# EDGAR Filing Document

**Accession Number:** 0001829118
**File Stem:** 0001104659-25-098536
**Filing Date:** 2025-10
**Character Count:** 186097
**Document Hash:** b2a28c28c7293cdc93d2f9827bf3f49b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-098536.hdr.sgml**: 20251010

**ACCESSION NUMBER**: 0001104659-25-098536

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20251010

**DATE AS OF CHANGE**: 20251010

**EFFECTIVENESS DATE**: 20251010

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tuya Inc.
- **CENTRAL INDEX KEY:** 0001829118
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290811
- **FILM NUMBER:** 251386299

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** FLOOR 7-12, BLOCK A
- **STREET 2:** HUACE CENTER, XIHU DISTRICT
- **CITY:** HANGZHOU
- **PROVINCE COUNTRY:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** 86 0571 8691 5981

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** FLOOR 7-12, BLOCK A
- **STREET 2:** HUACE CENTER, XIHU DISTRICT
- **CITY:** HANGZHOU
- **PROVINCE COUNTRY:** F4
- **ZIP:** 00000

**As filed with the Securities and Exchange Commission on October 10, 2025**

**Registration No. 333-______**

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-8

REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933

Tuya, 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.) |
|  | **10/F, Building A, Huace Center<br> Xihu District, Hangzhou City<br> Zhejiang, 310012<br> People's Republic of China<br> +86 0571-8691-5981** |  |
| (Address, Including Zip Code, and Telephone Number, Including Area Code, of registrant's Principal Executive Offices) | (Address, Including Zip Code, and Telephone Number, Including Area Code, of registrant's Principal Executive Offices) | (Address, Including Zip Code, and Telephone Number, Including Area Code, of registrant's Principal Executive Offices) |

---

**2024 Share Scheme<br> (Full title of the plans)**

**Cogency Global Inc.<br> 122 East 42nd Street, 18th Floor,<br> New York, NY 10168<br> (212) 947-7200**

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

---

| | | |
|:---|:---|:---|
|  | ***Copies to:*** |  |
| **Yi (Alex) Yang<br> Chief Financial Officer<br> Tuya, Inc.<br> 10/F, Building A, Huace Center<br> Xihu District, Hangzhou City<br> Zhejiang, 310012<br> People's Republic of China<br> +86 0571-8691-5981** |  | **Li He, Esq.<br> Davis Polk & Wardwell LLP<br> c/o 10th Floor,<br> The Hong Kong Club building,<br> 3A Chater Road, Central<br> Hong Kong<br> +852 2533-3300** |

---

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 ⌧ <br> Non-accelerated filer ◻ (Do not check if a smaller reporting company) Smaller reporting company ◻ <br> 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. ◻

**Part I<br> Information Required in the Section 10(A) Prospectus**

**Item 1. Plan Information<sup>1</sup>**

**Item 2. Registrant Information and Employee Plan Annual Information<sup>1</sup>**

**Part II<br> Information Required in the Registration Statement**

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

The following documents previously filed with the Securities and Exchange Commission (the "Commission") by the Registrant are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) The Registrant's annual report on Form 20-F for the fiscal year ended December 31, 2024 filed on April 24, 2025 pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act");](https://www.sec.gov/ix?doc=/Archives/edgar/data/1829118/000141057825000850/tuya-20241231x20f.htm) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The description of the Registrant's Class A ordinary shares incorporated by reference to [Exhibit 2.4](https://www.sec.gov/Archives/edgar/data/1829118/000110465924050855/tuya-20231231xex2d4.htm) of the annual report on Form 20-F for the fiscal year ended December 31, 2023 filed by the Registrant with the Securities and Exchange Commission on April 24, 2024.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold, or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.

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 incorporated or deemed to be incorporated by reference herein, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities**

Not applicable.

**Item 5. Interest 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 officers and directors, 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 or committing a crime. The Registrant's tenth amended and restated memorandum and articles of association provide for indemnification of officers and directors against all actions, proceedings, costs, charges, losses, damages and expenses which they or any of them shall or may incur or sustain by reason of any act done or omitted in or about the execution of their duty in their respective offices, except such (if any) as they shall incur or sustain by or through their own fraud or dishonesty and no such director or officer shall be answerable for the acts, receipts, neglects or defaults of any other director or officer or for joining in any receipt for the sake of conformity or for the solvency or honesty of any banker or other persons with whom any monies or effects belonging to the Registrant may be lodged or deposited for safe custody or for any insufficiency of any security upon which any monies of the Registrant may be invested or for any other loss or damage due to any such cause as aforesaid or which may happen in or about the execution of his office unless the same shall happen through the fraud or dishonesty of such director or officer.

<sup>1</sup> Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act and the Note to Part I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants in the Plan covered by this Registration Statement, as specified by Rule 428(b)(1) under the Securities Act.

Pursuant to the indemnification agreements, the form of which was filed as Exhibit 10.2 to the Registrant's registration statement on Form F-1, as amended (File No. 333-253575), the Registrant has agreed to indemnify its directors and officers against, to the fullest extent permitted by applicable law, any and all expenses and liabilities actually and reasonably incurred by reason of such director's or officer's corporate status.

The Registrant maintains standard policies of insurance under which coverage is provided (a) to its directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act and (b) to the Registrant with respect to payments which may be made by the Registrant to such officers and directors pursuant to the above indemnification provision or otherwise as a matter of law.

**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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&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 the 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 the 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 the Registration Statement or any material change to such information in the 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 periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 of Exhibit** |
| [4.1](tm2527552d1_ex4-1.htm) | [Tenth Amended and Restated Memorandum and Articles of Association of the Registrant, as currently in effect (filed herewith)](tm2527552d1_ex4-1.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/1829118/000110465922074289/tm2217768d1_ex4-1.htm) | [Registrant's Specimen Certificate for Class A Ordinary Shares (incorporated herein by reference to Exhibit 4.1 to the current report on Form 6-K furnished to the SEC on June 24, 2022)](https://www.sec.gov/Archives/edgar/data/1829118/000110465922074289/tm2217768d1_ex4-1.htm) |
| [4.3](https://www.sec.gov/Archives/edgar/data/1201935/000101915521000080/tuyada.htm) | [Form of Deposit Agreement among the Registrant, the depositary and holders of the American Depositary Shares (incorporated herein by reference to Exhibit 1 to the registration statement on Form F-6 (File No. 333-254092), as amended, initially filed with the SEC on March 10, 2021)](https://www.sec.gov/Archives/edgar/data/1201935/000101915521000080/tuyada.htm) |
| [5.1](tm2527552d1_ex5-1.htm) | [Opinion of Maples and Calder (Hong Kong) LLP (filed herewith)](tm2527552d1_ex5-1.htm) |
| [10.1](https://www.sec.gov/Archives/edgar/data/1829118/000141057825000850/tuya-20241231xex4d2.htm) | [The 2024 Share Scheme (incorporated herein by reference to Exhibit 4.2 to the annual report on Form 20-F furnished to the SEC on April 24, 2025)](https://www.sec.gov/Archives/edgar/data/1829118/000141057825000850/tuya-20241231xex4d2.htm) |
| [23.1](tm2527552d1_ex5-1.htm) | [Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1)](tm2527552d1_ex5-1.htm) |
| [23.2](tm2527552d1_ex23-2.htm) | [Consent of Independent Registered Public Accounting Firm (filed herewith)](tm2527552d1_ex23-2.htm) |
| [24.1](#aa_019) | [Power of Attorney (included on the signature page of this Registration Statement)](#aa_019) |
| [107](tm2527552d1_ex-filingfees.htm) | [Filing Fee Table (filed herewith)](tm2527552d1_ex-filingfees.htm) |

---

**Signatures**

Pursuant to the requirements of the Securities Act of 1933, 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 Hangzhou, China, on October 10, 2025.

---

| | | |
|:---|:---|:---|
| Tuya, Inc. | Tuya, Inc. | Tuya, Inc. |
| By: | /s/ Yi (Alex) Yang | /s/ Yi (Alex) Yang |
|  | Name: | Yi (Alex) Yang |
|  | Title: | Chief Financial Officer and Director |

---

**Power of Attorney**

Each person whose signature appears below constitutes and appoints Yi (Alex) Yang, as his true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him and in his name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on October 10, 2025.

---

| | | |
|:---|:---|:---|
| By: | /s/ Xueji (Jerry) Wang | /s/ Xueji (Jerry) Wang |
|  | Name: | Xuejian (Jerry) Wang |
|  | Title: | Chief Executive Officer and Director |
| By: | /s/ Liaohan (Leo) Chen | /s/ Liaohan (Leo) Chen |
|  | Name: | Liaohan (Leo) Chen |
|  | Title: | Director |
| By: | /s/ Yi (Alex) Yang | /s/ Yi (Alex) Yang |
|  | Name: | Yi (Alex) Yang |
|  | Title: | Chief Financial Officer and Director |
| By: | /s/ Yan Zhang | /s/ Yan Zhang |
|  | Name: | Yan Zhang |
|  | Title: | Director |
| By: | /s/ Sidney Xuande Huang | /s/ Sidney Xuande Huang |
|  | Name: | Sidney Xuande Huang |
|  | Title: | Independent Non-executive Director |
| By: | /s/ Changheng Qiu | /s/ Changheng Qiu |
|  | Name: | Changheng Qiu |
|  | Title: | Independent Non-executive Director |
| By: | /s/ Meng Xiong Kuok | /s/ Meng Xiong Kuok |
|  | Name: | Meng Xiong Kuok |
|  | Title: | Independent Non-executive Director |
| By: | /s/ Pak Tung Jason Yip | /s/ Pak Tung Jason Yip |
|  | Name: | Pak Tung Jason Yip |
|  | Title: | Independent Non-executive Director |

---

**Signature of Authorized Representative in the United States**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Tuya Inc., has signed this registration statement or amendment thereto in New York on October 10, 2025.

---

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

---

## Exhibit 4.1

**Exhibit 4.1**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**TENTH AMENDED AND RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

____________________________

**TUYA INC.**

____________________________

*(adopted by a special resolution passed on June 19, 2025, and effective on June 19, 2025)*

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**TENTH AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION**

**OF**

**TUYA INC.**

*(adopted by a special resolution passed on June 19, 2025, and effective on June 19, 2025)*

1. The name of the Company is Tuya Inc.

2. The
 Registered Office of the Company shall be at the offices of Maples Corporate Services Limited,
 PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, or at such other place
 as the Directors may from time to time decide.

3. The
 objects for which the Company is established are unrestricted and the Company shall have
 full power and authority to carry out any object not prohibited by the Companies Act (As
 Revised) or as the same may be revised from time to time, or any other law of the Cayman
 Islands.

4. The
 liability of each Member is limited to the amount from time to time unpaid on such Member's
 Shares.

5. The
 authorized share capital of the Company is US$50,000 divided into 1,000,000,000 ordinary
 shares of par value of US$0.00005 each, comprising (a) 800,000,000 Class A Ordinary Shares
 of par value of US$0.00005 each, and (b) 200,000,000 Class B Ordinary Shares of par value
 of US$0.00005 each. Subject to the Statute and these Articles, the Company shall have power
 to redeem or purchase any of its Shares and to increase or reduce its authorized share capital
 and to sub-divide or consolidate the said Shares or any of them and to issue all or any part
 of its capital whether original, redeemed, increased or reduced with or without any preference,
 priority, special privilege or other rights or subject to any postponement of rights or to
 any conditions or restrictions whatsoever and so that unless the conditions of issue shall
 otherwise expressly provide every issue of shares whether stated to be ordinary, preference
 or otherwise shall be subject to the powers on the part of the Company hereinbefore provided.

6. The
 Company has the power to register by way of continuation as a body corporate limited by shares
 under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the
 Cayman Islands.

7. Capitalized
terms that are not defined in this Memorandum of Association bear the same meaning as those given in the Articles of Association of the
Company.

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**TENTH AMENDED AND RESTATED ARTICLES OF ASSOCIATION**

**OF**

**TUYA INC.**

*(adopted by a special resolution passed on June 19, 2025, and effective on June 19, 2025)*

 

