Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
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Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Checkbox not checked   Rule 13d-1(b)
Checkbox not checked   Rule 13d-1(c)
Checkbox checked   Rule 13d-1(d)






SCHEDULE 13G




SCHEDULE 13G



Comment for Type of Reporting Person:  (1) Based on 16,452,020 Class A ordinary shares issued and outstanding and excludes 16,816,692 Class B ordinary shares issued and outstanding as of November 11, 2025. (2) Beijing Koala Kunlu Internet Industry Investment Fund (Limited Partnership) ("Koala") is the record holder of the shares reported herein. Mr. Wenkai Tian is the director of Koala. As such, he may be deemed to have or share voting and dispositive power of the Class A ordinary shares held directly by Koala. Mr. Tian disclaims any beneficial ownership of the reported ordinary shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly.


SCHEDULE 13G


 
Beijing Koala Kunlu Internet Industry Investment Fund (Limited Partnership)
 
Signature:/s/ Wenkai Tian
Name/Title:Wenkai Tian, Director
Date:12/01/2025
 
Wenkai Tian
 
Signature:/s/ Wenkai Tian
Name/Title:Wenkai Tian
Date:12/01/2025
Exhibit Information

99.1 Joint Filing Agreement (filed herewith).

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