Pony Group Inc.

Pony Group Inc. is a U.S. holding company incorporated in Delaware on January 7, 2019, with operations conducted through its subsidiaries. On March 7, 2019, Pony Group Inc. acquired 100% of the shares of Pony Limousine Services Limited ("Pony HK"), a limited liability company formed in Hong Kong on April 28, 2016. Pony HK's registered office is located at Flat/Rm 01 11/F, Lucky Comm Bldg, 103 Des Voeux Rd West, Sheung Wan, Hong Kong. On February 2, 2019, Universe Travel Culture & Technology Ltd. ("Universe Travel") was incorporated as a wholly-owned subsidiary of Pony HK in the People's Republic of China. The company does not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity (VIE) structure with any entity in China. Investors in Pony Group Inc. directly hold equity interests in the U.S. holding company and are dependent upon dividends and other distributions from its Hong Kong and PRC subsidiaries to finance cash flow needs. The ability to receive these distributions is significantly affected by regulations from Hong Kong and PRC authorities.