Exhibit 10.3

 

Execution Version

 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND
REPLACED WITH “[...***...].” A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN
FILED SEPARATELY WITH THE SECRETARY OF THE U.S. SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING
CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 UNDER THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED.

 

Shareholder Loan Contract

 

with respect to

 

BeiGene Biologics Co., Ltd

 

between

 

Guangzhou GET Technology Development Co., Ltd.

 

and

 

BeiGene Biologics Co., Ltd

 

Date: March 7, 2017

 

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This Shareholder Loan Contract (“this Contract”) is entered into on March 7,
2017 by and between:

 

Guangzhou GET Technology Development Co., Ltd., a limited liability company
incorporated under the laws of the People’s Republic of China (the “PRC” or
“China”), with its registered place of business at Room 901, No.237 Science
Avenue, Science City, Guangzhou High-tech Industrial Development Zone, the PRC
(“GET”); and

 

BeiGene Biologics Co., Ltd., a limited liability company incorporated under the
laws of the PRC, with its registered place of business at Zibian Room 168,
No.333 Jiufo Jianshe Road, Sino-Singapore Guangzhou Knowledge City, Guangzhou,
PRC (the “Company” or “BeiGene Biologics”).

 

GET and the Company are individually referred as a “Party” and collectively as
the “Parties” hereinafter.

 

WHEREAS:

 

(1)                       As of the date of this Contract, BeiGene Biologics is
a foreign invested enterprise registered in Sino-Singapore Guangzhou Knowledge
City under the PRC law by BeiGene (Hong Kong) Co., Limited (“BeiGene”);

 

(2)                       A Capital Increase Agreement with respect to BeiGene
Biologics Co., Ltd., (the “Capital Increase Agreement”) is entered into by and
among BeiGene, GET and BeiGene Biologics on the date hereof, and an Equity Joint
Venture Contract regarding BeiGene Biologics Co., Ltd. (the “Joint Venture
Contract”) is entered into by and between BeiGene and GET on the date hereof.
Pursuant to the Capital Increase Agreement and the Joint Venture Contract,
BeiGene and GET will jointly subscribe for the additional registered capital of
BeiGene Biologics and convert BeiGene Biologics from a wholly foreign owned
enterprise to a Sino-foreign equity joint venture enterprise. Upon the
completion of the aforesaid capital increase, BeiGene will hold 95% equity
interest in BeiGene Biologics and GET will hold 5% equity interest in BeiGene
Biologics;

 

(3)                       BeiGene Biologics will engage in R&D (including,
without limitation, clinical research and fundamental research projects) and
manufacturing of biologics ([...***...]). BeiGene Biologics has established its
wholly owned subsidiary BeiGene Guangzhou Biologics Manufacturing Co., Ltd.
(“BeiGene GZ

 

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filing and filed separately with the U.S. Securities and Exchange Commission.

 

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Factory”) in Sino-Singapore Guangzhou Knowledge City. By purchasing the state of
the art biologics manufacturing equipment, BeiGene GZ Factory intends to
construct a factory, on the land to be acquired by itself in Sino-Singapore
Guangzhou Knowledge City, to be capable for commercial manufacturing of
biologics (collectively referred to as the “Project”);

 

(4)                       In accordance with and subject to the Joint Venture
Contract, in order to support the construction and operation of the Project, GET
agrees to provide a shareholder loan to BeiGene Biologics, and BeiGene Biologics
agrees to accept such shareholder loan, in accordance with the terms and
conditions of this Contract.

 

Therefore, on basis of the premises and mutual obligations hereof, it is agreed
by the Parties as follows:

 

Article 1 Definitions and Interpretations

 

1.1                               In this Contract, the following terms shall
have the following respective meanings:

 

“Affiliate” has the meaning set forth in the Joint Venture Contract;

 

“BeiGene” has the meaning set forth in the Preamble hereof;

 

“BeiGene GZ Factory” has the meaning set forth in the Preamble hereof;

 

“[...***...]” means [...***...];

 

“Business Day” means any day other than a Saturday, Sunday, or a statutory
holiday in the PRC;

 

“Capital Increase Agreement” has the meaning set forth in the Preamble hereof;

 