**INTERPRETATION**

1. In
 these Articles Table A in the First Schedule to the Statute does not apply and, unless there
 is something in the subject or context inconsistent therewith:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"ADS"** | means an American Depositary Share representing Class A Ordinary Share(s). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**" Affiliate"** | means, with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled by or is under common Control with such Person. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"associate"** | has the meaning as defined in the Hong Kong Listing Rules. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**" Articles"** | means these articles of association of the Company, as amended and altered from time to time. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Audit Committee"** | means the audit committee of the Company formed by the Board pursuant hereto, or any successor audit committee. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**" Auditor"** | means the Person for the time being performing the duties of auditor of the Company (if any). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Beneficial Ownership"** | shall have the meaning defined in Rule 13d-3 under the U.S. Securities Exchange Act of 1934, as amended. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Board" or "Board of Directors"** | means the board of directors of the Company. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Business Day"** | means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks are required or authorized by law to be closed in the PRC, the Hong Kong Special Administrative Region, the United States or the Cayman Islands. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Chairman"** | means the chairman of the Board. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Class" or "Classes"** | means any class or classes of Shares as may from time to time be issued by the Company. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Class A Ordinary Share"** | means a class A ordinary share of par value US$0.00005 each in the share capital of the Company having the rights set out in these Articles. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Class B Ordinary Share"** | means a class B ordinary share of par value US$0.00005 each in the share capital of the Company having the rights set out in these Articles. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Close Associate"** | has the meaning as defined in the Hong Kong Listing Rules. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**" Commission"** | means the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Communication Facilities"** | means video, video-conferencing, internet or online conferencing applications, telephone or teleconferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all Persons participating in a meeting are capable of hearing and being heard by each other and all Members' rights to speak and vote at the meeting are maintained. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Companies Ordinance"** | means Companies Ordinance (Cap. 622 of the Laws of Hong Kong), as amended from time to time. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Company"** | means Tuya Inc., a Cayman Islands exempted company. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Company's Website"** | means the main corporate/investor relations website of the Company, the address or domain name of which has been disclosed in any registration statement filed with the Commission by the Company or which has otherwise been notified to Members. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Compliance Adviser"** | shall have the meaning given to it in the Hong Kong Listing Rules. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Control"** | for the purpose of the defined terms of "Affiliate", "Family Member" and "Subsidiary" only, means, in relation to any Person, the power or authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors of such Person. The terms "Controlled" and "Controlling" have meanings correlative to the foregoing. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Corporate Governance Committee"** | means the corporate governance committee of the Board established in accordance with Article 138C. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Corporate Governance Report"** | means the corporate governance report to be included in the Company's annual reports or summary financial reports, if any, in accordance with the Hong Kong Listing Rules. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Designated Stock Exchange"** | means (i) the stock exchange in the United States on which any Shares or ADSs are listed for trading, or (ii) the Hong Kong Stock Exchange on which any Shares are listed for trading. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Designated Stock Exchange Rules"** | means the relevant code, rules and regulations, as amended, from time to time applicable as a result of the original and continued listing of any Shares or ADSs on any Designated Stock Exchange, and for the avoidance of doubt, include the Hong Kong Listing Rules. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Director"** | means a director serving on the Board for the time being of the Company and shall include an alternate Director appointed in accordance with these Articles. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Director Holding Vehicle"** | means (a) a partnership of which a Founder is a partner and the terms of which must expressly specify that the voting rights attached to any and all of the Shares held by such partnership are solely dictated by the Founder, (b) a trust of which a Founder is a beneficiary and that meets the following conditions: (i) the Founder must in substance retain an element of control of the trust and any immediate holding companies of any and all of the Shares held by such trust; and (ii) the purpose of the trust must be for estate planning and/or tax planning purposes; or (c) private company or other vehicle wholly-owned and wholly-controlled by a Founder or by a trust referred to in (b) above. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"electronic communication"** | means electronic posting to the Company's Website, transmission to any number, address or internet website or other electronic delivery methods as otherwise decided and approved by not less than two-thirds of the vote of the Board. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"electronic"** | shall have the meaning given to it in the Electronic Transactions Act. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Electronic Record"** | has the same meaning as given in the Electronic Transactions Act. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Electronic Transactions Act"** | means the Electronic Transactions Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Family Member"** | means, with respect to any natural Person, (a) such Person's spouse, parents, siblings and other individuals living in the same household and (b) estates, trusts, partnerships and other Persons which directly or indirectly through one or more intermediaries are Controlled by the foregoing. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Founders"** | Mr. Wang and Mr. Chen, each of whom, a "Founder". |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **"Government Authority"** | means any national, provincial, municipal or local government, administrative or regulatory body or department, court, tribunal, arbitrator or anybody that exercises the function of a regulator. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Hong Kong Listing Rules"** | means the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Hong Kong Stock Exchange"** | means The Stock Exchange of Hong Kong Limited. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"HKSCC"** | means the Hong Kong Securities Clearing Company Limited including, where the context so requires, its agents, nominees, representatives, officers and employees. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Law"** | means any federal, state, territorial, foreign or local law, common law, statute, ordinance, rule, regulation, code, measure, notice, circular, opinion or order of any Government Authority, including any rules promulgated by a stock exchange or regulatory body. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Independent Director"** | means a Director who is an independent director as defined in the Designated Stock Exchange Rules, as determined by the Board. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Independent Non-executive Director"** | means a Director recognized as such by the relevant code, rules and regulations applicable to companies listed on the Hong Kong Stock Exchange. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"IPO"** | means the initial public offering of the Company's American Depositary Shares representing its Class A Ordinary Shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Major Stock Exchanges"** | means the New York Stock Exchange, NASDAQ, the Hong Kong Stock Exchange, the Shanghai Stock Exchange, the Shenzhen Stock Exchange, the London Stock Exchange, and the Singapore Exchange (SGX). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Member"** | means a Person for the time being duly registered in the Register of Members as a holder of Shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Memorandum"** | means the memorandum of association of the Company, as amended and altered from time to time. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Mr. Chen"** | means Liaohan Chen. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Mr. Wang"** | means Xueji Wang. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Nominating and Corporate Governance Committee"** | shall have the meaning ascribed to it under Article 138A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Nomination Committee"** | means the nomination committee of the Board established in accordance with Article 138A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Non-independent Director"** | means a Director who is not an Independent Director. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Ordinary Resolution"** | a Members resolution passed either (i) as a written resolution signed by all Members entitled to vote, or (ii) at a general meeting of Members by the affirmative vote of not less than a simple majority of all votes, calculated on a fully converted basis, cast by such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at such general meeting (of which notice has been duly given). |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Ordinary Shares"** | means the Class A Ordinary Shares and the Class B Ordinary Shares, collectively. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Person"** | means any individual, sole proprietorship, partnership, limited partnership, limited liability company, firm, joint venture, estate, trust, unincorporated organization, association, corporation, institution, public benefit corporation, entity or governmental or regulatory authority or other enterprise or entity of any kind or nature (whether or not having separate legal personality) or any of them as the context so requires. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"PRC"** | means the People's Republic of China, but solely for purposes hereof excludes the Hong Kong Special Administrative Region, the Macau Special Administrative Region and the island of Taiwan. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Present"** | shall mean, in respect of any Person, such Person's presence at a general meeting of Members, which may be satisfied by means of such Person or, if a corporation or other non-natural Person, its duly authorised representative (or, in the case of any member, a proxy which has been validly appointed by such member in accordance with these Articles), being: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) | physically present at the meeting; or |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) | in the case of any meeting at which Communication Facilities are permitted in accordance with these Articles, including any Virtual Meeting, connected by means of the use of such Communication Facilities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Register of Members"** | means the register maintained in accordance with the Statute and includes (except where otherwise stated) any duplicate Register of Members. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Registered Office"** | means the registered office for the time being of the Company. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Seal"** | means the common seal of the Company and includes every duplicate seal. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Securities Act"** | means the Securities Act of 1933 of the United States of America, as amended, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Secretary"** | means any natural person, firm or corporation appointed by the Board to perform any of the duties of secretary of the Company and includes any assistant, deputy, temporary or acting secretary. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Share" and "Shares"** | means a share in the capital of the Company, and includes an Ordinary Share. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt, in these Articles the expression "Share" shall include a fraction of a Share. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Share Premium Account"** | means the share premium account established in accordance with these Articles and the Statute. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"signed"** | means bearing a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or logically associated with an electronic communication and executed or adopted by a Person with the intent to sign the electronic communication. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Special Resolution"** | means a Members resolution expressed to be a special resolution and passed at a general meeting of Members by the affirmative vote of not less than three fourths (3/4) of all votes, calculated on a fully converted basis, cast by such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at such general meeting (of which notice specifying the intention to propose the resolution as a special resolution has been duly given), and shall include a special resolution passed pursuant to Article 73. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Statute"** | means the Companies Act (As Revised) of the Cayman Islands as amended and every statutory modification or re-enactment thereof for the time being in effect. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**" Subsidiary"** | means, with respect to any given Person, any other Person that is Controlled directly or indirectly by such given Person. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"US$"** | means the lawful money of the United States of America. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Virtual Meeting"** | means any general meeting of the Members (or any meeting of the holders of any Class of Shares) at which the Members (and any other permitted participants of such meeting, including without limitation the chairperson of the meeting and any Directors) are permitted to attend and participate solely by means of Communication Facilities. |

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2. In these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;2.1. words
 importing the singular number include the plural number and vice versa;

2.2. words
 importing the masculine gender include the feminine gender;

2.3. words
 importing persons include corporations;

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

2.5. any requirements
 as to delivery under the Articles include delivery in the form of an Electronic Record or an electronic communication;

2.6. references
 to provisions of any law or regulation shall be construed as references to those provisions as amended, modified, re-enacted or replaced
 from time to time;

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

2.8. the term
 "voting power" refers to the number of votes attributable to the Shares (on an as-if converted basis) in accordance with
 the terms of the Memorandum and Articles;

2.9. the term
 "or" is not exclusive;

2.10. the term
 "including" will be deemed to be followed by, "but not limited to";

2.11. the terms
 "shall", "will", and "agrees" are mandatory, and the term "may" is permissive;

2.12. the term
 "day" means "calendar day", and "month" means calendar month;

2.13. the phrase
 "directly or indirectly" means directly, or indirectly through one or more intermediate Persons or through contractual
 or other arrangements, and "direct or indirect" has the correlative meaning;

2.14. references
 to any documents shall be construed as references to such document as the same may be amended, supplemented or novated from time
 to time;

2.15. when calculating the period
 of time before which, within which or following which any act is to be done or step taken pursuant to these Articles, the date that
 is the reference date in calculating such period shall be excluded;

&nbsp;&nbsp;&nbsp;&nbsp;2.16. "
 fully-diluted" or any variation thereof means all of the issued and outstanding Shares, treating the maximum number of Shares
 issuable under any issued and outstanding convertible securities and all Shares reserved for issuance under any of the Company's
 share incentive plans or employee stock incentive plans as issued and outstanding;

2.17. references
 to "in the ordinary course of business" and comparable expressions mean the ordinary and usual course of business of
 the relevant party, consistent in all material respects (including nature and scope) with the prior practice of such party;

2.18. all references
 to dollars or to "US$" are to currency of the United States of America and all references to RMB are to currency of the
 PRC (and each shall be deemed to include reference to the equivalent amount in other currencies);

2.19. if any
 payment hereunder would have been, but for this Article, due and payable on a date that is not a Business Day, then such payment
 shall instead be due and payable on the first Business Day after such date;

2.20. headings
 are inserted for reference only and shall be ignored in construing these Articles; and

2.21. Sections 8 and 19(3) of the
 Electronic Transactions Act shall not apply.

**SHARE CAPITAL**

1. The
 authorized share capital of the Company is US$50,000 divided into 1,000,000,000 ordinary
 shares of par value of US$0.00005 each, comprising (a) 800,000,000 Class A Ordinary Shares
 of par value of US$0.00005 each; and (b) 200,000,000 Class B Ordinary Shares of par value
 of US$0.00005 each; subject to any alteration of share capital effected pursuant to Articles
 54 to 56.

2. Subject
 to the Statute, the Memorandum and these Articles and, where applicable, Designated Stock
 Exchange Rules and/or the rules of any competent regulatory authority, any power of the Company
 to purchase or otherwise acquire its own shares shall be exercisable by the Board in such
 manner, upon such terms and subject to such conditions as it thinks fit.

**SHARES**

3. Subject
 to the Statute, these Articles, compliance with the Hong Kong Listing Rules (and only to
 such extent permitted thereby) and any applicable rules and regulations of authorities of
 places where the securities of the Company are listed (and to any direction that may be given
 by the Company in general meeting) and without prejudice to any rights attached to any existing
 Shares, the Directors may in their absolute discretion and without the approval of the Members,
 cause the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) allot,
 issue, grant options over or otherwise dispose of Shares (including fractions of a Share)
 with or without preferred, deferred or other rights or restrictions, whether in regard to
 dividend, voting, return of capital or otherwise, to such Persons, at such times and on such
 other terms as they think proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant
 rights over Shares or other securities to be issued in one or more Classes or series as they
 deem necessary or appropriate and determine the designations, powers, preferences, privileges
 and other rights attaching to such Shares or securities, including dividend rights, voting
 rights, conversion rights, terms of redemption and liquidation preferences, any or all of
 which may be greater than the powers, preferences, privileges and rights associated with
 then issued and outstanding Shares, at such times and on such other terms as they think proper;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue
 options, warrants or convertible securities or securities of similar nature conferring the
 right upon the holders thereof to subscribe for, purchase or receive any Class of shares
 or securities in the capital of the Company on such terms as it may from time to time determine.

4. Subject
 to these Articles, compliance with the Hong Kong Listing Rules (and only to such extent permitted
 thereby), the Code on Takeovers and Mergers approved by the Securities and Futures Commission
 of Hong Kong and any applicable rules and regulations of authorities of places where the
 securities of the Company are listed, and on the conditions that (x) no new class of Shares
 with voting rights superior to Class A Ordinary Shares will be created and (y) any variation
 in the relative rights as between the different classes will not result in the creation of
 new class of shares with voting rights superior to those of Class A Ordinary Shares, the
 Directors may issue from time to time, out of the authorized share capital of the Company,
 preferred shares at such time and on such terms as they may think appropriate in their absolute
 discretion and without approval of the Members; provided, however, before any preferred shares
 of any such series are issued, the Board may by resolution of Directors determine, with respect
 to any series of preferred shares, the terms and rights of that series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 designation of such series, the number of preferred shares to constitute such series and
 the subscription price thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 the preferred shares of such series shall have voting rights, in addition to any voting rights
 provided by law, and, if so, the terms of such voting rights, which may be general or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 dividends, if any, payable on such series, whether any such dividends shall be cumulative,
 and, if so, from what dates, the conditions and dates upon which such dividends shall be
 payable, and the preference or relation which such dividends shall bear to the dividends
 payable on any shares of any other Class or any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether
 the preferred shares of such series shall be subject to redemption by the Company, and, if
 so, the times, prices and other conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whether
 the preferred shares of such series shall have any rights to receive any part of the assets
 available for distribution amongst the Members upon the liquidation of the Company, and,
 if so, the terms of such liquidation preference, and the relation which such liquidation
 preference shall bear to the entitlements of the holders of shares of any other Class or
 any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether
 the preferred shares of such series shall be subject to the operation of a retirement or
 sinking fund and, if so, the extent to and manner in which any such retirement or sinking
 fund shall be applied to the purchase or redemption of the preferred shares of such series
 for retirement or other corporate purposes and the terms and provisions relative to the operation
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether
 the preferred shares of such series shall be convertible into, or exchangeable for, shares
 of any other Class or any other series of preferred shares or any other securities and, if
 so, the price or prices or the rate or rates of conversion or exchange and the method, if
 any, of adjusting the same, and any other terms and conditions of conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 limitations and restrictions, if any, to be effective while any preferred shares of such
 series are outstanding upon the payment of dividends or the making of other distributions
 on, and upon the purchase, redemption or other acquisition by the Company of, the existing
 shares or shares of any other Class of shares or any other series of preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 conditions or restrictions, if any, upon the creation of indebtedness of the Company or upon
 the issue of any additional shares, including additional shares of such series or of any
 other Class of shares or any other series of preferred shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 other powers, preferences and relative, participating, optional and other special rights,
 and any qualifications, limitations and restrictions thereof;

and, for such purposes, the Directors may reserve an appropriate number of Shares for the time being unissued.

5. Neither the Company nor the Board
shall be obliged, when making or granting any allotment of, offer of, option over or disposal of shares, to make, or make available,
any such allotment, offer, option or shares to Members or others with registered addresses in any particular territory or territories
being a territory or territories where, in the absence of a registration statement or other special formalities, this would or might,
in the opinion of the Board, be unlawful or impracticable. Members affected as a result of the foregoing sentence shall not be, or be
deemed to be, a separate Class of members for any purpose whatsoever. Except as otherwise expressly provided in the resolution or resolutions
providing for the establishment of any Class or series of preferred shares, no vote of the holders of preferred shares
or ordinary shares shall be a prerequisite to the issuance of any shares of any Class or series of the preferred shares authorized by
and complying with the conditions of the Memorandum and these Articles.

6. The Company
 shall not issue Shares to bearer.

7. The
 Company may in connection with the issue of any shares exercise all powers of paying commissions
 and brokerage conferred or permitted by Law. Such commissions and brokerage may be satisfied
 by the payment of cash or the lodgment of fully or partly paid-up Shares or partly in one
 way and partly in the other.

8. The
 Directors may refuse to accept any application for Shares, and may accept any application
 in whole or in part, for any reason or for no reason.

**FRACTIONAL SHARES**

9. The
 Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be
 subject to and carry the corresponding fraction of liabilities (whether with respect to nominal
 or par value, premium, contributions, calls or otherwise), limitations, preferences, privileges,
 qualifications, restrictions, rights (including, without prejudice to the generality of the
 foregoing, voting and participation rights) and other attributes of a whole Share. If more
 than one fraction of a Share of the same Class is issued to or acquired by the same Member
 such fractions shall be accumulated.

**REGISTER OF MEMBERS**

10. The
 Company shall maintain or cause to be maintained the Register of Members in accordance with
 the Statute. Any register held in Hong Kong shall during normal business hours (subject to
 such reasonable restrictions as the Board may impose) be open for inspection by a Member
 without charge and such other person on payment of a fee of such amount not exceeding the
 maximum amount as may from time to time be permitted under the Hong Kong Listing Rules as
 the Board may determine for each inspection, provided that the Company may be permitted to
 close the register in terms equivalent to section 632 of the Companies Ordinance.

**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

11. For
 the purpose of determining Members entitled to notice of, or to vote at any meeting of Members
 or any adjournment thereof, or Members entitled to receive payment of any dividend, or in
 order to make a determination of Members for any other purpose, the Directors may provide
 that the Register of Members shall be closed for transfers for a stated period which shall
 not in any case exceed thirty (30) calendar days. If the Register of Members shall be closed
 for the purpose of determining Members entitled to notice of, or to vote at, a meeting of
 Members, the record date for such determination shall be the date of closure of the Register
 of Members.

