A holding company incorporated in the Cayman Islands. Our ordinary shares offered in this prospectus are shares of our Cayman Islands holding company. As a holding company with no material operations of our own, we conduct our business through the operating VIE in China. Neither we nor our subsidiaries own any shares in the VIEs. Instead, we consolidate financial results and receive the economic benefits of the business operations of the VIEs through a series of contractual arrangements (the “VIE Agreements”). Investors of our ordinary shares will not own any equity interests in the operating VIEs, but instead own shares of a Cayman Islands holding company.
