Currency Exchange Risk We are exposed to currency exchange risks arising from various currency exposures. While a majority of our revenues and expenses are denominated in U.S. dollars, some of our expenses and revenues are denominated in various other foreign currencies, such as Renminbi, Euro, Singapore dollars, Japanese yen, Indonesian rupiah, Vietnamese dong, Thai baht, Malaysian ringgit, Turkish lira, among other currencies. We do not rely on any single currency as we earn revenue in different local currencies across our markets and keep a significant cash position in U.S. dollars. Our expenses may become higher and our revenue and operating metrics may become lower than would be the case if exchange rates were stable or if we were operating and reporting in one currency. For example, if the U.S. dollar weakens relative to currencies in our local markets, our revenue and operating expenses will be higher than if currencies had remained constant. Likewise, if the U.S. dollar strengthens relative to currencies in our local markets, our revenue and operating expenses will be lower than if currencies had remained constant. Movements in foreign currency exchange rates may have a material adverse effect on our results of operations, which may cause our financial and operational metrics reported in the U.S. dollar to be not fully representative of the underlying business performance. We believe that our diversification in geographic coverage benefits our shareholders over the long-term. We had used and may enter into derivative financial instruments including the forward exchange contracts to hedge our exposure to potential foreign currency risks. See “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in the Jurisdictions Where We Operate— Fluctuations in foreign currency exchange rates may adversely affect our operational and financial results, which we report in U.S. dollars.” As of December 31, 2025, we had RMB-denominated cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, long-term deposits, short-term investment and restricted short-term deposits of RMB3,114.8 million. A 10% depreciation of Renminbi against the U.S. dollars based on the foreign exchange rate on December 31, 2025 would result in a decrease of US$44.3 million in cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, long-term deposits, short-term investment and restricted short-term deposits. A 10% appreciation of Renminbi against the U.S. dollars based on the foreign exchange rate on December 31, 2025 would result in an increase of US$44.3 million in cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, long-term deposits, short-term investment and restricted short-term deposits. 143 Table of Contents Interest Rate Risk Our exposure to interest rate risk primarily relates to the interest income generated by excess cash, which is mostly held in interest-bearing bank deposits. Interest-earning instruments carry a degree of interest rate risk. We have not been exposed to, nor do we anticipate being exposed to, material risks due to changes in market interest rates. However, our future interest income may fall short of expectations due to changes in market interest rates. Based on our interest instruments as of December 31, 2025, a hypothetical one percentage point decrease in interest rates would have resulted in a decrease of US$22.0 million in our total amount of net interest income. ​