12. In
 lieu of, or apart from, closing the Register of Members, the Directors may fix in advance
 or arrears a date as the record date for any such determination of Members entitled to notice
 of, or to vote at any meeting of the Members or any adjournment thereof, or for the purpose
 of determining the Members entitled to receive payment of any dividend or in order to make
 a determination of Members for any other purpose.

13. If
 the Register of Members is not so closed and no record date is fixed for the determination
 of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled
 to receive payment of a dividend, the date on which notice of the meeting is sent or the
 date on which the resolution of the Directors declaring such dividend is adopted, as the
 case may be, shall be the record date for such determination of Members. When a determination
 of Members entitled to vote at any meeting of Members has been made as provided in this Article,
 such determination shall apply to any adjournment thereof.

**CERTIFICATES FOR SHARES**

14. Share
 certificates representing Shares, if any, shall be in such form as the Directors may determine.
 Share certificates shall be signed by one or more Directors or other Person authorized by
 the Directors. The Directors may authorise certificates to be issued with the authorized
 signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively
 numbered or otherwise identified and shall specify the Shares to which they relate. All certificates
 surrendered to the Company for transfer shall be cancelled and, subject to these Articles,
 no new certificate shall be issued until the former certificate representing a like number
 of relevant Shares shall have been surrendered and cancelled.

15. No
 certificate shall be issued representing Shares of more than one Class.

16. The
 Company shall not be bound to issue more than one certificate for Shares held jointly by
 more than one Person and delivery of a certificate to one joint holder shall be a sufficient
 delivery to all of them. In the event that Shares are held jointly by several Persons, any
 request may be made by any one of the joint holders and if so made shall be binding on all
 of the joint holders.

17. Every
 share certificate of the Company shall bear legends required under the applicable laws, including
 the Securities Act. Every share certificate shall prominently include the words "A
 company controlled through weighted voting rights" or such language as may be specified
 by the Hong Kong Stock Exchange from time to time, and specify the number and class of shares
 in respect of which it is issued and the amount paid thereon or the fact that they are fully
 paid, as the case may be, and may otherwise be in such form as the Board may from time to
 time prescribe.

18. Share
 certificates shall be issued within the relevant time limit as prescribed by Law or as the
 Designated Stock Exchange may from time to time determine, whichever is the shorter, after
 allotment or, except in the case of a transfer which the Company is for the time being entitled
 to refuse to register and does not register, after lodgment of a transfer with the Company.

19. (1) Upon every transfer of Shares the certificate held by the transferor shall be given up to be cancelled,
and shall forthwith be cancelled accordingly, and a new certificate shall be issued to the transferee in respect of the Shares transferred
to him at such fee as is provided in paragraph (2) of this Article. If any of the Shares included in the certificate so given up shall
be retained by the transferor a new certificate for the balance shall be issued to him at the aforesaid fee payable by the transferor
to the Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The fee referred to in paragraph
(1) above shall be an amount not exceeding the relevant maximum amount as the Designated Stock Exchange may from time to time determine
provided that the Board may at any time determine a lower amount for such fee.

20. If a share certificate is defaced,
worn out, lost or destroyed, it may be renewed on such terms (if any) as to evidence and indemnity and on the payment of such expenses
reasonably incurred by the Company in investigating evidence, as the Directors may prescribe, and (in the case of defacement or wearing
out) upon delivery of the old certificate.

**REDEMPTION, REPURCHASE AND SURRENDER**

21. Subject to the provisions of the
Statute and these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares that are to be redeemed or are liable to be redeemed at the option of a Member or
 the Company. The redemption of Shares shall be effected in such manner and upon such terms
 as may be determined, before the issue of such Shares, by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase
 Shares (including any redeemable Shares) in such manner and upon such terms as have been
 approved by the Board, or are otherwise authorized by these Articles, provided always that
 any such purchase shall only be made in accordance with any relevant code, rules or regulations
 issued by the Hong Kong Stock Exchange or the Securities and Futures Commission of Hong Kong
 from time to time in force; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 a payment in respect of the redemption or purchase of Shares in any manner permitted by the
 Statute, including out of capital.

22. The
 purchase of any Share shall not oblige the Company to purchase any other Share other than
 as may be required pursuant to applicable law and any other contractual obligations of the
 Company.

23. The
 holder of the Shares being purchased shall be bound to deliver up to the Company the certificate(s)
 (if any) thereof for cancellation and thereupon the Company shall pay to him the purchase
 or redemption monies or consideration in respect thereof.

24. The
 Directors may accept the surrender for no consideration of any fully paid Share.

25. [Intentionally
 left blank]

**NON RECOGNITION OF TRUSTS**

26. The
 Company shall not be bound by or compelled to recognize in any way (even when notified) any
 equitable, contingent, future or partial interest in any Share, or (except only as is otherwise
 provided by these Articles or the Statute) any other rights in respect of any Share other
 than an absolute right to the entirety thereof in the registered holder.

**LIEN ON SHARES**

27. The
 Company shall have a first and paramount lien and charge on all Shares (whether fully paid-up
 or not) registered in the name of a Member (whether solely or jointly with others) for all
 debts, liabilities or engagements to or with the Company (whether presently payable or not)
 by such Member or his estate, either alone or jointly with any other Person, whether a Member
 or not, but the Directors may at any time declare any Share to be wholly or in part exempt
 from the provisions of this Article. The registration of a transfer of any such Share shall
 operate as a waiver of the Company's lien (if any) thereon. The Company's lien
 (if any) on a Share shall extend to all dividends or other monies payable in respect thereof.

28. The
 Company may sell, in such manner as the Board thinks fit, any Shares on which the Company
 has a lien, if a sum in respect of which the lien exists is presently payable, and is not
 paid within fourteen (14) calendar days after a notice in writing stating and demanding payment
 of such part of the amount in respect of which the lien exists as is presently payable, has
 been given to the registered holder or holders for the time being of the Share, or the Person,
 of which the Company has notice, entitled thereto by reason of his death or bankruptcy.

29. To
 give effect to any such sale, the Board may authorize some Person to transfer the Shares
 sold to the purchaser thereof. The purchaser shall be registered as the holder of the Shares
 comprised in any such transfer, and he shall not be bound by the application of the purchase
 money, nor shall his title to the Shares be affected by any irregularity or invalidity in
 the proceedings in reference to the sale.

30. The
 proceeds of the sale after deduction of expenses, fees and commission incurred by the Company
 shall be received by the Company and applied in payment of such part of the amount in respect
 of which the lien exists as is presently payable and the residue, if any, shall (subject
 to a like lien for sums not presently payable as existed upon the Shares prior to the sale)
 be paid to the Person entitled to the Shares immediately prior to the sale.

**CALLS ON SHARES**

31. The Directors may from time to time make calls upon the Members in respect of any
monies unpaid on their Shares (whether on account of the nominal value of the Shares or by way of premium or otherwise) and not by the
conditions of allotment thereof made payable at fixed terms, provided that no call shall be payable at less than one (1) month from the
date fixed for the payment of the last preceding call, and each Member shall (subject to receiving at least fourteen (14) calendar days'
notice specifying the time or times of payment) pay to the Company at the specified time or times the amount called on the Shares. A call
may be revoked or postponed as the Board may determine. A call may be made payable by installments.

32. A call shall be deemed to have been made at the time when the resolution of the
Directors authorizing such call was passed.

33. The joint holders of a Share shall be jointly and severally liable to pay all calls
in respect thereof.

34. If a sum called in respect of a Share is not paid before or on a day appointed
for payment thereof, the Persons from whom the sum is due shall pay interest on the sum from the day appointed for payment thereof to
the time of actual payment at such rate as the Board may determine, but the Board shall be at liberty to waive payment of such interest
either wholly or in part.

35. Any sum which by the terms of issue of a Share becomes payable on allotment or
at any fixed date, whether on account of the nominal value of the Share or by way of premium or otherwise, shall for the purposes of these
Articles be deemed to be a call duly made, notified and payable on the date on which by the terms of issue the same becomes payable, and
in the case of non-payment, all the relevant provisions of these Articles as to payment of interest forfeiture or otherwise shall apply
as if such sum had become payable by virtue of a call duly made and notified.

36. Directors may, on the issue of Shares, differentiate between the holders as to
the amount of calls or interest to be paid and the time of payment.

37. The Board may, if it thinks fit, receive from any Member willing to advance the
same, all or any part of the monies uncalled and unpaid upon any Shares held by him, and upon all or any of the monies so advanced may
(until the same would but for such advances, become payable) pay interest at a rate as may be agreed upon between the Board and the Member
paying such sum in advance. No such sum paid in advance of calls shall entitle the Member paying such sum to any portion of a dividend
declared in respect of any period prior to the date upon which such sum would, but for such payment, become presently payable.

**FORFEITURE OF SHARES**

38. If a Member fails to pay any call or installment of a call or to make any payment
required by the terms of issue on the day appointed for payment thereof, the Directors may, at any time thereafter during such time as
any part of the call, installment or payment remains unpaid, give notice requiring payment of any part of the call, installment or payment
that is unpaid, together with any interest which may have accrued and all expenses that have been incurred by the Company by reason of
such non-payment. Such notice shall name a day (not earlier than the expiration of fourteen (14) calendar days from the date of giving
of the notice) on or before which the payment required by the notice is to be made, and shall state that, in the event of non –
payment at or before the time appointed the Shares in respect of which such notice was given will be liable to be forfeited.

39. If the requirements of any such notice as aforesaid are not complied with, any
Share in respect of which the notice has been given may at any time thereafter, before the payment required by the notice has been made,
be forfeited by a resolution of the Directors to that effect. Such forfeiture shall include all dividends declared in respect of the forfeited
Share and not actually paid before the forfeiture.

40. A forfeited Share may be sold or otherwise disposed of on such terms and in such
manner as the Board thinks fit, and at any time before a sale or disposition, the forfeiture may be cancelled on such terms as the Board
sees fit.

41. A Person whose Shares have been forfeited shall cease to be a Member in respect
of the forfeited Shares, but shall, notwithstanding, remain liable to pay to the Company all monies which, at the date of forfeiture,
were payable by him to the Company in respect of the Shares together with interest thereon, but his liability shall cease if and when
the Company shall have received payment in full of all monies whenever payable in respect of the Shares.

42. A certificate in writing under the hand of one (1) Director or the Secretary of
the Company that a Share in the Company has been duly forfeited on a date stated in the declaration shall be conclusive evidence of the
fact stated therein as against all Persons claiming to be entitled to the Share. The Company may receive the consideration given for the
Share on any sale or disposition thereof and may execute a transfer of the Share in favor of the Person to whom the Share is sold or disposed
of and he shall thereupon be registered as the holder of the Share and shall not be bound by the application of the purchase money, if
any, nor shall his title to the Share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture,
sale or disposal of the Share.

43. The provisions of these Articles as to forfeiture shall apply in the case of non-payment
of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account of the nominal value of the Share
or by way of premium as if the same had been payable by virtue of a call duly made and notified.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

44. The Company shall be entitled to charge a fee not exceeding US$l.00 on the registration of every probate,
letter of administration, certificate of death or marriage, power of attorney, notice in lieu of distringas, or other instrument.

**TRANSFER OF SHARES**

45. Subject to these Articles, any Member may transfer all or any of his Shares by an instrument of transfer
in the usual or common form or in a form prescribed by the Designated Stock Exchange or in any other form approved by the Board and may
be under hand or, if the transferor or transferee is a clearing house or a central depository house or its nominee(s), by hand or by machine
imprinted signature on behalf of it (or any successor thereto) or by such other manner of execution as the Board may approve from time
to time.

46. The instrument of transfer of any Share shall be in writing and in any usual or common form or such other
form as the Directors may, in their absolute discretion, approve which is consistent with the standard form of transfer as prescribed
by the Designated Stock Exchange and be executed by or on behalf of the transferor and if in respect of a nil or partly paid up Share,
or if so required by the Directors, shall also be executed on behalf of the transferee and shall be accompanied by the certificate (if
any) of the Shares to which it relates and such other evidence as the Directors may reasonably require to show the right of the transferor
to make the transfer. The transferor shall be deemed to remain a Member until the name of the transferee is entered in the Register of
Members in respect of the relevant Shares.

47. The Directors shall register any transfer of Shares except where holders proposing or effecting the transfers
of the Shares are subject to binding written agreements with the Company or applicable Laws which restrict the transfer of the Shares
held by such holders and such holders have not complied with the terms of such agreements or the restrictions have not been waived in
accordance with their terms, or such applicable Law, as the case may be. If the Directors refuse to register a transfer they shall notify
the transferee within five (5) Business Days of such refusal, providing a detailed explanation of the reason therefor. Notwithstanding
the foregoing, if a transfer complies with the holder's transfer obligations and restrictions set forth in agreements with the Company,
the Directors shall register such transfer.

48. The Directors may in their absolute discretion decline to register any transfer of Shares which is not
fully paid up or on which the Company has a lien. The Directors may also decline to register any transfer of any Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is lodged with the Company, accompanied by the certificate for the Shares to
which it relates and such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one Class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument
 of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case
 of a transfer to joint holders, the number of joint holders to whom the Share is to be transferred
 does not exceed four; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a fee of
 such maximum sum as the Designated Stock Exchange may determine to be payable, or such lesser
 sum as the Board may from time to time require, is paid to the Company in respect thereof.

49. The registration
 of transfers may, after compliance with any notice required by the Designated Stock Exchange
 Rules, be suspended and the Register of Members closed at such times and for such periods
 as the Directors may, in their absolute discretion, from time to time determine, provided
 always that such registration of transfer shall not be suspended nor the Register of Members
 closed for more than thirty (30) calendar days in any calendar year.

50. All instruments
 of transfer that are registered shall be retained by the Company. If the Directors refuse
 to register a transfer of any Shares, they shall within two calendar months after the date
 on which the instrument of transfer was lodged with the Company send notice of the refusal
 to each of the transferor and the transferee.

**TRANSMISSION OF SHARES**

51. If a Member
 dies, the survivor or survivors where such Member was a joint holder, and his or her legal
 personal representatives where such Member was a sole holder, shall be the only Persons recognised
 by the Company as having any title to such Member's interest. The estate of a deceased
 Member is not thereby released from any liability in respect of any Share that had been jointly
 held by such Member.

52. Any Person becoming
 entitled to a Share in consequence of the death or bankruptcy or liquidation or dissolution
 of a Member (or in any other way than by transfer) may, upon such evidence being produced
 as may from time to time be required by the Directors, elect either to become the holder
 of the Share or to have some Person nominated by him or her as the transferee.

53. If the Person
 so becoming entitled shall elect to be registered as the holder, such Person shall deliver
 or send to the Company a notice in writing signed by such Person stating that he or she so
 elects.

**AMENDMENTS OF MEMORANDUM AND ARTICLES OF ASSOCIATION AND ALTERATION OF CAPITAL**

54. Subject to the
 provisions of the Statute and the provisions of these Articles, the Company may from time
 to time by an Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 the share capital by such sum, to be divided into Shares of such Classes and amount, as the
 resolution shall prescribe and with such rights, priorities and privileges annexed thereto,
 as the Company in general meeting may determine;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) divide its
 Shares into several Classes; provided always that, for the avoidance of doubt, where a Class
 of Shares has been authorized by the Company, no resolution of the Company in general meeting
 is required for the issuance of Shares of that Class and the Directors may issue Shares of
 that Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subdivide
 its Shares, or any of them, into Shares of smaller amount than is fixed by the Memorandum
 or into Shares without par value (subject, nevertheless, to Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any
 Shares that at the date of the passing of the resolution have not been taken or agreed to
 be taken by any Person and diminish the amount of its share capital by the amount of the
 Shares so cancelled or, in the case of shares, without par value, diminish the number of
 shares into which its capital is divided; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) perform
 any action not required to be performed by Special Resolution.

