…but we see client concentration risks: Miracle Automation, who holds 30% of equity in UBTech's subsidiary Wuxi Uqi (36% held by UBTech), was UBTech's largest customer in 2021/2023/2024. The top five largest clients accounted for 71%/53%/34% of sales in 2022/2023/2024 (Ex. 11-13). We see a possible delay in EasyHome's order for 500 "Una" robots for its furniture stores in 2025 amid a sluggish renovation market. Equity dilution: UBTech has conducted five equity placements since its IPO at discounts of 9-20%, ...