The guaranteed bank loans are guaranteed by Mr. Fu Xiaowei and Ms. Zhang Fan, the CEO of the Group and his spouse.

The weighted average effective interest rates per annum for our guaranteed bank loans and financial institution loans were 11.09% and 6.11% as of December 31, 2025 and 2024, respectively.

Subsequently to the date of issuance of the consolidated financial statements, all the guaranteed bank loans and financial institution loans were repaid upon maturity without default.

Subsequent to December 31, 2025, certain of the Group’s Singapore subsidiaries obtained additional short-term loans from financial institutions, with the proceeds designated exclusively for growth and marketing expenses. Specifically, on February 4, 2026, YY Circle (SG) Pte. Ltd. obtained a short-term loan of S$120,000 (US$93,451) bearing interest at 37.12% per annum with a repayment period of six months (March 4, 2026 to August 4, 2026). On February 12, 2026, Hong Ye Group Pte. Ltd. obtained a short-term loan of S$250,000 (US$194,689) bearing interest at 38.00% per annum with a repayment period of 24 weeks (March 7, 2026 to August 6, 2026), YY Circle (SG) Pte. Ltd. obtained a short-term loan of S$165,000 (US$128,495) bearing interest at 38.00% per annum with a repayment period of 24 weeks (March 7, 2026 to August 6, 2026), and Property Facility Services Pte. Ltd. obtained a short-term loan of S$55,000 (US$42,832) bearing interest at 38.00% per annum with a repayment period of 18 weeks (March 7, 2026 to August 6, 2026). On February 16, 2026, Hong Ye Group Pte. Ltd. obtained an additional short-term loan of S$150,000 (US$116,813) bearing interest at 24.00% per annum with a repayment period of one year (February 15, 2026 to February 15, 2027), and YY Circle (SG) Pte. Ltd. obtained an additional short-term loan of S$100,000 (US$77,786) bearing interest at 24.00% per annum with a repayment period of one year (February 15, 2026 to February 15, 2027).

Information about the exposure of loans and borrowings to relevant financial risks (interest rate and liquidity risk) is disclosed in Note 24.

On April 24, 2024, the Company issued a warrant to the underwriter, US Tiger Securities Inc., granting the right to purchase 1,125 (56,250 prior to 50-for-1 reverse share split) of the Company’s Class A Ordinary Shares (the “2024 Warrant liabilities”). This 2024 Warrant will expire on April 22, 2027 and have an exercise price of $240 ($4.8 prior to 50-for-1 reverse share split). US Tiger Securities Inc. can elect to have cashless exercise of this warrant.

On September 10, 2025, the Company entered into a Securities Purchase Agreement with a group of institutional investors for the issuance of up to 190,477 (9,523,812 prior to 50-for-1 reverse share split) Class A Ordinary Shares together with Warrants to purchase up to 285,715 (14,285,718 prior to 50-for-1 reverse share split) Class A Ordinary Shares (the “2025 Warrant liabilities”). The combined purchase price was US$ 21 (US$0.42 prior to 50-for-1 reverse share split) per Share together with 1.5 warrants, with each warrant exercisable at US$25 (US$0.50 prior to 50-for-1 reverse share split) per Share for a term of 3.5 years. The warrants are not listed or traded on any exchange. The offering was conducted through FT Global Capital, Inc. as placement agent, with a placement fee of 7.5% of the gross proceeds. The transaction generated gross proceeds of US$4,000,001 and net proceeds of approximately US$3,415,001, after deducting placement agent commissions but before deducting other offering expenses. The offering was closed on September 11, 2025.