitcoin mining machines;

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Our mastery of the whole IC design process;

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Our years of accumulated engineering experience in applying theoretical research to the mass production of new products;

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我們能夠快速將產品推向市場，併成功實現區塊鏈應用中ASIC設計的早期盈利，這爲我們在技術和資本儲備方面提供了早期優勢，以追求我們的戰略計劃；

•

我們在各個技術領域的突破，如低電壓和高能效運行及高計算密度，都是區塊鏈和人工智能解決方案中ASIC的重要特性；

•

我們擁有大多數使用的知識產權，並通過長期的ASIC設計經驗積累了寶貴的訣竅和多代專有硅數據；

S-3

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與全球領先供應商的長期合作關係使我們能夠實現高質量、高產率和穩定生產；

•

通過利用我們在比特幣礦機生產和銷售方面的經驗以及與全球礦場的關係，我們成功進入比特幣挖礦業務；

•

我們能夠爲客戶提供全面的人工智能解決方案，包括人工智能推理芯片、硬件模塊、最終產品和軟體支持服務。

我們的業務模式

我們是一家無工廠半導體設計公司，涉足集成電路設計的前端和後端，這是集成電路產品開發鏈的主要組成部分。我們目前將技術和專長用於比特幣礦機和人工智能應用的ASIC芯片設計。我們通過運營子公司，獨立內部設計和開發產品，包括爲我們的比特幣礦機設計專有的ASIC芯片。前端集成電路設計和後端集成電路設計是集成電路設計過程中的關鍵部分。我們判斷集成電路芯片的參數，建立設計的基本邏輯，繪製物理佈局的初步計劃，並對設計進行後端驗證。然後我們與行業領先的第三方供應商緊密合作，製造、測試和封裝我們設計的集成電路產品。

Moreover, we have established in-house production capabilities to assemble both Bitcoin mining machines and AI chips. We assemble our Bitcoin mining machines primarily at our assembly plant located in the PRC by integrating the ICs designed by us and related components we procure. We believe our outstanding technical expertise and production experience in IC development chain enable us to continuously introduce ICs with higher performance and power efficiency for application in both the Blockchain and AI fields.

In addition, we have started with the Bitcoin mining business through our strategic collaboration with certain cryptocurrency mining farms and aim to develop the Bitcoin mining business as the second engine to capitalize on the Bitcoin ecosystem and synergize with our Bitcoin mining machines sales. We also intend to engage in Bitcoin mining through self-owned facilities. As we endeavor to grow our deployed computing power for mining and improve the energized hash rate to enhance our mining business, we believe that such business will play a more significant role in supplementing our Bitcoin mining machines sales, mitigate our inventory risks and contribute to our financial and operating results.

最近的進展

On November 27, 2023, we entered into a securities purchase agreement with an institutional investor (the 「Buyer」), pursuant to which we agreed to issue and sell to the Buyer up to 125,000 Series A Preferred Shares at the price of US$1,000.00 for each Series A Preferred Share (the 「Series A Preferred Shares Financing」). The Series A Preferred Shares Financing was conducted in three tranches. The first tranche and second tranche of the Series A Preferred Shares Financing were closed on December 11, 2023 and January 22, 2024, respectively. On September 27, 2024, we closed the third and final tranche of the Series A Preferred Shares Financing, raising additional total gross proceeds of US$50 million.

On November 19, 2024, the Company entered into a securities purchase agreement with the Buyer, pursuant to which the Company agreed to issue and sell to the Buyer 30,000 Series A-1 Convertible Preferred Shares (the 「Series A-1 Preferred Shares」) at the price of US$1,000.00 for each Series A-1 Preferred Share. On November 25, 2024, we closed the Series A-1 preferred shares financing, raising total gross proceeds of US$30 million.

作爲一家新興成長公司和外國私人發行人的影響

新興增長公司

我們是根據2012年《啓動我們的業務初創公司法案》定義的新興增長公司。我們將繼續作爲新興增長公司，直到以下情況最早發生：財政年度的最後一天，我們的年度收入超過12.35億美元；我們符合「大型加速報告公司」的資格，非關聯方持有的股權證券至少爲7億美元；在任何三年期間，

S-4

我們發行超過10億美元的不可轉換債務證券；以及在我們首次按照美國註冊出售普通股權證券後的第五個週年結束的財政年度的最後一天。我們將在2024年12月31日之前停止作爲新興增長公司。

作爲新興增長公司，我們可以利用某些豁免，以免適用適用於其他非新興增長公司的上市實體的各種報告要求。這些豁免包括： (i) 在我們向SEC提交的文件中，只需在標題爲「經營與財務回顧與前景」的部分中呈現兩年的審計財務報表及相關討論的選項； (ii) 不要求遵守2002年《薩班斯-奧克斯利法案》第404(b)節核數師鑑證要求； (iii) 不要求遵守公共公司會計監督委員會（PCAOb）可能採用的任何關於強制審計公司輪換的要求，或提供有關審計及財務報表額外信息的審計報告補充內容（即核數師討論與分析）； (iv) 不要求將某些高管薪酬事項提交股東諮詢投票，例如「薪酬意見」、「頻率意見」和「金色降落傘意見」；以及 (v) 不要求披露某些與高管薪酬相關的項目，例如高管薪酬和績效之間的相關性，以及首席執行官薪酬與中位員工薪酬的比較。

外國私人發行人

我們作爲一傢具有外國私人發行人身份的非美國公司根據《證券交易法》進行報告。即使我們不再符合新興成長公司的資格，只要我們根據《證券交易法》符合外國私人發行人的資格，我們將免於某些適用於美國國內上市公司的《證券交易法》條款，包括： (i) 關於根據《證券交易法》註冊的證券的代理、同意或授權的徵集的《證券交易法》條款； (ii) 要求內部人員提交其股票所有權和交易活動的公共報告的《證券交易法》條款，以及對在短時間內進行交易獲利的內部人員的責任； (iii) 根據《證券交易法》要求向SEC提交包含未經審計財務和其他具體信息的10-Q季度報告以及在發生特定重大事件時提交的8-k當前報告的規則。

公司信息

我們主要運營的首席執行辦公室位於新加坡，地址爲28 Ayer Rajah Crescent #06-08, S139959。該地址的電話號碼爲 +65 6305 6618。我們在開曼群島的註冊辦公室位於Sertus Chambers的辦公室，地址爲Suite #5-204, 23 Lime Tree Bay Avenue, P.O. Box 2547, Grand Cayman, KY1-1104, Cayman Islands。

SEC維護一個Internet Plus-related網站，其中包含報告、代理和信息聲明，以及其他與向SEC電子提交文件的發行人有關的信息， www.sec.gov.

您也可以在我們的網站上找到此類信息。 https://investor.canaan-creative.com我們網站上包含的信息或可以通過我們網站訪問的信息不是本招股說明書補充的一部分，也不被引用到本招股說明書補充中。

作爲外國私人發行人，我們根據《證券交易法》在某些方面免受規定代理聲明的提供和內容的規則約束，我們的高管、董事和主要股東也免於《證券交易法》第16條中關於報告和短期利潤收回的規定。此外，我們在《證券交易法》下也不需要像在美國註冊的公司那樣頻繁或及時地向SEC提交定期報告和財務報表。然而，我們打算向存託機構提供我們的年度報告，其中將包括對業務的審查和按照美國公認會計原則（U.S. GAAP）編制的年度審計合併財務報表，以及對股東會議的所有通知和向我們的股東普遍提供的其他報告和通訊。我們提供給存託機構的通知、報告和通訊將在要求時提供給ADS持有人，存託機構將根據我們的請求，向所有ADS持有記錄者提供存託機構收到的有關股東會議的任何通知中的信息。

S-5

本次發行

根據本招股說明書補充提供的ADSs

ADSs在發行價下的總價值高達2.7億美元。

本次發行後立即流通的ADSs

116,379,310 ADSs, assuming sale of ADSs in the aggregate amount of US$270,000,000 at an assumed offering price of US$2.32 per ADS, which was the closing price on the NASDAQ Global Market on December 20, 2024. The actual number of ADSs outstanding will vary depending on the price at which ADSs may be sold from time to time during this offering.

Class A Ordinary shares issued and outstanding immediately after this offering

1,745,689,650 Class A ordinary shares, assuming sale of ADSs in the aggregate amount of US$270,000,000 at an assumed offering price of US$2.32 per ADS, which was the closing price on the NASDAQ Global Market on December 20, 2024. The actual number of Class A ordinary shares issued and outstanding will vary depending on the price at which ADSs may be sold from time to time during this offering.

分銷計劃

「At the market offering」 that may be made from time to time on the NASDAQ Global Market or other market for ADSs representing our Class A ordinary shares in the U.S. through the Sales Agents. See the section entitled 「Plan of Distribution」 on page S-17 of this prospectus supplement.

ADSs

Each ADS represents 15 of our Class A ordinary shares, par value US$0.00000005 per share. The ADSs will be delivered by The Bank of New York Mellon, as depositary.

The depositary will be the holder of the Class A ordinary shares represented by the ADSs and, as an ADS holder, you will not be treated as one of our shareholders in respect of those ADSs. You will have the rights provided in the deposit agreement among us, the depositary and the owners and holders of ADSs from time to time. You must pay a fee for each issuance and/or cancellation of an ADS, distributions we make on the Class A ordinary shares held by the depositary and delivered to ADS holders as well as for certain other depositary services.

有關代表我們A類普通股的ADS的更多信息，您應仔細閱讀隨附招股說明書中標題爲「美國存托股票的描述」的部分。我們還鼓勵您閱讀存託協議，其中一份形式作爲包括此招股說明書及隨附招股說明書的註冊聲明的附件。

託管銀行

紐約梅隆銀行。

收益用途

我們計劃將此次發行的淨收益用於研究和開發、擴大生產規模、在數字礦場及設備的製造或投資、部署和銷售以及其他一般公司用途。請參見本招股說明書補充文件第S-13頁標題爲「收益用途」的部分。

S-6

風險因素

投資ADS涉及風險。在決定是否投資ADS之前，您應仔細考慮本文討論的風險因素，以及隨附招股說明書中標題爲「風險因素」的部分。截至2023年12月31日的年度報告，表格20-F本文件的內容已全文納入本協議，幷包括我們在後續向證券交易委員會（SEC）提交的文件中反映的風險因素的任何修正或更新。如果我們在SEC文件中描述的任何風險或不確定性確實發生，我們的業務、財務狀況、運營結果或現金流可能會受到重大不利影響。這可能導致代表我們A級普通股的ADS的交易價格下跌，從而造成您的所有或部分投資損失。我們描述的風險和不確定性並不是我們公司面臨的唯一風險。我們目前未知或認爲不重要的額外風險和不確定性也可能影響我們的業務運營。

與本次發行相關的風險

我們在使用此次發行的淨收益方面擁有廣泛的裁量權，但可能無法有效使用這些收益。

我們打算將本次發行的淨收益用於研究與開發、擴大生產規模、製造或投資於數字挖礦場地和設備以供部署和銷售，以及其他一般企業用途。然而，我們的管理層將在本次發行的淨收益的運用上具有廣泛的裁量權，並可能以不改善我們的運營結果或提升ADS價值的方式使用這些收益。管理層未能有效使用這些資金可能會導致財務損失，進而對我們的業務產生重大不利影響，導致ADS的價格下跌，並延遲我們產品候選的開發。

您可能會因爲未來的股權發行而經歷未來的稀釋。

爲了籌集額外資金，我們可能在未來提供額外的ADS或其他可轉換或可交換爲代表我們A級普通股的ADS的證券，價格可能與本次發行的每個ADS價格不同。我們可能在任何其他發行中以低於本次發行投資者支付的每個ADS價格出售ADS或其他證券，並且未來購買ADS或其他證券的投資者可能享有優於現有股東的權利。我們在未來交易中出售額外ADS或可轉換或可交換爲ADS的證券的每個ADS的價格可能高於或低於本次發行投資者支付的每個ADS價格。

本次提供的ADS將以「市場價」方式出售，購買ADS的投資者在不同時間購買時可能支付不同的價格。

在本次發行中，在不同時間購買ADS的投資者可能支付不同的價格，因此可能會在投資結果中經歷不同的結果。根據市場需求，我們將擁有隨意決定ADS出售的時間、價格和數量的權力，並且沒有最低或最高銷售價格。投資者可能會因以低於他們支付的價格出售的ADS而經歷ADS價值的下降。

我們在銷售協議下實際銷售的ADS數量，在任何時間或總計，都是不確定的。

受銷售協議的某些限制和適用法律的約束，我們有權在銷售協議的整個期間內隨時向銷售代理發送銷售通知。銷售代理出售的ADS數量（如果有），將在我們發送銷售通知後，根據銷售期間ADS的市場價格以及我們與銷售代理設定的限制而波動。由於每個ADS的售價將根據銷售期間代表我們A類普通股的ADS的市場價格波動，因此目前無法預測最終將發行的ADS數量。

您將在本次發行中購買的每個ADS的淨有形賬面價值方面遭受立即且大幅的稀釋。

在本次發行中出售的ADS（如果有），將不定期以不同價格出售；然而，ADS的假設公衆發行價格遠高於調整後的淨有形賬面價值。

S-8

因此，在本次發行中購買ADS的投資者將支付的每個ADS價格將遠高於本次發行後調整的淨有形賬面價值。假設總計116,379,310個ADS以每個ADS假設公衆發行價格US$2.32的價格出售，這是2024年12月20日在納斯達克全球市場上報告的最後成交價格，總體粗略收益爲US$27000萬，扣除我們應支付的佣金和預計的發行費用後，本次發行的新投資者將體驗到每個ADS立即稀釋US$1.15，代表假設的公衆發行價格與我們調整後的淨有形賬面價值之間的差額。請參見「稀釋」以獲取有關您在本次發行中購買ADS時將承受的稀釋的更詳細討論。

There CAN be no assurance that we will not be a passive foreign investment company for U.S. federal income tax purposes, which could result in adverse U.S. federal income tax consequences to United States Holders of the ADSs or ordinary shares.

Based on the current and anticipated value of our assets and the current and anticipated nature and composition of our income and assets, we do not expect to be a PFIC for United States federal income tax purposes for our taxable year ending December 31, 2024, although there CAN be no assurance in this regard.

In general, we will be a PFIC for any taxable year if, after applying the applicable look-through rules, either:

•

at least 75% of our gross income is passive income; or

•

at least 50% of the value (generally determined based on a quarterly average) of our assets is attributable to assets that produce or are held for the production of passive income.

The determination of whether we are a PFIC is made annually and involves extensive factual investigation, including ascertaining the fair market value of all of our assets on a quarterly basis and the character of each item of income that we earn during the relevant taxable year, and is subject to uncertainty in several respects. The determination of whether we will be a PFIC for any taxable year may also depend in part upon the value of our goodwill and other unbooked intangibles not reflected on our balance sheet (which may depend upon the market price of the ADSs or ordinary shares from time to time, which may fluctuate signifiCANtly) and also may be affected by how, and how quickly, we spend our liquid assets and the cash we generate from our operations and raise in any offering, including this offering. Further, if our market capitalization is less than anticipated or subsequently declines, we may be or become a PFIC for the current or one or more future taxable years because our liquid assets and cash (which are for this purpose considered assets that produce passive income) may then represent a greater percentage of the value of our overall assets. Accordingly, there CAN be no assurance that we will not be a PFIC for our current or any future taxable year. The U.S. Internal Revenue Service, or the IRS, does not issue rulings with respect to PFIC status, and we CANnot assure you that the IRS, or a court, will agree with any determination we make.

如果我們在任何一個應納稅年度內屬於美國國際金融公司(PFIC)，而在該年度內美國持有人（如「稅務-美國聯邦所得稅考慮」中所定義）持有ADS或普通股，則該美國持有人可能會面臨某些不利的美國聯邦所得稅後果。例如，如果我們是或成爲PFIC，則美國持有人可能會面臨關於從公司收到的任何「過度分配」或出售或其他處置ADS或普通股時確認的任何收益的特殊和不利稅務處理。詳見「稅務-美國聯邦所得稅考慮-被動外國投資公司」。無法保證我們在當前或任何未來的應納稅年度內不會成爲PFIC。

國際貿易政策和國際貿易壁壘的變化可能對我們的業務和擴張計劃產生不利影響。

我們目前在新加坡、中國和美國運營，全球出口我們的產品，並從全球客戶的產品銷售中獲得收入。此外，我們依賴於包括美國在內的多個地區的供應商供應某些設備和工具，例如我們的電子設計自動化開發工具。貿易政策、關稅、出口管制、經濟制裁以及我們運營或銷售產品的地區可能施加的供應鏈限制的變化及潛在變化，或人們對這些變化或潛在變化可能發生的看法，

S-9

可能對這些地區的財務和經濟狀況產生不利影響，以及對我們的國際銷售、財務狀況和運營業績產生影響。

近年來，美國政府對與中國相關的進出口貿易和投資施加了各種限制。這些措施對進口到美國的商品徵收顯著提高的關稅，並限制某些產品、軟體和技術的出口。特別是，美國實施了針對半導體和先進計算行業的出口管制。這些限制可能會影響我們的運營，尤其是在當前和新產品的開發和製造方面。2024年10月28日，美國財政部投資安全辦公室發佈了一項最終規則，以實施拜登總統2023年8月關於應對美國對關切國特定國家安全技術和產品投資的行政命令。該命令規定建立一套新的、針對性的國家安全監管框架，旨在控制美國向中國及香港和澳門特別行政區特定敏感行業部門的對外投資。該規則預計於2025年1月2日生效（「對外投資規則」）。

As implemented by the Outbound Investment Rule, the new framework imposes notification requirements and prohibitions on specified investments by U.S. persons in the semiconductor and microelectronics sector, quantum information technologies, and artificial intelligence systems. Within the semiconductor and microelectronics sector, prohibited investments will include certain covered investments in electronic design automation software; certain fabrication and advanced packaging tools; the design, fabrication, or packaging of certain advanced integrated circuits, and supercomputers. Notifiable investments will include any covered investments related to the design, fabrication, or packaging of integrated circuits not otherwise covered by the prohibition. Persons from countries of concern engaged the development of the foregoing technologies are defined as 「Covered Foreign Persons,」 and certain investments by U.S. persons in Covered Foreign Persons are subject to the Outbound Investment Rule, including acquisitions of equity interests, certain debt financing, joint ventures, and certain investments as a limited partner in a non-U.S. person pooled investment fund related to Covered Foreign Persons. Once the Outbound Investment Rule becomes effective, we may be deemed a Covered Foreign Person because we are engaged in the design of integrated circuits. Even though U.S. persons’ acquisitions of certain publicly traded securities (such as the ADSs) will be exempted from the notification requirements and prohibitions under the Outbound Investment Rule, the Outbound Investment Rule could still limit our ability to raise additional capital from U.S. investors, which could increase our cost of capital or prevent us from raising sufficient capital when needed, negatively impacting our business, financial condition and prospects.

Additionally, we plan to sell certain of our AI edge products to PRC manufacturers who will then incorporate our AI edge products into final products such as smart appliances. While our AI edge products sold to PRC customers are not currently subject to increased tariffs directly, the products of our PRC customers that incorporate our AI edge products may be subject to these tariffs. We cannot assure you that future restrictions on trade and tariffs implemented by the United States will not affect our products, which would negatively affect our expansion plans as well as our financial condition and results of operations.

對境外上市試點措施的解釋和實施仍然存有不確定性。

2023年2月17日，中國證券監督管理委員會（以下簡稱“中國證監會”）發佈了《境內企業境外證券發行及上市試點管理辦法》（以下簡稱“境外上市試點措施”）及相關指引，該措施於2023年3月31日生效。境外上市試點措施通過採用備案管理制度規範了中國境內企業的直接和間接境外發行和上市。境外上市試點措施規定，如果發行人符合以下兩個標準，則該發行人的境外證券發行和上市將被視爲受境外上市試點措施備案程序約束的間接境外發行：(i) 最近一個財年的審計合併財務報表中，發行人50%或以上的營業收入、總利潤、總資產或淨資產由發行人的國內公司貢獻；(ii) 發行人的業務活動主要在中國大陸進行，或者其主要營業地位於中國大陸，或者負責其業務運營和管理的高級管理人員大部分是中國公民或居住在中國大陸。

S-10

就境內公司是否爲間接境外發行和上市進行判斷時，應採取實質重於形式的原則。

According to the Overseas Listing Trial Measures, subsequent securities offerings of an issuer in the same overseas market where it has previously offered and listed securities shall be filed with the CSRC within 3 working days after the offering is completed. In addition, Guidelines for the Application of Regulatory Rules — Overseas Issuance and Listing Category No. 1 further provides that for non-China overseas securities offerings that are offered in tranches within a total limit, the issuer is required to report the status of the issuance to the CSRC after all tranches of the issuances is completed. As the ADSs offered hereby will be sold in 「at-the-market」 offerings, the Company shall file with the CSRC within 3 working days after the first tranche of the issuance is completed, and submit a report on the status of this offering to the CSRC after completion of all tranches of the issuance.

As there is uncertainty with respect to the filing requirements and implementation, we cannot assure you that we would be able to complete the filing procedures, obtain the approvals or complete other compliance procedures in a timely manner, or at all, or that any completion of filing or approval or other compliance procedures would not be rescinded. Any such failure would subject us to sanctions by the CSRC or other PRC regulatory authorities, which may include fines and penalties, restrictions on or prohibition of the payments or remittance of dividends by our subsidiaries in China, restrictions on or delays to the repatriation of the proceeds from future capital raising activities into China, restrictions on or delays to our future offering of securities, or other actions that could have a material and adverse effect on our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our ordinary shares. Accordingly, the value of your investment may be materially and adversely affected or become worthless.

There remain uncertainties regarding interpretation and implementation of Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises.

On February 24, 2023, CSRC published the Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises (

) (the “準備金”), which became effective on March 31, 2023 together with Overseas Listing Trial Measures. According to the Provisions, a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant entities or individuals including securities companies, securities service providers, and overseas regulators, documents and materials that contain state secrets or government work secrets, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level. Further, a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant entities or individuals including securities companies, securities service providers, and overseas regulators, other documents and materials that, if divulged, will cause adverse impact on national security or public interest, shall strictly fulfill relevant procedures stipulated by applicable national regulations.