“[...***...]” has the meaning set forth in Section 10.2 hereof;

 

“CFDA” has the meaning set forth in the Joint Venture Contract;;

 

“Debt-to-Equity Conversion” has the meaning set forth in the Joint Venture
Contract;

 

“Capital Increase Agreement of Debt-to-Equity Conversion” has the meaning set
forth in the Joint Venture Contract;

 

“Dispute” has the meaning set forth in Section 10.1 hereof;

 

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“Amount of Misappropriation” has the meaning set forth in Section 7.3 hereof;

 

“Joint Venture Contract” has the meaning set forth in the Preamble hereof;

 

“Person” means any individual, partnership, limited partnership, corporation,
limited liability company, association, joint stock company, trust, joint
venture, consortium, unincorporated organization, other entity or a government
authority;

 

“Project” has the meaning set forth in the Preamble hereof;

 

“PRC” or “China” has the meaning set forth in the Preamble, and for the purpose
of this Contract, excludes Hong Kong Special Administrative Region, Macau
Special Administrative Region and Taiwan;

 

“Repayment Day” has the meaning set forth in Section 5.1 hereof;

 

“RMB” or “Renminbi” means the lawful currency of the PRC;

 

“Shareholder Loan” has the meaning set forth in Section 2.1 hereof;

 

“Special Audit” has the meaning set forth in Section 7.3 hereof.

 

1.2                               When a reference is made in this Contract to
an Article, Section, Clause, Exhibit, Appendix, Schedule, Recitals or Preamble,
such reference is to such items as they relate to this Contract and such items
shall be deemed to form an integral part of this Contract.

 

1.3                               The table of contents and headings in this
Contract are for reference purposes only and do not affect in any way the
meaning or interpretation of this Contract.

 

1.4                               Whenever the words “include”, “includes” or
“including” are used in this Contract, they are deemed to be followed by the
words “without limitation”.

 

1.5                               The words “hereof,” “herein” and “hereunder”
and words of similar import, when used in this Contract, refer to this Contract
as a whole and not to any particular provision of this Contract.

 

1.6                               The definitions contained in this Contract are
applicable to the singular as well as the plural forms of such terms.

 

1.7                               Any law defined or referred to herein or in
any contract or instrument that is referred to herein means such law or statute
as from time to time amended, modified or supplemented, including by succession
of comparable successor

 

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laws.

 

1.8                               A reference to a document is a reference to
such document as modified or amended from time to time.

 

1.9                               Unless otherwise explicitly provided, the
dates and times referred to herein are in Beijing time.

 

Article 2 Loan

 

2.1                               GET shall provide a shareholder loan in the
total amount of RMB900,000,000 (say, nine hundred million Renminbi yuan) (the
“Shareholder Loan”) to BeiGene Biologics in accordance with the timeline set
forth in Section 4.1 hereof.

 

2.2                               Restriction on usage: the Shareholder Loan
under this Contract shall only be used for the Project purpose, including the
construction of BeiGene GZ Factory, and R&D and clinical trials to be carried
out by BeiGene Biologics[...***...].

 

2.3                               The term of the Shareholder Loan under this
Contract shall be 72 calendar months commencing from the actual drawdown date.

 

Article 3 Interest Rate

 

3.1                               The annual interest rate of the Shareholder
Loan under this Contract shall be 8% and the compound interest shall not apply.
Subject to Section 5.2 hereunder, no interest shall be due and payable prior to
the Repayment Day of the Shareholder Loan.

 

3.2                               The Shareholder Loan interest under this
Contract shall be calculated from the actual drawdown date, based on the actual
balance of the Shareholder Loan and the lending days (including the first day,
excluding the last day) and assuming 365 days for one year.

 

Article 4 Drawdown of Shareholder Loan

 

4.1                               The Shareholder Loan hereunder shall be
provided by GET in one lump-sum and the drawdown of principal shall not be later
than March 31, 2017. GET

 

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shall deposit the Shareholder Loan in RMB cash to the account designated by the
Company in writing.

