Token Cat Ltd

We are an exempted company with limited liability incorporated in the Cayman Islands. We commenced our automobile group-purchase facilitation business in 2010. We began our auto show business in the fourth quarter of 2016, and we expanded our auto shows to tier-3 and below cities in 2017. We no longer operate this business segment, and it constitutes discontinued operations. In the last quarter of 2025, we disposed of substantially all of our legacy business segments in a series of transactions that closed in October 2025. As of the date of this Annual Report, we operate only an automobile electronics resale business that we launched in the last quarter of 2025. This business segment focuses on delivering specified automotive electronic components to customers at negotiated prices. Previously, we conducted our business through our subsidiaries and the VIEs in China. Over the past few years, we underwent a series of restructurings. In particular: Incorporation of the listing entity . In September 2012, we incorporated Token Cat Limited (formerly known as TuanChe Limited) as a holding company and proposed listing entity in the Cayman Islands. Incorporation of Hong Kong and PRC subsidiaries . In October 2012, we established a wholly-owned subsidiary in Hong Kong, TuanChe Information Limited. In January 2013, we also established a wholly-owned subsidiary in China, TuanYuan Internet Technology (Beijing) Co., Ltd. ( TuanYuan ), through which we obtained control over TuanChe Internet Information Service (Beijing) Co., Ltd.