Foreign Exchange Risk - The company does not currently have significant direct foreign exchange risk as revenues and expenses in the PRC are generally denominated in RMB[718]. - Appreciation of the Renminbi against the U.S. dollar could adversely affect the RMB amount received from conversions, impacting operational costs[720]. Interest Rate Risk - Interest rate risk is primarily related to short-term bank borrowings, which bear fixed interest rates, with no anticipated material risks from market interest rate changes[721]. - Future interest expenses may exceed expectations due to potential changes in market interest rates[721]. - The company may invest net proceeds from its initial public offering in interest-earning instruments, which carry interest rate risk[722]. Fees and Charges - The depositary will charge fees for various transactions related to ADSs, including $5.00 for every 100 ADSs issued or surrendered[728]. - Additional fees may include $0.05 per ADS for cash distributions and an annual fee of $0.05 per ADS for administrative services[729]. - ADR holders are responsible for any taxes or governmental charges related to their ADSs, which may be deducted from cash distributions[738]. - The depositary may refuse services to ADR holders with unpaid fees or taxes until such amounts are settled[738]. - The company acknowledges that the depositary has no obligation to seek payment from current or former beneficial owners for any taxes owed[739].