<SEC-DOCUMENT>0001193125-25-281462.txt : 20251114
<SEC-HEADER>0001193125-25-281462.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114070002
ACCESSION NUMBER:		0001193125-25-281462
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pony AI Inc.
		CENTRAL INDEX KEY:			0001969302
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94844
		FILM NUMBER:		251481052

	BUSINESS ADDRESS:	
		STREET 1:		1301 PEARL DEVELOPMENT BUILDING 1
		STREET 2:		MINGZHU 1ST ST, HENGLI TWN, NANSHA DIST
		CITY:			GUANGZHOU
		STATE:			F4
		ZIP:			511458
		BUSINESS PHONE:		86 020-3466 7656

	MAIL ADDRESS:	
		STREET 1:		1301 PEARL DEVELOPMENT BUILDING 1
		STREET 2:		MINGZHU 1ST ST, HENGLI TWN, NANSHA DIST
		CITY:			GUANGZHOU
		STATE:			F4
		ZIP:			511458

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HSG Holding Ltd
		CENTRAL INDEX KEY:			0001470766
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 3613, 36/F, TWO PACIFIC PLACE
		STREET 2:		88 QUEENSWAY
		CITY:			NA
		STATE:			K3
		ZIP:			NA
		BUSINESS PHONE:		650-854-3927

	MAIL ADDRESS:	
		STREET 1:		SUITE 3613, 36/F, TWO PACIFIC PLACE
		STREET 2:		88 QUEENSWAY
		CITY:			NA
		STATE:			K3
		ZIP:			NA

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SC CHINA HOLDING Ltd
		DATE OF NAME CHANGE:	20090821
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001470766</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Class A Ordinary Shares , par value $0.0005 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001969302</issuerCik>
        <issuerName>Pony AI Inc.</issuerName>
        <issuerCusip>732908108</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">1301 Pearl Development Building</street1>
          <street2 xmlns="http://www.sec.gov/edgar/common">1 Mingzhu 1st Street</street2>
          <city xmlns="http://www.sec.gov/edgar/common">Hengli Town, Nansha District</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">F4</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">511458</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>HSG Venture VI Holdco, Ltd. ("HSG Venture VI Holdco")</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>19024198</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>19024198</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>19024198</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.3</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>
Row 6, 8 and 9. Represented by 18,118,287 Class A Ordinary Shares and 905,911 American Depositary Shares.
Row 11. Based on a total of 304,203,783 shares of Class A Ordinary Shares outstanding as of June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on October 20, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>HSG Venture VII Holdco, Ltd. ("HSG Venture VII Holdco")</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>3590885</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>3590885</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3590885</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>1.2</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>
Row 6, 8 and 9. Represented by 3,419,891 Class A Ordinary Shares and 170,994 American Depositary Shares.
Row 11. Based on a total of 304,203,783 shares of Class A Ordinary Shares outstanding as of June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on October 20, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>HongShan Capital Venture Fund VI, L.P. ("HongShan Capital Venture Fund VI")</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>19024198</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>19024198</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>19024198</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.3</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>
Row 6, 8 and 9. Represented by 18,118,287 Class A Ordinary Shares and 905,911 American Depositary Shares that are directly owned by HSG VENTURE VI HOLDCO. The sole shareholder of HSG VENTURE VI HOLDCO is HONGSHAN CAPITAL VENTURE FUND VI.

Row 11. Based on a total of 304,203,783 shares of Class A Ordinary Shares outstanding as of June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on October 20, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>HongShan Capital Venture Fund VII, L.P. ("HongShan Capital Venture Fund VII")</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>3590885</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>3590885</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3590885</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>1.2</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>
Row 6, 8 and 9. Represented by 3,419,891 Class A Ordinary Shares and 170,994 American Depositary Shares directly owned by HSG VENTURE VII HOLDCO. The sole shareholder of HSG VENTURE VII HOLDCO is HONGSHAN CAPITAL VENTURE FUND VII.

