Exhibit 4.24


 


DEPOSIT
AGREEMENT FOR RESTRICTED SECURITIES


 


DEPOSIT AGREEMENT FOR RESTRICTED SECURITIES
dated as of February 4, 2019 (the “Agreement”) among NIO Inc., a company organized under the laws of the Cayman
Islands (the “Company”), Deutsche Bank Trust Company Americas as depositary (the “Depositary”), and all
Holders and Beneficial Owners from time to time of restricted American Depositary Shares (“Restricted ADSs”) issued
hereunder.


 


WITNESSETH:


 


WHEREAS, the Company and the Depositary entered
into a Deposit Agreement dated as of September 11, 2018 (the “Deposit Agreement”) for the purposes set forth therein;


 


WHEREAS, notwithstanding Section 3.3 and Section
5.10 of the Deposit Agreement and Article (7) of the form of American Depositary Receipt attached thereto, the Company has requested
that the Depositary accept one or more deposits of Class A ordinary shares of the Company (the “Shares”) which are
not freely transferable under the Securities Act at the time of deposit (such securities, the “Limited Transfer Securities”)
into the restricted American Depositary Receipt program (the “Restricted Program”) established under this Agreement
but incorporating certain provisions of the Deposit Agreement;


 


WHEREAS, the Company desires that, upon a
deposit of any Limited Transfer Securities, Restricted ADSs representing such Limited Transfer Securities be issued to or upon
the order of the Depositor (as defined below) upon compliance with the provisions of this Agreement; and


 


WHEREAS, the Company and the Depositary desire
to enter into this Agreement in order to permit the issuance of such Restricted ADSs from time to time under the Restricted Program
and the delivery thereof to or upon the order of the depositor of the relevant Limited Transfer Securities (such person or entity
being the “Depositor” and each such issuance being a “Transaction”).


 




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NOW, THEREFORE, in consideration of the premises
and mutual agreements herein set forth and for other good and valuable consideration, the Company and the Depositary hereby agree
as follows:


 


Section 1.          Definitions.   Unless
otherwise defined in this Agreement, terms defined in the Deposit Agreement are used herein as so defined.


 


Section 2.          Incorporation
by Reference.     Except to the extent modified hereby, the provisions of Articles I through VII of the Deposit
Agreement are incorporated herein by reference and deemed to be a part hereof. For the avoidance of doubt, Exhibit A and Exhibit
B to the Deposit Agreement shall not be incorporated herein by reference nor deemed to be a part hereof. In such sections of the
Deposit Agreement incorporated by reference herein, all references to “American Depositary Shares” shall be deemed
to refer herein to “Restricted ADSs” and all references to “Receipts” shall be deemed to refer herein to
restricted American Depositary Receipts (“Restricted Receipts”) evidencing Restricted ADSs. References in the Deposit
Agreement to specified Articles of the form of Receipt shall be deemed to be references to the corresponding Article in the form
of Restricted Receipt attached hereto. References in the Deposit Agreement to DRS/Profile, and to the issuance of American Depositary
Shares or Receipts through DRS/Profile, are not incorporated herein by reference.


 


Section 3.          Issuance
and Transfer of Restricted ADSs     (a) The Depositary shall issue Restricted ADSs hereunder upon (i) the deposit
by the Depositor of Limited Transfer Securities with the Custodian in accordance with the provisions hereof, (ii) receipt by the
Depositary of a certification and issuance instructions from the Company in form and substance as the Depositary may reasonably
request, (iii) receipt by the Depositary of a certification and issuance instructions from the Depositor in form and substance
as the Depositary may reasonably request, (iv) receipt by the Depositary of appropriate legal opinions of Cayman Islands and U.S.
counsel, each in form and substance acceptable to the Depositary, with respect to the Company, the Shares being deposited and/or
this Agreement, and (v) compliance with any other applicable provisions of this Agreement (including compliance with the provisions
of the Deposit Agreement as incorporated herein and revised hereby) and the form of Restricted Receipt.


 




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(b) As a condition to any offer, sale, pledge
or other distribution, disposition or transfer of any Restricted ADSs, the transferor of such Restricted ADSs shall provide at
the Depositary’s request a legal opinion of U.S. counsel (including the related back-up certificates), in form and substance
reasonably satisfactory to the Depositary, to the effect that (i) the Shares represented by the Restricted ADSs have been registered
under the Securities Act or (ii) such Restricted ADSs and the Shares represented thereby may be offered and sold without registration
under the Securities Act pursuant to an applicable exemption from the registration requirements thereof. In the case of a transfer
under clause (ii), any transferee of the Restricted ADSs will be required to become a party to, agree to, and be bound by the provisions
of this Agreement by providing a certification in form and substance as the Depositary may reasonably request.


 


Section 4.          Legends.    Until such time as the Depositary
has received the Opinion (as defined in Section 5 hereof), the Restricted ADSs and any account on the books of the Depositary reflecting
the Restricted ADSs issued in connection with a Transaction or on the transfer, split-up or combination thereof shall contain a
restrictive legend/notation substantially to the following effect:


 




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THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO RESTRICTIONS
ON TRANSFER UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THE SECURITIES MAY NOT BE OFFERED, SOLD,
PLEDGED, OR OTHERWISE DISTRIBUTED OR TRANSFERRED EXCEPT (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
OR (ii) IN COMPLIANCE WITH RULE 144 UNDER THE ACT OR PURSUANT TO ANOTHER EXEMPTION FROM OR IN A TRANSACTION NOT SUBJECT TO
REGISTRATION UNDER THE ACT, AND, IN THE CASE OF (ii) ABOVE, UNLESS THE COMPANY AND DEPOSITARY HAVE RECEIVED AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO EACH OF THEM THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE ACT.


 


In addition to the legend set forth above, Restricted ADSs may
bear such additional legends as the Company and the Depositary may agree from time to time.


 


Section 5.          Cancellation
and Conversion of Restricted ADSs.     The Depositary shall cancel
surrendered Restricted ADSs and withdraw the underlying Deposited Securities or convert Restricted ADSs to unrestricted ADSs only
in compliance with the provisions of this Agreement and the Restricted Receipt.


 


(a) A Holder may convert Restricted ADSs
into unrestricted ADSs by surrendering the Restricted ADSs for cancellation and requesting the issuance of unrestricted American
Depositary Shares representing the Shares formerly represented by such Restricted ADSs, if such cancellation is (i) in connection
with a sale after a holding period of six months has elapsed with regard to the Restricted ADSs or (ii) after a holding period
of one year has elapsed with regard to the Restricted ADSs held by a non-affiliate of the Company, and in the case of (i) and (ii)
if the conversion is preceded or accompanied by a representation letter in such form and substance as the Depositary may reasonably
request signed by the Holder of the Restricted ADSs and by delivery of a legal opinion of U.S. counsel to the Company reasonably
acceptable to the Depositary (or, at the option of the Depositary, counsel to the Holder reasonably acceptable to the Depositary),
which opinion (including the related back-up certificates, the “Opinion”) shall be in form and substance reasonably
satisfactory to the Depositary, to the effect that (w) such Restricted ADSs and the Shares represented thereby may be freely offered
and sold without registration under the Securities Act pursuant to an applicable exemption from the registration requirements thereof,
(x) the Holder or any purchaser of such Restricted ADSs or Shares will receive securities that are not “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, (y) the Depositary may, under the Securities Act, issue to the Holder
or any purchaser, as applicable, new American Depositary Shares representing the Shares without any restrictive legends thereon,
and any stop-transfer instruction with respect to such new American Depositary Shares may be removed from the Depositary’s
records, and (z) such other matters as the Depositary may reasonably request. Upon receipt of the requirements set out in the preceding
sentence and cancellation of the Restricted ADSs, the Depositary shall move the Shares formerly represented by the Restricted ADSs
to the general pool of Shares represented by the unrestricted American Depositary Shares, and shall take all other steps reasonably
required to make the applicable Restricted ADSs fungible with the unrestricted American Depositary Shares issued under the Deposit
Agreement.


