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    SEC Form SCHEDULE 13G filed by Chagee Holdings Limited

    8/13/25 6:20:33 AM ET
    $CHA
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    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549


    SCHEDULE 13G


    UNDER THE SECURITIES EXCHANGE ACT OF 1934
    Chagee Holdings Limited

    (Name of Issuer)


    Class A Ordinary Shares, par value US$0.0001 per share

    (Title of Class of Securities)


    15743P104

    (CUSIP Number)


    06/30/2025

    (Date of Event Which Requires Filing of this Statement)


    Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
    Checkbox not checked   Rule 13d-1(b)
    Checkbox not checked   Rule 13d-1(c)
    Checkbox checked   Rule 13d-1(d)






    SCHEDULE 13G

    CUSIP No.
    15743P104


    1Names of Reporting Persons

    XVC Fund II LP
    2Check the appropriate box if a member of a Group (see instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3Sec Use Only
    4Citizenship or Place of Organization

    CAYMAN ISLANDS
    Number of Shares Beneficially Owned by Each Reporting Person With:
    5Sole Voting Power

    0.00
    6Shared Voting Power

    22,145,614.00
    7Sole Dispositive Power

    0.00
    8Shared Dispositive Power

    22,145,614.00
    9Aggregate Amount Beneficially Owned by Each Reporting Person

    22,145,614.00
    10Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

    Checkbox not checked
    11Percent of class represented by amount in row (9)

    18.38 %
    12Type of Reporting Person (See Instructions)

    PN

    Comment for Type of Reporting Person:  Comments to items 6&8&9: Such 22,145,614 Class A ordinary shares are held by XVC Fund II LP ("XVC Fund II") directly. XVC Fund II is ultimately controlled by XVC Management Ltd. (formerly known as X Capital Management Ltd., "XVC Management"), and as such, XVC Management may exercise voting and dispositive power over the shares held by XVC Fund II. Boyu Hu is the director of XVC Management and is deemed to beneficially own the ordinary shares ultimately controlled by XVC Management. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Rule 424B4 Prospectus (File No. 333-286081) filed on April 18, 2025, by the Issuer with the Securities and Exchange Commission (the "Issuer's Prospectus"). Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by XVC Fund II represent approximately 2.86% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


    SCHEDULE 13G

    CUSIP No.
    15743P104


    1Names of Reporting Persons

    XVC SSF II LP
    2Check the appropriate box if a member of a Group (see instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3Sec Use Only
    4Citizenship or Place of Organization

    CAYMAN ISLANDS
    Number of Shares Beneficially Owned by Each Reporting Person With:
    5Sole Voting Power

    0.00
    6Shared Voting Power

    1,091,405.00
    7Sole Dispositive Power

    0.00
    8Shared Dispositive Power

    1,091,405.00
    9Aggregate Amount Beneficially Owned by Each Reporting Person

    1,091,405.00
    10Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

    Checkbox not checked
    11Percent of class represented by amount in row (9)

    0.91 %
    12Type of Reporting Person (See Instructions)

    PN

    Comment for Type of Reporting Person:  Comments to items 6&8&9: Such 1,091,405 Class A ordinary shares are held by XVC SSF II LP ("XVC SSF II") directly. XVC SSF II is ultimately controlled by XVC Management, and as such, XVC Management may exercise voting and dispositive power over the shares held by XVC SSF II. Boyu Hu is the director of XVC Management and is deemed to beneficially own the ordinary shares ultimately controlled by XVC Management. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by XVC SSF II represent approximately 0.14% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


    SCHEDULE 13G

    CUSIP No.
    15743P104


    1Names of Reporting Persons

    XVC Management Ltd.
    2Check the appropriate box if a member of a Group (see instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3Sec Use Only
    4Citizenship or Place of Organization

    CAYMAN ISLANDS
    Number of Shares Beneficially Owned by Each Reporting Person With:
    5Sole Voting Power