Opinions remain unclear on how they will be interpreted and implemented by relevant PRC governmental authorities. While we have implemented policies and procedures with the intent to comply with the Provisions, we cannot ensure that we will be able to fully comply with the future interpretations and implementations of the Provisions. Domestic companies that fail to comply with the requirements under the Provisions in the course of their indirect overseas issuance and listing may be held legally liable by competent authorities or become subject to criminal penalties.

S-11

關於前瞻性聲明的警告性聲明

本文中某些前瞻性聲明表達了管理層對未來事件發生的預期或信念，屬於1934年《證券交易法》第21E條定義的前瞻性聲明，並受其中針對前瞻性聲明設立的安全港保護。這些聲明包括但不限於關於我們預期的運營結果、研究與開發、監管程序和財務資源的聲明，可以通過使用以下詞彙識別，比如 "預期"、"估計"、"期望"、"計劃"、"意圖"、"計劃"、"相信" 以及 "將"、"應"、"可能" 或 "會"。本文中所有非歷史事實的聲明，這些聲明涉及公司預計或期待將來可能發生的活動、事件或發展，均爲前瞻性聲明。

我們提醒投資者，實際結果或商業條件可能由於各種因素的影響，與前瞻性聲明中預測或暗示的結果存在重大差異，包括但不限於上述因素以及我們《截至2023年12月31日的年度報告中，表格20-F以及我們隨後對SEC的文件中。本文所含或通過引用包含的所有前瞻性聲明均完全受到這些警示聲明的明確限定。除非法律要求，否則我們不承擔公開更新或審查任何前瞻性聲明的義務，無論是由於新信息、未來發展或其他原因。這些警示聲明限定了所有歸因於我們或代表我們行事的個人的前瞻性聲明。

本招股說明書補充文件還包含或通過引用納入與IC行業相關的市場數據，這些數據基於行業出版物和報告。這些出版物和報告中的統計數據也包括基於一些假設的預測。如果這些市場未能按預計的速度增長，可能會對我們的業務和ADS的市場價格造成重大不利影響。如果任何一個或多個市場數據的假設被證明是錯誤的，實際結果可能與基於這些假設的預測存在差異。

您應該認真閱讀本招股說明書補充文件及我們提及的文件，並理解我們的實際未來業績可能與我們預期的有顯著差異，並可能更糟。本招股說明書補充文件和隨附的基礎招股說明書的其他部分包括可能對我們的業務和財務表現產生不利影響的額外因素。此外，我們在一個不斷變化的環境中運營。新的風險因素和不確定性不時出現，我們的管理層無法預測所有風險因素和不確定性，也無法評估所有因素對我們業務的影響，或者任何因素或多個因素可能導致實際結果與任何前瞻性陳述中包含的結果有重大差異的程度。我們用這些警示性聲明來限定我們所有的前瞻性陳述。您不應對這些前瞻性陳述過於依賴。

本招股說明書補充文件和隨附招股說明書中所作的前瞻性陳述僅與相應聲明作出的日期的事件或信息有關。除法律要求外，我們不承擔更新任何前瞻性陳述的義務，以反映聲明作出日期之後的事件或情況，或反映未預期事件的發生。您應全面閱讀本招股說明書補充文件、隨附的招股說明書以及我們在本招股說明書補充文件和隨附的招股說明書中提及並已作爲註冊聲明附件提交的文件，並理解我們的實際未來業績可能與我們預期的有顯著差異。

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資本結構

以下表格列出了截至2024年9月30日我們的資本結構：

•

按實際基礎；

•

按預測基礎進行調整，以反映：

(i)

根據我們在2024年11月19日簽署的證券購買協議，30,000股A-1系列可轉換優先股的轉換，導致A類普通股增加到308,122,290股，代表20,541,486份ADS，因此普通股、額外實收資本和總股東權益的增加，同時A-1系列可轉換優先股的減少；

(ii)

在2024年11月取消20,178,045股庫藏股票，導致庫藏股票的減少；以及

(iii)

在2024年12月以1,454,797個ADS形式歸還21,821,955股A類普通股給公司，從而導致庫存股票增加；並且

•

在按照調整後的形式基於我們通過本招股說明書補充所提供的116,379,310個ADS出售最多1,745,689,650股A類普通股進行的計算下，預計淨收入爲261,510,850美元，基於假設的ADS發行價格爲2.32美元，該價格是2024年12月20日在納斯達克全球市場的收盤價，並在扣除銷售代理佣金和我們需支付的其他預計發行費用後計算。

下述金額未經審計。自2024年9月30日以來，我們的資本結構未發生重大變化，該日期是我們最近提交的中期合併財務報表的日期。以下表格中的信息應與我們審計的財務報表及其附帶的附註共同閱讀，並完全以其爲準，參考我們最近在20-F表格上提交的年度報告以及其他納入本招股說明書補充和附帶招股說明書的財務信息。

	截至2024年9月30日
	實際		形式財務報表		示範調整調整後
	US$		US$		美元
	(單位：千)
Series A convertible preferred shares		77,104		77,104		77,104
股東權益
A類普通股（面值0.00000005美元；授權999,999,875,000股，已發行4,555,500,242股，實際流通4,324,281,437股；授權999,999,675,000股，已發行4,843,444,487股，流通4,610,581,772股，按照形式計算；授權999,999,675,000股，已發行6,589,134,137股，流通6,356,271,422股，按照形式計算的調整）		—		—		—
庫存股票（面值0.00000005美元；231,218,805股，實際股數，232,862,715股，形式股數和形式調整股數）		(57,055)		(57,055)		(57,055)
額外實收資本		763,293		793,293		1,054,804
法定儲備		14,892		14,892		14,892
累計其他全面損失		(47,736)		(47,736)		(47,736)
累計虧損		(357,588)		(357,588)		(357,588)
股東權益總額		315,806		345,806		607,317
總資本化(1)		392,910		422,910		684,421

(1)

總資本ization是A系列可轉換優先股和總股東權益的總和。

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分銷計劃

我們已經與銷售代理商簽署了銷售協議，根據該協議，我們可以不時通過銷售代理商向其提供和銷售美國存托股票（ADS）。根據這份招股說明書補充，我們可能提供和銷售高達2.7億美元的ADS。如果有銷售，將通過法律允許的方法進行，視爲"市場上市出售"，如證券法第415(a)(4)條所定義。

銷售代理商將以當時市場價格提供ADS，具體以我們與銷售代理商達成的銷售協議的條款和條件爲準。我們將指定希望銷售的ADS數量、請求銷售的時間段、每天可銷售的ADS數量的任何限制以及銷售不能低於的最低價格。根據銷售協議的條款和條件，銷售代理商將充分利用其商業合理努力，按照正常交易和銷售慣例代表我們銷售所有請求銷售的ADS。我們或銷售代理商可在事先通知另一方的情況下暫停通過銷售協議進行的ADS提供。

ADS的銷售結算將在任何銷售進行後的第一個交易日進行，或者在我們與銷售代理商就特定交易達成一致的其他日期進行，以換取支付給我們的淨收益。按照這份招股說明書補充和伴隨的招股說明書所期望的ADS銷售，將通過存託信託公司（The Depository Trust Company）等設施進行結算，或者通過我們與銷售代理商可能達成的其他方式進行。沒有安排資金以保管、信託或類似的方式接收。

在美國進行的任何報價或銷售將由註冊於SEC的經紀交易商進行，且在其行爲被認爲涉及到在美國進行的ADS報價或銷售時，這些報價或銷售將通過一個或多個符合適用法律和法規的SEC註冊經紀交易商進行。Macquarie Capital Limited將通過其在美國的SEC註冊經紀商附屬公司，Macquarie Capital (USA) Inc.在美國提供ADS。

我們將根據銷售協議，以現金支付銷售代理商，每售出一份我們的ADS股份，佣金最高爲銷售價格的3.0%。由於本次發行沒有要求最低發行金額作爲條件，因此實際的公開發行總額、佣金和我們獲得的收益（如有）目前無法確定。根據銷售協議的條款，我們同意賠償銷售代理商在交易過程中產生的合理法律顧問費用和支出。我們將至少每季度報告通過銷售代理商銷售的ADS數量、淨收益以及我們支付給銷售代理商的與ADS銷售相關的賠償。

在我們名義下銷售ADS的過程中，每一個銷售代理商將被視爲《證券法》意義上的「承銷商」，支付給銷售代理商的佣金將被視爲承銷佣金或折扣。我們已在銷售協議中同意賠償銷售代理商及其關聯公司、合作伙伴、成員、董事、高級職員、員工和代理商因某些責任（包括根據《證券法》或《交易法》的責任）而產生的賠償和貢獻。

根據銷售協議，本次ADS發行將在以下兩種情況下終止：所有在本招股說明書補充中規定的ADS售出之時或在此處允許的銷售協議終止之時。

根據m條規，銷售代理商在本招股說明書補充下，發行進行時將不會從事任何涉及ADS的做市活動。

銷售代理商及其關聯公司在未來可能爲我們及我們的關聯公司提供各種投資銀行及其他金融服務，爲此他們可能在未來獲取通常的費用。

S-17

稅務

以下是關於在ADS和A類普通股投資相關的開曼群島、中國人民共和國和美國聯邦所得稅後果的摘要。此討論並不打算也不應被解讀爲對任何特定潛在購買者的法律或稅務建議。該討論基於截至本文件日期生效的法律及相關解讀，所有這些法律都可能發生變化或有不同的解釋，有可能追溯生效。該討論未涉及美國州或地方稅法，也未涉及開曼群島、中國人民共和國和美國以外地區的稅法。您應諮詢自己的稅務顧問，了解關於獲取、持有和處置ADS和A類普通股的後果。

開曼群島稅收

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of, the Cayman Islands. Payments of dividends and capital in respect of the ADSs and Class A ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the ADSs and Class A ordinary shares, nor will gains derived from the disposal of the ADSs and Class A ordinary shares be subject to Cayman Islands income or corporation tax. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Any future annual reports on Form 20-F filed with the SEC after the date of this prospectus and prior to the termination of the offering of the securities offered by this prospectus; and

In March 2007, the National People’s Congress of China enacted the Enterprise Income Tax Law, which became effective on January 1, 2008 and was revised on December 29, 2018. The Enterprise Income Tax Law provides that enterprises organized under the laws of jurisdictions outside China with their 「de facto management bodies」 located within China may be considered PRC resident enterprises and therefore subject to PRC enterprise income tax at the rate of 25% on their worldwide income. The Implementing Rules of the Enterprise Income Tax Law further define the term 「de facto management body」 as the management body that exercises substantial and overall management and control over the business, personnel, accounts and properties of an enterprise. While we do not consider our company or any of our overseas subsidiaries to be a PRC resident enterprise, there is a risk that the PRC tax authorities may deem our company or any of our overseas subsidiaries as a PRC resident enterprise since a substantial majority of the members of our management team as well as the management team of some of our overseas subsidiaries are located in China, in which case we or the overseas subsidiaries, as the case may be, would be subject to the PRC enterprise income tax at the rate of 25% on worldwide income. If the PRC tax authorities determine that our Cayman Islands holding company is a 「resident enterprise」 for PRC enterprise income tax purposes, a 10% withholding tax would be imposed on dividends we pay to our non-PRC enterprise shareholders and a 10% tax would be imposed with respect to gains derived by our non-PRC enterprise shareholders from transferring our Class A ordinary shares or the ADSs. Furthermore, dividends paid to individual investors who are non-PRC residents and any gain realized on the transfer of ADSs or Class A ordinary shares by such investors may be subject to PRC tax at a rate of 20% (which in the case of dividends may be withheld at source). Any PRC tax liability may be reduced by an applicable tax treaty. However, it is unclear whether, if we are considered a PRC resident enterprise, holders of our Class A ordinary shares or the ADSs would be able to claim the benefit of income tax treaties or agreements entered into between China and other countries or areas.

United States Federal Income Tax Considerations for United States Holders

The following discussion is a summary of the material United States federal income tax consequences to a United States Holder (as defined below) of the purchase, ownership and disposition of the ADSs as of the date hereof. This discussion deals only with ADSs that are held as 「capital assets」 (generally, property

S-19

held for investment) within the meaning of Section 1221 of the U.S. Internal Revenue Code of 1986, as amended, or the Code.

As used herein, the term 「United States Holder」 means a beneficial owner of ADSs that is, for United States federal income tax purposes, any of the following:

•

在美國的個人公民或居民；

•

a corporation (or other entity treated as a corporation for United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

•

一種財產，其收入無論來源於何處都需繳納美國聯邦所得稅；或者

•

一種信託，如果它(1) 受到美國境內法院的主要監督，並且一個或多個美國人有權控制信託的所有重大決策，或者(2) 根據適用的美國財政部規定，有有效的選舉可將其視爲美國人

本討論基於截至本日期《法典》及美國財政部規定、裁定和相關司法判決的規定。這些權威可能被替換、撤銷或修改，並可能具有追溯效力，而這種替換、撤銷或修改可能會顯著影響下面所述的稅收後果。此外，本討論假設存款協議及所有其他相關協議將按其條款履行。我們沒有尋求美國國稅局對以下討論中的陳述和得出的結論的裁定，且無法保證國稅局或法院會同意我們的陳述和結論。

本討論並不代表對適用於美國持有人的所有美國聯邦所得稅後果的詳細描述，考慮到個別情況，包括美國持有人是否受到特殊稅收規定的影響，例如：

•

股票、證券或貨幣的經紀人或交易商；

•

一家銀行和其他一些金融機構；

•

受監管的投資公司；

•

一家房地產投資信託；

•

一家保險公司；

•

一個免稅或政府組織；

•

作爲對沖、綜合或轉換交易、一種建設性銷售或跨期交易的ADS持有人；

•

選擇按市值計量我們證券的會計方法的個人；

•

某位受到《法典》第877節約束的前美國公民或居民；

•

an entity subject to the United States anti-inversion rules;

•

a person liable for alternative minimum tax;

•

a person who owns or is deemed to own 10% or more of our total stock by vote or value;

•

a partnership or other pass-through entity for United States federal income tax purposes, or persons holding ADSs through such entities;

•

由於在適用的財務報表上確認該項目的毛收入，要求加速確認任何毛收入項目的個人；

•

與位於美國以外的常設機構或固定業務相關持有ADS的人；

S-20

•

根據行使任何員工股票期權或以其他方式作爲補償獲得ADS的人；或

•

「功能貨幣」不是美元的個人。

如果一個合夥企業（或其他被視爲合夥企業的實體用於美國聯邦所得稅目的）持有ADS，那麼合夥人的稅務處理通常取決於合夥人的身份和合夥企業的活動。如果美國持有者是持有ADS的合夥企業的合夥人，那麼該美國持有者應諮詢其稅務顧問關於投資和持有ADS的稅務後果。本討論不包含對所有美國聯邦所得稅後果的詳細描述，也不涉及淨投資收入的醫療保險稅、與外國賬戶稅收合規法相關的任何稅務後果、美國聯邦遺產和贈與稅或任何州、地方或非美國稅法的影響。美國持有者應諮詢其稅務顧問關於購買、持有和處置ADS的特定美國聯邦稅後果，以及任何其他納稅轄區法律下產生的任何後果。

ADSs

根據美國聯邦所得稅目的，ADS的美國持有者通常應被視爲ADS所代表的基礎普通股的所有者。因此，ADS的普通股存取款通常預計不會受到美國聯邦所得稅的影響。本討論的其餘部分假設ADS的美國持有者將以這種方式處理。

分紅稅務

根據下文「— 被動外國投資公司」的討論，ADS或其下的A類普通股的分配總額（包括考慮到前文提到的中國稅收的淨額）在支付自我們的當前或累積盈餘和利潤範圍內將作爲分紅徵稅。若任何分配的金額超過我們的當前和累積盈餘和利潤，分配的金額將首先視爲無稅的資本回收，從而導致ADS的稅基減少，而且一旦超過美國持有者的稅基，超出部分將作爲出售或交換中確認的資本利得徵稅。然而，我們不預計根據美國聯邦所得稅原則來確定我們的盈餘和利潤。因此，美國持有者應預期任何支付的分配通常會被視爲美國聯邦所得稅目的的分紅。這些分紅將不符合根據《稅法》允許公司享受的分紅扣除。以非美國貨幣支付的任何分紅收入的金額將是根據實際或推定收取日期的現貨匯率計算的美元金額，而與付款是否實際轉換爲美元無關。如果分紅在收取當天已轉換爲美元，美國持有者通常不要求確認外幣收入的增益或損失。後續的貨幣轉換或用於不同美元金額的其他處置所產生的任何進一步增益或損失將是美國來源的普通收入或損失。

關於非公司性質的美國持有者，從「合格外國公司」收到的某些股息可能符合適用於「合格股息收入」的稅率減免。非美國公司（除非該公司在支付股息的納稅年度或前一納稅年度是一個被動外國投資公司）通常會被視爲「合格外國公司」（a）就該公司在美國的一個已建立證券市場上就易於交易的股份（或代表這些股份的美國存托股票）支付的股息；或（b）如果該非美國公司符合與美國的合格所得稅條約的優惠，該條約包括信息交換程序。

根據發佈的國稅局通知，如果美國存托股票在納斯達克全球市場上市，則被視爲在美國的已建立證券市場上易於交易。因此，我們相信，但不能保證，

S-21

我們在美國存托股票（或其基礎普通股）上支付的股息將滿足這些減稅率所需的條件。不能保證美國存托股票在未來幾年內將被視爲在美國的已建立證券市場上易於交易。合格外國公司還包括符合與美國的某些所得稅條約優惠的外國公司。如果我們被視爲根據企業所得稅法的中國居民企業，我們可能有資格享受《美國和中華人民共和國政府之間關於避免雙重徵稅和防止逃稅的協定》（或「條約」）的優惠，如果我們符合這些優惠，我們在ADS（或其基礎A類普通股）上支付的股息將有資格享受減免稅率，受適用限制的約束。有關企業所得稅法的更多信息，請參見「 — 中華人民共和國稅務」。即使股息被視爲由合格外國公司支付，非公司性質的美國持有者在股息登記日的前60天的121天期間內如果未持有ADS超過60天（忽略美國持有者的風險損失減小的某些持有期），或如果該美國持有者選擇根據《國內稅收法》第163(d)(4)條將股息收入視爲「投資收入」，則將不符合減稅率。此外，如果股息的接收者有義務就實質上相似或相關財產的頭寸支付相關款項，則減稅率將不適用於股息。即使已滿足最短持有期，該拒絕適用仍然有效。如果我們在支付這些股息的納稅年度或前一納稅年度是被動外國投資公司，則非公司性質的美國持有者將不符合從我們獲取的任何股息的減稅率。請參閱下文的「 — 被動外國投資公司」。

根據適用於外國稅收抵免的一般限制和不允許規則（包括最低持有期要求），任何中國的股息預扣稅可視爲適用於美國持有者的聯邦所得稅負債的可申請抵免的外國稅。爲了計算外國稅收抵免，ADS支付的股息將被視爲來自美國以外來源的收入，通常構成被動類別收入。如果股息構成合格股息收入（如前段所述），在計算外國稅收抵免限制時，考慮的股息金額將限制爲股息的總額，乘以減少的稅率除以通常適用於股息的最高稅率。有關外國稅收抵免的規則非常複雜，最近發佈的財政部法規引入了額外的要求和限制。

每位美國持有者應該諮詢其稅務顧問，關於適用於我們支付的ADS或基礎ADS的A類普通股的合格股息收入的較低稅率的可用性，以及在本招股說明書補充日期之後適用法律的任何變化的影響，以及任何外國稅收抵免的可用性。

被動外國投資公司

根據公司的市場價值，我們不期望在截至2024年12月31日的納稅年度內成爲美國聯邦所得稅目的下的PFIC，儘管對此不能保證。IRS不會就PFIC狀態發佈裁定，我們不能保證IRS或法院會同意我們所做的任何確定。

一般而言，如果在應用適用的透視規則後，滿足以下任一條件，我們將在任何納稅年度被認定爲PFIC：

•

至少75%的總收入爲被動收入；或

•

至少50%的價值（通常根據季度平均值確定）我們的資產來自產生或爲產生被動收入而持有的資產。

爲了這個目的，被動收入通常包括分紅、利息、與利息等同的收入、特許權使用費和租金（不包括在積極從事貿易或業務中產生的特許權使用費和租金以及未來自相關人員的收入）。現金及現金等價物、爲投資目的而持有的證券以及某些其他類似資產通常被視爲產生或爲產生被動收入而持有的資產。如果我們擁有另一家公司的股票至少25%（按價值），爲了

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判斷我們是否是一個PFIC，我們通常被視爲擁有該公司資產的相應份額，並接收該公司收入的相應份額。

我們的收入或資產的性質或組成的變化可能導致我們成爲或變成一個PFIC。判斷我們是否是PFIC是每年進行的，並且不能在一個納稅年度結束之前作出。判斷我們在任何納稅年度是否會成爲PFIC可能還部分取決於我們的商譽和其他未入賬的無形資產的價值（這可能依賴於ADS的市場價格，這可能會顯著波動），也可能會受到我們如何、以及多快地支出我們的流動資產和從經營中產生的現金以及在任何發行（包括此次發行）中籌集的現金的影響。此外，如果我們的市值低於預期或隨後下降，我們可能會在當前或一個或多個未來的納稅年內成爲或變成PFIC，因爲我們的流動資產和現金（在此目的上被視爲產生被動收入的資產）可能會代表我們整體資產價值的更大比例。此外，雖然我們認爲我們的分類方法和估值方法（包括在相關情況下對我們的市值採取的任何方法）是合理的，但IRS可能會對我們對商譽和其他未入賬的無形資產的分類或估值提出質疑，這可能導致我們在當前納稅年度或一個或多個未來納稅年度內成爲或變成PFIC。如果我們在任何納稅年度被視爲PFIC，而美國持有者持有ADS或A類普通股，則該美國持有者將受以下討論的特殊稅收規則的約束。

If we are a PFIC for any taxable year during which a United States Holder holds the ADSs and absent certain elections (including a mark-to-market election, a qualified electing fund election and a deemed sale election, each as described below), such United States Holder will be subject to special tax rules with respect to any 「excess distribution」 received and any gain realized from a sale or other disposition, including a pledge, of ADSs. Distributions received in a taxable year will be treated as excess distributions to the extent that they are greater than 125% of the average annual distributions received during the shorter of the three preceding taxable years or a United States Holder’s holding period in the ADSs. Under these special tax rules:

•

the excess distribution and/or recognized gain will be allocated ratably over a United States Holder’s holding period for the ADSs,

•

the amount of the excess distribution and/or recognized gain allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and

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the amount of the excess distribution and/or recognized gain allocated to each other year will be subject to tax at the highest tax rate in effect for that year for individuals or corporations in the United States, as applicable, and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of disposition or excess distribution cannot be offset by any net operating losses for such years, and gains (but not losses) from a sale or other disposition of the ADSs cannot be treated as capital, even if a United States Holder holds the ADSs as capital assets.

