Tuopu trades as a Shanghai A-share (601689) and is A-share-only today. We announced plans on December 1, 2025 to issue H-shares and list in Hong Kong, though the listing is planned but not yet completed and carries some uncertainty. For investors able to access China A-shares directly, the Shanghai listing is already reachable — the Hong Kong listing would open a cleaner route for an international book, not a precondition for ownership.