Row 11. Based on a total of 304,203,783 shares of Class A Ordinary Shares outstanding as of June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on October 20, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>HSG Venture VI Management, L.P. ("HSG Venture VI Management")</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>19024198</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>19024198</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>19024198</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.3</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>
Row 6, 8 and 9. Represented by 18,118,287 Class A Ordinary Shares and 905,911 American Depositary Shares directly owned by HSG VENTURE VI HOLDCO. The sole shareholder of HSG VENTURE VI HOLDCO is HONGSHAN CAPITAL VENTURE FUND VI. The General Partner of HONGSHAN CAPITAL VENTURE FUND VI is HSG VENTURE VI MANAGEMENT.

Row 11. Based on a total of 304,203,783 shares of Class A Ordinary Shares outstanding as of June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on October 20, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>HSG Venture VII Management, L.P. ("HSG Venture VII Management")</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>3590885</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>3590885</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3590885</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>1.2</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>
Row 6, 8 and 9. Represented by 3,419,891 Class A Ordinary Shares and 170,994 American Depositary Shares directly owned by HSG VENTURE VII HOLDCO. The sole shareholder of HSG VENTURE VII HOLDCO is HONGSHAN CAPITAL VENTURE FUND VII. The General Partner of HONGSHAN CAPITAL VENTURE FUND VII is HSG VENTURE VII MANAGEMENT.

Row 11. Based on a total of 304,203,783 shares of Class A Ordinary Shares outstanding as of June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on October 20, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>HSG Holding Limited ("HSG Holding")</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>22615083</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>22615083</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>22615083</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.4</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>
Row 6, 8 and 9. Represented by 21,538,178  Class A Ordinary Shares and 1,076,905 American Depositary Shares (together, the "shares"). 19,024,198 shares are directly owned by HSG VENTURE VI HOLDCO and 3,590,885 shares are directly owned by HSG VENTURE VII HOLDCO. The sole shareholder of HSG VENTURE VI HOLDCO is HONGSHAN CAPITAL VENTURE FUND VI. The General Partner of HONGSHAN CAPITAL VENTURE FUND VI is HSG VENTURE VI MANAGEMENT. The sole shareholder of HSG VENTURE VII HOLDCO is HONGSHAN CAPITAL VENTURE FUND VII. The General Partner of HONGSHAN CAPITAL VENTURE FUND VII is HSG VENTURE VII MANAGEMENT. The General Partner of each of HSG VENTURE VI MANAGEMENT and HSG VENTURE VII MANAGEMENT is HSG HOLDING.

Row 11. Based on a total of 304,203,783 shares of Class A Ordinary Shares outstanding as of June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on October 20, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>SNP China Enterprises Limited ("SNP China Enterprises")</reportingPersonName>
      <citizenshipOrOrganization>D8</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>22615083</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>22615083</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>22615083</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.4</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>
Row 6, 8 and 9. Represented by 21,538,178  Class A Ordinary Shares and 1,076,905 American Depositary Shares (together, the "shares"). 19,024,198 shares are directly owned by HSG VENTURE VI HOLDCO and 3,590,885 shares are directly owned by HSG VENTURE VII HOLDCO. The sole shareholder of HSG VENTURE VI HOLDCO is HONGSHAN CAPITAL VENTURE FUND VI. The General Partner of HONGSHAN CAPITAL VENTURE FUND VI is HSG VENTURE VI MANAGEMENT. The sole shareholder of HSG VENTURE VII HOLDCO is HONGSHAN CAPITAL VENTURE FUND VII. The General Partner of HONGSHAN CAPITAL VENTURE FUND VII is HSG VENTURE VII MANAGEMENT. The General Partner of each of HSG VENTURE VI MANAGEMENT and HSG VENTURE VII MANAGEMENT is HSG HOLDING. HSG HOLDING is wholly owned by SNP CHINA ENTERPRISES.