    0.00
    6Shared Voting Power

    23,237,019.00
    7Sole Dispositive Power

    0.00
    8Shared Dispositive Power

    23,237,019.00
    9Aggregate Amount Beneficially Owned by Each Reporting Person

    23,237,019.00
    10Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

    Checkbox not checked
    11Percent of class represented by amount in row (9)

    19.29 %
    12Type of Reporting Person (See Instructions)

    CO

    Comment for Type of Reporting Person:  Comments to items 6&8&9: Consists of (i) 22,145,614 Class A ordinary shares directly held by XVC Fund II and (ii) 1,091,405 Class A ordinary shares directly held by XVC SSF II. Both XVC Fund II and XVC SSF II are ultimately controlled by XVC Management, and as such, XVC Management may exercise voting and dispositive power over the shares held by XVC Fund II and XVC SSF II. Boyu Hu is the director of XVC Management and is deemed to beneficially own the ordinary shares ultimately controlled by XVC Management. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by XVC Management represent approximately 3.01% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


    SCHEDULE 13G

    CUSIP No.
    15743P104


    1Names of Reporting Persons

    Qanttea LP
    2Check the appropriate box if a member of a Group (see instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3Sec Use Only
    4Citizenship or Place of Organization

    VIRGIN ISLANDS, BRITISH
    Number of Shares Beneficially Owned by Each Reporting Person With:
    5Sole Voting Power

    0.00
    6Shared Voting Power

    4,939,291.00
    7Sole Dispositive Power

    0.00
    8Shared Dispositive Power

    4,939,291.00
    9Aggregate Amount Beneficially Owned by Each Reporting Person

    4,939,291.00
    10Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

    Checkbox not checked
    11Percent of class represented by amount in row (9)

    4.10 %
    12Type of Reporting Person (See Instructions)

    PN

    Comment for Type of Reporting Person:  Comments to items 6&8&9: Such 4,939,291 Class A ordinary shares are held by Qanttea LP directly, which is ultimately controlled by Youth Power Limited, and as such, Youth Power Limited may exercise voting and dispositive power over the shares held by Qanttea LP. Boyu Hu is the director of Youth Power Limited and is deemed to beneficially own the ordinary shares ultimately controlled by Youth Power Limited. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Qanttea LP represent approximately 0.64% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


    SCHEDULE 13G

    CUSIP No.
    15743P104


    1Names of Reporting Persons

    Youth Power Limited
    2Check the appropriate box if a member of a Group (see instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3Sec Use Only
    4Citizenship or Place of Organization

    VIRGIN ISLANDS, BRITISH
    Number of Shares Beneficially Owned by Each Reporting Person With:
    5Sole Voting Power

    0.00
    6Shared Voting Power

    4,939,291.00
    7Sole Dispositive Power

    0.00
    8Shared Dispositive Power

    4,939,291.00
    9Aggregate Amount Beneficially Owned by Each Reporting Person

    4,939,291.00
    10Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

    Checkbox not checked
    11Percent of class represented by amount in row (9)

    4.10 %
    12Type of Reporting Person (See Instructions)

    CO

    Comment for Type of Reporting Person:  Comments to items 6&8&9: Consists of 4,939,291 Class A ordinary shares directly held by Qanttea LP, which is ultimately controlled by Youth Power Limited, and as such, Youth Power Limited may exercise voting and dispositive power over the shares held by Qanttea LP. Boyu Hu is the director of Youth Power Limited and is deemed to beneficially own the ordinary shares ultimately controlled by Youth Power Limited. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Youth Power Limited represent approximately 0.64% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


    SCHEDULE 13G

    CUSIP No.
    15743P104


    1Names of Reporting Persons

    Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership)
    2Check the appropriate box if a member of a Group (see instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3Sec Use Only
    4Citizenship or Place of Organization

    CHINA
    Number of Shares Beneficially Owned by Each Reporting Person With:
    5Sole Voting Power

