# EDGAR Filing Document

**Accession Number:** 0001810997
**File Stem:** 0001193125-25-208182
**Filing Date:** 2025-9
**Character Count:** 130813
**Document Hash:** 2b5ada382595e5f416559b5b797f6b69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-208182.hdr.sgml**: 20250919

**ACCESSION NUMBER**: 0001193125-25-208182

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20250919

**DATE AS OF CHANGE**: 20250919

**EFFECTIVENESS DATE**: 20250919

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** XPENG INC.
- **CENTRAL INDEX KEY:** 0001810997
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290373
- **FILM NUMBER:** 251324931

**BUSINESS ADDRESS:**
- **STREET 1:** NO. 8 SONGGANG ROAD, CHANGXING STREET
- **STREET 2:** CENCUN, TIANHE DISTRICT
- **CITY:** GUANGZHOU, GUANGDONG
- **STATE:** F4
- **ZIP:** 510640
- **BUSINESS PHONE:** 86-020-6680-6680

**MAIL ADDRESS:**
- **STREET 1:** NO. 8 SONGGANG ROAD, CHANGXING STREET
- **STREET 2:** CENCUN, TIANHE DISTRICT
- **CITY:** GUANGZHOU, GUANGDONG
- **STATE:** F4
- **ZIP:** 510640

**As Filed with the Securities and Exchange Commission on September 19, 2025** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## XPeng Inc.
**(Exact name of registrant as specified in its charter)** 

---

| | |
|:---|:---|
| **Cayman Islands** | **Not Applicable** |
| **(State or other jurisdiction of**<br> **Incorporation or Organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**No. 8 Songgang Road, Changxing Street** 

**Cencun, Tianhe District, Guangzhou** 

**Guangdong 510640** 

**People's Republic of China** 

**+86-020-6680-6680** 

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** 

**XPeng Inc. 2025 Share Incentive Scheme** 

**(Full title of the Plan)** 

**Cogency Global Inc.** 

**122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor** 

**New York, N.Y. 10168** 

**+1 (800) 221-0102** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

***Copies to:***

---

| | |
|:---|:---|
| **Yeqing Zheng**<br> **Vice President and General Counsel**<br> **No. 8 Songgang Road, Changxing Street**<br> **Cencun, Tianhe District, Guangzhou**<br> **Guangdong 510640**<br> **People's Republic of China**<br> **+86-020-6680-6680** | **Ching-Yang Lin, Esq.**<br> **Sullivan & Cromwell (Hong Kong) LLP**<br> **20/F, Alexandra House**<br> **18 Chater Road, Central**<br> **Hong Kong**<br> **+852-2826-8688** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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**EXPLANATORY NOTE** 

On June 27, 2025 (the "Adoption Date"), at the annual general meeting of XPeng Inc., the shareholders of XPeng Inc. (the "Registrant") approved the XPeng Inc. 2025 Share Incentive Scheme (the "2025 Scheme"), which the Board of Directors of the Registrant approved in March 2025 subject to shareholder approval. The 2025 Scheme is conditional upon, among other conditions which have been satisfied, the effectiveness of this Registration Statement.

The 2025 Scheme provides, among other things, that a number of class A ordinary shares of the share capital of the Registrant with a par value of US$0.00001 each (the "Class A Ordinary Shares") may be issued in respect of all awards to be granted under the 2025 Scheme and any other share schemes or plans of the Registrant up to 10% of the total number of shares of the Registrant (including the Class A Ordinary Shares and class B ordinary shares of the share capital of the Registrant with a par value of US$0.00001 each (the "Class B Ordinary Shares", together with the Class A Ordinary Shares, the "Shares") in issue (excluding treasury shares) as at the Adoption Date (the "Scheme Mandate Limit") unless the Registrant obtains approval from the shareholders pursuant to the terms of the 2025 Scheme. Furthermore, the total number of Class A Ordinary Shares which may be issued in respect of all awards to be granted to service providers under the 2025 Scheme and any other share schemes or plans of the Registrant may not in aggregate exceed 0.5% of the total number of Shares in issue (excluding treasury shares) as at the Adoption Date (the "Service Provider Sublimit") unless the Registrant obtains approval from the shareholders pursuant to the terms of the 2025 Scheme. For clarity, the Service Provider Sublimit is set within the Scheme Mandate Limit.

This Registration Statement on Form S-8 (this "Registration Statement") is filed by the Registrant to register 20,000,000 Class A Ordinary Shares for issuance under the 2025 Scheme.

The Second Amended and Restated 2019 Equity Incentive Plan continues to be valid and effective at and following the Adoption Date.

**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS** 

The documents containing the information specified in Part I of Form S-8 will be sent or given to participants as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended (the "Securities Act"). Such documents are not required to be, and are not, being filed with the Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**ITEM 3. Incorporation of Documents by Reference** 

The following documents filed by the Registrant with the Commission are incorporated by reference herein and deemed to be a part hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Registrant's annual report on [Form 20-F](http://www.sec.gov/Archives/edgar/data/1810997/000119312525082001/d898600d20f.htm) for the fiscal year ended December 31, 2024, filed with the Commission on April 16, 2025 (File No. 001-39466); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The description of the Registrant's Class A Ordinary Shares contained in its Registration Statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/1810997/000119312520226673/d926343d8a12b.htm) (Registration No. 001-39466) filed with the Commission on August 21, 2020 pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which incorporates by reference the description of the Registrant's Class A Ordinary Shares set forth in the Registrant's Registration Statement on [Form F-1](http://www.sec.gov/Archives/edgar/data/1810997/000119312520212871/d890887df1.htm) (Registration No. 333-242283), as amended, initially filed with the Commission on August 7, 2020, including any amendments or reports filed for the purpose of updating such description.

All reports and other documents filed pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing of such documents with the Commission. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such prior statement. Any statement contained in this Registration Statement shall be deemed to be modified or superseded to the extent that a statement contained in a subsequently filed document that is or is deemed to be incorporated by reference in this Registration Statement modifies or supersedes such prior statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. No document or information deemed to be furnished and not filed in accordance with rules of the Commission shall be deemed to be incorporated herein by reference unless such document or information expressly provides to the contrary.

**ITEM 4. Description of Securities** 

Not applicable.

**ITEM 5. Interests of Named Experts and Counsel** 

Not applicable.

**ITEM 6. Indemnification of Directors and Officers** 

Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. The Registrant's ninth amended and restated memorandum and articles of association, adopted by a special resolution of its shareholders on June 20, 2023, provides that the Registrant shall indemnify each of its directors and officers against all costs, losses, damages and expenses incurred or sustained by such persons in their capacity as such, except through any fraud or dishonesty.

Pursuant to the indemnification agreement, the form of which was filed as Exhibit 10.1 to the Registrant's Registration Statement on Form F-1 (Registration No. 333-242283), as amended, initially filed with the Commission on August 7, 2020, the Registrant has agreed to indemnify certain of its directors and officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such directors or officers of the Registrant.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**ITEM 7. Exemption from Registration Claimed** 

Not applicable.

------

**ITEM 8. Exhibits** 

The Exhibits listed on the accompanying Exhibit Index are filed as a part of, or incorporated by reference into, this Registration Statement. (See Exhibit Index below).

**ITEM 9. Undertakings** 

a. The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*provided*, *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.

b. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

c. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities
Act, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in
the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **EXHIBIT<br>NUMBER** | **DESCRIPTION** |
| 4.1 | [Ninth Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.1 to the current report on Form 6-K (File No. 001-39466), previously furnished with the Securities and Exchange Commission on June 20, 2023)](http://www.sec.gov/Archives/edgar/data/1810997/000119312523170583/d522176dex31.htm) |
| 4.2 | [Form of Class A Ordinary Share Certificate (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form F-1 (File No. 333-257308), as amended, initially filed with the Securities and Exchange Commission on June 23, 2021)](http://www.sec.gov/Archives/edgar/data/1810997/000119312520226661/d890887dex41.htm) |
| 4.3 | [Form of Deposit Agreement among the Registrant, Citibank, N.A., as depositary, and the holders and beneficial owners of American Depositary Shares issued thereunder (incorporated herein by reference to Exhibit (a) to the Registration Statement on Form F-6 (Registration No. 333-248098), initially filed with the Securities and Exchange Commission on August 21, 2020)](http://www.sec.gov/Archives/edgar/data/1472033/000119380520001060/e619883_ex99-a.htm) |
| 4.4 | [Form of American Depositary Receipt evidencing American Depositary Shares (included in Exhibit 4.3)](http://www.sec.gov/Archives/edgar/data/1472033/000119380520001060/e619883_ex99-a.htm) |
| 4.5 | [Dual Listing Letter Agreement (incorporated herein by reference to Exhibit (c)(i) to the registration statement on Form F-6 (File No. 333-272112), initially filed with the Securities and Exchange Commission on May 22, 2023)](http://www.sec.gov/Archives/edgar/data/1472033/000119380523000765/e618649_ex99-ci.htm) |
| 4.6 | [Letter Agreement (Bulk Issuance) (incorporated herein by reference to Exhibit (c) to the registration statement on Form F-6 (File No. 333-256151), initially filed with the Securities and Exchange Commission on May 14, 2021)](http://www.sec.gov/Archives/edgar/data/1472033/000119380521000666/e620503_ex99-c.htm) |
| 4.7\* | [2025 Share Incentive Scheme](d27679dex47.htm) |
| 5.1\* | [Opinion of Harney Westwood & Riegels](d27679dex51.htm) |
| 23.1\* | [Consent of Harney Westwood & Riegels (included in Exhibit 5.1)](d27679dex51.htm) |
| 23.2\* | [Consent of PricewaterhouseCoopers Zhong Tian LLP](d27679dex232.htm) |
| 24.1\* | [Powers of Attorney (included on the signature page in Part II of this Registration Statement)](d27679ds8.htm#sig) |
| 107\* | [Filing Fee Table](d27679dexfilingfees.htm) |

---

\* Filed herewith

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Guangzhou, China on September 19, 2025.

---

| | |
|:---|:---|
| **XPeng Inc.** | **XPeng Inc.** |
| By: | /s/ Xiaopeng He |
|  | Name: Xiaopeng He |
|  | Title: Chairman and Chief Executive Officer |

---

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**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Xiaopeng He, and each of them singly, as his or her true and lawful attorneys-in-fact and agents, each with full power of substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, as amended, and all post-effective amendments thereto and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Capacity** | **Date** |
| /s/ Xiaopeng He<br> Xiaopeng He | Chairman and Chief Executive Officer<br>(principal executive officer) | September 19, 2025 |
| /s/ Ji-Xun Foo<br> Ji-Xun Foo | Director | September 19, 2025 |
| /s/ Donghao Yang<br> Donghao Yang | Director | September 19, 2025 |
| /s/ Fang Qu<br> Fang Qu | Director | September 19, 2025 |
| /s/ HongJiang Zhang<br> HongJiang Zhang | Director | September 19, 2025 |
| /s/ Jiaming (James) Wu<br> Jiaming (James) Wu | Vice President of Finance and Accounting<br>(principal financial and accounting officer) | September 19, 2025 |

---

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**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of XPeng Inc. has signed this Registration Statement or amendment thereto in New York, New York on September 19, 2025.

