Material Huawei risk embedded in the shares of Cheche Group Inc.

There is a group structure chart of Beijing Che Yu Che Technology Co., Ltd.("北京车与车科技有限公司", usually referred to as 车车科技 or Cheche Technology in China) disclosed by Cheche Group Inc., which is listed in the United States through a VIE structure,in its annual report on 27th September 2023. It was stated by Cheche Group Inc.that Cheche Technology Inc. ,a wholly owned subsidiary thereof, generates revenue primarily from transaction service fees paid by insurance carriers and certain intermediaries, typically calculated as a percentage of the insurance premiums paid by consumers and needs to provide high quality insurance transaction services and SaaS solutions and help them reach and serve their target consumers.

As depicted by Huawei's website and the picture therein (attached thereafter), Beijing Che Yu Che Technology Co., Ltd.uploads consumers' driving licenses and ID cards to OBS and Huawei's OCR driving license and ID card identification service interfaces, relying on Huawei Cloud's massive data and Huawei("华为")'s AI algorithm to identify driving license and ID card information.It's not a news that Huawei is closely related to Chinese Communist Army(a/k/a Chinese People's Liberation Army, "中国人民解放军","匪军",PLA, or any other alias) either as a supplier to PLA or a tool of PLA or Chinese Communist Party (a/k/a "中国共产党","中國共產黨","中共","共匪","黄俄党", "黃俄黨", CCP, CPC, Communist Party of China, or any other alias). It was stated that Cheche Technology Inc. has incurred significant costs and expenses in building its platform,.... It was disclosed that its "employees, ecosystem participants and other third parties may engage in misconduct or other improper activities, which could subject us to financial losses or regulatory sanctions and seriously harm our reputation. This misconduct could include unauthorized activities resulting in unknown risks or losses, improper use of confidential or privacy information or fraudulent and other illegal or improper activities". But Cheche Group Inc. failed to describe whether ecosystem participants and other third parties include Huawei, Hikvision or other bad actors which are tools of PLA and CCP.Lei Zhang (张磊),Chairman and Co-Chief Executive Officer of Cheche Group Inc. and legal representative of Beijing Che Yu Che Technology Co., Ltd.,served as a senior manager in global technology service department at Huawei Technologies Co., Ltd.(华为技术有限公司) from 2001 to 2006，according to the annual report.