55. All new Shares
 created in accordance with the provisions of the preceding Article shall be subject to the
 same provisions of the Articles with reference to the payment of calls, Liens, transfer,
 transmission, forfeiture and otherwise as the Shares in the original share capital. The Board
 may settle as it considers expedient any difficulty which arises in relation to any consolidation
 and division under the preceding Article and in particular but without prejudice to the generality
 of the foregoing may issue certificates in respect of fractions of shares or arrange for
 the sale of the shares representing fractions and the distribution of the net proceeds of
 sale (after deduction of the expenses of such sale) in due proportion amongst the Members
 who would have been entitled to the fractions, and for this purpose the Board may authorize
 some Person to transfer the shares representing fractions to their purchaser or resolve that
 such net proceeds be paid to the Company for the Company's benefit. Such purchaser
 will not be bound to see to the application of the purchase money nor will his title to the
 shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

56. Subject to the
 provisions of the Statute and the provisions of these Articles, the Company may from time
 to time by Special Resolution:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) alter, amend
 or add to these Articles, however framed;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce its share capital and any
capital redemption reserve fund in any manner authorized by Law.

**SHARE RIGHTS**

57. The rights and restrictions attaching
to the Ordinary Shares are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Income

Holders of Ordinary Shares shall be entitled to such dividends as the Directors may in their absolute discretion lawfully declare from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Capital

Holders of Ordinary Shares shall be entitled to a return of capital on liquidation, dissolution or winding-up of the Company (other than on a conversion, redemption or purchase of shares, or an equity financing or series of financings that do not constitute the sale of all or substantially all of the shares of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Attendance at General Meetings
and Voting

Holders of Ordinary Shares have the right to receive notice of, attend, speak and vote at general meetings (include extraordinary general meetings) of the Company except where they are required by the Hong Kong Listing Rules to abstain from voting to approve the matter under consideration. Subject to Article 80A, holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one Class on all matters submitted to a vote by the Members. Each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to vote at general and special meetings of the Company and each Class B Ordinary Share shall be entitled to ten (10) votes on all matters subject to vote at general meetings (include extraordinary general meetings) of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Conversion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject
 to the Hong Kong Listing Rules or Law, each Class B Ordinary Share shall be automatically
 converted into one Class A Ordinary Share upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 death of the holder of such Class B Ordinary Share (or, where the holder is a Director Holding
 Vehicle, the death of the Founder holding and controlling such Director Holding Vehicle);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 holder of such Class B Ordinary Share ceasing to be a Director or a Director Holding Vehicle
 for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 holder of such Class B Ordinary Share (or, where the holder is a Director Holding Vehicle,
 the Founder holding and controlling such Director Holding Vehicle) being deemed by the Hong
 Kong Stock Exchange to be incapacitated for the purpose of performing his duties as a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 holder of such Class B Ordinary Share (or, where the holder is a Director Holding Vehicle,
 the Founder holding and controlling such Director Holding Vehicle) being deemed by the Hong
 Kong Stock Exchange to no longer meet the requirements of a director set out in the Listing
 Rules; or

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| | |
|:---|:---|
| (e) | any direct or indirect sale, transfer, assignment, or disposition of the beneficial ownership of, or economic interest in, such Class B Ordinary Share or the control over the voting rights attached to such Class B Ordinary Share through voting proxy or otherwise from a Founder or a Director Holding Vehicle to any person, including by reason that a Director Holding Vehicle no longer complies with Rule 8A.18(2) of the Hong Kong Listing Rules (in which case the Company and such Founder or such Director Holding Vehicle must notify the Hong Kong Stock Exchange as soon as practicable with details of the non-compliance), other than a transfer of the legal title to such Class B Ordinary Share by a Founder to a Director Holding Vehicle wholly-owned and wholly controlled by him, or by a Director Holding Vehicle to the Founder holding and controlling it or another Director Holding Vehicle wholly owned and wholly controlled by such Founder; |
|  | for the avoidance of doubt, (i) a sale, transfer, assignment or disposition shall be effective upon the Company's registration of such sale, transfer, assignment or disposition in the Register of Members; (ii) the creation of any pledge, charge, encumbrance or other third-party right of whatever description on any Class B Ordinary Shares to secure any contractual or legal obligations shall not be deemed as a sale, transfer, assignment or disposition unless and until any such pledge, charge, encumbrance or other third-party right is enforced and results in the third party that is not the relevant Founder or the Director Holding Vehicle wholly-owned and wholly controlled by such Founder becoming a beneficial owner of the relevant Class B Ordinary Shares in which case all the related Class B Ordinary Shares shall be automatically and immediately converted into the same number of Class A Ordinary Shares, and (iii) in the event that Mr. Chen ceases to be a Director or an executive officer or employee of the Company, any and all of the Class B Ordinary Shares beneficially owned or controlled by Mr. Chen and any Affiliate of Mr. Chen shall be automatically and immediately converted into an equal number of Class A Ordinary Shares. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any conversion
 of Class B Ordinary Shares into Class A Ordinary Shares pursuant to this Article shall be
 effected by means of the re-designation and re-classification of the relevant Class B Ordinary
 Share as a Class A Ordinary Share together with such rights and restrictions and which shall
 rank pari passu in all respects with the Class A Ordinary Shares then in issue. Such conversion
 shall become effective forthwith upon entries being made in the Register of Members to record
 the re-designation and re-classification of the relevant Class B Ordinary Shares as Class
 A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Upon conversion,
 the Company shall allot and issue the relevant Class A Ordinary Shares to the converting
 Member, enter or procure the entry of the name of the relevant holder of Class B Ordinary
 Shares as the holder of the relevant number of Class A Ordinary Shares resulting from the
 conversion of the Class B Ordinary Shares in, and make any other necessary and consequential
 changes to, the Register of Members and shall procure that certificates in respect of the
 relevant Class A Ordinary Shares, together with a new certificate for any unconverted Class
 B Ordinary Shares comprised in the certificate(s) surrendered by the holder of the Class
 B Ordinary Shares are issued to the holders of the Class A Ordinary Shares and Class B Ordinary
 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any and
 all taxes and stamp, issue and registration duties (if any) arising on conversion shall be
 borne by the holder of Class B Ordinary Shares requesting conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Save and
 except for voting rights as set out in this Article, Class A Ordinary Shares and Class B
 Ordinary Shares shall rank pari passu and shall have the same rights, preferences, privileges
 and restrictions.

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| | |
|:---|:---|
| 57A. | The Company shall not take any action (including the issue or repurchase of Shares of any class) that would result in (a) the aggregate number of votes entitled to be cast by all holders of Class A Ordinary Shares (for the avoidance of doubt, excluding those who are also holders of Class B Ordinary Shares) Present at a general meeting to be less than 10% of the votes entitled to be cast by all members at a general meeting; or (b) an increase in the proportion of Class B Ordinary Shares to the total number of Shares in issue. |

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| | |
|:---|:---|
| 57B. | No further Class B Ordinary Shares shall be issued by the Company, except with the prior approval of the Hong Kong Stock Exchange and pursuant to (i) an offer to subscribe for Shares made to all the Members pro rata (apart from fractional entitlements) to their existing holdings; (ii) a pro rata issue of Shares to all the Members by way of scrip dividends; or (iii) a Share subdivision or other similar capital reorganization; provided that, each Member shall be entitled to subscribe for (in a pro rata offer) or be issued (in an issue of Shares by way of scrip dividends) Shares in the same class as the Shares then held by him; and further provided that the proposed allotment or issuance will not result in an increase in the proportion of Class B Ordinary Shares in issue, so that: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if, under
 a pro rata offer, any holder of Class B Ordinary Shares does not take up any part of the
 Class B Ordinary Shares or the rights thereto offered to him, such untaken Shares (or rights)
 shall only be transferred to another person on the basis that such transferred rights will
 only entitle the transferee to an equivalent number of Class A Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent
 that rights to Class A Ordinary Shares in a pro rata offer are not taken up in their entirety,
 the number of Class B Ordinary Shares that shall be allotted, issued or granted in such pro
 rata offer shall be reduced proportionately.

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| | |
|:---|:---|
| 57C. | In the event the Company reduces the number of Class A Ordinary Shares in issue (for example through a purchase of its own shares), the holders of Class B Ordinary Shares shall reduce their weighted voting rights in the Company proportionately, if the reduction in the number of Class A Ordinary Shares in issue would otherwise result in an increase in the proportion of Class B Ordinary Shares to the total number of Shares in issue. |

---

57D. The Company shall not vary the rights of the Class B Ordinary Shares so as to increase the weighted voting rights attached to each Class B Ordinary Share.

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| | |
|:---|:---|
| 57E. | All of the Class B Ordinary Shares in the authorized share capital shall be automatically re-designated into Class A Ordinary Shares in the event all of the Class B Ordinary Shares in issue are converted into Class A Ordinary Shares in accordance with these Articles, or that none of the beneficiaries of Class B Ordinary Shares at the time of the Company's initial listing on the Hong Kong Stock Exchange have any beneficial ownership of Class B Ordinary Shares, and no further Class B Ordinary Shares shall be issued by the Company. |

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**VARIATION OF RIGHTS OF SHARES**

58. Subject to the
 provision of these Articles, if at any time the share capital of the Company is divided into
 different Classes, the rights attached to any Class (unless otherwise provided by the terms
 of issue of the Shares of that Class) may, whether or not the Company is being wound up,
 be varied with the consent in writing of the holders of not less than three-fourths in the
 nominal value of the issued Shares of that Class, or with the sanction of a Special Resolution
 passed at a separate meeting of the holders of the Shares of that Class by Members holding
 Shares representing three-fourths in nominal value of the issued Shares of that Class Present
 and voting at such meeting.

59. For the purpose
 of the preceding Article, all of the provisions of these Articles relating to general meetings
 shall apply, to the extent applicable, *mutatis mutandis*, to every meeting of holders
 of separate Class of shares, except that the necessary quorum shall be one or more Persons
 holding or representing by proxy at least one third of the issued Shares of such Class and
 that any Member holding Shares of such Class Present may demand a poll.

60. Subject to the
 provisions of these Articles, the rights conferred upon the holders of the Shares of any
 Class issued with preferred or other rights shall not, subject to any rights or restrictions
 for the time being attached to the Shares of that Class, be deemed to be materially
adversely varied or abrogated by the creation or issue of further shares ranking pari passu therewith or subsequent thereto.

**REGISTERED OFFICE**

61. Subject to the
 provisions of the Statute, the Company may by resolution of the Directors change the location
 of its Registered Office.

**GENERAL MEETINGS**

62. All general
 meetings other than annual general meetings shall be called extraordinary general meetings.

63. The Company
 shall hold a general meeting as its annual general meeting in each financial year within
 a period of not more than six months after the end of its financial year (or such longer
 period as the Hong Kong Stock Exchange may authorize). The annual general meeting of the
 Company shall be specified as such in the notices calling it, and shall be held at such time
 and place (which, in the case of a Virtual Meeting, includes the virtual place) as the Directors
 shall appoint. At these meetings, the report of the Directors (if any) shall be presented.

64. The Chairman
 or a majority of the Directors may call general meetings, and they shall on a Members'
 requisition forthwith proceed to convene an extraordinary general meeting of the Company
 and add resolutions to a meeting agenda.

65. A Members'
 requisition is a requisition of Members of the Company holding, on the date of deposit of
 the requisition in the aggregate, not less than one-tenth (1/10) of the paid up capital of
 the Company, on a one vote per share basis, that as at the date of the deposit carry the
 right to vote at general meetings of the Company.

66. The requisition
 must state the objects of the meeting and the resolutions to be added to the meeting agenda,
 and must be signed by the requisitionists and deposited at the Registered Office, and may
 consist of several documents in like form each signed by one or more requisitionists.

67. If the Directors
 do not within twenty-one (21) calendar days from the date of the deposit of the requisition
 duly proceed to convene a general meeting to be held within a further twenty-one (21) calendar
 days, the requisitionists, or any of them representing not less than one-tenth (1/10) of
 the paid up capital of the Company, on a one vote per share basis, which carry the right
 to vote at general meetings, may themselves convene a general meeting, but any meeting so
 convened shall not be held after the expiration of three (3) calendar months after the expiration
 of the said twenty-one (21) calendar days.

68. A general meeting
 convened as aforesaid by requisitionists shall be convened in the same manner as nearly as
 possible as that in which general meetings are to be convened by Directors.

**NOTICE OF GENERAL MEETINGS**

69. An annual general meeting of the Company shall be called by not less than twenty-one (21) days'
notice in writing, and a general meeting of the Company, other than an annual general meeting, shall be called by not less than fourteen
(14) days' notice in writing. A meeting of the Company shall notwithstanding that it is called by shorter notice than that specified
in this Article be deemed to have been duly called if it is so agreed (a) in the case of a meeting called as the annual general meeting,
by all the Members entitled to attend and vote thereat; and (b) in the case of an extraordinary general meeting, by a majority of the
Members having a right to attend and vote at the meeting and Present at the meeting. Every notice shall be exclusive of the day on which
it is given or deemed to be given and shall specify the place (which, in the case of a Virtual Meeting, includes a virtual place), the
day and the hour of the meeting and the general nature of the business and shall be given in the manner hereinafter mentioned or in such
other manner, if any, as may be prescribed by the Company, provided that a general meeting of the Company shall, whether or not the notice
specified in this regulation has been given and whether or not the provisions of the Articles regarding general meetings have been complied
with, be deemed to have been duly convened if it is so agreed by all the Members (or their proxies) entitled to attend and vote thereat.
The notice of any general meeting at which Communication Facilities will be utilised (including any Virtual Meeting) must disclose the
Communication Facilities that will be utilised, including the procedures to be followed by any member or other participant of the general
meeting who wishes to utilise such Communication Facilities for the purpose of attending, participating and voting at such meeting.

70. The accidental omission to give notice of a general meeting to, or the non-receipt
of notice of a meeting by, any Person entitled to receive notice shall not invalidate the proceedings at any meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

71. No business shall be transacted at any general meeting unless a quorum is Present at the time when the
meeting proceeds to business and unless such business has been specified in the notice of the general meeting in accordance with these
Articles. Save as otherwise provided by these Articles, the holder(s) of Shares which carry 10% of all votes attaching to all Shares in
issue and entitled to vote at such general meeting (on a one vote per share basis) Present shall constitute a quorum; unless the Company
has only one Member entitled to vote at such general meeting in which case the quorum shall be that one Member Present.

72. The Directors may make Communication Facilities available for a specific general
meeting or all general meetings of the Company so that Members and other participants may attend and participate at such general meetings
by means of such Communication Facilities. Without limiting the generality of the foregoing, the Directors may determine that any general
meeting may be held as a Virtual Meeting.

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| | |
|:---|:---|
| 72A. | A Member shall have the right to (a) speak at a general meeting; and (b) vote at a general meeting except where the Member is required, by the Hong Kong Listing Rules, to abstain from voting to approve the matter under consideration. |

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73. A resolution
 (including a Special Resolution) in writing (in one or more counterparts) signed by all Members
 for the time being entitled to receive notice of and to attend and vote at general meetings
 (or, being corporations, signed by their duly authorized representatives) shall be as valid
 and effective as if the resolution had been passed at a general meeting of the Company duly
 convened and held.