Row 11. Based on a total of 304,203,783 shares of Class A Ordinary Shares outstanding as of June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on October 20, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Neil Nanpeng Shen ("NS")</reportingPersonName>
      <citizenshipOrOrganization>K3</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>22615083</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>22615083</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>22615083</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.4</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>
Row 6, 8 and 9. Represented by 21,538,178  Class A Ordinary Shares and 1,076,905 American Depositary Shares (together, the "shares"). 19,024,198 shares are directly owned by HSG VENTURE VI HOLDCO and 3,590,885 shares are directly owned by HSG VENTURE VII HOLDCO. The sole shareholder of HSG VENTURE VI HOLDCO is HONGSHAN CAPITAL VENTURE FUND VI. The General Partner of HONGSHAN CAPITAL VENTURE FUND VI is HSG VENTURE VI MANAGEMENT. The sole shareholder of HSG VENTURE VII HOLDCO is HONGSHAN CAPITAL VENTURE FUND VII. The General Partner of HONGSHAN CAPITAL VENTURE FUND VII is HSG VENTURE VII MANAGEMENT. The General Partner of each of HSG VENTURE VI MANAGEMENT and HSG VENTURE VII MANAGEMENT is HSG HOLDING. HSG HOLDING is wholly owned by SNP CHINA ENTERPRISES. NS wholly owns SNP CHINA ENTERPRISES.

Row 11. Based on a total of 304,203,783 shares of Class A Ordinary Shares outstanding as of June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on October 20, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Pony AI Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>1301 Pearl Development Building, 1 Mingzhu 1st Street, Hengli Town, Nansha District, Guangzhou, 511458, People's Republic of China</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>HSG Venture VI Holdco, Ltd.
HSG Venture VII Holdco, Ltd.
HongShan Capital Venture Fund VI, L.P.
HongShan Capital Venture Fund VII, L.P.
HSG Venture VI Management, L.P.
HSG Venture VII Management, L.P.
HSG Holding Limited
SNP China Enterprises Limited
Neil Nanpeng Shen

The sole shareholder of HSG VENTURE VI HOLDCO is HONGSHAN CAPITAL VENTURE FUND VI. The General Partner of HONGSHAN CAPITAL VENTURE FUND VI is HSG VENTURE VI MANAGEMENT. The General Partner of HSG VENTURE VI MANAGEMENT is HSG HOLDING. HSG HOLDING is wholly owned by SNP CHINA ENTERPRISES. NS wholly owns SNP CHINA ENTERPRISES.

The sole shareholder of HSG VENTURE VII HOLDCO is HONGSHAN CAPITAL VENTURE FUND VII. The General Partner of HONGSHAN CAPITAL VENTURE FUND VII is HSG VENTURE VII MANAGEMENT. The General Partner of HSG VENTURE VII MANAGEMENT is HSG HOLDING. HSG HOLDING is wholly owned by SNP CHINA ENTERPRISES. NS wholly owns SNP CHINA ENTERPRISES.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>Suite 3613, 36/F, Two Pacific Place
88 Queensway
Hong Kong</principalBusinessOfficeOrResidenceAddress>
        <citizenship>HSG VENTURE VI HOLDCO, HSG VENTURE VII HOLDCO, HONGSHAN CAPITAL VENTURE FUND VI, HONGSHAN CAPITAL VENTURE FUND VII, HSG VENTURE VI MANAGEMENT, HSG VENTURE VII MANAGEMENT, HSG HOLDING: Cayman Islands; SNP CHINA ENTERPRISES: British Virgin Islands; NS: Hong Kong SAR</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>22,615,083
Represented by 21,538,178  Class A Ordinary Shares and 1,076,905 American Depositary Shares (together, the "shares"). 19,024,198 shares are directly owned by HSG VENTURE VI HOLDCO and 3,590,885 shares are directly owned by HSG VENTURE VII HOLDCO.. The sole shareholder of HSG VENTURE VI HOLDCO is HONGSHAN CAPITAL VENTURE FUND VI. The General Partner of HONGSHAN CAPITAL VENTURE FUND VI is HSG VENTURE VI MANAGEMENT. The sole shareholder of HSG VENTURE VII HOLDCO is HONGSHAN CAPITAL VENTURE FUND VII. The General Partner of HONGSHAN CAPITAL VENTURE FUND VII is HSG VENTURE VII MANAGEMENT. The General Partner of each of HSG VENTURE VI MANAGEMENT and HSG VENTURE VII MANAGEMENT is HSG HOLDING. HSG HOLDING is wholly owned by SNP CHINA ENTERPRISES. NS wholly owns SNP CHINA ENTERPRISES.</amountBeneficiallyOwned>
        <classPercent>7.4%

