# EDGAR Filing Document

**Accession Number:** 0001789299
**File Stem:** 0001493152-26-003134
**Filing Date:** 2026-1
**Character Count:** 139982
**Document Hash:** 7529380eeaa1dbb3c34f6010ee4dff92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-003134.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0001493152-26-003134

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20260121

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UTime Ltd
- **CENTRAL INDEX KEY:** 0001789299
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIP) [3600]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40306
- **FILM NUMBER:** 26548973

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7TH FLOOR BUILDING 5A
- **STREET 2:** SHENZHEN SOFTWARE INDUSTRY BASE
- **CITY:** NANSHAN
- **NON US STATE TERRITORY:** SHENZHEN
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** 8675586512266

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7TH FLOOR BUILDING 5A
- **STREET 2:** SHENZHEN SOFTWARE INDUSTRY BASE
- **CITY:** NANSHAN
- **NON US STATE TERRITORY:** SHENZHEN
- **PROVINCE COUNTRY:** F4

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE**

**SECURITIES EXCHANGE ACT OF 1934**

For the Month of January 2026

Commission file number 001-40306

**UTIME LIMITED**

**7<sup>th</sup> Floor Building 5A**

**Shenzhen Software Industry Base**

**Nanshan, Shenzhen**

**People's Republic of China**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

**INFORMATION CONTAINED IN THIS FORM 6-K REPORT**

<u>Extraordinary General Meeting of Shareholders</u>

The Company plans to hold an extraordinary general meeting of the holders of the Company's Class A ordinary shares and Class B ordinary shares on January 26, 2026 at 10:00 AM EST (the "**Extraordinary General Meeting**") and furnishes under the cover of this Form 6-K the Notice of Extraordinary General Meeting of Shareholders and Form of Proxy Card for the Extraordinary General Meeting as Exhibits 99.1 and 99.2, respectively.

**Exhibit Index**

<u>Exhibit No.</u> <u>Description</u> <br> 99.1 [Notice of Extraordinary General Meeting of Shareholders of UTime Limited to be held on January 26, 2026](ex99-1.htm) <br> 99.2 [Form of Proxy Card for the Extraordinary General Meeting](ex99-2.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **UTIME LIMITED** | **UTIME LIMITED** |
| Dated: January 21, 2026 | By: | */s/ Hengcong Qiu* |
|  | Name: | Hengcong Qiu |
|  | Title: | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 99.1

**Exhibit 99.1**

**UTIME LIMITED**

7<sup>th</sup> Floor Building 5A

Shenzhen Software Industry Base

Nanshan, Shenzhen

People's Republic of China

**NOTICE OF EXTRAORDINARY GENERAL MEETING**

To be held on January 26, 2026 at 10:00 AM Easter Time

(or any adjournment or postponement thereof)

To the Shareholders of UTime Limited

Notice is hereby given that the Extraordinary General Meeting of UTime Limited, a Cayman Islands exempted company (the "Company") will be held on January 26, 2026 at 10:00 AM Easter Time at 7th Floor Building 5A, Shenzhen Software Industry Base, Nanshan, Shenzhen, People's Republic of China ("Principal Executive Office"), and at any adjourned or postponement thereof. The Extraordinary General Meeting is called for the following purposes:

1. Proposal
 No. 1: To consider and approve a proposal, as an ordinary resolution, to approve an amendment to the authorized share capital of
 the Company to effect a consolidation of the Company's Class A ordinary shares, par value $0. 10 per share (the "Class
 A Ordinary Shares"), on either a five-for-one basis or a six-for-one basis, as may be finally determined by the board of directors
 (the "Board") such that each authorized five Class A Ordinary Shares of par value US$0.10 be consolidated into one Class
 A Ordinary Share with a par value of US$0.50 each or US$0.60 each, with the final ratio, implementation and timing of such consolidation
 to be completed as soon as possible following shareholder approval, as determined at the discretion of the Board (the "Current
 Share Consolidation");

2. Proposal
 No. 2: To consider and approve by an ordinary resolution that, immediately following the Current Share Consolidation, subject to
 the Current Share Consolidation being approved, the authorized share capital of the Company be increased either, depending on the
 result of the Current Share Consolidation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **from** US$1,000,000 divided into: (i) 1,800,000 Class A Ordinary Shares of a par value of US$0.5 each; and (ii) 100,000,000 Class B ordinary
 shares of a par value of US$0.001 each to either, depending on the final ratio of the Current Share Consolidation to US$450,100,000
 divided into 900,000,000 Class A Ordinary Shares, of a par value of US$0.5 each and (ii) 100,000,000 Class B ordinary shares, of
 a par value of US$0.001 each **by** the creation of 898,200,000 Class A Ordinary Shares, of par value of US$0.5 each and 100,000,000
 Class B ordinary shares, of a par value of US$0.001 each; or

(ii) **from** US$1,000,000 divided into: (i) 1,500,000 Class A Ordinary Shares of a par value of US$0.6 each; and (ii) 100,000,000 Class B ordinary
 shares of a par value of US$0.001 each to either, depending on the final ratio of the Share Consolidation **to** US$540,100,000
 divided into 900,000,000 Class A Ordinary Shares, of a par value of US$0.6 each and (ii) 100,000,000 Class B ordinary shares, of
 a par value of US$0.001 each **by** the creation of 898,500,000 Class A Ordinary Shares, of par value US$0.6 each (the "Share
 Capital Increase"),

3. Proposal
 No. 3: To consider and approve by a special resolution that, subject to the Current Share Consolidation and Share Capital Increase
 being approved, the Second Amended and Restated Memorandum and Articles of Association be amended and restated by their deletion
 in their entirety and the substitution in their place of the Third Amended and Restated Memorandum and Articles of Association, effective
 immediately following the Current Share Consolidation and Share Capital Increase, in the form attached hereto as <u>Exhibit A</u>.

4. Proposal
 No. 4: To consider and approve a proposal, as an ordinary resolution, subject to the Current Share Consolidation and Share Capital
 Increase being approved, to approve an amendment to the authorized share capital of the Company to effect a consolidation of the
 Company's Class A Ordinary Shares, of such par value as results from the Current Share Consolidation (if passed and implemented),
 at a ratio within the range of 10:1 to 200:1 (the "Ratio"), as determined at the discretion of the Board, with the ratio,
 implementation and timing of one or more such consolidations to be completed at any time within the next twelve (12) months as the
 Board may determine in its sole discretion for the purposes of regaining and maintaining compliance with the Nasdaq listing rules
 (the "Potential Share Consolidation");

Further information regarding the Proposals, along with a form of proxy for voting, is provided in the materials accompanying this notice. The Board fixed the close of business on January 21, 2026, as the record date (the "Record Date") for determining the shareholders entitled to receive notice of and to vote at the Extraordinary General Meeting or any adjourned or postponement thereof.

Shareholders may obtain a copy of the proxy materials, including the Company's annual report on Form 20-F, from the Company's website at www.utimemobile.com or by submitting a request to qhengcong@utimemobile.com.

Holders of record of the Company's Class A and Class B ordinary shares as of the Record Date are cordially invited to attend the Extraordinary General Meeting in person. **Your vote is important. Whether or not you plan to attend the Extraordinary General Meeting, we hope that you will vote as soon as possible. You may vote your shares by either completing, signing and returning the accompanying proxy card or casting your vote over the Internet.** Please vote in accordance with the instructions on the accompanying proxy card to ensure your representation at such meeting.

---

| |
|:---|
| By Order of the Board of Directors, |
| /s/ Hengcong Qiu |
| Hengcong Qiu |
| Chief Executive Officer and<br> Chairman of the Board of Directors |

---

**UTIME LIMITED**

7<sup>th</sup> Floor Building 5A

Shenzhen Software Industry Base

Nanshan, Shenzhen

People's Republic of China

**PROXY STATEMENT**

**FOR**

**EXTRAORDINARY GENERAL MEETING**

To be held on January 26, 2026 at 10:00 AM Easter Time

(or any adjournment or postponement thereof)

This Meeting Notice is furnished in connection with the solicitation of proxies by the Board of Directors (the "Board") of UTime Limited (the "Company," "we," "us," or "our") for the Extraordinary General Meeting to be held at 7th Floor Building 5A, Shenzhen Software Industry Base, Nanshan, Shenzhen, People's Republic of China on January 26, 2026 at 10:00 AM Easter Time and for any adjournment or postponement thereof, for the purposes set forth in the accompanying Notice of Extraordinary General Meeting. Any shareholder giving such a proxy has the power to revoke it at any time before it is voted. Written notice of such revocation should be forwarded directly to the Company, at the above stated address. Proxies may be solicited through the mails or direct communication with certain shareholders or their representatives by Company officers, directors, or employees, who will receive no additional compensation therefor.

If the enclosed proxy is properly executed and returned, the shares represented thereby will be voted in accordance with the directions thereon and otherwise in accordance with the judgment of the persons designated as proxies. Any proxy on which no direction is specified will be voted in favor of the actions described in this Proxy Statement.

The Company will bear the entire cost of preparing, assembling, printing and mailing this Meeting Notice, the accompanying proxy card, and any additional material that may be furnished to shareholders. The date on which this Meeting Notice and the accompanying proxy form will first be mailed or given to the Company's shareholders is on or about January 21, 2026.

We have elected to provide access to our proxy materials both by sending you this full set of proxy materials, including the notice of our Extraordinary General Meeting, this Proxy Statement, and a proxy card.

**Your vote is important**. Whether or not you expect to attend the Extraordinary General Meeting in person, we urge you to complete, sign, date and return the accompanying proxy card as promptly as possible to ensure your representation at such meeting. Shareholders who execute proxies retain the right to revoke them at any time prior to the voting thereof and may nevertheless vote in person at the Extraordinary General Meeting. **If you hold your shares in street name and wish to vote your shares at the Extraordinary General Meeting, you should contact your broker, bank, custodian or other nominee holder about getting a proxy appointing you to vote your shares**.

**QUESTIONS AND ANSWERS ABOUT THE EXTRAORDINARY GENERAL MEETING**

The following information regarding the Proxy Statement, Extraordinary General Meeting and voting is presented in a question and answer format.

***Q.***  ***What is the purpose of this document?*** 

A. This
 document serves as the Company's Notice of Extraordinary General Meeting and Proxy Statement, which are being furnished to
 the Company's shareholders of record as of the close of business on January 21, 2026 (the "Record Date").
 The Board is soliciting proxies to be voted at the Extraordinary General Meeting on the items of business outlined in the Notice.

***Q.***  ***Why am I receiving these materials?*** 

A. We
 have sent you this Notice, Proxy Statement, and the enclosed proxy card because the Board of the Company is soliciting your proxy
 to vote at the Extraordinary General Meeting, including at any adjournments or postponements of the meeting. You are invited to attend
 the Extraordinary General Meeting to vote on the proposals described in this Proxy Statement. However, you do not need to attend
 the meeting to vote your shares. Instead, you may simply complete, sign and return the enclosed proxy card.

When you sign the enclosed proxy card, you appoint the proxy holder as your representative at the Extraordinary General Meeting. The proxy holder will vote your shares as you have instructed in the proxy card, thereby ensuring that your shares will be voted whether or not you attend the Extraordinary General Meeting. Even if you plan to attend the meeting, you should complete, sign and return your proxy card in advance of the meeting just in case your plan changes.

If you have signed and returned the proxy card and an issue comes up for a vote at the meeting that is not identified on the card, the proxy holder will vote your shares, pursuant to your proxy, in accordance with his or her judgment.

The Company intends to mail this Notice, the Proxy Statement, and the accompanying proxy card on or about January 21, 2026, to all shareholders of record as of the Record Date who are entitled to vote at the Extraordinary General Meeting.

***Q.***  ***Who may vote?*** 

A. Each
 Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at the Extraordinary General Meeting
 and each Class B Ordinary Share shall be entitled to twenty (20) votes on all matters such to the vote at the Extraordinary General
 Meeting.