If we are a PFIC with respect to a United States Holder for any taxable year during such United States Holder’s holding period for the ADSs and any of our non-U.S. subsidiaries that are corporations (or other corporations in which we directly or indirectly own equity interests) is also a PFIC, such United States Holder would generally be treated as owning a proportionate amount (by value) of the shares of each such non-U.S. entity that is a PFIC (each such corporation, a lower tier PFIC) for purposes of the application of these rules. United States Holders are strongly encouraged to consult their tax advisors regarding the application of the PFIC rules to any of our lower tier PFICs.

Deemed Sale Election

If we are a PFIC for any taxable year in which a United States Holder holds the ADSs (unless such United States Holder makes a valid mark-to-market election as discussed below), such United States Holder will generally be subject to the special tax rules described above for that year and for each subsequent year

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in which such United States Holder holds the ADSs (even if we cease to be a PFIC in such subsequent years). However, if we cease to be a PFIC, a United States Holder CAN avoid the continuing impact of the PFIC rules by making a 「deemed sale」 election to recognize gain as if such United States Holder’s ADSs had been sold for their fair market value on the last day of the last taxable year during which we were a PFIC and any gain from such deemed sale would be taxed as an 「excess distribution」 as described above. Any loss from the deemed sale is not recognized. After the deemed sale election, the United States Holder’s ADSs with respect to which such election was made will not be treated as shares in a PFIC unless we subsequently become a PFIC. United States Holders are urged to consult their tax advisors about a deemed sale election.

按市值選舉

As an alternative to the foregoing rules, a United States Holder of 「marketable stock」 in a PFIC may make a mark-to-market election with respect to such stock, provided that certain requirements are met. The ADSs generally will be treated as marketable stock if the ADSs are regularly traded (generally, traded in other than 微不足道的在每個日歷季度至少15天的交易量) 在「合格交易所或其他市場」上（根據適用的財政法規的定義）。ADS目前在納斯達克全球市場上市，該市場構成了一個合格交易所，儘管不能保證ADS將爲「正常交易」以進行公允價值選擇。

如果某個美國持有人做出有效的公允價值選擇，在我們是PFIC的每個應稅年度，這個美國持有人將包括其在應稅年度末持有的ADS的公允市場價值超出其在ADS中的調整稅基的部分作爲普通收入。美國持有人將有權在每個應稅年度扣除其在ADS中的調整稅基超出其在應稅年度末的公允市場價值的部分，但僅限於此前作爲公允價值選擇的結果而被列爲收入的淨額。美國持有人在ADS中的調整稅基將因任何收入包含而增加，因公允價值規則下的任何扣除而減少。此外，在我們是PFIC的年度內出售或以其他方式處置ADS時，任何收益將被視爲普通收入，任何損失將被視爲普通損失，但僅限於因公允價值選擇而先前包含的淨額。

如果我們的任何子公司是或成爲PFIC，則與上述所討論的被視爲由美國持有人擁有的該子公司的股份，公允價值選擇將無法使用。因此，美國持有人可能會受到PFIC規則的影響，而對於下級PFIC的相關收入的價值，已經通過公允價值調整間接考慮。

如果美國持有人做出公允價值選擇，則該選擇對其所做的應稅年度及隨後的所有應稅年度有效，除非ADS不再在合格交易所或其他市場上正常交易，或美國國稅局同意撤銷該選擇。如果美國持有人做出有效的公允價值選擇，而我們不再是PFIC，則在我們不是PFIC的任何期間內，美國持有人將不需要考慮上述的公允價值收益或損失。強烈建議美國持有人諮詢他們的稅務顧問，了解公允價值選擇的可用性，以及在考慮其特定情況的情況下，做出該選擇是否明智。

合格選擇基金選舉

在某些情況下，PFIC的股東可以通過根據《法典》第1295條做出"合格選擇基金"的選舉，避免上述某些不利的稅收待遇。然而，由於我們不打算遵守允許美國持有者進行此項選擇所需的要求，因此這一選項對美國持有者不可用。

報告要求

對於任何一個稅務年度，如果我們是PFIC並且涉及美國持有者，該美國持有者通常需要提交IRS表格8621，關於收到的ADS的分配和處置ADS所實現的任何收益，並且某些美國持有者將被要求

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提交與其持有ADS相關的年度信息申報表（同樣是IRS表格8621）。未能提交此表格將會被處以重大罰款。建議美國持有者諮詢他們的稅務顧問，關於在任何一個稅務年度如果我們是PFIC時持有ADS的美國聯邦所得稅後果。

強烈建議您諮詢您的稅務顧問，關於PFIC規則在我們ADS投資中的適用。

ADS的銷售、交換或其他應稅處置

For United States federal income tax purposes, a United States Holder generally will recognize taxable gain or loss on any sale, exchange or other taxable disposition of the ADSs in an amount equal to the difference between the amount realized for the ADSs and the United States Holder’s tax basis in the ADSs. Subject to the discussion under 「— Passive Foreign Investment Company」 above, such gain or loss will generally be capital gain or loss and will generally be long-term capital gain or loss if such United States Holder has held the ADSs or for more than one year. Long-term capital gains of non-corporate United States Holders (including individuals) generally are eligible for reduced rates of taxation. The deductibility of capital losses may be subject to limitations. Any gain or loss recognized by a United States Holder will generally be treated as United States source gain or loss for foreign tax credit limitation purposes, which could limit the availability of foreign tax credits. However, if we are treated as a PRC resident enterprise for PRC tax purposes and PRC tax were imposed on any gain, and if a United States Holder is eligible for the benefits of the Treaty, such United States Holder may elect to treat such gain as PRC source gain under the Treaty for foreign tax credit purposes, subject to certain limitations. If such an election is made, the gain so treated will be treated as a separate class or 「basket」 of income for foreign tax credit purposes. United States Holders should consult their tax advisors regarding the proper treatment of gain or loss, as well as the availability of a foreign tax credit, in their particular circumstances.

A United States Holder that receives a currency other than U.S. dollars upon a disposition of the ADSs will generally realize an amount equal to the U.S. dollar value of the currency received at the spot rate on the date of disposition or, if the ADSs are traded on an established securities market and the United States Holder is either a cash-basis or electing accrual-basis taxpayer, at the spot rate on the settlement date. If the ADSs are not traded on an established securities market or the United States Holder is an accrual-basis taxpayer that does not elect to determine the amount realized using the spot rate on the settlement date, such United States Holder will generally have foreign currency gain or loss (treated as U.S. source ordinary income or loss) to the extent of any difference between the U.S. dollar amount realized on the date of disposition and the U.S. dollar value of the currency received at the spot rate on the settlement date. Any gain or loss on a subsequent conversion or disposition of the currency received generally will be U.S. source ordinary income or loss.

信息報告和備份扣稅

一般而言，信息報告將適用於向美國持有人支付的ADS的分紅及出售、交換或其他處置ADS的收益，這些收益在美國境內（以及在某些情況下，在美國境外），除非美國持有人是免稅接收者。如果美國持有人未提供納稅人識別號碼或免稅狀態認證，或未完全報告分紅和利息收入，則這些支付可能會適用備份扣稅。

備份扣稅並不是額外稅款，按備份扣稅規則扣留的任何款項，前提是及時向IRS提供所需信息，將被視爲退稅或可抵扣美國持有人美國聯邦所得稅負債的信用。

指定的外國金融資產

美國持有人如果是個人和某些國內實體，通常需要向IRS提交關於其ADS實益擁有權的某些信息，以便識別ADS所屬於的類別或發行。這些要求有例外，包括對由某些金融機構維護的賬戶中的ADS的例外，以及在所有「特定外國金融資產」（根據法規定義）的總價值不超過50,000美元的情況下的例外。

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更多信息獲取途徑

我們目前根據《證券交易法》受到週期性報告和其他信息要求的約束，這適用於境外私人發行人。因此，我們必須向證券交易委員會提交報告，包括年度報告(Form 20-F)及其他信息。您可以在證券交易委員會網站http://www.sec.gov上免費查看註冊聲明，包括相關的附錄和時間表，以及我們向證券交易委員會提交的任何文件。

作爲境外私人發行人，我們不需要根據《證券交易法》像美國公司那樣頻繁或及時地向證券交易委員會提交週期性報告和財務報表。然而，我們必須在每個財年結束後的120天內，向證券交易委員會提交我們的年度報告(Form 20-F)，該報告包含經過獨立註冊會計師事務所審查和報告的財務報表，並表達了意見。根據納斯達克上市規則，作爲境外私人發行人，我們需在境外私人發行人報告(Form 6-k)中提交截至每個財政年度第二季度末的中期資產負債表和損益表。

此外，作爲境外私人發行人，我們免於遵守《證券交易法》中有關提供和內容的代理聲明規則，我們的高管、董事和主要股東也免於《證券交易法》第16節中包含的報告和短期收益回收條款。

我們的企業網站是 www.canaan-creative.com我們網站上包含的信息不屬於本招股說明書的補充部分。我們的美國法定服務代理人爲Cogency Global Inc.，地址位於紐約州紐約市東42街122號，18樓，郵政編碼10168。

This prospectus supplement is part of a registration statement that we filed with the SEC and does not contain all the information in the registration statement. You will find additional information about us in the registration statement. Any statement made in this prospectus supplement concerning a contract or other document of ours is not necessarily complete, and you should read the documents that are filed as exhibits to the registration statement or otherwise filed with the SEC for a more complete understanding of the document or matter. Each such statement is qualified in all respects by reference to the document to which it refers.

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通過引用而設立

The SEC allows us to 「incorporate by reference」 the information we file with them. This means that we CAN disclose important information to you by referring you to those documents. Each document incorporated by reference is current only as of the date of such document, and the incorporation by reference of such documents shall not create any implication that there has been no change in our affairs since the date thereof or that the information contained therein is current as of any time subsequent to its date. The information incorporated by reference is considered to be a part of this prospectus supplement and should be read with the same care. When we update the information contained in documents that have been incorporated by reference by making future filings with the SEC, the information incorporated by reference in this prospectus supplement is considered to be automatically updated and superseded. In other words, in the case of a conflict or inconsistency between information contained in this prospectus supplement and information incorporated by reference into this prospectus supplement, you should rely on the information contained in the document that was filed later.

We hereby incorporate by reference into this prospectus supplement the following documents that we have filed with the SEC under the Exchange Act:

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我們截至2023年12月31日的20-F表格年度報告，已於2024年4月17日提交給SEC；

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我們在SEC提交的6-k表格外國私人發行人報告 2024年4月22日, 2024年5月9日, 2024年5月17日, 2024年6月6日, 2024年8月15日, 2024年9月3日, 2024年9月30日, 2024年11月1日, 2024年11月14日, November 20, 2024 (one regarding the expansion of self-mining footprint, one regarding the attainment of a follow-on order, one regarding the execution of a securities purchase agreement，以及 one regarding the unaudited financial results of the third quarter of 2024), 2024年11月22日, 2024年11月26日, 2024年12月9日，以及 2024年12月13日；並且

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the description of our securities contained in our Registration Statement on Form 8-A filed with the SEC on November 6, 2019, as updated by 附件2.2 to our Annual Report on Form 20-F for the fiscal year ended December 31, 2019 filed with the SEC on April 15, 2020, and including any amendments or reports filed for purposes of updating such descriptions.

Our annual report on Form 20-F for the fiscal year ended December 31, 2023 contains a description of our business and audited consolidated financial statements with a report by our independent auditors. These financial statements were prepared in accordance with U.S. GAAP.

我們還通過引用將可能在本招股說明書補充材料日期後根據《證券交易法》第13(a)、13(c)、14或15(d)節向SEC提交的其他文件併入本招股說明書補充材料，直至所有在本材料下注冊的ADS或A類普通股售出之前，或註冊聲明的終止，但不包括任何被視爲提供但未向SEC提交的信息。

任何在之前提交的文件中包含的聲明被認爲經過修改或被本招股說明書補充材料中包含的聲明所取代，或者在隨後提交的亦被引用的文件中包含的聲明在此範圍內修改或取代該聲明。

本招股說明書補充材料可能包含更新、修改或與本招股說明書補充材料及隨附招股說明書中引述的一個或多個文件信息相對立的信息。您應僅依賴於本招股說明書補充材料中引用或提供的信息。我們未授權任何人向您提供除本招股說明書補充材料、隨附招股說明書及我們提交給SEC的任何相關免費書面招股說明書中包含的或引用的信息以外的任何信息。您不應假定本招股說明書補充材料中的信息在本招股說明書補充材料或本招股說明書隨附文件中的引用信息的日期之外是準確的。

我們將向每位收到本招股說明書補充材料的人，包括任何實際所有人，免費提供本招股說明書補充材料中引用的所有信息的副本，依據書面或口頭請求。

S-30

招股說明書

3億美金

A類普通股
優先股
認購權證

債務證券
Subscription Rights Units

We may from time to time in one or more offerings offer and sell our preferred shares, Warrants, subscription rights and/or units, debt securities, or Class A ordinary shares, including Class A ordinary shares represented by American depositary shares, or ADSs, with each ADS representing 15 Class A ordinary shares.

We will provide specific terms of any offered securities and offering in a supplement to this prospectus. Any prospectus supplement may also add, update, or change information contained in this prospectus. You should carefully read this prospectus and the applicable prospectus supplement as well as the documents incorporated or deemed to be incorporated by reference in this prospectus before you purchase any of the securities offered hereby.

These securities may be offered and sold in the same offering or in separate offerings; to or through underwriters, dealers, and agents; or directly to purchasers. The names of any underwriters, dealers, or agents involved in the sale of our securities, their compensation and any over-allotment options held by them will be described in the applicable prospectus supplement. For a more complete description of the plan of distribution of these securities, see the section entitled 「Plan of Distribution」 beginning on page 49 of this prospectus.

The ADSs are listed on the NASDAQ Global Market under the symbol 「CAN.」 On April 16, 2024, the last reported sale price of the ADSs on the NASDAQ Global Market was US$1.10 per ADS.

As of the date of this prospectus, our issued and outstanding share capital consists of Class A ordinary shares,Class b ordinary shares and Series A Preferred Shares. Holders of Class A ordinary shares and Class b ordinary shares have the same rights except for voting and conversion rights. Except in relation to the negative covenants, affirmative covenants and vote to change the terms of or issue Series A preferred shares as stipulated in the SPA, no voting rights are carried by the Series A Preferred Shares. In respect of matters requiring a shareholder vote, each Class A ordinary share will be entitled to one vote and each Class b ordinary share will be entitled to 15 votes. Each Class b ordinary share is convertible into one class A ordinary share at any time by the holder thereof. . At any time or times on or after the applicable issuance date, any holder of Series A Preferred Shares shall be entitled to convert any portion of the outstanding and unpaid conversion amount into fully paid and non-assessable Class A ordinary shares at the conversion rate that shall be deposited for delivery of ADSs, subject to the terms and conditions of the deposit agreement. Conversion amount (the 「Conversion Amount」) means the sum of (i) the portion of the stated value, meaning US$1,072.80 per Series A Preferred Share, to be converted, (ii) the accrued and unpaid dividends with respect to such stated value, if any, and (iii) accrued and unpaid late charges with respect to such stated value, if any. Conversion price (the 「Conversion Price」) means, as of any conversion date or other date of determination, the lower of (i) 120% of the Weighted Average Price of the ADSs on the trading day immediately preceding the applicable issuance date of the Series A Preferred Shares being converted, and (ii) 92.50% of the lowest daily Weighted Average Price of the ADSs during the five consecutive trading day period immediately preceding the applicable conversion date, subject to adjustment as provided in the Certificate of Designations, Preferences and Rights. As used herein, 「ADS ratio」 means the number of Class A Ordinary Shares represented by one (1) ADS, which, as of the date hereof, equals fifteen (15). No holder of Series A Preferred Shares shall have the right to any Class A ordinary shares (or ADSs on subsequent deposit thereof) otherwise issuable and such issuance shall be null and void and treated as if never made, to the extent that after giving effect to such issuance, such holder together with its other attribution parties collectively would beneficially own in excess of 4.99% or 9.99%, as such holder shall have indicated in the Securities Purchase Agreement or as any subsequent transferee of Series A Preferred Shares indicates in a written notice to the Company, (the 「Maximum Percentage」) of the Class A ordinary shares issued and outstanding immediately after giving effect to such issuance, such Maximum Percentage to be set by each Buyer as to such Buyer and its other attribution parties. The number of Class A ordinary shares, issuable upon conversion of Series A Preferred Shares, is indeterminate. Class A ordinary shares are not convertible into Class b ordinary shares under any circumstances. See 「Description of Share Capital.」

We are a Cayman Islands holding company and conduct all of our operations through our operating subsidiaries. Investors in the ADSs are not purchasing equity securities of our operating subsidiaries but instead are purchasing equity securities of a Cayman Islands holding company. We face various legal and operational risks and uncertainties associated with being based in or having a portion of our operations in China and the complex and evolving PRC laws and regulations. For example, we face risks associated with regulatory approvals on offerings conducted overseas and foreign investment in China-based issuers, anti-monopoly regulatory actions, regulatory actions for virtual currency-related business activities and mining activities and oversight on cybersecurity and data privacy, which may negatively impact our ability to conduct certain businesses, access foreign investments, or list on foreign stock exchange. These risks could result in a material adverse change in our operations and the value of our ADSs, significantly limit or completely hinder our ability to offer or continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. For a detailed description of risks relating to doing business in China, see 「Item 3. Key Information — 3.D. Risk Factors — Risks Relating to Doing Business in the PRC.」 in our annual report on Form 20-F for the year ended December 31, 2023, which is incorporated by reference in this prospectus.

Our auditor, KPMG Huazhen LLP, is independent registered public accounting firms that issue the audit report included elsewhere in this prospectus. Our securities will be prohibited from trading on a national securities exchange or in the over-the-counter trading market in the United States under the Holding Foreign Companies Accountable Act, or the HFCAA, if the Securities and Exchange Commission determines that CANaan has filed audit reports issued by a registered public accounting firm that has not been subject to inspections by the PCAOb for two consecutive years. On December 16, 2021, the PCAOb issued a report to notify the SEC of its determination that the PCAOb was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong and our auditors were subject to this determination. Consequently, we were conclusively identified as a 「Commission-Identified Issuer」 on May 4, 2022. On December 15, 2022, the PCAOb announced that it was able to secure complete access to inspect and investigate PCAOb-registered public accounting firms headquartered in mainland China and Hong Kong in 2022. Each year, the PCAOb will determine whether it CAN inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions. If the PCAOb determines in the future that it no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong and we use an accounting firm headquartered in one of these jurisdictions to issue an audit report on its financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the annual report on Form 20-F for the relevant fiscal year. In accordance with the HFCAA, our securities would be prohibited from being traded on a national securities exchange or in the over-the-counter trading market in the United States if it is identified as a Commission- Identified Issuer for two consecutive years in the future. If our securities are prohibited from trading in the United States, there is no certainty that we will be able to list on a non-U.S. exchange or that a market for our securities will develop outside of the United States. In the event of such prohibition, the Nasdaq may determine to delist our securities. The delisting of our securities, or the threat of their being delisted, may materially and adversely affect the value of your investment. See 「Item 3. Key Information — 3.D. Risk Factors-Risks Relating to Doing Business in the PRC-Our ADSs may be delisted under the Holding Foreign Companies Accountable Act if the PCAOb is unable to inspect auditors who are located in China. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.」 in our 截至2023年12月31日的20-F表年度報告該內容已在本招股說明書中引用。

投資這些證券涉及風險。請參閱適用的招股說明書補充和我們在本招股說明書中引用的文件中的「風險因素」部分，以了解在投資我們的證券之前應考慮的因素。

本招股說明書不得用於提供或出售任何證券，除非附有招股說明書補充。

美國證券交易委員會或任何州證券委員會均未批准或不批准證券，也未對本招股說明書中的披露信息的準確性或充分性作出判斷，包括任何招股說明書補充和引用的文件。任何相反的聲明都是刑事犯罪。

本招股說明書的日期爲2024年9月5日

關於本招股說明書

本招股說明書是我們向證券交易委員會（SEC）提交的架構註冊聲明的一部分。通過使用架構註冊聲明，我們可以在任何時候以不時的方式，提供和出售總計最高達3億美元的證券，具體如下所述於本招股說明書中。我們也可能通過招股說明書補充或通過引用我們提交或提供給SEC的信息來添加、更新或更改本招股說明書中包含的信息。根據SEC的規則，本招股說明書和任何附帶的招股說明書補充未包含註冊聲明中所有信息。如需更多信息，敬請參閱註冊聲明及其附錄。本招股說明書或招股說明書補充中關於任何協議或其他文件的條款或內容的聲明不一定是完整的。如果SEC的規則和法規要求協議或文件作爲註冊聲明的附錄提交，請查看該協議或文件以獲得這些事項的完整描述。

您應仔細閱讀本文件及任何適用的招股說明書補充。您還應閱讀我們在"關於我們的更多信息在哪兒可以找到"和"文檔引用整合"部分中提及的文件，以獲取有關我們公司的信息、我們所面臨的風險和我們的財務報表。註冊聲明和附錄可在SEC網站上閱讀，如"關於我們的更多信息在哪兒可以找到"部分所述。

在本招股說明書中，除非另有說明或除非上下文另有要求，提及：

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「ADR」指的是美國存託憑證，若已發行，則證明該ADS；

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「ADSs」是指美國存托股票，每一份代表我們15股A級普通股；

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「AI」是指人工智能；

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「ASICs」是指專用集成電路，意味着爲特定應用設計的集成電路；