    0.00
    6Shared Voting Power

    4,644,404.00
    7Sole Dispositive Power

    0.00
    8Shared Dispositive Power

    4,644,404.00
    9Aggregate Amount Beneficially Owned by Each Reporting Person

    4,644,404.00
    10Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

    Checkbox not checked
    11Percent of class represented by amount in row (9)

    3.85 %
    12Type of Reporting Person (See Instructions)

    PN

    Comment for Type of Reporting Person:  Comments to items 6&8&9: Such 4,644,404 Class A ordinary shares are held by Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership) ("Ningbo Ecksi Solution Investment") directly, which is ultimately controlled by Boyu Hu. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Ningbo Ecksi Solution Investment represent approximately 0.60% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


    SCHEDULE 13G

    CUSIP No.
    15743P104


    1Names of Reporting Persons

    Putian Aikesi Coordinate Investment Partnership (Limited Partnership)
    2Check the appropriate box if a member of a Group (see instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3Sec Use Only
    4Citizenship or Place of Organization

    CHINA
    Number of Shares Beneficially Owned by Each Reporting Person With:
    5Sole Voting Power

    0.00
    6Shared Voting Power

    1,444,589.00
    7Sole Dispositive Power

    0.00
    8Shared Dispositive Power

    1,444,589.00
    9Aggregate Amount Beneficially Owned by Each Reporting Person

    1,444,589.00
    10Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

    Checkbox not checked
    11Percent of class represented by amount in row (9)

    1.20 %
    12Type of Reporting Person (See Instructions)

    PN

    Comment for Type of Reporting Person:  Comments to items 6&8&9: Such 1,444,589Class A ordinary shares are held by Putian Aikesi Coordinate Investment Partnership (Limited Partnership) ("Putian Aikesi Coordinate Investment"), which is ultimately controlled by Boyu Hu. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Putian Aikesi Coordinate Investment represent approximately 0.19% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


    SCHEDULE 13G

    CUSIP No.
    15743P104


    1Names of Reporting Persons

    Boyu Hu
    2Check the appropriate box if a member of a Group (see instructions)

    Checkbox not checked  (a)
    Checkbox not checked  (b)
    3Sec Use Only
    4Citizenship or Place of Organization

    CHINA
    Number of Shares Beneficially Owned by Each Reporting Person With:
    5Sole Voting Power

    0.00
    6Shared Voting Power

    34,265,303.00
    7Sole Dispositive Power

    0.00
    8Shared Dispositive Power

    34,265,303.00
    9Aggregate Amount Beneficially Owned by Each Reporting Person

    34,265,303.00
    10Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

    Checkbox not checked
    11Percent of class represented by amount in row (9)

    28.44 %
    12Type of Reporting Person (See Instructions)

    IN

    Comment for Type of Reporting Person:  Comments to items 6&8&9: Consists of (i) 22,145,614 Class A ordinary shares directly held by XVC Fund II, (ii) 1,091,405 Class A ordinary shares directly held by XVC SSF II, (iii) 4,939,291 Class A ordinary shares directly held by Qanttea LP, (iv) 4,644,404 Class A ordinary shares directly held by Ningbo Ecksi Solution Investment, and (v) 1,444,589 Class A ordinary shares directly held by Putian Aikesi Coordinate Investment. Comments to item 11: Calculation is based on 185,752,490 ordinary shares outstanding, consisting of 120,478,383 Class A ordinary shares and 65,274,107 Class B ordinary shares, as reported in the Issuer's Prospectus. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Boyu Hu represent approximately 4.43% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.