 

4.2                               If BeiGene Biologics needs to postpone the
drawdown date, BeiGene Biologics shall serve a written notice to GET [...***...]
before the drawdown date set forth in Section 4.1, which notice shall specify
the reason for postponing the drawdown and the new drawdown date. GET shall
provide the Shareholder Loan on the date specified in such notice. BeiGene
Biologics shall indemnify GET for its interest loss as the result of the
postpone of drawdown (i.e., the difference of the amount of interest calculated
pursuant to Article 3 hereof with respect to the postponed amount of Shareholder
Loan during the postponed period exceeding the interest for the same amount of
Shareholder Loan during the same time period by applying the current deposit
interest rate).

 

4.3                               BeiGene Biologics shall submit the following
documents to or assist GET in completing the following matters:

 

a)                  At the same time with drawdown, the issuance of the receipt
of drawdown in accordance with the form set forth in Appendix 1 hereof, and

 

b)                  Not later than the drawdown, all the registered capital of
the Company subscribed by BeiGene which is due for contribution (if any) has
been fully contributed by BeiGene in accordance with the Capital Increase
Agreement and the Joint Venture Contract.

 

4.4                               The actual drawdown date and the Repayment Day
of the Shareholder Loan shall be subject to the receipt to be issued in
accordance with Article 4.3(a). The receipt shall constitute an integral part of
this Contract. Except for the actual drawdown date and Repayment Day, if there
is any inconsistency between the receipt and this Contract, this Contract shall
prevail.

 

Article 5 Repayment

 

5.1                               Subject to Article 4.4, the repayment date of
the Shareholder Loan under this Contract shall be March 30, 2023 (the “Repayment
Day”). On the Repayment Day, BeiGene Biologics shall be obliged to repay all the
outstanding principal and interest of the Shareholder Loan in one lump-sum.

 

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filing and filed separately with the U.S. Securities and Exchange Commission.

 

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5.2                               When GET completes the Debt-to-Equity
Conversion with all or part of the amount of the Shareholder Loan with the
accrued interest pursuant to Article 12 of the Joint Venture Contract and the
Capital Increase Agreement of Debt-to-Equity Conversion, BeiGene Biologics shall
be regarded as having repaid the Shareholder Loan in advance to the extent of
the converted amount. For the avoidance of doubt, the above-mentioned amount can
be deemed as the repayment to both the principal and the interest of Shareholder
Loan, but shall be deemed as repayment to the interest first. Unless otherwise
agreed by the Parties in writing, the balance on top of the converted
Shareholder Loan (with accrued interest) after the Debt-to-Equity Conversion in
accordance with Article 12 of the Joint Venture Contract shall be repaid by
BeiGene Biologics on the Repayment Day.

 

5.3                               The Company shall have the right to make early
repayment at any time and there shall be no limit on the times and amount of the
early repayment; provided however that, unless otherwise agreed by the Parties
in writing, before the closing of the Debt-to-Equity Conversion under the
Capital Increase Agreement of Debt-to-Equity Conversion, BeiGene Biologics shall
not make early repayment in any method other than the Debt-to-Equity Conversion.

 

5.4                               The Parties agree that BeiGene Biologics or
any of its Affiliates will not provide guarantee for the Shareholder Loan under
this Contract. Notwithstanding the foregoing, upon occurrence of the
circumstance prescribed in Section 12.5 of the Joint Venture Contract, the
Parties may, within the period set forth in Section 12.5 of the Joint Venture
Contract, [...***...] as for the Shareholder Loan, and complete the execution of
necessary legal documents and the related registration of guarantee if so
required by applicable laws:

 

[...***...].

 

For the avoidance of doubt, both Parties shall carry out the negotiation based
on the above candidate plans by following the sequence of priority set forth
above. If the Parties fail to reach any agreement on any guarantee arrangement
or repayment method within [...***...] of the commencement of negotiation,
BeiGene Biologics shall [...***...], and shall procure the execution of
necessary legal documents and complete the related registration of such
guarantee, if so required, within the period set forth in Section 12.5 of the
Joint Venture Contract.

 

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* Confidential Information, indicated by [...***...], has been omitted from this
filing and filed separately with the U.S. Securities and Exchange Commission.