---

| | |
|:---|:---|
| U.S. Authorized Representative Cogency Global Inc. | U.S. Authorized Representative Cogency Global Inc. |
| By: | /s/ Colleen A. De Vries |
|  | Name: Colleen A. De Vries |
|  | Title: Senior Vice President |

---

## Exhibit 4.7

**Exhibit 4.7** 

**XPENG INC.** 

*(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)* 

**(Stock Code: 9868)**

**2025 SHARE INCENTIVE SCHEME** 

(Adopted by a resolution of the Shareholders of the Company on June 27, 2025)

**WARNING** - The contents of this document (and other documents referred to herein) have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **1.** | **DEFINITIONS AND INTERPRETATION** | 3 |
| **2.** | **PURPOSE OF THE SCHEME** | 14 |
| **3.** | **CONDITIONS OF THE SCHEME** | 14 |
| **4.** | **ADMINISTRATION** | 15 |
| **5.** | **DURATION** | 16 |
| **6.** | **APPOINTMENT OF TRUSTEE** | 16 |
| **7.** | **ELIGIBLE PARTICIPANTS** | 16 |
| **8.** | **SCHEME MANDATE LIMIT AND SERVICE PROVIDER SUBLIMIT** | 17 |
| **9.** | **GRANT OF AWARDS** | 19 |
| **10.** | **RESTRICTIONS ON TIME OF GRANT** | 21 |
| **11.** | **LIMIT ON GRANTING AWARDS TO INDIVIDUALS** | 22 |
| **12.** | **GRANTING AWARDS TO CONNECTED PERSONS** | 22 |
| **13.** | **VESTING OF AWARDS** | 23 |
| **14.** | **EXERCISE OF OPTION** | 24 |
| **15.** | **PERFORMANCE TARGETS AND CLAWBACK MECHANISM** | 24 |
| **16.** | **TRANSFERABILITY** | 26 |
| **17.** | **LAPSE OF AWARDS** | 26 |
| **18.** | **CANCELLATION** | 28 |
| **19.** | **CHANGE OF CONTROL, REORGANIZATION OF CAPITAL STRUCTURE** | 28 |
| **20.** | **RIGHTS ATTACHED TO THE AWARDS AND SHARES** | 30 |
| **21.** | **DISPUTES** | 30 |
| **22.** | **ALTERATION OF THIS SCHEME** | 31 |
| **23.** | **TERMINATION** | 31 |
| **24.** | **MISCELLANEOUS** | 31 |

---

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**XPENG INC.** 

**2025 SHARE INCENTIVE SCHEME** 

**1.** **DEFINITIONS AND INTERPRETATION** 

1.1 In this Scheme, save where the context otherwise requires, the following expressions have the respective
meanings set opposite them:

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| | |
|:---|:---|
| **"Adoption Date"** | means the date on which the Scheme is approved by the Shareholders |
| **"ADSs"** | American depositary shares, each of which represents two Class A Ordinary Shares |
| **"Applicable Laws"** | means the legal requirements relating to the Scheme and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Awards granted to residents therein, including, without limitation, the Companies Act, the Listing Rules, the U.S. Securities Act, the U.S. Securities Exchange Act, the New York Stock Exchange Listed Company Manual, and relevant rules, regulations, guidance and requirements of the Stock Exchange and NYSE, as amended, supplemented or otherwise modified from time to time |
| **"Articles of Association"** | means the Articles of Association of the Company, as amended from time to time |
| **"associate(s)"** | shall have the meaning ascribed to it under the Listing Rules |
| **"Auditors"** | means the auditors for the time being of the Company |
| **"Award"** | means an award of any Options or RSUs as determined by the Board or its delegate(s) and granted to an Eligible Participant pursuant to this Scheme |
| **"Award Agreement"** | shall have the meaning as set out in paragraph 9.2 of the Scheme |

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------

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| | |
|:---|:---|
| **"Board"** | means the board of directors of the Company or a duly authorized committee thereof or such other committee as the Board may authorize |
| **"Board or its delegate(s)"** | means the Board, or a committee of the Board, and/or person(s) to which the Board has delegated its authority |
| **"Business Day"** | means any day (excluding Saturday) on which banks in Hong Kong are generally open for business and the Stock Exchange is open for business of dealing securities |
| **"Cause"** | means, with respect to a Grantee, the termination of employment or office on any one or more of the following grounds: the Grantee has been guilty of misconduct, materially breached any restrictive covenant in favor of the Company or materially violated any Company code of conduct, pled no contest or has been convicted of any felony or other criminal offence involving his integrity or honesty or (if so determined by the Board or its delegate(s) in its absolute discretion) on any other ground on which the relevant company in the Group would be entitled to terminate his employment or office summarily at common law or pursuant to any Applicable Laws or under the Grantee's service contract with the relevant company in the Group. Notwithstanding the foregoing, a resolution and/or decision of the Board or its delegate(s), or the board of directors of the relevant Subsidiary or the Consolidated Affiliated Entity to the effect that the employment or office of a Grantee has or has not been terminated on one or more of the grounds specified herein shall be conclusive |
| **"Change of Control"** | means any of the following transactions:<br>(i) an amalgamation, arrangement, merger, consolidation or scheme of arrangement in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or which following such transaction the holders of the Company's voting Shares immediately prior to such transaction own more than fifty percent (50%) of the voting shares of the surviving entity; |

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| | |
|:---|:---|
|  | <br> (ii) the sale, transfer or other disposition of all or substantially all of the assets of the Company (other than to a Subsidiary);<br>(iii) the completion of a voluntary or insolvent liquidation or dissolution of the Company;<br>(iv) any takeover, reverse takeover, scheme of arrangement, or series of related transactions culminating in a reverse takeover or scheme of arrangement (including, but not limited to, a tender offer followed by a takeover or reverse takeover) in which the Company survives but (A) the Shares of the Company outstanding immediately prior to such transaction are converted or exchanged by virtue of the transaction into other property, whether in the form of shares, securities, cash or otherwise, or (B) the Shares carrying more than fifty percent (50%) of the total combined voting power of the Company's then issued and outstanding Shares are transferred to a person or persons different from those who held such Shares immediately prior to such transaction culminating in such takeover, reverse takeover or scheme of arrangement, or (C) the Company issues new voting Shares in connection with any such transaction, in each case such that holders of the Company's voting Shares immediately prior to the transaction no longer hold more than fifty percent (50%) of the voting Shares of the Company after the transaction; or<br>(v) the acquisition in a single or series of related transactions by any person or related group of persons (other than employees of one or more members of the Group or entities established for the benefit of the employees of one or more members of the Group) of (A) control of the Board or the ability to appoint a majority of the members of such Board, or (B) beneficial ownership (within the meaning of Rule 13d-3 under the U.S. Securities Exchange Act) of Shares carrying more than fifty percent (50%) of the total combined voting power of the Company's then issued and outstanding Shares |
| **"Class A Ordinary Shares"** | means class A ordinary shares of the share capital of the Company with a par value of US$0.00001 each, conferring a holder of a class A ordinary share one vote per share on all matters subject to the vote at general meetings of the Company |

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| | |
|:---|:---|
| **"Class B Ordinary Shares"** | means class B ordinary shares of the share capital of the Company with a par value of US$0.00001 each, conferring weighted voting rights in the Company such that a holder of a class B ordinary share is entitled to ten votes per share on all matters subject to the vote at general meetings of the Company, subject to the requirements under Rule 8A.24 of the Listing Rules that the reserved matters shall be voted on a one vote per share basis |
| **"Code"** | means the United States Internal Revenue Code of 1986, as amended |
| **"Committee"** | means the compensation committee of the Board (or a subcommittee thereof), or such other committee of the Board to which the Board has delegated power to act pursuant to the provisions of the Scheme |
| **"close associate(s)"** | shall have the meaning ascribed to it under the Listing Rules |
| **"Company"** | means XPeng Inc. |
| **"Companies Act"** | means the Companies Law of Cayman Islands (as amended from time to time) |
| **"Companies Ordinance"** | means the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32 of the Laws of Hong Kong) (as amended from time to time) |
| **"Competitor"** | means any governmental unit, corporation, partnership, joint venture, trust, individual proprietorship, firm or other enterprise, as the Board or its delegate(s) may at its absolute discretion identifies and determines, that carries on activities for profit, and shall be deemed to include any affiliates of the aforementioned, that is engaged in or about to become engaged in any activity of any nature that competes with a product, process, technique, procedure, device or service of the Company, any of its respective Subsidiaries or Consolidated Affiliated Entities |
| **"connected person(s)"** | shall have the meaning ascribed to it under the Listing Rules |
| **"Consolidated Affiliated Entities"** | means the entities the financials of which are consolidated into the Company by virtue of contractual arrangements |

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| | |
|:---|:---|
| **"control"** | shall have the meaning ascribed thereto under the Codes on Takeovers and Mergers and Share Buy-backs issued by the Securities and Futures Commission |
| **"core connected person(s)"** | shall have the meaning ascribed to it under the Listing Rules "Corporate Governance Committee" means the corporate governance committee of the Board, whose composition shall be determined in accordance with the Listing Rules |
| **"Corporate Governance Committee"** | means the corporate governance committee of the Board, whose composition shall be determined in accordance with the Listing Rules |
| **"Depositary"** | Citibank, N.A. |
| **"Directors"** | means the directors of the Company |
| **"Disability"** | means a disability, whether temporary or permanent, partial or total as determined by the Board or its delegate(s) |
| **"Eligible Participant(s)"** | means Employee Participant(s), Service Provider(s) and Related Entity Participant(s) |
| **"Employee Participant(s)"** | means Director(s) and employee(s) of any member of the Group (including persons who are granted Options and/ or RSUs under this Scheme as an inducement to enter into employment contracts with the Group) |
| **"Exercise Period"** | means, in respect of any particular Option, the period to be determined and notified by the Board or its delegate(s) to each Grantee during which the Grantee may exercise such Option. Such period may commence on a day after the Grant Date and in any event shall end not later than 10 (ten) years from the Grant Date but subject to the provisions for early termination thereof contained herein |
| **"Exercise Price"** | means the price per Share at which a Grantee may subscribe for Class A Ordinary Shares (including in the form of ADSs) on the exercise of an Option as described in paragraphs 9.5 and 9.6 of the Scheme |
| **"Fair Market Value"** | means, as of any date, the value of Class A Ordinary Shares determined as follows: |

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<br> (i) If the Class A Ordinary Shares are listed on one or more established stock exchanges or traded on automated quotation systems, the Fair Market Value shall be the closing sales price for such Class A Ordinary Shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Class A Ordinary Shares are listed or traded on the date of determination, as reported in Bloomberg or such other source as the Board or its delegate(s) deems reliable unless otherwise prescribed by any Applicable Laws, or, if the date of determination is not a Business Day, the closing price as quoted on the principal exchange or system on which the Class A Ordinary Shares are listed or traded on the Business Day immediately preceding the date of determination;<br>(ii) If ADSs are listed on one or more established stock exchanges or traded on automated quotation systems, the Fair Market Value shall be the closing sales price for such ADSs (or the closing bid, if no sale were reported) as quoted on the principal exchange or system on the date of determination, as reported in Bloomberg or such other source as the Board or its delegate(s) deems reliable, divided by the number of Class A Ordinary Shares that are represented by such ADSs, or, if the date of determination is not a Trading Day, the closing sales price for such ADSs as quoted on the principal exchange or system on which such ADSs are listed or traded on the Trading Day immediately preceding the date of determination, divided by the number of Class A Ordinary Shares that are represented by such ADSs;<br>(iii) If the Class A Ordinary Shares or ADSs are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value shall be the mean between the high bid and low asked prices for (a) the Class A Ordinary Shares on the date of determination or (b) the ADSs on the date of determination, divided by the number of Class A Ordinary Shares that are represented by such ADSs, as applicable; or<br>(iv) In the absence of an established market for the Class A Ordinary Shares, the Fair Market Value thereof shall be determined in good faith by the Board or its delegate(s).<br>