 




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(b) Notwithstanding the foregoing, if a
Holder surrenders Restricted ADSs for cancellation and, in lieu of receiving unrestricted American Depositary Shares, wishes to
receive the underlying Deposited Securities represented by the Restricted ADSs, the Depositary shall cancel the surrendered Restricted
ADSs and deliver Deposited Securities to the Holder only (i) if preceded or accompanied by evidence reasonably satisfactory to
the Depositary that the Shares delivered on such withdrawal will be “restricted securities” within the meaning of Rule
144(a)(3) under the Securities Act and will bear restrictive legends to such effect and/or be subject to stop orders, and not be
deposited in any book-entry system that would make them fungible with Shares that are not “restricted securities” or
(ii) after a holding period of one year has elapsed with regard to Restricted ADSs held by a non-affiliate, upon (y) receipt of
a representation letter in such form and substance as the Depositary may reasonably request signed by the Holder of the Restricted
ADSs and (z) at the Depositary’s election, either (a) a letter of instruction from the Company authorizing and instructing
the Depositary to remove the restrictive legend or (b) an opinion of U.S. counsel reasonably acceptable to the Depositary substantially
to the effect of clauses (w), (x) and (z) in Section 5(a) above in relation to the Opinion.


 


Section 6.          Form
of Restricted ADSs.      Any Restricted ADSs to be issued in accordance herewith may be issued through a book-entry registration
system maintained by the Depositary specifically for such Restricted ADSs pursuant to this Section 6. The Restricted ADSs shall
not be eligible for inclusion in any other book-entry settlement system, including, without limitation, the facilities of the Depository
Trust Company, and shall not in any way be fungible with the American Depositary Shares issued under the terms of the Deposit Agreement
or any other agreement. The terms “deliver,” “execute,” “issue,” “register,” “surrender,”
“transfer” or “cancel,” when used with respect to book-entry Restricted Receipts, shall refer to an entry
or entries or an electronic transfer or transfers on the books of the Depositary.


 


Section 7.          Terms
and Conditions Applicable to Restricted ADSs.      Except to the extent modified hereby, the provisions of this Agreement shall
not amend, modify, impact or impair any of the provisions of the Deposit Agreement. Restricted Receipts evidencing Restricted ADSs
shall be in the form of Exhibit A and Exhibit B attached hereto.


 


Section 8.          Inconsistent
Provisions.     To the extent that any term or provision of this Agreement or the Restricted Receipts (as the case may be)
shall be inconsistent with a term or provision of the Deposit Agreement (as incorporated herein and revised hereby), the terms
and conditions of this Agreement shall take precedence.


 




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Section 9.          Assignment
and Transfer.     Notwithstanding anything to the contrary in the Deposit
Agreement, the Depositary may assign or otherwise transfer all or any of its rights and benefits under this Agreement and the
Deposit Agreement (including any cause of action arising in connection with them) to Deutsche Bank AG or any branch thereof or
any entity which is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.


 


Section 10.         Fees
and Expenses.     Holders of Restricted Receipts shall be subject to the
fees and expenses set forth in Article (9) of the form of Restricted Receipt set forth in Exhibit A and Exhibit B hereto. The
Company agrees to reimburse the Depositary for the reasonable legal fees and out-of-pocket expenses incurred in connection with
the establishment and maintenance of the Restricted Program covered by this Agreement for an aggregate amount of up to US$40,000.


 




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Section 11.         Procedures
related to Convertible Notes.      In connection with an issuance of
convertible notes (the “Notes”) by the Company, the Depositary shall, at the request and expense of the Company, establish
procedures enabling holders of such Notes to deposit Limited Transfer Securities hereunder and receive Restricted ADSs upon conversion
of such Notes (the “Conversion Shares” and the “Restricted Conversion ADSs” respectively). The Company
shall provide to the Depositary a signed letter (the “Procedures Letter”) setting out procedures agreed with the Depositary
in respect of the deposit of the Conversion Shares and the issuance, delivery, transfer, withdrawal and cancellation of the Restricted
Conversion ADSs. The Company shall assist the Depositary in the establishment of such procedures and it shall take all steps necessary
and reasonably satisfactory to the Depositary to insure that the establishment of such procedures does not violate the provisions
of the Securities Act or any other applicable laws. In the event that the provisions of the Procedures Letter conflict with the
provisions of this Agreement, the Procedures Letter shall prevail.


 




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IN WITNESS WHEREOF, NIO Inc. and Deutsche Bank Trust Company
Americas have duly executed and delivered this Agreement as of February 4, 2019 and all Holders and Beneficial Owners shall become
parties hereto upon acceptance by them of Restricted ADSs evidenced by Restricted Receipts issued in accordance with the terms
hereof.


 


	 	NIO INC. 
	 	 	 
	 	By 	/s/ Authorized Signatory
	 	Name:	Authorized Signatory
	 	Title: 	 



 



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	 	DEUTSCHE
    BANK TRUST COMPANY AMERICAS
	 	 	 
	 	By	/s/
    Authorized Signatory
	 	Name:	Authorized
    Signatory
	 	Title:	 
	 	 	 
	 	By	/s/
    Authorized Signatory
	 	Name:	Authorized
    Signatory
	 	Title:	 


 


[Signature page to
the Deposit Agreement for Restricted Securities]


 




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EXHIBIT A


 


CUSIP 62914V 205


 


ISIN US62914V2051


 


		RESTRICTED AMERICAN 
 DEPOSITARY SHARES
 (Each Restricted American 
 Depositary
                                                                           Share represents
 one Fully Paid Class A 
 Ordinary Share)



 


[FORM OF FACE OF RESTRICTED
AMERICAN DEPOSITARY RECEIPT]


 


THE SECURITIES REPRESENTED
HEREBY ARE SUBJECT TO RESTRICTIONS ON TRANSFER UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THE SECURITIES
MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE DISTRIBUTED OR TRANSFERRED EXCEPT (i) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT OR (ii) IN COMPLIANCE WITH RULE 144 UNDER THE ACT OR PURSUANT TO ANOTHER EXEMPTION FROM OR IN A TRANSACTION
NOT SUBJECT TO REGISTRATION UNDER THE ACT, AND, IN THE CASE (ii) ABOVE, UNLESS THE COMPANY AND DEPOSITARY HAVE RECEIVED AN OPINION
OF COUNSEL REASONABLY SATISFACTORY TO EACH OF THEM THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE ACT.


 


DEUTSCHE BANK TRUST COMPANY
AMERICAS


 


RESTRICTED AMERICAN DEPOSITARY
RECEIPT

EVIDENCING RESTRICTED AMERICAN DEPOSITARY SHARES

REPRESENTING CLASS A ORDINARY SHARES OF

PAR VALUE $0.00025 EACH


 


Of


 


NIO INC.

(INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS)


 




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DEUTSCHE BANK TRUST COMPANY
AMERICAS, as depositary (herein called the “Depositary”), hereby certifies that ________________ is the owner
of ______________ Restricted American Depositary Shares (hereinafter “Restricted ADSs”), representing deposited
Class A ordinary shares, each of Par Value of U.S.$0.00025 including evidence of rights to receive such ordinary shares (the “Shares”)
of NIO Inc., a company incorporated under the laws of the Cayman Islands (the “Company”). As of the date hereof,
each Restricted ADS represents one Share deposited under the Deposit Agreement with the Custodian which at the date hereof is Deutsche
Bank AG, Hong Kong Branch (the “Custodian”). The ratio of Restricted ADSs to Shares is subject to subsequent
amendment as provided in Article IV of the Deposit Agreement. The Depositary’s Corporate Trust Office is located at 60 Wall
Street, New York, New York 10005, U.S.A.


 


(1)         The
Deposit Agreement. This Restricted American Depositary Receipt is one of an issue of Restricted American Depositary Receipts
(“Receipts”), all issued or to be issued upon the provisions set forth in the Deposit Agreement for Restricted
Securities dated as of February 4, 2019 (the “Deposit Agreement”) among the Company, the Depositary and all
Holders and Beneficial Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt evidencing Restricted
ADSs agrees to become a party thereto and becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth
the rights and obligations of Holders and Beneficial Owners of Receipts and the rights and duties of the Depositary in respect
of the Shares deposited thereunder and any and all other securities, property and cash from time to time, received in respect of
such Shares and held thereunder (such Shares, other securities, property and cash are herein called “Deposited Securities”)
and incorporates certain provisions of the deposit agreement dated as of September 11, 2018 among the Company, the Depositary and
all Holders and Beneficial Owners from time to time of American Depositary Receipts issued thereunder (as amended from time to
time, the “Unrestricted Deposit Agreement”). Copies of the Deposit Agreement and the Unrestricted Deposit Agreement
are on file at the Corporate Trust Office of the Depositary and the Custodian.


 


Each Holder and each Beneficial Owner,
upon acceptance of any Restricted ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit
Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable
Receipt(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take
any and all actions contemplated in the Deposit Agreement and the applicable Receipt(s), to adopt any and all procedures necessary
to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate
to carry out the purposes of the Deposit Agreement and the applicable Receipt(s) (the taking of such actions to be the conclusive
determinant of the necessity and appropriateness thereof).


 


The statements made on the face and reverse
of this Receipt are summaries of certain provisions of the Deposit Agreement and the Memorandum and Articles of Association (as
in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement,
to which reference is hereby made. All capitalized terms used herein which are not otherwise defined herein shall have the meanings
ascribed thereto in the Deposit Agreement. To the extent there is any inconsistency between the terms of this Receipt and the terms
of the Deposit Agreement, the terms of the Deposit Agreement shall prevail. Prospective and actual Holders and Beneficial Owners
are encouraged to read the terms of the Deposit Agreement. The Depositary makes no representation or warranty as to the validity
or worth of the Deposited Securities.


 




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(2)         Surrender
of Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Corporate Trust Office of the Depositary, of Restricted
ADSs evidenced by this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment
of (i) the fees and charges of the Depositary for the making of withdrawals and cancellations of Deposited Securities and cancellation
of Receipts (as set forth in Section 5.9 of the Unrestricted Deposit Agreement and Article (9) hereof) and (ii) all fees, taxes
and/or governmental charges payable in connection with such surrender and withdrawal, and, subject to the terms and conditions
of the Deposit Agreement, including the conditions set forth in Section 5 of the Deposit Agreement, the Memorandum and Articles
of Association, Section 7.10 of the Unrestricted Deposit Agreement, Article (22) hereof and the provisions of or governing the
Deposited Securities and other applicable laws, the Holder of the American Depositary Shares evidenced hereby is entitled to Delivery,
to him or upon his order, of the Deposited Securities represented by the Restricted ADSs so surrendered. Restricted ADSs may be
surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such Restricted ADSs (if held
in registered form) or by book-entry delivery of such Restricted ADSs to the Depositary.


 


A Receipt surrendered for such purposes
shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank,
and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the
Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons
designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated
office of the Custodian or through a book-entry delivery of the Shares (in either case subject to the terms and conditions of the
Deposit Agreement, to the Memorandum and Articles of Association, and to the provisions of or governing the Deposited Securities
and applicable laws, now or hereafter in effect), to or upon the written order of the person or persons designated in the order
delivered to the Depositary as provided above, the Deposited Securities represented by such Restricted ADSs, together with any
certificate or other proper documents of or relating to title for the Deposited Securities or evidence of the electronic transfer
thereof (if available) as the case may be to or for the account of such person. Subject to Article (4) hereof, in the case of surrender
of a Receipt evidencing a number of Restricted ADSs representing other than a whole number of Shares, the Depositary shall cause
ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion
of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary
Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt
so surrendered and remit the proceeds thereof (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary
and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the person surrendering the Receipt.
At the request, risk and expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall
direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect
of, and any certificate or certificates and other proper documents of or relating to title to, the Deposited Securities represented
by such Receipt to the Depositary for Delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such
Holder. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile
transmission. Upon receipt by the Depositary, the Depositary may make delivery to such person or persons entitled thereto at the
Corporate Trust Office of the Depositary of any dividends or cash distributions with respect to the Deposited Securities represented
by such Receipt, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary.


 




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A Holder may convert Restricted ADSs into
unrestricted ADSs by surrendering the Restricted ADSs for cancellation and requesting the issuance of unrestricted American Depositary
Shares representing the Shares formerly represented by such Restricted ADSs, if such cancellation is (i) in connection with a sale
after a holding period of six months has elapsed with regard to the Restricted ADSs or (ii) after a holding period of one year
has elapsed with regard to the Restricted ADSs held by a non-affiliate of the Company, and in the case of (i) and (ii) if the conversion
is preceded or accompanied by a representation letter in such form and substance as the Depositary may reasonably request signed
by the Holder of the Restricted ADSs and by delivery of a legal opinion of U.S. counsel to the Company reasonably acceptable to
the Depositary (or, at the option of the Depositary, counsel to the Holder reasonably acceptable to the Depositary), which opinion
(including the related back-up certificates, the “Opinion”) shall be in form and substance reasonably satisfactory
to the Depositary, to the effect that (w) such Restricted ADSs and the Shares represented thereby may be freely offered and sold
without registration under the Securities Act pursuant to an applicable exemption from the registration requirements thereof, (x)
the Holder or any purchaser of such Restricted ADSs or Shares will receive securities that are not “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, (y) the Depositary may, under the Securities Act, issue to the Holder
or any purchaser, as applicable, new American Depositary Shares representing the Shares without any restrictive legends thereon,
and any stop-transfer instruction with respect to such new American Depositary Shares may be removed from the Depositary’s
records, and (z) such other matters as the Depositary may reasonably request. Upon receipt of the requirements set out in the preceding
sentence and cancellation of the Restricted ADSs, the Depositary shall move the Shares formerly represented by the Restricted ADSs
to the general pool of Shares represented by the unrestricted American Depositary Shares, and shall take all other steps reasonably
required to make the applicable Restricted ADSs fungible with the unrestricted American Depositary Shares issued under the Unrestricted
Deposit Agreement.