 

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Article 6 Representations and Warranties

 

6.1                               In addition to any representations and
warranties otherwise made in this Contract, each Party hereby represents and
warrants to the other Party that on the date hereof:

 

a)                  it is a corporate entity duly organized and validly existing
under the laws of the jurisdiction of its incorporation and is in compliance
with all requirements of laws of the jurisdiction of its incorporation;

 

b)                  it has full corporate power and authority, and all necessary
authorizations (to GET, including the approval/filing of State-owned Assets
Supervision and Administration Commission) and third party consents to enter
into this Contract and to perform its obligations under this Contract, and has
taken all necessary actions to authorize its entry into and performance of this
Contract;

 

c)                   its representative(s) have been fully authorized to sign
this Contract on its behalf;

 

d)                  this Contract shall constitute its legal, valid, binding and
enforceable obligations once this Contract become effective;

 

e)                   the execution, delivery and performance of this Contract
will not violate in any way its business license, certificate of incorporation,
corporate constitutional documents, or any applicable laws, rules, decrees,
authorizations or approvals, or any provisions of any contractual arrangements
to which it is a party or is otherwise bound;

 

f)                    no directors or employees of either Party have received,
requested, offered, or given anything of value, nor any financial or other
advantages, in connection with the negotiation, execution, delivery, or
performance of this Contract;

 

g)                   no litigation or legal proceeding of any arbitrator or
government authority is pending (or, to the knowledge of such Party, threatened)
against such Party that may lead to or cause material adverse effect to: (a) its
execution and delivery of this Contract; and (b) its performance of this
Contract; and

 

h)                  in any proceedings taken by any Person in its jurisdiction
of incorporation in relation to this Contract or the transactions contemplated
hereby, it will not be entitled to claim for itself or any of

 

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its assets immunity from arbitration, suit, execution, attachment or other legal
process.

 

6.2                               BeiGene Biologics undertakes that it shall:

 

a)                  use the Shareholder Loan for the purpose provided hereunder;

 

ii.                    submit the audited financial report of BeiGene Biologics
of the fiscal year to GET within [...***...] after the end of every fiscal year
or a later time otherwise agreed by the Parties;

 

iii.                 allow GET to participate in the management of BeiGene
Biologics in accordance with Chapters 9 and 10 of the Joint Venture Contract;
and

 

iv.                upon the occurrence of any event that will give rise to a
[...***...] which may materially jeopardize the capability of BeiGene Biologics
to repay the Shareholder Loan, notify GET in writing within [...***...] of the
occurrence of such event.

 

6.3                               GET undertakes to timely and fully extend the
Shareholder Loan pursuant to the provisions hereof.

 

Article 7 Breach of Contract

 

7.1                               In the event that GET fails to grant the loan
in full according to the timetable set forth in Section 4.1 hereof, GET shall
promptly rectify, and pay [...***...] of the overdue amount to BeiGene Biologics
as the liquidated damage for each day during the time period from the due date
provided in Section 4.1 to the actual drawdown date of the entire Shareholder
Loan.

 

7.2                               In the event that BeiGene Biologics fails to
repay the principle and interest of the Shareholder Loan in full according to
the time limit set forth in Section 5.1 hereof, BeiGene Biologics shall promptly
rectify, and pay [...***...] of the overdue amount to GET as the liquidated
damage for each day during the time period from the Repayment Day provided in
Section 5.1 to the actual full repayment day.

 

7.3                               The Parties agree that, to ensure the
Shareholder Loan being used for this Project, in the sole event that
[...***...], GET may [...***...] send a written notice to BeiGene Biologics to
request the initiation of a special audit (the “Special Audit”). The Parties
shall, within [...***...] from the issuance of the

 

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filing and filed separately with the U.S. Securities and Exchange Commission.

 

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aforesaid notice by GET, jointly engage an internationally reputable accounting
firm, to complete the Special Audit and deliver the Special Audit report to both
Parties simultaneously within [...***...] of the engagement of such firm in
accordance with this section. The Special Audit shall be conducted in the way
that the disturbance to normal operation of BeiGene Biologics [...***...] shall
be minimized. The expenses of the Special Audit shall be borne by GET.

