{"url_path":"/sec/ccgww/10-k/2026/item-11","section_key":"item-11","section_title":"Item 11 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-04-27","source_url":"https://www.sec.gov/Archives/edgar/data/1965473/0001493152-26-019130-index.html","accession_number":"0001493152-26-019130","cik":"0001965473","ticker":"CCG","issuer_name":"Cheche Group Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1965473/0001493152-26-019130-index.html","primary_entity_key":"0001965473","primary_entity_name":"Cheche Group Inc."},"word_count":825,"has_tables":true,"body_markdown":"**ITEM\n11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**\n\n \n\n**Foreign\nExchange Risk**\n\n \n\nSubstantially\nall of our revenues and costs are denominated in Renminbi. As of December 31,  2024 and 2025, our cash, cash equivalents and restricted\ncash denominated in RMB were RMB53.2 million and RMB82.7 million, accounting for 43.4% and 48.5% of our total cash, cash equivalents\nand restricted cash, respectively. We do not believe that we currently have any significant direct foreign exchange risk and have not\nhedged exposures denominated in foreign currencies or any other derivative financial instruments. Although our exposure to foreign exchange\nrisks is limited, the value of your investment in the Class A Ordinary Shares will be affected by the foreign exchange rate between U.S.\ndollars and Renminbi because the value of our business is effectively denominated in Renminbi, while the Class A Ordinary Shares will\ntrade in U.S. dollars.\n\n \n\nThe\nvalue of Renminbi against U.S. dollars is subject to changes by the central government policies and to international economic and political\ndevelopments, among other things. On July 21, 2005, the PRC government changed its policy of pegging the value of Renminbi to U.S. dollars.\nSince October 1, 2016, the Renminbi has joined the International Monetary Fund’s basket of currencies that make up the Special\nDrawing Right, along with the U.S. dollar, the Euro, the Japanese yen and the British pound. With the development of the foreign exchange\nmarket and progress towards interest rate liberalization and Renminbi internationalization, the PRC government may in the future announce\nfurther changes to the exchange rate system. It is difficult to predict how market forces and government policies may impact the exchange\nrate between the U.S. dollars and Renminbi in the future. Since June 2010, the RMB has fluctuated against the US dollar, at times significantly\nand unpredictably. For instance, while appreciating approximately by 1% against the U.S. dollar in 2019, the Renminbi in 2020 and 2021\ndepreciated approximately by 6.3% and 2.3%, respectively, against the U.S. dollar. In August 2019, Renminbi once plunged to the weakest\nlevel against the U.S. dollar in more than a decade, which raised fears of further escalation in the Sino-US trade friction as the United\nStates labeled China as a currency manipulator after such sharp depreciation. Since mid-2022, Renminbi has depreciated against the U.S.\ndollar under the joint impact of multiple factors, such as the tightening monetary policies of the United States. There is also no assurance\nthat the Renminbi will not appreciate or depreciate significantly against the U.S. dollars in the future.\n\n \n\nIt\nremains unclear what fluctuations may occur in the future. With the development of the foreign exchange market and progress towards interest\nrate liberalization and Renminbi internationalization, the PRC government may in the future announce further changes to the exchange\nrate system, and the Renminbi may appreciate or depreciate significantly against the U.S. dollar in the future.\n\n \n\nIf\nwe need to convert the U.S. dollars for our operations, appreciation of the Renminbi against the U.S. dollar would adversely affect the\nRenminbi amount we receive from the conversion. Conversely, if we were to convert Renminbi generated from our operations into U.S. dollars\nto pay dividends on the Ordinary Shares or for other purposes, appreciation of the Renminbi against the U.S. dollar would increase the\nU.S. dollar amount we receive from the conversion.\n\n \n\n163\n\n \n\n \n\n**Credit\nRisk**\n\n \n\nOur\nexposure to credit risk primarily arises from cash and cash equivalents and accounts receivable.\n\n \n\nFinancial\ninstruments that potentially subject us to the concentration of credit risk consist of cash and cash equivalents, restricted cash and\naccounts receivable. As of December 31, 2024 and 2025, our cash and cash equivalents, and restricted cash were typically unsecured\nand highly concentrated in a few major financial institutions located in China, which management consider being of high credit quality\nand continually monitors the creditworthiness of these financial institutions. ****\n\n \n\nAccounts\nreceivables are typically unsecured and arise primarily from revenue earned from our insurance transaction service business. We manage\nthe related credit risks by evaluating the creditworthiness of our insurance carrier partners and certain insurance intermediaries and\nclosely monitoring the outstanding balances of receivables due from them.\n\n \n\n**Interest\nRate Risk**\n\n \n\nOur\nexposure to interest rate risk primarily relates to the interest income generated from bank deposits, and interest expense generated\nfrom borrowings. We have not been exposed to material risks due to changes in market interest rates, and we have not used derivative\nfinancial instruments to manage our interest risk exposure. However, our future interest income may fall short of expectations or our\ninterest expense may increase, and we could be exposed to material risks due to changes in market interest rates.\n\n \n\nWe\nmay invest in interest-earning instruments. Investments in both fixed rate and floating rate interest earning instruments carry a degree\nof interest rate risk. The fair market value of fixed-rate securities may decrease due to a rise in interest rates, while floating rate\nsecurities may produce less income than expected if interest rates fall."}