    SCHEDULE 13G

    Item 1. 
    (a)Name of issuer:

    Chagee Holdings Limited
    (b)Address of issuer's principal executive offices:

    Tower B, Hongqiao Lianhe Building, No. 99 Kaihong Road, Changning District, Shanghai, China, 200051
    Item 2. 
    (a)Name of person filing:

    (i) XVC Fund II LP ("XVC Fund II") (ii) XVC SSF II LP ("XVC SSF II") (iii) XVC Management Ltd. ("XVC Management") (iv) Qanttea LP (v) Youth Power Limited (vi) Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership) ("Ningbo Ecksi Solution Investment") (vii) Putian Aikesi Coordinate Investment Partnership (Limited Partnership) ("Putian Aikesi Coordinate Investment") (viii) Boyu Hu
    (b)Address or principal business office or, if none, residence:

    (i) XVC Fund II: 4th Floor, Harbour Pl, 103 S Church St, PO BOX 10240, Grand Cayman KY1-1002, Cayman Islands (ii) XVC SSF II: Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman KY1-9009, Cayman Islands (iii) XVC Management: 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands (iv) Qanttea LP: C/O Harneys Corporate Services Limited Craigmuir Chambers, P.O. Box 71, Road Town, Tortola VG-1110, British Virgin Islands (v) Youth Power Limited: Craigmuir Chambers, Road Town, Tortola, VG 1110 British Virgin Islands (vi) Ningbo Ecksi Solution Investment: Unit B0405, Area A, Room 401, Building 1, No. 88 Qixing Road, Meishan, Beilun District, Ningbo City, Zhejiang Province, China (vii) Putian Aikesi Coordinate Investment: Room 501, Building 2, No. 917 Liyuan Middle Road, Gongchen Sub-district, Licheng District, Putian City, Fujian Province, China (viii) Boyu Hu: 6 BATTERY ROAD, #17-06SIX BATTERY ROAD, SINGAPORE(049909)
    (c)Citizenship:

    (i) XVC Fund II: Cayman Islands (ii) XVC SSF II: Cayman Islands (iii) XVC Management: Cayman Islands (iv) Qanttea LP: British Virgin Islands (v) Youth Power Limited: British Virgin Islands (vi) Ningbo Ecksi Solution Investment: China (vii) Putian Aikesi Coordinate Investment: China (viii) Boyu Hu: China
    (d)Title of class of securities:

    Class A Ordinary Shares, par value US$0.0001 per share
    (e)CUSIP No.:

    15743P104
    Item 3.If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
    (a)Checkbox not checked   Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
    (b)Checkbox not checked   Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
    (c)Checkbox not checked   Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
    (d)Checkbox not checked   Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
    (e)Checkbox not checked   An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
    (f)Checkbox not checked   An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
    (g)Checkbox not checked   A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
    (h)Checkbox not checked   A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
    (i)Checkbox not checked   A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
    (j)Checkbox not checked   A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
           please specify the type of institution:
    (k)Checkbox not checked   Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
     
    Item 4.Ownership
    (a)Amount beneficially owned:

    XVC Fund II directly holds 22,145,614 Class A ordinary shares. XVC SSF II directly holds 1,091,405 Class A ordinary shares. Qanttea LP directly holds 4,939,291 Class A ordinary shares. Ningbo Ecksi Solution Investment directly holds 4,644,404 Class A ordinary shares. Putian Aikesi Coordinate Investment directly holds 1,444,589 Class A ordinary shares. XVC Management is the ultimate controller of both XVC Fund II and XVC SSF II and, as such, may exercise voting and dispositive power over an aggregate of 23,237,019 Class A ordinary shares held by XVC Fund II and XVC SSF II. Youth Power Limited may exercise voting and dispositive power over the 4,939,291 Class A ordinary shares held by Qanttea LP. Boyu Hu is the director of both XVC Management and Youth Power Limited and is deemed to beneficially own the ordinary shares ultimately controlled by these entities. Boyu Hu also ultimately controls Ningbo Ecksi Solution Investment and Putian Aikesi Coordinate Investment and, as such, may exercise voting and dispositive power over an additional 6,088,993 Class A ordinary shares held by these entities. In total, Boyu Hu may exercise voting and dispositive power over 34,265,303 Class A ordinary shares directly held by XVC Fund II, XVC SSF II, Qanttea LP, Ningbo Ecksi Solution Investment, and Putian Aikesi Coordinate Investment.
    (b)Percent of class:

    XVC Fund II beneficially owns 18.38% of the outstanding Class A ordinary shares, 11.92% of the total outstanding ordinary shares, and 2.86% of the aggregate voting power. XVC SSF II beneficially owns 0.91% of the outstanding Class A ordinary shares, 0.59% of the total outstanding ordinary shares, and 0.14% of the aggregate voting power. Qanttea LP beneficially owns 4.10% of the outstanding Class A ordinary shares, 2.66% of the total outstanding ordinary shares, and 0.64% of the aggregate voting power. Ningbo Ecksi Solution Investment beneficially owns 3.85% of the outstanding Class A ordinary shares, 2.50%of the total outstanding ordinary shares, and 0.60% of the aggregate voting power. Putian Aikesi Coordinate Investment beneficially owns 1.20% of the outstanding Class A ordinary shares, 0.78% of the total outstanding ordinary shares, and 0.19%of the aggregate voting power. XVC Management is the ultimate controller of both XVC Fund II and XVC SSF II and, as such, in the aggregate beneficially owns 19.29% of the outstanding Class A ordinary shares, 12.51% of the total outstanding ordinary shares, and 3.01% of the aggregate voting power. Youth Power Limited is the ultimate controller of Qanttea LP and, as such, beneficially owns 4.10% of the outstanding Class A ordinary shares, 2.66% of the total outstanding ordinary shares, and 0.64% of the aggregate voting power. Boyu Hu is the director of both XVC Management and Youth Power Limited and is deemed to beneficially own the ordinary shares ultimately controlled by these entities. Boyu Hu also ultimately controls Ningbo Ecksi Solution Investment and Putian Aikesi Coordinate Investment and, as such, in total beneficially owns 28.44% of the outstanding Class A ordinary shares, 18.45% of the total outstanding ordinary shares, and 4.43% of the aggregate voting power. The above-mentioned percents of class are calculated based on 120,478,383 outstanding Class A ordinary shares and 65,274,107outstanding Class B ordinary shares as reported in the Issuer's Prospectus
    (c)Number of shares as to which the person has:
     (i) Sole power to vote or to direct the vote:

    XVC Fund II holds no Class A ordinary shares with sole voting power or the ability to direct the vote. XVC SSF II holds no Class A ordinary shares with sole voting power or the ability to direct the vote. Qanttea LP holds no Class A ordinary shares with sole voting power or the ability to direct the vote. Ningbo Ecksi Solution Investment holds no Class A ordinary shares with sole voting power or the ability to direct the vote. Putian Aikesi Coordinate Investment holds no Class A ordinary shares with sole voting power or the ability to direct the vote. XVC Management holds no Class A ordinary shares with sole voting power or the ability to direct the vote. Youth Power Limited holds no Class A ordinary shares with sole voting power or the ability to direct the vote. Boyu Hu holds no Class A ordinary shares with sole voting power or the ability to direct the vote.

     (ii) Shared power to vote or to direct the vote:

    XVC Fund II holds 22,145,614 Class A ordinary shares with shared voting power or the ability to direct the vote. XVC SSF II holds 1,091,405 Class A ordinary shares with shared voting power or the ability to direct the vote. Qanttea LP holds 4,939,291 Class A ordinary shares with shared voting power or the ability to direct the vote. Ningbo Ecksi Solution Investment holds 4,644,404 Class A ordinary shares with shared voting power or the ability to direct the vote. Putian Aikesi Coordinate Investment holds 1,444,589 Class A ordinary shares with shared voting power or the ability to direct the vote. XVC Management holds 23,237,019 Class A ordinary shares with shared voting power or the ability to direct the vote. Youth Power Limited holds 4,939,291 Class A ordinary shares with shared voting power or the ability to direct the vote. Boyu Hu holds 34,265,303 Class A ordinary shares with shared voting power or the ability to direct the vote.