 


Notwithstanding the foregoing, if a Holder
surrenders Restricted ADSs for cancellation and, in lieu of receiving unrestricted American Depositary Shares, wishes to receive
the Deposited Securities represented by the Restricted ADSs, the Depositary shall cancel the surrendered Restricted ADSs and deliver
the underlying Deposited Securities to the Holder only in compliance with the provisions of the Deposit Agreement and this Receipt
and (i) if preceded or accompanied by evidence reasonably satisfactory to the Depositary that the Shares delivered on such withdrawal
will be “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act and will bear restrictive
legends to such effect and/or be subject to stop orders, and not be deposited in any book-entry system that would make them fungible
with Shares that are not “restricted securities” or (ii) after a holding period of one year has elapsed with regard
to Restricted ADSs held by a non-affiliate, upon (y) receipt of a representation letter in such form and substance as the Depositary
may reasonably request signed by the Holder of the Restricted ADSs and (z) at the Depositary’s election, either (a) a letter
of instruction from the Company authorizing and instructing the Depositary to remove the restrictive legend or (b) an opinion of
U.S. counsel reasonably acceptable to the Depositary substantially to the effect of clauses (w), (x) and (z) above in relation
to the Opinion.


 




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(3)         Transfers,
Split-Ups and Combinations of Receipts. Subject to the terms and conditions of the Deposit Agreement, the Registrar shall register
transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof
in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the
case of Receipts issued through the book-entry system maintained by the Depositary pursuant to Section 6 of the Deposit Agreement,
receipt by the Depositary of proper instruments of transfer (including signature guarantees in accordance with standard industry
practice) and duly stamped as may be required by the laws of the State of New York, of the United States, of the Cayman Islands
and of any other applicable jurisdiction. Subject to the terms and conditions of the Deposit Agreement, including payment of the
applicable fees and expenses incurred by, and charges of, the Depositary, the Depositary shall execute and Deliver a new Receipt(s)
(and if necessary, cause the Registrar to countersign such Receipt(s)) and deliver same to or upon the order of the person entitled
to such Receipts evidencing the same aggregate number of Restricted ADSs as those evidenced by the Receipts surrendered. Upon surrender
of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts upon payment of the
applicable fees and charges of the Depositary, and subject to the terms and conditions of the Deposit Agreement, the Depositary
shall execute and deliver a new Receipt or Receipts for any authorized number of Restricted ADSs requested, evidencing the same
aggregate number of Restricted ADSs as the Receipt or Receipts surrendered.


 


(4)         Pre-Conditions
to Registration, Transfer, Etc. As a condition precedent to the execution and Delivery, registration, registration of transfer,
split-up, subdivision, combination or surrender of any Receipt, the delivery of any distribution thereon (whether in cash or shares)
or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares
or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer
or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn)
and payment of any applicable fees and charges of the Depositary as provided in the Deposit Agreement and in this Receipt, (ii) the
production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter and (iii) compliance
with (A) any laws or governmental regulations relating to the execution and Delivery of Receipts and Restricted ADSs or to
the withdrawal of Deposited Securities and (B) such reasonable regulations of the Depositary or the Company consistent with
the Deposit Agreement and applicable law.


 


The issuance of Restricted
ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of Restricted
ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances
may be refused, or the registration of transfer of Receipts generally may be suspended, during any period when the transfer books
of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good
faith, at any time or from time to time because of any requirement of law, any government or governmental body or commission,
or under any provision of the Deposit Agreement or provisions of, or governing, the Deposited Securities or any meeting of shareholders
of the Company or for any other reason, subject in all cases to Article (22) hereof.


 




    	 	14	 



    


    

 


The Depositary shall
not issue Restricted ADSs prior to the receipt of Shares or deliver Shares prior to the receipt and cancellation of Restricted
ADSs.


 


(5)         Compliance
With Information Requests Notwithstanding any other provision of the Deposit Agreement or this Receipt, each Holder and Beneficial
Owner of the Restricted ADSs represented hereby agrees to comply with requests from the Company pursuant to the laws of the Cayman
Islands, the Memorandum and Articles of Association, which are made to provide information as to the capacity in which such Holder
or Beneficial Owner owns Restricted ADSs and regarding the identity of any other person interested in such Restricted ADSs and
the nature of such interest and various other matters whether or not they are Holders and/or Beneficial Owners at the time of such
request. The Depositary agrees to use reasonable efforts to forward any such requests to the Holders and to forward to the Company
any such responses to such requests received by the Depositary.


 


(6)         Liability
of Holder for Taxes, Duties and Other Charges. If any tax or other governmental charge shall become payable by the Depositary
or the Custodian with respect to any Receipt or any Deposited Securities or Restricted ADSs, such tax, or other governmental charge
shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold
or deduct from any distributions made in respect of Deposited Securities and may sell for the account of the Holder and/or Beneficial
Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including
applicable interest and penalties) or charges, with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency.
The Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue Restricted ADSs, to deliver Receipts, register
the transfer, split-up or combination of Restricted ADSs and (subject to Article (22) hereof) the withdrawal of Deposited
Securities, until payment in full of such tax, charge, penalty or interest is received.


 


The liability of Holders and Beneficial
Owners under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited
Securities or the termination of the Deposit Agreement.


 


Holders understand that
in converting Foreign Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal
places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess
amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable
or owing hereunder and shall not be subject to escheatment.


 


(7)         Representations
and Warranties of Depositors. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent
and warrant that (i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid, non-assessable
and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares, have
been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented
for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares
presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up
agreement with the Company or other party, or the Shares are subject to a lock-up agreement but such lock-up agreement has terminated
or the lock-up restrictions imposed thereunder have expired or been validly waived. Such representations and warranties shall survive
the deposit and withdrawal of Shares and the issuance, cancellation and transfer of Restricted ADSs. If any such representations
or warranties are false in any way, the Company and Depositary shall be authorized, at the cost and expense of the person depositing
Shares, to take any and all actions necessary to correct the consequences thereof.


 




    	 	15	 



    


    

 


(8)         Filing
Proofs, Certificates and Other Information. Any person presenting Shares for deposit shall provide, any Holder and any Beneficial
Owner may be required to provide, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary
such proof of citizenship or residence, taxpayer status, payment of all applicable taxes and/or other governmental charges, exchange
control approval, legal or beneficial ownership of Restricted ADSs and Deposited Securities, compliance with applicable laws and
the terms of the Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information as the Depositary
deems necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations
under the Deposit Agreement. The Depositary and the Registrar, as applicable, may withhold the execution or Delivery or registration
of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof,
or to the extent not limited by the terms of Article (22) hereof or the terms of the Deposit Agreement, the Delivery of any Deposited
Securities, until such proof or other information is filed or such certifications are executed, or such representations and warranties
are made, or such other documentation or information provided, in each case to the Depositary’s and the Company’s satisfaction.
The Depositary shall from time to time on the written request of the Company advise the Company of the availability of any such
proofs, certificates or other information and shall, at the Company’s sole expense, provide or otherwise make available copies
thereof to the Company upon written request therefor by the Company, unless such disclosure is prohibited by law. Each Holder and
Beneficial Owner agrees to provide any information requested by the Company or the Depositary pursuant to this paragraph. Nothing
herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial
Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.