***Q.***  ***How do I vote?*** 

A. You
 may vote "For" or "Against" the proposals, or "Abstain" from voting on such proposals. The procedures
 for voting are outlined below:

<u>Shareholder of Record: Shares Registered in Your Name</u>

Holders of ordinary shares whose shares are registered in their own names may vote by attending the Extraordinary General Meeting in person or by completing, dating, signing and returning the enclosed form of proxy to the Company in accordance with the instructions detailed on the proxy card included herewith. Thus, if you are a registered holder, you may vote your proxy by Internet, telephone, or mail. To vote by Internet, go to www.proxyvote.com or scan the QR barcode on your proxy card, and follow the instructions using the control number on your proxy card. To vote by telephone, call 1-800-690-6903 and follow the instructions. To vote by mail, mark, sign, date and return your proxy card in the postage-paid envelope provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. Voting will be open until 11:59 p.m. Eastern Time on January 25, 2026.

<u>Beneficial Owner: Shares Registered in the Name of a Broker, Bank, Custodian or Other Nominee Holder</u>

If you received this Notice and Proxy Statement from your broker, bank, custodian or other nominee holder, your broker, bank, custodian or other nominee holder should have given you instructions for directing how that person or entity should vote your shares. It will then be your broker, bank, custodian or other nominee holder's responsibility to vote your shares for you in the manner you direct. Please complete, execute and return the proxy card in the envelope provided by your broker, bank, custodian or other nominee holder promptly.

Under the rules of various national and regional securities exchanges, brokers generally may vote on routine matters, such as the ratification of the engagement of an independent public accounting firm, but may not vote on non-routine matters unless they have received voting instructions from the person for whom they are holding shares. The Proposals are non-routine matters and, consequently, your broker, bank, custodian or other nominee holder will not have discretionary authority to vote your shares on these matters. This is generally referred to as a "broker non-vote" and may affect the outcome of the voting.

We therefore encourage you to provide directions to your broker, bank, custodian or other nominee holder as to how you want your shares voted on all matters to be brought before the Extraordinary General Meeting. You should do this by carefully following the instructions your broker, bank, custodian or other nominee holder gives you concerning its procedures. This ensures that your shares will be voted at the Extraordinary General Meeting.

You are also invited to attend the Extraordinary General Meeting. However, since you are not the shareholder of record, you may not vote your shares in person at the meeting unless you request and obtain a valid proxy from your broker, bank, custodian or other nominee holder.

***Q.***  ***What if I change my mind after I vote via proxy?*** 

A. If
 you hold your shares in your own name, you may revoke your proxy at any time before your shares are voted by:

● mailing
 a later dated proxy prior to the Extraordinary General Meeting;

● delivering
 a written request in person to return the executed proxy;

● voting
 in person at the Extraordinary General Meeting; or

● providing
 written notice of revocation to the Corporate Secretary of the Company at 7th Floor Building 5A, Shenzhen Software Industry Base,
 Nanshan, Shenzhen, People's Republic of China.

If you hold your shares in the name of your broker, bank, or other fiduciary, please contact them to revoke your proxy.

***Q.***  ***What does it mean if I receive more than one proxy card or voting instruction form?*** 

A. It
 means that you have multiple accounts at our transfer agent or with brokers, banks, or other fiduciaries. Please complete and return
 all proxy cards and voting instruction forms to ensure that all of your shares are voted.

***Q.***  ***How many shares must be present to hold a valid meeting?*** 

A. For
 us to hold a valid Extraordinary General Meeting, we must have a quorum, which means that members holding not less than an aggregate
 of one-third of all issued shares in the Company are present in person or by proxy at the Extraordinary General Meeting. Proxies
 received but marked as abstentions and broker non-votes will be treated as shares that are present and entitled to vote for purposes
 of determining a quorum but will not count as votes cast and will have no effect on the outcome of the vote. Your shares will be
 counted as present at the Extraordinary General Meeting if you properly submit a proxy card (even if you do not provide voting instructions)
 or attend the Extraordinary General Meeting and vote in person.

***Q.***  ***How many votes are required to approve an item of business?*** 

Assuming a quorum as referenced above is reached, Proposals 1, 2, and 4 require an ordinary resolution as a matter of Cayman Islands law and will be approved by the affirmative vote of the holders of a simple majority of ordinary shares who, being entitled to do so, attend and vote cast at the Extraordinary General Meeting. Proposal 3 requires a special resolution as a matter of Cayman Islands law and will be approved by the affirmative vote of the holders of two-thirds of ordinary shares who, being entitled to do so, attend and vote at the Extraordinary General Meeting.

Only votes actually cast are taken into account in determining whether the proposals are approved. Abstentions and broker non-votes will not count as votes cast and have no effect on the outcome of the vote.

***Q.***  ***Who pays the cost for soliciting proxies?*** 

A. We
 will pay the cost for the solicitation of proxies by the Board. Our solicitation of proxies will be made primarily by mail. Proxies
 may also be solicited personally, by telephone, fax or e-mail by our officers, directors, and regular supervisory and executive employees,
 none of whom will receive any additional compensation for their services. We will also reimburse brokers, banks, custodians, other
 nominees and fiduciaries for forwarding these materials to beneficial holders to obtain the authorization for the execution of proxies.

***Q.***  ***Where can I find additional information about the Company?*** 

A. The
 Company makes available its annual report to shareholders through the Company's website. The 2025 Annual Report for the fiscal
 year ended March 31, 2025 (the "2025 Annual Report") has been filed with the U.S. Securities and Exchange Commission
 (the "SEC") and is accessible at the SEC's website at www.sec.gov. You may also obtain a copy of our 2025 Annual
 Report by visiting the "Investor Relations" tab and click on "Annual Reports" at the Company's website
 at http://www.utimeworld.com. If you want to receive a paper or email copy of the Company's 2025 Annual Report, you must request
 one. There is no charge to you for requesting a copy. Please make your request for a copy to the Investor Relations department of
 the Company, at qhengcong@utimemobile.com.

**Proposal 1**

**CURRENT SHARE CONSOLIDATION**

On January 20, 2026, our Board authorized and approved the implementation of the Current Share Consolidation at a ratio of either five-for-one, such that each authorized five Class A Ordinary Shares of par value US$0.10 be consolidated into one Class A Ordinary Share with a par value of US$0.50 each or six-for-one, such that each authorized six Class A Ordinary Shares of par value US$0.10 be consolidated into one Class A Ordinary Share with a par value of US$0.60 each, with the final ratio, implementation and timing of such consolidation to be completed as soon as possible following shareholder approval, as determined at the discretion of the Board (the "Current Share Consolidation").

The primary purpose of effectuating the Current Share Consolidation would be to raise the per share trading price of our Class A Ordinary Shares by reducing the number of outstanding Class A Ordinary Shares in order to ensure we are able to maintain our listing on Nasdaq. Such action would be pre-emptive in order to ensure that we do not fall out of compliance with Nasdaq listing standards.

**Reasons for the Current Share Consolidation**

***To maintain our listing on Nasdaq and to decrease the risk of market manipulation of our Class A Ordinary Shares.*** As discussed above, the primary purpose of effecting the Current Share Consolidation would be to raise the per share trading price of the Company's Class A Ordinary Shares in order to maintain its listing on Nasdaq. Delisting from Nasdaq would adversely affect the Company's ability to raise additional financing through the public or private sale of equity securities, may significantly affect the ability of investors to trade in the Company's securities and may negatively affect the value and liquidity of the Company's Class A Ordinary Shares. Delisting may also have other negative impacts, including potential loss of employee confidence, the loss of institutional investors or interest in business development opportunities.

***To potentially improve the marketability and liquidity of our Class A Ordinary Shares.*** We believe that an increased stock price may also improve the marketability and liquidity of our Class A Ordinary Shares. For example, many brokerages, institutional investors and funds have internal policies that either prohibit them from investing in low-priced stocks or tend to discourage individual brokers from recommending low-priced stocks to their customers by restricting or limiting the ability to purchase such stocks on margin. Additionally, investors may be dissuaded from purchasing shares below certain prices because brokers' commissions, as a percentage of the total transaction value, can be higher for low-priced shares.

In light of the factors mentioned above, our Board approved this proposal as a means of maintaining the price of our Class A Ordinary Shares above $1.00 per share to maintain compliance with the Nasdaq Listing Rules.

**Principal Effects of the Current Share Consolidation**

If implemented, the Current Share Consolidation will be effected simultaneously for all issued and unissued Class A Ordinary Shares. The Current Share Consolidation will affect all of our Class A shareholders uniformly. Class A Ordinary Shares issued pursuant to the Current Share Consolidation will remain fully paid and non-assessable. The Current Share Consolidation will not affect the Company continuing to be subject to the periodic reporting requirements of the Exchange Act.

Following the effectiveness of the Current Share Consolidation approved by the shareholders and implementation by the Board, current shareholders will hold fewer shares of our ordinary shares, but the rights and ownership percentages will remain the same.

IF THIS PROPOSAL IS NOT APPROVED, WE WILL BE LIKELY UNABLE TO MAINTAIN THE LISTING OF OUR CLASS A ORDINARY SHARES ON THE NASDAQ STOCK MARKET, WHICH COULD ADVERSELY AFFECT THE LIQUIDITY AND MARKETABILITY OF OUR CLASS A ORDINARY SHARES.

**Fractional Shares**

No fractional shares will be issued in connection with the Current Share Consolidation. Instead, we will issue one full share of the Class A Ordinary Shares after the Current Share Consolidation to any shareholder who would have been entitled to receive a fractional share as a result of the Current Share Consolidation.

**Share Certificates**

Mandatory surrender of certificates is not required by our shareholders. The Company's transfer agent will adjust the record books of the Company to reflect the Current Share Consolidation as of the effective date of the Current Share Consolidation. New certificates will not be mailed to shareholders.

**Risks and Potential Disadvantages Associated with the Current Share Consolidation**

We cannot assure shareholders that the Current Share Consolidation will sufficiently increase our share price to maintain compliance with Nasdaq's minimum bid price rule or be completed before Nasdaq commences delisting procedures; however, our goal in effectuating the Current Share Consolidation would be to avoid such circumstance. The effect of the Current Share Consolidation on our share price cannot be predicted with any certainty, and the history of share consolidation for other companies in our industry is varied, particularly since some investors may view share consolidation negatively. It is possible that our share price after the Current Share Consolidation will not increase in the same proportion as the reduction in the number of shares outstanding, causing a reduction in the Company's overall market capitalization. Further, even if we implement the Current Share Consolidation, our Class A Ordinary Shares price may decline due to various factors, including our future performance and general industry, market and economic conditions. This percentage decline, as an absolute number and as a percentage of our overall market capitalization, may be greater than would occur in the absence of the Current Share Consolidation. We cannot assure our shareholders that such action would ensure continued compliance with the minimum bid price rule. Any failure to maintain these listing standards could result in Nasdaq suspending our trading and commencing delisting proceedings.

The Current Share Consolidation may decrease the liquidity of our Class A Ordinary Shares and result in higher transaction costs. The liquidity of our Class A Ordinary Shares may be negatively impacted by the reduced number of shares outstanding after the Current Share Consolidation, which would be exacerbated if the share price does not increase following the share consolidation. In addition, the Current Share Consolidation would increase the number of shareholders owning "odd lots" of fewer than 100 shares, trading in which generally results in higher transaction costs. Accordingly, the Current Share Consolidation may not achieve the desired results of increasing marketability and liquidity as described above.

**No Going Private Transaction**

Notwithstanding the decrease in the number of outstanding shares following the Current Share Consolidation, the Board does not intend for this transaction to be the first step in a series of plans or proposals of a "going private transaction" within the meaning of Rule 13e-3 of the Exchange Act.

