Company Overview - Token Cat Limited, formerly known as TuanChe Limited, is a leading automotive marketplace in China, founded in 2010 [5] - The company connects automotive consumers with manufacturers, dealers, and service providers, offering comprehensive marketing and transaction services [5] - Token Cat utilizes an interactive many-to-many model to transform individual car purchases into large-scale group buying experiences [5] - The company is exploring entry into the cryptocurrency sector [5] ADS Ratio Change Announcement - Token Cat plans to change the ratio of its American depositary shares (ADSs) from 1 ADS representing 240 Class A ordinary shares to 1 ADS representing 4,800 Class A ordinary shares, effective on or about August 29, 2025 [1][2] - This change will effectively act as a one-for-twenty reverse ADS split for ADS holders [2] - The exchange of existing ADSs for new ADSs will occur automatically, with no action required from holders [2] Fractional ADSs and Trading - No fractional new ADSs will be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [3] - There will be no change to the Company's Class A ordinary shares, and the ADSs will continue to trade on the Nasdaq Capital Market under the symbol "TC" [4] - The ADS price is expected to increase proportionally as a result of the ADS Ratio Change, although no assurance can be given regarding the price post-change [4]

Core Viewpoint - CNFinance Holdings Limited plans to change the ratio of its American depositary shares (ADSs) to its Class A ordinary shares from 1:20 to 1:200, which is equivalent to a one-for-ten reverse ADS split [1][2]. Group 1: ADS Ratio Change - The new ADS Ratio will be effective on or about September 5, 2025, subject to regulatory approval [2]. - Existing ADS holders will need to surrender ten current ADSs to receive one new ADS [3]. - No fractional new ADSs will be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [4]. Group 2: Impact on Trading and Company Overview - The change in the ADS Ratio is expected to lead to a proportional increase in the ADS trading price, although no assurance can be given that the price will be ten times the previous trading price [5]. - CNFinance is a leading home equity loan service provider in China, focusing on micro- and small-enterprise owners in major cities [6].