Common use of TO FOREIGN INVESTMENT RESTRICTIONS Clause in Contracts

TO FOREIGN INVESTMENT RESTRICTIONS. Foreign investment activities in the PRC are mainly governed by the Special Administrative Measures (Negative List) for Foreign Investment Market Access (2021 Version) (外商投資准入特別管理措施 （負面清單）（2021 年版）) and the Catalog of Industries for Encouraging Foreign Investment (2020 Version) (鼓勵外商投資產業目錄(2020年版)) (collectively, the “Investment Restrictions”), which were promulgated and are amended from time to time jointly by the MOFCOM and the NDRC. The Investment Restrictions sets out a list of industries in which foreign investment is restricted or prohibited. A summary of our businesses that are subject to foreign investment restriction or prohibition are set out below: Each of our recorded fitness video courses and live streaming business constitutes “internet audio-visual program services” (網絡視聽節目服務), which requires an Audio-Visual License or registration on the “National Internet Audio-Visual Platforms Information Management System” (全國網絡視聽平台信息登記管理系統). According to the Investment Restrictions and other applicable PRC Laws, foreign investors are prohibited from holding equity interest in an enterprise carrying out the business of transmission of audio- visual programs via information network. As of the Latest Practicable Date, our Keep app, operated by Onshore Holdco, has been registered in the National Internet Audio-visual Platforms Information Management System (全國網絡視聽平台信息登記管理系統).