**Full Text of the Resolution**

"RESOLVED, as an ordinary resolution, that the authorized share capital of the Company be amended **from** US$1,000,000 divided into: (i) 9,000,000 Class A Ordinary Shares of a par value of US$0.1 each; and (ii) 100,000,000 Class B ordinary shares of a par value of US$0.001 each **to** either:

&nbsp;&nbsp;&nbsp;&nbsp;(i) US$1,000,000
 divided into: (i) 1,800,000 Class A Ordinary Shares of a par value of US$0.5 each; and (ii)
 100,000,000 Class B ordinary shares of a par value of US$0.001 each **by** the consolidation
 of the authorized Class A Ordinary Shares of par value US$0.1 each at a ratio of 5:1, such
 that each 5 Class A Ordinary Shares of par value US$0.1 be consolidated into one Class A
 Ordinary Share with a par value of US$0.5 each; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) US$1,000,000
 divided into: (i) 1,500,000 Class A Ordinary Shares of a par value of US$0.6 each; and (ii)
 100,000,000 Class B ordinary shares of a par value of US$0.001 each **by** the consolidation
 of the authorized Class A Ordinary Shares of par value US$0.1 each at a ratio of 6:1, such
 that each 6 Class A Ordinary Shares of par value US$0.1 be consolidated into one Class A
 Ordinary Share with a par value of US$0.6 each,

having the rights and subject to the restrictions set out in the amended and restated memorandum and articles of association of the Company, the final ratio, implementation and timing of such consolidation to be completed as soon as possible as determined at the discretion of the board of directors."

**Vote Required to Approve Proposal 1**

If a quorum is present, the approval of the Current Share Consolidation requires an ordinary resolution under Cayman Islands law, being the affirmative vote of the holders of at least a majority of the ordinary shares, who, being present (either in person or by proxy) and entitled to vote at the Extraordinary General Meeting, vote at the Extraordinary General Meeting.

Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as a vote cast at the Extraordinary General Meeting.

**WE RECOMMEND A VOTE "FOR" THE PROPOSAL 1 TO AUTHORIZE THE BOARD OF DIRECTORS TO EFFECT THE CURRENT SHARE CONSOLIDATION**

**Proposal 2**

**APPROVAL TO SHARE CAPITAL INCREASE** 

**General Plan to Increase Authorized Share Capital (the "Share Capital Increase")**

To consider and approve by an ordinary resolution that, subject to the Current Share Consolidation being approved, immediately following the Current Share Consolidation, the authorized share capital of the Company be increased either, depending on the result of the Current Share Consolidation:

&nbsp;&nbsp;&nbsp;&nbsp;(i) **from** US$1,000,000 divided into: (i) 1,800,000 Class A Ordinary Shares of a par value of US$0.5
 each; and (ii) 100,000,000 Class B ordinary shares of a par value of US$0.001 each to either,
 depending on the final ratio of the Share Consolidation **to** US$450,100,000 divided
 into 900,000,000 Class A Ordinary Shares, of a par value of US$0.5 each and (ii) 100,000,000
 Class B ordinary shares, of a par value of US$0.001 each **by** the creation of 898,200,000
 Class A Ordinary Shares, of par value of US$0.5 each and 100,000,000 Class B ordinary shares,
 of a par value of US$0.001 each; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) **from** US$1,000,000 divided into: (i) 1,500,000 Class A Ordinary Shares of a par value of US$0.6
 each; and (ii) 100,000,000 Class B ordinary shares of a par value of US$0.001 each to either,
 depending on the final ratio of the Share Consolidation **to** US$540,100,000 divided
 into 900,000,000 Class A Ordinary Shares, of a par value of US$0.6 each and (ii) 100,000,000
 Class B ordinary shares, of a par value of US$0.001 each **by** the creation of 898,500,000
 Class A Ordinary Shares, of par value US$0.6 each.

**Full Text of the Resolution**

"RESOLVED, that as an ordinary resolution, that, subject to the Current Share Consolidation being approved, immediately following the Current Share Consolidation, the authorized share capital of the Company be increased either, depending on the result of the Current Share Consolidation:

&nbsp;&nbsp;&nbsp;&nbsp;(iii) **from** US$1,000,000 divided into: (i) 1,800,000 Class A Ordinary Shares of a par value of US$0.5
 each; and (ii) 100,000,000 Class B ordinary shares of a par value of US$0.001 each to either,
 depending on the final ratio of the Share Consolidation **to** US$450,100,000 divided
 into 900,000,000 Class A Ordinary Shares, of a par value of US$0.5 each and (ii) 100,000,000
 Class B ordinary shares, of a par value of US$0.001 each **by** the creation of 898,200,000
 Class A Ordinary Shares, of par value of US$0.5 each and 100,000,000 Class B ordinary shares,
 of a par value of US$0.001 each; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) **from** US$1,000,000 divided into: (i) 1,500,000 Class A Ordinary Shares of a par value of US$0.6
 each; and (ii) 100,000,000 Class B ordinary shares of a par value of US$0.001 each to either,
 depending on the final ratio of the Share Consolidation **to** US$540,100,000 divided
 into 900,000,000 Class A Ordinary Shares, of a par value of US$0.6 each and (ii) 100,000,000
 Class B ordinary shares, of a par value of US$0.001 each **by** the creation of 898,500,000
 Class A Ordinary Shares, of par value US$0.6 each."

**Vote Required to Approve Proposal 2**

If a quorum is present, the approval of the Share Capital Increase requires an ordinary resolution under Cayman Islands law, being the affirmative vote of the holders of at least a majority of the ordinary shares, who, being present (either in person or by proxy) and entitled to vote at the Extraordinary General Meeting, vote at the Extraordinary General Meeting.

Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as a vote cast at the Extraordinary General Meeting.

**WE RECOMMEND A VOTE "FOR" THE PROPOSAL 2 TO APPROVE THE SHARE CAPITAL INCREASE**

**Proposal 3**

**ADOPT SECOND AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION**

To consider and approve by a special resolution that the Amended and Restated Memorandum and Articles of Association be amended and restated by their deletion in their entirety and the substitution in their place of the Second Amended and Restated Memorandum and Articles of Association, effective immediately following the Current Share Consolidation and Share Capital Increase, in the form attached hereto as Exhibit A to this Proxy Statement.

**Purpose and Background** 

On January 20, 2026, the Board approved by written resolution the proposal authorizing the adoption of the Second Amended and Restated Memorandum and Articles of Association for the purpose of incorporating the Current Share Consolidation and Share Capital Increase into the memorandum and articles of association of the Company.

**Full Text of the Resolution**

"RESOLVED, as a special resolution, that, subject to the Current Share Consolidation and Share Capital Increase being approved, the Second Amended and Restated Memorandum and Articles of Association of the Company currently in effect be amended and restated by the deletion in their entirety and the substitution in their place of the Third Amended and Restated Memorandum and Articles of Association annexed hereto as Exhibit A."

**Vote Required to Approve Proposal 3**

If a quorum is present, the approval of the Share Capital Amendment requires a special resolution under Cayman Islands law, being the affirmative vote of the holders of at least two-thirds of the ordinary shares, who, being present (either in person or by proxy) and entitled to vote at the Extraordinary General Meeting, vote at the Extraordinary General Meeting.

Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as a vote cast at the Extraordinary General Meeting.

**WE RECOMMEND A VOTE "FOR" THE PROPOSAL 3 TO ADOPT THE SECOND AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION**

**Proposal 4** 

**APPROVAL TO POTENTIAL SHARE CONSOLIDATION**

To consider and approve a proposal, as an ordinary resolution, to approve an amendment to the authorized share capital of the Company to effect a consolidation of the Company's Class A Ordinary Shares, par value $0.5 per share or par value $0.6 per share subject to the Current Share Consolidation, at a ratio within the range of 10:1 to 200:1, as determined at the discretion of the Board, with the implementation and timing of one or more such consolidations to be completed at any time within the next twelve (12) months as the Board may determine in its sole discretion for the purposes of regaining and maintaining compliance with the Nasdaq listing rules (the "Potential Share Consolidation").

While we do not imminently plan to effectuate a Potential Share Consolidation after the Current Share Consolidation, should the need arise, the Potential Share Consolidation (as applicable) would become effective upon the Board's approval and the filing of an amendment to our then-effective memorandum and articles of association, or at such later date as is chosen by the Board and set forth in such amendment (the "Effective Date"). It is also possible that the Board may elect not to effect any Potential Share Consolidation, should it not be required to maintain compliance with Nasdaq listing requirements. However, we believe that granting the Board the authority to set the ratio for the Potential Share Consolidations is essential because it allows us to quickly react to changing market conditions and ensure that we do not fall out of compliance with Nasdaq listing standards. We will publicly announce the ratio of any Potential Share Consolidation in advance of the Effective Date of such Potential Share Consolidation, following approval of our Board.

Same as the Current Share Consolidation, the primary purpose of effectuating a Potential Share Consolidation would be to raise the per share trading price of our Class A Ordinary Shares by reducing the number of outstanding Class A Ordinary Shares in order to ensure we are able to maintain our listing on Nasdaq. Such action would be pre-emptive in order to ensure that we do not fall out of compliance with Nasdaq listing standards.

**Reasons for the Potential Share Consolidation**

***To maintain our listing on Nasdaq and to decrease the risk of market manipulation of our Class A Ordinary Shares.*** As discussed above, the primary purpose of effecting a Potential Share Consolidation would be to raise the per share trading price of the Company's Class A Ordinary Shares in order to maintain its listing on Nasdaq. Delisting from Nasdaq would adversely affect the Company's ability to raise additional financing through the public or private sale of equity securities, may significantly affect the ability of investors to trade in the Company's securities and may negatively affect the value and liquidity of the Company's Class A Ordinary Shares. Delisting may also have other negative impacts, including potential loss of employee confidence, the loss of institutional investors or interest in business development opportunities.

***To potentially improve the marketability and liquidity of our Class A Ordinary Shares.*** We believe that an increased stock price may also improve the marketability and liquidity of our Class A Ordinary Shares. For example, many brokerages, institutional investors and funds have internal policies that either prohibit them from investing in low-priced stocks or tend to discourage individual brokers from recommending low-priced stocks to their customers by restricting or limiting the ability to purchase such stocks on margin. Additionally, investors may be dissuaded from purchasing shares below certain prices because brokers' commissions, as a percentage of the total transaction value, can be higher for low-priced shares.

In light of the factors mentioned above, our Board approved this proposal as a means of maintaining the price of our Class A Ordinary Shares above $1.00 per share to maintain compliance with the Nasdaq Listing Rules.

**Criteria to be Used for Determining Whether to Implement a Potential Share Consolidation**

In determining whether to implement a Potential Share Consolidation, and which ratio to implement, if any, the Board may consider, among other factors:

● the historical trading price and trading volume of our Class A Ordinary Shares;

● the then-prevailing trading price and trading volume of our Class A Ordinary Shares and the expected impact of the Potential Share Consolidations on the trading market in the short- and long-term;

● the continued listing requirements for our Class A Ordinary Shares on Nasdaq or other applicable exchanges;

● the number of shares of Class A Ordinary Shares outstanding;

● which Potential Share Consolidation ratios would result in the least administrative cost to us; and

● prevailing industry, market and economic conditions.

**Principal Effects of the Potential Share Consolidations**

If implemented, the Potential Share Consolidation will be effected simultaneously for all issued and unissued Class A ordinary shares. A Potential Share Consolidation will affect all of our Class A shareholders uniformly. Class A Ordinary Shares issued pursuant to a Potential Share Consolidation will remain fully paid and non-assessable. A Potential Share Consolidation will not affect the Company continuing to be subject to the periodic reporting requirements of the Exchange Act.

Following the effectiveness of the Potential Share Consolidation approved by the shareholders and implementation by the Board, current shareholders will hold fewer shares of our ordinary shares, but the rights and ownership percentages will remain the same.