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「中國」和「PRC」是指中華人民共和國，僅在本招股說明書中不包括臺灣、香港特別行政區和澳門特別行政區；

•

「邊緣計算」是通過在網絡邊緣、靠近數據源處進行數據處理來優化雲計算系統的一種方法；

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「ICs」或「芯片」是指集成電路；

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「神經網絡加速器」是指專爲人工智能應用設計的硬件加速微處理器；

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「運營子公司」在本年度報告的目的下，指杭州嘉楠智能信息技術有限公司、嘉楠創意有限公司、廊坊創意科技有限公司、嘉楠傳送有限公司、浙江阿瓦隆科技有限公司、嘉楠明視有限公司、嘉楠創意（上海）有限公司、嘉楠創意（香港）控股有限公司、嘉楠創意國際有限公司、嘉楠創意全球有限公司，以及嘉楠美國公司。

•

「Risc-V」是開放源代碼指令集架構，它是一組描述軟體如何與底層處理器進行交互的指令，而Risc-V的開源特性意味着任何人都可以構建支持它的處理器而無需支付高額的專利費；

•

「人民幣」或「Renminbi」指的是中國的法定貨幣；

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「A系列優先股」是指我們的A系列可轉換優先股，每股面值爲$0.00000005；

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「美金」，「美元」或「美元」指的是美國的法定貨幣；

•

「我們」，「我們」，「我們的公司」，「公司」，「我們的」和「嘉楠科技」應根據上下文指代嘉楠科技及其子公司。

前瞻性聲明

本招股說明書及其中引用的文件包含前瞻性性質的陳述。除了歷史事實的陳述外，所有的陳述均爲前瞻性陳述。這些前瞻性陳述是在《1934年證券交易法》第21E條下的「安全港」條款下作出的，或稱爲《交易法》，並在《1995年私人證券訴訟改革法》中進行了定義。這些陳述涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致我們實際結果、表現或成就與前瞻性陳述中所表達或暗示的 materially 差異。在某些情況下，這些前瞻性陳述可以通過諸如「可能」、「將」、「期待」、「預期」、「目標」、「估計」、「打算」、「計劃」、「相信」、「潛在」、「繼續」、「很可能」等 semelhantes 表達進行識別。這些前瞻性陳述涉及，包括但不限於：

•

我們的目標和策略；

•

我們的擴展計劃；

•

我們未來的業務發展、財務狀況和經營業績；

•

我們對產品需求和市場接受度的預期；

•

整體經濟和商業環境；以及

•

適用的招股說明書補充文件或其他文件中包含的「風險因素」下討論的其他風險因素，這些文件已被納入本招股說明書。

我們主要基於當前對我們認爲可能影響我們財務狀況、經營結果、業務策略和財務需求的未來事件和財務趨勢的預期和預測，來制定這些前瞻性聲明。

您應該結合適用的招股說明書補充文件或其他文件中的類似標題下討論的風險來閱讀這些聲明，這些文件已被納入本招股說明書。此外，我們在一個新興和不斷髮展的環境中運營。新的風險可能會不時出現，且我們的管理層無法預測所有風險，也無法評估這些風險對我們業務的影響或任何單一風險或風險組合可能導致實際結果與任何前瞻性聲明中包含的結果有重大差異的程度。本招股說明書及此處納入的文件中作出的前瞻性聲明僅涉及聲明作出時的事件或信息。除法律要求外，我們無義務更新任何前瞻性聲明，以反映聲明作出日期後的事件或情況，或反映未預見事件的發生。您應該完整地閱讀本招股說明書及此處納入的文件，並作爲展品遞交本招股說明書以及納入的文件，並理解我們的實際未來結果可能與我們的預期有重大不同。

我們的公司

我們通過自主研發的ASIC提供高性能計算解決方案。我們在ASIC芯片設計方面擁有強大的能力，建立在我們創始人和管理團隊十多年的行業經驗和專業知識之上。我們是少數幾家擁有先進技術、能夠獨立設計ASIC的無晶圓廠集成電路設計公司之一，具備通往領先晶圓代工能力的渠道，並具備生產比特幣礦機的成熟內部能力。我們主要將技術和專業知識應用於比特幣礦機，是全球市場上比特幣礦機的領先生產商。此外，憑藉在ASIC芯片設計方面的技術專長和知識，我們努力擴展到人工智能領域，爲客戶提供整體的人工智能解決方案。我們的運營子公司已經推出基於Risc-V架構的商業邊緣計算人工智能芯片，以及自研發的性能卓越的神經網絡加速器。我們相信，在ASIC應用方面的廣泛經驗和專業知識將使我們在未來的努力中處於有利位置。

企業信息

我們的主要辦公地點位於新加坡 139959，28 Ayer Rajah Crescent, #06-08。此地址的電話號碼爲 +65 6305 6618。我們在開曼群島的註冊辦公室位於Sertus Chambers的辦公室，Suite #5-204, 23 Lime Tree Bay Avenue, P.O. Box 2547, Grand Cayman, KY1-1104, Cayman Islands。我們在美國的法律服務代理是Cogency Global Inc.，地址位於紐約 10168, 122 East 42nd Street, 18th Floor。

美國證券交易委員會維持一個包含報告、代理和信息聲明以及其他信息的Internet Plus-related網站，這些信息涉及向美國證券交易委員會電子備案的發行人。 www.sec.gov您還可以在我們的網站上找到相關信息， www.canaan-creative.com我們網站上的信息不是本招募說明書的一部分。

作爲一家境外私人發行人，我們根據《交易法》免受包括規定代理聲明的提供和內容的規則的約束，我們的執行官、董事和主要股東也免受《交易法》第16條中包含的報告和短期利潤回收條款的約束。此外，根據《交易法》，我們不需要像證券在《交易法》下注冊的美國公司那樣頻繁或及時地向SEC提交定期報告和基本報表。然而，我們打算向存託機構提供我們的年度報告，其中將包括對運營的回顧和按照美國公認會計原則（U.S. GAAP）編制的年度審核合併基本報表，以及所有股東會議的通知和其他向我們的股東普遍提供的報告和通信。存託機構將向ADS持有者提供這些通知、報告和通信，並將向所有ADS的記錄持有者郵寄存託機構從我們這裏收到的任何股東會議通知所包含的信息。

股本描述

我們是一家在開曼群島註冊的有限責任豁免公司，我們的事務受公司章程和規章，以及修訂過的開曼群島公司法（我們稱之爲開曼公司法）以及開曼群島的普通法的管轄。

截至本招股說明書的日期，我們的授權股本爲50,000美元，分爲999,643,250,556股面值爲0.00000005美元的A類普通股，356,624,444股面值爲0.00000005美元的B類普通股和125,000股面值爲0.00000005美元的A系列優先股。

截至本招股說明書的日期，我們已發行並流通的A類普通股爲4,447,163,932股，B類普通股爲311,624,444股，A系列優先股爲5,000股。

以下是我們於2019年10月8日通過特別決議採用的修訂和重述的備忘錄及章程的某些重要條款的摘要，該決議在我們的ADS代表A類普通股的首次公開發行完成之前立即生效。以下摘要並不完整，您應閱讀我們的修訂和重述的備忘錄及章程，其中一份已作爲註冊聲明（表格F-1，文件編號333-234356）附錄3.2提交SEC，最初於2019年10月28日提交，之後進行修訂。

普通股

一般情況

我們所有已發行和流通的普通股都是全額繳付且不可評估的。我們的普通股分爲A類普通股和B類普通股。A類普通股和B類普通股的持有者將擁有相同的權利，除了投票權和轉換權。每股A類普通股賦予持有者在我們股東大會上對所有事項投一票的權利，而每股B類普通股賦予持有者在我們的股東大會上對所有事項投15票的權利。我們的普通股以註冊形式發行，並在我們的股東名冊中註冊後發行。我們在開曼群島的非居民股東可以自由持有和投票他們的普通股。我們不得向持有人發行股份。

轉換

Each Class b ordinary share is convertible into one Class A ordinary share at any time at the option of the holder thereof. Class A ordinary shares are not convertible into Class b ordinary shares under any circumstances. Pursuant to our articles of association, upon any sale, transfer, assignment or disposition of any Class b ordinary share by a holder thereof to any person who is not an affiliate of such holder, or upon a change of ultimate beneficial ownership of any Class b ordinary share to any person who is not an affiliate of the registered shareholder of such Class b ordinary share, such Class b ordinary share shall be automatically and immediately converted into the same number of Class A ordinary share. For this purpose, beneficial ownership shall have the meaning set forth in Rule 13d-3 under the United States Securities Exchange Act of 1934, as amended.

An 「affiliate」 for the purposes of our articles of association means in respect of a person, any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, and (i) in the case of a natural person, shall include, without limitation, such person’s spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law and sisters-in-law, a Trust for the benefit of any of the foregoing, and a corporation, partnership or any other entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any other entity or any natural person which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term 「control」 shall mean the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the

voting power of the corporation, partnership or other entity (other than, in the case of a corporation, securities having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity.

根據我們章程的定義，「人」指任何自然人、公司、合夥企業、合資企業、法人、協會或其他實體（無論是否具有獨立的法律人格），或根據上下文所需的任何其中之一。

爲避免疑義，在股東去世後股份的轉移中，類 b 普通股不會自動轉換爲相同數量的類 A 普通股，除非該股份的轉移導致終極實益所有權發生變化，且該實益所有權轉移給的任何人並非相關類 b 普通股股東的關聯方。

分紅派息

我們普通股的持有人有權獲得董事會宣告的分紅。此外，股東可以通過普通決議宣告分紅，但任何分紅不得超過董事會推薦的金額。根據開曼群島的法律，我們公司可以從利潤或股本溢價賬戶支付分紅，前提是無論在任何情況下，如果支付分紅會導致公司無法及時還清到期債務，則不得支付分紅。

投票權

我們的普通股分爲類 A 普通股和類 b 普通股。我們類 A 普通股和類 b 普通股的持有人在任何股東的股東大會上，應始終作爲一個類別共同投票。每一股類 A 普通股有權投票一次，每一股類 b 普通股有權投票15次，針對公司股東大會上所有需要投票的事項。

在任何股東會議上投票採用舉手表決，除非會議主席或任何親自或通過代理人出席的有投票權股東在舉手表決結果宣佈之前或其上要求進行投票，且除非如此要求，則會議主席的公告表明在舉手表決中某項決議已通過、全體通過、或以特定多數通過，或者未通過，並在公司會議記錄中做相應記錄，均爲該事實的確鑿證據，無需證明記錄支持或反對該決議的投票數量或比例。

股票轉倉

我們任何股東可以通過轉讓文書以任何常用或常見形式或董事會批准的其他形式轉讓其全部或部分普通股，該文書由轉讓人或其代表簽署。

我們的董事會可以全權決定拒絕註冊任何未全額支付或受公司留置權限制的普通股的轉讓。我們的董事會也可以拒絕註冊任何普通股的轉讓，除非：

•

轉讓文書需提交給我們，並附有相關普通股的證書以及董事會合理要求的其他證明，以顯示轉讓人有權進行轉讓；

•

轉讓文書僅涉及一類普通股；

•

轉讓文書若需則已妥善蓋章；

•

轉讓的普通股已經全額繳款，且沒有任何針對我們的留置權；

•

與轉讓相關的任何費用已經支付給我們；

•

在任何轉讓給聯名持有人時，轉讓的持有人不得超過四個。

清算結束

在我公司的清算時，如果可供分配給股東的資產超過償還清算開始時全部股本的資金，剩餘的部分應按股東在清算開始時持有股份的面值進行分配，但應從這些股份中扣除因未付認購款或其他原因而應支付給我公司的所有款項。如果可供分配的資產不足以償還全部股本，則這些資產將分配，以便儘可能公平地讓股東按其持有的股份面值分擔損失。

清算人可在我們股東特別決議的批准下，將我們公司的全部或部分資產以實物或實物分配給股東，並可爲此目的設定清算人認爲公平的任何財產價值，並可決定如何在我們的股東或不同類別的股東之間進行分配。

我們是一家根據開曼公司法註冊的有限責任豁免公司，根據開曼公司法，我們股東的責任僅限於他們各自持有的股份未支付的金額（如有）。我們的章程中包含對我們成員有限責任的聲明。

普通股的贖回、回購和放棄

我們可以根據條款發行股份，使這些股份在我們或其持有者的選擇下可以贖回，根據我們董事會或股東特別決議在發行這些股份之前確定的條款和方式。我們的公司還可以以董事會批准的方式和條款回購我們的任何股份（包括任何可贖回股份）或根據我們章程的其他授權進行回購。根據開曼公司法，任何股份的贖回或回購可以以公司盈利或爲贖回或回購目的而發行的新股的收益支付，或者以資本支付（包括股份溢價賬戶和資本贖回儲備），前提是我們的公司在支付後能夠立即償還到期債務。此外，根據開曼公司法，任何股份的贖回或回購不得在以下情況下進行：（a）除非其已全額支付，（b）如果該贖回或回購將導致沒有未贖回股份，或（c）如果公司已開始清算。此外，我們的公司可以無償接受任何全額支付股份的放棄。

普通股的認購和沒收

我們的董事會可能不時向股東（或其中任何一位）發出通知，要求在指定的支付時間和地點之前的至少14個日歷日內支付其普通股中未支付的任何金額。被召喚的普通股如果仍未支付，則可能被沒收。

股東大會

作爲開曼群島的豁免公司，我們並不受到開曼公司法的要求，必須召開股東年度股東大會。我們的公司章程規定，我們可以（但沒有義務）在每年舉行一次股東大會，在這種情況下我們將在召集該會議的通知中指明該會議以及年度股東大會的召開時間和地點由我們的董事決定。

股東大會可以由我們的董事會多數或我們的主席召集。召開年度股東大會（如有）及其他任何股東大會需提前至少十個日歷日通知。所需的法定人數爲至少一位股東親自或通過代理出席，代表不低於我們公司已發行的投票股份的三分之一。

股東大會的法定人數需至少一位股東出席或委託代理人出席，代表不少於我們公司所有投票股份的三分之一。

開曼公司法僅爲股東提供有限的權利以要求召開股東大會，並未賦予股東在股東大會上提出提案的任何權利。但是，這些權利可能在公司的章程中提供。我們的公司章程規定，若股東的提議代表不低於我們公司已發行和在外流通的有投票權股份的三分之一，董事會將召開臨時股東大會，提出所請求的決議進行表決。然而，我們的公司章程並未賦予股東在非股東召開的年度股東大會或臨時股東大會上提出提案的任何權利。

董事會會議記錄

我們的章程規定，在滿足開曼公司法、我們的章程以及公司普通股東會議上通過的任何決議的前提下，我們的業務由董事會管理和實施。董事會會議所需的人數可由董事會確定，除非確定爲其他人數，否則將爲董事的多數。

我們的章程規定，董事會可以根據需要自行決定行使公司所有權力，以籌集資本或借款，對公司的所有或任何部分業務、財產和資產（現在和未來）及未認購的資本進行抵押或擔保，併發行本公司的債券、票據及其他證券，無論是直接還是作爲公司或任何第三方的債務、責任或義務的擔保品。

資本變動

我們的股東可以不時通過普通決議：

•

以章程規定的金額增加我們的股本，分爲若干類別和數額的股份；

•

將所有或任何股票合併並劃分爲比現有股份更大數額的股份；

•

sub-divide our existing shares, or any of them, into shares of a smaller amount; or

•

cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of our share capital by the amount of the shares so canceled.

Our shareholders may by special resolution, subject to confirmation by the Grand Court of the Cayman Islands on an application by our company for an order confirming such reduction, reduce our share capital or any capital redemption reserve in any manner permitted by law.

賬簿和記錄的檢查

Holders of our ordinary shares will have no general right under the Cayman Companies Act to inspect or obtain copies of our list of shareholders or our corporate records (except for our memorandum and articles of association, special resolutions of our shareholders and our register of mortgages and charges). However, we will provide our shareholders with annual audited financial statements. See 「Where You CAN Find More Information.」

A輪優先股

排名

系列A優先股在公司資本中將優先於所有普通股及任何其他股份，在分紅、分配和清算事件支付方面具有優先權（此類股份以下統稱爲「次級股份」）。

次級股份的權利將低於系列A優先股的優先權和相對權利。

付款

如果在到期日還有任何系列A優先股已發行且未贖回，公司將以現金贖回這些系列A優先股，金額爲轉換金額（如下所定義）的105%。與任何系列A優先股相關的「到期日」是指在適用的系列A優先股發行日期後的十二（12）個月，可能根據每個持有人的選擇延長（i）在發生並持續存在觸發事件（如下所定義）時（如根據本條款可延長），或在到期日（如根據本條款可延長）時發生並持續存在的任何事件，經過時間推移且未能糾正將導致觸發事件的情況，以及（ii）在控制變更公開宣佈或在到期日前發送控制變更通知（如下所定義）時，在控制變更完成後的十（10）個工作日內。除非特別根據設計證書允許，公司不得提前償還任何未償還的聲明價值、未支付的累計分紅（如有）或未支付的聲明價值和分紅上的滯納金（如有）。

清算

Preferential Payment to Holders. In the event of a Liquidation Event, holders of Series A Preferred Shares shall be entitled to receive in cash out of the assets of the Company, whether from capital or from earnings available for distribution to its shareholders (the 「Liquidation Funds」), upon such Liquidation Event, but before any amount shall be paid to the holders of any Junior Shares, an amount per Series A Preferred Share equal to the greater of (i) the Conversion Amount and (ii) the amount that would have been received had such Series A Preferred Shares been converted into the Class A Ordinary Shares issuable upon conversion of the Series A Preferred Shares immediately prior to such Liquidation Event at the then effective Alternate Conversion Price (without regard to any limitations on conversion); provided that, if the Liquidation Funds are insufficient to pay the full amount due to the Holders and holders of shares of other classes or series of preferred shares of the Company, if any, that are of equal rank with the Series A Preferred Shares as to payments of Liquidation Funds (such shares being referred to hereinafter collectively as 「Pari Passu Shares」), if any, then each Holder and each holder of any such Pari Passu Shares shall receive a percentage of the Liquidation Funds equal to the full amount of Liquidation Funds payable to such Holder as a liquidation preference, in accordance with the Certificate of Designations, as a percentage of the full amount of Liquidation Funds payable to all holders of Series A Preferred Shares and Pari Passu Shares.

Maximum Percentage. Notwithstanding the foregoing, to the extent that a Holder’s right to participate in any liquidation would result in such Holder and such Holder’s other Attribution Parties exceeding the Maximum Percentage (as defined below), if applicable, then such Holder shall not be entitled to participate in such liquidation to such extent (and shall not be entitled to beneficial ownership of such Class A Ordinary Shares as a result of such liquidation (and beneficial ownership) to such extent) and the portion of such liquidation shall be held in abeyance for such Holder until such time or times as its right thereto would not result in such Holder and its other Attribution Parties exceeding the Maximum Percentage, if applicable, at which time or times such Holder shall be granted such rights) to the same extent as if there had been no such limitation.

分紅派息

自發行之日起，持有人有權在董事會宣佈的情況下，按每股A系列優先股獲得分紅。

此外，持有人有權在相同程度上獲得支付給A類普通股股東的分紅和分配，就像這些持有人將A系列優先股轉換爲A類普通股一樣（不考慮任何轉換的限制，假設爲了此目的，

A系列優先股在適用的記錄日期的替代轉換價格下進行了轉換，並且在分紅和分配的記錄日期持有此類A類普通股。

轉換

在適用的發行日期之後的任何時間，任何持有人有權將未償還的轉換金額的任何部分轉換爲全額支付且不可徵稅的A類普通股，按轉換比例進行轉換，前提是該持有人僅有權提交一個代表整數ADS數量的A類普通股的轉換通知（除非該持有人轉換所持的A系列優先股的剩餘餘額，在這種情況下，公司應在最高百分比的限制下，將此類A類普通股的數量向上舍入到最接近的完整ADS數量。任何轉換金額可發行的A類普通股數量應通過將（x）該轉換金額除以（y）轉換價格減去發行費用（「轉換比例」）來確定。除非持有人在提交轉換通知時書面指示相反，否則該持有人因轉換A系列優先股而可發行的A類普通股在發行時應由公司交存於保管人或其指定人以交付ADS。

轉換金額是指(i) 要轉換的聲明價值部分，即每股A系列優先股爲1072.80美元，(ii) 關於該聲明價值的累計和未支付的分紅（如有），以及(iii) 關於該聲明價值和分紅的累計和未支付的滯納金（如有）。轉換價格是指在任何轉換日期或其他確定日期時，較低的(i) 轉換的A系列優先股發行日前一個交易日的ADS加權平均價格的120%，和(ii) 在適用轉換日期前五個連續交易日內，ADS的最低每日加權平均價格的92.50%，但受設計證書、優先權和權利中規定的調整的約束。

No holder shall have the right to any Class A Ordinary Shares otherwise issuable and such issuance shall be null and void and treated as if never made, to the extent that after giving effect to such issuance, such holder together with its other attribution parties collectively would beneficially own in excess of 4.99% or 9.99%, as such holder shall have indicated in the Securities Purchase Agreement or as any subsequent transferee of Series A Preferred Shares indicates in a written notice to the Company, (the 「Maximum Percentage」) of the Class A Ordinary Shares issued and outstanding immediately after giving effect to such issuance, such Maximum Percentage to be set by each Buyer as to such Buyer and its other attribution parties.