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| | |
|:---|:---|
| **"Family Member"** | means (i) any person who is a "family member" of the Eligible Participant, as such term is used in the instructions to Form S-8 under the U.S. Securities Act (collectively, the "Immediate Family Members", which includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, and any person sharing the Eligible Participant's household (other than a tenant or employee); (ii) a trust solely for the benefit of the Eligible Participant and/or the Eligible Participant's Immediate Family Members; or (iii) a partnership or limited liability company whose only partners or shareholders are the Eligible Participant and/or the Eligible Participant's Immediate Family Members; or (iv) any other transferee as determined by the Board or its delegate(s) in its absolute discretion in an Award Agreement or otherwise |
| **"financial year"** | means a year or other period for which the Company's consolidated accounts are made up |
| **"Further Shares"** | means Class A Ordinary Shares (including in the form of ADSs) purchased by the Trustee out of cash income or net proceeds of sale of non-cash or non-scrip distributions declared and distributed by the Company in respect of Class A Ordinary Shares (including in the form of ADSs) held upon the Trust |
| **"Grant"** | means the offer of the grant of an Award made in accordance with this Scheme |
| **"Grant Date"** | means the date on which the Grant is offered to an Eligible Participant, and shall be a Business Day or a Trading Day if the Grant contains any Options |
| **"Grantee(s)"** | means any Eligible Participant(s) who accept(s) or is/ (are) deemed to have accepted a Grant in accordance with the terms of the Scheme (where applicable), or (where the context so permits) any person who is entitled to any Award in consequence of the death of the original Grantee |
| **"Group"** | means the Company, its Subsidiaries and Consolidated Affiliated Entities |

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| | |
|:---|:---|
| **"Hong Kong"** | means the Hong Kong Special Administrative Region of the People's Republic of China |
| **"Industry Research Consultants"** | means natural persons who provide industry research and strategic consulting services to the Group in relation to product, professional technology, research and development, operations, marketing, capital market, experience and other professional areas, and in the opinion of the Directors, the continuity and frequency of those services are akin to those of employees of the Group |
| **"Listing Rules"** | means the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited |
| **"New York Stock Exchange" or "NYSE"** | means The New York Stock Exchange of the United States |
| **"Option"** | means an option to subscribe for Class A Ordinary Shares (including in the form of ADSs) granted pursuant to the terms of the Scheme |
| **"Other Service Providers"** | means natural persons who serve as independent contractors, consultants and/or advisors who provide services to the Group in relation to research and development, product commercialization, marketing, innovation upgrading, strategic/commercial planning, investor relations, human resources, business development and corporate governance areas on a continuing and recurring basis in its ordinary and usual course of business which are in the interests of the long term growth of the Group |
| **"Purchase Price"** | means the consideration, if any, payable by a Grantee to purchase Class A Ordinary Shares underlying an RSU, which shall be determined at the sole and absolute discretion of the Board or its delegate(s) |
| **"Related Entity Participant(s)"** | includes director(s) and employee(s) of the holding companies, fellow subsidiaries or associated companies of the Company |
| **"Related Income"** | means all income derived from a Class A Ordinary Share and/or ADS held upon the Trust in the form of the Class A Ordinary Shares and/or ADS (including but not limited to, the Further Shares, and any bonus Shares and scrip Shares received in respect of the Class A Ordinary Share and/or ADS) |

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| | |
|:---|:---|
| **"Returned Shares"** | means Class A Ordinary Shares (including in the form of ADSs) underlying an Award and Related Income of the relevant Class A Ordinary Shares (including in the form of ADSs) underlying an Award which are referable to a Grantee and which are not vested in accordance with the terms of the Scheme, or returned in accordance with the clawback mechanism of the Scheme, or such Class A Ordinary Shares (including in the form of ADSs) that are deemed by the Board or its delegate(s) to be Returned Shares |
| **"RSU"** | means a restricted share unit conferring the Grantee a conditional right to obtain either Class A Ordinary Shares (including in the form of ADSs) or an equivalent value in cash with reference to the Fair Market Value of the Class A Ordinary Shares on or about the date of vesting, as determined by the Board or its delegate(s) in its absolute discretion, less any tax, fees, levies, stamp duty and other charges applicable |
| **"Scheme"** | means this 2025 Share Incentive Scheme in its present form or as amended from time to time |
| **"Scheme Mandate Limit"** | shall have the meaning as set out in paragraph 8.1 of the Scheme |
| **"Service Provider(s)"** | means natural person(s) who are eligible to receive Awards under Form S-8 and provide(s) services to the Group on a continuing and recurring basis in its ordinary and usual course of business which are in the interests of the long term growth of the Group, namely the Strategic Consulting Consultants, Industry Research Consultants, and Other Service Providers, but excluding (for the avoidance of doubt) (i) placing agents or financial advisers providing advisory services for fund-raising, mergers or acquisitions, and (ii) professional service providers (such as auditors or valuers) who provide assurance, or are required to perform their services with impartiality and objectivity |
| **"Service Provider Sublimit"** | shall have the meaning as set out in paragraph 8.2 of the Scheme |
| **"Share(s)"** | means Class A Ordinary Shares and Class B Ordinary Shares in the share capital of the Company, as the context so requires |

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| | |
|:---|:---|
| **"Shareholder(s)"** | means holder(s) of Share(s) |
| **"Stock Exchange"** | means The Stock Exchange of Hong Kong Limited |
| **"Strategic Consulting Consultants"** | means natural persons who provide strategic consulting services to the Group whose services will lead, collaborate with or optimize the businesses operated by the Group from time to time, and in the opinion of the Directors, the continuity and frequency of those services are akin to those of employees of the Group |
| **"Subsidiary"** | means a company which is for the time being and from time to time a subsidiary (within the meaning of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong)) of the Company, whether incorporated in Hong Kong or elsewhere |
| **"treasury shares"** | shall have the meaning given to it in the Listing Rules. For the avoidance of doubt, treasury shares do not include the Class A Ordinary Shares issued to the Depositary, which are reserved for the bulk issuance of ADSs |
| **"Tax"** | means any income, employment, social welfare or other tax withholding obligations (including an Eligible Participant's tax obligations) or any levies, stamp duties, charges or taxes required or permitted to be withheld or otherwise payable under Applicable Laws with respect to any taxable event concerning an Eligible Participant arising as a result of this Scheme |
| **"Trading Day"** | means any day on which the New York Stock Exchange is open for business of dealing securities |
| **"Trust"** | means the trust constituted by the Trust Deed to service the Scheme |
| **"Trust Deed"** | means the trust deed to be entered into between the Company and the Trustee (as may be restated, supplemented and amended from time to time) in relation to the Scheme |
| **"Trustee"** | means a trustee or trustees as shall be appointed pursuant to the terms of the Trust Deed, which is independent and not connected with the Group |
| **"U.S. Person"** | means each person who is a "United States Person" within the meaning of Section 7701(a)(30) of the Code (i.e., a citizen or resident of the United States, including a lawful permanent resident, even if such individual resides outside of the United States) |

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| | |
|:---|:---|
| **"U.S. Securities Act"** | means the United States Securities Act of 1933 and the regulations thereunder, as amended from time to time |
| **"U.S. Securities Exchange Act"** | means the United States Securities Exchange Act of 1934 and the regulations thereunder, as amended from time to time |
| **"vest"** | means (a) in respect of Class A Ordinary Shares underlying an Option, the Grantee becoming entitled to exercise the Option to subscribe for or acquire such Class A Ordinary Shares (including in the form of ADSs), and (b) in respect of Class A Ordinary Shares underlying an RSU, the Grantee becoming entitled to receive such Class A Ordinary Shares (including in the form of ADSs) or an equivalent value in cash pursuant to this Scheme |
| **"Vesting Date"** | means the date to be determined by the Board or its delegate(s) and notified to the relevant Grantee in the Award Agreement on which the Class A Ordinary Shares underlying an Award shall vest |
| **"vesting period"** | means the period commencing on the Grant Date and ending on the Vesting Date |
| **"%"** | means per cent |

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1.2 Paragraph headings are inserted for convenience of reference only and shall be ignored in the interpretation of
this Scheme. References herein to "paragraphs" are to paragraphs of this Scheme. Words importing the singular include the plural and vice versa, words importing a gender or the neuter include both genders and the neuter references to
persons include bodies corporate or unincorporate.

1.3 References in this Scheme to any document are to that document as amended, consolidated, supplemented, novated
or replaced from time to time.

1.4 References (express or implied) in this Scheme to ordinances and to statutory and regulatory provisions shall
be construed as references to those ordinances or statutory and regulatory provisions as respectively amended or re-enacted or as their application is modified by other provisions (whether before or after the
date hereof) from time to time and shall include any provisions of which there are re-enactments (whether with or without modification) and any orders, regulations, instruments, other subordinate legislation
or practice notes under the relevant ordinance, statutory or regulatory provision.

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1.5 In construing this Scheme:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the rule known as the *ejusdem generis* rule shall not apply and, accordingly, general words introduced by
the word "other" shall not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class of acts, matters or things; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) general words shall not be given a restrictive meaning by reason of the fact that they are followed by
particular examples intended to be embraced by the general words.

**2.** **PURPOSE OF THE SCHEME** 

2.1 The purpose of this Scheme includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) recognize and reward Eligible Participants for their contribution to the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attract and retain best available personnel, and provide them with the opportunity to acquire proprietary
interests in the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) encourage Eligible Participants to work towards enhancing the value of the Company and its Shares, align the
interests of these Eligible Participants with those of the Group and further promote the success of the Group's business.

This Scheme will provide the Company with a flexible means of retaining, incentivizing, rewarding, remunerating, compensating and/or providing benefits to Eligible Participants.

**3.** **CONDITIONS OF THE SCHEME** 

3.1 The Scheme is conditional on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the passing by the Shareholders at a general meeting of the Company of an ordinary resolution to approve the
adoption of the Scheme and to authorize the Board or its delegate(s) to grant Awards under the Scheme and to allot and issue Class A Ordinary Shares in respect of any Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Stock Exchange granting the approval for the listing of, and permission to deal in, the Class A
Ordinary Shares to be allotted and issued in respect of any Awards which may be granted under the Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the New York Stock Exchange granting the approval for the supplemental listing application for the listing of,
and permission to deal in, the ADSs representing the Class A Ordinary Shares to be allotted and issued in respect of any Awards which may be granted under the Scheme; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the effectiveness of the Company's filing of a Form S-8 for the
registration of the Class A Ordinary Shares to be allotted and issued in respect of any Awards which may be granted under the Scheme.

**4.** **ADMINISTRATION** 

4.1 This Scheme shall be subject to the administration of the Board. The Board shall have the sole and absolute
right to (i) interpret and construe the provisions of this Scheme, (ii) determine the persons who will be granted Awards under this Scheme, the type of Awards which may be granted to such persons, the terms and conditions on which Awards
are granted, the Exercise Price or Purchase Price, if applicable, of any Award and when the Awards granted pursuant to this Scheme may vest, (iii) make such appropriate and equitable adjustments to the terms of the Awards granted under the
Scheme as it deems necessary, and (iv) to prescribe the forms of Award Agreement for use under this Scheme, which need not be identical for each Grantee, and to amend any Award Agreement, (v) prescribe, amend and rescind rules and
regulations relating to this Scheme and the administration of this Scheme and all Award Agreements, including rules and regulations relating to sub-plans established for the purpose of qualifying for preferred
Tax treatment under the tax laws of any jurisdiction; (vi) allow the Grantees to satisfy minimum Tax withholding obligations by having the Company withhold from the Shares to be issued pursuant to an Award (or a portion thereof), that number of
Shares having a Fair Market Value equal to the amount required to be withheld as set forth in paragraph 24.15 below; (vii) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with Applicable
Laws or any necessary local governmental regulatory exemptions or approvals or listing requirements of any securities exchange or automated quotation system; (viii) construe, interpret, reconcile any inconsistency in, correct any defect in
and/or supply any omission in, the terms of this Scheme, any Award Agreement and any Award granted pursuant to this Scheme; and (ix) make such other decisions or determinations as it shall deem appropriate in the administration of the Scheme.

4.2 The Board may by resolution delegate any or all of its powers in the administration of the Scheme to the
Committee or any other committees or any person(s) as authorized by the Board for such purpose. All the decisions, determinations and interpretations made by the Board or its delegate(s) shall be final, conclusive and binding on all parties. The
Board or its delegate(s) may also appoint one or more independent third party contractors to assist in the administration of this Scheme as they think fit.

