As of December 31, 2020, 7,889 Class A ordinary shares were held by Ms. Peng in the form of 1,127 ADSs, and 6,410,777 Class B ordinary shares were directly held by Rosy Range Global Limited. Rosy Range Global Limited is wholly owned and controlled by Next Wave International Limited. Next Wave International Limited is controlled by Javabean Trust, a trust established under the laws of the British Virgin Islands and managed by Vistra trust (BVI) Limited, as the trustee. Ms. Peng is the settlor of Javabean Trust, and Ms. Peng and her family members are the trust’s beneficiaries. Under the terms of the trust, Ms. Peng has the power to direct the trustee with respect to the retention or disposal of, and the exercise of any voting and other rights attached to, the shares held by Rosy Range Global Limited.
The percentage of class of securities beneficially owned by the Reporting Person is based on a total of 303,071,854 ordinary shares (being the sum of 252,132,334 Class A ordinary shares and 50,939,520 Class B ordinary shares) of the Issuer outstanding as of December 31, 2020 as a single class. Class B ordinary shares are convertible at any time by the holder thereof into Class A ordinary shares on a one-for-one basis. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.
The percentage of voting power is calculated by dividing the voting power beneficially owned by the Reporting Person by the voting power of all of the Issuer’s Class A ordinary shares and Class B ordinary shares as a single class as of December 31, 2020. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of Class B ordinary shares is entitled to fifteen votes per share, subject to certain conditions, on all matters submitted to them for vote.
| | |
| |
Item 5. | | Ownership of Five Percent or Less of a Class: |
| |
| | If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [X]. |
| |
Item 6. | | Ownership of More than Five Percent on Behalf of Another Person: |
| |
| | Not applicable |
| |
Item 7. | | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Controlling Person: |
| |
| | Not applicable |
| |
Item 8. | | Identification and Classification of Members of the Group: |
| |
| | Not applicable |
| |
Item 9. | | Notice of Dissolution of Group: |
| |
| | Not applicable |
| |
Item 10. | | Certifications: |
| |
| | Not applicable |