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...Risk Factors” that appear in the Annual Report, which is incorporated by reference herein, the “Risk Factors” section beginning on page 13 of this prospectus, and the risk factors contained in any applicable prospectus supplement or in the other documents that are filed after the date hereof and incorporated by...

...For further details, see “ Risk Factors - Risks Related to Our Corporate Structure” and “Risk Factors - Risks Related to Doing Business in China ” in this prospectus, and “ Item 3. Key Information - D. Risk Factors - Risks Related to Our Corporate Structure ” and “ Item 3. Key Information - D. Risk Factors - Risks Related to...

...Before buying any Class A ordinary shares, you should carefully read the discussion of the material risks of investing in our Class A ordinary shares under the heading “Risk Factors” of this prospectus and “ Item 3. Key Information - D. Risk Factors” in the 2025 Annual Report. There are significant legal...

...15 RISK FACTORS Investing in our securities involves risks. Before making an investment decision, you should carefully consider the risks described under “Risk Factors” in the applicable prospectus supplement and under the heading “Item 3. Key Information-D. Risk Factors” in the 2025 Annual Report, which is incorporated in this...

EX-99 5 exhibit9910qq12024rf.htm EX-99 Document Exhibit 99 Risk Factors Risk Factors included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, as supplemented by Part II, Item 1A of our Quarterly Report on Form 10-Q for the...

EX-99 5 exhibit9910qq12025rf.htm EX-99 Document Exhibit 99 Risk Factors Risk Factors included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by Part II, Item 1A of our Quarterly Report on Form 10-Q for the...

...See “Risk Factors - Risks related to our business and industry - Our PRC subsidiary may be required to obtain and maintain additional approvals, licenses or permits applicable to our business, which could have a material adverse impact on our business, financial conditions and results of operations” and “Risk Factors - Risks associated...

...See “Risk Factors - Risks related to our business and industry - Our PRC subsidiary may be required to obtain and maintain additional approvals, licenses or permits applicable to our business, which could have a material adverse impact on our business, financial conditions and results of operations” and “Risk Factors - Risks associated...

...See “Risk Factors -Risks related to our business and industry - Our PRC subsidiary may be required to obtain and maintain additional approvals, licenses or permits applicable to our business, which could have a material adverse impact on our business, financial conditions and results of operations” and “Risk Factors - Risks associated...

...For a detailed description of the risks facing the Company and HSY’s operations in Hong Kong, please refer to “ Risk Factors - Risk Factors Relating to Doing Business in Hong Kong. ” set forth in the Annual Report. 19 There are prominent legal and operational risks associated with our operations being...

...RISK FACTORS We have provided updated Risk Factors in the section labeled “Risk Factors” in “Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We do not believe those updates have materially changed the type or magnitude of the risks we face in...

...12 Table of Contents RISK FACTORS Investing in our securities involves risks. Before making an investment decision, you should carefully consider the risks described under “Risk Factors” in the applicable prospectus supplement and under the heading “ Item 3. Key Information-D. Risk Factors ” in the 2024 Annual Report, which is...

...RISK FACTORS We have provided updated Risk Factors in the section labeled “Risk Factors” in “Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We do not believe those updates have materially changed the type or magnitude of the risks we face in...

...For a detailed description of the risks facing the Company and HSY’s operations in Hong Kong, please refer to “ Risk Factors - Risk Factors Relating to Doing Business in Hong Kong. ” set forth in the Annual Report. 18 There are prominent legal and operational risks associated with our operations being...

...RISK FACTORS We have provided updated Risk Factors in the section labeled “Risk Factors” in “Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We do not believe those updates have materially changed the type or magnitude of the risks we face in...

...The following is a summary of certain key risk factors for investors in the securities. You should read this summary together with the more detailed description of risks relating to an investment in the securities contained in the section “Risk Factors Relating to the Securities” beginning on page EA-7...

...The following is a summary of certain key risk factors for investors in the securities. You should read this summary together with the more detailed description of risks relating to an investment in the securities contained in the section “Risk Factors Relating to the Securities” beginning on page EA-7...

...The following is a summary of certain key risk factors for investors in the securities. You should read this summary together with the more detailed description of risks relating to an investment in the securities contained in the section “Risk Factors Relating to the Securities” beginning on page EA-7...

...See “Summary Risk Factors” beginning on page PS-6 and “Risk Factors” beginning on page PS-5 of the accompanying product supplement and beginning on page S-1 of the accompanying prospectus supplement. Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved...

...The following is a summary of certain key risk factors for investors in the securities. You should read this summary together with the more detailed description of risks relating to an investment in the securities contained in the section “Risk Factors Relating to the Securities” beginning on page EA-7...