<SEC-DOCUMENT>0001104659-23-017582.txt : 20230209
<SEC-HEADER>0001104659-23-017582.hdr.sgml : 20230209
<ACCEPTANCE-DATETIME>20230209161102
ACCESSION NUMBER:		0001104659-23-017582
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230209
DATE AS OF CHANGE:		20230209
GROUP MEMBERS:		LEGEND CHAMP INVESTMENT LTD
GROUP MEMBERS:		LUCK GENIE HOLDINGS LTD
GROUP MEMBERS:		NIU HOLDING INC.
GROUP MEMBERS:		TOKEN WHO CARES TRUST

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Niu Technologies
		CENTRAL INDEX KEY:			0001744781
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-90798
		FILM NUMBER:		23606339

	BUSINESS ADDRESS:	
		STREET 1:		NO.1 BLDG., NO. 195 HUILONGGUAN EAST RD.
		STREET 2:		CHANGPING DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			102208
		BUSINESS PHONE:		861064321899

	MAIL ADDRESS:	
		STREET 1:		NO.1 BLDG., NO. 195 HUILONGGUAN EAST RD.
		STREET 2:		CHANGPING DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			102208

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hu Token Yilin
		CENTRAL INDEX KEY:			0001764889

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	MAIL ADDRESS:	
		STREET 1:		11/F, BUILDING A, NO.10 WANGJING STREET
		STREET 2:		CHAOYANG DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100102
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>tm236078d2_sc13ga.htm
<DESCRIPTION>SC 13G/A
<TEXT>
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    <TD STYLE="padding: 0.7pt 5.75pt; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>
    <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20549</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt"><P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13G</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Rule&nbsp;13d-102)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Information to Be Included in Statements Filed
    Pursuant to &sect; 240.13d-1 (b), (c)&nbsp;and (d)&nbsp;and Amendments Thereto Filed Pursuant to &sect; 240.13d-2</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Under the Securities Exchange Act of 1934</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No.&nbsp; 4)*</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.7pt 5.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 24pt"><B>Niu
    Technologies</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt; text-align: center">(Name of Issuer)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.7pt 5.75pt; font-size: 10pt; text-align: center">Ordinary Shares, par value
    of $0.0001 per share</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt; text-align: center">(Title of Class&nbsp;of Securities)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.7pt 5.75pt; font-size: 10pt; text-align: center">65481N 100 **</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt; text-align: center">(CUSIP Number)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.7pt 5.75pt; font-size: 10pt; text-align: center">December&nbsp;31, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt; text-align: center">(Date of Event Which Requires Filing of this Statement)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">Check the appropriate box to designate the rule&nbsp;pursuant to which this Schedule
    is filed:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>
    Rule&nbsp;13d-1(b)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>
    Rule&nbsp;13d-1(c)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT>
    Rule&nbsp;13d-1(d)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">* The remainder of this cover page&nbsp;shall be filled out for a reporting person&rsquo;s
    initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
    which would alter the disclosures provided in a prior cover page.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">** CUSIP number 65481N 100 has been assigned to the American depositary shares
    (&ldquo;ADSs&rdquo;) of the issuer, which are quoted on The Nasdaq Stock Market under the symbol &ldquo;NIU.&rdquo; Each ADS represents
    two Class&nbsp;A ordinary shares of the issuer. No CUSIP number has been assigned to the ordinary shares of the Issuer.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.7pt 5.75pt; font-size: 10pt">The information required in the remainder of this cover page&nbsp;shall not be
    deemed to be &ldquo;filed&rdquo; for the purpose of Section&nbsp;18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;) or
    otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
    see the Notes).</TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Name
    of Reporting Person<BR>
    Niu Holding Inc.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">2 </FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Check the Appropriate Box if a
    Member of a Group </FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">SEC Use
    Only </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Citizenship
    or Place of Organization </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;British
    Virgin Islands</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" ROWSPAN="7" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Number
    of<BR>
    Shares<BR>
    Beneficially<BR>
    Owned by<BR>
    Each<BR>
    Reporting<BR>
    Person With</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Sole Voting Power </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">9,927,020</FONT></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Shared Voting Power</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Sole Dispositive Power
    </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">9,927,020</FONT></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Shared Dispositive
    Power </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Aggregate
    Amount Beneficially Owned by Each Reporting Person</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">9,927,020</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Check if
    the Aggregate Amount in Row (9) Excludes Certain Shares&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Percent
    of Class Represented by Amount in Row 9 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;6.4%.