**Fractional Shares**

No fractional shares will be issued in connection with the Potential Share Consolidation. Instead, we will issue one full share of the Class A Ordinary Shares after a Potential Share Consolidation to any shareholder who would have been entitled to receive a fractional share as a result of the Potential Share Consolidation.

**Share Certificates**

Mandatory surrender of certificates is not required by our shareholders. The Company's transfer agent will adjust the record books of the Company to reflect the Potential Share Consolidation as of the Effective Date of the Potential Share Consolidation. New certificates will not be mailed to shareholders.

**Risks and Potential Disadvantages Associated with the Potential Share Consolidation**

We cannot assure shareholders that the Potential Share Consolidation, if implements, will sufficiently increase our share price to maintain compliance with Nasdaq's minimum bid price rule or be completed before Nasdaq commences delisting procedures; however, our goal in effectuating the Potential Share Consolidation would be to avoid such circumstance. The effect of the Potential Share Consolidation on our share price cannot be predicted with any certainty, and the history of share consolidation for other companies in our industry is varied, particularly since some investors may view share consolidation negatively. It is possible that our share price after the Potential Share Consolidation will not increase in the same proportion as the reduction in the number of shares outstanding, causing a reduction in the Company's overall market capitalization. Further, even if we implement the Potential Share Consolidation, our Class A Ordinary Shares price may decline due to various factors, including our future performance and general industry, market and economic conditions. This percentage decline, as an absolute number and as a percentage of our overall market capitalization, may be greater than would occur in the absence of the Potential Share Consolidation. We cannot assure our shareholders that such action would ensure continued compliance with the minimum bid price rule. Any failure to maintain these listing standards could result in Nasdaq suspending our trading and commencing delisting proceedings.

The Potential Share Consolidation, if implements, may decrease the liquidity of our Class A Ordinary Shares and result in higher transaction costs. The liquidity of our Class A Ordinary Shares may be negatively impacted by the reduced number of shares outstanding after the Potential Share Consolidation, which would be exacerbated if the share price does not increase following the share consolidation. In addition, the Potential Share Consolidation, if implements, would increase the number of shareholders owning "odd lots" of fewer than 100 shares, trading in which generally results in higher transaction costs. Accordingly, the Potential Share Consolidation may not achieve the desired results of increasing marketability and liquidity as described above.

**No Going Private Transaction**

Notwithstanding the decrease in the number of outstanding shares following the Potential Share Consolidation, the Board does not intend for this transaction to be the first step in a series of plans or proposals of a "going private transaction" within the meaning of Rule 13e-3 of the Exchange Act.

**Full Text of the Resolution**

"RESOLVED, as an ordinary resolution, that subject to the Current Share Consolidation and Share Capital Increase being approved, the Directors of the Company be authorized to approve an amendment to the authorized share capital of the Company to effect a consolidation of the Company's Class A Ordinary Shares of such par value as results from the Current Share Consolidation (if passed and implemented) (the "**Class A Ordinary Shares**"), at a ratio within the range of 10:1 to 200:1 (the "**Ratio**"), as determined at the discretion of the Directors, with the ratio, implementation and timing of one or more such consolidations to be completed at any time within the next twelve (12) months as the Directors may determine in their sole discretion for the purposes of regaining and maintaining compliance with the Nasdaq listing rules."

**Vote Required to Approve Proposal 4**

If a quorum is present, the approval of the Potential Share Consolidation requires an ordinary resolution under Cayman Islands law, being the affirmative vote of the holders of at least a majority of the ordinary shares, who, being present (either in person or by proxy) and entitled to vote at the Extraordinary General Meeting, vote at the Extraordinary General Meeting.

Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as a vote cast at the Extraordinary General Meeting.

**WE RECOMMEND A VOTE "FOR" THE PROPOSAL 4 TO AUTHORIZE THE BOARD OF DIRECTORS TO EFFECT THE POTENTIAL SHARE CONSOLIDATION**

**Transfer Agent and Registrar**

The transfer agent and registrar for our ordinary shares is VStock Transfer, LLC. Its address is 18 Lafayette Place, Woodmere, New York 11598, and its telephone number is +1-(212) 828-8436.

**Where You Can Find More Information**

We file annual report and other documents with the SEC under the Exchange Act. Our SEC filings made electronically through the SEC's EDGAR system are available to the public at the SEC's website at http://www.sec.gov. You may also read and copy any document we file with the SEC at the SEC's public reference room located at 100 F Street, NE, Room 1580, Washington, DC 20549. Please call the SEC at (800) SEC-0330 for further information on the operation of the public reference room.

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| |
|:---|
| By Order of the Board of Directors, |
| /s/ Hengcong Qiu |
| Hengcong Qiu<br> Chief Executive Officer and Chairman of the Board of Directors |

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January 21, 2026

**Proxy Card**

Refer to Exhibit 99.2 to the Report on Form 6-K filed by UTime Limited. on January 21, 2026.

**Exhibit A**

Form of Second Amended and Restated Memorandum and Articles of Association

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**THIRD AMENDED AND RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**UTime Limited**

**(adopted by special resolution EFFECTIVE ON [ ] January 2026)**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**THIRD AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**UTime Limited**

**(adopted by special resolution EFFECTIVE ON [ ] January 2026)**

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| | |
|:---|:---|
| 1 | The name of the Company is UTime Limited. |
| 2 | The Registered Office of the Company shall be at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, or at such other place within the Cayman Islands as the Directors may decide. |
| 3 | The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands. |
| 4 | The liability of each Member is limited to the amount unpaid on such Member's shares. |
| 5 | The share capital of the Company is US$1,000,000 divided into [ ] Class A ordinary shares of a par value of US$0.[ ] each and 100,000,000 Class B ordinary shares of a par value of US$0.001 each. |
| 6 | The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |
| 7 | Capitalised terms that are not defined in this Amended and Restated Memorandum of Association bear the respective meanings given to them in the Amended and Restated Articles of Association of the Company. |

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**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**THIRD AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**UTime Limited**

**(adopted by special resolution EFFECTIVE ON [ ] January 2026)**

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| | |
|:---|:---|
| **1** | **Interpretation** |
| 1.1 | In the Articles Table A in the First Schedule to the Statute does not apply and, unless there is something in the subject or context inconsistent therewith: |

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| | |
|:---|:---|
| "**Applicable Law**" | means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person. |
| "**Articles**" | means these amended and restated articles of association of the Company. |
| "**Audit Committee**" | means the audit committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. |
| "**Auditor**" | means the person for the time being performing the duties of auditor of the Company (if any). |
| "**Class A Ordinary Share**" | means a Class A ordinary share of a par value of US$0.[ ] in the share capital of the Company. |
| "**Class B Ordinary Share**" | means a Class B ordinary share of a par value of US$0.[ ] in the share capital of the Company. |
| "**Clearing House**" | means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| "**Company**" | means the above named company. |

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| | |
|:---|:---|
| "**Company's Website**" | means the website of the Company and/or its web-address or domain name (if any). |
| "**Compensation Committee**" | means the compensation committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. |
| "**Designated Stock Exchange**" | means any United States national securities exchange on which the securities of the Company are listed for trading, including the Nasdaq Capital Market. |
| "**Directors**" | means the directors for the time being of the Company. |
| "**Dividend**" | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. |
| "**Electronic Communication**" | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Securities and Exchange Commission) or other electronic delivery methods as otherwise decided and approved by the Directors. |
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act. |
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (As Revised) of the Cayman Islands. |
| "**Exchange Act**" | means the United States Securities Exchange Act of 1934, as amended or any similar U.S. federal statute and the rules and regulations of the Securities and Exchange Commission thereunder, all as the same shall be in effect at the time. |
| "**Independent Director**" | has the same meaning as in the rules and regulations of the Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be. |
| "**IPO**" | means the Company's initial public offering of securities. |
| "**Member**" | has the same meaning as in the Statute. |
| "**Memorandum**" | means the amended and restated memorandum of association of the Company. |

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| | |
|:---|:---|
| "**Nominating and Corporate Governance Committee**" | means the nominating and corporate governance committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. |
| "**Officer**" | means a person appointed to hold an office in the Company. |
| "**Ordinary Resolution**" | means a resolution passed by either: (i) a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting; or (ii) written resolution signed by Members holding a simple majority of the Shares entitled to vote thereon. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. |
| "**Register of Members**" | means the register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate register of Members. |
| "**Registered Office**" | means the registered office for the time being of the Company. |
| "**Seal**" | means the common seal of the Company and includes every duplicate seal. |
| "**Securities and Exchange Commission**" | means the United States Securities and Exchange Commission. |
| "**Securities Act**" | means the United States Securities Act of 1933, as amended, or any similar U.S. federal statute and the rules and regulations of the Securities and Exchange Commission thereunder, all as the same shall be in effect at the time. |
| "**Share**" | means a Class A Ordinary Share or a Class B Ordinary Share and includes a fraction of a share in the Company. |
| "**Special Resolution**" | has the same meaning as in the Statute. |
| "**Statute**" | means the Companies Act (As Revised) of the Cayman Islands. |
| "**Treasury Share**" | means a Share held in the name of the Company as a treasury share in accordance with the Statute. |

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1.2 In
 the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular number include the plural number and vice versa;

(b) words
 importing the masculine gender include the feminine gender;

(c) words
 importing persons include corporations as well as any other legal or natural person;

(d) "written"
 and "in writing" include all modes of representing or reproducing words in visible form, including in the form of an
 Electronic Record;

(e) "shall"
 shall be construed as imperative and "may" shall be construed as permissive;

(f) references
 to provisions of any law or regulation shall be construed as references to those provisions as amended, modified, re-enacted or replaced;

(g) any
 phrase introduced by the terms "including", "include", "in particular" or any similar expression
 shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

(h) the
 term "and/or" is used herein to mean both "and" as well as "or." The use of "and/or"
 in certain contexts in no respects qualifies or modifies the use of the terms "and" or "or" in others. The
 term "or" shall not be interpreted to be exclusive and the term "and" shall not be interpreted to require
 the conjunctive (in each case, unless the context otherwise requires);

(i) headings
 are inserted for reference only and shall be ignored in construing the Articles;

(j) any
 requirements as to delivery under the Articles include delivery in the form of an Electronic Record;

(k) any
 requirements as to execution or signature under the Articles including the execution of the Articles themselves can be satisfied
 in the form of an electronic signature as defined in the Electronic Transactions Act;

(l) sections
 8 and 19(3) of the Electronic Transactions Act shall not apply;

(m) the
 term "clear days" in relation to the period of a notice means that period excluding the day when the notice is received
 or deemed to be received and the day for which it is given or on which it is to take effect; and

(n) the
 term "holder" in relation to a Share means a person whose name is entered in the Register of Members as the holder of
 such Share.

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| | |
|:---|:---|
| **2** | **Commencement of Business** |
| 2.1 | The business of the Company may be commenced as soon after incorporation of the Company as the Directors shall see fit. |
| 2.2 | The Directors may pay, out of the capital or any other monies of the Company, all expenses incurred in or about the formation and establishment of the Company, including the expenses of registration. |
| **3** | **Issue of Shares** |
| 3.1 | Subject to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company in general meeting) and, where applicable, the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law, and without prejudice to any rights attached to any existing Shares, the Directors may allot, issue, grant options over or otherwise dispose of Shares (including fractions of a Share) with or without preferred, deferred or other rights or restrictions, whether in regard to Dividends or other distributions, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Statute and the Articles) vary such rights. |
| 3.2 | The Company may issue rights, options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company on such terms as the Directors may from time to time determine. |
| 3.3 | The Company may issue securities in the Company, which may be comprised of whole or fractional Shares, rights, options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company, upon such terms as the Directors may from time to time determine. |
| 3.4 | The Company shall not issue Shares to bearer. |

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3.5 Conversion
 of Class B Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Class
 B Ordinary Shares shall automatically convert into Class A Ordinary Shares on a one-for-one basis at any time and from time to time
 at the option of the holders thereof.