74. If a quorum
 shall not be Present at any general meeting, the Members holding a majority of the aggregate
 voting power of all of the Shares of the Company Present at the meeting may adjourn the meeting
 from time to time to a specific date, time and place (whether physical or virtual); provided
 that, if notice of such meeting has been duly delivered to all Members seven (7) Business
 Days prior to the scheduled meeting in accordance with the notice procedures hereunder, and
 the quorum is not Present within one hour from the time appointed for the meeting solely
 because of the absence of any Member, the meeting shall be adjourned to the seventh (7th)
 following Business Day at the same time and place (whether physical or virtual) (or to such
 other time or such other place (whether physical or virtual) as the Directors may determine)
 with an updated notice delivered to all Members 48 hours prior to the adjourned meeting in
 accordance with the notice procedures under these Articles and, if at the adjourned meeting,
 the quorum is not Present within half an hour from the time appointed for the meeting solely
 because of the absence of any Member, then the Members Present at the adjourned meeting shall
 form a quorum. At such adjourned meeting, any business may be transacted that might have
 been transacted at the meeting as originally notified.

75. The Chairman,
 if any, shall preside as chairperson at every general meeting of the Company, or if there
 is no such Chairman, or if he or she shall not be Present within ten (10) minutes after the
 time appointed for the holding of the meeting, or is unwilling or unable to act, the Directors
 Present shall elect one of their number, or shall designate a Member, to be chairperson of
 the meeting.

75A. The chairperson of any general meeting shall be entitled to attend and participate at such general meeting by means of Communication Facilities, and to act as the chairperson, in which event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chairperson shall be deemed to be
 Present at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Communication
 Facilities are interrupted or fail for any reason to enable the chairperson to hear and be
 heard by all other Persons attending and participating at the meeting, then the other Directors
 Present at the meeting shall choose another Director Present to act as chairperson of the
 meeting for the remainder of the meeting; provided that (i) if no other Director is Present
 at the meeting, or (ii) if all the Directors Present decline to take the chair, then the
 meeting shall be automatically adjourned to the same day
in the next week and at such time and place (whether physical or virtual) as shall be decided by the Board.

76. With the consent
 of a general meeting at which a quorum is Present, the chairperson may (and shall if so directed
 by the meeting), adjourn the meeting from time to time and from place to place (whether physical
 or virtual), but no business shall be transacted at any adjourned meeting other than the
 business left unfinished at the meeting from which the adjournment took place. When a general
 meeting is adjourned, notice of the adjourned meeting shall be given as in the case of an
 original meeting.

77. A resolution
 put to the vote of the meeting shall be decided by poll and not on a show of hands.

78. Except on a
 poll on a question of adjournment, a poll shall be taken in such manner (including the use
 of ballot or voting papers or tickets or electronic means) and at such time and place, not
 being more than 30 days from the date of the meeting or adjourned meeting at which the poll
 was taken as the chairperson directs. No notice needs to be given of a poll not taken immediately.
 The result of the poll shall be deemed to be the resolution of the meeting at which the poll
 was taken.

79. A poll on a question of adjournment
shall be taken forthwith.

**VOTES OF MEMBERS**

80. Subject to any
 rights and restrictions for the time being attached to any Share, every Member Present shall,
 at a general or special meeting of the Company, have one (1) vote for each Class A Ordinary
 Share and ten (10) votes for each Class B Ordinary Share, in each case of which he is the
 holder. On a poll a Member entitled to more than one vote is under no obligation to cast
 all his votes in the same way. For the avoidance of doubt, where more than one proxy is appointed
 by a recognized clearing house (or its nominee(s)), each such proxy is under no obligation
 to cast all his votes in the same way on a poll.

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| | |
|:---|:---|
| 80A. | Notwithstanding any provisions in these Articles to the contrary, each Class A Ordinary Share and each Class B Ordinary Share shall entitle its holder to one vote on a poll at a general meeting in respect of a resolution on any of the following matters: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment
 to the Memorandum or these Articles, including the variation of the rights attached to any
 class of shares, however framed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the appointment,
 election or removal of any Independent Non-executive Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the appointment
 or removal of the Auditors; or

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| | |
|:---|:---|
| (d) | the voluntary liquidation or winding-up of the Company. |
| Notwithstanding the foregoing, where a holder of Class B Ordinary Shares is permitted by the Hong Kong Stock Exchange from time to time to exercise more than one vote per Share when voting on a resolution to amend the Memorandum or these Articles, any holder of Class B Ordinary Share may elect to exercise such number of votes per Share as is permitted by the Hong Kong Stock Exchange, up to the maximum number of votes attached to each Class B Ordinary Share as set out in Article 80. | Notwithstanding the foregoing, where a holder of Class B Ordinary Shares is permitted by the Hong Kong Stock Exchange from time to time to exercise more than one vote per Share when voting on a resolution to amend the Memorandum or these Articles, any holder of Class B Ordinary Share may elect to exercise such number of votes per Share as is permitted by the Hong Kong Stock Exchange, up to the maximum number of votes attached to each Class B Ordinary Share as set out in Article 80. |

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80B. A voluntary winding up of the Company shall be approved with the sanction of a Special Resolution in a general meeting of the Company.

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

82. A Member of
 unsound mind, or in respect of whom an order has been made by any court, having jurisdiction
 in lunacy, may vote by his or her committee, receiver, or other Person on such Member's
 behalf appointed by that court, and any such committee, receiver, or other Person may vote
 by proxy.

83. No Person shall
 be entitled to vote at any general meeting or at any separate meeting of the holders of a
 Class of Shares unless he is registered as a Member on the record date for such meeting nor
 unless all calls or other monies then payable by him in respect of Shares have been paid.
 Where the Company has knowledge that any Member is, under the Hong Kong Listing Rules, required
 to abstain from voting on any particular resolution or restricted to voting only for or only
 against any particular resolution, any votes cast by or on behalf of such Member in contravention
 of such requirement or restriction shall not be counted.

84. No objection
 shall be raised to the qualification of any voter except at the general meeting or adjourned
 general meeting at which the vote objected to is given or tendered and every vote not disallowed
 at the meeting shall be valid. Any objection made in due time shall be referred to the chairperson
 whose decision shall be final and conclusive.

85. Votes may be
 cast either personally or by proxy. Any Member entitled to attend and vote at a meeting of
 the Company shall be entitled to appoint another person as his proxy to attend and vote instead
 of him. A Member may appoint more than one proxy or the same proxy under one or more instruments
 to attend and vote at a meeting. A proxy need not be a Member of the Company. All resolutions
 shall be determined by poll and not on a show of hands, save that the chairperson of the
 meeting may, in good faith, allow a resolution which relates purely to a procedural or administrative
 matter as prescribed under the Hong Kong Listing Rules to be voted on by a show of hands.

86. A Member holding
 more than one Share need not cast the votes in respect of his Shares in the same way on any
 resolution and therefore may vote a Share or some or all such Shares either for or against
 a resolution and/or abstain from voting a Share or some or all of the Shares and, subject
 to the terms of the instrument appointing him, a proxy appointed under one or
more instruments may vote a Share or some or all of the Shares in respect of which he is appointed either for or against a resolution
and/or abstain from voting.

**PROXIES**

87. The instrument
 appointing a proxy shall be in writing, be executed under the hand of the appointor or of
 his attorney duly authorized in writing, or, if the appointor is a corporation, under the
 hand of an officer or attorney duly authorized for that purpose. A proxy need not be a Member.

88. The Directors
 shall, in the notice convening any meeting or adjourned meeting, or in an instrument of proxy
 sent out by the Company, specify the manner (including by electronic means) by which the
 instrument appointing a proxy shall be deposited and the place and the time (being not later
 than the time appointed for the commencement of the meeting or adjourned meeting to which
 the proxy relates) at which the instrument appointing a proxy shall be deposited.

89. The instrument
 appointing a proxy may be in any usual or common form or such other form as the Directors
 may approve and may be expressed to be for a particular meeting or any adjournment thereof
 or generally until revoked. An instrument appointing a proxy shall be deemed to confer authority
 to demand or join or concur in demanding a poll.

90. Votes
 given in accordance with the terms of an instrument of proxy shall be valid notwithstanding
 the previous death or insanity of the principal or revocation of the proxy or of the authority
 under which the proxy was executed, or the transfer of the Share in respect of which the
 proxy is given unless notice in writing of such death, insanity, revocation or transfer was
 received by the Company at the Registered Office before the commencement of the general meeting,
 or adjourned meeting at which it is sought to use the proxy.

**CORPORATIONS ACTING BY REPRESENTATIVES**

91. Any corporation
 or other non-natural person which is a Member or a Director may in accordance with its constitutional
 documents, or in the absence of such provision by resolution of its directors or other governing
 body, authorize such Person as it thinks fit to act as its representative at any meeting
 of the Company or of any meeting of holders of a Class or of the Directors or of a committee
 of Directors, and the Person so authorized shall be entitled to exercise the same powers
 on behalf of the corporation which he represents as that corporation could exercise if it
 were an individual Member or Director. Where a corporation is so represented, it shall be
 treated as being Present at any meeting.

92. [Intentionally
 left blank]

**DEPOSITARY AND CLEARING HOUSES**

93. If a recognized
 clearing house (or its nominee(s)) or depositary (or its nominee(s)) is a Member of the Company
 it may, by resolution of its directors or other governing body or by power
of attorney, authorize such Person(s) as it thinks fit to act as its representative(s) at any general meeting of the Company or of any
Class of Members provided that, if more than one Person is so authorized, the authorization shall specify the number and Class of Shares
in respect of which each such Person is so authorized. A Person so authorized pursuant to this Article shall be entitled to exercise
the same powers on behalf of the recognized clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents
as that recognized clearing house (or its nominee(s)) or depositary (or its nominee(s)) could exercise if it were an individual Member
holding the number and Class of Shares specified in such authorization.

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| | |
|:---|:---|
| 93A. | HKSCC must be entitled to appoint proxies or corporate representatives to attend the Company's general meetings and creditors meetings and those proxies or corporate representatives must enjoy rights equivalent to the rights of other Members, including the right to speak and vote. Where the Law prohibits HKSCC from appointing proxies or corporate representatives enjoying the rights described by this Article, the Company must make the necessary arrangements with HKSCC to ensure that Hong Kong investors holding shares through HKSCC enjoy the right to vote, attend (in person or by proxy) and speak at general meetings. |

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**DIRECTORS**

94. Unless
 otherwise determined by the Company by an Ordinary Resolution, the authorized number of Directors
 shall not be less than three (3) Directors, and there shall be no maximum number of Directors.

95. The
 Board shall have a Chairman elected and appointed by a simple majority of the Directors then
 in office. The period for which the Chairman will hold office will also be determined by
 a simple majority of all of the Directors then in office. The Chairman shall preside as chairperson
 at every meeting of the Board, save and except that if the Chairman is not Present at a meeting
 of the Board within sixty (60) minutes after the time appointed for holding the same, or
 if the Chairman is unable or unwilling to act as the chairperson of a meeting of the Board,
 the attending Directors may choose one of their number to be the chairperson of the meeting.

96. Subject
 to these Articles, the Company may by Ordinary Resolution appoint any Person to be a Director.

97. Subject to
 these Articles, the Board may, by the affirmative vote of a simple majority of the remaining
 Directors Present and voting at a Board meeting, appoint any Person as a Director, to fill
 a casual vacancy on the Board or as an addition to the existing Board.

98. A
 Director shall hold office until the expiration of his or her term or his or her successor
 shall have been elected and qualified, or until his or her office is otherwise vacated. A
 Director appointed to fill a casual vacancy on or as an addition to the existing Board shall
 hold office only until the first annual general meeting of the Company after his or her appointment,
 and shall then be eligible for re-election at that meeting.

99. A Director
 shall not be required to hold any Shares in the Company by way of qualification. A Director
 who is not a Member of the Company shall nevertheless be entitled to attend and speak at
 general meetings.

100. A Director
 (including a managing or other executive Directors) may be removed (with or without cause)
 from office at any time by Ordinary Resolution of the Company before the expiration of his
 or her term of office, or the affirmative vote of a simple majority of the other Directors
 Present and voting at a Board meeting (but without prejudice to any claim for damages under
 such agreement). Save as otherwise provided by these Articles, a vacancy on the Board created
 by the removal of a Director under the previous sentence may be filled by Ordinary Resolution
 or by the affirmative vote of a simple majority of the remaining Directors Present and voting
 at a Board meeting. The notice of any meeting at which a resolution to remove a Director
 shall be proposed or voted upon must contain a statement of the intention to remove that
 Director and such notice must be served on that Director not less than two (2) calendar days
 before the meeting. Such Director is entitled to attend the meeting and be heard on the motion
 for his removal.

101. The remuneration
 of the Directors or past Directors, including by way of compensation for loss of office,
 or as consideration for or in connection with his retirement from office (not being payment
 to which the Director is contractually entitled), may be determined by the Board or by a
 committee designated by the Board or by Ordinary Resolution.

102. The Directors
 shall be entitled to be paid their travelling, hotel and other expenses properly incurred
 by them in going to, attending and returning from meetings of the Directors, or any committee
 of the Directors, or general meetings of the Company, or otherwise in connection with the
 business of the Company, or to receive such fixed allowance in respect thereof as may be
 determined by the Directors from time to time, or a combination partly of one such method
 and partly the other.

103. Subject
 to applicable Law, Designated Stock Exchange Rules and the Articles, the Board may establish
 any committee (consisting of such member or members of their body as they think fit) as the
 Board shall deem appropriate from time to time, and such committees shall have such rights,
 powers and privileges as granted to them by the Board from time to time.

103A. The role of an Independent Non-executive Director shall include, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) participating
 in Board meetings to bring an independent judgment to bear on issues of strategy, policy,
 performance, accountability, resources, key appointments and standards of conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) taking the
 lead where potential conflicts of interests arise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) serving
 on the audit, remuneration, nomination and other governance committees, if invited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) scrutinizing
 the Company's performance in achieving agreed corporate goals and objectives, and monitoring
 performance reporting.

The Independent Non-executive Directors shall give the Board and any committees on which they serve the benefit of their skills, expertise and varied backgrounds and qualifications through regular attendance and active participation. They should also attend general meetings and develop a balanced understanding of the views of the members.

The Independent Non-executive Directors shall make a positive contribution to the development of the Company's strategy and policies through independent, constructive and informed comments.

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| | |
|:---|:---|
| 103B. | At every annual general meeting of the Company the Independent Non-executive Directors for the time being shall retire from office by rotation provided that every Independent Non-executive Director (including those appointed for a specific term) shall be subject to retirement by rotation at least once every three years. A retiring Independent Non-executive Director shall retain office until the close of the meeting at which he retires and shall be eligible for re-election thereat. |

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**POWERS AND DUTIES OF DIRECTORS**

104. Subject
 to the provisions of the Statute, the Memorandum and these Articles, the business and affairs
 of the Company shall be conducted as directed by the Board. The Board shall have all such
 powers and authorities, and may do all such acts and things, to the maximum extent permitted
 by applicable Law, the Memorandum and these Articles. No resolution passed by the Company
 in general meeting shall invalidate any prior act of the Directors that would have been valid
 if that resolution had not been passed. No alteration of the Memorandum or these Articles
 and no such direction shall invalidate any prior act of the Directors that would have been
 valid if that alteration had not been made or that direction had not been given. A duly convened
 meeting of Directors at which a quorum is Present may exercise all powers exercisable by
 the Directors.

105. Subject
 to these Articles, the Board may, from time to time, and except as required by applicable
 Law or Designated Stock Exchange Rules, adopt, institute, amend, modify or revoke the corporate
 governance policies or initiatives of the Company and determine on various corporate governance
 related matters of the Company as the Board shall determine by resolution of Directors from
 time to time. For the avoidance of doubt, if any corporate governance policies or initiatives
 of the Company adopted by resolution of the Board are inconsistent with the provisions in
 Articles 94 – 100, Articles 94 – 100 shall prevail.