    *The voting power of the shares beneficially owned represent <FONT STYLE="font-family: Times New Roman, Times, Serif">19.5</FONT>%
    of the total outstanding voting power.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Type
    of Reporting Person<BR>
    CO</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 84%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">* The percentage of class of securities beneficially
owned by the Reporting Person is based on a total of <FONT STYLE="font-family: Times New Roman, Times, Serif">154,261,562</FONT> outstanding
ordinary shares (being the sum of 137,719,542 Class A ordinary shares and <FONT STYLE="font-family: Times New Roman, Times, Serif">16,542,020
</FONT>Class B ordinary shares) of the Issuer outstanding as a single class as of December 31, 2022, assuming conversion of all Class
B ordinary shares into Class A ordinary shares. The percentage of voting power is calculated by dividing the voting power beneficially
owned by the Reporting Person by the voting power of all of the Issuer&#8217;s outstanding Class&nbsp;A ordinary shares and Class&nbsp;B
ordinary shares as a single class as of December 31, 2022. Class B ordinary shares are convertible at any time by the holder thereof
into Class A ordinary shares on a one-for-one basis, whereas Class A ordinary shares are not convertible into Class B ordinary shares
under any circumstances. Each holder of Class&nbsp;A Shares is entitled to one vote per share and each holder of Class&nbsp;B Shares
is entitled to four votes per share on all matters submitted to them for a vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Name
    of Reporting Person<BR>
    LUCK GENIE HOLDINGS LIMITED</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">2 </FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Check the Appropriate Box if a
    Member of a Group </FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">SEC Use
    Only </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Citizenship
    or Place of Organization </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;British
    Virgin Islands</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" ROWSPAN="7" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Number
    of<BR>
    Shares<BR>
    Beneficially<BR>
    Owned by<BR>
    Each<BR>
    Reporting<BR>
    Person With</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Sole Voting Power </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,207,020</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Shared Voting Power</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Sole Dispositive Power
    </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,207,020</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Shared Dispositive
    Power </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Aggregate
    Amount Beneficially Owned by Each Reporting Person</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,207,020</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Check if
    the Aggregate Amount in Row (9) Excludes Certain Shares&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Percent
    of Class Represented by Amount in Row 9 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT><FONT STYLE="font-size: 10pt">%.