 


Every Holder and Beneficial
Owner agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers,
employees, agents and Affiliates against, and to hold each of them harmless from, any Losses which any of them may incur or which
may be made against any of them as a result of or in connection with any inaccuracy in or omission from any such proof, certificate,
representation, warranty, information or document furnished by or on behalf of such Holder and/or Beneficial Owner or as a result
of any such failure to furnish any of the foregoing.


 


The obligations of Holders
and Beneficial Owners under Section 3.1 of the Unrestricted Deposit Agreement shall survive any transfer of Receipts, any surrender
of Receipts and withdrawal of Deposited Securities or the termination of this Deposit Agreement.


 




    	 	16	 



    


    

 


(9)         Charges
of Depositary. The Depositary reserves the right to charge the following fees for the services performed under the terms of
the Deposit Agreement:


 


(i)          to
any person to whom Restricted ADSs are issued or to any person to whom a distribution is made in respect of Restricted ADS distributions
pursuant to stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except
where converted to cash), a fee not in excess of U.S. $5.00 per 100 Restricted ADSs (or fraction thereof) so issued under the terms
of the Deposit Agreement to be determined by the Depositary;


 


(ii)         to
any person surrendering Restricted ADSs for withdrawal of Deposited Securities or whose Restricted ADSs are cancelled or reduced
for any other reason including, inter alia, cash distributions made pursuant to a cancellation or withdrawal, a fee not in excess
of U.S. $5.00 per 100 Restricted ADSs reduced, cancelled or surrendered (as the case may be);


 


(iii)        to
any holder of Restricted ADSs (including, without limitation, Holders), a fee not in excess of U.S. $5.00 per 100 Restricted ADSs
held for the distribution of cash dividends;


 


(iv)        to
any holder of Restricted ADSs (including, without limitation, Holders), a fee not in excess of U.S. $5.00 per 100 Restricted ADSs
held for the distribution of cash entitlements (other than cash dividends) and/or cash proceeds, including proceeds from the sale
of rights, securities and other entitlements;


 


(v)         to
any holder of Restricted ADSs (including, without limitation, Holders), a fee not in excess of U.S. $5.00 per 100 Restricted ADSs
(or portion thereof) issued upon the exercise of rights; and


 


(vi)        for
the operation and maintenance costs in administering the Restricted ADSs an annual fee of U.S. $5.00 per 100 Restricted ADSs, such
fee to be assessed against Holders of record as of the date or dates set by the Depositary as it sees fit and collected at the
sole discretion of the Depositary by billing such Holders for such fee or by deducting such fee from one or more cash dividends
or other cash distributions.


 


In addition, Holders,
Beneficial Owners, any person depositing Shares for deposit and any person surrendering Restricted ADSs for cancellation and withdrawal
of Deposited Securities will be required to pay the following charges:


 


(i)          taxes
(including applicable interest and penalties) and other governmental charges;


 


(ii)         such
registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities with the Foreign
Registrar and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary
or any nominees upon the making of deposits and withdrawals, respectively;


 




    	 	17	 



    


    

 


(iii)        such
cable, telex, facsimile and electronic transmission and delivery expenses as are expressly provided in the Deposit Agreement to
be at the expense of the depositor depositing or person withdrawing Shares or Holders and Beneficial Owners of Restricted ADSs;


 


(iv)        the
expenses and charges incurred by the Depositary and/or a division or Affiliate(s) of the Depositary in the conversion of Foreign
Currency;


 


(v)         such
fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory
requirements applicable to Shares, Deposited Securities, Restricted ADSs and Receipts;


 


(vi)        the
fees and expenses incurred by the Depositary in connection with the delivery of Deposited Securities, including any fees of a central
depository for securities in the local market, where applicable;


 


(vii)       any
additional fees, charges, costs or expenses that may be incurred by the Depositary or a division or Affiliate(s) of the Depositary
from time to time.


 


Any other fees and charges
of, and expenses incurred by, the Depositary or the Custodian under the Deposit Agreement shall be for the account of the Company
unless otherwise agreed in writing between the Company and the Depositary from time to time. All fees and charges may, at any time
and from time to time, be changed by agreement between the Depositary and Company but, in the case of fees and charges payable
by Holders or Beneficial Owners, only in the manner contemplated by Article (20) hereof.


 


The Depositary may make
payments to the Company and/or may share revenue with the Company derived from fees collected from Holders and Beneficial Owners,
upon such terms and conditions as the Company and the Depositary may agree from time to time.


 


(10)       Title
to Receipts. It is a condition of this Receipt, and every successive Holder of this Receipt by accepting or holding the same
consents and agrees, that, subject to the requirements of the Deposit Agreement, title to this Receipt (and to each Restricted
ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been properly endorsed or accompanied by proper
instruments of transfer, such Receipt being a certificated security under the laws of the State of New York. Notwithstanding any
notice to the contrary, the Depositary may deem and treat the Holder of this Receipt (that is, the person in whose name this Receipt
is registered on the books of the Depositary) as the absolute owner hereof for all purposes. The Depositary shall have no obligation
or be subject to any liability under the Deposit Agreement or this Receipt to any holder of this Receipt or any Beneficial Owner
unless such holder is the Holder of this Receipt registered on the books of the Depositary or, in the case of a Beneficial Owner,
such Beneficial Owner or the Beneficial Owner’s representative is the Holder registered on the books of the Depositary.


 


(11)        Validity
of Receipt. This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any
purpose, unless this Receipt has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized
signatory of the Depositary, (iii) if a Registrar for the Receipts shall have been appointed, countersigned by the manual
or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered in the books maintained by the
Depositary or the Registrar, as applicable, for the issuance and transfer of Receipts. Receipts bearing the facsimile signature
of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly-authorized signatory
of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory
has ceased to be so authorized prior to the execution and delivery of such Receipt by the Depositary or did not hold such office
on the date of issuance of such Receipts.


 




    	 	18	 



    


    

 


(12)      Available
Information; Reports; Inspection of Transfer Books. The Company is subject to the periodic reporting requirements of the Exchange
Act applicable to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information
with the Commission. These reports and documents can be inspected and copied at the public reference facilities maintained by the
Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A. The Depositary shall make available during normal
business hours on any Business Day for inspection by Holders at its Corporate Trust Office any reports and communications, including
any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or
the nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such
Deposited Securities by the Company.


 


The Depositary or the
Registrar, as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times
shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to
the Depositary’s or the Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts in the
interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement
or the Receipts.


 


The Depositary or the
Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time or from time to time, when deemed
necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written
request of the Company.


 


	Dated:	DEUTSCHE BANK TRUST
	 	COMPANY AMERICAS, as Depositary
	 	 	 
	 	By:	 
	 	 	 
	 	By:	 




 


The address of the Corporate
Trust Office of the Depositary is 60 Wall Street, New York, New York 10005, U.S.A.