4.3 Without prejudice to the general power of administration of the Board or its delegate(s) (as the case may be)
and to the extent not prohibited by Applicable Laws, the Board or its delegate(s) (as the case may be) may also from time to time appoint one or more Trustees in respect of the granting, administration and/or vesting of any Awards.

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**5.** **DURATION** 

5.1 Subject to any early termination as may be determined by the Board or its delegate(s) pursuant to paragraph 23
of the Scheme, the Scheme shall be valid and effective for a period of 10 (ten) years commencing the Adoption Date, after which no further Awards will be granted, but the provisions of this Scheme shall in all other respects remain in full force and
effect and the Awards granted during the term of this Scheme may continue to be valid and exercisable in accordance with their terms of grant.

**6.** **APPOINTMENT OF TRUSTEE** 

6.1 The Company, acting by the Board or its delegate(s) may appoint one or more Trustees to assist with the
administration, exercise and vesting of Awards granted under the Scheme. The Company, acting by the Board or its delegate(s) (if so authorized by the Shareholders, where applicable), may, to the extent permitted by the Applicable Laws,
(a) subject to the Scheme Mandate Limit and Service Provider Sublimit, allot and issue new Class A Ordinary Shares to the Trustee, and direct and procure the Trustee to transfer the same to the Grantees; and/or (b) direct and procure
the Trustee to transfer existing Class A Ordinary Shares (x) directly to the Grantees, or (y) to the Depositary to convert the Class A Ordinary Shares into ADSs for the account and on behalf of the Grantees, either by utilizing
Returned Shares or Further Shares, or by making on-market purchases of existing Class A Ordinary Shares at the prevailing market price, in either case to satisfy the Awards upon vesting or exercise. The
Company, acting by the Board or its delegate(s) shall, to the extent permitted by the Applicable Laws, provide sufficient funds to the Trustee by whatever means as the Board or its delegate(s) may in its absolute discretion determine to enable the
Trustee to satisfy its obligations in connection with the administration, vesting and exercise of Awards.

6.2 The Board or its delegate(s) may from time to time cause to be paid the necessary funds to the Trustee by way
of settlement which shall constitute part of the trust fund of the Trust, for the purchase or subscription (as the case may be) of Class A Ordinary Shares (including in the form of ADSs) and other purposes set out in the relevant Trust Deed.

6.3 The Trustee shall hold the Class A Ordinary Shares (including in the form of ADSs) underlying the Awards
(and the Related Income, if any) on trust for the benefit of the Grantees under the Scheme pursuant to the terms of the Scheme, the terms of the relevant Trust Deed and the Applicable Laws.

6.4 The Trustee shall hold the Returned Shares and Further Shares exclusively for the benefit of the Eligible
Participants for future Awards according to the instruction of the Board or its delegate(s).

**7.** **ELIGIBLE PARTICIPANTS** 

7.1 The Eligible Participants who may be selected to become Grantees of the Scheme are any individuals being an
Employee Participant, a Related Entity Participant or a Service Provider.

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7.2 The eligibility of any of the Eligible Participants shall be determined by the Board or its delegate(s) from
time to time on the basis of the Board's or its delegate(s)' opinion as to the Eligible Participants' contribution to the development and growth of the Group. In assessing whether Awards are to be granted to any Eligible
Participants, the Board or its delegate(s) shall take into account various factors, including but not limited to, the nature and extent of contributions provided by such Eligible Participants to the Group, the special skills or technical knowledge
possessed by such Eligible Participants which is beneficial to the continuing development of the Group, the positive impacts which such Eligible Participant has brought to the Group's business and development and whether granting Award to such
Eligible Participant is an appropriate incentive to motivate, retain and attract such Eligible Participants to continue to make contributions to the Group.

7.3 In assessing the eligibility of Employee Participant(s), the Board or its delegate(s) will consider all
relevant factors as appropriate, including the individual performance, time commitment, responsibilities or employment conditions according to the prevailing market practice and industry standard, the length of engagement with the Group and the
individual contribution or potential contribution the Employee Participant(s) made or is likely to make to the development and growth of the Group.

7.4 In assessing the eligibility of Related Entity Participant(s), the Board or its delegate(s) will consider all
relevant factors as appropriate, including the experience of the Related Entity Participant(s) on the Group's business, the actual degree of involvement in and/or cooperation with the Group, the length of engagement with the Group, the amount
of support, assistance, guidance, advice, efforts and contributions the Related Entity Participant(s) gave or is likely to give or make towards the success of the Group in the future.

7.5 In assessing the eligibility of Service Provider(s), the Board or its delegate(s) will consider all relevant
factors as appropriate, including the applicable securities laws governing registration of the Shares underlying the Awards, the individual performance of relevant Service Provider(s), the length of business relationship with the Group, the
materiality and nature of the business relationship with the Group (such as whether they relate to the core business of the Group and whether such business dealings could be readily replaced by third parties), track record in the quality of services
provided to and/or cooperation with the Group and the scale of business dealings with the Group with regard to factors such as the actual or expected change in the Group's revenue or profits which is or may be attributable to the Service
Provider(s).

**8.** **SCHEME MANDATE LIMIT AND SERVICE PROVIDER SUBLIMIT** 

8.1 The total number of Class A Ordinary Shares which may be issued in respect of all awards to be granted
under the Scheme and any other share schemes or plans of the Company must not in aggregate exceed 10% of the total number of Shares of the Company (including the Class A Ordinary Shares and Class B Ordinary Shares) in issue (excluding
treasury shares) as at the Adoption Date (the "**Scheme Mandate Limit**") unless the Company obtains approval from the Shareholders pursuant to paragraphs 8.4 and 8.5 below.

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8.2 Subject to paragraph 8.1, the total number of Class A Ordinary Shares which may be issued in respect of
all awards to be granted to Service Providers under the Scheme and any other share schemes or plans of the Company must not in aggregate exceed 0.5% of the total number of Shares of the Company (including the Class A Ordinary Shares and
Class B Ordinary Shares) in issue (excluding treasury shares) as at the Adoption Date (the "**Service Provider Sublimit**") unless the Company obtains approval from the Shareholders pursuant to paragraphs 8.4 and 8.5 below. For
the avoidance of doubt, the Service Provider Sublimit is set within the Scheme Mandate Limit.

8.3 For the avoidance of doubt, the Class A Ordinary Shares underlying any awards granted under the Scheme or
any other share schemes or plans of the Company which have been cancelled will be regarded as utilized for the purpose of calculating the Scheme Mandate Limit and Service Provider Sublimit. Where the Company has reissued such cancelled Awards, the
Class A Ordinary Shares underlying both the cancelled Awards and the re-issued Awards will be counted as part of the total number of Class A Ordinary Shares subject to paragraphs 8.1 and 8.2 above.
However, (i) the awards lapsed (including those clawed back) in accordance with the terms of the Scheme or (as the case may be) any other share schemes or plans of the Company, and (ii) the Class A Ordinary Shares underlying any
awards granted under the Scheme or any other share schemes or plans of the Company which involve existing Class A Ordinary Shares (including Returned Shares and/or Further Shares), will not be regarded as utilized for the purpose of calculating
the Scheme Mandate Limit and Service Provider Sublimit.

8.4 The Scheme Mandate Limit (and the Service Provider Sublimit) may be refreshed at any time by obtaining approval
of the Shareholders in general meeting after three years from the Adoption Date or the date of Shareholders' approval for the last refreshment, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the total number of Class A Ordinary Shares which may be issued in respect of all awards to be granted
under the Scheme and any other share schemes or plans of the Company under the Scheme Mandate Limit as refreshed (the "**New Scheme Mandate Limit**") must not exceed 10% (and the Service Provider Sublimit as refreshed (the
" **New Service Provider Sublimit**") must not exceed 0.5%) of the total number of Shares of the Company (including the Class A Ordinary Shares and Class B Ordinary Shares) in issue (excluding treasury shares) at the date of
the Shareholders' approval of such New Scheme Mandate Limit (and New Service Provider Sublimit). Awards previously granted under the Scheme or any other share schemes or plans of the Company (including those exercised, outstanding, cancelled
or lapsed in accordance with the terms of this Scheme or any other share schemes or plans of the Company) will not be regarded as utilized for the purpose of calculating the total number of Class A Ordinary Shares subject to the New Scheme
Mandate Limit (and New Service Provider Sublimit).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any refreshment to the Scheme Mandate Limit (and the Service Provider Sublimit) within any three-year period
must be approved by the Shareholders, where any controlling shareholders and their associates (or if there is no controlling shareholder, Directors (excluding independent non-executive Directors) and the chief
executive of Company and their respective associates) must abstain from voting in favour of the relevant resolution at the general meeting and in accordance with the requirements under the Listing Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the requirements under paragraph 8.4(b) do not apply if the refreshment is made immediately after an issue of
securities by the Company to the Shareholders on a pro rata basis as set out in Rule 13.36(2)(a) of the Listing Rules such that the unused part of the Scheme Mandate Limit (as a percentage of the total number of Shares of the Company (including the
Class A Ordinary Shares and Class B Ordinary Shares) in issue (excluding treasury shares)) upon refreshment is the same as the unused part of the New Scheme Mandate Limit immediately before the issue of securities, rounded to the nearest
whole Class A Ordinary Share.

8.5 Without prejudice to paragraph 8.4, the Company may seek separate Shareholders' approval in general
meeting to grant awards under the Scheme or any other share schemes or plans of the Company beyond the Scheme Mandate Limit (or the Service Provider Sublimit) or, if applicable, the extended limits referred to in paragraph 8.4, provided the Awards
in excess of the Scheme Mandate Limit (or the Service Provider Sublimit) are granted only to Eligible Participants specifically identified by the Company before such approval is sought. The Company must send a circular to the Shareholders containing
the name of each specified Eligible Participant who may be granted such Awards, the number and terms of the Awards to be granted to each Eligible Participant, and the purpose of granting Awards to the specified Eligible Participants with an
explanation as to how the terms of the Awards serve such purpose. The number and terms of Awards to be granted to such Eligible Participant must be fixed before Shareholders' approval.

**9.** **GRANT OF AWARDS** 

9.1 On and subject to the terms of this Scheme and the terms and conditions that the Board or its delegate(s)
imposes pursuant to paragraph 4.1, the Board or its delegate(s) shall be entitled at any time during the term of this Scheme to make a Grant to any Eligible Participant, as the Board or its delegate(s) may in its absolute discretion determine.

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9.2 An Award shall be made to an Eligible Participant by an award agreement in such form as the Board or its
delegate(s) may from time to time determine (the "**Award Agreement**") requiring the Eligible Participant to undertake to hold the Award on the terms on which it is to be granted and to be bound by the terms of the Scheme; *provided*, that if necessary to comply with Section 409A of the Code, for each U.S. Person the Class A Ordinary Shares subject to the Awards shall be "service recipient stock" within the meaning of Section 409A of
the Code or the Award shall otherwise comply with Section 409A of the Code. The Award Agreement shall specify the terms on which the Award is to be granted, including: (a) whether the Award is in the form of an Option and/or an RSU;
(b) the number of Class A Ordinary Shares (including in the form of ADSs) underlying the Award; (c) the vesting schedule and any conditions, restrictions or limitations that must be satisfied in order for the Award to vest in whole or
in part (including, without limitation, as to the performance targets and/or clawback mechanism attached to the Award); (d) in the case of an Award of an Option, the Exercise Price and the Exercise Period, and in the case of an Award of an RSU, the
Purchase Price (if any); and (e) any other terms which may be imposed either on a specific Award or generally, *provided,* that such terms shall not be inconsistent with any other terms and conditions of the Scheme.