(b) References
 in this Article to "converted", "conversion" or "exchange" shall mean the repurchase without
 notice of Class B Ordinary Shares of any Member and, on behalf of such Members, automatic application of such repurchase proceeds
 in paying for such new Class A Ordinary Shares into which the Class B Shares have been converted or exchanged at a price per Class
 B Ordinary Share necessary to give effect to a conversion or exchange calculated on the basis that the Class A Ordinary Shares to
 be issued as part of the conversion or exchange will be issued at par. The Class A Ordinary Shares to be issued on an exchange or
 conversion shall be registered in the name of such Member or in such name as the Member may direct.

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| | |
|:---|:---|
| **4** | **Register of Members**  |
| 4.1 | The Company shall maintain or cause to be maintained the Register of Members in accordance with the Statute. |
| 4.2 | The Directors may determine that the Company shall maintain one or more branch registers of Members in accordance with the Statute. The Directors may also determine which register of Members shall constitute the principal register and which shall constitute the branch register or registers, and to vary such determination from time to time. |
| **5** | **Closing Register of Members or Fixing Record Date** |
| 5.1 | For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or any adjournment thereof, or Members entitled to receive payment of any Dividend or other distribution, or in order to make a determination of Members for any other purpose, the Directors may, after notice has been given by advertisement in an appointed newspaper or any other newspaper or by any other means in accordance with the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law, provide that the Register of Members shall be closed for transfers for a stated period which shall not in any case exceed forty days. |
| 5.2 | In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or arrears a date as the record date for any such determination of Members entitled to notice of, or to vote at any meeting of the Members or any adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any Dividend or other distribution, or in order to make a determination of Members for any other purpose. |
| 5.3 | If the Register of Members is not so closed and no record date is fixed for the determination of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a Dividend or other distribution, the date on which notice of the meeting is sent or the date on which the resolution of the Directors resolving to pay such Dividend or other distribution is passed, as the case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment thereof. |
| **6** | **Certificates for Shares** |
| 6.1 | A Member shall only be entitled to a share certificate if the Directors resolve that share certificates shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively numbered or otherwise identified and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled and, subject to the Articles, no new certificate shall be issued until the former certificate representing a like number of relevant Shares shall have been surrendered and cancelled. |

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| | |
|:---|:---|
| 6.2 | The Company shall not be bound to issue more than one certificate for Shares held jointly by more than one person and delivery of a certificate to one joint holder shall be a sufficient delivery to all of them. |
| 6.3 | If a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating evidence, as the Directors may prescribe, and (in the case of defacement or wearing out) upon delivery of the old certificate. |
| 6.4 | Every share certificate sent in accordance with the Articles will be sent at the risk of the Member or other person entitled to the certificate. The Company will not be responsible for any share certificate lost or delayed in the course of delivery. |
| 6.5 | Share certificates shall be issued within the relevant time limit as prescribed by the Statute, if applicable, or as the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law may from time to time determine, whichever is shorter, after the allotment or, except in the case of a Share transfer which the Company is for the time being entitled to refuse to register and does not register, after lodgement of a Share transfer with the Company. |
| **7** | **Transfer of Shares** |
| 7.1 | Subject to the terms of the Articles, any Member may transfer all or any of his Shares by an instrument of transfer provided that such transfer complies with the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law. If the Shares in question were issued in conjunction with rights, options or warrants issued pursuant to the Articles on terms that one cannot be transferred without the other, the Directors shall refuse to register the transfer of any such Share without evidence satisfactory to them of the like transfer of such option or warrant. |
| 7.2 | The instrument of transfer of any Share shall be in writing in the usual or common form or in a form prescribed by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law or in any other form approved by the Directors and shall be executed by or on behalf of the transferor (and if the Directors so require, signed by or on behalf of the transferee) and may be under hand or, if the transferor or transferee is a Clearing House or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Directors may approve from time to time. The transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered in the Register of Members. |

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| | |
|:---|:---|
| **8** | **Redemption, Repurchase and Surrender of Shares** |
| 8.1 | Subject to the provisions of the Statute, and, where applicable, the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law, the Company may issue Shares that are to be redeemed or are liable to be redeemed at the option of the Member or the Company. |
| 8.2 | Subject to the provisions of the Statute, and, where applicable, the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law, the Company may purchase its own Shares (including any redeemable Shares) in such manner and on such other terms as the Directors may agree with the relevant Member. |
| 8.3 | The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner permitted by the Statute, including out of capital. |
| 8.4 | The Directors may accept the surrender for no consideration of any fully paid Share. |
| **9** | **Treasury Shares** |
| 9.1 | The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share shall be held as a Treasury Share. |
| 9.2 | The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they think proper (including, without limitation, for nil consideration). |
| **10** | **Variation of Rights of Shares** |
| 10.1 | Subject to Article 3.1, if at any time the share capital of the Company is divided into different classes of Shares, all or any of the rights attached to any class (unless otherwise provided by the terms of issue of the Shares of that class) may, whether or not the Company is being wound up, be varied without the consent of the holders of the issued Shares of that class where such variation is considered by the Directors not to have a material adverse effect upon such rights; otherwise, any such variation shall be made only with the consent in writing of the holders of not less than two thirds of the issued Shares of that class, or with the approval of a resolution passed by a majority of not less than two thirds of the votes cast at a separate meeting of the holders of the Shares of that class. For the avoidance of doubt, the Directors reserve the right, notwithstanding that any such variation may not have a material adverse effect, to obtain consent from the holders of Shares of the relevant class. To any such meeting all the provisions of the Articles relating to general meetings shall apply *mutatis mutandis*, except that the necessary quorum shall be one person holding or representing by proxy at least one third of the issued Shares of the class and that any holder of Shares of the class present in person or by proxy may demand a poll. |
| 10.2 | For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of Shares as forming one class of Shares if the Directors consider that such class of Shares would be affected in the same way by the proposals under consideration, but in any other case shall treat them as separate classes of Shares. |

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| 10.3 | The rights conferred upon the holders of the Shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed to be varied by the creation or issue of further Shares ranking pari passu therewith or Shares issued with preferred or other rights. |
| **11** | **Commission on Sale of Shares** |
|  | The Company may, in so far as the Statute permits, pay a commission to any person in consideration of his subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied by the payment of cash and/or the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be lawful. |
| **12** | **Non Recognition of Trusts** |
|  | The Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Statute) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder. |
| **13** | **Lien on Shares** |
| 13.1 | The Company shall have a first and paramount lien on all Shares (whether fully paid-up or not) registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the Directors may at any time declare any Share to be wholly or in part exempt from the provisions of this Article. The registration of a transfer of any such Share shall operate as a waiver of the Company's lien thereon. The Company's lien on a Share shall also extend to any amount payable in respect of that Share. |
| 13.2 | The Company may sell, in such manner as the Directors think fit, any Shares on which the Company has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within fourteen clear days after notice has been received or deemed to have been received by the holder of the Shares, or to the person entitled to it in consequence of the death or bankruptcy of the holder, demanding payment and stating that if the notice is not complied with the Shares may be sold. |
| 13.3 | To give effect to any such sale the Directors may authorise any person to execute an instrument of transfer of the Shares sold to, or in accordance with the directions of, the purchaser. The purchaser or his nominee shall be registered as the holder of the Shares comprised in any such transfer, and he shall not be bound to see to the application of the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity in the sale or the exercise of the Company's power of sale under the Articles. |

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|:---|:---|
| 13.4 | The net proceeds of such sale after payment of costs, shall be applied in payment of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person entitled to the Shares at the date of the sale. |
| **14** | **Call on Shares** |
| 14.1 | Subject to the terms of the allotment and issue of any Shares, the Directors may make calls upon the Members in respect of any monies unpaid on their Shares (whether in respect of par value or premium), and each Member shall (subject to receiving at least fourteen clear days' notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called on the Shares. A call may be revoked or postponed, in whole or in part, as the Directors may determine. A call may be required to be paid by instalments. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the Shares in respect of which the call was made. |
| 14.2 | A call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed. |
| 14.3 | The joint holders of a Share shall be jointly and severally liable to pay all calls in respect thereof. |
| 14.4 | If a call remains unpaid after it has become due and payable, the person from whom it is due shall pay interest on the amount unpaid from the day it became due and payable until it is paid at such rate as the Directors may determine (and in addition all expenses that have been incurred by the Company by reason of such non-payment), but the Directors may waive payment of the interest or expenses wholly or in part. |
| 14.5 | An amount payable in respect of a Share on issue or allotment or at any fixed date, whether on account of the par value of the Share or premium or otherwise, shall be deemed to be a call and if it is not paid all the provisions of the Articles shall apply as if that amount had become due and payable by virtue of a call. |
| 14.6 | The Directors may issue Shares with different terms as to the amount and times of payment of calls, or the interest to be paid. |
| 14.7 | The Directors may, if they think fit, receive an amount from any Member willing to advance all or any part of the monies uncalled and unpaid upon any Shares held by him, and may (until the amount would otherwise become payable) pay interest at such rate as may be agreed upon between the Directors and the Member paying such amount in advance. |

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| 14.8 | No such amount paid in advance of calls shall entitle the Member paying such amount to any portion of a Dividend or other distribution payable in respect of any period prior to the date upon which such amount would, but for such payment, become payable. |
| **15** | **Forfeiture of Shares** |
| 15.1 | If a call or instalment of a call remains unpaid after it has become due and payable the Directors may give to the person from whom it is due not less than fourteen clear days' notice requiring payment of the amount unpaid together with any interest which may have accrued and any expenses incurred by the Company by reason of such non-payment. The notice shall specify where payment is to be made and shall state that if the notice is not complied with the Shares in respect of which the call was made will be liable to be forfeited. |
| 15.2 | If the notice is not complied with, any Share in respect of which it was given may, before the payment required by the notice has been made, be forfeited by a resolution of the Directors. Such forfeiture shall include all Dividends, other distributions or other monies payable in respect of the forfeited Share and not paid before the forfeiture. |
| 15.3 | A forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the Directors think fit and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the Directors think fit. Where for the purposes of its disposal a forfeited Share is to be transferred to any person the Directors may authorise some person to execute an instrument of transfer of the Share in favour of that person. |
| 15.4 | A person any of whose Shares have been forfeited shall cease to be a Member in respect of them and shall surrender to the Company for cancellation the certificate for the Shares forfeited and shall remain liable to pay to the Company all monies which at the date of forfeiture were payable by him to the Company in respect of those Shares together with interest at such rate as the Directors may determine, but his liability shall cease if and when the Company shall have received payment in full of all monies due and payable by him in respect of those Shares. |
| 15.5 | A certificate in writing under the hand of one Director or Officer that a Share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the Share. The certificate shall (subject to the execution of an instrument of transfer) constitute a good title to the Share and the person to whom the Share is sold or otherwise disposed of shall not be bound to see to the application of the purchase money, if any, nor shall his title to the Share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the Share. |
| 15.6 | The provisions of the Articles as to forfeiture shall apply in the case of non payment of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account of the par value of the Share or by way of premium as if it had been payable by virtue of a call duly made and notified. |