 




    	 	19	 



    


    

 


[FORM OF REVERSE OF RESTRICTED
AMERICAN DEPOSITARY RECEIPT]


 


SUMMARY OF CERTAIN ADDITIONAL
PROVISIONS

OF THE DEPOSIT AGREEMENT


 


(13)        Dividends
and Distributions in Cash, Shares, etc.     Whenever the Depositary receives confirmation from the Custodian
of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any
Shares, rights securities or other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof
any amounts received in a Foreign Currency can, in the judgment of the Depositary (upon the terms of the Deposit Agreement), be
converted on a practicable basis, into Dollars transferable to the United States, promptly convert or cause to be converted such
dividend, distribution or proceeds into Dollars and will distribute promptly the amount thus received (net of applicable fees and
charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental
charges) to the Holders of record as of the Restricted ADS Record Date in proportion to the number of Restricted ADSs representing
such Deposited Securities held by such Holders respectively as of the Restricted ADS Record Date. The Depositary shall distribute
only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional
amounts shall be rounded down to the nearest whole cent and so distributed to Holders entitled thereto. Holders and Beneficial
Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds three
or four decimal places (the number of decimal places used by the Depositary to report distribution rates). The excess amount may
be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing
hereunder and shall not be subject to escheatment. If the Company, the Custodian or the Depositary is required to withhold and
does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of
taxes, duties or other governmental charges, the amount distributed to Holders on the Restricted ADSs representing such Deposited
Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary
to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary
upon request. The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably
request to enable the Company or its agent to file with governmental agencies such reports as are necessary to obtain benefits
under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.


 


If any distribution upon
any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be
deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees.
Upon receipt of confirmation of such deposit, the Depositary shall, subject to and in accordance with the Deposit Agreement, establish
the Restricted ADS Record Date and either (i) distribute to the Holders as of the Restricted ADS Record Date in proportion
to the number of Restricted ADSs held by such Holders of the Restricted ADS Record Date, additional Restricted ADSs, which represent
in aggregate the number of Shares received as such dividend, or free distribution, subject to the terms of the Deposit Agreement
(including, without limitation, the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes and/or
governmental charges), or (ii) if additional Restricted ADSs are not so distributed, each Restricted ADS issued and outstanding
after the Restricted ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in
the additional Shares distributed upon the Deposited Securities represented thereby (net of the applicable fees and charges of,
and the expenses incurred by, the Depositary, and taxes and/or governmental charges). In lieu of delivering fractional Restricted
ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds
upon the terms set forth in the Deposit Agreement.


 




    	 	20	 



    


    

 


In the event that (x) the
Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges
which the Depositary is obligated to withhold, or, (y) if the Company, in the fulfillment of its obligations under the Deposit
Agreement, has either (a) furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities
Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), or (b) fails
to timely deliver the documentation contemplated in the Deposit Agreement, the Depositary may dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private
sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale
(after deduction of taxes and/or governmental charges, and fees and charges of, and expenses incurred by, the Depositary and/or
a division or Affiliate(s) of the Depositary) to Holders entitled thereto upon the terms of the Deposit Agreement. The Depositary
shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement.


 


Upon timely receipt of
a notice indicating that the Company wishes an elective distribution to be made available to Holders upon the terms described in
the Deposit Agreement, the Depositary shall, upon provision of all documentation required under the Deposit Agreement, (including,
without limitation, any legal opinions the Depositary may request under the Deposit Agreement) determine whether such distribution
is lawful and reasonably practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement,
establish a Restricted ADS Record Date according to Article (14) hereof and establish procedures to enable the Holder hereof
to elect to receive the proposed distribution in cash or in additional Restricted ADSs. If a Holder elects to receive the distribution
in cash, the dividend shall be distributed as in the case of a distribution in cash. If the Holder hereof elects to receive the
distribution in additional Restricted ADSs, the distribution shall be distributed as in the case of a distribution in Shares upon
the terms described in the Deposit Agreement. If such elective distribution is not lawful or reasonably practicable or if the Depositary
did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by
law, distribute to Holders, on the basis of the same determination as is made in the Cayman Islands, in respect of the Shares for
which no election is made, either (x) cash or (y) additional Restricted ADSs representing such additional Shares, in
each case, upon the terms described in the Deposit Agreement. Nothing herein shall obligate the Depositary to make available to
the Holder hereof a method to receive the elective dividend in Shares (rather than Restricted ADSs). There can be no assurance
that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the
holders of Shares.


 




    	 	21	 



    


    

 


Whenever the Company
intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give
notice thereof to the Depositary at least 60 days prior to the proposed distribution stating whether or not it wishes such rights
to be made available to Holders of Restricted ADSs. Upon timely receipt by the Depositary of a notice indicating that the Company
wishes such rights to be made available to Holders of Restricted ADSs, the Company shall determine whether it is lawful and reasonably
practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders only if
the Company shall have timely requested that such rights be made available to Holders, the Depositary shall have received the documentation
required by the Deposit Agreement, and the Depositary shall have determined that such distribution of rights is lawful and reasonably
practicable. If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions
set forth above are satisfied, the Depositary shall establish a Restricted ADS Record Date and establish procedures (x) to
distribute such rights (by means of warrants or otherwise) and (y) to enable the Holders to exercise the rights (upon payment
of the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary
and taxes and/or governmental charges). Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available
to the Holders a method to exercise such rights to subscribe for Shares (rather than Restricted ADSs). If (i) the Company
does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be
made available to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines
it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are
not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to
sell such rights, and if it so determines that it is lawful and reasonably practicable, endeavour to sell such rights in a riskless
principal capacity or otherwise, at such place and upon such terms (including public and/or private sale) as it may deem proper.
The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and
expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges)
upon the terms hereof and in the Deposit Agreement. If the Depositary is unable to make any rights available to Holders or to arrange
for the sale of the rights upon the terms described above, the Depositary shall allow such rights to lapse. The Depositary shall
not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to
Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such
sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with
the rights distribution.


 


Notwithstanding anything
herein to the contrary, if registration (under the Securities Act and/or any other applicable law) of the rights or the securities
to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell
the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until
a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes
to the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable
country in which rights would be distributed, in each case satisfactorily to the Depositary, to the effect that the offering and
sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions
of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required
to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes and/or other governmental
charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any
distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges
which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares
and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems
necessary and practicable to pay any such taxes and/or charges.


 




    	 	22	 



    


    

 


There can be no assurance
that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions
as the holders of Shares or to exercise such rights. Nothing herein shall obligate the Company to file any registration statement
in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register
or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.


 


Upon receipt of a notice
regarding property other than cash, Shares or rights to purchase additional Shares, to be made to Holders of Restricted ADSs, the
Depositary shall determine, after consultation with the Company, whether such distribution to Holders is lawful and reasonably
practicable. The Depositary shall not make such distribution unless (i) the Company shall have timely requested the Depositary
to make such distribution to Holders, (ii) the Depositary shall have received the documentation required by the Deposit Agreement,
and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable. Upon satisfaction
of such conditions, the Depositary shall distribute the property so received to the Holders of record as of the Restricted ADS
Record Date, in proportion to the number of Restricted ADSs held by such Holders respectively and in such manner as the Depositary
may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges
of, and expenses incurred by, the Depositary, and (ii) net of any taxes and/or governmental charges. The Depositary may dispose
of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private
sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or
other governmental charges applicable to the distribution.


 


If the conditions above
are not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places
and upon such terms as it may deem proper and shall distribute the proceeds of such sale received by the Depositary (net of (a) applicable
fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes
and/or governmental charges) to the Holders upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to
sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances.