9.3 Unless the Board or its delegate(s) otherwise determines and states in the Award Agreement, a Grantee is not
required to pay any amount on application or acceptance of an Award. The Award shall remain open for acceptance for a time period determined by the Board or its delegate(s) and specified in the Award Agreement, *provided* that no such Award
shall be open for acceptance after the expiry of the term of the Scheme or after the Eligible Participant to whom the Award is made has ceased to be an Eligible Participant. To the extent that the Award is not accepted within the time period and in
the manner specified in the Award Agreement, the Award will be deemed to have been irrevocably declined and will lapse.

9.4 An Award shall be deemed to have been accepted and to have taken effect when the Company receives a written
notice (in electronic or hard copy form or such other form as the Board or its delegate(s) may accept) of the Eligible Participant's acceptance of the Award.

9.5 The Exercise Price in respect of any Options to subscribe for Class A Ordinary Shares (not in the form of
ADSs) shall be a price, which shall, together with the method of payment for such Exercise Price, be determined by the Board or its delegate(s) in its absolute discretion and notified to a Grantee (subject to any adjustments made pursuant to
paragraph 19), and shall be at least the highest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the closing price of the Class A Ordinary Shares as stated in the Stock Exchange's daily quotations
sheet on the Grant Date, which must be a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the average closing price of the Class A Ordinary Shares as stated in the Stock Exchange's daily
quotation sheets for the five Business Days immediately preceding the Grant Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the nominal value of a Class A Ordinary Share.

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9.6 The Exercise Price in respect of any Options to subscribe for Class A Ordinary Shares in the form of ADSs
shall be a price, which shall, together with the method of payment for such Exercise Price, be determined by the Board or its delegate(s) in its absolute discretion and notified to a Grantee (subject to any adjustments made pursuant to paragraph
19), and shall be at least the higher of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the per-share closing price of the Company's ADSs on the NYSE on
the Grant Date, which must be a Trading Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the average per-share closing price of the Company's ADSs on the
NYSE for the five Trading Days immediately preceding the Grant Date.

9.7 The Purchase Price, if any, will be set out in the Award Agreement and will be determined by the Board or its
delegate(s) in its absolute discretion, taking into account the purpose of the Scheme, the interests of the Company and the individual circumstances of the Grantee.

**10.** **RESTRICTIONS ON TIME OF GRANT** 

10.1 No Grant shall be made to, nor shall any Grant be capable of acceptance by, any Eligible Participant, and no
directions or recommendation shall be given to the Trustee under the Scheme at a time when the Eligible Participant would or might be prohibited from dealing in the Shares by the Listing Rules (where applicable).

10.2 For as long as the Shares are listed on the Stock Exchange, a Grant must not be made after inside information
has come to the knowledge of the Company until (and including) the Business Day after the Company has announced the information. In particular, during the period commencing 30 days immediately preceding the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of the meeting of the Board (as such date is first notified to the Stock Exchange in accordance with
the Listing Rules) for the approval of the Company's results for any year, half-year, quarterly or any other interim period (whether or not required under the Listing Rules); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the deadline for the Company to announce its results for any year or half-year under the Listing Rules, or
quarterly or any other interim period (whether or not required under the Listing Rules),

and ending on the date of the results announcement, no Award may be granted. Such period will cover any period of delay in the publication of a results announcement.

10.3 For as long as the Shares are listed on the Stock Exchange, where any Award is proposed to be granted to a
Director, it shall not be granted on any day on which the financial results of the Company are published and during the period of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 60 days immediately preceding the publication date of the annual results or, if shorter, the period from the
end of the relevant financial year up to the publication date of the results; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 30 days immediately preceding the publication date of the quarterly results (if any) and half-year results or,
if shorter, the period from the end of the relevant quarterly or half-year period up to the publication date of the results.

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10.4 The Board or its delegate(s) may not grant any Awards to any Eligible Participants in any of the following
circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the requisite approvals for that Grant from any applicable regulatory authorities have not been obtained; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the delivery or issue of a prospectus or other offering documents required by Applicable Laws in respect of the
Grant or in respect of this Scheme have not been made, unless the Board or its delegate(s) determines otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where the Grant would result in a breach of any Applicable Laws by any member of the Group or any of its
directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Grant would result in breach of the Scheme Mandate Limit and Service Provider Sublimit or would otherwise
cause the Company to issue Class A Ordinary Shares in excess of the permitted amount in the mandate approved by the Shareholders.

**11.** **LIMIT ON GRANTING AWARDS TO INDIVIDUALS** 

11.1 Where any grant of Awards to an Eligible Participant would result in the Class A Ordinary Shares issued
and to be issued in respect of all options and awards granted to such person (excluding any options and awards lapsed in accordance with the terms of the Scheme and any other share schemes or plans of the Company) in the 12-month period up to and including the Grant Date representing in aggregate over 1% (one percent) of the total number of Shares of the Company (including the Class A Ordinary Shares and Class B Ordinary
Shares) in issue (excluding treasury shares), such grant must be separately approved by the Shareholders in general meeting in accordance with the Listing Rules, with such Eligible Participant and his/her close associates (or associates if the
Eligible Participant is a connected person) abstaining from voting.

**12.** **GRANTING AWARDS TO CONNECTED PERSONS** 

12.1 Any grant of Awards to a Director, chief executive of the Company or substantial Shareholder (or any of their
respective associates) must be approved by the independent non-executive Directors (excluding any independent non-executive Director who is the Grantee of the Awards)
and shall otherwise be subject to compliance with the requirements of the Applicable Laws.

12.2 The Corporate Governance Committee must make a recommendation on any grants of Awards to a Director who is a
beneficiary of weighted voting rights under 8A.30(4) of the Listing Rules.

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12.3 Where any grant of RSUs to a Director (other than an independent non-executive Director) or chief executive of the Company (or any of their respective associates) would result in the Class A Ordinary Shares issued and to be issued in respect of all restricted share
units granted (excluding any restricted share units lapsed in accordance with the terms of the Scheme and any other share schemes or plans of the Company) to such person in the 12 month period up to and including the Grant Date representing in
aggregate over 0.1% of the total number of Shares of the Company (including the Class A Ordinary Shares and Class B Ordinary Shares) in issue (excluding treasury shares), such further grant of RSUs must be separately approved by the
Shareholders in general meeting in accordance with the Listing Rules, with such Grantee, his/her associates and all core connected persons of the Company abstaining from voting in favour at such general meeting.

12.4 Where any grant of Awards to an independent non-executive Director or a
substantial Shareholder (or any of their respective associates) would result in the Class A Ordinary Shares issued and to be issued in respect of all options and awards granted (excluding any options and awards lapsed in accordance with the
terms of the Scheme and any other share schemes or plans of the Company) to such person in the 12-month period up to and including the Grant Date representing in aggregate over 0.1% of the total number of
Shares of the Company (including the Class A Ordinary Shares and Class B Ordinary Shares) in issue (excluding treasury shares), such further grant of Awards must be separately approved by the Shareholders in general meeting in accordance
with the Listing Rules, with such Grantee, his/her associates and all core connected persons of the Company abstaining from voting in favour at such general meeting.

12.5 Shareholder approval is required prior to any grant of Awards, in any transaction or series of related
transactions, to an officer or a member of a control group or any other substantial security holder of the Company that has an affiliated person who is an officer or director of the Company (each an "Active Related Party") if the number
of Shares underlying the Awards to be granted, exceeds either 1% (one percent) of the total number of Shares of the Company (including the Class A Ordinary Shares and Class B Ordinary Shares) in issue (excluding treasury shares) or 1% (one
percent) of the voting power outstanding before the grant.

**13.** **VESTING OF AWARDS** 

13.1 The Board or its delegate(s) may from time to time while the Scheme is in force and subject to all Applicable
Laws, determine such vesting period, vesting criteria and conditions or periods for the Award to be vested hereunder, provided however that the vesting period for Awards shall not be less than 12 months, unless the Board or its delegate(s)
determines that the Awards granted to Employee Participants may be subject to a vesting period of less than 12 months in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) grants of "make whole" Awards to new employees to replace the awards or options such employees
forfeited when leaving their previous employers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grants to an Employee Participant whose employment is terminated due to death or Disability or occurrence of
any out of control event;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) grants of Awards with performance-based vesting conditions in lieu of time-based vesting criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) grants of Awards that are made in batches during a year for administrative and compliance reasons, which
include Awards that should have been granted earlier if not for such administrative or compliance reasons but had to wait for a subsequent batch. In such case, the vesting period may be shorter to reflect the time from which the Awards would have
been granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) grants of Awards with a mixed or accelerated vesting schedule such as where the Awards may vest evenly over a
period of 12 months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) grants of Awards with a total vesting and holding period of more than 12 months.

13.2 Subject to paragraph 13.1, the Board or its delegate(s) may, in its sole discretion and subject to whatever
terms and conditions it selects, accelerate the period during which an Award vests, to the extent set forth in the terms of the Award Agreement or otherwise.

**14.** **EXERCISE OF OPTION** 

14.1 An Option will be deemed to be exercised when the Company receives a written notice from the Grantee
accompanied by payment for the full amount of the Exercise Price multiplied by the number of Class A Ordinary Shares in respect of which the Option is exercised, save to the extent that other arrangements have been made for payment of the
Exercise Price which are satisfactory to the Board or its delegate(s).

**15.** **PERFORMANCE TARGETS AND CLAWBACK MECHANISM** 

15.1 Unless the Board or its delegate(s) otherwise determined and stated in the Award Agreement, a Grantee is not
required to achieve any performance target before the vesting of an Award granted to him/her.

15.2 The Board or its delegate(s) may, in its absolute discretion, specify in the Award Agreement the performance
targets attached to an Award, which will be imposed on a case-by-case basis. The performance targets mean any one or more performance measures, or derivations of such
performance measures that may be related to the individual Grantee or the Group as a whole or to a subsidiary, division, department, region, function or business unit of the Company or the relevant Related Entity Participant or the relevant Service
Provider. The performance measures may include cash flow, earnings, earnings per share, market value added or economic value added, profits, return on assets, revenue, growth rate, return on equity, return on investment, sales, revenue, stock price,
total shareholder return, customer satisfaction metrics, business unit development, or such other goals as the Board or its delegate(s) may determine from time to time.

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15.3 The Board or its delegate(s) shall have the right to (i) forfeit any unvested Award granted to a Grantee
and (ii) cause any vested but not yet exercised and/or settled Award to lapse immediately, in the event of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Cause of a Grantee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any violation of a Grantee to obligations of confidentiality or non-competition to the Group, or any leakage by such Grantee of the Group's trade secrets, intellectual property or proprietary information within a specified period after such Grantee ceasing to be an
Eligible Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any conduct of a Grantee that has materially adverse effect to the reputation or interests of any member of the
Group within a specified period after such Grantee ceasing to be an Eligible Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in respect of any Award which is performance linked, any material misstatement in the audited financial
statements of the Company that requires a restatement, or any circumstances that show or lead to any of the prescribed performance targets having been assessed or calculated in a materially inaccurate manner.

In addition, the Company shall have the right to (i) require such Grantee to surrender some or all of the Class A Ordinary Shares (including in the form of ADSs) underlying the Awards which have been issued to the Grantee or the Grantee's transferee for no consideration or (ii) require such Grantee to pay the Company any and all payment in cash or other property in lieu of the Class A Ordinary Shares (including in the form of ADSs) underlying the Awards which the Grantee has received from the Company. For the avoidance of doubt, no Tax or charge paid by such Grantee in connection with (i) the grant, exercise or vesting of the Awards, (ii) the delivery of the Class A Ordinary Shares (including in the form of ADSs) underlying the Awards or payment in lieu of the Class A Ordinary Shares, or (iii) the sale or transfer of the Class A Ordinary Shares (including in the form of ADSs) underlying the Awards shall be refunded to the Grantee in the event of forfeit or lapse of the Awards, surrender of the Class A Ordinary Shares (including in the form of ADSs) underlying the Awards, or payment by the Grantee to the Company of any and all payment in cash or other property in lieu of the Class A Ordinary Shares the Grantee has received from the Company, pursuant to paragraph 15.3.

