A holding company with no material operations of its own, LZ Technology conducts its operations through its operating entities formed in the PRC, primarily Lianzhang Portal and its subsidiaries. For the years ended December 31, 2021 and 2022, the Company had a total of 103 and 247 customers, respectively. For the six months ended June 30, 2022 and 2023, the Company had a total of 128 and 102 customers, respectively. The Company, however, has derived a large portion of its revenues from a few customers.