Triggering Events

Each of the following events shall constitute a 「Triggering Event」 and each of the events in clauses (vi) and (vii) shall also constitute a 「Bankruptcy Triggering Event」:

(i)

the suspension of the ADSs from trading on an Eligible Market for a period of five (5) consecutive Trading Days or for more than an aggregate of ten (10) Trading Days in any 365-day period or (B) the failure of the ADSs to be listed on an Eligible Market;

(ii)

the Company’s (A) failure to cure a conversion failure by delivery of the required number of ADSs within ten (10) Business Days after the applicable Conversion Date or (B) written notice to any Holder, including by way of public announcement, or through any of its agents, at any time, of its intention not to comply with a request for conversion of any Series A Preferred Shares into ADSs that is tendered in accordance with the provisions of the Certificate of Designations, other than pursuant to the maximum percentage clause;

(iii)

at any time following the tenth (10th) consecutive Business Day that the Holder’s authorized share allocation is less than the Holder’s pro rata amount of the required reserve amount;

(iv)

公司未能按照本設計證書或任何其他交易文件的規定，向持有人支付任何聲明價值、分紅、滯納金、贖回價格或其他金額，除非是未能支付分紅的情況，

和/或滯納金的情況，只有在這種失敗持續至少合計十（10）個工作日的情況下；

(v)

與公司或其任何子公司有未償還本金金額達到 $25,000,000 或以上的任何債務相關時，(a) 發生了導致持有人宣佈該債務在其到期前應支付的違約事件，和/或 (b) 未能在到期時進行本金支付；

(vi)

公司或其任何重大子公司，根據或按照《美國法典》第11章，或任何類似的聯邦、外國或州的債務人救濟法（統稱爲「破產法」），(A) 開始自願案件，(B) 同意在非自願案件中入境救濟令，(C) 同意任命接收人、受託人、受讓人、清算人或類似官員（「監護人」），(D) 進行一般委託以利益於其債權人，或 (E) 書面承認其通常無法按期支付債務；

(vii)

a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against the Company or any of its Significant Subsidiaries in an involuntary case, (B) appoints a Custodian of the Company or any of its Significant Subsidiaries or (C) orders the liquidation of the Company or any of its Significant Subsidiaries, and such order or decree remains unstayed and in effect for 60 consecutive days;

(viii)

a final judgment or judgments for the payment of money aggregating in excess of $25,000,000 are rendered against the Company or any of its Subsidiaries and which judgments are not, within sixty (60) days after the entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within sixty (60) days after the expiration of such stay; provided, however, that any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $5,000,000 amount set forth above so long as the Company provides the Holders a written statement from such insurer or indemnity provider (which written statement shall be reasonably satisfactory to the Holders) to the effect that such judgment is covered by insurance or an indemnity and the Company or such Subsidiary (as the case may be) will receive the proceeds of such insurance or indemnity within thirty (30) days of the issuance of such judgment;

(ix)

any Material Adverse Effect occurs;

(x)

Company breaches: (A) any negative covenant set forth in Section 15 of the Certificate of Designation, or (B) any of the covenants set forth Sections 4(b), (h), (j), (k) or (n) of the Securities Purchase Agreement; and

(xi)

公司違約：(A) 財務指定證書第16節中列出的任何肯定契約，或 (B) 證券購買協議中未在上述子節 (x) 中列出的任何契約，前提是任何此類違約將造成重大不利影響，買方應向公司提供書面通知，告知本第6(x)節中的觸發事件，公司應有十（10）天時間進行補救，前提是導致該違約的事件需要在公司向SEC提交的文件中根據聯邦證券法披露。

替代轉換。在任何觸發事件發生並持續存在的情況下，持有者可以選擇將所有或部分適用的轉換金額（此替代轉換適用的轉換金額中，稱爲「替代轉換金額」）轉換爲A類普通股，方法是將（x）適用的轉換金額除以（y）替代轉換價格。儘管如此，如果導致此替代轉換的適用觸發事件已被治癒或放棄，則持有者不應有權就已被治癒或放棄的觸發事件享有替代轉換權利。爲避免混淆，任何觸發事件的治癒不應影響在該治癒之前就該觸發事件進行的任何替代轉換。「替代轉換價格」是指就任何替代轉換而言，該價格應爲以下幾項中的最低值：（i）適用替代轉換的轉換日的轉換價格；(ii) 小於適用替代轉換日前連續20個交易日內的三（3）個最低日加權平均價格的80%；(iii) 在適用替代轉換日的ADS加權平均價格的80%；(iv) 在適用替代轉換日前的交易日的ADS加權平均價格的80%；(v) 在導致適用替代轉換的觸發事件首次發生之日起的20個連續交易日內，最低日加權平均價格的80%；所有此類確定應爲任何股息、股本拆分、股本合併、重新分類或類似交易進行適當調整，這些交易在此期間成比例地減少或增加了ADS或A類普通股。

適用替代轉換的適用轉換日的操作。

贖回權. 在觸發事件發生後，公司應在一個（1）營業日內通過電子郵件向持有者發出書面通知（「觸發事件通知」）。在持有者收到觸發事件通知或持有者意識到觸發事件後，任何時候，持有者可以要求公司贖回（「觸發事件贖回」）該持有者的全部或部分A系列優先股，並向公司發出書面通知（「觸發事件贖回通知」），該通知應指明持有者要求公司贖回的A系列優先股的數量。每一股受公司贖回的A系列優先股應在五（5）個交易日內以現金形式由公司贖回，方法是通過可立即使用的資金進行電匯，贖回價格爲（x）贖回的轉換金額和（y）贖回的轉換金額與以下公式的商的乘積中的較大者的115%：（A）贖回的轉換金額和（B）在觸發事件發生前一日起至持有者發出觸發事件贖回通知之日，ADSs的最高收盤價的商（I）以及在該期間內有效的最低替代轉換價格（「觸發事件贖回價格」）。

破產觸發事件的贖回. 在到期日之前或之後發生任何破產觸發事件時，公司應立即以現金贖回每一股當時尚未贖回的A系列優先股，贖回價格等於適用的觸發事件贖回價格（計算方法是如同該持有者在破產觸發事件發生之前立即發出觸發事件贖回通知），無需任何持有者或任何其他人的任何通知、要求或其他行動，前提是持有者可以自行決定放棄對破產觸發事件下的支付權利，全部或部分，並且任何此類放棄不應影響該持有者或任何其他持有者在此項下的其他權利，包括關於該破產觸發事件的其他權利、任何轉換權和向其他持有者支付該觸發事件贖回價格或任何其他贖回價格的權利，視情況而定。

基本交易和控制變更

基本交易. 基本交易是指（i）公司直接或間接，包括通過子公司、關聯公司或其他方式，在一個或多個相關交易中，(a) 與另一主體合併或併購（無論公司是否爲存續公司），或 (b) 出售、轉讓、轉移、傳遞或以其他方式處置公司或其任何「重大子公司」（如規則 1-02 所定義）所有或幾乎所有的財產或資產給一個或多個主體，或 (c) 進行或允許一個或多個主體進行，或允許公司成爲或使其A類普通股成爲一個或多個主體進行的購買、要約或交換提議的對象，該提議被至少 (1) 50%的已發行和流通的A類普通股的持有人接受，(2) 根據如果所有參與或與任何主體相關的投資交易的A類普通股不被視爲流通時計算的50%的已發行和流通的A類普通股；或 (3) 使所有參與或與任何主體相關的投資交易的主體合計成爲至少50%的已發行和流通的A類普通股的受益所有人（如《證券交易法》規則13d-3中定義），或 (d) 簽署股票購買協議或其他經營合併（包括但不限於重組、

資本重組、分拆或安排方案）與一個或多個主體，以便這些主體單獨或總共收購以下之一：(1) 至少50%的已發行和流通的A類普通股，(2) 至少50%的已發行和流通的A類普通股，根據所有這類參與或與任何主體相關的投資交易的主體的A類普通股不被視爲流通計算；或 (3) 使主體合計成爲至少50%的已發行和流通的A類普通股的受益所有人（如《證券交易法》規則13d-3中定義），或 (e) 重組、資本重組或對其A類普通股進行重新分類，(ii) 公司直接或間接，包括通過子公司、關聯公司或其他方式，在一個或多個相關交易中，允許任何主體單獨或主體總共成爲「受益所有人」（如《證券交易法》規則13d-3中定義），直接或間接，無論是通過收購、購買、轉讓、傳遞、要約、換股、減少已發行和流通的A類普通股、合併、合併、商業結合、重組、資本重組、分拆、安排方案、重組、資本重組或重新分類，或者以任何方式的其它手段獲得:(a) 至少50%的所發行和流通A類普通股所代表的總普通投票權，(b) 至少50%的所發行和流通A類普通股所代表的總普通投票權，計算時不包括所有這些主體在認購日所持的股票，以及 (c) 一個足以使這些主體能夠進行法定簡易合併或其他交易，而不需要公司的其他股東同意的所發行和流通A類普通股或公司其他權益證券所代表的總普通投票權的百分比；或 (iii) 公司直接或間接，包括通過子公司、關聯公司或其他方式，在一個或多個相關交易中，發放或進入任何其他機制或結構化交易，以規避或規避本定義的意圖，在這種情況下，定義應以一種不同於嚴格遵循本定義條款的方式進行解釋和實施，以糾正本定義或其任何部分中可能存在的缺陷或與特定處置的意圖不一致之處。爲了避免疑義，本文件中對A類普通股的任何引用應包括ADS下的A類普通股。

The Company shall not enter into or be party to a Fundamental Transaction unless the successor entity assumes in writing all of the obligations of the Company under the Certificate of Designations and the other Transaction Documents pursuant to written agreements in form and substance reasonably satisfactory to the required holders and approved by the required holders prior to such fundamental transaction, including agreements to deliver to each Holder in exchange for such Holder’s Series A Preferred Shares a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to the Certificate of Designations including, without limitation, having a stated value equal to the stated value and having similar conversion rights, dividend rights and ranking to the Series A Preferred Shares, and reasonably satisfactory to the Required Holders.

企業事件. Prior to the occurrence or consummation of any Fundamental Transaction pursuant to which holders of ADSs or Class A Ordinary Shares are entitled to receive securities, cash, assets or other property with respect to or in exchange for Class A Ordinary Shares (a 「Corporate Event」), the Company shall make appropriate provision to ensure that, and any applicable Successor Entity or Successor Entities shall ensure that such Holder will thereafter have the right to receive at its option upon surrender of such Holder’s Series A Preferred Shares upon the occurrence or consummation of the Corporate Event, in lieu of the Class A Ordinary Shares (or other securities, cash, assets or other property) such Holder is entitled to receive upon the conversion of such Holder’s Series A Preferred Shares prior to such Corporate Event, such shares, securities, cash, assets or any other property whatsoever (including Warrants or other purchase or subscription rights and any ADSs or Class A Ordinary Shares) which the Holders would have been entitled to receive upon the occurrence or consummation of such Corporate Event or the record, eligibility or other determination date for the event resulting in such Corporate Event, had such Holder’s Series A Preferred Shares been converted immediately prior to such Corporate Event or the record, eligibility or other determination date for the event resulting in such Corporate Event (without regard to any limitations on conversion, including without limitation, the Maximum Percentage) (provided, however, to the extent that a Holder’s right to receive any such shares of publicly traded common shares (or their

equivalent) of the successor entity would result in such Holder and its other attribution parties exceeding the Maximum Percentage, then such Holder shall not be entitled to receive such shares to such extent (and shall not be entitled to beneficial ownership of such shares of publicly traded shares (or their equivalent) of the Successor Entity as a result of such consideration to such extent) and the portion of such shares shall be held in abeyance for such Holder until such time or times, as its right thereto would not result in such Holder and its other attribution parties exceeding the Maximum Percentage, at which time or times such Holder shall be delivered such shares to the extent as if there had been no such limitation).

控制權變更. Change of Control means any Fundamental Transaction other than (i) any reorganization, recapitalization or reclassification of the ADSs or Class A Ordinary Shares in which holders of the Company’s voting power immediately prior to such reorganization, recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly, are, in all material respect, the holders of the voting power of the surviving entity (or entities with the authority or voting power to elect the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification or (ii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company.

贖回權. No sooner than twenty (20) days nor later than fifteen (15) days prior to the consummation of a Change of Control, but not prior to the public announcement of such Change of Control, the Company shall deliver written notice thereof via electronic mail to the Holders (a 「Change of Control Notice」). At any time during the period beginning on the earlier to occur of (x) any agreement by the Company or any of its Subsidiaries, upon consummation of which the transaction contemplated thereby would reasonably be expected to result in a Change of Control, (y) a Holder becoming aware of a Change of Control if the Change of Control Notice is not delivered to such Holder in accordance with the immediately preceding sentence (as applicable) and (z) a Holder’s receipt of a Change of Control Notice and ending twenty (20) Trading Days after the date of the consummation of such Change of Control, such Holder may require the Company to redeem (a 「Change of Control Redemption」) all or any portion of such Holder’s Series A Preferred Shares by delivering written notice thereof (「Change of Control Redemption Notice」) to the Company, which Change of Control Redemption Notice shall indicate the Conversion Amount such Holder is electing to require the Company to redeem. Each Series A Preferred Share subject to redemption by the Company shall be redeemed by the Company in cash by wire transfer of immediately available funds at a price equal to the sum of (i) 115% of the greater of (x) the Conversion Amount being redeemed and (y) the product of (A) the Conversion Amount being redeemed and (B) the quotient determined by dividing (I) the greatest closing sale price of the ADSs divided by the ADS ratio during the period beginning on the date immediately preceding during the period beginning on the date immediately preceding the earlier to occur of (x) the consummation of the Change of Control and (y) the public announcement of such Change of Control and ending on the date such Holder delivers the Change of Control Redemption Notice, by (II) the lowest Conversion Price in effect during such period and (ii) any unpaid amounts owed to such Holder pursuant to any of the Transaction Documents (the 「Change of Control Redemption Price」).

購買權

If at any time after the subscription date we grant, issue or sell any options, convertible securities or rights to purchase shares, Warrants, securities or other property pro rata to the record holders of ADSs or Class A Ordinary Shares, then the holders of Series A Preferred Shares will be entitled to acquire the aggregate purchase rights which such holder could have acquired if such holder had held the number of Class A Ordinary Shares (or ADSs corresponding to such Class A Ordinary Shares) acquirable upon complete conversion of the Series A Preferred Shares (without taking into account any limitations or restrictions on the convertibility of the Series A Preferred Shares and assuming for such purpose that the Series A Preferred Shares were converted at the Alternate Conversion Price as of the applicable record date) i immediately prior to the date on which a record is taken for the grant, issuance or sale of such purchase rights, or, if no such record is taken, the date as of which the record holders of ADSs or Class A Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights, provided, however, that to the extent that a holder’s right to participate in any such purchase right would result in such holder and its other attribution parties exceeding the Maximum Percentage, then such holder shall not be entitled to participate in such purchase right to such extent and such purchase right to such extent shall be held in abeyance for such holder

until such time or times as its right thereto would not result in such holder and its other attribution parties exceeding the Maximum Percentage, at which time or times such holder shall be granted such right.

可選擇贖回

If, at any time the applicable Issuance Date, the ratio of Total Indebtedness (as defined below) as of such time of determination to the quotient of (x) the sum of the market capitalization for each Trading Day during the ten (10) consecutive Trading Day period ending on, and including, the trading day immediately preceding the applicable date of determination, divided by (y) ten (10), is equal to or greater than 25% (a 「DTm Failure」), the Company shall promptly, and in any event within two (2) Business Days of a DTm Failure, deliver written notice of such DTm Failure to each Holder. From and after the DTm Trigger Date, each Holder shall have the right, in its sole and absolute discretion, to require that the Company redeem (a 「Holder DTm Redemption」) all or any portion of the Holder’s Pro Rata Amount of the Conversion Amounts of 『Series A Preferred Shares as necessary (after giving effect to such Holder DTm Redemption by the Holders) to cause the ratio of Total Indebtedness as of such time of determination to the quotient of (x) the sum of the market capitalization for each trading day during the ten (10) consecutive trading day period ending on, and including, the trading day immediately preceding the applicable date of determination, divided by (y) ten (10), to equal 15% (each, an 「Eligible DTm Redemption Amount」) by delivering written notice thereof (a 「Holder DTm Redemption Notice」 and the date such Holder delivers such notice to the Company, a 「Holder DTm Redemption Notice Date」) to the Company which notice shall state (i) the number of Series A Preferred Shares that is being redeemed by such Holder corresponding to a Conversion Amount that does not exceed such Holder』s Eligible DTm Redemption Amount, (ii) the date on which such Holder DTm Redemption shall occur which date shall be not less than five (5) Business Days from the applicable Holder DTm Redemption Notice Date (a 「Holder DTm Redemption Date」) and (iii) the wire instructions for the payment of the applicable Holder DTm Redemption Price (as defined below) to such Holder. The portion of such Holder’s Series A Preferred Shares subject to redemption shall be redeemed by the Company in cash at a price equal to the sum of (i) the Conversion Amount being redeemed, including, without limitation, any accrued and unpaid dividends on such Conversion Amount and any accrued and unpaid late charges on such Conversion Amount and dividends, if any, through the applicable Holder DTm Redemption Date and (ii) any unpaid amounts owed to such Holder pursuant to any of the Transaction Documents (a 「Holder DTm Redemption Price」).

「總負債」是指（x）公司的所有負債和/或其任何子公司的負債（視情況而定）的總和，（y）所有A系列優先股的轉換金額，以及（z）公司和/或其任何子公司的所有貿易應付款和現金基礎義務（視情況而定），在各自的判斷日期時均爲未償還的；但僅爲此定義的目的，總負債（1）僅包括承擔利息或提供原始發行折扣或贖回溢價的負債、貿易應付款和現金基礎義務。（2）不包括任何客戶預付款。「負債」是指，在沒有重複的情況下：（i）所有借款負債；（ii）作爲財產或服務的延遲購買價格所發行、承諾或承擔的所有義務，包括根據GAAP的「融資租賃」（不包括在日常業務中根據過去的實踐簽訂的貿易應付款）；（iii）與信用證、按金和其他類似工具相關的所有補償或支付義務；（iv）所有通過票據、債券、公司債務或類似工具所證明的義務，包括在獲取財產、資產或業務時發生的義務；（v）根據任何有條件銷售或其他所有權保留協議創造或產生的所有負債，或作爲融資產生的，與通過這些負債的收益獲得的任何財產或資產相關（即使賣方或銀行在違約情況下面臨的權利和救濟限制爲對該財產的重新佔有或出售）；（vi）根據任何租賃或類似安排的所有貨幣義務，該安排根據GAAP持續適用於所涵蓋的期間，被分類爲融資租賃；（vii）所有不合格權益；（viii）上述（i）到（vii）款中提到的所有負債受（或其持有者有現有的權利、或其他情況下有權得到擔保的）任何抵押、信託契約、留置權、質押、收費、安全權益或任何性質的其他權利的擔保，涉及任何人擁有的任何財產或資產（包括賬戶和合同權利），即使擁有這些資產或財產的人未承擔或負責支付這些負債；以及（ix）所有

關於其他債務或義務的或有義務，屬於上述(i)至(vii)條款所指的類型。第(i)和第(iv)條款中提到的債務統稱爲財務債務。

贖回

機制. 公司應在收到持有人的觸發事件贖回通知後的三個（3）個工作日內向每個持有人支付適用的觸發事件贖回價格；前提是，在破產觸發事件發生時，公司應支付適用的破產觸發事件贖回價格（如適用，「觸發事件贖回日期」）。如果持有人提交了控制權變更贖回通知，公司應在（i）在控制權變更完成時同時支付給該持有人適用的控制權變更贖回價格，如果該通知在控制權變更完成之前收到，和（ii）在公司收到該通知之後的三個（3）個工作日內支付，否則（該日期，「控制權變更贖回日期」）。公司應在適用的持有人DTm贖回日期以現金方式向每個持有人支付適用的持有人DTm贖回價格。公司應在適用的回購要約贖回日期以現金方式向每個持有人支付適用的回購要約贖回價格。公司應根據持有人書面提供的電匯說明在適用到期日通過電匯支付贖回價格給持有人。在公司未在要求的時間內向持有人支付贖回價格的情況下，在此後任何時間，直到公司全額支付未支付的贖回價格，持有人將有權選擇代替贖回要求公司立即將該持有人提交贖回的任何或所有系列A優先股退還給該持有人，而適用的贖回價格尚未支付。在公司收到該通知後，(i) 該持有人關於系列A優先股的贖回通知將對該系列A優先股無效，(ii) 公司應立即退還任何系列A優先股，或者向該持有人發放代表應贖回的轉換金額的新系列A優先股證明，並且(iii) 退還或新發放的系列A優先股的轉換價格應調整爲(A) 在適用的贖回通知被作廢時的轉換價格，或(B) 在適用的贖回通知提交給公司之日起至適用的贖回通知作廢之日，包括該日期在內的期間內，ADS的最低收盤買入價格除以ADS比率中的較低者。持有人交付作廢贖回通知並行使其權利後，不會影響公司支付在該通知日期之前關於應轉換金額的任何逾期費用的義務。

資產不足. If upon a Redemption Date, the assets of the Company are insufficient to pay the applicable Redemption Price, the Company shall (i) take all appropriate action reasonably within its means to maximize the assets available for paying the applicable Redemption Price, (ii) redeem out of all such assets available therefor on the applicable Redemption Date the maximum possible number of Series A Preferred Shares that it CAN redeem on such date pro rata among the Holders to be redeemed in proportion to the aggregate number of Series A Preferred Shares outstanding on the applicable Redemption Date and (iii) following the applicable Redemption Date, at any time and from time to time when additional assets of the Company become available to pay the balance of the applicable Redemption Price of the Series A Preferred Shares, the Company shall use such assets, at the end of the then current fiscal quarter, to pay the balance of such Redemption Price of the Series A Preferred Shares, or such portion thereof for which assets are then available, on the basis set forth above at the applicable Redemption Price, and such assets will not be used prior to the end of such fiscal quarter for any other purpose. Dividends on the stated value of the Series A Preferred Shares that have not been redeemed shall continue to accrue until such time as the Company redeems the Series A Preferred Shares. The Company shall pay to each Holder the applicable Redemption Price for each Series A Preferred Share without regard to the legal availability of funds unless expressly prohibited by applicable law or unless the payment of the applicable Redemption Price could reasonably be expected to result in personal liability to the directors of the Company.