106. Subject
 to these Articles, the Directors may from time to time appoint any natural person or corporation,
 whether or not a Director to hold such office in the Company as the Directors may think necessary
 for the administration of the Company, including but not limited to, chief executive officer,
 one or more other executive officers, one or more vice-presidents, treasurer, assistant treasurer,
 manager or controller, and for such term and at such remuneration (whether by way of salary
 or commission or participation in profits or partly in one way and partly in another), and
 with such powers and duties as the Directors may think fit. Any natural person or corporation
 so appointed by the Directors may be removed by the Directors. The Directors may also appoint
 one or more of their number to the office of managing director upon like terms, but any such
 appointment shall ipso facto terminate if any managing director ceases for any cause to be
 a Director, or if the Company by Ordinary Resolution resolves that his tenure of office be
 terminated.

107. The
 Directors may appoint any natural person or corporation to be a Secretary (and if need be,
 two or more Persons as joint Secretaries, an assistant Secretary or assistant Secretaries)
 who shall hold office for such term, at such remuneration and upon such conditions and with
 such powers as they think fit. Any Secretary or assistant Secretary so appointed by the Directors
 may be removed by the Directors.

108. The
 Directors may from time to time and at any time by power of attorney (whether under Seal
 or under hand) or otherwise appoint any company, firm or Person or body of Persons, whether
 nominated directly or indirectly by the Directors, to be the attorney or attorneys or authorized
 signatory (any such Person being an "Attorney" or "Authorized Signatory",
 respectively) of the Company for such purposes and with such powers, authorities and discretion
 (not exceeding those vested in or exercisable by the Directors under these Articles) and
 for such period and subject to such conditions as they may think fit, and any such power
 of attorney or other appointment may contain such provisions for the protection and convenience
 of Persons dealing with any such Attorney or Authorized Signatory as the Directors may think
 fit, and may also authorize any such Attorney or Authorized Signatory to delegate all or
 any of the powers, authorities and discretion vested in him.

109. (1) The
 Directors may from time to time provide for the management of the affairs of the Company
 in such manner as they shall think fit and the provisions contained in the three next following
 Articles shall not limit the general powers conferred by this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All
 cheques, promissory notes, drafts, bills of exchange and other instruments, whether negotiable
 or transferable or not, and all receipts for moneys paid to the Company shall be signed,
 drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as the
 Board shall from time to time by resolution determine. The Company's banking accounts
 shall be kept with such banker or bankers as the Board shall from time to time determine.

110. The
 Directors from time to time and at any time may establish any committees, local boards or
 agencies for managing any of the affairs of the Company and may appoint any natural person
 or corporation to be a member of such committees or local boards and may appoint any managers
 or agents of the Company and may fix the remuneration of any such natural person or corporation.

111. The
 Directors from time to time and at any time may delegate to any such committee, local board,
 manager or agent any of the powers, authorities and discretions for the time being vested
 in the Directors and may authorize the members for the time being of any such local board,
 or any of them to fill any vacancies therein and to act notwithstanding vacancies and any
 such appointment or delegation may be made on such terms and subject to such conditions as
 the Directors may think fit and the Directors may at any time remove any natural person or
 corporation so appointed and may annul or vary any such delegation, but no Person dealing
 in good faith and without notice of any such annulment or variation shall be affected thereby.

112. Any
 such delegates as aforesaid may be authorized by the Directors to sub-delegate all or any
 of the powers, authorities, and discretion for the time being vested in them.

**BORROWING POWERS OF DIRECTORS**

113. The
 Directors may from time to time at their discretion exercise all the powers of the Company
 to borrow money, to mortgage or charge all or any part of its undertaking, property and assets
 (present and future) and uncalled capital, and to issue debentures, bonds and other securities,
 whenever money is borrowed or as security for any debt, liability or obligation of the Company
 or of any third party. Debentures, bonds and other securities may be made assignable free
 from any equities between the Company and the Person to whom the same may be issued. Any
 debentures, bonds or other securities may be issued at a discount (other than shares), premium
 or otherwise and with any special privileges as to redemption, surrender, drawings, allotment
 of shares, attending and voting at general meetings of the Members, appointment of Directors
 and otherwise.

**VACATION OF OFFICE AND REMOVAL OF DIRECTOR**

114. The
 office of a Director shall be vacated if:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 prohibited by any applicable Law or Designated Stock Exchange Rules from being a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he
 is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is
 removed from office pursuant to any other provision of these Articles.

**MEETINGS OF THE BOARD**

115. The
 Board shall meet at such times and in such places as the Board shall designate from time
 to time. A Director may, and a Secretary or assistant Secretary on the requisition of a Director
 shall, at any time summon a meeting of the Directors.

116. Notice
 of a Board meeting shall be given two (2) calendar days prior to the meeting counting from
 the date service is deemed to take place as provided in these Articles and excluding the
 proposed date of the Board meeting; provided that such requirement may be waived in writing
 by a majority of the Directors then in office.

117. Subject
 to these Articles, questions arising at any meeting shall be decided by a simple majority
 of votes of the Directors then in office at which there is a quorum, with each having one
 (1) vote and in case of an equality of votes the Chairman shall have a second or casting
 vote.

118. A
 Director may participate in any meeting of the Board or of any committee of the Board by
 means of video conference, teleconference or other similar communications equipment by means
 of which all Persons participating in the meeting can hear each other and such participation
 shall constitute such Director's presence in person at the meeting. Unless otherwise
 determined by the Directors, the meeting shall be deemed to be held at the place where the
 chairperson is at the start of the meeting.

119. The
 quorum necessary for the transaction of the business of the Board may be fixed by the Directors,
 and unless so fixed, the presence of a simple majority of Directors then in office shall
 constitute a quorum. A Director represented by proxy or by an alternate Director at any meeting
 shall be deemed to be Present for the purposes of determining whether or not a quorum is
 Present.

120. If
 a quorum is not Present at any duly called meeting, such meeting may be adjourned to a time
 no earlier than forty-eight (48) hours after written notice of such adjournment has been
 given to the Directors. The Directors Present at such adjourned meeting shall constitute
 a quorum, provided that the Directors Present at such adjourned meeting may only discuss
 and/or approve the matters as described in the meeting notice delivered to the Directors
 in accordance with these Articles.

121. A
 resolution in writing (in one or more counterparts), signed by all of the Directors then
 in office or all of the members of a committee of Directors entitled to receive notice of
 a meeting of Directors or committee of Directors, as the case may be (an alternate Director,
 subject as provided otherwise in the terms of appointment of the alternate Director, being
 entitled to sign such a resolution on behalf of his appointer), shall be as valid and effectual
 as if it had been passed at a meeting of the Directors or committee, as the case may be,
 duly convened and held. When signed a resolution may consist of several documents each signed
 by one or more of the Directors or his duly appointed alternate.

122. Subject
 to any regulations imposed on it by the Directors, a committee appointed by the Directors
 may elect a chairperson of its meetings. If no such chairperson is elected, or if at any
 meeting the chairperson is not Present within fifteen (15) minutes after the time appointed
 for holding the meeting, the committee members Present may choose one of their number to
 be chairperson of the meeting.

123. A
 committee appointed by the Directors may meet and adjourn as it thinks proper. Subject to
 any regulations imposed on it by the Directors, questions arising at any meeting shall be
 determined by a simple majority of votes of the committee members Present and in case of
 an equality of votes the chairperson shall have a second or casting vote.

124. All
 acts done by any meeting of the Directors or of a committee of Directors, or by any Person
 acting as a Director, shall notwithstanding that it be afterwards discovered that there was
 some defect in the appointment of any such Director or Person acting as aforesaid, or that
 they or any of them were disqualified, be as valid as if every such Person had been duly
 appointed and was qualified to be a Director.

125. The
 Company shall pay all fees, charges and expenses (including travel and related expenses)
 incurred by each Director in connection with: (i) attending the meetings of the Board and
 all committees thereof (if any) and (ii) conducting any other Company business requested
 by the Company.

**PRESUMPTION OF ASSENT**

126. A
 Director who is Present at a meeting of the Board at which action on any Company matter is
 taken shall be presumed to have assented to the action taken unless his dissent shall be
 entered in the minutes of the meeting or unless he shall file his written dissent from such
 action with the Person acting as the chairperson or secretary of the meeting before the adjournment
 thereof or shall forward such dissent by registered post to such Person immediately after
 the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted
 in favor of such action.

**DIRECTORS' INTERESTS**

127. A
 Director may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold
 any other office or place of profit with the Company (except that of Auditor) in conjunction
 with his office of Director for such period and upon such terms as the Board may determine.
 Any remuneration (whether by way of salary, commission, participation in profits or otherwise)
 paid to any Director in respect of any such other office or place of profit shall be in addition
 to any remuneration provided for by or pursuant to any other Article;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) act
 by himself or his firm in a professional capacity for the Company (otherwise than as Auditor)
 and he or his firm may be remunerated for professional services as if he were not a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) continue
 to be or become a director, managing director, joint managing director, deputy managing director,
 executive director, manager or other officer or member of any other company promoted by the
 Company or in which the Company may be interested as a vendor, shareholder or otherwise and
 (unless otherwise agreed) no such Director shall be accountable for any remuneration, profits
 or other benefits received by him as a director, managing director, joint managing director,
 deputy managing director, executive director, manager or other officer or member of or from
 his interests in any such other company. Subject as otherwise provided by these Articles
 the Directors may exercise or cause to be exercised the voting powers conferred by the shares
 in any other company held or owned by the Company, or exercisable by them as Directors of
 such other company in such manner in all respects as they think fit (including the exercise
 thereof in favor of any resolution appointing themselves or any of them directors, managing
 directors, joint managing directors, deputy managing directors, executive directors, managers
 or other officers of such company) or voting or providing for the payment of remuneration
 to the director, managing director, joint managing director, deputy managing director, executive
 director, manager or other officers of such other company and any Director may vote in favor
 of the exercise of such voting rights in manner aforesaid notwithstanding that he may be,
 or about to be, appointed a director, managing director, joint managing director, deputy
 managing director, executive director, manager or other officer of such a company, and that
 as such he is or may become interested in the exercise of such voting rights in manner aforesaid.

Notwithstanding the foregoing, no "Independent Director" as defined in the rules of the Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, and with respect of whom the Board has determined constitutes an "Independent Director" for purposes of compliance with applicable Law or the Company's listing requirements, shall without the consent of the Audit Committee take any of the foregoing actions or any other action that would reasonably be likely to affect such Director's status as an "Independent Director" of the Company.

128. Subject
 to applicable Law and to these Articles, no Director or proposed or intending Director shall
 be disqualified by his office from contracting with the Company, either with regard to his
 tenure of any office or place of profit or as vendor, purchaser or in any other manner whatever,
 nor shall any such contract or any other contract or arrangement in which any Director is
 in any way interested be liable to be avoided, nor shall any Director so contracting or being
 so interested be liable to account to the Company or the Members for any remuneration, profit
 or other benefits realized by any such contract or arrangement by reason of such Director
 holding that office or of the fiduciary relationship thereby established provided that such
 Director shall disclose the nature of his interest in any contract or arrangement in which
 he is interested in accordance with Article 129 herein. Any such transaction that would reasonably
 be likely to affect a Director's status as an "Independent Director", or
 that would constitute a "related party transaction" as defined by Item 7 of Form
 20-F promulgated by the Commission, shall require the approval of the Audit Committee.

129. A
 Director who to his knowledge is in any way, whether directly or indirectly, interested in
 a contract or arrangement or proposed contract or arrangement with the Company shall declare
 the nature of his interest at the meeting of the Board at which the question of entering
 into the contract or arrangement is first considered, if he knows his interest then exists,
 or in any other case at the first meeting of the Board after he knows that he is or has become so interested. For the purposes of this Article, a general Notice to the Board by
 a Director to the effect that, by reason of facts specified in the notice, he is to be regarded
 as interested in any contract or arrangement of a specified description which may after the
 date of the Notice be made by the Company, shall be deemed to be a sufficient declaration
 of interest under this Article in relation to any such contract or arrangement, provided
 that no such Notice shall be effective unless either it is given at a meeting of the Board
 or the Director takes reasonable steps to secure that it is brought up and read at the next
 Board meeting after it is given.

130. Following
 a declaration being made pursuant to the last preceding two Articles, subject to any separate
 requirement for Audit Committee approval under applicable Law or the Designated Stock Exchange
 Rules, a Director may vote in respect of any contract or proposed contract or arrangement
 in which such Director is interested and may be counted in the quorum at such meeting.

**MINUTES**

131. The
 Directors shall cause minutes to be made for the purpose of all appointments of officers
 made by the Directors, all proceedings at meetings of the Company or the holders of any Class
 of Shares and of the Directors, and of committees of Directors including the names of the
 Directors or alternate Directors Present at each meeting.

132. When
 the chairperson of a meeting of the Directors signs the minutes of such meeting the same
 shall be deemed to have been duly held notwithstanding that all the Directors have not actually
 come together or that there may have been a technical defect in the proceedings.

**ALTERNATE DIRECTORS**

133. Any
 Director (other than an alternate Director) may by writing appoint any other Director, or
 any other Person willing to act, to be an alternate Director and by writing may remove from
 office an alternate Director so appointed by him.

134. An
 alternate Director shall be entitled to receive notice of all meetings of Directors and of
 all meetings of committees of Directors of which his appointor is a member, to attend and
 vote at every such meeting at which the Director appointing him is not personally Present,
 and generally to perform all the functions of his appointor as a Director in his absence.

135. An
 alternate Director shall cease to be an alternate Director if his appointor ceases to be
 a Director.

136. Any
 appointment or removal of an alternate Director shall be by notice to the Company signed
 by the Director making or revoking the appointment or in any other manner approved by the
 Directors.

137. An
 alternate Director shall be deemed for all purposes to be a Director and shall alone be responsible
 for his own acts and defaults and shall not be deemed to be the agent of the Director appointing
 him.

**AUDIT COMMITTEE**

138. Without
 prejudice to the freedom of the Directors to establish any other committees, for so long
 as the Shares of the Company (or depositary receipts therefor) are listed or quoted on the
 Designated Stock Exchange, the Board shall establish and maintain an Audit Committee as a
 committee of the Board, the composition and responsibilities of which shall comply with the
 charter of the Audit Committee as adopted by the Board, the Designated Stock Exchange Rules
 and the rules and regulations of the Commission.

**NOMINATION COMMITTEE**

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| | |
|:---|:---|
| 138A. | The Board shall establish a Nomination Committee (which may be combined with the Corporate Governance Committee to form a single nominating and corporate governance committee (the "**Nominating and Corporate Governance Committee**")), which shall perform the following duties: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review
 the structure, size and composition (including the skills, knowledge and experience) of the
 Board at least annually, assist the Board in maintaining a Board skills matrix and make recommendations
 on any proposed changes to the Board to complement the Company's corporate strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) identify
 individuals suitably qualified to become Directors and select or make recommendations to
 the Board on the selection of individuals nominated for directorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) assess
 the independence of Independent Non-executive Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make
 recommendations to the Board on the appointment or re-appointment of Directors and succession
 planning for Directors, in particular the Chairman and the chief executive officer of the
 Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) support
 the Company's regular evaluation of the Board's performance.