    *The voting power of the shares beneficially owned represent <FONT STYLE="font-family: Times New Roman, Times, Serif">16.1</FONT>%
    of the total outstanding voting power. </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Type
    of Reporting Person<BR>
    CO</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 84%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">* The percentage of class of securities beneficially
owned by the Reporting Person is based on a total of <FONT STYLE="font-family: Times New Roman, Times, Serif">154,261,562</FONT> outstanding
ordinary shares (being the sum of 137,719,542 Class A ordinary shares and <FONT STYLE="font-family: Times New Roman, Times, Serif">16,542,020
</FONT>Class B ordinary shares) of the Issuer outstanding as a single class as of December 31, 2022, assuming conversion of all Class
B ordinary shares into Class A ordinary shares. The percentage of voting power is calculated by dividing the voting power beneficially
owned by the Reporting Person by the voting power of all of the Issuer&#8217;s outstanding Class&nbsp;A ordinary shares and Class&nbsp;B
ordinary shares as a single class as of December 31, 2022. Class B ordinary shares are convertible at any time by the holder thereof
into Class A ordinary shares on a one-for-one basis, whereas Class A ordinary shares are not convertible into Class B ordinary shares
under any circumstances. Each holder of Class&nbsp;A Shares is entitled to one vote per share and each holder of Class&nbsp;B Shares
is entitled to four votes per share on all matters submitted to them for a vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Name
    of Reporting Person<BR>
    Legend Champ Investment Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">2 </FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Check the Appropriate Box if a
    Member of a Group </FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">SEC Use
    Only </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Citizenship
    or Place of Organization </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;British
    Virgin Islands</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" ROWSPAN="7" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Number
    of<BR>
    Shares<BR>
    Beneficially<BR>
    Owned by<BR>
    Each<BR>
    Reporting<BR>
    Person With</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Sole Voting Power </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,207,020</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Shared Voting Power</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Sole Dispositive Power
    </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,207,020</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Shared Dispositive
    Power </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Aggregate
    Amount Beneficially Owned by Each Reporting Person</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,207,020</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Check if
    the Aggregate Amount in Row (9) Excludes Certain Shares&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Percent
    of Class Represented by Amount in Row 9 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">5.3%.
    *The voting power of the shares beneficially owned represent 16.1% of the total outstanding voting power. </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Type
    of Reporting Person<BR>
    CO</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 84%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">* The percentage of class of securities beneficially
owned by the Reporting Person is based on a total of <FONT STYLE="font-family: Times New Roman, Times, Serif">154,261,562</FONT> outstanding
ordinary shares (being the sum of 137,719,542 Class A ordinary shares and <FONT STYLE="font-family: Times New Roman, Times, Serif">16,542,020
</FONT>Class B ordinary shares) of the Issuer outstanding as a single class as of December 31, 2022, assuming conversion of all Class
B ordinary shares into Class A ordinary shares. The percentage of voting power is calculated by dividing the voting power beneficially
owned by the Reporting Person by the voting power of all of the Issuer&#8217;s outstanding Class&nbsp;A ordinary shares and Class&nbsp;B
ordinary shares as a single class as of December 31, 2022. Class B ordinary shares are convertible at any time by the holder thereof
into Class A ordinary shares on a one-for-one basis, whereas Class A ordinary shares are not convertible into Class B ordinary shares
under any circumstances. Each holder of Class&nbsp;A Shares is entitled to one vote per share and each holder of Class&nbsp;B Shares
is entitled to four votes per share on all matters submitted to them for a vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Name
    of Reporting Person<BR>
    Token Who Cares Trust</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">2 </FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Check the Appropriate Box if a
    Member of a Group </FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">SEC Use
    Only </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Citizenship
    or Place of Organization <BR>
    People&#8217;s Republic of China</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" ROWSPAN="7" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Number
    of<BR>
    Shares<BR>
    Beneficially<BR>
    Owned by<BR>
    Each<BR>
    Reporting<BR>
    Person With</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Sole Voting Power </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,207,020</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Shared Voting Power
    </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Sole Dispositive Power
    </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,207,020</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Shared Dispositive
    Power </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Aggregate
    Amount Beneficially Owned by Each Reporting Person</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,207,020</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Check if
    the Aggregate Amount in Row (9) Excludes Certain Shares&nbsp; </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Percent
    of Class Represented by Amount in Row 9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">5.3%.