15.4 Further, the Company shall have right to recover the amount of any erroneously awarded Award, vested or
unvested, settled or unsettled, delivered or undelivered, in accordance with the Company's policy regarding the recovery of erroneously awarded incentive-based compensation, as amended from time to time.

15.5 The Awards that are clawed back pursuant to paragraph 15 will be regarded as lapsed and the Awards so lapsed
will be regarded as unutilized for the purpose of calculating the Scheme Mandate Limit and Service Provider Sublimit. The Class A Ordinary Shares underlying the Awards that are clawed back pursuant to paragraph 15 shall become Returned Shares
for the purpose of the Scheme.

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**16.** **TRANSFERABILITY** 

16.1 Subject to paragraph 16.2 below, an Award shall be personal to the Grantee and shall not be transferable or
assignable.

16.2 Where (i) the Board or its delegate(s) gives their express consent in writing (which consent may or may
not be given by the Board or its delegate(s) at their absolute discretion), (ii) the Stock Exchange gives any express waiver, and (iii) the requirements of Form S-8 permit, the Awards held by a Grantee
may be allowed to be transferred to a vehicle (such as a trust or a private company, "**Participant Vehicle**") for the benefit of the Grantee and any Family Members of such Grantee (for the purposes of estate planning or Tax planning
or such other reasons as the Board or its delegate(s) and the Stock Exchange consider to be justifiable) that would continue to meet the purpose of the Scheme and comply with the requirements of Chapter 17 of the Listing Rules. The Participant
Vehicle shall comply with paragraph 16.1 and other provisions of the Scheme shall apply, *mutatis mutandis*, to the Participant Vehicle.

16.3 The Awards transferred to the Participant Vehicle shall lapse automatically on the date the Participant Vehicle
ceases to be wholly-owned by the relevant individual Grantee (or, where the Participant Vehicle is originally a trust of which the relevant individual Grantee is a beneficiary or discretionary object, on the date the relevant individual Grantee
ceases to be a beneficiary or discretionary object) *provided* that, subject to the terms of the Scheme and the Applicable Laws, the Board or its delegate(s) may in their absolute discretion decide that such Awards or any part thereof shall not
so lapse or determine that such Awards are subject to such conditions or limitations as they may impose.

**17.** **LAPSE OF AWARDS** 

17.1 An Award or any part thereof which has not yet vested or which, in the case of an Option, has vested but not
yet been exercised shall lapse automatically and not be exercisable on the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an Option, the expiry of the Exercise Period (subject to the terms of the Scheme);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to paragraph 17.2, the date of the termination of a Grantee's employment or service by the
Company, any member of the Group, the holding companies, fellow subsidiaries or associated companies of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the Grantee ceases to be an Eligible Participant due to any Cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which the Grantee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) becomes an officer, director, employee, consultant, adviser, partner of, or a shareholder or other proprietor
owning an interest of 5% or more in, any Competitor; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) knowingly performs any act that may confer any competitive benefit or advantage upon any Competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date of the commencement of the winding-up of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the date on which the Grantee (whether intentionally or otherwise) commits a breach of paragraph 16 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the date on which the Grantee is declared bankrupt or enters into any arrangement or compromise with his/her
creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in respect of Class A Ordinary Shares underlying an Award which are subject to performance or other
vesting condition(s), the date on which the condition(s) to vesting are not or no longer possible to be satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date on which the Board or its delegate(s) has decided that the unvested Award shall not be vested for the
Grantee in accordance with the terms of the Scheme and the terms and conditions as set out in the Award Agreement.

17.2 If the Grantee's employment or service with the Company, any member of the Group, the holding companies,
fellow subsidiaries or associated companies of the Company is terminated for any reason other than for Cause (including by reason of resignation, retirement, death, Disability, redundancy, non-renewal of the
employment or service agreement upon its expiration for any reason other than for Cause), the Board or its delegate(s) shall determine at its sole and absolute discretion and shall notify the Grantee (i) whether any unvested Award granted to
such Grantee shall vest and the period within which such Award shall vest, and (ii) in the case of an Option which has vested but not yet been exercised, whether any part thereof is entitled to extended period for exercise, subject to any
limitations as may be necessary to comply with Section 409A of the Code. If the Board or its delegate(s) determines that such Award shall not vest or not be entitled to extended exercise period, such Award shall automatically lapse with effect
from the date on which the Grantee's employment or service is terminated.

17.3 The Board or its delegate(s) shall have the sole and absolute discretion to interpret and implement upon the
occurrence of events specified in paragraph 17.1, including but not limited to determining whether the Grantee's employment or service has been terminated for Cause, the effective date of such termination for Cause and the identity of a
Competitor, and such determination by the Board or its delegate(s) shall be final and conclusive.

17.4 Notwithstanding any other provisions of this Scheme, the Board or its delegate(s) may in its sole and absolute
discretion decide any Award shall not lapse or shall be subject to such conditions or limitations as the Board or its delegate(s) may decide.

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17.5 The Awards lapsed in accordance with paragraph 17.1 will not be regarded as utilized for the purpose of
calculating the Scheme Mandate Limit and the Service Provider Sublimit. In the case of RSU, the Class A Ordinary Shares underlying the Awards referred to in paragraph 17.1 shall become Returned Shares for the purpose of the Scheme.

**18.** **CANCELLATION** 

18.1 The Board or its delegate(s) may at its discretion cancel an Award granted, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company, any member of the Group, the holding companies, fellow subsidiaries or associated companies of the
Company, pay to the Grantee an amount equal to the consideration paid by the Grantee for accepting the Award (if any); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Board or its delegate(s) makes any arrangement as the Board or its delegate(s) and Grantee may mutually
agree in order to compensate him/her for the cancellation of the Award.

18.2 Notwithstanding the provisions of paragraph 18.1, in order to comply with the Applicable Laws in the
jurisdictions in which the Group operates or has Eligible Participants, or in order to comply with the requirements of any securities exchange, the Board or its delegate(s), in its sole discretion, shall have the power and authority to cancel Awards
that have not vested or have not been exercised or settled.

18.3 No new Awards (which will be satisfied with the issuance of Class A Ordinary Shares) may be granted to an
Eligible Participant in place of his/her cancelled Awards unless there are unutilized Scheme Mandate Limit and Service Provider Sublimit (if applicable) from time to time.

18.4 For the purpose of this paragraph 18, the Awards cancelled will be regarded as utilized in calculating the
Scheme Mandate Limit and the Service Provider Sublimit.

**19.** **CHANGE OF CONTROL, REORGANIZATION OF CAPITAL STRUCTURE** 

19.1 Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by and
between the Company and a Grantee, if there is an event of Change of Control, a privatization of the Company by way of a scheme or by way of an offer, subject to paragraph 13.1, the Board or its delegate(s) may at their sole discretion
(i) determine whether the Vesting Dates of any Awards will be accelerated, (ii) purchase any Award for an amount of cash or Class A Ordinary Shares equal to the value that could have been attained upon the exercise of such Award or
realization of the Grantee's rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt, if as of such date the Board determines in good faith that no amount would have been attained upon the
exercise of such Award or realization of the Grantee's rights, then such Award may be terminated by the Company without payment); or (iii) provide for the assumption, conversion or replacement of any Award by the successor or surviving
company or a parent or subsidiary of the successor or surviving company with other rights (including cash) or property selected by the Board in its sole discretion or the assumption or substitution of such Award by the successor or surviving
company, or a parent or subsidiary thereof, with such appropriate adjustments as to the number and kind of shares and prices as the Board deems, in its sole discretion, reasonable, equitable and appropriate. If the Vesting Dates of any Awards are
accelerated, the procedures as set out in the terms of the Scheme shall apply. Where applicable, the Trustee shall transfer the Class A Ordinary Shares and/or ADSs in respect of the Awards or pay the consideration receivable under the related
scheme or offer in cash, as the case may be, to the Grantee in accordance with the instruction provided by the Board or its delegate(s). Prior to any payment or adjustment contemplated under this paragraph 19.1, the Board may require a Grantee to
(i) represent and warrant as to the unencumbered title to the Grantee's Awards; (ii) bear such Grantee's pro rata share of any post-closing indemnity obligations, and be subject to the same post-closing purchase price
adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Class A Ordinary Shares, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code; and
(iii) deliver customary transfer documentation as reasonably determined by the Board.

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19.2 In the event of an alteration in the capital structure of the Company by way of a capitalization issue, rights
issue, subdivision or consolidation of shares or reduction of the share capital of the Company in accordance with Applicable Laws (other than any alteration in the capital structure of the Company as a result of an issue of Class A Ordinary
Shares as consideration in a transaction to which any member of the Group is a party or in connection with any share schemes of the Company) during the term of this Scheme, such corresponding adjustments (if any) shall be made to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Scheme Mandate Limit and the Service Provider Sublimit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number and/or nominal value of underlying Class A Ordinary Shares and the Purchase Price (if any) of
any RSU which has not yet vested or has vested but not yet been satisfied; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the number and/or nominal value of underlying Class A Ordinary Shares and the Exercise Price of any Option
which has not yet vested or has vested but not yet been exercised,

or any combination thereof, as the Auditors or an independent financial adviser shall confirm in writing to the Board or its delegate(s) that the adjustments satisfy the requirements set out in Rule 17.03(13) of the Listing Rules or otherwise comply with the Listing Rules or other rules, practices or directions of the Stock Exchange in effect from time to time (other than any adjustment made on a capitalization issue, in which case such adjustment shall be made as the Board or its delegate(s) shall consider to be in its opinion fair and reasonable). The capacity of the Auditors or the independent financial adviser (as the case may be) in this paragraph 19.2 is that of experts and not of arbitrators and their certification shall be final and conclusive and binding on the Company and the Grantees. The costs of the Auditors or the independent financial adviser shall be borne by the Company.

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19.3 Any adjustment required under paragraph 19 shall be made on the basis that the Grantee shall have the same
proportion of the issued share capital of the Company, rounded to the nearest whole Class A Ordinary Share, for which any Grantee would have been entitled to immediately prior to such adjustments, but no such adjustment shall be made to enable
any Class A Ordinary Shares to be issued at less than its nominal value, provided that the adjustment shall be subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code.

**20.** **RIGHTS ATTACHED TO THE AWARDS AND SHARES** 

20.1 Neither the Grantees nor the Trustee may exercise any of the voting rights in respect of any Awards that have
not yet vested or has vested but not yet been exercised and/or satisfied. No Grantee shall enjoy any of the rights of a Shareholder by virtue of the grant of an Award pursuant to this Scheme, unless and until such Class A Ordinary Shares
underlying the Award are actually allotted and issued or transferred (as the case may be) to the Grantee upon the vesting and, as applicable, exercise or settlement of the Award. Unless otherwise specified by the Board or its delegate(s) in its sole
discretion in the Award Agreement, the Grantees do not have any rights to any cash or non-cash income, dividends or distributions and/or the sale proceeds of non-cash and non-scrip distributions from any Class A Ordinary Shares underlying an Award.

20.2 Subject to paragraph 20.1, the Class A Ordinary Shares to be allotted and issued or transferred upon the
vesting of the Awards shall be subject to all the provisions of the Articles of Association of the Company for the time being in force and shall rank *pari passu* in all respects with, and shall have the same voting, dividend, transfer and
other rights (including those rights arising on a winding-up of the Company) as the existing fully paid Class A Ordinary Shares in issue on the date on which those Class A Ordinary Shares are
allotted and issued or transferred pursuant to the vesting of the Awards and, without prejudice to the generality of the foregoing, shall entitle the holders to participate in all dividends or other distributions paid or made on or after the date on
which Class A Ordinary Shares are allotted and issued or transferred, other than any dividends or distributions previously declared or recommended or resolved to be paid or made if the record date thereof shall be before the date on which the
Class A Ordinary Shares are allotted and issued or transferred.

