According to recent news from the China Securities Regulatory Commission (CSRC), the CSRC has confirmed the filing information regarding the overseas issuance and listing of Youbao Online and 4Paradigm, as well as the "full circulation" of their unlisted domestic shares. Beijing Youbao Online Technology Co., Ltd.: We have received the filing materials for your company's overseas issuance and listing and the "full circulation" of its unlisted domestic shares. Pursuant to the provisions of the *Securities Law of the People's Republic of China*, the *Interim Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises*, the *Guidelines for the Application of "Full Circulation" of Unlisted Domestic Shares of H-share Companies* and other relevant regulations, we hereby notify you of the filing matters as follows: 1. Your company intends to issue no more than 290,283,000 overseas listed common shares and list on the Hong Kong Stock Exchange (HKEX). 2. Your company's 211 shareholders intend to convert a total of 614,239,309 unlisted domestic shares held by them into overseas listed shares, which will be listed and traded on the Hong Kong Stock Exchange. The names of the shareholders and the converted quantities are attached hereto. 3. From the date of issuance of this filing notice until the completion of this overseas issuance and listing, if any major event occurs to your company, you shall report it through the CSRC Filing Management Information System in accordance with the relevant regulations on overseas issuance and listing of domestic enterprises. 4. Within 15 working days after the completion of the overseas issuance and listing, you shall report the issuance and listing situation through the CSRC Filing Management Information System. Your company shall strictly comply with the relevant domestic and foreign laws, regulations and rules during the overseas issuance and listing and share conversion process. 5. If your company fails to complete the overseas issuance and listing and share conversion within 12 months from the date of issuance of this filing notice and intends to continue the process, you shall update the filing materials. This filing notice only confirms the filing information regarding the company's overseas issuance and listing and "full circulation", and does not indicate that the CSRC makes a substantive judgment or guarantee on the investment value of the company's securities or the returns of investors, nor does it indicate that the CSRC guarantees or confirms the truthfulness, accuracy and completeness of the company's filing materials. According to the HKEX Listing Rules, the company is required to submit the "filing notice" at least 4 business days before the date of hearing approval. This means that Youbao Online has obtained the prerequisites for conducting the Hong Kong listing hearing. If its prospectus is within the validity period, it may conduct the listing hearing on the HKEX soon. Youbao Online, as an unmanned retail operator in mainland China, has the largest nationwide network of vending machines. According to data from Frost & Sullivan, Youbao Online ranked first in the mainland China unmanned retail industry in 2019, 2020 and 2021 in terms of total transaction value and network scale. As of September 30, 2022, Youbao Online's location network has 87,565 locations, consisting of 69,963 Youbao vending machine locations and 17,602 affiliated locations, covering 288 cities and 31 provincial-level administrative regions in mainland China, of which 80.5% are concentrated in first-tier, new first-tier and second-tier cities. As of the same date, the cumulative number of transactions of Youbao Online has reached 510 million, and the cumulative number of identifiable transaction users has reached 339 million. Link to Youbao Online's prospectus: https://www1.hkexnews.hk/app/sehk/2022/104985/documents/sehk22121601326_c.pdf Beijing 4Paradigm Intelligent Technology Co., Ltd.: We have received the filing materials for your company's overseas issuance and listing and the "full circulation" of its unlisted domestic shares. Pursuant to the provisions of the *Securities Law of the People's Republic of China*, the *Interim Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises*, the *Guidelines for the Application of "Full Circulation" of Unlisted Domestic Shares of H-share Companies* and other relevant regulations, we hereby notify you of the filing matters as follows: 1. Your company intends to issue no more than 90,850,000 overseas listed common shares and list on the Hong Kong Stock Exchange (HKEX). 2. Your company's 29 shareholders intend to convert a total of 115,246,250 unlisted domestic shares held by them into overseas listed shares, which will be listed and traded on the Hong Kong Stock Exchange. The names of the shareholders and the converted quantities are attached hereto. 3. From the date of issuance of this filing notice until the completion of this overseas issuance and listing, if any major event occurs to your company, you shall report it through the CSRC Filing Management Information System in accordance with the relevant regulations on overseas issuance and listing of domestic enterprises. 4. Within 15 working days after the completion of the overseas issuance and listing, you shall report the issuance and listing situation through the CSRC Filing Management Information System. Your company shall strictly comply with the relevant domestic and foreign laws, regulations and rules during the overseas issuance and listing and share conversion process. 5. If your company fails to complete the overseas issuance and listing and share conversion within 12 months from the date of issuance of this filing notice and intends to continue the process, you shall update the filing materials. This filing notice only confirms the filing information regarding the company's overseas issuance and listing and "full circulation", and does not indicate that the CSRC makes a substantive judgment or guarantee on the investment value of the company's securities or the returns of investors, nor does it indicate that the CSRC guarantees or confirms the truthfulness, accuracy and completeness of the company's filing materials. According to the HKEX Listing Rules, the company is required to submit the "filing notice" at least 4 business days before the date of hearing approval. This means that 4Paradigm has obtained the prerequisites for conducting the Hong Kong listing hearing, and may conduct the listing hearing on the HKEX soon. 4Paradigm ranked 310th on the 2023 Hurun Global Unicorn Index with a valuation of RMB 20.5 billion (A unicorn refers to a private company with a valuation of more than US$1 billion, and the valuation is as of December 31, 2022). As an artificial intelligence software company, 4Paradigm is a leader in enterprise AI, focusing on providing platform-centric AI software that enables enterprises to develop their own decision-making AI applications, helping enterprises achieve rapid large-scale transformation and implementation, explore the implicit laws in data and comprehensively improve their decision-making capabilities. According to the CIC Consulting report, 4Paradigm ranked first in China's platform-centric decision-making AI market in terms of 2022 revenue, with a market share of approximately 22.6%. https://www1.hkexnews.hk/app/sehk/2023/105341/documents/sehk23042402458_c.pdf © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting Management Co., Ltd. is the domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. Both companies are under the same actual controller, operate in accordance with the one-China principle, and comply with the laws of Hong Kong and mainland China.