    *The voting power of the shares beneficially owned represent 16.1% of the total outstanding voting power. </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Type
    of Reporting Person<BR>
    OO</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 84%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The percentage of class of securities beneficially owned by the
Reporting Person is based on a total of <FONT STYLE="font-family: Times New Roman, Times, Serif">154,261,562</FONT> outstanding ordinary
shares (being the sum of 137,719,542 Class A ordinary shares and <FONT STYLE="font-family: Times New Roman, Times, Serif">16,542,020
</FONT>Class B ordinary shares) of the Issuer outstanding as a single class as of December 31, 2022, assuming conversion of all Class
B ordinary shares into Class A ordinary shares. The percentage of voting power is calculated by dividing the voting power beneficially
owned by the Reporting Person by the voting power of all of the Issuer&#8217;s outstanding Class&nbsp;A ordinary shares and Class&nbsp;B
ordinary shares as a single class as of December 31, 2022. Class B ordinary shares are convertible at any time by the holder thereof
into Class A ordinary shares on a one-for-one basis, whereas Class A ordinary shares are not convertible into Class B ordinary shares
under any circumstances. Each holder of Class&nbsp;A Shares is entitled to one vote per share and each holder of Class&nbsp;B Shares
is entitled to four votes per share on all matters submitted to them for a vote.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Name
    of Reporting Person<BR>
    Token Yilin Hu</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">2 </FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Check the Appropriate Box if a
    Member of a Group </FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">SEC Use
    Only </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Citizenship
    or Place of Organization <BR>
    People&#8217;s Republic of China</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" ROWSPAN="7" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Number
    of<BR>
    Shares<BR>
    Beneficially<BR>
    Owned by<BR>
    Each<BR>
    Reporting<BR>
    Person With</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Sole Voting Power </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,207,020</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Shared Voting Power
    </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Sole Dispositive Power
    </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,207,020</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Shared Dispositive
    Power </FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Aggregate
    Amount Beneficially Owned by Each Reporting Person</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,207,020</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Check if
    the Aggregate Amount in Row (9) Excludes Certain Shares&nbsp; </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Percent
    of Class Represented by Amount in Row 9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT><FONT STYLE="font-size: 10pt">%.
    *The voting power of the shares beneficially owned represent <FONT STYLE="font-family: Times New Roman, Times, Serif">16.1</FONT>%
    of the total outstanding voting power. </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><FONT STYLE="font-size: 10pt">Type
    of Reporting Person<BR>
    IN</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 84%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">* The percentage of class of securities beneficially
owned by the Reporting Person is based on a total of <FONT STYLE="font-family: Times New Roman, Times, Serif">154,261,562</FONT> outstanding
ordinary shares (being the sum of <FONT STYLE="font-family: Times New Roman, Times, Serif">137,719,542</FONT> Class A ordinary shares
and <FONT STYLE="font-family: Times New Roman, Times, Serif">16,542,020</FONT> Class B ordinary shares) of the Issuer outstanding as
a single class as of December 31, 2022, assuming conversion of all Class B ordinary shares into Class A ordinary shares. The percentage
of voting power is calculated by dividing the voting power beneficially owned by the Reporting Person by the voting power of all of the
Issuer&#8217;s outstanding Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares as a single class as of December 31, 2022. Class
B ordinary shares are convertible at any time by the holder thereof into Class A ordinary shares on a one-for-one basis, whereas Class
A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Each holder of Class&nbsp;A Shares is entitled
to one vote per share and each holder of Class&nbsp;B Shares is entitled to four votes per share on all matters submitted to them for
a vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 11%; padding: 3pt 3pt 3pt 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Item
    1(a).</B></FONT></TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid; padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name of Issuer:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Niu Technologies (the &#8220;Issuer&#8221;)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 3pt 3pt 3pt 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Item 1(b).</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Address
of Issuer&#8217;s Principal Executive Offices:</B></P>
                                                             <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;<BR></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No.1 Building, No. 195 Huilongguan East Road, Changping District,
    Beijing 102208, People&#8217;s Republic of China</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 3pt 3pt 3pt 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Item 2(a).</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name
of Person Filing:</B></P>
                                                             <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;<BR></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Niu Holding Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LUCK GENIE HOLDINGS LIMITED</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legend Champ Investment Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Token Who Cares Trust</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Token Yilin Hu</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(collectively, the &#8220;Reporting Persons&#8221;)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 3pt 3pt 3pt 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Item 2(b).</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Address of Principal Business Office or, if none, Residence:<BR>
    <BR>
    </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Niu Holding Inc.<BR>
    Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands VG1110</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LUCK GENIE HOLDINGS LIMITED</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portcullis Chambers, 4th Floor, Ellen Skelton Building, 3076 Sir
    Francis Drake Highway, Road Town, Tortola, British Virgin Islands VG 1110</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legend Champ Investment Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portcullis Chambers, 4th Floor, Ellen Skelton Building, 3076 Sir
    Francis Drake Highway, Road Town, Tortola, British Virgin Islands VG 1110</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Token Who Cares Trust</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARK Trust (Hong Kong) Limited as trustee</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">34/F., Tower Two, Times Square, 1 Matheson Street, Causeway Bay,
    Hong Kong</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Token Yilin Hu</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o <FONT STYLE="font-family: Times New Roman, Times, Serif">No.1
    Building, No. 195 Huilongguan East Road, Changping District, Beijing 102208, People&#8217;s Republic of China</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 3pt 3pt 3pt 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Item 2(c)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Citizenship:&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Niu Holding Inc. &#8211; British Virgin Islands</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LUCK GENIE HOLDINGS LIMITED &#8211; British Virgin Islands</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legend Champ Investment Limited &#8211; British Virgin Islands</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Token Who Cares Trust &#8211; Hong Kong</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Token Yilin Hu &#8211; People&#8217;s Republic of China</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 3pt 3pt 3pt 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Item 2(d).</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Title of Class of Securities:<BR>
    <BR>
    </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ordinary shares, $0.0001 par value per share, of the Issuer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Issuer&#8217;s ordinary shares consist of Class A ordinary
    shares and Class B ordinary shares. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of Class
    B ordinary shares is entitled to four votes per share on all matters submitted to them for vote. Class B ordinary shares are convertible
    at any time by the holder thereof into Class A ordinary shares on a one-for-one basis. Class A ordinary shares are not convertible
    into Class B ordinary shares under any circumstances.</P></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 3pt 3pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Item 2(e).</B></FONT></TD>
    <TD STYLE="padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CUSIP
Number:&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">65481N 100</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This CUSIP number applies to the American depositary shares of
    the Issuer, each representing two Class A ordinary shares of the Issuer. No CUSIP has been assigned to the ordinary shares.</P></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; width: 11%; padding: 3pt"><FONT STYLE="font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD STYLE="width: 89%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If this statement is filed pursuant to &sect;&sect; 240.13d-1(b),
    or 240.13d-2(b) or (c), check whether the persons filing is a:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 11%; padding: 3pt"><FONT STYLE="font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD STYLE="width: 89%; padding: 3pt"><FONT STYLE="font-size: 10pt"><B>Ownership:</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The following information with respect to the ownership
of the ordinary shares of par value of $0.0001 per share of Issuer by each of the Reporting Persons is provided as of December 31, 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Reporting Person</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount<BR>
    beneficially<BR>
    owned:</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Percent
    <BR>
    of class:</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Sole power
    <BR>
    to vote or<BR>
    direct<BR> the vote:</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Shared
    <BR>
    power to <BR>
    vote or to<BR>
    direct the <BR>
    vote:</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Sole power<BR>
    to dispose or <BR>
    to direct the<BR>
    disposition <BR>
    of:</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Shared<BR>
    power to <BR>
    dispose or to <BR>
    direct the<BR>
    disposition <BR>
    of:</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font-size: 10pt; text-align: left">Niu Holding Inc.</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,927,020</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6.4</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,927,020</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,927,020</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: left">LUCK GENIE HOLDINGS LIMITED</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,207,020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,207,020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,207,020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Legend Champ Investment Limited</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,207,020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,207,020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,207,020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Token Who Cares Trust</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,207,020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,207,020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,207,020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Token Yilin Hu</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,207,020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,207,020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,207,020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As of December 31, 2022, Niu Holding Inc., a BVI business
company, held <FONT STYLE="font-family: Times New Roman, Times, Serif">9,927,020 </FONT>Class B ordinary shares of the Issuer. Niu Holding
Inc. is <FONT STYLE="font-family: Times New Roman, Times, Serif">82.7</FONT>% owned by LUCK GENIE HOLDINGS LIMITED, a BVI business company,
and <FONT STYLE="font-family: Times New Roman, Times, Serif">17.3</FONT>% owned by WEALTH ERUPT HOLDINGS LIMITED, a BVI business company.