投票

No voting rights are carried by the Series A Preferred Shares

契約

負面契約

Until all of the Series A Preferred Shares have been converted, redeemed or otherwise satisfied in full in accordance with their terms, the Company shall not, and shall not permit any of its Subsidiaries, without the prior written consent of the Required Holders, to directly or indirectly:

(i)

承擔任何債務，除了允許的債務;

「允許的債務」指： (i) 在與以往慣例一致的正常業務過程中產生的貿易應付款，(ii) 僅爲融資購置或租賃設備而產生的債務，(iii) 公司向買方單獨披露的債務，以及 (iv) 允許的擔保債務，前提是，爲了讓允許的擔保債務在此被視爲允許的債務，必須滿足《指定證明書》中列出的某些要求。

「允許的擔保債務」指公司及/或其任何子公司作爲借款人或擔保人，在一個或多個資產基礎信用設施下產生的債務，其總本金金額在任何時候不得超過2500萬美元。

(ii)

允許或容忍在公司或其任何子公司擁有的任何財產或資產上存在任何抵押、留置權、質押、收費、安全權益或其他負擔（統稱爲「留置權」），以擔保除允許的留置權以外的債務;

「允許的留置權」指： (i) 任何未到期或逾期未支付的稅款留置權，或通過適當的訴訟程序在良好信仰下爭議的留置權，已根據GAAP建立了足夠的儲備，(ii) 由於法律規定而在正常業務過程中產生的未到期或逾期未支付的債務聲明的任何法定留置權，(iii) 由於法律的運作而產生的任何留置權，例如材料商留置權、機械師留置權和其他類似留置權，涉及未到期或逾期未支付的債務，或正在通過適當的訴訟程序在良好信仰下爭議的留置權，(iv) (A) 在公司或其任何子公司收購或持有的任何設備上的留置權，以擔保該設備的購置價格或僅爲融資購置或租賃該設備而產生的債務，或 (B) 在收購該設備時已存在的留置權，前提是留置權僅限於所收購的財產及其改進，(v) 與擔保抵押權的債務的延展、續期或再融資有關的留置權，前提是任何延期、續期或置換留置權應限於受現有留置權約束的財產，且延續、更新或再融資的債務本金金額不得增加，(vi) 以正常業務過程中的租賃或轉租和授予他人的許可及子許可，且在任何重要方面不干擾公司和其子公司整體的業務，(vii) 以確保支付與進口貨物相關的關稅而產生的法律規定的海關和稅務機關利益留置權，(viii) 在不構成觸發事件的情況下，因判決、法令或扣押而產生的留置權；(ix) 擔保與第三方供應商的託管協議相關的比特幣礦機的留置權，以及 (x) 擔保允許的擔保債務的留置權。

(iii)

除非根據優先股系列A的設計證書條款，其他情況下不得贖回或回購其股權（但（i）在所有持有人之間按比例進行（ii）根據任何批准的股票計劃對任何現任或前任官員、董事、員工或顧問（或其允許的受讓人、遺產或繼承人）持有的股權進行贖回或回購）；

(iv)

發行系列A優先股（除證券購買協議所考慮的情況外），或發行任何其他證券，這將導致違反或違約設計證書的條款；

(v)

就公司而言，創建（通過重新分類或其他方式），或授權創建，或發行或承諾發行公司的額外或其他股本或證券；

可交換、可轉換或可行使爲公司的股本的證券，無論這些股本是否與優先股系列A享有同等地位或在優先權方面優先於優先股系列A的分配、支付股息和清算事件支付。

(vi)

insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law (wherever or whenever enacted or in force) that may affect the covenants or the performance of the terms and conditions set forth in the Certificate of Designations or resort to any such law, to hinder, delay or impede the execution of any power granted to any Holder pursuant to the Certificate of Designations, but will suffer and permit the execution of every such power as though no such law has been enacted;

(vii)

effect or enter into an agreement to effect any Subsequent Placement involving a Variable Rate Transaction without the prior written consent of the Required Holders and the Holders shall be entitled to obtain injunctive relief against the Company and its Subsidiaries to preclude any such issuance, which remedy shall be in addition to any right to collect damages; or

「Subsequent Placement」 means any transaction (or series of related transactions) in which the Company or any subsidiary offers, sells, grants any option to purchase, or otherwise disposes of (or announces any offer, sale, grant or any option to purchase or other disposition of) any of its or any subsidiary’s debt, equity or equity equivalent securities, including without limitation any debt, preferred shares or other instrument or security that is, at any time during its life and under any circumstances, convertible into or exchangeable or exercisable for ADSs, Class A Ordinary Shares, options or convertible securities; provided, however, that the incurrence of Permitted Secured Indebtedness shall not constitute a Subsequent Placement.

「Variable Rate Transaction」 means a transaction in which the Company or any of its Subsidiaries (i) issues or sells securities in an at-the-market, equity line of credit facility or similar agreement, other than pursuant to the Company’s Existing ATm, (ii) issues or sells any convertible securities or options either (A) at a conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the ADSs or Class A Ordinary Shares at any time after the initial issuance of such Convertible Securities or Options, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such convertible securities or options or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the ADSs or Class A Ordinary Shares, other than pursuant to a customary 「weighted average」 anti-dilution provision or (iii) enters into any agreement whereby the Company or any subsidiary may sell securities at a future determined price (other than standard and customary 「preemptive」 or 「participation」 rights); provided, however, that issuances of securities under an approved share plan shall not be deemed a Variable Rate Transaction.

“現有ATM“指的是（i）即公司與b. Riley Securities, Inc.於2023年11月10日簽訂的某一市場發行銷售協議，可能在認購日期後進行修訂（“b. Riley ATM），前提是該修訂不會將公司可能在b. Riley ATM下銷售的ADS的總價格提高到超過14800萬，並且（ii）公司可能與一位或多位由公司指派的安置代理人簽訂的任何其他市場發行協議（“替代ATM），前提是公司在認購日期時，可能在b. Riley ATM下和替代ATM下銷售的ADS或A類普通股的總數量不得超過公司在認購日期時可在b. Riley ATM下銷售的剩餘ADS或A類普通股數量。儘管有前述規定，在第二次交割完成後，公司可以選擇在b. Riley ATM下銷售超過14800萬的價格金額。

「所需持有人」是指持有至少大多數總系列A優先股的持有人，並應包括買方。

(viii)

保證或擔保其任何重大子公司的債務。

肯定性契約

Until all of the Series A Preferred Shares have been converted, redeemed or otherwise satisfied in full in accordance with their terms, the Company shall, and shall cause each significant subsidiary to, unless otherwise agreed to by the Required Holders:

(i)

maintain and preserve its existence, rights and privileges, and become or remain duly qualified and in good standing (where such concept is applicable) in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification necessary, except in the case that any such failure to so maintain, preserve or comply has not had and is not reasonably likely to have, a Material Adverse Effect;

(ii)

maintain and preserve all of its properties which are necessary or useful in the proper conduct of its business in good working order and condition, ordinary wear and tear excepted, and comply at all times with the provisions of all leases to which it is a party as lessee or under which it occupies property, so as to prevent any loss or forfeiture thereof or thereunder, except in the case that any such failure to so maintain, preserve or comply has not had, and is not reasonably likely to have, a Material Adverse Effect;

(iii)

take all action necessary or advisable to maintain all of the Intellectual Property rights that are necessary or material to the conduct of its business in full force and effect;

(iv)

carry, or be covered by, insurance by insurers of recognized financial responsibility in such amounts and covering such losses and risks, including, but not limited to, directors and officers insurance coverage, as is adequate for the conduct of their respective businesses and the value of their respective properties and as is customary for companies engaged in similar businesses;

(v)

in the case of the Company, engage an independent auditor to audit its financial statements that is registered with (and in compliance with the rules and regulations of) the Public Company Accounting Oversight Board;

(vi)

(x) pay when due all taxes, fees or other charges of any nature whatsoever (together with any related interest or penalties) now or hereafter imposed or assessed against the Company and its Subsidiaries or their respective assets or upon their ownership, possession, use, operation or disposition thereof or upon their rents, receipts or earnings arising therefrom (except where the failure to pay would not, individually or in the aggregate, have a Material Adverse Effect) and (y) file on or before the due date therefor all personal property tax returns (except where the failure to file would not, individually or in the aggregate, have a Material Adverse Effect); provided, however that the Company and its Subsidiaries may contest, in good faith and by appropriate proceedings, taxes for which they maintain adequate reserves therefor in accordance with GAAP;

(vii)

expressly waive all benefits or advantages of any stay, extension or usury law (wherever or whenever enacted or in force);

(viii)

in the case of the Company, (i) on or prior to the date that is ninety (90) days immediately following the end of each Calendar Quarter following the first Issuance Date occurring hereunder, report in the Company’s Annual Report on Form 20-F or Report of Foreign Private Issuer on Form 6-k, the Company’s quarterly 「cash operating expenses」 (or other similar term) for the immediately preceding Calendar Quarter and (ii) maintain (on a consolidated basis) at all times on deposit unrestricted cash in an aggregate amount equal to not less than such quarterly 「cash operating expenses」 (or other similar term) (the 「Minimum Cash Reserve Requirement」);

(ix)

in the case of the Company, notify the Holders in writing whenever a Triggering Event or DTm Failure occurs or whenever the Company fails to meet the Minimum Cash Reserve Requirement; and

(x)

in the case of the Company, elect to follow home country practice in lieu of any rules and regulations of the Principal Market (or other then applicable Eligible Market) that would limit the Company’s ability to effect the provisions of the Certificate of designations, including but not

limited to shareholder approval rules related to the issuance of securities or adjustment of terms of the Certificate of Designations for the benefit of the Holders.

「Eligible Market」 means the Principal Market, The New York Stock Exchange, The Nasdaq Capital Market, The Nasdaq Global Select Market, or the NYSE American.

修訂

In addition to any other rights provided by law, except where the vote or written consent of the holders of a greater number of shares is required by law or by another provision of the Memorandum and Articles of Association, the affirmative vote at a general meeting duly called for such purpose or the written consent without a meeting of the Required Holders, voting together as a single class, and without requiring the vote of any other class, including without limitation, without requiring the vote of any class of Ordinary Shares, shall be required before the Company may: (a) amend or repeal any provision of, or add any provision to, the Memorandum and Articles of Association or bylaws, or file any articles of amendment, certificate of designations, preferences, limitations and relative rights of any series of preferred shares, if such action would adversely alter or change the preferences, rights, privileges or powers of, or restrictions provided for the benefit of the Series A Preferred Shares, regardless of whether any such action shall be by means of amendment to the Memorandum and Articles of Association or by merger, consolidation or otherwise; (b) increase or decrease (other than by conversion) the authorized number of Series A Preferred Shares; or (c) amend or waive any provision of the Certificate of Designations with respect to the Series A Preferred Shares. Any such amendment or waiver to this Memorandum and Articles of Association shall be binding on all Holders. No such amendment or waiver shall be effective to the extent that it applies to less than all of the Holders.

適用法律

The Certificate of Designations shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of the Certificate of Designations shall be governed by, the internal laws of the Cayman Islands, without giving effect to any choice of law or conflict of law provision or rule (whether of the Cayman Islands or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the Cayman Islands. The Company hereby irrevocably submits to the exclusive jurisdiction of the courts of the Cayman Islands, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. The Company hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address listed in the Securities Purchase Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holders from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to the Holders, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holders. The Company hereby irrevocably waives any right it may have, and agrees not to request, a jury trial for the adjudication of any dispute hereunder or in connection with or arising out of the certificate of designations or any transaction contemplated hereby.

豁免公司

我們是一家根據開曼公司法正式註冊並有效存在的有限責任豁免公司。開曼公司法區分了普通居民公司和豁免公司。任何在開曼群島註冊但主要在開曼群島之外開展業務的公司都可以申請註冊爲豁免公司。豁免公司的要求基本上與普通公司的要求相同，除了以下列出的豁免和特權：

•

豁免公司不必向開曼群島公司註冊處提交其股東的年度報告；

•

豁免公司的成員登記冊不公開供查閱；

•

豁免公司不必舉行年度股東大會；

•

豁免公司可以發行無面值股份；

•

豁免公司可以獲得對未來任何稅收徵收的承諾（此類承諾最長可達30年）；

•

豁免公司可以在其他地區以繼續註冊的方式註冊，並在開曼群島註銷；

•

豁免公司可以註冊爲有限期限公司；

•

豁免公司可以註冊爲單獨投資組合公司。

「有限責任」意味着每個股東的責任限於該股東在公司股份上未支付的金額（除非在特殊情況下，如涉及欺詐、建立代理關係或非法或不當目的，或其他情況下法院可能準備揭開或抬起公司面紗）。在本次發行結束時，我們將受《交易法》的報告和其他信息要求的約束，適用於外國私人發行人。發行結束後，我們可能會遵循母國的某些公司治理實踐，這些實踐可能與納斯達克證券市場規則不同。納斯達克證券市場規則要求每個在納斯達克全球市場上市的公司召開年度股東大會。此外，我們的章程允許我們的董事根據章程中規定的程序召開股東特別大會。

公司法的差異

開曼公司法在很大程度上源於舊版的英國公司法，但並未遵循英國最新的法定條文，因此開曼公司法與當前的英國公司法之間存在顯著差異。此外，開曼公司法與適用於美國公司的法律及其股東之間也存在差異。以下是適用於我們的開曼公司法條款與適用於特拉華州公司法律之間某些顯著差異的摘要。

合併及類似安排

開曼公司法允許開曼群島公司之間以及開曼群島公司與非開曼群島公司之間進行合併和整合。爲此，(a) 「合併」是指兩個或多個組成公司合併，並將其業務、財產和負債轉讓給其中一家公司作爲存續公司，(b) 「整合」是指兩個或多個組成公司合併爲一家公司，並將這些公司的業務、財產和負債轉讓給合併後的公司。爲了實施這樣的合併或整合，每個組成公司的董事必須批准書面合併或整合計劃，該計劃必須經過(a) 每個組成公司的股東特別決議，和(b) 該組成公司章程中可能規定的其他授權。計劃必須與開曼群島公司註冊處一起提交，並且包括對合並或存續公司的償付能力的聲明、每個組成公司的資產和負債清單，以及承諾將合併或整合證書的副本提供給每個組成公司的成員和債權人，並在《開曼群島公報》上發佈合併或整合的通知。對於按照這些法定程序進行的合併或整合，法院的批准不是必需的。

開曼母公司與其開曼子公司或子公司的合併不需要開曼子公司的股東決議授權，前提是合併計劃的副本已提供給要合併的每一位成員，除非該成員另有同意。

爲此，如果公司持有的已發行股份總數至少代表該子公司在股東大會上的投票權的90%（90%），則該公司被視爲一家子公司的「母公司」。

除非開曼群島的法院放棄此要求，否則需要獲得組成公司的每個固定或浮動擔保權持有者的同意。

除非在某些有限的情況下，開曼群島組成公司的股東若不同意合併或整合，有權獲得其股份的公平價值的支付（如果雙方未達成一致，則由開曼群島法院決定），前提是該持不同意的股東嚴格遵守《開曼公司法》規定的程序。行使這樣的異議權將排除持不同意的股東行使其因持有股份而可能享有的任何其他權利，除了根據合併或整合無效或非法的理由尋求救濟的權利。

除了與合併和整合相關的法定條款外，《開曼公司法》還包含促進公司的重組和合並的法定條款，方式是通過安排方案，前提是該方案獲得(a) 75%的股東或股東類別的價值批准，或者(b) 75%的債權人或各類別債權人的多數組成的價值批准，前提是在爲此目的召開的會議中，出席並投票。會議的召集及隨後的安排必須獲得開曼群島大法院的批准。雖然持不同意的股東有權向法院表達該交易不應獲得批准的觀點，但如果法院認爲：

•

法定所需的多數投票規定已得到滿足；

•

股東在相關會議上得到了公平的代表，法定多數以誠實信譽行事，未對少數股東施加強制，以促進與該類相對立的利益；

•

該安排應被合理地認可，適用於出於其利益行事的該類智慧和誠實的人；並且

•

該安排不應更適當地根據開曼公司法的其他條款獲得批准。

The Cayman Companies Act also contains a statutory power of compulsory acquisition which may facilitate the 「squeeze out」 of dissenting minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months of the offer being made, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection CAN be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by the way of scheme of arrangement is thus approved, or if a tender offer is made and accepted in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

股東訴訟

In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company and as a general rule, a derivative action may not be brought by a minority shareholder. However, based on English law authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court CAN be expected to follow and apply the common law principles (namely the rule in

Foss訴Harbottle一案及其例外），因此，非控股股東可能被允許以公司的名義對抗或提起派生訴訟，以挑戰：

•

an act which is illegal or ultra vires with respect to the company and is therefore incapable of ratification by the shareholders;

•

一項儘管沒有超越職權，但需要通過合格（或特別）多數（即超過簡單多數）的授權，而該授權尚未獲得；以及

•

一項構成對少數股東「欺詐」的行爲，其中不法行爲者自己控制着公司。

董事和執行官的賠償及責任限制

The Cayman Companies Act does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against dishonesty, willful default or fraud or the consequences of committing a crime. Our articles of association provide that we shall indemnify our officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such directors or officer, other than by reason of such person’s dishonesty, willful default or fraud, in or about the conduct of our company’s business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. In addition, we intend to enter into indemnification agreements with our directors and executive officers that will provide such persons with additional indemnification beyond that provided in our articles of association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

Anti-Takeover Provisions in Our Articles

Some provisions of our articles of association may discourage, delay or prevent a change in control of our company or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue preferred shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preferred shares without any further vote or action by our shareholders.

However, under the Cayman Islands law, our directors may only exercise the rights and powers granted to them under our articles of association, as amended and restated from time to time, for a proper purpose and in what they believe in good faith to be in the best interests of our company.

董事的信託責任

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director acts in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interests of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made

在知情的基礎上，以誠實的信念採取的行動被認爲是符合公司的最佳利益。然而，這一假設可以通過違反信託職責的證據予以反駁。如果就董事的交易提出這樣的證據，董事必須證明該交易的程序公正，且該交易對公司具有公平價值。

根據開曼群島法律，開曼群島公司的董事在與公司的關係上屬於信託人，因此他對公司負有以下職責——以誠信的方式行事，最符合公司的最佳利益，不得基於其董事身份獲取個人利益（除非公司允許這樣做），不得將自己置於公司利益與個人利益或對第三方的職責發生衝突的境地，以及應以該等權力所意圖的目的行使權力。開曼群島公司的董事對公司負有以技能和謹慎行事的義務。之前認爲，董事在履行職責時不必表現出超過其知識和經驗所合理期待的更高技能程度。然而，英格蘭和英聯邦的法院已逐漸朝着客觀標準發展，以此來要求所需的技能和謹慎，這些權威在開曼群島可能會得到遵循。

股東提案

根據特拉華州普通公司法，股東有權在年股東大會上提出任何提議，只要符合章程文件中的通知條款。特拉華州普通公司法並未明確賦予股東在年股東大會上提出任何提議的權利，但根據普通法，特拉華州的公司通常允許股東提出提議和提名，只要他們遵循公司章程或章程中的通知條款。董事會或章程文件中授權的任何其他人可以召集特別會議，但股東可能被禁止召集特別會議。

開曼公司法只給予股東有限的權利，以申請召開股東大會，並且並不賦予股東在股東大會上提出任何提案的權利。不過，這些權利可以在公司的章程中規定。我們的章程允許累計持有不少於三分之一投票權的股東請求召開股東的特別股東大會，在這種情況下，我們的董事會有義務召集特別股東大會，並將請求的決議提交該會議投票。我們的章程不提供在年度股東大會或特別股東大會上提出任何其他提案的權利。作爲一家開曼群島的豁免公司，我們沒有法律義務召開股東的年度股東大會。

累積投票

根據特拉華州一般公司法，除非公司的章程明確規定，否則不允許進行累積投票選舉董事。累積投票可能有助於少數股東在董事會中的代表性，因爲它允許少數股東將所有應投票的票投給一個董事，從而增加該股東在選舉該董事時的投票權。開曼群島法律並不禁止累積投票，但我們的章程沒有提供累積投票。因此，在此問題上，我們的股東所享有的保護或權利並不比特拉華公司股東的少。

撤銷董事

根據特拉華州一般公司法，具有分類董事會的公司的董事只能在獲得大多數有投票權的流通股批准的情況下因故被解職，除非章程另有規定。根據我們的章程，董事可以通過股東的普通決議被罷免。董事的任命可以在條款上規定，該董事將在下一個或隨後的年度股東大會上自動退休（除非他提前辭職）或在特定事件或特定期限後自動退休。

agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. In addition, a director’s office shall be vacated if the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated or; (v) is removed from office pursuant to any other provisions of our articles of association.

與關聯股東的交易

The Delaware General Corporation Law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation or bylaws that is approved by its shareholders, it is prohibited from engaging in certain business combinations with an 「interested shareholder」 for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target’s outstanding voting stock or who or which is an affiliate or associate of the corporation and owned 15% or more of the corporation’s outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target’s board of directors.

開曼群島的法律沒有類似的條款。因此，我們無法享受德拉瓦州商業合併法所提供的保護類型。然而，儘管開曼群島的法律不規範公司與其重要股東之間的交易，但我們董事所承擔的信義責任要求這些交易必須以公司的最佳利益和適當的公司目的誠實進行，而不是旨在對少數股東構成欺詐的效果。

重組。

公司可以向開曼群島地方法院提出申請，請求任命重組專員，理由是公司：

(a)

已或可能變得無法償還其債務；並且

(b)

計劃向其債權人（或其類別）提出妥協或安排，按照《公司法》，外國法律或通過協議重組的方式。

地方法院可以在聽取此申請後做出任命重組專員的命令，並授予其法院可能指定的權力和執行功能。在任何時候（i）在提出任命重組專員的申請後，但在發出任命重組專員的命令之前，以及（ii）當發出重組專員的任命令時，在該命令被解除之前，未經法院許可，不得對公司提起或進行任何訴訟、行動或其他訴訟（刑事訴訟除外），不得通過任何決議使公司解散，也不得對公司提出解除清算的申請。然而，儘管提出了任命重組專員的申請或重組專員的任命，擁有公司全部或部分資產的抵押權的債權人有權在未經法院許可和未經任命的重組專員的複覈的情況下強制執行該抵押權。

解散；清算

根據特拉華州通用公司法，除非董事會批准解散提議，否則解散必須得到持有公司100%投票權的股東的批准。

只有當董事會發起解散時，才可以通過公司已發行股份的簡單多數批准解散。特拉華州法律允許特拉華公司在其公司章程中包含與董事會發起的解散相關的超級多數投票要求。

根據開曼公司法，我們的公司可以通過股東的特殊決議進行清算，或者如果我們的公司無法按期償還債務，則通過股東的普通決議進行清算。此外，公司也可以通過開曼群島法院的命令進行清算。法院有權在多個特定情況下下達清算命令，包括法院認爲這樣做公正和公平的情況。

股份權利的變化

根據特拉華州通用公司法，公司可以在該類股份已發行股份的多數批准下改變一類股份的權利，除非公司章程另有規定。根據我們的章程，如果我們的股本被劃分爲多個類別的股份，我們僅可在該類股份的持有人的書面同意不低於該類已發行股份的三分之二或者在持有該類股份的股東的單獨會議上通過普通決議的情況下，顯著且不利地改變任何一類的權利。

修訂管理文件

Under the Delaware General Corporation Law, a corporation’s certificate of incorporation may be amended only if adopted and declared advisable by the board of directors and approved by a majority of the outstanding shares entitled to vote, and the bylaws may be amended with the approval of a majority of the outstanding shares entitled to vote and may, if so provided in the certificate of incorporation, also be amended by the board of directors. Under the Cayman Companies Act and our articles of association, our memorandum and articles of association may only be amended by special resolution of our shareholders.