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| | |
|:---|:---|
| 138B. | The Nomination Committee shall comprise a majority of Independent Non-executive Directors, and the chairperson of the Nomination Committee shall be an Independent Non-executive Director. The Nomination Committee shall comprise at least one director of a different gender. The Nomination Committee shall make available its terms of reference explaining its role and the authority delegated to it by the Board by publishing them on the Hong Kong Stock Exchange's website and the Company's website. The Company shall provide the Nomination Committee sufficient resources to perform its duties. Where necessary, the Nomination Committee shall seek independent professional advice, at the Company's expense, to perform its responsibilities. Where the Board proposes a resolution to elect an individual as an Independent Non-executive Director at a general meeting, the circular to the members and/or explanatory statement accompanying the notice of the relevant general meeting shall set out: (a) the process used for identifying the individual and why the Board believes the individual should be elected and the reasons why it considers the individual to be independent; (b) if the proposed Independent Non-executive Director will be holding their seventh (or more) directorship of an issuer listed on the Main Board or GEM, why the Board believes the individual would still be able to devote sufficient time to the Board; (c) the perspectives, skills and experience that the individual can bring to the Board; and (d) how the individual contributes to diversity of the Board. |

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**CORPORATE GOVERNANCE COMMITTEE**

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| | |
|:---|:---|
| 138C. | The Board shall establish a Corporate Governance Committee (which may be combined with the Nomination Committee to form a single Nominating and Corporate Governance Committee), which shall perform the following duties: (1) to review and monitor whether the Company is operated and managed for the benefit of all the Members; (2) to confirm, on an annual basis, that the holders of Class B Ordinary Shares (and, where a holder is a Director Holding Vehicle, the Founder holding and controlling such vehicle) have been members of the Board throughout the year and that no matters under rule 8A.17 of the Hong Kong Listing Rules have occurred during the relevant financial year; (3) to confirm, on an annual basis, whether or not the holders of Class B Ordinary Shares (and, where a holder is a Director Holding Vehicle, the Founder holding and controlling such vehicle) have complied with rules 8A.14, 8A.15, 8A.18 and 8A.24 of the Hong Kong Listing Rules throughout the year; (4) to review and monitor the management of conflicts of interests and make a recommendation to the Board on any matter where there is a potential conflict of interest between the Company, a subsidiary of the Company and/or Members (considered as a group) on one hand and any beneficiary of voting rights attached to Class B Ordinary Shares on the other; (5) to review and monitor all risks related to the Company's weighted voting rights structure, including connected transactions between the Company and/or a subsidiary of the Company on one hand and any holders of Class B Ordinary Shares (and, where a holder is a Director Holding Vehicle, the Founder holding and controlling such vehicle) on the other and make a recommendation to the Board on any such transaction; (6) to make a recommendation to the Board as to the appointment or removal of the Compliance Adviser; (7) to seek to ensure effective and on-going communication between the Company and the Members, particularly with regards to the requirements of rule 8A.35 of the Hong Kong Listing Rules; (8) to report on the work of the Corporate Governance Committee on at least a half yearly and annual basis covering all areas of its terms of reference; (9) to disclose, on a comply or explain basis, its recommendations to the Board in respect of the matters in sub-paragraphs (4) to (6) above in the report referred to in sub-paragraph (8) above; (10) to develop and review the Company's policies and practices on corporate governance and make recommendations to the Board; (11) to review and monitor the training and continuous professional development of Directors and senior management; (12) to review and monitor the Company's policies and practices on compliance with legal and regulatory requirements; (13) to develop, review and monitor the code of conduct and compliance manual (if any) applicable to employees and Directors; and (14) to review the Company's compliance with the Corporate Governance Code (as set out in Appendix C1 to the Hong Kong Listing Rules) and disclosure in the Corporate Governance Report. The Corporate Governance Committee (whether or not combined with the Nomination Committee to form a single Nominating and Corporate Governance Committee) must be comprised entirely of Independent Non-executive Directors, one of whom must act as the chairperson. |

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| | |
|:---|:---|
| 138D. | The Corporate Governance Report produced by the Company pursuant to the Hong Kong Listing Rules shall include a summary of the work of the Corporate Governance Committee, with regards to its duties set out in Article 138C, for the accounting period covered by both the half-yearly and annual report and disclose any significant subsequent events for the period up to the date of publication of the half-yearly and annual report, to the extent possible. |

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**COMPLIANCE ADVISER**

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| | |
|:---|:---|
| 138E. | The Company shall appoint a Compliance Adviser on a permanent basis. The Board shall consult with and, if necessary, seek advice from the Compliance Adviser, on a timely and ongoing basis, in the following circumstances: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before
 the publication of any regulatory announcement, circular or financial report by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 a transaction, which might be a notifiable or connected transaction (as defined in the Hong
 Kong Listing Rules), is contemplated by the Company including share issues and share repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 the Company proposes to use the proceeds of its initial public offering in a manner different
 from that detailed in the listing document in respect of such initial public offering, or
 where the business activities, developments or results of the Company deviate from any forecast,
 estimate or other information set out in such listing document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where
 the Hong Kong Stock Exchange makes an inquiry of the Company under the Hong Kong Listing
 Rules.

138F. The Company shall also consult with, and if necessary, seek advice from the Compliance Adviser, on a timely and ongoing basis, on any matters related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 weighted voting rights structure of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transactions
 in which the holders of Class B Ordinary Shares have an interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 there is a potential conflict of interest between the Company, a subsidiary of the Company
 and/or the Members (considered as a group) on one hand, and holders of Class B Ordinary Shares
 (and, where a holder is a Director Holding Vehicle, the Founder holding and controlling such
 vehicle) on the other.

**COMMUNICATION WITH SHAREHOLDERS AND DISCLOSURE**

138G. The Company shall comply with the provisions of Section F "Shareholders Engagement" in Part 2 of Appendix C1 of the Hong Kong Listing Rules regarding communication with the Members.

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| | |
|:---|:---|
| 138H. | The Company shall include the words "A company controlled through weighted voting rights" or such language as may be specified by the Hong Kong Stock Exchange from time to time on the front page of all its listing documents, periodic financial reports, circulars, notifications and announcements required by the Hong Kong Listing Rules, and describe its weighted voting rights structure, the rationale of such structure and the associated risks for the members prominently in its listing documents and periodic financial reports. This statement shall inform prospective investors of the potential risks of investing in the Company and that they should make the decision to invest only after due and careful consideration. |

---

138I. The Company shall, in its listing documents and its interim and annual reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) identify the holders
 of Class B Ordinary Shares (and, where a holder is a Director Holding Vehicle, the Founder
 holding and controlling such vehicle);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) disclose the impact
 of a potential conversion of Class B Ordinary Shares into Class A Ordinary Shares on its
 share capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) disclose all circumstances
 in which the weighted voting rights attached to the Class B Ordinary Shares shall cease.

**NO MINIMUM SHAREHOLDING**

139. The Company in general
 meeting may fix a minimum shareholding required to be held by a Director, but unless and
 until such a shareholding qualification is fixed, a Director is not required to hold Shares.

**SEAL**

140. The Company may,
 if the Directors so determine, have a Seal. The Seal shall only be used by the authority
 of the Directors or of a committee of the Directors authorized by the Directors. Every instrument
 to which the Seal has been affixed shall be signed by at least one Person who shall be either
 a Director or some officer or other Person appointed by the Directors for the purpose.

141. The Company may have
 for use in any place or places outside the Cayman Islands a duplicate Seal or Seals each
 of which shall be a facsimile of the common Seal of the Company and, if the Directors so
 determine, with the addition on its face of the name of every place where it is to be used.

142. A
 Director or officer, representative or attorney of the Company may without further authority
 of the Directors affix the Seal over his signature alone to any document of the Company required
 to be authenticated by him under seal or to be filed with the Registrar of Companies in the
 Cayman Islands or elsewhere wheresoever.

**DIVIDENDS, DISTRIBUTIONS AND RESERVE**

143. Subject
 to the Statute and these Articles any rights and restrictions for the time being attached
 to any Shares, the Directors may from time to time declare dividends (including interim dividends)
 and other distributions on Shares in issue and authorize payment of the dividends or distributions
 out of the funds of the Company lawfully available therefor. No dividend or distribution
 shall be paid except out of the realized or unrealized profits of the Company, or out of
 the share premium account or as otherwise permitted by the Statute.

144. Except
 as otherwise provided by the rights attached to Shares, all dividends shall be declared and
 paid according to the par value of the Shares that a Member holds. If any Share is issued
 on terms providing that it shall rank for dividend as from a particular date, that Share
 shall rank for dividend accordingly.

145. The
 Directors may deduct from any dividend or distribution payable to any Member all sums of
 money (if any) then payable by him to the Company on account of calls or otherwise.

146. The
 Directors may declare that any dividend or distribution be paid wholly or partly by the distribution
 of specific assets and in particular of shares, debentures, or securities of any other company
 or in any one or more of such ways and where any difficulty arises in regard to such distribution,
 the Directors may settle the same as they think expedient and in particular may issue fractional
 Shares and fix the value for distribution of such specific assets or any part thereof and
 may determine that cash payments shall be made to any Members upon the basis of the value
 so fixed in order to adjust the rights of all Members and may vest any such specific assets
 in trustees as may seem expedient to the Directors.

147. Any
 dividend, distribution, interest or other monies payable in cash in respect of Shares may
 be paid by wire transfer to the holder or by cheque or warrant sent through the post directed
 to the registered address of the holder or, in the case of joint holders, to the registered
 address of the holder who is first named on the Register of Members or to such Person and
 to such address as such holder or joint holders may in writing direct. Every such cheque
 or warrant shall be made payable to the order of the Person to whom it is sent. Any one of
 three or more joint holders may give effectual receipts for any dividends, bonuses, or other
 monies payable in respect of the Share held by them as joint holders.

148. If
 several Persons are registered as joint holders of any Share, any of them may give effective
 receipts for any dividend or other moneys payable on or in respect of the Share.

149. No
 dividend or distribution shall bear interest against the Company, except as expressly provided
 in these Articles.

150. Any
 dividend which cannot be paid to a Member and/or which remains unclaimed after six (6) months
 from the date of declaration of such dividend may, in the discretion of the Directors, be
 invested or otherwise made use of by the Board for the benefit of the Company until claimed,
 or be paid into a separate account in the Company's name, provided that the Company
 shall not be constituted as a trustee in respect of that account and the dividend shall remain
 as a debt due to the Member. Any dividend which remains unclaimed after a period of six (6)
 years from the date of declaration of such dividend shall be forfeited and shall revert to
 the Company.

**CAPITALIZATION**

151. Subject
 to applicable Law, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve
 to capitalize any sum standing to the credit of any of the Company's reserve accounts
 or funds (including the Share Premium Account and capital redemption reserve fund) or any
 sum standing to the credit of the profit and loss account or otherwise available for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate
 the sum resolved to be capitalized to the Members in proportion to the nominal amount of
 Shares (whether or not fully paid) held by them respectively and apply that sum on their
 behalf in or towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying
 up the amounts (if any) for the time being unpaid on Shares held by them respectively, or

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| | |
|:---|:---|
| (ii) | paying up in full unissued Shares or debentures of a nominal amount equal to that sum, |
| and allot the Shares or debentures, credited as fully paid, to the Members (or as they may direct) in those proportions, or partly in one way and partly in the other, but the Share Premium Account, the capital redemption reserve and profits which are not available for distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Members credited as fully paid; | and allot the Shares or debentures, credited as fully paid, to the Members (or as they may direct) in those proportions, or partly in one way and partly in the other, but the Share Premium Account, the capital redemption reserve and profits which are not available for distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Members credited as fully paid; |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 any arrangements they think fit to resolve a difficulty arising in the distribution of a
 capitalized reserve and in particular, without limitation, where Shares or debentures become
 distributable in fractions the Directors may deal with the fractions as they think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorize
 a Person to enter (on behalf of all the Members concerned) into an agreement with the Company
 providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 allotment to the Members respectively, credited as fully paid, of Shares or debentures to
 which they may be entitled on the capitalization, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 payment by the Company on behalf of the Members (by the application of their respective proportions
 of the reserves resolved to be capitalized) of the amounts or part of the amounts remaining
 unpaid on their existing Shares,

and any such agreement made under this authority being effective and binding on all those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally
 do all acts and things required to give effect to the resolution.

152. Notwithstanding
 any provisions in these Articles, the Directors may resolve to capitalize any sum standing
 to the credit of any of the Company's reserve accounts or funds (including the Share
 Premium Account and capital redemption reserve fund) or any sum standing to the credit of
 the profit and loss account or otherwise available for distribution by applying such sum
 in paying up in full unissued Shares to be allotted and issued to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employees
 (including Directors) or service providers of the Company or its Affiliates upon exercise
 or vesting of any options or awards granted under any share incentive scheme or employee
 benefit scheme or other arrangement which relates to such Persons that has been adopted or
 approved by the Directors or the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 trustee of any trust or administrator of any share incentive scheme or employee benefit scheme
 to whom shares are to be allotted and issued by the Company in connection with the operation
 of any share incentive scheme or employee benefit scheme or other arrangement which relates
 to such Persons that has been adopted or approved by the Directors or Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 depositary of the Company for the purposes of the issue, allotment and delivery by the depositary
 of ADSs to employees (including Directors) or service providers of the Company or its Affiliates
 upon exercise or vesting of any options or awards granted under any share incentive scheme
 or employee benefit scheme or other arrangement which relates to such Persons that has been
 adopted or approved by the Directors or the Members.

**BOOKS OF ACCOUNT**

153. The
 Directors shall cause proper books of account to be kept at such place as they may from time
 to time designate with respect to all sums of money received and expended by the Company
 and the matters in respect of which the receipt or expenditure takes place, all sales and
 purchases of goods by the Company and the assets and liabilities of the Company. Proper books
 shall not be deemed to be kept if there are not kept such books of account as are necessary
 to give a true and fair view of the state of the Company's affairs and to explain its
 transactions. The Directors shall from time to time determine whether and to what extent
 and at what times and places, and under what conditions or regulations, the accounts and
 books of the Company or any of them shall be open to inspection of Members not being Directors
 and no such Member shall have any right of inspecting any account or book or document of
 the Company except as conferred by the Statute or the Law (including the Hong Kong Listing
 Rules) or authorized by the Directors or the Company in general meeting or in a written agreement
 binding on the Company.

154. The
 Directors may from time to time cause to be prepared and to be laid before the Company in
 general meeting profit and loss accounts, balance sheets, group accounts (if any) and such
 other reports and accounts as may be required by Law.

**AUDIT**

155. Subject
 to applicable Law and Designated Stock Exchange Rules, the appointment and removal of the
 Auditor shall be approved by a majority of the Members or other body that is independent
 of the Board. The removal of an Auditor before the expiration of his period of office shall
 require the approval of an Ordinary Resolution.

156. The
 remuneration of the Auditor shall be approved by majority of the Members or other body that
 is independent of the Board.

157. [Intentionally
 left blank]

158. Every
 Auditor of the Company shall have a right of access at all times to the books and accounts
 and vouchers of the Company and shall be entitled to require from the Directors and officers
 of the Company such information and explanation as may be necessary for the performance of
 the duties of the Auditor.

159. Auditors
 shall, if so required by the Directors, make a report on the accounts of the Company during
 their tenure of office at the next annual general meeting following their appointment and
 at any time during their term of office upon request of the Directors or any general meeting
 of the Members.

160. The
 statement of income and expenditure and the balance sheet provided for by these Articles
 shall be examined by the Auditor and compared by him with the books, accounts and vouchers
 relating thereto; and he shall make a written report thereon stating whether such statement
 and balance sheet are drawn up so as to present fairly the financial position of the Company
 and the results of its operations for the period under review and, in case information shall
 have been called for from Directors or officers of the Company, whether the same has been
 furnished and has been satisfactory. The financial statements of the Company shall be audited
 by the Auditor in accordance with generally accepted auditing standards. The Auditor shall
 make a written report thereon in accordance with generally accepted auditing standards and
 the report of the Auditor shall be submitted to the Audit Committee. The generally accepted
 auditing standards referred to herein may be those of a country or jurisdiction other than
 the Cayman Islands. If so, the financial statements and the report of the Auditor should
 disclose this act and name such country or jurisdiction.

**SHARE PREMIUM ACCOUNT**

161. The
 Directors shall in accordance with the Statute establish a Share Premium Account and shall
 carry to the credit of such account from time to time a sum equal to the amount or value
 of the premium paid on the issue of any Share.