**21.** **DISPUTES** 

21.1 Any dispute arising in connection with this Scheme shall be referred to the decision of the Board or its
delegate(s) in the first instance, which decision shall, in the absence of manifest error, be final and binding on the Company and the Grantee. Should the Board or its delegate(s), in their sole discretion, decide, any dispute referred to them may
be subsequently referred to the decision of the Auditors or the approved independent financial adviser to the Company, who shall then act as experts and not as arbitrators and whose decision shall, in the absence of manifest error, be final and
binding on the Company and the Grantee. In such case, the costs of the Auditors or the approved independent financial adviser to the Company shall be shared equally between the Company and the relevant Grantee.

------

**22.** **ALTERATION OF THIS SCHEME** 

22.1 Save as provided in paragraphs 22.2 to 22.4, the Board may alter any of the terms of the Scheme to benefit the
administration of the Scheme at any time in compliance with the Applicable Laws.

22.2 Any alterations to the terms and conditions of the Scheme which are of a material nature, or any alterations to
the specific provisions of the Scheme which relate to the matters set out in Rule 17.03 of the Listing Rules to the advantage of Grantees or Eligible Participants, or any changes to the authority of the Directors or the Board or its delegate(s) in
relation to any alteration of the terms of the Scheme, in each case, must be approved by the Shareholders in general meeting.

22.3 Any changes to the terms of the Awards granted must be approved by the Board or its delegate(s), the Committee,
the independent non-executive Directors and/or the Shareholders in general meeting (as the case may be) if the initial grant of such Awards was approved by the Board or its delegate(s), the Committee, the
independent non-executive Directors and/or the Shareholders in general meeting (as the case may be), except where the alterations or changes take effect automatically under the existing terms of the Scheme.
The Board's determination as to whether any proposed alteration to the terms and conditions of the Scheme is material shall be conclusive.

22.4 The terms of the Scheme or the Awards so altered must comply with the relevant requirements of the Applicable
Laws.

**23.** **TERMINATION** 

23.1 The Shareholders in general meeting by ordinary resolution or the Board may at any time terminate the Scheme
and, in such event, no further Awards may be offered or granted but in all other respects the terms of the Scheme shall remain in full force and effect in respect of Awards which are granted during the term of the Scheme and which remain unvested or
which have vested but have not yet been exercised and/or satisfied immediately prior to the termination of the Scheme.

**24.** **MISCELLANEOUS** 

24.1 This Scheme shall not form part of any contract of employment or engagement of services between the Group and
any Eligible Participant and the rights and obligations of any Eligible Participant under the terms of his office, employment or engagement in services shall not be affected by the participation of the Eligible Participants in this Scheme or any
rights which he may have to participate in it and this Scheme shall afford such an Eligible Participant no additional rights to compensation or damages in consequence of the termination of such office, employment or engagement for any reason.

------

24.2 If any provision of the Scheme or any Award or any Award Agreement is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify the Scheme or any Award under any law deemed applicable by the Board or its delegate(s), such provision shall be construed or deemed amended to
conform to the Applicable Laws, or if it cannot be construed or deemed amended without, in the determination of the Board or its delegate(s), materially altering the intent of the Scheme or the Award, such provision shall be construed or deemed
stricken as to such jurisdiction, person or entity or Award and the remainder of the Scheme and any such Award shall remain in full force and effect.

24.3 The obligation of the Company to settle Awards in Class A Ordinary Shares or other consideration shall be
subject to all Applicable Laws, and to such approvals by governmental agencies as may be required. The Board may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage
and/or other market considerations would make the Company's issuance of the Class A Ordinary Shares to the Grantee, the Grantee's acquisition of the Class A Ordinary Shares from the Company, the conversion of the Class A
Ordinary Shares into ADSs for the account of the Grantee and/or the Grantee's sale of Class A Ordinary Shares or ADSs to the public markets, illegal, impracticable or inadvisable. If the Board determines to cancel all or any portion of an
Award in accordance with the foregoing, the Company may, in its sole discretion, pay to the Grantee an amount equal to the excess of (i) the aggregate Fair Market Value of the Class A Ordinary Shares subject to such Award or portion
thereof canceled or the ADSs representing such Class A Ordinary Shares (determined as of the applicable exercise date or the date that the Class A Ordinary Shares would have been vested or issued, as applicable), over (ii) the
aggregate exercise price or purchase price or base amount or any amount payable as a condition of issuance of Class A Ordinary Shares (in the case of any other Award). Such amount shall be delivered to the Grantee as soon as practicable
following the cancellation of such Award or portion thereof.

------

24.4 To the extent that the Board determines that any Award granted to a U.S. Person under the Scheme is subject to
Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Scheme and Award Agreements shall be interpreted in
accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of the Scheme to the contrary, in the event that the Board determines that any
Award may be subject to Section 409A of the Code and related Department of Treasury guidance, the Board may adopt such amendments to the Scheme and the applicable Award Agreement or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, that the Board determines are necessary or appropriate to (i) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the
benefits provided with respect to the Award, or (ii) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under such Section, provided
that such amendments shall be made in compliance with the Applicable Laws. The Board shall use commercially reasonable efforts to implement the provisions of this paragraph 24.4 in good faith; provided, that none of the Company, the Board nor any of
the Company's employees, directors or representatives shall have any liability to any Grantee with respect to this paragraph 24.4. Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under the Scheme
that constitute "deferred compensation" within the meaning of Section 409A of the Code and that are payable in connection with a termination of employment shall not commence unless and until the Grantee has experienced a
"separation from service" within the meaning of Section 409A of the Code, unless the Company reasonably determines that such amounts may be provided to the Grantee without causing such Grantee to incur additional tax under
Section 409A of the Code. If the Grantee is, upon a separation from service, a "specified employee" within the meaning of Section 409A, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax
consequences under Section 409A of the Code, the payment of any deferred compensation shall not commence until the earlier to occur of: (i) the date that is six months and one day after the Grantee's separation from service, or
(ii) the date of Grantee's death. Any payments that are delayed due to the application of the preceding sentence shall be made on the date that payments commence. For purposes of Section 409A of the Code, the right to a series of
installment payments under the Scheme shall be treated as a right to a series of separate payments.

24.5 This Scheme shall not confer on any person any legal or equitable right (other than those rights constituting
the Awards themselves) against the Company directly or indirectly or give rise to any cause of action at law or in equity against the Company.

24.6 The provisions of Awards need not be the same with respect to each Grantee, and such Awards to individual
Grantees need not be the same in subsequent years.

24.7 Any notice or other communication between the Company and a Grantee may be given by sending the same by prepaid
post or personal delivery to, in the case of the Company, its principal place of business in Hong Kong or such other address as notified to the Grantee from time to time and, in the case of the Grantee, his address as notified to the Company from
time to time. Notices may also be sent electronically to Grantees by sending it to the e-mail address notified by the Grantee to the Company from time to time, or via any systems or platforms as the Company
utilizes in the administration of this Scheme.

------

24.8 Except as otherwise expressly provided under the Scheme,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any notice or other communication served by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the Company shall be deemed to have been served 24 hours after the same was put in the post; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by the Grantee shall not be deemed to have been received until the same shall have been received by the
Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any notice or other communication served by hand shall be deemed to have been served at the time of delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any notice or other communication served by electronic means by the Company or the Grantee shall be deemed to
have been served if the sender did not receive a failure of receipt notification.

24.9 Any notice or other communication shall not be withdrawn once it is delivered by the Grantee, except for those
which shall only become effective upon a confirmation of the receipt by the Company.

24.10 The acceptance of an Award by and the issue and transfer of Class A Ordinary Shares to a Grantee may be
subject to all necessary consents under any relevant legislation for the time being in force in Hong Kong, the People's Republic of China, the Cayman Islands and other relevant jurisdictions, and a Grantee shall be responsible for obtaining
any governmental or other official consent or approval and going through any other governmental or other official procedures that may be required by any country or jurisdiction in these regards. The Group and its affiliates may coordinate or assist
the Grantee in complying with such applicable requirements and taking any other actions as may be required by any Applicable Laws. However, the Group and its affiliates shall not be responsible for any failure by a Grantee to obtain any such consent
or approval or for any tax or other liability to which a Grantee may become subject as a result of his participation in this Scheme. The Board or its delegate(s) shall be entitled to establish such arrangements as it deems reasonably necessary with
respect to the mechanisms to implement the vesting of Awards, the remittance of the proceeds therefrom to Grantees and related registration, recordation and reporting matters to ensure that the Grantee and the Company can comply with all Applicable
Laws. Each Grantee shall authorize the Company to establish all necessary brokerage and other accounts on the Grantee's behalf and shall provide to the Company such information as the Board or its delegate(s) deems necessary in connection with
the Company's and the Grantee's compliance with the foregoing obligations.

24.11 The Board shall have the power from time to time to make or vary regulations for the administration and
operation of the Scheme, provided that the same are not inconsistent with the provisions of the Scheme.

24.12 In this Scheme, references to new Class A Ordinary Shares include treasury shares, and references to the
issuance of Class A Ordinary Shares include the transfer of treasury shares. The Company may use treasury shares to satisfy the exercise and/or vesting of Awards under this Scheme.

------

24.13 Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any
certificates evidencing Class A Ordinary Shares or ADSs issued pursuant to the vesting, exercise or settlement of any Award, unless and until the Board has determined, with advice of counsel, that the issuance and/or delivery of such
certificates, as applicable, is in compliance with all Applicable Laws and, if applicable, the requirements of any exchange on which the Class A Ordinary Shares or ADSs are listed or traded. All Class A Ordinary Share and ADS certificates
delivered pursuant to the Scheme are subject to any stop-transfer orders and other restrictions as the Board deems necessary or advisable to comply with all Applicable Laws. The Board may place legends on any Class A Ordinary Share or ADS
certificate to reference restrictions applicable to the Class A Ordinary Share or ADS, or refuse to convert any or all of the Class A Ordinary Shares into ADSs. In addition to the terms and conditions provided herein, the Board may require
that a Grantee make such reasonable covenants, agreements, and representations as the Board, in its discretion, deems advisable in order to comply with any such Applicable Laws. The Board shall have the right to require any Grantee to comply with
any timing or other restrictions with respect to the vesting or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Board.

24.14 In the discretion of the Board, ADSs may be delivered in lieu of Class A Ordinary Shares in settlement of
any Award; *provided*, that the number of Class A Ordinary Shares represented by ADSs shall be of equal value to the Class A Ordinary Shares that would have otherwise been issued or transferred. The limitations contained in this
Scheme shall be adjusted to reflect the delivery of ADSs in lieu of Class A Ordinary Shares.

24.15 No Class A Ordinary Shares shall be issued, and no payment shall be made under this Scheme to any Grantee,
until such Grantee has made arrangements acceptable to the Board for the satisfaction of Taxes and any other costs and expenses in connection with the grant, exercise or vesting of Awards and/or the issuance of the Class A Ordinary Shares. The
Company or the relevant entity of the Group shall have the authority and the right to deduct or withhold from any compensation payable to a Grantee, or require a Grantee to remit to the Company or the relevant entity of the Group, an amount
sufficient to satisfy all Taxes. The Board may, in its discretion and in satisfaction of the foregoing requirement, allow or require a Grantee to satisfy Taxes by electing to have the Company withhold Class A Ordinary Shares otherwise issuable
under an Award (or other amounts payable under an Award) having a Fair Market Value equal to the Taxes. Notwithstanding any other provision of this Scheme, the number of Class A Ordinary Shares otherwise issuable under an Award which may be
withheld with respect to the grant, issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Grantee of such Award (or a portion thereof) after such Class A Ordinary Shares were acquired by the Grantee from the
Company) in order to satisfy all Taxes, unless specifically approved by the Board, will be limited to the number of Class A Ordinary Shares otherwise issuable under an Award that have a Fair Market Value on the date of withholding or repurchase
equal to the aggregate amount of such Taxes. The Fair Market Value of the Class A Ordinary Shares otherwise issuable under an Award to be withheld shall be determined on the date that the amount of Taxes to be withheld is to be determined. All
elections by the Grantees to have Class A Ordinary Shares otherwise issuable under an Award withheld for this purpose shall be made in such form and under such conditions as the Board may deem necessary or advisable. Notwithstanding the
foregoing, Grantees may satisfy by Tax obligations pursuant to the methods prescribed in any Award Agreement governing the terms of an Award.

