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).




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SCHEDULE 13D




Comment for Type of Reporting Person:
Represents 849,601,280 Class A ordinary shares held by Propitious Global Holdings Limited. Propitious Global Holdings Limited has executed and delivered an Irrevocable Proxy and Power of Attorney, as amended, pursuant to which Propitious Global Holdings Limited irrevocably authorized Baihui Partners L.P. to exercise the voting rights represented by all the 849,601,280 Class A ordinary shares held by Propitious Global Holdings Limited. Calculation of percentage is based on a total of 3,435,761,272 issued ordinary shares (consisting of 3,300,858,110 Class A ordinary shares and 134,903,162 Class B ordinary shares) of the Issuer as of August 14, 2026 as a single class, reported on the Issuer's current report on Form 6-K filed on August 17, 2026.


SCHEDULE 13D




Comment for Type of Reporting Person:
Represents 849,601,280 Class A ordinary shares held by Propitious Global Holdings Limited, which is wholly owned by Grain Bud Holding Limited. Calculation of percentage is based on a total of 3,435,761,272 issued ordinary shares (consisting of 3,300,858,110 Class A ordinary shares and 134,903,162 Class B ordinary shares) of the Issuer as of August 14, 2026 as a single class, reported on the Issuer's current report on Form 6-K filed on August 17, 2026.


SCHEDULE 13D




Comment for Type of Reporting Person:
Represents 849,601,280 Class A ordinary shares held by Propitious Global Holdings Limited, which is wholly owned by Grain Bud Holding Limited, which is in turn wholly owned by Z&Z Trust. Calculation of percentage is based on a total of 3,435,761,272 issued ordinary shares (consisting of 3,300,858,110 Class A ordinary shares and 134,903,162 Class B ordinary shares) of the Issuer as of August 14, 2026 as a single class, reported on the Issuer's current report on Form 6-K filed on August 17, 2026.


SCHEDULE 13D




Comment for Type of Reporting Person:
Represents (i) 38,460 Class A ordinary shares in the form of ADSs held by Oxygen Element Limited, which is wholly owned by the Reporting Person and (ii) 849,601,280 Class A ordinary shares held by Propitious Global Holdings Limited, which is wholly owned by Grain Bud Holding Limited. Grain Bud Holding Limited is wholly owned by Z&Z Trust. Calculation of percentage is based on a total of 3,435,761,272 issued ordinary shares (consisting of 3,300,858,110 Class A ordinary shares and 134,903,162 Class B ordinary shares) of the Issuer as of August 14, 2026 as a single class, reported on the Issuer's current report on Form 6-K filed on August 17, 2026.


SCHEDULE 13D


 
Propitious Global Holdings Limited
 
Signature:/s/ ZHU Yan
Name/Title:ZHU Yan, Director
Date:08/18/2026
 
Grain Bud Holding Limited
 
Signature:/s/ Rustem Limited
Name/Title:Rustem Limited, Director
Date:08/18/2026
 
Z&Z Trust
 
Signature:/s/ Cantrust (Far East) Limited
Name/Title:Cantrust (Far East) Limited as Trustee of Z&Z Trust
Date:08/18/2026
 
ZHU Yan
 
Signature:/s/ ZHU Yan
Name/Title:ZHU Yan
Date:08/18/2026