非居民或外國股東的權利

There are no limitations imposed by our articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our articles of association that require the Company to disclose shareholder ownership above any particular ownership threshold.

董事會發行股份的權力

Under our articles of association, our board of directors is empowered to issue or allot shares or grant options, restricted shares, RSUs, share appreciation rights, dividend equivalent rights, Warrants and analogous equity-based rights with or without preferred, deferred, qualified or other special rights or restrictions. In particular, pursuant to our articles of association, our board of directors has the authority, without further action by the shareholders, to issue all or any part of our capital and to fix the designations, powers, preferences, privileges, and relative participating, optional or special rights and the qualifications, limitations or restrictions therefrom, including dividend rights, conversion rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights of our ordinary shares.

證券發行歷史

The following is a summary of our securities issuances in the past three years.

普通股和A系列優先股

2022年4月8日，我們與H.C. Wainwright & Co., LLC簽署了一份市場發行協議（根據2022年11月23日的ATm協議第1號修訂版進行修訂，並可能隨時進一步修訂、補充或以其他方式修改，以下稱「ATm協議」），由我們的唯一銷售代理（以下簡稱「銷售代理」）擔任，涉及ADS的銷售，每個ADS代表15股A類普通股，面值爲每股0.00000005美元（以下稱「ATm發行」）。自2023年11月10日起，

我們終止了與H.C. Wainwright & Co., LLC的ATm協議。終止時，我們已通過銷售1,532,219 ADS收到了約420萬美元的淨收益。

2023年11月10日，我們與b. Riley Securities, Inc.簽署了一份市場發放協議（以下稱「新ATm協議」），作爲銷售代理（以下簡稱「新銷售代理」）。從2023年11月10日至2023年12月31日，我們利用新ATm計劃進行融資，並以每個ADS平均價格爲1.99美元出售了31,347,044個ADS，淨收益約爲6120萬美元。

2023年11月27日，我們與一家機構投資者（以下簡稱「買方」）簽署了證券購買協議，根據該協議，我們將向買方發行並出售最多125,000股A系列優先股，每股優先股價格爲1,000.00美元。2023年12月11日，我們完成了優先股融資的第一期（以下稱「首次交割」），共籌集淨收益約2460萬美元。在首次交割時，我們共發行25,000股優先股，價格爲每股1,000.00美元。與優先股的發行相關聯，我們促使紐約梅隆銀行交付8,000,000個ADS作爲預交貨股份（以下稱「預交貨股份」），每個ADS代表我們的15股A類普通股，價格爲每個ADS0.00000075美元。2024年1月22日，我們完成了優先股融資的第二期，共籌集淨收益約4990萬美元。根據第二期優先股融資，我們共發行50,000股優先股，價格爲每股1,000.00美元，並促使紐約梅隆銀行交付另外2,800,000個ADS作爲預交貨股份（與首次交割時發行的8,000,000個ADS共同形成「預交貨股份」），每個ADS代表我們的15股A類普通股，價格爲每個ADS0.00000075美元。預交貨股份將在安排結束時退還給我們，我們將支付買方每個預交貨股份0.00000075美元。

認股權證回購

在2021年4月29日，我們與一些機構投資者簽署了一份證券購買協議，進行一項註冊的直接發行，發行金額約爲1.7億美元的美國存托股份(ADS)，每個ADS代表我們15股A類普通股，每股面值爲0.00000005美元，或每個ADS爲12.60美元。我們還同意向投資者發行認股權證（「認股權證」），以購買最多共計4,047,620個ADS（代表60,714,300股A類普通股），行使價格爲每個ADS 16.38美元，該認股權證的有效期爲自發行之日起三年。此外，我們還向註冊直接發行的承銷商（「承銷商」）發行了認股權證，以購買674,603個ADS，其條款與此次發行的認股權證基本相同，除了承銷商認股權證的行使價格爲每個ADS 15.75美元，並且在180天內，除有限例外外，不得轉讓。在2022年6月23日，我們與上述認股權證持有人達成協議，以總成交價約爲661萬美元回購所有上述4,722,223份未償還的認股權證。該交易於2022年6月完成，隨之認股權證負債被解除。

股份回購計劃

我們於2020年9月8日宣佈了一項由我們的董事會批准的股份回購計劃，根據該計劃我們可以在12個月內最多回購價值1,000萬美元的流通ADS和/或A類普通股。此外，我們於2021年9月20日宣佈了一項新股回購計劃，該計劃也由我們的董事會批准，允許我們在12個月內最多回購價值2,000萬美元的流通ADS和/或A類普通股。2022年3月16日，我們再次宣佈了一項股回購計劃，由我們的董事會批准，允許我們在24個月內最多回購價值1億美元的流通ADS和/或A類普通股。回購採取了多種方式，包括在現行市場價格下的公開市場交易、私下協商的交易、區塊交易或其任何組合。回購的實施已經，並將依照《證券交易法第10b5-1條》及/或《證券交易法第100億.18條》進行，並遵循我們的內部交易政策。回購的ADS數量及回購的時間取決於多個因素，包括但不限於價格、成交量和一般市場條件，以及我們的營運資本要求和一般業務狀況。截至本招股說明書發佈日期，我們在上述股份回購計劃下的回購已告結束。

美國存托股份的描述

美國存托股票

紐約梅隆銀行作爲存託機構，將登記和交付美國存托股份，也稱爲ADS。每個ADS代表15股A類普通股（或有權收到15股A類普通股），這些股票已存放在香港的香港上海匯豐銀行有限公司作爲存託機構的保管人處。每個ADS還將代表存託機構可能持有的任何其他證券、現金或財產。被存放的股票以及存託機構持有的任何其他證券、現金或財產統稱爲存放證券。存託機構處理ADS的辦公室及其主要執行辦公室位於紐約州紐約市格林尼治街240號，郵政編碼10286。

您可以以以下方式持有ADS：(A) 直接持有 (i) 通過擁有美國存託收據，也稱爲ADR，作爲登記在您名下的代表特定數量ADS的證書，或 (ii) 通過擁有登記在您名下的無證書ADS，或 (B) 通過您的經紀人或其他金融機構間接持有ADS的證券權益，這些機構是存託信託公司（DTC）的直接或間接參與者。如果您直接持有ADS，您就是註冊的ADS持有者，也稱爲ADS持有人。本描述假設您是ADS持有人。如果您間接持有ADS，您必須依靠您的經紀人或其他金融機構的程序來主張本節所述的ADS持有者的權利。您應諮詢您的經紀人或金融機構以了解這些程序。

無證書ADS的註冊持有人將收到來自存託機構的持股確認信。

作爲ADS持有人，我們不會將您視爲我們的股東，您也將沒有股東權利。開曼群島法律適用於股東權利。存託機構將是您ADS下的股票的持有人。作爲ADS的註冊持有人，您將享有ADS持有人權利。我們、存託機構、ADS持有人及所有間接或實益持有ADS的其他人之間的存託協議規定了ADS持有人權利以及存託機構的權利和義務。紐約法律適用於存託協議和ADS。A類普通股持有人的權利（包括由ADS代表的A類普通股）受開曼群島法律的管轄。

以下是存款協議中重要條款的摘要。如需更完整的信息，您應閱讀整個存款協議和ADR表格。請參閱「您可以在哪裏找到更多信息」以獲取獲取這些文件副本的指示。

股息和其他分配

您將如何收到股票的分紅和其他分配？

存款人已同意向ADS持有人支付或分配其或保管人收到的現金分紅或其他分配，在支付或扣除其費用和支出後。您將根據您的ADS代表的股份數量按比例收到這些分配。

現金. 存款人將把我們支付的股份上的任何現金分紅或其他現金分配轉換爲美元，如果可以在合理的基礎上做到這一點並且可以將美元轉移到美國。如果這不可能或者需要任何政府批准而不能獲得，則存款協議允許存款人僅將外幣分配給能夠做到這一點的ADS持有人。存款人將爲尚未付款的ADS持有人保留無法轉換的外幣。存款人將不會投資該外幣，也不對任何利息負責。

在進行分配之前，必須支付的任何預扣稅或其他政府費用將被扣除。請參見「稅收」。存款人將僅分配完整的美元和分美分，並將把分美分四捨五入到最接近的美分。如果在存款人無法轉換外幣的期間匯率波動，您可能會損失部分分配的價值。

股份. The depositary may distribute additional ADSs representing any shares we distribute as a dividend or free distribution. The depositary will only distribute whole ADSs. It will sell shares which would require it to deliver a fraction of an ADS (or ADSs representing those shares) and distribute the net proceeds in the same way as it does with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will also represent the new shares. The depositary may sell a portion of the distributed shares (or ADSs representing those shares) sufficient to pay its fees and expenses in connection with that distribution.

Rights to purchase additional shares. If we offer holders of our securities any rights to subscribe for additional shares or any other rights, the depositary may (i) exercise those rights on behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights and distribute the net proceeds to ADS holders, in each case after deduction or upon payment of its fees and expenses. To the extent the depositary does not do any of those things, it will allow the rights to lapse. In that case, you will receive no value for them. The depositary will exercise or distribute rights only if we ask it to and provide satisfactory assurances to the depositary that it is legal to do so. If the depositary will exercise rights, it will purchase the securities to which the rights relate and distribute those securities or, in the case of shares, new ADSs representing the new shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the depositary. U.S. securities laws may restrict the ability of the depositary to distribute rights or ADSs or other securities issued on exercise of rights to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

其他分配. The depositary will send to ADS holders anything else we distribute on deposited securities by any means it thinks is legal, fair and practical. If it cannot make the distribution in that way, the depositary has a choice. It may decide to sell what we distributed and distribute the net proceeds, in the same way as it does with cash. Or, it may decide to hold what we distributed, in which case ADSs will also represent the newly distributed property. However, the depositary is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from us that it is legal to make that distribution. The depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution. U.S. securities laws may restrict the ability of the depositary to distribute securities to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, shares, rights or anything else to ADS holders. This means that you may not receive the distributions we make on our shares or any value for them if it is illegal or impractical for us to make them available to you.

存款、提款和取消

ADS是如何發行的？

The depositary will deliver ADSs if you or your broker deposits shares or evidence of rights to receive shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names you request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.

ADS持有者如何提取存放的證券？

您可以將您的ADS交給保管人以進行提取。在支付費用和支出以及任何稅款或費用（例如印花稅或股票轉倉稅或費用）後，保管人將向ADS持有者或ADS持有者指定的人在保管人辦公室交付該股份和任何其他存放在ADS下的證券。或者，根據您的請求，並風險和費用，保管人將在其辦公室交付已存放的證券（如果可行）。但是，保管人不需要接受ADS的交回，除非這需要交付一部分存放股或其他證券。保管人可能會向您收取指示保管人交付已存放證券的費用和開銷。

ADS持有者如何在有證ADS和無證ADS之間互換？

您可以將您的ADR交給保管人，以便將您的ADR交換爲無證書的ADS。保管人將取消該ADR，並將向ADS持有者發送一份聲明，確認ADS持有者是無證書ADS的註冊持有人。一旦保管人收到來自無證書ADS註冊持有人的正確指示，要求將無證書ADS交換爲有證書ADS，保管人將執行並向ADS持有者交付一份證明這些ADS的ADR。

投票權

您如何投票？

ADS持有者可以指示保管人如何投票其ADS代表的已存放股份數量。如果我們請求保管人徵求您的投票指示（我們不要求這樣做），保管人將通知您股東會議並向您發送或提供投票材料。這些材料將描述待投票的事項，並解釋ADS持有者如何指示保管人如何投票。要使指示有效，必須在保管人設定的日期之前送達保管人。如果我們要求保管人在會議日期至少提前45天向您尋求指示，但保管人在指定日期之前沒有收到您的投票指示，並且我們向保管人確認：

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我們希望收到一個代理投票未指示股份的授權；

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我們合理地不知道有任何實質性的股東對代理事項的反對；

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代理事項並不會對股東的利益造成實質性不利。

那麼，保管人將認爲您已授權並指示其向我們指定的人員授予全權代理，以投票代表您的ADS所代表的存託證券數量，關於代理事項。如果我們不要求保管人徵求您的投票指示，您仍然可以發送投票指示，並且在這種情況下，保管人可能會盡量按照您的指示進行投票，但並不要求這樣做。

除非按照上述說明指示保管人，否則您將無法行使投票權，除非您交出您的ADS並提取股份。不過，您可能無法提前了解會議以至於無法提取股份。. 在任何情況下，存管人不會在投票已存入證券時行使任何自由裁量權，並且只會按照指示進行投票或嘗試投票。

我們無法確保您能及時收到投票材料以確保您可以指示存管人對您的股份進行投票。此外，存管人及其代理對未能執行投票指示或執行投票指示的方式不承擔責任。這意味着如果您的股份沒有按照您的要求投票，您可能無法行使投票權，而且您可能無能爲力。

爲了給您合理的機會指示存管人行使與已存入證券相關的投票權，如果我們要求存管人採取行動，我們同意在會議日期至少提前45天通知存管人任何此類會議及投票事項的詳細信息。

費用和支出

	存入或提取股份或ADS持有者必須支付：			適用：
	$5.00（或更少）每100個ADS（或100個ADS的一部分）			發行美國存託憑證，包括因分配股份、權利或其他財產而導致的發行
				出於提取目的而取消美國存託憑證，包括如果存託協議終止
	Persons depositing or withdrawing shares or ADS holders must pay:			贊成:
	$.05 (or less) per ADS			任何現金分配給ADS持有者
	相當於如果分配給您的證券是股票並且這些股票已存入以發行ADS時應支付的費用的費用			分配給存放證券持有人的證券（包括權利），由存託人分發給ADS持有者
	$.05（或更少）每個ADS每年			存託服務
	註冊或轉讓費用			當您存入或提取股票時，股份在我們的股東名冊上轉移和註冊到存託人或其代理的名下
	存託人費用			電報（包括SWIFT）和傳真傳輸（在存款協議中明確規定時）
				將外幣轉換爲美國美元
	存託銀行或保管人需要支付的任何ADS或基礎ADS股份的稅費和其他政府收費，例如股票轉倉稅、印花稅或預扣稅			如有必要
	由託管人或其代理人因服務託管證券而產生的任何費用			根據需要

託管人直接向存入股票或爲提取而註銷ADS的投資者，或爲其代理的中介收取交付和註銷ADS的費用。託管人通過從分配金額中扣除費用或出售部分可分配財產來收取向投資者分配的費用。託管人可以通過從現金分配中扣除或直接向投資者開具賬單，或向爲其代理的參與者的賬簿登記系統賬戶收費來收取其年度託管服務費用。託管人可以通過從任何應付款現金分配中扣除費用（或通過出售部分證券或其他可分配財產）來收取其費用，這些費用是應向ADS持有人支付的，並且有義務支付這些費用。託管人通常可以拒絕提供需支付費用的服務，直到其服務費用得到支付。

託管人可能會不時向我們支付款項，以補償我們因建立和維護ADS計劃而通常產生的成本和費用，免除託管人提供給我們的服務費用和支出，或分享從ADS持有人收取的費用中產生的收入。在履行其在託管協議下的職責時，託管人可以使用由託管人擁有或附屬的經紀人、交易商、外匯交易商或其他服務提供商，這些服務提供商可能會賺取或分享費用、差價或佣金。

存託人可以自己或通過其任何附屬機構進行貨幣轉換，並在這些情況下，作爲自身賬戶的主體，而不是作爲任何其他人代理、顧問、經紀人或受託人。

並且賺取包括但不限於交易差額的營業收入，這些收入將保留用於其自身賬戶。該收入基於多種因素，其中包括存託協議下進行的貨幣轉換所使用的匯率與存託人或其附屬機構在爲其自身賬戶買賣外幣時所收到的匯率之間的差額。存託人並不保證存託協議下進行的任何貨幣轉換所使用或獲得的匯率將是當時可獲得的最優惠匯率，也不保證該匯率的確定方法將對ADS持有者最有利，但須遵守存託協議下存託人的義務。用於確定貨幣轉換中所使用匯率的方法是可以根據請求提供的。

Payment of Taxes

您將負責支付與您的ADS或您任何ADS所代表的存託證券相關的任何稅款或其他政府費用。存託人可能拒絕註冊您的ADS的任何轉讓或允許您提取您ADS所代表的存託證券，直到這些稅款或其他費用支付完畢。它可能會使用應付給您的款項或出售您ADS所代表的存託證券以支付任何欠款，您仍將對任何不足額負責。如果存託人出售存託證券，若適用，它將減少ADS的數量以反映出售情況，並向ADS持有者支付出售收益，或在支付完稅款後向ADS持有者發送任何剩餘的財產。

投標和交換要約；存託證券的贖回、替換或取消

除非接到投標ADS的ADS持有者的指示，並且遵循存託人可能設定的任何條件或程序，存託人將不會在任何自願投標或交換要約中投標存託證券。

如果存放的證券在存託人作爲存放證券持有者的強制交易中被贖回爲現金，存託人將要求交回相應數量的ADS，並在交回這些ADS後將淨贖回款項分配給被召回的ADS持有者。

如果存放證券發生任何變化，例如分拆、合併或其他重新分類，或任何影響存放證券發行人的合併、整合、資本重組或改組，存託人收到新證券以替代舊存放證券，存託人將根據存託協議將這些替換證券作爲存放證券持有。然而，如果存託人決定因爲這些證券無法分配給ADS持有者或其他任何原因，持有替代證券不合法和實際可行，存託人可以選擇出售替代證券，並在交回ADS後分配淨收益。

如果存放證券被替換，且存託人將繼續持有替代證券，存託人可以分配代表新存放證券的新ADS，或要求您交回未交的ADR以交換確認新存放證券的新ADR。

如果沒有存放的證券作爲ADS的基礎，包括存放證券被取消，或作爲ADS基礎的存放證券已顯然無價值，存託人可以要求交回這些ADS，或在通知ADS持有者後取消這些ADS。

修訂與終止

存款協議如何修訂？

我們可以與存託人達成協議，未經您的同意爲任何原因修訂存託協議和ADR。如果修訂增加或提高費用或收費，除稅收和存託人爲註冊費、傳真費用、交付費用或類似項目的其他政府收費或費用外，或損害ADS持有者的重大權利，則在存託人通知ADS持有者修訂後的30天內，該修訂將不會對未結ADS生效。在修正案生效時，您被視爲通過繼續持有您的ADS同意該修正案，並受修訂後的ADR和存款協議的約束.

存款協議如何終止？

如果我們指示託管銀行這樣做，託管銀行將啓動終止存款協議的程序。如果

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託管銀行通知我們它希望辭職並且尚未指定和接受其任命的繼任託管銀行已過去60天；

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我們將ADS從美國上市的交易所退市，並且不在另一個美國交易所上市或安排在美國場外市場交易ADS；

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我們將從美國以外的交易所退市，不再在美國以外的其他交易所上市；

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存託代理商有理由相信這些美國存托股份已變爲或將變爲不符合1933年證券法《F-6表單》的註冊資格；

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我們似乎已經資不抵債或進入破產程序；

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所有或幾乎所有存入證券的價值已經以現金或證券的形式分配；

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沒有存入的證券作爲ADS的基礎，或者作爲基礎存入證券的證券明顯變得毫無價值；或者

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發生了存入證券的更換。

如果存款協議將終止，存款人將在終止日期之前至少90天通知ADS持有人。在終止日期之後的任何時候，存款人可以出售存入的證券。在那之後，存款人將持有其在出售中獲得的資金，以及根據存款協議持有的任何其他現金，這些資金不會分開並且不承擔利息責任，以便按比例惠及未交回其ADS的ADS持有人。通常，存款人將在終止日期後儘快進行銷售。

在終止日期之後和存款人出售之前，ADS持有人仍然可以交回其ADS並獲取存入的證券，但存款人可以拒絕接受交回，以便撤回存入的證券或撤回已接受但尚未結算的交回請求，如果這樣做會干擾銷售過程。存款人可能會拒絕接受交回以便提取銷售收益，直到所有存入的證券都已售出。存款人將繼續收集存入的證券的分配，但在終止日期之後，存款人不需要爲ADS持有人註冊任何ADS的轉讓，或分配任何分紅或存入證券的其他分配（在他們交回其ADS之前），或給予任何通知或執行存款協議下的任何其他義務，除了本段中描述的內容。

對義務和責任的限制

對我們和存託銀行的義務的限制；對ADS持有人的責任限制

存款協議明確限制了我們和存款人的義務。它還限制了我們和存款人的責任。我們和存款人：

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僅有義務採取存款協議中具體規定的行動，不得有過失或惡意，存款人也不會成爲受託人，不對ADS持有者有任何受託責任；

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如果我們或存款人因法律或超出我們或其控制範圍的事件或情況而被阻止或延遲履行存款協議下的義務，則不承擔責任；

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如果我們或存款人在存款協議下行使了允許的自由裁量權，則不承擔責任；

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不對任何ADS持有者因未根據存款協議條款向其提供的存款證券的分配而無法受益負責，也不對存款協議條款的任何違反導致的特殊、後果性或懲罰性損害負責；

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have no obligation to become involved in a lawsuit or other proceeding related to the ADSs or the deposit agreement on your behalf or on behalf of any other person;

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may rely upon any documents we believe or it believes in good faith to be genuine and to have been signed or presented by the proper person;

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are not liable for the acts or omissions of any securities depository, clearing agency or settlement system; and

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the depositary has no duty to make any determination or provide any information as to our tax status, or any liability for any tax consequences that may be incurred by ADS holders as a result of owning or holding ADSs or be liable for the inability or failure of an ADS holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit.