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| **16** | **Transmission of Shares** |
| 16.1 | If a Member dies, the survivor or survivors (where he was a joint holder), or his legal personal representatives (where he was a sole holder), shall be the only persons recognised by the Company as having any title to his Shares. The estate of a deceased Member is not thereby released from any liability in respect of any Share, for which he was a joint or sole holder. |
| 16.2 | Any person becoming entitled to a Share in consequence of the death or bankruptcy or liquidation or dissolution of a Member (or in any other way than by transfer) may, upon such evidence being produced as may be required by the Directors, elect, by a notice in writing sent by him to the Company, either to become the holder of such Share or to have some person nominated by him registered as the holder of such Share. If he elects to have another person registered as the holder of such Share he shall sign an instrument of transfer of that Share to that person. The Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member before his death or bankruptcy or liquidation or dissolution, as the case may be. |
| 16.3 | A person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or dissolution of a Member (or in any other case than by transfer) shall be entitled to the same Dividends, other distributions and other advantages to which he would be entitled if he were the holder of such Share. However, he shall not, before becoming a Member in respect of a Share, be entitled in respect of it to exercise any right conferred by membership in relation to general meetings of the Company and the Directors may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him be registered as the holder of the Share (but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member before his death or bankruptcy or liquidation or dissolution or any other case than by transfer, as the case may be). If the notice is not complied with within ninety days of being received or deemed to be received (as determined pursuant to the Articles), the Directors may thereafter withhold payment of all Dividends, other distributions, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with. |
| **17** | **Amendments of Memorandum and Articles of Association and Alteration of Capital** |
| 17.1 | The Company may by Ordinary Resolution: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its share capital by such sum as the Ordinary Resolution shall prescribe and with such rights, priorities and privileges annexed
 thereto, as the Company in general meeting may determine;

(b) consolidate
 and divide all or any of its share capital into Shares of larger amount than its existing Shares;

(c) convert
 all or any of its paid-up Shares into stock, and reconvert that stock into paid-up Shares of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 subdivision of its existing Shares or any of them divide the whole or any part of its share capital into Shares of smaller amount
 than is fixed by the Memorandum or into Shares without par value; and

(e) cancel
 any Shares that at the date of the passing of the Ordinary Resolution have not been taken or agreed to be taken by any person and
 diminish the amount of its share capital by the amount of the Shares so cancelled.

17.2 All
 new Shares created in accordance with the provisions of the preceding Article shall be subject to the same provisions of the Articles
 with reference to the payment of calls, liens, transfer, transmission, forfeiture and otherwise as the Shares in the original share
 capital.

17.3 Subject
 to the provisions of the Statute and the provisions of the Articles as regards the matters to be dealt with by Ordinary Resolution,
 the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name;

(b) alter
 or add to the Articles;

(c) alter
 or add to the Memorandum with respect to any objects, powers or other matters specified therein; and

(d) reduce
 its share capital or any capital redemption reserve fund.

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| **18** | **Offices and Places of Business** |
|  | Subject to the provisions of the Statute, the Company may by resolution of the Directors change the location of its Registered Office. The Company may, in addition to its Registered Office, maintain such other offices or places of business as the Directors determine. |
| **19** | **General Meetings** |
| 19.1 | All general meetings other than annual general meetings shall be called extraordinary general meetings. |
| 19.2 | The Company may, but shall not (unless required by the Statute) be obliged to, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. Any annual general meeting shall be held at such time and place as the Directors shall appoint. |
| 19.3 | The Directors, the chief executive officer or the chairman of the board of Directors may call general meetings, and they shall on a Members' requisition forthwith proceed to convene an extraordinary general meeting of the Company. |

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| 19.4 | A Members' requisition is a requisition of Members holding at the date of deposit of the requisition not less than one third of the votes attributable to the issued Shares which as at that date carry the right to vote at general meetings of the Company. |
| 19.5 | The Members' requisition must state the objects of the meeting and must be signed by the requisitionists and deposited at the Registered Office, and may consist of several documents in like form each signed by one or more requisitionists. |
| 19.6 | If there are no Directors as at the date of the deposit of the Members' requisition or if the Directors do not within twenty-one days from the date of the deposit of the Members' requisition duly proceed to convene a general meeting to be held within a further twenty-one days, the requisitionists, or any of them representing more than one-half of the total voting rights of all of the requisitionists, may themselves convene a general meeting, but any meeting so convened shall be held no later than the day which falls three months after the expiration of the said twenty-one day period. |
| 19.7 | A general meeting convened as aforesaid by requisitionists shall be convened in the same manner as nearly as possible as that in which general meetings are to be convened by Directors. |
| 19.8 | Members seeking to bring business before the annual general meeting or to nominate candidates for appointment as Directors at the annual general meeting must deliver notice to the principal executive offices of the Company not later than the close of business on the 90th day nor earlier than the close of business on the 120th day prior to the scheduled date of the annual general meeting. |
| **20** | **Notice of General Meetings** |
| 20.1 | At least five clear days' notice shall be given of any general meeting. Every notice shall specify the place, the day and the hour of the meeting and the general nature of the business to be conducted at the general meeting and shall be given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by the Company, provided that a general meeting of the Company shall, whether or not the notice specified in this Article has been given and whether or not the provisions of the Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an annual general meeting, by all of the Members entitled to attend and vote thereat; and

(b) in
 the case of an extraordinary general meeting, by a majority in number of the Members having a right to attend and vote at the meeting,
 together holding not less than ninety-five per cent in par value of the Shares giving that right.

20.2 The
 accidental omission to give notice of a general meeting to, or the non receipt of notice of a general meeting by, any person entitled
 to receive such notice shall not invalidate the proceedings of that general meeting.

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| **21** | **Proceedings at General Meetings** |
| 21.1 | No business shall be transacted at any general meeting unless a quorum is present. The holders of one-third of the Shares being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative or proxy shall be a quorum. |
| 21.2 | A person may participate at a general meeting by conference telephone or other communications equipment by means of which all the persons participating in the meeting can communicate with each other. Participation by a person in a general meeting in this manner is treated as presence in person at that meeting. |
| 21.3 | A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by or on behalf of, in the case of a Special Resolution, all of the Members for the time being entitled to receive notice of and to attend and vote at general meetings and, in the case of an Ordinary Resolution, the Members holding a simple majority of the Shares entitled to receive notice of and to attend and vote at general meetings (or, being corporations or other non-natural persons, signed by their duly authorised representatives) shall be as valid and effective as if the resolution had been passed at a general meeting of the Company duly convened and held. |
| 21.4 | If a quorum is not present within half an hour from the time appointed for the meeting to commence or if during such a meeting a quorum ceases to be present, the meeting, if convened upon a Members' requisition, shall be dissolved and in any other case it shall stand adjourned to the same day in the next week at the same time and/or place or to such other day, time and/or place as the Directors may determine, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting to commence, the Members present shall be a quorum. |
| 21.5 | The Directors may, at any time prior to the time appointed for the meeting to commence, appoint any person to act as chairman of a general meeting of the Company or, if the Directors do not make any such appointment, the chairman, if any, of the board of Directors shall preside as chairman at such general meeting. If there is no such chairman, or if he shall not be present within fifteen minutes after the time appointed for the meeting to commence, or is unwilling to act, the Directors present shall elect one of their number to be chairman of the meeting. |
| 21.6 | If no Director is willing to act as chairman or if no Director is present within fifteen minutes after the time appointed for the meeting to commence, the Members present shall choose one of their number to be chairman of the meeting. |
| 21.7 | The chairman may, with the consent of a meeting at which a quorum is present (and shall if so directed by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. |

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| 21.8 | When a general meeting is adjourned for thirty days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of an adjourned meeting. |
| 21.9 | If a notice is issued in respect of a general meeting and the Directors, in their absolute discretion, consider that it is impractical or undesirable for any reason to hold that general meeting at the place, the day and the hour specified in the notice calling such general meeting, the Directors may postpone the general meeting to another place, day and/or hour provided that notice of the place, the day and the hour of the rearranged general meeting is promptly given to all Members. No business shall be transacted at any postponed meeting other than the business specified in the notice of the original meeting. |
| 21.10 | When a general meeting is postponed for thirty days or more, notice of the postponed meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of a postponed meeting. All proxy forms submitted for the original general meeting shall remain valid for the postponed meeting. The Directors may postpone a general meeting which has already been postponed. |
| 21.11 | A resolution put to the vote of the meeting shall be decided on a poll. |
| 21.12 | A poll shall be taken as the chairman directs, and the result of the poll shall be deemed to be the resolution of the general meeting at which the poll was demanded. |
| 21.13 | A poll demanded on the election of a chairman or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such date, time and place as the chairman of the general meeting directs, and any business other than that upon which a poll has been demanded or is contingent thereon may proceed pending the taking of the poll. |
| 21.14 | In the case of an equality of votes the chairman shall be entitled to a second or casting vote. |
| **22** | **Votes of Members** |
| 22.1 | Subject to any rights or restrictions attached to any Shares, the holder of: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Class A Ordinary Share shall (in respect of such Class A Ordinary Share) shall have one vote for every Share of which he is the holder;
 and

(b) a
 Class B Ordinary Share shall (in respect of such Class B Ordinary Share) shall have 20 votes for every Class B Ordinary Share of
 which he is the holder.

22.2 In
 the case of joint holders the vote of the senior holder who tenders a vote, whether in person or by proxy (or, in the case of a corporation
 or other non-natural person, by its duly authorised representative or proxy), shall be accepted to the exclusion of the votes of
 the other joint holders, and seniority shall be determined by the order in which the names of the holders stand in the Register of
 Members.

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|:---|:---|
| 22.3 | A Member of unsound mind, or in respect of whom an order has been made by any court, having jurisdiction in lunacy, may vote by his committee, receiver, curator bonis, or other person on such Member's behalf appointed by that court, and any such committee, receiver, curator bonis or other person may vote by proxy. |
| 22.4 | No person shall be entitled to vote at any general meeting unless he is registered as a Member on the record date for such meeting nor unless all calls or other monies then payable by him in respect of Shares have been paid. |
| 22.5 | No objection shall be raised as to the qualification of any voter except at the general meeting or adjourned general meeting at which the vote objected to is given or tendered and every vote not disallowed at the meeting shall be valid. Any objection made in due time in accordance with this Article shall be referred to the chairman whose decision shall be final and conclusive. |
| 22.6 | Votes may be cast either personally or by proxy (or in the case of a corporation or other non-natural person by its duly authorised representative or proxy). A Member may appoint more than one proxy or the same proxy under one or more instruments to attend and vote at a meeting. Where a Member appoints more than one proxy the instrument of proxy shall specify the number of Shares in respect of which each proxy is entitled to exercise the related votes. |
| 22.7 | A Member holding more than one Share need not cast the votes in respect of his Shares in the same way on any resolution and therefore may vote a Share or some or all such Shares either for or against a resolution and/or abstain from voting a Share or some or all of the Shares and, subject to the terms of the instrument appointing him, a proxy appointed under one or more instruments may vote a Share or some or all of the Shares in respect of which he is appointed either for or against a resolution and/or abstain from voting a Share or some or all of the Shares in respect of which he is appointed. |
| **23** | **Proxies** |
| 23.1 | The instrument appointing a proxy shall be in writing and shall be executed under the hand of the appointor or of his attorney duly authorised in writing, or, if the appointor is a corporation or other non natural person, under the hand of its duly authorised representative. A proxy need not be a Member. |
| 23.2 | The Directors may, in the notice convening any meeting or adjourned meeting, or in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be deposited and the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned meeting to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the Directors in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the instrument appointing a proxy shall be deposited physically at the Registered Office not less than 48 hours before the time appointed for the meeting or adjourned meeting to commence at which the person named in the instrument proposes to vote. |