     (iii) Sole power to dispose or to direct the disposition of:

    XVC Fund II holds no Class A ordinary shares with sole power to dispose of or direct the disposition of. XVC SSF II holds no Class A ordinary shares with sole power to dispose of or direct the disposition of. Qanttea LP holds no Class A ordinary shares with sole power to dispose of or direct the disposition of. Ningbo Ecksi Solution Investment holds no Class A ordinary shares with sole power to dispose of or direct the disposition of. Putian Aikesi Coordinate Investment holds no Class A ordinary shares with sole power to dispose of or direct the disposition of. XVC Management holds no Class A ordinary shares with sole power to dispose of or direct the disposition of. Youth Power Limited holds no Class A ordinary shares with sole power to dispose of or direct the disposition of. Boyu Hu holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.

     (iv) Shared power to dispose or to direct the disposition of:

    XVC Fund II holds 22,145,614 Class A ordinary shares with shared power to dispose of or direct the disposition of. XVC SSF II holds 1,091,405 Class A ordinary shares with shared power to dispose of or direct the disposition of. Qanttea LP holds 4,939,291 Class A ordinary shares with shared power to dispose of or direct the disposition of. Ningbo Ecksi Solution Investment holds 4,644,404 Class A ordinary shares with shared power to dispose of or direct the disposition of. Putian Aikesi Coordinate Investment holds 1,444,589 Class A ordinary shares with shared power to dispose of or direct the disposition of. XVC Management holds 23,237,019 Class A ordinary shares with shared power to dispose of or direct the disposition of. Youth Power Limited holds 4,939,291 Class A ordinary shares with shared power to dispose of or direct the disposition of. Boyu Hu holds 34,265,303 Class A ordinary shares with shared power to dispose of or direct the disposition of.

    Item 5.Ownership of 5 Percent or Less of a Class.
     
    Item 6.Ownership of more than 5 Percent on Behalf of Another Person.
     
    Not Applicable
    Item 7.Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
     
    Not Applicable
    Item 8.Identification and Classification of Members of the Group.
     
    Not Applicable
    Item 9.Notice of Dissolution of Group.
     
    Not Applicable

    Item 10.Certifications:
     
    Not Applicable

        SIGNATURE 
     
    After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

     
    XVC Fund II LP
     
    Signature:/s/ Boyu Hu
    Name/Title:Boyu Hu /Authorized Signatory
    Date:08/13/2025
     
    XVC SSF II LP
     
    Signature:/s/ Boyu Hu
    Name/Title:Boyu Hu /Authorized Signatory
    Date:08/13/2025
     
    XVC Management Ltd.
     
    Signature:/s/ Boyu Hu
    Name/Title:Boyu Hu /Authorized Signatory
    Date:08/13/2025
     
    Qanttea LP
     
    Signature:/s/ Boyu Hu
    Name/Title:Boyu Hu /Authorized Signatory
    Date:08/13/2025
     
    Youth Power Limited
     
    Signature:/s/ Boyu Hu
    Name/Title:Boyu Hu /Authorized Signatory
    Date:08/13/2025
     
    Ningbo Meishan Bonded Port Area Ecksi Solution Investment Partnership (Limited Partnership)
     
    Signature:/s/ Boyu Hu
    Name/Title:Boyu Hu /Authorized Signatory
    Date:08/13/2025
     
    Putian Aikesi Coordinate Investment Partnership (Limited Partnership)
     
    Signature:/s/ Xiao Yang
    Name/Title:Xiao Yang /Authorized Signatory
    Date:08/13/2025
     
    Boyu Hu
     
    Signature:/s/ Boyu Hu
    Name/Title:Boyu Hu
    Date:08/13/2025

    Comments accompanying signature:  Not Applicable.
    Exhibit Information

    Joint Filing Agreement

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