In the deposit agreement, we and the depositary agree to indemnify each other under certain circumstances.

存託動作的要求

Before the depositary will deliver or register a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of shares, the depositary may require:

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payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties for the transfer of any shares or other deposited securities;

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satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and

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遵守其不時可能制定的與存款協議一致的法規，包括轉讓文件的提交。

當存款人或我們的轉賬簿關閉時，存款人可能拒絕交付ADS或註冊ADS的轉讓，或在任何時候如果存款人或我們認爲這樣做是明智的。

您有權接收您ADS下的股份

ADS持有人有權隨時取消他們的ADS並提取基礎股份，除非：

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在以下情況下會出現臨時延遲：(i) 存款人關閉其轉讓簿或我們關閉我們的轉讓簿；(ii) 爲了允許在股東大會上投票而阻止股份轉讓；或(iii) 我們正在對我們的股份支付分紅；

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when you owe money to pay fees, taxes and similar charges; or

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when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of shares or other deposited securities.

This right of withdrawal may not be limited by any other provision of the deposit agreement.

直接登記系統

In the deposit agreement, all parties to the deposit agreement acknowledge that the Direct Registration System, also referred to as DRS, and Profile Modification System, also referred to as Profile, will apply to the ADSs. DRS is a system administered by DTC that facilitates interchange between registered holding of uncertificated ADSs and holding of security entitlements in ADSs through DTC and a DTC participant. Profile is a feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior authorization from the ADS holder to register that transfer.

優先股描述

The particular terms of each issue or series of preferred shares will be described in the related prospectus supplement. This description will include, where applicable, a description of:

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優先股的名稱和麪值；

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我們提供的優先股數量；

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每股優先股的清算優先權，如果有的話；

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每股優先股的發行價格（或如適用，優先股發行價格的計算公式）；

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是否會向現有股東發行優先認購權；

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每股優先股的分紅率、分紅期間和支付日期及分紅計算方法；

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分紅是否爲累積或非累積，如果是累積的，從哪個日期開始累積分紅;

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我們延遲支付分紅的權利（如有）及任何這樣的延遲期的最長時間;

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優先股在分紅權（如有，優先分紅）以及在我們清算、解散或結束公司時的權利的相對排名和偏好;

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任何拍賣和再銷售的程序（如果有的話）;

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贖回或回購條款（如適用）及我們行使這些贖回和回購權利的任何限制；

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在任何證券交易所或市場上任何優先股的上市；

•

優先股是否可以轉換爲我們的普通股（包括以ADS形式），或者轉換爲其他類別的優先股，並且（如適用）自動轉換爲普通股（包括以ADS形式）的條件（如有），轉換期限，轉換價格，或者該價格的計算方式，以及在什麼情況下可能進行調整；

•

優先股的投票權（如有）;

•

優先股的優先購買權（如有）;

•

任何轉讓、出售或轉移的其他限制（如有）;

•

優先股的權益是否將以美國存託優先股的形式表示；

•

關於適用於優先股的任何重大或特殊的開曼群島或美國聯邦所得稅考慮的討論;

•

對任何類別或系列的優先股的發行是否有任何限制，這些優先股在分紅權和我們清算、解散或結束事務時的權利上排名於正在發行的優先股的系列之上或處於同等地位；

•

與優先股相關的任何權利，涉及我們公司的公司治理，例如可能包括董事會的代表權；以及

•

優先股的任何其他具體條款、權利、偏好、特權、資格或限制。

Our board of directors may cause the Company to issue from time to time, out of the authorized share capital of the Company (other than the authorized but unissued ordinary shares), series of preferred shares in their absolute discretion and without approval of the shareholders; provided, however, before any preferred shares of any such series are issued, our board of directors shall by resolution of directors determine, with respect to any series of preferred shares, the terms and rights of that series.

權證描述

以下對認股權證某些條款的簡要總結並不聲稱是完整的，並且應完全依賴於即將向SEC提交的認股權證協議的條款。

一般情況

我們可能會發行認股權證以購買普通股，包括代表ADS的普通股。認股權證可以獨立發行，也可以與任何其他證券一起發行，並且可以附加在這些證券上，或與這些證券分開。每一系列的認股權證將根據在我們與認股權證代理人之間簽訂的單獨認股權證協議發行。認股權證代理人僅作爲我們的代理，不會對持有者或認股權證的實際所有者承擔任何義務或代理關係。任何將要發行的認股權證的條款及相關的認股權證協議的主要條款描述將在相應的補充招股說明書中列出。

適用的招股說明書補充將描述與本招股說明書相關的任何認股權證的以下條款：

•

該認股權證的名稱；

•

該認股權證的總數量；

•

該認股權證的發行和行使價格；

•

該認股權證的價格可用的貨幣；

•

可在行使該權證後購買的證券；

•

行使該權證的權利開始的日期和該權利到期的日期；

•

如果適用，可能在任何時間內行使的Warrants的最小或最大數量；

•

如果適用，則表示與該權證一起發行的證券的名稱和條款，以及與每種證券一起發行的該權證的數量；

•

如果適用，相關認購權證及其相關證券可單獨轉讓的日期；

•

如果有，關於賬簿登記程序的信息；

•

任何重大開曼群島或美國聯邦所得稅後果；

•

認購權證的防稀釋條款（如有）；以及

任何其他期權的條款，包括與該期權的交換和行使相關的條款、程序和限制。

期權協議的修訂和補充

我們和期權代理人可以在無需持有者同意的情況下修訂或補充一系列期權的協議，以實施與期權條款不相牴觸的變更，並且不對期權持有者的利益產生重大不利影響。

債務證券描述

一般情況

我們可能會發行債務證券，這些證券可以或不可以轉換爲我們的普通股。我們可能會獨立發行債務證券，或與任何基礎證券一起發行，債務證券可以與基礎證券附加或分開。關於任何債務證券的發行，我們並不打算根據《信託契約法》第304(a)(8)節及其下發佈的第4a-1條規則，依據信託契約進行發行。

以下描述是關於我們可能發行的債務證券相關選定條款的摘要。該摘要並不完整。未來發行債務證券時，適用的招股說明書補充、引用的信息或自由書面招股說明書將解釋這些證券的特定條款及這些一般條款可能適用的程度。債務證券的具體條款如在招股說明書補充、引用的信息或自由書面招股說明書中所述，將補充並在適用的情況下可能修改或替換本節中描述的一般條款。

本摘要及在適用的招股說明書補充、引用的信息或自由書面招股說明書中對債務證券的任何描述均以特定債務證券文件或協議的所有條款爲準，並完全受其限制。我們將根據適用情況向SEC提交這些文件，並作爲本招股說明書一部分的註冊聲明的附件引用它們，具體時間將在我們發行一系列Warrants之前。請參見下文「您可以在哪裏找到更多關於我們的信息」和「文件引用合併」以獲取文件提交後如何獲取債務證券文件副本的信息。

當我們提到一系列債務證券時，我們指的是根據適用契約作爲同一系列的一部分發行的所有債務證券。

條款

適用的招募說明書補充、參考資料或自由書寫說明書可能會描述我們可能提供的任何債務證券的條款，包括但不限於以下內容：

•

債務證券的標題；

•

債務證券的總金額；

•

債務證券的發行金額或金額及利率；

•

the conversion price at which the debt securities may be converted;

•

the date on which the right to convert the debt securities will commence and the date on which the right will expire;

•

if applicable, the minimum or maximum amount of debt securities that may be converted at any one time;

•

if applicable, a discussion of material federal income tax consideration;

•

if applicable, the terms of the payoff of the debt securities;

•

the identity of the indenture agent, if any;

•

the procedures and conditions relating to the conversion of the debt securities; and

•

any other terms of the debt securities, including terms, procedure and limitation relating to the exchange or conversion of the debt securities.

表單，交換和轉賬

我們可以發行以登記形式或持有人形式的債務證券。以登記形式發行的債務證券，即賬面登記形式，將由以存託機構名義登記的全球證券表示，

認購權的描述

以下對認購權某些條款的總結並不聲稱完整，且完全受限於，須參考將在SEC提交的認購權證書的條款，該條款與該認購權的發行相關。

一般情況

我們可能會發行認購權，允許購買普通股，包括由ADS代表的普通股。認購權可以單獨發行，也可以與其他任何提供的證券一起發行，並且購買或接收認購權的人可以轉讓或不轉讓這些權利。關於向我們的股東發行認購權，我們可能會與一個或多個承銷商簽訂備用承銷安排，以便在認購權發行後，承銷商將購買任何未認購的證券。關於向我們的股東發行認購權，我們將在我們設定的記錄日期向我們的股東分發證書，證明認購權的存在以及相關的招股說明書補充。

適用的招股說明書補充文件將描述以下與本招股說明書相關的認購權條款：

•

該認購權的名稱；

•

可行使該認購權的證券；

•

此類認購權的行使價格；

•

向每個股東發行的認購權數量；

•

此類認購權的可轉讓程度；

•

如適用，討論與發行或行使此類認購權相關的主要開曼群島或美國聯邦所得稅考慮；

•

行使認購權的開始日期，以及該權利到期的日期（如有延期）;

•

該認購權包括對未認購證券的超額認購特權的範圍;

•

如適用，任何我們可能根據認購權發行進入的備用承銷或其他購置安排的重大條款;

•

該認購權的任何其他條款，包括與該認購權的交換和行使相關的條款、程序和限制.

認購權的行使

每個認購權將使持有者有權以現金購買在認購權相關的招股說明書補充中列出的發行價格的證券。認購權可以在招股說明書補充中列出的認購權到期日的營業結束時間之前的任何時候行使。在到期日營業結束時間後，所有未行使的認購權將失效。

Subscription rights may be exercised as set forth in the prospectus supplement relating to the subscription rights offered thereby. Upon receipt of payment and the subscription rights certificate properly completed and duly executed at the corporate Trust office of the subscription rights agent or any other office indicated in the prospectus supplement, we will forward, as soon as practicable, the ordinary shares purchasable upon such exercise. We may determine to offer any unsubscribed offered securities directly to persons other than

民事責任的可執行性

我們在開曼群島註冊，作爲一家有限責任的豁免公司。我們選擇在開曼群島註冊是因爲與成爲開曼群島公司相關的某些好處，例如政治和經濟穩定、有效的司法體系、優越的稅收制度、沒有外匯管制或貨幣限制以及專業和支持服務的可用性。然而，與美國相比，開曼群島的證券法體系相對不發達，並且爲投資者提供的保護程度較低。此外，開曼群島公司可能沒有資格在美國聯邦法院提起訴訟。

我們大多數業務在中國進行，大多數資產也位於中國。此外，我們的大部分董事和高管居住在美國以外的司法管轄區，並且他們的所有或大部分資產都位於美國以外。因此，投資者可能很難在美國對我們或這些人實施送達程序，或者執行在美國法院獲得的判決，包括基於美國或任何州的證券法的民事責任條款的判決。您在美國法院執行在美國法院獲得的判決，基於美國聯邦證券法的民事責任條款的判決，可能也會很困難。

我們已任命Cogency Global Inc.作爲我們的代理，接收與根據美國聯邦證券法或美國任何州的證券法在紐約南區美國地方法院對我們提起的任何訴訟相關的送達程序，或在紐約州紐約縣根據紐約州的證券法對我們提起的任何訴訟。

Maples and Calder (香港) LLP，作爲我們關於開曼群島法律的顧問，已告知我們開曼群島的法院不太可能（1）承認或執行鍼對我們或我們的董事或高管的美國法院所作的判決，這些判決是基於美國聯邦證券法或美國任何州證券法的民事責任規定，或（2）在開曼群島提出的原始訴訟中針對我們或我們的董事或高管施加責任，這些責任是基於美國聯邦證券法或美國任何州證券法，前提是這些規定施加的責任具有懲罰性質。

此外，Maples and Calder (香港) LLP還告知我們，儘管在開曼群島沒有法律強制執行美國聯邦或州法院所作的判決（而且開曼群島也不參與任何關於相互執行或承認可此類判決的條約），但在開曼群島法院，基於普通法的方式會承認和執行在此法域獲得的判決，且不需要重新審查基礎爭議的優劣，只需在開曼群島大法院上就外判判決債務提起訴訟，前提是該判決（i）由具有管轄權的外國法院作出，（ii）對判決被告施加一個需要支付的確定金額的責任，（iii）是最終和定論的，（iv）不涉及稅款、罰款或處罰，（v）在同一事項上與開曼群島判決不一致，以及（vi）不因欺詐理由而可被質疑，並且不是以與自然正義或開曼群島公共政策相違背的方式獲得的。如果在其他地方同時提起並行訴訟，開曼群島法院可以暫停執行程序。

Commerce & Finance Law Offices, our PRC legal adviser, has advised us that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedure Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedure Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. Commerce & Finance Law Offices has advised us further that under PRC law, courts in the PRC will not recognize or enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of PRC law or national sovereignty, security or social public interest. As there existed no treaty or other form of reciprocity between China and the United States governing the recognition and enforcement of judgments as of the date of this prospectus, including those predicated upon the liability provisions of the United States federal securities laws, there is uncertainty whether and on what basis a PRC court would enforce judgments rendered by United States

分銷計劃

我們可能通過本招募說明書出售證券（1）通過承銷商或經銷商，（2）直接向購買者出售，包括我們的關聯公司，（3）通過代理，或者（4）通過上述任何方法的組合。證券可以以固定價格或價格分發，這些價格可能被更改，銷售時的市場價格，或與當前市場價格相關的價格，或商議的價格。招募說明書補充文件將描述發行條款，包括以下信息（如適用）：

•

任何經銷商或代理的名稱；

•

任何管理承銷商的名稱；

•

證券的購買價格；

•

the net proceeds from the sale of the securities;

•

任何延遲交貨的安排；

•

any underwriting discounts, commissions and other items constituting underwriters’ compensation;

•

any offering price to the public;

•

給予或重新給予或支付給經銷商的任何折扣或讓步；以及

•

any commissions paid to agents.

Sale through underwriters or dealers

If underwriters are used in the sale, the underwriters will acquire the securities for their own account, including through underwriting, purchase, security lending or repurchase agreements. The underwriters may resell the securities from time to time in one or more transactions, including negotiated transactions. Underwriters may sell the securities in order to facilitate transactions in any of our other securities (described in this prospectus or otherwise), including other public or private transactions and short sales. Underwriters may offer securities to the public either through underwriting syndicates represented by one or more managing underwriters or directly by one or more firms acting as underwriters. Unless otherwise indicated in the prospectus supplement, the obligations of the underwriters to purchase the securities will be subject to certain conditions, and the underwriters will be obligated to purchase all the offered securities if they purchase any of them. The underwriters may change from time to time any public offering price and any discounts or concessions allowed or reallowed or paid to dealers. The prospectus supplement will include the names of the principal underwriters the respective amount of securities underwritten, the nature of the obligation of the underwriters to take the securities and the nature of any material relationship between an underwriter and us.

If dealers are used in the sale of securities offered through this prospectus, we will sell the securities to them as principals. They may then resell those securities to the public at varying prices determined by the dealers at the time of resale. The prospectus supplement will include the names of the dealers and the terms of the transaction.

直接銷售和通過代理銷售

我們可能會通過本招募說明書直接出售所提供的證券。在這種情況下，不會涉及承銷商或代理。此類證券也可能通過不時指定的代理進行銷售。招募說明書補充文件將列出參與所提供證券的要約或銷售的任何代理，並將描述我們應支付給代理的任何佣金。除非招募說明書補充文件另有說明，否則任何代理同意在其任命期間盡合理最佳努力促銷購買。

我們可能會直接將證券出售給機構投資者或其他可能被視爲承銷商的人員，根據證券法的定義，涉及這些證券的任何銷售。此類銷售的條款將在招募說明書補充文件中描述。

延遲交付合同

如果招募說明書補充文件顯示，我們可能授權代理、承銷商或經銷商向某些類型的機構徵求購買證券的報價，價格爲公開發行價，並根據延遲交付合同進行。這些合同將規定在未來某個特定日期付款和交付。合同僅需遵循招募說明書補充文件中描述的那些條件。適用的招募說明書補充文件將描述引導這些合同的佣金。

做市、穩定和其他交易

除非適用的招募說明書補充文件另有說明，否則每系列提供的證券將是新發行的，並且將沒有既定的交易市場。我們可能選擇在交易所上市任何系列的提供證券。我們在銷售提供證券時使用的任何承銷商可能會在此類證券中做市，但可能會在任何時間不經通知停止此類做市。因此，我們不能保證這些證券將有流動的交易市場。

任何承銷商也可以根據《交易法》第104條進行穩定交易、辛迪加平倉交易和處罰出價。穩定交易是指在公開市場上出價購買基礎證券，以便固定、維持證券的價格。辛迪加平倉交易是在分銷完成後，在公開市場上購買證券以覆蓋辛迪加的空頭頭寸。

罰款要約允許承銷商在財團成員原始售出的證券在財團配售交易中被購回時，從財團會員那裏收回銷售佣金。穩定交易、財團配售交易和罰款要約可能導致證券的價格高於沒有這些交易的情況下。如果他們開始這些交易，承銷商可能隨時終止它們。

衍生交易和對沖

我們，承銷商或其他代理可能會參與涉及證券的衍生交易。這些衍生品可能包括短期賣出交易和其他對沖活動。承銷商或代理可以在證券上持有多頭或空頭頭寸，持有或轉售獲得的證券，併購買與證券價格變動相關的期權或期貨以及其他衍生工具。爲了促進這些衍生交易，我們可能會與承銷商或代理簽訂證券借貸或回購協議。承銷商或代理可以通過向公衆銷售證券（包括短期賣出）或借出證券以促進他人的短期賣出交易來進行衍生交易。承銷商或代理也可以使用從我們或其他地方購買或借入的證券（或者，在衍生品的情況下，從我們那裏收到用於結算那些衍生品的證券）來直接或間接地結算證券的銷售或平倉任何相關的未償還證券。

電子拍賣

我們也可能通過Internet Plus-related或其他電子方式進行銷售。由於我們可能會不時選擇直接向公衆提供證券，無論是否涉及代理、承銷商或經銷商，利用Internet Plus-related或其他形式的電子競標或訂購系統來定價和分配這些證券，您應該特別注意我們在招募說明書補充材料中提供的該系統的描述。

這樣的電子系統可能允許投標人直接參與，通過電子方式訪問拍賣網站，提交有條件的購買報價，需由我們接受，這可能會直接影響所售證券的價格或其他條款和條件。這些競標或訂購系統可能向每個投標人以所謂的「實時」方式提供相關信息，以幫助出價，例如基於已提交的投標提供的清算差價，以及投標者的個別投標是否會被接受、按比例分配或被拒絕。當然，可以使用許多定價方法。

通過引用納入文件

The SEC allows us to 「incorporate by reference」 the information we file with them. This means that we CAN disclose important information to you by referring you to those documents. Each document incorporated by reference is current only as of the date of such document, and the incorporation by reference of such documents shall not create any implication that there has been no change in our affairs since the date thereof or that the information contained therein is current as of any time subsequent to its date. The information incorporated by reference is considered to be a part of this prospectus and should be read with the same care. When we update the information contained in documents that have been incorporated by reference by making future filings with the SEC, the information incorporated by reference in this prospectus is considered to be automatically updated and superseded. In other words, in the case of a conflict or inconsistency between information contained in this prospectus and information incorporated by reference in this prospectus, you should rely on the information contained in the document that was filed later.

We incorporate by reference the following documents:

•

我們的年度報告 Form 20-F for the fiscal year ended December 31, 2023 filed on April 17, 2024;

•

the description of our securities contained in our registration statement on Form 8-A filed with the SEC on November 6, 2019, as updated by 附件2.2 提到我們的截至2019年12月31日的財政年度的20-F表格年度報告已於2020年4月15日提交給SEC幷包括爲更新此類描述而提交的任何修訂或報告。

•

在本招股說明書日期之後，任何根據20-F表格提交給美國證券交易委員會的未來年度報告，直至本招股說明書所提供證券的發行終止;

•

在本招股說明書日期之後，我們向美國證券交易委員會提交的任何未來6-k表格報告，並在這些報告中被標識爲納入本招股說明書的部分。

Our annual report for the fiscal year ended December 31, 2023 contains a description of our business and audited consolidated financial statements with a report by our independent auditor. The consolidated financial statements are prepared and presented in accordance with U.S. GAAP.

Unless expressly incorporated by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished to, but not filed with, the SEC. Copies of all documents incorporated by reference in this prospectus, other than exhibits to those documents unless such exhibits are specially incorporated by reference in this prospectus, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this prospectus on the written or oral request of that person made to:

Canaan Inc.
28 Ayer Rajah Crescent
#06-08
新加坡 139959
Tel: +65 6305 6618

You should rely only on the information that we incorporate by reference or provide in this prospectus. We have not authorized anyone to provide you with different information. We are not making any offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information in this prospectus is accurate as of any date other than the date on the front of those documents.

假設每個ADS的發行價格爲		美元2.32
截至2024年9月30日每個ADS的淨有形賬面價值	美元0.82
每股存託憑證淨有形賬面價值因發行而增加	0.35美元
As adjusted net tangible book value per ADS after giving effect to the offering		US$1.17
Dilution in net tangible book value per ADS to new investors		US$1.15

	第
關於本招股說明書補充		S-1
招股說明書補充文件摘要		S-3
本次發行		S-6
風險因素		S-8
關於前瞻性聲明的警示性說明		S-12
資金用途		S-13
分紅政策		S-14
資本化		S-15
稀釋		S-16
發行計劃		S-17
稅務		S-19
法律事務		S-27
專家		S-28
在哪裏可以找到更多信息		S-29
參考文件的合併		S-30

	關於本招股說明書					1
	FORWARD-LOOKING STATEMENTS					2
	我們公司					3
	CORPORATE INFORMATION					3
	風險因素					4
	資金用途					5
	股份資本說明					6
	美國存托股份說明					30
	優先股的描述					38
	認購權證的描述					40
	債務證券描述					41
	認購權的描述					43
	單位描述					45
	民事責任的可執行性					46
	稅務					48
	發行計劃					49
	法律事務					52
	專家					53
	您可以在哪裏找到有關我們的更多信息					54
	通過引用合併文件					55