162. There
 shall be debited to any Share Premium Account on the redemption or purchase of a Share the
 difference between the nominal value of such Share and the redemption or purchase price provided
 always that at the discretion of the Directors such sum may be paid out of the profits of
 the Company or, if permitted by the Statute, out of capital.

**NOTICES**

163. Notices
 or document (including any "corporate communication" within the meaning ascribed
 thereto under the Hong Kong Listing Rules) shall be in writing and may be given by the Company
 to any Member either personally or by sending it by post, overnight or international courier,
 facsimile or electronic mail to him or to his address as shown in the Register of Members
 (or where the notice is given by facsimile or electronic mail, by sending it to the facsimile
 number or electronic address provided by such Member), or by placing it on the Company's
 Website, subject to applicable Law and Designated Stock Exchange Rules.

164. A
 notice may be given by the Company to the joint holders of record of a Share by giving the
 notice to the joint holder first named on the Register of Members in respect of the Share.

165. A
 notice may be given by the Company to the Person or Persons which the Company has been advised
 are entitled to a Share or Shares in consequence of the death or bankruptcy of a Member by
 sending it through overnight or international courier as aforesaid in a pre-paid letter addressed
 to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt,
 or by any like description at the address supplied for that purpose by the Persons claiming
 to be so entitled, or at the option of the Company by giving the notice in any manner in
 which the same might have been given if the death or bankruptcy had not occurred.

166. Notice
 of every general meeting shall be given in any manner hereinbefore authorized to: (a) every
 Person shown as a Member in the Register of Members as of the record date for such meeting
 except that in the case of joint holders the notice shall be sufficient if given to the joint
 holder first named in the Register of Members; and (b) every Person upon whom the ownership
 of a Share devolves by reason of his being a legal personal representative or a trustee in
 bankruptcy of a Member of record where the Member of record but for his death or bankruptcy
 would be entitled to receive notice of the meeting. No other Person shall be entitled to
 receive notices of general meetings.

167. Any
 notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post,
 shall be deemed to have been served or delivered on the day following that on which the envelope
 containing the same, properly prepaid and addressed, is put into the post; in proving such
 service or delivery it shall be sufficient to prove that the envelope or wrapper containing
 the notice or document was properly addressed and put into the post and a certificate in
 writing signed by the Secretary or other officer of the Company or other Person appointed
 by the Board that the envelope or wrapper containing the notice or other document was so
 addressed and put into the post shall be conclusive evidence thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile,
 shall be deemed to have been served upon production by the transmitting facsimile machine
 of a report confirming transmission of the facsimile in full to the facsimile number of the
 recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognized
 courier service, shall be deemed to have been served 48 hours after the time when the letter
 containing the same is delivered to the courier service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) electronic
 mail, shall be deemed to have been served immediately upon the time of the transmission by
 electronic mail; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) placing
 it on the Company's Website, shall be deemed to have been served immediately upon the
 time when the same is placed on the Company's Website.

168. Any
 Members Present at any meeting of the Company shall for all purposes be deemed to have received
 due notice of such meeting and, where requisite, of the purposes for which such meeting was
 convened.

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

170. Whenever
 any notice is required by law or these Articles to be given to any Director, member of a
 committee or Member, a waiver thereof in writing, signed by the Person or Persons entitled
 to said notice, whether before or after the time stated therein, shall be deemed equivalent
 thereto.

**INFORMATION**

171. No
 Member shall be entitled to require discovery of any information in respect of any detail
 of the Company's trading or any information which is or may be in the nature of a trade
 secret or secret process which may relate to the conduct of the business of the Company and
 which in the opinion of the Board would not be in the interests of the Members of the Company
 to communicate to the public.

172. The
 Board shall be entitled to release or disclose any information in its possession, custody
 or control regarding the Company or its affairs to any of its Members including, without
 limitation, information contained in the Register and transfer books of the Company.

**WINDING UP**

173. If
 the Company shall be wound up, the liquidator may, with the sanction of a Special Resolution
 and any other sanction required by the Statute, divide amongst the Members in species or
 in kind the whole or any part of the assets of the Company (whether they shall consist of
 property of the same kind or not) and may for that purpose value any assets and determine
 how the division shall be carried out as between the Members or different Classes of Members.
 The liquidator may, with the like sanction, vest the whole or any part of such assets in
 trustees upon such trusts for the benefit of the Members as the liquidator, with the like
 sanction, shall think fit, but so that no Member shall be compelled to accept any asset upon
 which there is a liability.

174. If
 the Company shall be wound up, and the assets available for distribution amongst the Members
 shall be insufficient to repay the whole of the share capital, such assets shall be distributed
 so that, as nearly as may be, the losses shall be borne by the Members in proportion to the
 par value of the Shares held by them. If in a winding up the assets available for distribution
 amongst the Members shall be more than sufficient to repay the whole of the share capital
 at the commencement of the winding up, the surplus shall be distributed amongst the Members
 in proportion to the par value of the Shares held by them at the commencement of the winding
 up subject to a deduction from those Shares in respect of which there are monies due, of
 all monies payable to the Company for unpaid calls or otherwise. This Article is without
 prejudice to the rights of the holders of Shares issued upon special terms and conditions.

**INDEMNITY**

175. Subject
 to the Statute, the Memorandum and these Articles and, where applicable, Designated Stock
 Exchange Rules and/or the rules of any competent regulatory authority, the Directors and
 officers for the time being of the Company and any trustee for the time being acting in relation
 to any of the affairs of the Company and their heirs, executors, administrators and personal
 representatives respectively shall be indemnified out of the assets of the Company from and
 against all actions, proceedings, costs, charges, losses, damages and expenses that they
 or any of them shall or may incur or sustain by reason of any act done or omitted in or about
 the execution of their duty in their respective offices or trusts, except such (if any) as
 they shall incur or sustain by or through their own fraud or dishonesty, and no such Director
 or officer or trustee shall be answerable for the acts, receipts, neglects or defaults of
 any other Director or officer or trustee or for joining in any receipt for the sake of conformity
 or for the solvency or honesty of any banker or other Persons with whom any monies or effects
 belonging to the Company may be lodged or deposited for safe custody or for any insufficiency
 of any security upon which any monies of the Company may be invested or for any other loss
 or damage due to any such cause as aforesaid or which may happen in or about the execution
 of his or her office or trust unless the same shall happen through the fraud or dishonesty
 of such Director or officer or trustee.

**FISCAL YEAR**

176. Unless
 the Directors otherwise prescribe, the financial year of the Company shall end on the 31st
 of December in each year and, following the year of incorporation, shall begin on the 1st
 of January in each year.

**DISCLOSURE**

177. The
 Directors, or any service providers (including the officers, the Secretary and the registered
 office agent of the Company) specifically authorized by the Directors, shall be entitled
 to disclose to any regulatory or judicial authority or to the Designated Stock Exchange any
 information regarding the affairs of the Company including without limitation information
 contained in the Register and books of the Company.

**TRANSFER BY WAY OF CONTINUATION**

178. The
 Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
 outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated,
 registered or existing. In furtherance of a resolution adopted pursuant to this Article,
 the Directors may cause an application to be made to the Registrar of Companies to deregister
 the Company in the Cayman Islands or such other jurisdiction in which it is for the time
 being incorporated, registered or existing and may cause all such further steps as they consider
 appropriate to be taken to effect the transfer by way of continuation of the Company.

**MERGERS AND CONSOLIDATIONS**

179. The
 Company shall have the power to merge or consolidate with one or more other constituent companies
 (as defined in the Statute) upon such terms as the Directors may determine and (to the extent
 required by the Statute) with the approval of a Special Resolution.

**SUBMISSION TO JURISDICTION**

180. For
 the avoidance of doubt and without limiting the jurisdiction of the Cayman Courts to hear,
 settle and/or determine disputes related to the Company, the courts of the Cayman Islands
 and Hong Kong shall be the sole and exclusive forum for (i) any derivative action or proceeding
 brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary
 duty owed by any Director, officer or other employee of the Company to the Company or the
 Members, (iii) any action asserting a claim arising pursuant to any provision of the Statute
 or these Articles including but not limited to any purchase or acquisition of Shares, security
 or guarantee provided in consideration thereof, (iv) any action asserting a claim against
 the Company which if brought in the United States of America would be a claim arising under
 the internal affairs doctrine (as such concept is recognised under the laws of the United
 States of America from time to time), or (v) hearing, settling and/or determining any dispute,
 controversy or claim whether arising out of or in connection with these Articles or otherwise.
 The federal courts of the United States of America shall have exclusive jurisdiction to hear,
 settle and/or determine any dispute, controversy or claim in relation to any complaint asserting
 a cause of action arising out of or relating in any way to the federal securities laws of
 the United States, unless otherwise agreed by the Company in writing. Without prejudice to
 the foregoing, if any part of this Article is held to be illegal, invalid or unenforceable
 under applicable law, the illegal, invalid or unenforceable portion of this Article shall
 not affect or impair the legality, validity or enforceability of the rest of the Articles
 and this Article shall be interpreted and construed to the maximum extent possible to apply
 in the relevant jurisdiction with whatever modification or deletion may be necessary so as
 best to give effect to the intention of the Company. Any person or entity purchasing or otherwise
 acquiring any share in or of the Company or other security of the Company whether by transfer,
 sale, operation of law or otherwise, shall be deemed to have notice of and have irrevocably
 agreed and consented to the provisions of this Article.

## Exhibit 5.1

**Exhibit 5.1**

![](tm2527552d1_ex5-1img001.jpg)

Our ref KKZ/742046-000004/33316554v3

Tuya Inc.

10/F, Building A, Huace Center

Xihu District, Hangzhou City

Zhejiang, 310012

People's Republic of China

10 October 2025

Dear Sir or Madam

**Tuya Inc. (the "Company")**

We have acted as Cayman Islands legal counsel to the Company in connection with a registration statement on Form S-8 to be filed with the Securities and Exchange Commission (the "**Commission**") on 10 October 2025 (the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto) relating to the registration under the United States Securities Act of 1933, as amended, (the "**Securities Act**") of 2,000,000 Class A Ordinary Shares, par value US$0.00005 per share (the "**Shares**"), issuable by the Company pursuant to the 2024 Share Scheme adopted by the directors of the Company on 26 April 2024 (the "**Plan**").

For the purposes of giving this opinion, we have examined copies of the Registration Statement and the Plan. We have also reviewed copies of the tenth amended and restated memorandum and articles of association of the Company adopted by a special resolution passed on 19 June 2025 and effective on 19 June 2025 (the "**Memorandum and Articles**"), the minutes (the "**Minutes**") of the annual general meeting of the shareholders of the Company held on 30 June 2024 (the "**AGM**"), and the written resolutions of the directors of the Company dated 26 April 2024 (the "**Board Resolutions**" and together with the resolutions as set out in the Minutes, the "**Resolutions**").

Based upon, and subject to, the assumptions and qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:

1. The Shares to be issued by the Company and registered on the
Registration Statement have been duly and validly authorized.

2. When issued and paid for in accordance with the terms of the
Plan and in accordance with the Resolutions, and appropriate entries are made in the register of members (shareholders) of the Company,
the Shares will be validly issued, fully paid and non-assessable.

![](tm2527552d1_ex5-1img02.jpg)

In this opinion letter, the phrase "non-assessable" means, with respect to the issuance of Shares, that a shareholder shall not, in respect of the relevant Shares and in the absence of a contractual arrangement, or an obligation pursuant to the memorandum and articles of association, to the contrary, 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).

These opinions are subject to the qualification that under the Companies Act (As Revised) of the Cayman Islands (the "**Companies Act**"), the register of members of a Cayman Islands company is by statute regarded as *prima facie* evidence of any matters which the Companies Act directs or authorises to be inserted therein. A third party interest in the shares in question would not appear. An entry in the register of members may yield to a court order for rectification (for example, in the event of fraud or manifest error).

These opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. We express no opinion as to the meaning, validity or effect of any references to foreign (i.e. non-Cayman Islands) statutes, rules, regulations, codes, judicial authority or any other promulgations.

We have also relied upon the assumptions, which we have not independently verified, that (a) all signatures, initials and seals are genuine, (b) copies of documents, conformed copies or drafts of documents provided to us are true and complete copies of, or in the final forms of, the originals, (c) where a document has been provided to us in draft or undated form, it will be duly executed, dated and unconditionally delivered in the same form as the last version provided to us, (d) the Memorandum and Articles remain in full force and effect and are unamended, (e) the Minutes are a true and correct record of the proceedings of the AGM, which was duly convened and held, and at which a quorum was present throughout, in each case, in the manner prescribed in the memorandum and articles of association in force at the relevant time, the Resolutions were duly passed in the manner prescribed in the memorandum and articles of association of the Company in force at the relevant time (including, without limitation, with respect to the disclosure of interests (if any) by directors of the Company) and have not been amended, varied or revoked in any respect, (f) there is nothing under any law (other than the laws of the Cayman Islands) which would or might affect the opinions set out in this opinion letter, (g) there is nothing contained in the minute book or corporate records of the Company (which we have not inspected) which would or might affect the opinions set out in this opinion letter, and (h) upon the issue of any Shares, the Company will receive consideration which shall be not less than the par value of such Shares.

This opinion letter is to and for the benefit solely of the addressee and may not be relied upon by any other person for any purpose.

We consent to the use of this opinion letter as an exhibit to the Registration Statement and further consent to all references to us in the Registration Statement and any amendments thereto. In giving such consent, we do not consider that we are "experts" within the meaning of such term as used in the Securities Act, or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement, including this opinion letter as an exhibit or otherwise.

Yours faithfully

/s/ Maples and Calder (Hong Kong) LLP

Maples and Calder (Hong Kong) LLP

## Exhibit 23.2

**Exhibit 23.2**

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| | |
|:---|:---|
| ![](tm2527552d1_ex23-2img001.jpg) | ![](tm2527552d1_ex23-2img002.jpg) |

---

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Tuya Inc. of our report dated April 24, 2025 relating to the financial statements, which appears in Tuya Inc.'s Annual Report on Form 20-F for the year ended December 31, 2024.

---

| |
|:---|
| /s/ PricewaterhouseCoopers Zhong Tian LLP |
| PricewaterhouseCoopers Zhong Tian LLP |
| Shanghai, the People's Republic of China |
| October 10, 2025 |

---

![](image_003.jpg)

## Ex-Filing

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tuya Inc.**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Class A ordinary share, par value US$0.00005 per share | Other | 2000000 | $2.63 | $5260000.00 | 0.0001381 | $726.41 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $5260000.00  |  | $726.41  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $726.41  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Note 1.a. The Class A ordinary shares of Tuya, Inc. (the "Registrant") registered hereunder are represented by the Registrant's American depositary shares ("ADSs"), with each ADS representing one Class A ordinary share, par value US$0.00005 per share. The Registrant's ADSs issuable upon deposit of the Class A ordinary shares have been registered under a separate registration statement on Form F-6 (333-254092). Note 1.b. Represents the Registrant's ordinary shares issuable pursuant to awards granted under the 2024 Share Scheme (the "Plan") of the Registrant. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement is deemed to cover an indeterminate number of ordinary shares which may be offered and issued to prevent dilution resulting from share splits, share dividends or similar transactions as provided in the Plan. Note 1.c. Represents Class A ordinary shares to be issued pursuant to the Plan. The proposed maximum offering price per share, which is estimated solely for the purposes of calculating the registration fee under Rule 457(h) and Rule 457(c) under the Securities Act, is based on US$2.63 per ADS, the average of the high and low prices for the Registrant's ADSs as quoted on the New York Stock Exchange on October 9, 2025.

---

| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---