Here Group Ltd

QuantaSing Group Limited is a Cayman Islands holding company that provides investors with exposure to foreign investment in China-based companies. The company utilizes a Variable Interest Entity (VIE) structure because PRC law restricts direct foreign investment in certain operating companies, such as value-added telecommunication services and other internet-related businesses. Neither QuantaSing Group Limited nor its Wholly Foreign-Owned Enterprises (WFOEs) owned any equity interests in the affiliated entities. The historical contractual arrangements with the VIEs and their nominee shareholder were not equivalent to an investment in the equity interest of the VIEs, and investors may never hold equity interests in the Chinese operating companies, including the affiliated entities. QuantaSing Group Limited was regarded as the primary beneficiary of the VIEs and consolidated the financial results of the affiliated entities under U.S. GAAP. Investors in the ADSs are purchasing the equity securities of QuantaSing Group Limited, the Cayman Islands holding company, rather than the equity securities of its operating entities. CreaVerse Technology (Singapore) Pte. Limited and CreaVerse Technology (HK) Limited have established entities in Indonesia, Malaysia, Thailand, and Vietnam, including wholly-owned subsidiaries, consolidated entities controlled through contractual arrangements, and joint ventures. The company, through its WFOEs, conducts its current operations in China.