 

If the aforementioned Special Audit report identifies that the total amount of
(i) the expenses invested by BeiGene Biologics [...***...] into the clinical
research and development of [...***...] (including without limitation,
[...***...]) within [...***...] after the actual drawdown date of the
Shareholder Loan and (ii) the amount of “cash and cash equivalents” recorded in
the cash flow statement of BeiGene Biologics as of the end of [...***...] is
less than [...***...], the balance of the actual expenses up to [...***...] (the
“Amount of Misappropriation”) shall be recovered and supplemented into the
research and development of [...***...]; meanwhile, BeiGene shall be obliged to:

 

(i)                 pay the liquidated damage equivalent to [...***...]; or

 

(ii)              upon the request of GET, include the foregoing liquidated
damage in the amount subject to the Debt-to-Equity Conversion based on the
Post-Money Fair Market Value (as defined in the Joint Venture Contract)
calculated pursuant to Section 12.2 of the Joint Venture Contract, given that
the liquidated damage set forth in the aforesaid item (i) reaches or exceeds
[...***...] and has not been paid in full by BeiGene Biologics in cash.

 

7.4                               For the purpose of clarity, with respect to
any breach under any Project Document, if either Party and/or any of its
Affiliates has been indemnified in accordance with this Contract, then such
Party shall not file any claim based on the same breach or event in accordance
with any other Project Document, and shall not be entitled to double recovery or
multiple recovery.

 

Article 8 Acceleration

 

8.1                               In the event of early termination of the Joint
Venture Contract in accordance with the terms thereof, the Repayment Day
hereunder shall be automatically due at the date of termination of the Joint
Venture Contract. For the avoidance of doubt, however, provided that a transfer
of the equity interest in

 

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BeiGene Biologics under Section 44.4 of the Joint Venture Contract occurs after
the early termination thereof pursuant to Article 44 of the Joint Venture
Contract, it shall not be a breach on the part of BeiGene Biologics under
Section 7.2 hereof if BeiGene Biologics, until the completion of the aforesaid
equity transfer, fails to pay the outstanding balance of the Shareholder Loan’s
principal and accrued interest due and payable at such accelerated Repayment
Day, and accordingly BeiGene Biologics shall not be subject to the liquidated
damage payable to GET in accordance with Section 7.2 hereof, though the interest
shall be continuously accrued and calculated during such period pursuant to the
provisions of this Contract.

 

Article 9 Governing Law

 

9.1                               The execution, effectiveness, performance,
termination, liability of breach, and interpretation of this Contract as well as
all the articles, appendices, exhibits (including, without limitation, the
interpretation of the dispute resolution article hereunder) shall be governed by
the Laws of the PRC.

 

Article 10 Dispute Resolution

 

10.1                        The Parties shall endeavor to resolve through
friendly consultations any dispute, controversy or claim arising out of or in
connection with this Contract, including any question regarding the existence,
validity, interpretation, breach or termination of this Contract (the
“Dispute”).  If a Dispute arises, any Party may give written notice to the other
Party, which notice shall set out brief details of the Dispute.

 

10.2                        If a Dispute has not been resolved through friendly
consultations within [...***...] after first written notice of such Dispute has
been given by either Party, such Dispute shall be submitted to the [...***...]
and finally settled by arbitration in [...***...] in accordance with the
[...***...] Arbitration Rules in force at the time the Dispute is submitted for
arbitration, which rules are deemed to be incorporated as part of this Contract
by reference into this Article. The seat of arbitration shall be in Beijing. The
English and Chinese texts of this Contract shall be referred to in the
arbitration, and all proceedings in such arbitration shall be conducted in
Chinese. The arbitration award shall be rendered in English and Chinese
versions, and both versions shall be equally effective. The arbitration award
shall be final and binding on

 

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filing and filed separately with the U.S. Securities and Exchange Commission.

 

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both Parties from the day it is made. The costs of arbitration shall be borne by
the losing Party, unless otherwise specified in the arbitration award.

 

10.3                        The arbitration tribunal shall consist of three
arbitrators. BeiGene Biologics and GET shall each appoint one arbitrator, and
the third arbitrator, who shall preside as chairman, shall be appointed by
[...***...]. If any Party fails to appoint its arbitrator within [...***...]
from the date of receipt of the notice of arbitration, the [...***...] shall
appoint such arbitrators.