 




    	 	23	 



    


    

 


(14)       Fixing
of Record Date. Whenever necessary in connection with any distribution (whether in cash, Shares, rights or other distribution),
or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each Restricted ADS,
or whenever the Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities,
or whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, or any other matter,
the Depositary shall fix a record date (the “Restricted ADS Record Date”), as close as practicable to the record date
fixed by the Company with respect to the Shares (if applicable), for the determination of the Holders who shall be entitled to
receive such distribution, to give instructions for the exercise of voting rights at any such meeting, or to give or withhold such
consent, or to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect
to such changed number of Shares represented by each Restricted ADS or for any other reason. Subject to applicable law and the
terms and conditions of this Receipt and the Deposit Agreement, only the Holders of record at the close of business in New York
on such Restricted ADS Record Date shall be entitled to receive such distributions, to give such voting instructions, to receive
such notice or solicitation, or otherwise take action.


 


(15)      Voting
of Deposited Securities. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which
the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited
Securities, the Depositary shall fix the Restricted ADS Record Date in respect of such meeting or such solicitation of consents
or proxies. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation
to take any further action if the request shall not have been received by the Depositary at least 30 Business Days prior to the
date of such vote or meeting) and at the Company’s expense, and provided no U.S. legal prohibitions exist, mail by regular,
ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing
from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the Restricted ADS Record
Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of business
on the Restricted ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement, the
Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities (which provisions,
if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights,
if any, pertaining to the Deposited Securities represented by such Holder’s American Depositary Shares; and (c) a brief
statement as to the manner in which such voting instructions may be given to the Depositary, or in which instructions may be deemed
to have been given in accordance with this Article (15), including an express indication that instructions may be given (or be
deemed to have been given in accordance with the immediately following paragraph of this section if no instruction is received)
to the Depositary to give a discretionary proxy to a person or persons designated by the Company. Voting instructions may be given
only in respect of a number of American Depositary Shares representing an integral number of Deposited Securities. Upon the timely
receipt of voting instructions of a Holder on the Restricted ADS Record Date in the manner specified by the Depositary, the Depositary
shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Company’s
Memorandum and Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian
to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in
accordance with such voting instructions.


 




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In the event that (i) the Depositary timely
receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities
represented by such Holder’s Restricted ADSs or (ii) no timely instructions are received by the Depositary from a Holder
with respect to any of the Deposited Securities represented by the Restricted ADSs held by such Holder on the Restricted ADS Record
Date, the Depositary shall (unless otherwise specified in the notice distributed to Holders) deem such Holder to have instructed
the Depositary to give a discretionary proxy to a person designated by the Company with respect to such Deposited Securities and
the Depositary shall give a discretionary proxy to a person designated by the Company to vote such Deposited Securities, provided,
however, that no such instruction shall be deemed to have been given and no such discretionary proxy shall be given with respect
to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as
practicable in writing, if applicable) that (x) the Company does not wish to give such proxy, (y) the Company is aware or should
reasonably be aware that substantial opposition exists from Holders against the outcome for which the person designated by the
Company would otherwise vote or (z) the outcome for which the person designated by the Company would otherwise vote would materially
and adversely affect the rights of holders of Deposited Securities, provided, further, that the Company will have no liability
to any Holder or Beneficial Owner resulting from such notification.


 


In the event that voting on any resolution
or matter is conducted on a show of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will
refrain from voting and the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary
from Holders shall lapse. The Depositary will have no obligation to demand voting on a poll basis with respect to any resolution
and shall have no liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis.


 


Neither the Depositary nor the Custodian
shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt
to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, Deposited Securities
represented by Restricted ADSs except pursuant to and in accordance with such written instructions from Holders, including the
deemed instruction to the Depositary to give a discretionary proxy to a person designated by the Company. Deposited Securities
represented by Restricted ADSs for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii)
timely voting instructions are received by the Depositary from the Holder but such voting instructions fail to specify the manner
in which the Depositary is to vote the Deposited Securities represented by such Holder’s Restricted ADSs, shall be voted
in the manner provided in this Article (15). Notwithstanding anything else contained herein, and subject to applicable law, regulation
and the Memorandum and Articles of Association, the Depositary shall, if so requested in writing by the Company, represent all
Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders
as of the Restricted ADS Record Date) for the purpose of establishing quorum at a meeting of shareholders.


 


There can be no assurance that Holders
or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient
time to enable the Holder to return voting instructions to the Depositary in a timely manner.


 




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Notwithstanding the above, save for applicable
provisions of the law of the Cayman Islands, and in accordance with the terms of Section 5.3 of the Unrestricted Deposit Agreement,
the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the
manner in which such vote is cast or the effect of such vote.


 


(16)       Changes
Affecting Deposited Securities. Upon any change in par value, split-up, subdivision, cancellation, consolidation or any other
reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, amalgamation or consolidation or
sale of assets affecting the Company or to which it otherwise is a party, any securities which shall be received by the Depositary
or a Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall,
to the extent permitted by law, be treated as new Deposited Securities under the Deposit Agreement, and the Receipts shall, subject
to the provisions of the Deposit Agreement and applicable law, evidence Restricted ADSs representing the right to receive such
additional securities. Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall so
requests, subject to the terms of the Deposit Agreement and receipt of satisfactory documentation contemplated by the Deposit Agreement,
execute and deliver additional Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding
Receipts to be exchanged for new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications
to this form of Receipt specifically describing such new Deposited Securities and/or corporate change. Notwithstanding the foregoing,
in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the
Company’s approval, and shall if the Company requests, subject to receipt of satisfactory legal documentation contemplated
in the Deposit Agreement, sell such securities at public or private sale, at such place or places and upon such terms as it may
deem proper and may allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary
and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise
entitled to such securities and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution
received in cash pursuant to the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine
that it may be lawful or feasible to make such securities available to Holders in general or any Holder in particular, (ii) any
foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities.


 


(17)       Exoneration.
None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the
provisions of the Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third parties (i) if
the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden
from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing
required by the terms of the Deposit Agreement and this Receipt, by reason of any provision of any present or future law or regulation
of the United States, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority
or stock exchange, or by reason of any provision, present or future of the Memorandum and Articles of Association or any provision
of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control, (including,
without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions,
explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in
the Deposit Agreement or in the Memorandum and Articles of Association or provisions of or governing Deposited Securities, (iii) for
any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance
upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial
Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice
or information, (iv) for any inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or
other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement,
made available to Holders of Restricted ADS or (v) for any special, consequential, indirect or punitive damages for any breach
of the terms of the Deposit Agreement or otherwise. The Depositary, its controlling persons, its agents (including without limitation,
the Agents), any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon
any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the
proper party or parties. No disclaimer of liability under the Securities Act or the Exchange Act is intended by any provision of
the Deposit Agreement.