LUCK GENIE HOLDINGS LIMITED is wholly owned by Legend Champ Investment Limited, a BVI business company. Legend Champ Investment Limited
is wholly owned by Token Who Cares Trust. The settlor and beneficiary of Token Who Cares Trust is Mr. Token Yilin Hu, a director of the
Issuer. WEALTH ERUPT HOLDINGS LIMITED is beneficially owned by Mr. Carl Chuankai Liu, a vice president of the Issuer. According to the
arrangement between two shareholders of Niu Holding Inc., Mr. Token Yilin Hu beneficially owned <FONT STYLE="font-family: Times New Roman, Times, Serif">8,207,020
</FONT>Class B ordinary shares out of the 9,927,020 ordinary shares held by Niu Holding Inc., and Mr. Carl Chuankai Liu beneficially
owned the remaining Class B ordinary shares out of those held by Niu Holding Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The percentage of class of securities beneficially owned
by each of the Reporting Persons as of December 31, 2022 is based on a total of 154,261,562 outstanding ordinary shares (being the sum
of <FONT STYLE="font-family: Times New Roman, Times, Serif">137,719,542</FONT> Class A ordinary shares and 16,542,020 Class B ordinary
shares) of the Issuer outstanding as a single class as of December 31, 2022, assuming conversion of all Class B ordinary shares into
Class A ordinary shares. Class B ordinary shares are convertible at any time by the holder thereof into Class A ordinary shares on a
one-for-one basis, whereas Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 11%"><FONT STYLE="font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-size: 10pt"><B>Ownership of Five Percent or Less of a Class:</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt"><B>Item 6.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Ownership of More than Five Percent on Behalf of Another Person:</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Item 7.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Identification and Classification of the Subsidiary Which Acquired the Security Being Reported
    on By the Parent Holding Company or Controlling Person:</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt"><B>Item 8.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Identification and Classification of Members of the Group:</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Notice of Dissolution of Group:</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 11%"><FONT STYLE="font-size: 10pt"><B>Item 10.</B></FONT></TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-size: 10pt"><B>Certifications:</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Not applicable</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LIST OF EXHIBITS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 8%"><P STYLE="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Exhibit
    No.</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid"><B>Description</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1744781/000110465920004745/a20-3483_1ex99da.htm" STYLE="-sec-extract: exhibit">A</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1744781/000110465920004745/a20-3483_1ex99da.htm" STYLE="-sec-extract: exhibit">Joint Filing Agreement Joint Filing Agreement (incorporated by reference to Exhibit A to Schedule 13G/A filed on January 16, 2020 by the reporting persons with the United States Securities and Exchange Commission)</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: February 9, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">NIU HOLDING
    INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left"><FONT STYLE="font-size: 10pt">/s/
    Token Yilin Hu</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Token Yilin Hu</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">LUCK GENIE
    HOLDINGS LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/
    Token Yilin Hu&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Token Yilin Hu</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">LEGEND CHAMP
    INVESTMENT LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/
    LIU Yan &amp; WANG, Jing Jenny</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">LIU Yan &amp; WANG, Jing Jenny</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Authorized Signatories</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">For and on behalf
    of</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Helm Management
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">TOKEN WHO CARES
    TRUST</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/
    LIU Yan &amp; WANG, Jing Jenny</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">LIU Yan &amp; WANG, Jing Jenny</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Authorized Signatories</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">For and on behalf
    of</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARK Trust (Hong
    Kong) Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">TOKEN YILIN
    HU</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/
    Token Yilin Hu</FONT></TD></TR>
  </TABLE>
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