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|:---|:---|
| 23.3 | The chairman may in any event at his discretion declare that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted, or which has not been declared to have been duly deposited by the chairman, shall be invalid. |
| 23.4 | The instrument appointing a proxy may be in any usual or common form (or such other form as the Directors may approve) and may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked. An instrument appointing a proxy shall be deemed to include the power to demand or join or concur in demanding a poll. |
| 23.5 | Votes given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the proxy or of the authority under which the proxy was executed, or the transfer of the Share in respect of which the proxy is given unless notice in writing of such death, insanity, revocation or transfer was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned meeting at which it is sought to use the proxy. |
| **24** | **Corporate Members** |
| 24.1 | Any corporation or other non-natural person which is a Member may in accordance with its constitutional documents, or in the absence of such provision by resolution of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of the Company or of any class of Members, and the person so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it were an individual Member. |
| 24.2 | If a Clearing House (or its nominee(s)), being a corporation, is a Member, it may authorise such persons as it sees fit to act as its representative at any meeting of the Company or at any meeting of any class of Members provided that the authorisation shall specify the number and class of Shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the Clearing House (or its nominee(s)) as if such person was the registered holder of such Shares held by the Clearing House (or its nominee(s)). |
| **25** | **Shares that May Not be Voted** |
|  | Shares in the Company that are beneficially owned by the Company shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares at any given time. |
| **26** | **Directors** |
| 26.1 | There shall be a board of Directors consisting of not less than one person provided however that the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors. |

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|:---|:---|
| 26.2 | Commencing at the Company's first annual general meeting, and at each annual general meeting thereafter, Directors appointed to succeed those Directors whose terms expire shall be appointed for a term of office to expire at the succeeding annual general meeting after their appointment. Except as the Statute or other Applicable Law may otherwise require, in the interim between annual general meetings or extraordinary general meetings called for the appointment of Directors and/or the removal of one or more Directors and the filling of any vacancy in that connection, additional Directors and any vacancies in the board of Directors, including unfilled vacancies resulting from the removal of Directors for cause, may be filled by the vote of a majority of the remaining Directors then in office, although less than a quorum (as defined in the Articles), or by the sole remaining Director. All Directors shall hold office until the expiration of their respective terms of office and until their successors shall have been appointed and qualified. A Director appointed to fill a vacancy resulting from the death, resignation or removal of a Director shall serve for the remainder of the full term of the Director whose death, resignation or removal shall have created such vacancy and until his successor shall have been appointed and qualified. |
| **27** | **Powers of Directors** |
| 27.1 | Subject to the provisions of the Statute, the Memorandum and the Articles and to any directions given by Special Resolution, the business of the Company shall be managed by the Directors who may exercise all the powers of the Company. No alteration of the Memorandum or Articles and no such direction shall invalidate any prior act of the Directors which would have been valid if that alteration had not been made or that direction had not been given. A duly convened meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors. |
| 27.2 | All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall determine by resolution. |
| 27.3 | The Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to his widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance. |
| 27.4 | The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of the Company or of any third party. |
| **28** | **Appointment and Removal of Directors** |
| 28.1 | The Company may by Ordinary Resolution appoint any person to be a Director or may by Ordinary Resolution remove any Director. |

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|:---|:---|
| 28.2 | The Directors may appoint any person to be a Director, either to fill a vacancy or as an additional Director provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with the Articles as the maximum number of Directors. |
| **29** | **Vacation of Office of Director** |

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The office of a Director shall be vacated if:

(a) the
 Director gives notice in writing to the Company that he resigns the office of Director; or

(b) the
 Director absents himself (for the avoidance of doubt, without being represented by proxy) from three consecutive meetings of the
 board of Directors without special leave of absence from the Directors, and the Directors pass a resolution that he has by reason
 of such absence vacated office; or

(c) the
 Director dies, becomes bankrupt or makes any arrangement or composition with his creditors generally; or

(d) the
 Director is found to be or becomes of unsound mind; or

(e) all
 of the other Directors (being not less than two in number) determine that he should be removed as a Director, either by a resolution
 passed by all of the other Directors at a meeting of the Directors duly convened and held in accordance with the Articles or by a
 resolution in writing signed by all of the other Directors.

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| | |
|:---|:---|
| **30** | **Proceedings of Directors** |
| 30.1 | The quorum for the transaction of the business of the Directors may be fixed by the Directors, and unless so fixed shall be a majority of the Directors then in office. |
| 30.2 | Subject to the provisions of the Articles, the Directors may regulate their proceedings as they think fit. Questions arising at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the chairman shall have a second or casting vote. |
| 30.3 | A person may participate in a meeting of the Directors or any committee of Directors by conference telephone or other communications equipment by means of which all the persons participating in the meeting can communicate with each other at the same time. Participation by a person in a meeting in this manner is treated as presence in person at that meeting. Unless otherwise determined by the Directors, the meeting shall be deemed to be held at the place where the chairman is located at the start of the meeting. |
| 30.4 | A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of a committee of the Directors or, in the case of a resolution in writing relating to the removal of any Director or the vacation of office by any Director, all of the Directors other than the Director who is the subject of such resolution shall be as valid and effectual as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened and held. |

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|:---|:---|
| 30.5 | A Director may, or other Officer on the direction of a Director shall, call a meeting of the Directors by at least two days' notice in writing to every Director which notice shall set forth the general nature of the business to be considered unless notice is waived by all the Directors either at, before or after the meeting is held. To any such notice of a meeting of the Directors all the provisions of the Articles relating to the giving of notices by the Company to the Members shall apply *mutatis mutandis.* |
| 30.6 | The continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding any vacancy in their body, but if and so long as their number is reduced below the number fixed by or pursuant to the Articles as the necessary quorum of Directors the continuing Directors or Director may act for the purpose of increasing the number of Directors to be equal to such fixed number, or of summoning a general meeting of the Company, but for no other purpose. |
| 30.7 | The Directors may elect a chairman of their board and determine the period for which he is to hold office; but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for the meeting to commence, the Directors present may choose one of their number to be chairman of the meeting. |
| 30.8 | All acts done by any meeting of the Directors or of a committee of the Directors shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any Director, and/or that they or any of them were disqualified, and/or had vacated their office and/or were not entitled to vote, be as valid as if every such person had been duly appointed and/or not disqualified to be a Director and/or had not vacated their office and/or had been entitled to vote, as the case may be. |
| 30.9 | A Director may be represented at any meetings of the board of Directors by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed to be that of the appointing Director. |
| **31** | **Presumption of Assent** |
|  | A Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action. |
| **32** | **Directors' Interests** |
| 32.1 | A Director may hold any other office or place of profit under the Company (other than the office of Auditor) in conjunction with his office of Director for such period and on such terms as to remuneration and otherwise as the Directors may determine. |

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|:---|:---|
| 32.2 | A Director may act by himself or by, through or on behalf of his firm in a professional capacity for the Company and he or his firm shall be entitled to remuneration for professional services as if he were not a Director. |
| 32.3 | A Director may be or become a director or other officer of or otherwise interested in any company promoted by the Company or in which the Company may be interested as a shareholder, a contracting party or otherwise, and no such Director shall be accountable to the Company for any remuneration or other benefits received by him as a director or officer of, or from his interest in, such other company. |
| 32.4 | No person shall be disqualified from the office of Director or prevented by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or any contract or transaction entered into by or on behalf of the Company in which any Director shall be in any way interested be or be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by or arising in connection with any such contract or transaction by reason of such Director holding office or of the fiduciary relationship thereby established. A Director shall be at liberty to vote in respect of any contract or transaction in which he is interested provided that the nature of the interest of any Director in any such contract or transaction shall be disclosed by him at or prior to its consideration and any vote thereon. |
| 32.5 | A general notice that a Director is a shareholder, director, officer or employee of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which he has an interest, and after such general notice it shall not be necessary to give special notice relating to any particular transaction. |
| **33** | **Minutes** |
|  | The Directors shall cause minutes to be made in books kept for the purpose of recording all appointments of Officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors present at each meeting. |
| **34** | **Delegation of Directors' Powers** |
| 34.1 | The Directors may delegate any of their powers, authorities and discretions, including the power to sub-delegate, to any committee consisting of one or more Directors (including, without limitation, the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee). Any such delegation may be made subject to any conditions the Directors may impose and either collaterally with or to the exclusion of their own powers and any such delegation may be revoked or altered by the Directors. Subject to any such conditions, the proceedings of a committee of Directors shall be governed by the Articles regulating the proceedings of Directors, so far as they are capable of applying. |

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34.2 The
 Directors may establish any committees, local boards or agencies or appoint any person to be a manager or agent for managing the
 affairs of the Company and may appoint any person to be a member of such committees, local boards or agencies. Any such appointment
 may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion of their own powers
 and any such appointment may be revoked or altered by the Directors. Subject to any such conditions, the proceedings of any such
 committee, local board or agency shall be governed by the Articles regulating the proceedings of Directors, so far as they are capable
 of applying.

34.3 The
 Directors may adopt formal written charters for committees and, if so adopted, shall review and assess the adequacy of such formal
 written charters on an annual basis. Each of these committees shall be empowered to do all things necessary to exercise the rights
 of such committee set forth in the Articles and shall have such powers as the Directors may delegate pursuant to the Articles and
 as required by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other
 competent regulatory authority or otherwise under Applicable Law. Each of the Audit Committee, the Compensation Committee and the
 Nominating and Corporate Governance Committee, if established, shall consist of such number of Directors as the Directors shall from
 time to time determine (or such minimum number as may be required from time to time by the rules and regulations of the Designated
 Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable
 Law). For so long as any class of Shares is listed on the Designated Stock Exchange, there shall be an Audit Committee, a Compensation
 Committee and, to the extent required, a Nominating and Corporate Governance Committee, each of which shall be made up of such number
 of Independent Directors as is required from time to time by the rules and regulations of the rules and regulations of the Designated
 Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable
 Law.

34.4 The
 Directors may by power of attorney or otherwise appoint any person to be the agent of the Company on such conditions as the Directors
 may determine, provided that the delegation is not to the exclusion of their own powers and may be revoked by the Directors at any
 time.

34.5 The
 Directors may by power of attorney or otherwise appoint any company, firm, person or body of persons, whether nominated directly
 or indirectly by the Directors, to be the attorney or authorised signatory of the Company for such purpose and with such powers,
 authorities and discretions (not exceeding those vested in or exercisable by the Directors under the Articles) and for such period
 and subject to such conditions as they may think fit, and any such powers of attorney or other appointment may contain such provisions
 for the protection and convenience of persons dealing with any such attorneys or authorised signatories as the Directors may think
 fit and may also authorise any such attorney or authorised signatory to delegate all or any of the powers, authorities and discretions
 vested in him.

34.6 The
 Directors may appoint such Officers as they consider necessary on such terms, at such remuneration and to perform such duties, and
 subject to such provisions as to disqualification and removal as the Directors may think fit. Unless otherwise specified in the terms
 of his appointment an Officer may be removed by resolution of the Directors or Members. An Officer may vacate his office at any time
 if he gives notice in writing to the Company that he resigns his office.