 




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(18)       Standard
of Care. The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including
without limitation, the Agents) assume no obligation and shall not be subject to any liability under the Deposit Agreement or the
Receipts to Holders or Beneficial Owners or other persons, except in accordance with Section 5.8 of the Unrestricted Deposit
Agreement, provided, that the Company and the Depositary and their respective directors, officers, Affiliates, employees and agents
(including without limitation, the Agents) agree to perform their respective obligations specifically set forth in the Deposit
Agreement without gross negligence or wilful misconduct. The Depositary and its directors, officers, Affiliates, employees and
agents (including without limitation, the Agents) shall not be liable for any failure to carry out any instructions to vote any
of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote. The Depositary shall not incur
any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content
of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof,
for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited
Securities or for any tax consequences that may result from the ownership of Restricted ADSs, Shares or Deposited Securities, for
the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure
or timeliness of any notice from the Company or for any action or non action by it in reliance upon the opinion, advice of or information
from legal counsel, accountants, any person presenting Shares for deposit, any Holder or any other person believed by it in good
faith to be competent to give such advice or information. The Depositary and its agents (including without limitation, the Agents)
shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission
of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided
that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without
gross negligence or willful misconduct while it acted as Depositary.


 




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(19)       Resignation
and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary under
the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier
of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary
has been appointed by the Company, be entitled to take the actions contemplated in the Deposit Agreement), or (ii) the appointment
of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement, save that, any amounts,
fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise
agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation.
The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment,
not more than 90 days after delivery by the Depositary of written notice of resignation as provided in the Deposit Agreement.
The Depositary may at any time be removed by the Company by written notice of such removal which notice shall be effective on
the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take
the actions contemplated in the Deposit Agreement if a successor depositary has not been appointed), or (ii) the appointment of
a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement save that, any amounts, fees,
costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed
in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal. In
case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint
a successor depositary which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York
and if it shall have not appointed a successor depositary the provisions referred to in Article (21) hereof and correspondingly
in the Deposit Agreement shall apply. Every successor depositary shall be required by the Company to execute and deliver to its
predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary,
without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor.
The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute
and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated
in the Deposit Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities
to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information
relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly
mail notice of its appointment to such Holders. Any corporation into or with which the Depositary may be merged or consolidated
shall be the successor of the Depositary without the execution or filing of any document or any further act and, notwithstanding
anything to the contrary in the Deposit Agreement, the Depositary may assign or otherwise transfer all or any of its rights and
benefits under the Deposit Agreement (including any cause of action arising in connection with it) to Deutsche Bank AG or any
branch thereof or any entity which is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.


 




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(20)      Amendment/Supplement.
Subject to the terms and conditions of this Article (20), and applicable law, this Receipt and any provisions of the Deposit
Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary
in any respect which they may deem necessary or desirable without the consent of the Holders or Beneficial Owners. Any amendment
or supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign
exchange control regulations, and taxes and/or other governmental charges, delivery and other such expenses), or which shall otherwise
materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to
outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding
Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific
amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice
invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial
Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission’s, the Depositary’s
or the Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements
which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for the Restricted ADSs or Shares
to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges
to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every
Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold
such Restricted ADS, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended or
supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and
receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable
law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment
or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the
Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement
to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to
Holders or within any other period of time as required for compliance with such laws, or rules or regulations.


 


(21)       Termination.
The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by mailing notice of
such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice
for such termination provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in
accordance with the terms of the Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing
between the Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall have
expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the
Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor
depositary shall not have been appointed and accepted its appointment as provided herein and in the Deposit Agreement, the Depositary
may terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least
30 days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, each
Holder will, upon surrender of such Holder’s Receipt at the Corporate Trust Office of the Depositary, upon the payment of
the charges of the Depositary for the surrender of Receipts referred to in Article (2) hereof and in the Deposit Agreement
and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental
charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt.
If any Receipts shall remain outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall
discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders
thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary
shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property
as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions
set forth in the Deposit Agreement, together with any dividends or other distributions received with respect thereto and the net
proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting,
or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the
account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental
charges or assessments). At any time after the expiration of six months from the date of termination of the Deposit Agreement,
the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any
such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest
for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale,
the Depositary shall be discharged from all obligations under the Deposit Agreement with respect to the Receipts and the Shares,
Deposited Securities and Restricted ADSs, except to account for such net proceeds and other cash (after deducting, or charging,
as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of
the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges
or assessments) and except as set forth in the Deposit Agreement. Upon the termination of the Deposit Agreement, the Company shall
be discharged from all obligations under the Deposit Agreement except as set forth in the Deposit Agreement. The obligations under
the terms of the Deposit Agreement and Receipts of Holders and Beneficial Owners of Restricted ADSs outstanding as of the effective
date of any termination shall survive such effective date of termination and shall be discharged only when the applicable Restricted
ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement and the Holders
have each satisfied any and all of their obligations hereunder (including, but not limited to, any payment and/or reimbursement
obligations which relate to prior to the effective date of termination but which payment and/or reimbursement is claimed after
such effective date of termination).


 




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Notwithstanding anything
contained in the Deposit Agreement or any Receipt, in connection with the termination of the Deposit Agreement, the Depositary
may, independently and without the need for any action by the Company, make available to Holders of Restricted ADSs a means to
withdraw the Deposited Securities represented by their Restricted ADSs and to direct the deposit of such Deposited Securities into
an unsponsored American depositary shares program established by the Depositary, upon such terms and conditions as the Depositary
may deem reasonably appropriate, subject however, in each case, to satisfaction of the applicable registration requirements by
the unsponsored American depositary shares program under the Securities Act, and to receipt by the Depositary of payment of the
applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.


 


(22)       Certain
Rights of the Depositary. The Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class
of securities of the Company and its Affiliates and in Restricted ADSs. The Depositary may issue Restricted ADSs against evidence
of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency
or other entity involved in ownership or transaction records in respect of the Shares. Persons are advised that in converting foreign
currency into U.S. dollars the Depositary may utilize Deutsche Bank AG or its affiliates (collectively, “DBAG”)
to effect such conversion by seeking to enter into a foreign exchange (“FX”) transaction with DBAG. When converting
currency, the Depositary is not acting as a fiduciary for the holders or beneficial owners of depositary receipts or any other
person. Moreover, in executing FX transactions, DBAG will be acting in a principal capacity, and not as agent, fiduciary or broker,
and may hold positions for its own account that are the same, similar, different or opposite to the positions of its customers,
including the Depositary. When the Depositary seeks to execute an FX transaction to accomplish such conversion, customers should
be aware that DBAG is a global dealer in FX for a full range of FX products and, as a result, the rate obtained in connection with
any requested foreign currency conversion may be impacted by DBAG executing FX transactions for its own account or with another
customer. In addition, in order to source liquidity for any FX transaction relating to any foreign currency conversion, DBAG may
internally share economic terms relating to the relevant FX transaction with persons acting in a sales or trading capacity for
DBAG or one of its agents. DBAG may charge fees and/or commissions to the Depositary or add a mark-up in connection with such conversions,
which are reflected in the rate at which the foreign currency will be converted into U.S. dollars. The Depositary, its Affiliates
and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs.


 


(23)       Ownership
Restrictions. Owners and Beneficial Owners shall comply with any limitations on ownership of Shares under the Memorandum and
Articles of Association or applicable Cayman Islands law as if they held the number of Shares their American Depositary Shares
represent. The Company shall inform the Owners, Beneficial Owners and the Depositary of any such ownership restrictions in place
from time to time.


 


(25)       Waiver.
EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS
IN ANY RESTRICTED ADSs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE RESTRICTED ADSs OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY)


 




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