The percentage is based on a total of 304,203,783 shares of Class A Ordinary Shares outstanding as of June 30, 2025, as reported in the Issuer's Form 6-K filed with the Securities and Exchange Commission on October 20, 2025.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>HSG Venture VI Holdco, Ltd.: 19,024,198
HSG Venture VII Holdco, Ltd.: 3,590,885
HongShan Capital Venture Fund VI, L.P.: 19,024,198
HongShan Capital Venture Fund VII, L.P.: 3,590,885
HSG Venture VI Management, L.P.: 19,024,198
HSG Venture VII Management, L.P.: 3,590,885
HSG Holding Limited: 22,615,083
SNP China Enterprises Limited: 22,615,083
Neil Nanpeng Shen: 22,615,083</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>HSG Venture VI Holdco, Ltd.: 19,024,198
HSG Venture VII Holdco, Ltd.: 3,590,885
HongShan Capital Venture Fund VI, L.P.: 19,024,198
HongShan Capital Venture Fund VII, L.P.: 3,590,885
HSG Venture VI Management, L.P.: 19,024,198
HSG Venture VII Management, L.P.: 3,590,885
HSG Holding Limited: 22,615,083
SNP China Enterprises Limited: 22,615,083
Neil Nanpeng Shen: 22,615,083</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>N</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>HSG Venture VI Holdco, Ltd. ("HSG Venture VI Holdco")</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Neil Nanpeng Shen</signature>
        <title>Neil Nanpeng Shen/Authorized Signatory</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>HSG Venture VII Holdco, Ltd. ("HSG Venture VII Holdco")</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Neil Nanpeng Shen</signature>
        <title>Neil Nanpeng Shen/Authorized Signatory</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>HongShan Capital Venture Fund VI, L.P. ("HongShan Capital Venture Fund VI")</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Neil Nanpeng Shen</signature>
        <title>Neil Nanpeng Shen/Authorized Signatory</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>HongShan Capital Venture Fund VII, L.P. ("HongShan Capital Venture Fund VII")</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Neil Nanpeng Shen</signature>
        <title>Neil Nanpeng Shen/Authorized Signatory</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>HSG Venture VI Management, L.P. ("HSG Venture VI Management")</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Neil Nanpeng Shen</signature>
        <title>Neil Nanpeng Shen/Authorized Signatory</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>HSG Venture VII Management, L.P. ("HSG Venture VII Management")</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Neil Nanpeng Shen</signature>
        <title>Neil Nanpeng Shen/Authorized Signatory</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>HSG Holding Limited ("HSG Holding")</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Neil Nanpeng Shen</signature>
        <title>Neil Nanpeng Shen/Authorized Signatory</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>SNP China Enterprises Limited ("SNP China Enterprises")</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Neil Nanpeng Shen</signature>
        <title>Neil Nanpeng Shen/Authorized Signatory</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Neil Nanpeng Shen ("NS")</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Neil Nanpeng Shen</signature>
        <title>Neil Nanpeng Shen</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