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| | |
|:---|:---|
| **35** | **No Minimum Shareholding** |
|  | The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares. |
| **36** | **Remuneration of Directors** |
| 36.1 | The remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors shall determine. The Directors shall also be entitled to be paid all travelling, hotel and other expenses properly incurred by them in connection with their attendance at meetings of Directors or committees of Directors, or general meetings of the Company, or separate meetings of the holders of any class of Shares or debentures of the Company, or otherwise in connection with the business of the Company or the discharge of their duties as a Director, or to receive a fixed allowance in respect thereof as may be determined by the Directors, or a combination partly of one such method and partly the other. |
| 36.2 | The Directors may by resolution approve additional remuneration to any Director for any services which in the opinion of the Directors go beyond his ordinary routine work as a Director. Any fees paid to a Director who is also counsel, attorney or solicitor to the Company, or otherwise serves it in a professional capacity shall be in addition to his remuneration as a Director. |
| **37** | **Seal** |
| 37.1 | The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority of the Directors or of a committee of the Directors authorised by the Directors. Every instrument to which the Seal has been affixed shall be signed by at least one person who shall be either a Director or some Officer or other person appointed by the Directors for the purpose. |
| 37.2 | The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with the addition on its face of the name of every place where it is to be used. |
| 37.3 | A Director or Officer, representative or attorney of the Company may without further authority of the Directors affix the Seal over his signature alone to any document of the Company required to be authenticated by him under seal or to be filed with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever. |

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| | |
|:---|:---|
| **38** | **Dividends, Distributions and Reserve** |
| 38.1 | Subject to the Statute and this Article and except as otherwise provided by the rights attached to any Shares, the Directors may resolve to pay Dividends and other distributions on Shares in issue and authorise payment of the Dividends or other distributions out of the funds of the Company lawfully available therefor. A Dividend shall be deemed to be an interim Dividend unless the terms of the resolution pursuant to which the Directors resolve to pay such Dividend specifically state that such Dividend shall be a final Dividend. No Dividend or other distribution shall be paid except out of the realised or unrealised profits of the Company, out of the share premium account or as otherwise permitted by law. |
| 38.2 | Except as otherwise provided by the rights attached to any Shares, all Dividends and other distributions shall be paid according to the par value of the Shares that a Member holds. If any Share is issued on terms providing that it shall rank for Dividend as from a particular date, that Share shall rank for Dividend accordingly. |
| 38.3 | The Directors may deduct from any Dividend or other distribution payable to any Member all sums of money (if any) then payable by him to the Company on account of calls or otherwise. |
| 38.4 | The Directors may resolve that any Dividend or other distribution be paid wholly or partly by the distribution of specific assets and in particular (but without limitation) by the distribution of shares, debentures, or securities of any other company or in any one or more of such ways and where any difficulty arises in regard to such distribution, the Directors may settle the same as they think expedient and in particular may issue fractional Shares and may fix the value for distribution of such specific assets or any part thereof and may determine that cash payments shall be made to any Members upon the basis of the value so fixed in order to adjust the rights of all Members and may vest any such specific assets in trustees in such manner as may seem expedient to the Directors. |
| 38.5 | Except as otherwise provided by the rights attached to any Shares, Dividends and other distributions may be paid in any currency. The Directors may determine the basis of conversion for any currency conversions that may be required and how any costs involved are to be met. |
| 38.6 | The Directors may, before resolving to pay any Dividend or other distribution, set aside such sums as they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable for any purpose of the Company and pending such application may, at the discretion of the Directors, be employed in the business of the Company. |
| 38.7 | Any Dividend, other distribution, interest or other monies payable in cash in respect of Shares may be paid by wire transfer to the holder or by cheque or warrant sent through the post directed to the registered address of the holder or, in the case of joint holders, to the registered address of the holder who is first named on the Register of Members or to such person and to such address as such holder or joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent. Any one of two or more joint holders may give effectual receipts for any Dividends, other distributions, bonuses, or other monies payable in respect of the Share held by them as joint holders. |
| 38.8 | No Dividend or other distribution shall bear interest against the Company. |

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| | |
|:---|:---|
| 38.9 | Any Dividend or other distribution which cannot be paid to a Member and/or which remains unclaimed after six months from the date on which such Dividend or other distribution becomes payable may, in the discretion of the Directors, be paid into a separate account in the Company's name, provided that the Company shall not be constituted as a trustee in respect of that account and the Dividend or other distribution shall remain as a debt due to the Member. Any Dividend or other distribution which remains unclaimed after a period of six years from the date on which such Dividend or other distribution becomes payable shall be forfeited and shall revert to the Company. |
| **39** | **Capitalisation** |
|  | The Directors may at any time capitalise any sum standing to the credit of any of the Company's reserve accounts or funds (including the share premium account and capital redemption reserve fund) or any sum standing to the credit of the profit and loss account or otherwise available for distribution; appropriate such sum to Members in the proportions in which such sum would have been divisible amongst such Members had the same been a distribution of profits by way of Dividend or other distribution; and apply such sum on their behalf in paying up in full unissued Shares for allotment and distribution credited as fully paid-up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required to give effect to such capitalisation, with full power given to the Directors to make such provisions as they think fit in the case of Shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue to the Company rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members interested into an agreement with the Company providing for such capitalisation and matters incidental or relating thereto and any agreement made under such authority shall be effective and binding on all such Members and the Company. |
| **40** | **Books of Account** |
| 40.1 | The Directors shall cause proper books of account (including, where applicable, material underlying documentation including contracts and invoices) to be kept with respect to all sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and purchases of goods by the Company and the assets and liabilities of the Company. Such books of account must be retained for a minimum period of five years from the date on which they are prepared. Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions. |
| 40.2 | The Directors shall determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Members not being Directors and no Member (not being a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by Statute or authorised by the Directors or by the Company in general meeting. |
| 40.3 | The Directors may cause to be prepared and to be laid before the Company in general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law. |

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| | |
|:---|:---|
| **41** | **Audit** |
| 41.1 | The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors determine. |
| 41.2 | Without prejudice to the freedom of the Directors to establish any other committee, if the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, and if required by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law, the Directors shall establish and maintain an Audit Committee as a committee of the Directors and shall adopt a formal written Audit Committee charter and review and assess the adequacy of the formal written charter on an annual basis. The composition and responsibilities of the Audit Committee shall comply with the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law. The Audit Committee shall meet at least once every financial quarter, or more frequently as circumstances dictate. |
| 41.3 | If the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate review of all related party transactions on an ongoing basis and shall utilise the Audit Committee for the review and approval of potential conflicts of interest. |
| 41.4 | The remuneration of the Auditor shall be fixed by the Audit Committee (if one exists). |
| 41.5 | If the office of Auditor becomes vacant by resignation or death of the Auditor, or by his becoming incapable of acting by reason of illness or other disability at a time when his services are required, the Directors shall fill the vacancy and determine the remuneration of such Auditor. |
| 41.6 | Every Auditor of the Company shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and Officers such information and explanation as may be necessary for the performance of the duties of the Auditor. |
| 41.7 | Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their tenure of office at the next annual general meeting following their appointment in the case of a company which is registered with the Registrar of Companies as an ordinary company, and at the next extraordinary general meeting following their appointment in the case of a company which is registered with the Registrar of Companies as an exempted company, and at any other time during their term of office, upon request of the Directors or any general meeting of the Members. |
| 41.8 | At least one member of the Audit Committee shall be an "audit committee financial expert" as determined by the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or otherwise under Applicable Law. The "audit committee financial expert" shall have such past employment experience in finance or accounting, requisite professional certification in accounting, or any other comparable experience or background which results in the individual's financial sophistication. |

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|:---|:---|
| **42** | **Notices** |
| 42.1 | Notices shall be in writing and may be given by the Company to any Member either personally or by sending it by courier, post, cable, telex, fax or e-mail to him or to his address as shown in the Register of Members (or where the notice is given by e-mail by sending it to the e-mail address provided by such Member). Notice may also be served by Electronic Communication in accordance with the rules and regulations of the Designated Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory authority or by placing it on the Company's Website. |
| 42.2 | Where a notice is sent by: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) courier;
 service of the notice shall be deemed to be effected by delivery of the notice to a courier company, and shall be deemed to have
 been received on the third day (not including Saturdays or Sundays or public holidays) following the day on which the notice was
 delivered to the courier;

(b) post;
 service of the notice shall be deemed to be effected by properly addressing, pre paying and posting a letter containing the notice,
 and shall be deemed to have been received on the fifth day (not including Saturdays or Sundays or public holidays in the Cayman Islands)
 following the day on which the notice was posted;

(c) cable,
 telex or fax; service of the notice shall be deemed to be effected by properly addressing and sending such notice and shall be deemed
 to have been received on the same day that it was transmitted;

(d) e-mail
 or other Electronic Communication; service of the notice shall be deemed to be effected by transmitting the e-mail to the e-mail
 address provided by the intended recipient and shall be deemed to have been received on the same day that it was sent, and it shall
 not be necessary for the receipt of the e-mail to be acknowledged by the recipient; and

(e) placing
 it on the Company's Website; service of the notice shall be deemed to have been effected one hour after the notice or document
 was placed on the Company's Website.

42.3 A
 notice may be given by the Company to the person or persons which the Company has been advised are entitled to a Share or Shares
 in consequence of the death or bankruptcy of a Member in the same manner as other notices which are required to be given under the
 Articles and shall be addressed to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt,
 or by any like description at the address supplied for that purpose by the persons claiming to be so entitled, or at the option of
 the Company by giving the notice in any manner in which the same might have been given if the death or bankruptcy had not occurred.

42.4 Notice
 of every general meeting shall be given in any manner authorised by the Articles to every holder of Shares carrying an entitlement
 to receive such notice on the record date for such meeting except that in the case of joint holders the notice shall be sufficient
 if given to the joint holder first named in the Register of Members and every person upon whom the ownership of a Share devolves
 by reason of his being a legal personal representative or a trustee in bankruptcy of a Member where the Member but for his death
 or bankruptcy would be entitled to receive notice of the meeting, and no other person shall be entitled to receive notices of general
 meetings.

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|:---|:---|
| **43** | **Winding Up** |
| 43.1 | If the Company shall be wound up, the liquidator shall apply the assets of the Company in satisfaction of creditors' claims in such manner and order as such liquidator thinks fit. Subject to the rights attaching to any Shares, in a winding up: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the assets available for distribution amongst the Members shall be insufficient to repay the whole of the Company's issued
 share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the Members in proportion
 to the par value of the Shares held by them; or

(b) if
 the assets available for distribution amongst the Members shall be more than sufficient to repay the whole of the Company's
 issued share capital at the commencement of the winding up, the surplus shall be distributed amongst the Members in proportion to
 the par value of the Shares held by them at the commencement of the winding up subject to a deduction from those Shares in respect
 of which there are monies due, of all monies payable to the Company for unpaid calls or otherwise.

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| | |
|:---|:---|
| 43.2 | If the Company shall be wound up the liquidator may, subject to the rights attaching to any Shares and with the approval of a Special Resolution of the Company and any other approval required by the Statute, divide amongst the Members in kind the whole or any part of the assets of the Company (whether such assets shall consist of property of the same kind or not) and may for that purpose value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like approval, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Members as the liquidator, with the like approval, shall think fit, but so that no Member shall be compelled to accept any asset upon which there is a liability. |
| **44** | **Indemnity and Insurance** |
| 44.1 | Every Director and Officer (which for the avoidance of doubt, shall not include auditors of the Company), together with every former Director and former Officer (each an "**Indemnified Person**") shall be indemnified out of the assets of the Company against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud, wilful neglect or wilful default. No Indemnified Person shall be liable to the Company for any loss or damage incurred by the Company as a result (whether direct or indirect) of the carrying out of their functions unless that liability arises through the actual fraud, wilful neglect or wilful default of such Indemnified Person. No person shall be found to have committed actual fraud, wilful neglect or wilful default under this Article unless or until a court of competent jurisdiction shall have made a finding to that effect. |

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| | |
|:---|:---|
| 44.2 | The Company shall advance to each Indemnified Person reasonable attorneys' fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder, the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification pursuant to this Article. If it shall be determined by a final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification with respect to such judgment, costs or expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any advancement shall be returned to the Company (without interest) by the Indemnified Person. |
| 44.3 | The Directors, on behalf of the Company, may purchase and maintain insurance for the benefit of any Director or other Officer against any liability which, by virtue of any rule of law, would otherwise attach to such person in respect of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to the Company. |
| **45** | **Financial Year** |
|  | Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31st March in each year and, following the year of incorporation, shall begin on 1st April in each year. |
| **46** | **Transfer by Way of Continuation** |
|  | If the Company is exempted as defined in the Statute, it shall, subject to the provisions of the Statute and with the approval of a Special Resolution, have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |
| **47** | **Mergers and Consolidations** |
|  | The Company shall have the power to merge or consolidate with one or more other constituent companies (as defined in the Statute) upon such terms as the Directors may determine and (to the extent required by the Statute) with the approval of a Special Resolution. |

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## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)