------

24.16 The Scheme (and any other documents relating to the Scheme) does not constitute an offer or invitation to the
public within the meaning of the Companies Ordinance or the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong). Class A Ordinary Shares issued or delivered in relation to the Scheme (and any other documents relating to the
Scheme) may not be offered or sold in Hong Kong by means of any document, except in circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance or which do not constitute an offer to the
public within the meaning of the Companies Ordinance.

24.17 No person may issue or possess for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement,
invitation or document relating to Class A Ordinary Shares issued or delivered in relation to the Scheme (and any other documents relating to the Scheme), which is directed at, or the contents of which are likely to be accessed or read by, the
public of Hong Kong (except if permitted to do so under the laws of Hong Kong).

24.18 The Scheme and all Awards granted hereunder shall be governed by and construed in accordance with the laws of
Hong Kong.

24.19 The terms of the Scheme are in both English and Chinese languages. Should there be any discrepancy between the
English language and Chinese language, the English language shall prevail.

## Exhibit 5.1

**Exhibit 5.1** 

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| | |
|:---|:---|
| ![LOGO](g27679g0915075902890.jpg) | Harney Westwood & Riegels<br> 3501 The Center<br> 99 Queen's Road Central<br> Hong Kong<br> Tel: +852 5806 7800<br> Fax: +852 5806 7810 |

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19 September 2025

053098.0009 XPeng Inc.

4th Floor, Harbour Place, 103 South Church Street

P.O. Box 10240, Grand Cayman KY1-1002

Cayman Islands

Dear Sir or Madam

**XPeng Inc. (the *Company*)** 

We are attorneys-at-law qualified to practise in the Cayman Islands and have acted as Cayman Islands legal advisers to the Company in connection with the Company's registration statement on Form S-8 filed with the Securities and Exchange Commission (the ***Commission***) under the United States Securities Act of 1933, as amended (the ***Securities Act***) (the ***Registration Statement***), relating to the offering by the Company of certain American depositary shares, each representing two class A ordinary shares of a par value of US$0.00001 each of the Company (the ***Shares***).

We are furnishing this opinion as Exhibit 5.1 to the Registration Statement.

For the purposes of giving this opinion, we have examined the Documents (as defined in Schedule 1) which we regard as necessary in order to issue this opinion. We have not examined any other documents, official or corporate records or external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the transaction which is the subject of this opinion.

In giving this opinion we have relied upon the assumptions set out in Schedule 2 which we have not independently verified.

Based solely upon the foregoing examinations and assumptions and upon such searches as we have conducted and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3, we are of the opinion that under the laws of the Cayman Islands:

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| | |
|:---|:---|
| 1 | **Existence and Good Standing.** The Company has been duly incorporated as an exempted company with limited liability and is validly existing and in good standing under the laws of the Cayman Islands.  |

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| | |
|:---|:---|
| 2 | **Authorised Share Capital**. Based on our review of the M&A (as defined in Schedule 1), the authorized share capital of the Company is US$100,000 consisting of 10,000,000,000 shares comprising (i) 9,250,000,000 class A ordinary shares of a par value of US$0.00001 each (limited voting) and (ii) 750,000,000 class B ordinary shares of a par value of US$0.00001 each.  |

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| | |
|:---|:---|
| The British Virgin Islands is Harneys Hong Kong office's main jurisdiction of practice.<br> Jersey legal services are provided through a referral arrangement with Harneys (Jersey) which is an independently owned and controlled Jersey law firm.<br> Resident Partners: M Chu \| JP Engwirda \| Y Fan \| SG Gray \| PM Kay \| MW Kwok \| IN Mann<br> R Ng \| ATC Ridgers \| PJ Sephton | Anguilla \| Bermuda \| British Virgin Islands<br> Cayman Islands \| Cyprus \| Hong Kong \| Jersey<br> London \| Luxembourg \| Shanghai \| Singapore<br> harneys.com |

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| | |
|:---|:---|
| 3 | **Valid Issuance of Shares.** The issue and allotment of the Shares as contemplated by the Registration Statement have been duly authorised and, when allotted, issued and fully paid for in accordance with the Registration Statement, and when name of the shareholder is entered in the register of members of the Company, the Shares will be validly issued, allotted, fully paid and non-assessable.  |

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This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the Cayman Islands as they are in force and applied by the Cayman Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. Except as specifically stated herein, we express no opinion as to matters of fact.

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, as amended, or the Rules and Regulations of the Commission thereunder.

This opinion is limited to the matters referred to herein and shall not be construed as extending to any other matter or document not referred to herein.

This opinion shall be construed in accordance with the laws of the Cayman Islands.

Yours faithfully

/s/ Harney Westwood & Riegels

**Harney Westwood & Riegels** 

------

**SCHEDULE 1** 

List of Documents and Records Examined

1 A copy of the certificate of incorporation of the Company dated 27 December 2018.

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| | |
|:---|:---|
| 2 | A copy of the ninth amended and restated memorandum and articles of association of the company as adopted by a special resolution passed on 20 June 2023 (the ***M&A***).  |

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3 A copy of the register of directors and officers of the Company provided to us on 11 September 2025.

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| | |
|:---|:---|
| 4 | A copy of the certificate of good standing dated 28 August 2025 in respect of the Company, issued by the Registrar of Companies in the Cayman Islands (the ***Certificate of Good Standing***).  |

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| | |
|:---|:---|
| 5 | A copy of the minutes of a meeting of the directors of the Company held on 18 March 2025 and a copy of the minutes of a meeting of the shareholders of the Company held on 27 June 2025 (the ***Resolutions***).  |

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| | |
|:---|:---|
| 6 | A copy of a certificate issued by a director of the Company dated 11 September 2025, a copy of which is attached hereto (the ***Director's Certificate***).  |

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7 A copy of the 2025 share incentive scheme of the Company.

8 The Registration Statement.

(1 to 5 above are the ***Corporate Documents***, and 1-8 above are the ***Documents***).

------

**SCHEDULE 2** 

Assumptions

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| | |
|:---|:---|
| 1 | **Authenticity of Documents.** All original Documents are authentic, all signatures, initials and seals are genuine, and all copies of Documents are true and correct copies.  |

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| | |
|:---|:---|
| 2 | **Corporate Documents.** All matters required by law to be recorded in the Corporate Documents are so recorded, and all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete, and all facts expressed in or implied thereby are accurate and complete as at the date of the passing of the Resolutions.  |

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| | |
|:---|:---|
| 3 | **Director's Certificate**. The contents of the Director's Certificate are true and accurate as at the date of this opinion and there is no information not contained in the Director's Certificate that will in any way affect this opinion.  |

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| | |
|:---|:---|
| 4 | **Constitutional Documents.** The M&A remain in full force and effect and are otherwise unamended.  |

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| | |
|:---|:---|
| 5 | **Conversion.** The conversion of any shares in the capital of the Company will be effected via legally available means under Cayman law.  |

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| | |
|:---|:---|
| 6 | **No Steps to Wind-up**. The directors and shareholders of the Company have not taken any steps to have the Company struck off or placed in liquidation, no steps have been taken to wind up the Company and no receiver has been appointed over any of the property or assets of the Company.  |

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| | |
|:---|:---|
| 7 | **Resolutions.** The Resolutions were duly adopted at duly convened meetings of the board of directors and the shareholders of the Company and such meeting were held and conducted in accordance with the M&A. The Resolutions remain in full force and effect, and the Resolutions are an accurate record of the relevant meeting and are factually accurate as to notice and quorum.  |

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| | |
|:---|:---|
| 8 | **Unseen Documents.** Save for the Documents provided to us there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged in the Registration Statement.  |

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**SCHEDULE 3** 

Qualifications

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| | |
|:---|:---|
| 1 | **Foreign Statutes.** We express no opinion in relation to provisions making reference to foreign statutes in the Registration Statement.  |

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| | |
|:---|:---|
| 2 | **Commercial Terms.** Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in any of the documents or instruments cited in this opinion or otherwise with respect to the commercial terms of the transactions the subject of this opinion.  |

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| | |
|:---|:---|
| 3 | **Meaning of Non-Assessable.** In this opinion the phrase ***non-assessable*** means, with respect to the issuance of Shares, that a shareholder shall not, in respect of the relevant Shares, have any obligation to make further contributions to the Company's assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).  |

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| | |
|:---|:---|
| 4 | **Good Standing.** Our opinion as to good standing is based solely upon receipt of the Certificate of Good Standing. The Company shall be deemed to be in good standing under section 200A of the Companies Act (Revised) of the Cayman Islands (the ***Companies Act***) on the date of issue of the certificate if all fees and penalties under the Companies Act have been paid and the Registrar of Companies in the Cayman Islands has no knowledge that the Company is in default under the Companies Act.  |

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| | |
|:---|:---|
| 5 | **Economic Substance.** We have undertaken no enquiry and express no view as to the compliance of the Company with the International Tax Co-operation (Economic Substance) Act (Revised).  |

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**Annex** 

**Director's Certificate**

## Exhibit 23.2

**Exhibit 23.2** 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of XPeng Inc. of our report dated April 16, 2025 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in XPeng Inc.'s Annual Report on Form 20-F for the year ended December 31, 2024.

/s/ PricewaterhouseCoopers Zhong Tian LLP

Shenzhen, the People's Republic of China

September 19, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

#### Exhibit 107

#### Calculation of Filing Fee Tables

#### Form S-8
(Form Type)

#### XPeng Inc.
(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Security Type | Maximum<br>Aggregate<br>Offering<br>Price | Fee<br>Rate | Amount of<br> Registration<br>Fee |
| &nbsp;&nbsp;&nbsp;Equity Class A ordinary shares, par value US$0.00001 per share<sup>(2)</sup> Other<sup>(3)</sup>20000000<sup>(4)</sup> US$10.3850<sup>(3)</sup> | US$207,700,000 | .00015310 | US$31,798.87 |
| &nbsp;&nbsp;&nbsp;Total Offering Amounts | US$207,700,000 |  | US$31,798.87 |
| &nbsp;&nbsp;&nbsp;Total Fee Offsets |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Fee Due |  |  | US$31,798.87 |

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(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended, the registration statement to which this exhibit 107 is a part (the "Registration Statement") includes an indeterminate number of Class A ordinary shares, par value US$0.00001 (the "Class A Ordinary Shares") of the Registrant, which may be offered and issued under the 2025 Share Incentive Scheme (the "2025 Scheme"), to prevent dilution from stock splits, stock dividends or similar transactions.

(2) These Class A Ordinary Shares may be represented by the Registrant's American depositary shares ("ADSs"), each of which represents two Class A Ordinary Shares. ADSs issuable upon deposit of the securities registered hereby have been registered under separate registration statements on Form F-6 dated December 9, 2020, May 14, 2021, May 22, 2023 and September 13, 2024.

(3) Estimated in accordance with Rule 457(c) and (h) solely for the purpose of calculating the registration fee based on the average of the high and low prices of the Registrant's ADSs as reported on the New York Stock Exchange on September 12, 2025 divided by two, the then Class A Ordinary Share-to-ADS ratio.

(4) Represents 20,000,000 Class A Ordinary Shares to be registered under the Registration Statement and reserved for issuance with respect to the awards under the 2025 Scheme.