 

10.4                        During the course of any arbitration proceedings,
all provisions of this Contract shall, to the most feasible and practicable
extent, be implemented continuously by the Parties except for those provisions
which are the subject of any Dispute referred to arbitration in accordance with
this Article 10.

 

10.5                        GET hereby confirms that, it shall not claim for
immunity, on the grounds of its identity as state-owned enterprise, from the
arbitration under this Article 10.

 

Article 11 Miscellaneous

 

11.1                        This Contract shall take effect on the date of
affixation of signature and corporate seal by the duly authorized representative
of each Party. This Contract shall terminate on the date of the full repayment
of the Shareholder Loan in accordance with the provisions hereof.

 

11.2                        Each Party shall undertake the expenses and costs
occurred in the course of the negotiation, delivery or performance of this
Contract at its own expense, including but not limited to the expense in
relation to hiring professional accountants and legal councils.

 

11.3                        This Contract is made and executed in 4 originals in
Chinese and 4 originals in English, of which each Party shall keep 2 originals
in Chinese and 2 originals in English. The two language versions shall have
equal validity and legal effect.

 

11.4                        Any provision hereof may be amended or waived, but
only if such amendment or waiver is in writing and is signed by both Parties.
Unless otherwise explicitly provided in this Contract, no failure or delay of
any Party in exercising any right, power or privilege hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power and

 

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privilege. The rights and remedies provided herein shall not exclude any rights
or remedies under law.

 

11.5                        This Contract, when applicable, shall be binding
upon and shall inure to the benefit of each Party hereto and to their respective
permitted heirs, successors and assigns.

 

11.6                        If an authority of competent jurisdiction holds that
any part of this Contract not essentially affecting the purpose hereof is
illegal, invalid or unenforceable, then the remaining provisions or portions
thereof shall remain in full force and effect and shall constitute the agreement
between the Parties with respect to the subject matter hereof. To the extent of
permitted under applicable law, the Parties shall replace any illegal, invalid
or unenforceable provision of this Contract with a valid provision having the
same commercial effect.

 

11.7                        The appendices hereto shall constitute the integral
part of this Contract. This Contract and other Project Documents (as defined in
the Joint Venture Contract) constitute the entire agreement among the Parties
and supersedes all prior discussions, negotiations and agreements between the
Parties with respect to the subject matter hereof. This Contract shall include
this Contract and its appendices as amended, varied, supplemented, replaced
and/or restated in any manner from time to time.

 

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Appendix 1 Receipt of Shareholder Loan

 

Lender: Guangzhou GET Technology Development Co., Ltd.

Address: Room 901, No.237 Science Avenue, Science City, Guangzhou High-tech
Industrial Development Zone, the PRC

 

Borrower: BeiGene Biologics Co., Ltd.

Address: Zibian Room 168, No.333 Jiufo Jianshe Road, Sino-Singapore Guangzhou
Knowledge City, the PRC

 

Drawdown Date: March [   ], 2017    Repayment Date: March [ ], 2023

 

The Lender and the Borrower hereby acknowledge and confirm that,

 

Pursuant to the Shareholder Loan Contract enter into by and between the Lender
and the Borrower on March 7, 2017, the Lender, on the foregoing Drawdown Date,
deposited the shareholder loan of RMB900,000,000 (say NINE HUNDRED MILLION
Renminbi yuan) in RMB cash to the borrower’s following bank account
                         . The Borrower received such amount in full on
March [], 2017. The accrual of interest arising from the shareholder loan shall
start from the Drawdown Date (which is inclusive) mentioned above.

 

Guangzhou GET Technology Development Co., Ltd. (Seal)

 

Signature:

 

 

Name:

Title:

 

BeiGene Biologics Co., Ltd. (Seal)

 

Signature:

 

 

Name:

Title:

 

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IN WITNESS HEREOF, each Party of this Contract has caused its duly authorized
representative to sign this Contract on the date specified on the first
page hereof.

 

Guangzhou GET Technology Development Co., Ltd. (Seal)

 

Signature:

/s/ Yibin Yan

 

Name:  Yibin Yan

Title: Chairman & Legal Representative

 

BeiGene Biologics Co., Ltd. (Seal)

 

Signature:

/s/ John Victor Oyler

 

Name: John Victor Oyler

Title: Legal Representative

 

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