If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) 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).






SCHEDULE 13D




Comment for Type of Reporting Person:
Each of row 7, 9 and 11 represents 21,021,332 ordinary shares held by Crystal Investment (as defined below). Each ordinary share is entitled to one vote. Crystal Investment is a wholly owned subsidiary of Crystal Holdings (as defined below). Huaqin Xue is a director of both Crystal Investment and Crystal Holdings and is the sole shareholder of Crystal Holdings. Based on the foregoing, Huaqin Xue may be deemed to be the beneficial owner of the ordinary shares held by Crystal Investment. Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.


SCHEDULE 13D




Comment for Type of Reporting Person:
Each of row 7, 9 and 11 represents 21,021,332 ordinary shares held by Crystal Investment, which is wholly owned by Crystal Holdings. Each ordinary share is entitled to one vote. Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.


SCHEDULE 13D




Comment for Type of Reporting Person:
Each of row 7, 9 and 11 represents 21,021,332 ordinary shares held by Crystal Investment. Each ordinary share is entitled to one vote. Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.


SCHEDULE 13D




Comment for Type of Reporting Person:
Each of row 7, 9 and 11 represents (i) 410,560 ordinary shares held by Oceanpine Investment (as defined below), and (ii) 52,200 ordinary shares held by Oceanpine Capital (as defined below). Each ordinary share is entitled to one vote. As Dave Liguang Chenn is the managing partner of both Oceanpine Investment and Oceanpine Capital, he may be deemed to be the beneficial owner of the ordinary shares held by Oceanpine Investment and Oceanpine Capital. Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.


SCHEDULE 13D




Comment for Type of Reporting Person:
Each of row 7, 9 and 11 represents 410,560 ordinary shares held by Oceanpine Investment. Each ordinary share is entitled to one vote. Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.


SCHEDULE 13D




Comment for Type of Reporting Person:
Each of row 7, 9 and 11 represents 52,200 ordinary shares held by Oceanpine Capital. Each ordinary share is entitled to one vote. Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.


SCHEDULE 13D


 
Huaqin Xue
 
Signature:/s/ Huaqin Xue
Name/Title:Huaqin Xue
Date:08/27/2025
 
Crystal Peak Holdings Inc.
 
Signature:/s/ Huaqin Xue
Name/Title:Huaqin Xue/Director
Date:08/27/2025
 
Crystal Peak Investment Inc.
 
Signature:/s/ Huaqin Xue
Name/Title:Huaqin Xue/Director
Date:08/27/2025
 
Dave Liguang Chenn
 
Signature:/s/ Dave Liguang Chenn
Name/Title:Dave Liguang Chenn
Date:08/27/2025
 
Oceanpine Investment Fund II LP
 
Signature:/s/ Dave Liguang Chenn
Name/Title:Dave Liguang Chenn/Director
Date:08/27/2025
 
Oceanpine Capital Inc.
 
Signature:/s/ Yang Jiayu
Name/Title:Yang Jiayu/Director
Date:08/27/2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

SCHEDULE A