# EDGAR Filing Document

**Accession Number:** 0001815021
**File Stem:** 0001213900-25-063292
**Filing Date:** 2025-7
**Character Count:** 135339
**Document Hash:** a91e266b857af407062a42738e2a43b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-063292.hdr.sgml**: 20250711

**ACCESSION NUMBER**: 0001213900-25-063292

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250711

**FILED AS OF DATE**: 20250711

**DATE AS OF CHANGE**: 20250711

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Boqii Holding Ltd
- **CENTRAL INDEX KEY:** 0001815021
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39547
- **FILM NUMBER:** 251119293

**BUSINESS ADDRESS:**
- **STREET 1:** FLOOR 6, BUILDING 1, NO. 399
- **STREET 2:** SHENGXIA ROAD
- **CITY:** PUDONG NEW DISTRICT, SHANGHAI
- **STATE:** F4
- **ZIP:** 201203
- **BUSINESS PHONE:** 86-21-6109-6226

**MAIL ADDRESS:**
- **STREET 1:** FLOOR 6, BUILDING 1, NO. 399
- **STREET 2:** SHENGXIA ROAD
- **CITY:** PUDONG NEW DISTRICT, SHANGHAI
- **STATE:** F4
- **ZIP:** 201203

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

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

**THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of July 2025**

**Commission File Number: 001-39547**

**Boqii Holding Limited**

**Building 9, No. 388, Shengrong Road**

**Pudong New District, Shanghai 201210**

**The People's Republic of China**

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

As Boqii Holding Limited ("Boqii" or the "Company") previously announced, the Company ceased the listing of the American Depositary Shares (the "ADSs") representing its Class A ordinary shares of par value US$0.001 each on the NYSE American LLC ("AMEX") and listed its Class A ordinary shares of a par value of US$0.16 each on a post-reverse stock split basis for trading on AMEX in substitution for the ADSs (the "Substitution Listing"), effective on July 11, 2025 (the "Effective Date").

Immediately following the termination of the ADS Facility and on the Effective Date, the Company implemented a reverse stock split (the "Reverse Split"), pursuant to which every 160 Class A ordinary shares of a par value of US$0.001 each (the "Ordinary Shares") consolidated into one new Class A ordinary share of a par value of US$0.16 each (each, a "New Ordinary Share"). As a result, on the Effective Date, each holder of the Company's Ordinary Shares received one (1) New Ordinary Share, with a par value of US$0.16 each, for every 160 Ordinary Shares previously held. Outstanding ADSs were automatically cancelled and exchanged for the corresponding number of New Ordinary Shares at a rate 15/16, or 0.9375 of a New Ordinary Share for each ADS cancelled (the "Mandatory Exchange"). All resulting fractional shares were rounded up to the nearest whole number of shares on the participant level. On July 7, 2025, the Company filed the Fourteenth Amended and Restated Memorandum and Articles of Association with the registrar in the Cayman Islands.

The New Ordinary Shares commenced trading on AMEX on the Effective Date on a post-Reverse Split basis and after the Mandatory Exchange under the symbol "BQ". The new CUSIP number for the New Ordinary Shares is G1311F119.

On July 11, 2025, the Company issued a press release announcing the effectiveness of the Mandatory Exchange and Reverse Split. A copy of the press release is furnished hereto as Exhibit 99.1.

The foregoing description of the Fourteenth Amended and Restated Memorandum and Articles of Association does not purport to be complete and is qualified in its entirety by reference to the Certificate of Amendment, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 6-K and is incorporated herein by reference.

**INCORPORATION BY REFERENCE**

This Report shall be incorporated by reference into the Company's registration statement on [Form F-3](https://www.sec.gov/Archives/edgar/data/1815021/000119312522285736/d409802df3a.htm), as amended, which became effective on November 23, 2022 (File no. 333-267919), and be a part thereof from the date on which this Report is furnished to the SEC, to the extent not superseded by documents or reports subsequently filed or furnished.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [The Fourteenth Amended and Restated Memorandum and Articles of Association](ea024863201ex3-1_boqii.htm) |
| 99.1 | [Press Release](ea024863201ex99-1_boqii.htm) |

---

**SIGNATURES**

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

---

| | |
|:---|:---|
| Boqii Holding Limited | Boqii Holding Limited |
| By: | /s/ Yingzhi (Lisa) Tang |
| Name: | Yingzhi (Lisa) Tang |
| Title: | Director, co-Chief Executive Officer and<br> Chief Financial Officer |

---

Date: July 11, 2025

## Exhibit 3.1

**Exhibit 3.1**

<u>THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS <br> COMPANY LIMITED BY SHARES</u>

FOURTEENTH AMENDED AND

RESTATED

MEMORANDUM AND ARTICLES

OF

ASSOCIATION

OF

BOQII HOLDING LIMITED

*(Adopted pursuant to a special resolution passed on June 26, 2025)*

<u>THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS</u>

<u>COMPANY LIMITED BY SHARES</u>

FOURTEENTH AMENDED AND

RESTATED

MEMORANDUM OF ASSOCIATION

OF

BOQII HOLDING LIMITED

 

*(Adopted pursuant to a special resolution passed on June 26, 2025)*

1. The
 name of the Company is Boqii Holding Limited.

2. The
 registered office of the Company shall be at the offices of Vistra (Cayman) Limited, P.O.
 Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, Cayman
 Islands, or at such other location within the Cayman Islands as the Directors may from time
 to time determine.

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 Statute or as the
 same may be revised from time to time, or any other law of the Cayman Islands.

4. The
 Company shall have and be capable of exercising all the functions of a natural person of
 full capacity irrespective of any question of corporate benefit as provided by the Statute.

5. The
 Company will not trade in the Cayman Islands with any person, firm or corporation except
 in furtherance of the business of the Company carried on outside the Cayman Islands; provided
 that nothing in this section shall be construed as to prevent the Company effecting and concluding
 contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
 for the carrying on of its business outside the Cayman Islands.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The authorized share capital of the Company is US$20,000,000 divided into 125,000,000 shares of par value
of US$0.16 each, comprising (a) 93,750,000 Class A Ordinary Shares of par value of US$0.16 each; (b) 12,500,000 Class B Ordinary Shares
of par value of US$0.16 each; and (c) 18,750,000 shares of US$0.16 each of such Class or Classes (however designated) as the Board may
determine in accordance with these Articles. 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.

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

9. 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.

<u>THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS</u>

<u>COMPANY LIMITED BY SHARES</u>

FOURTEENTH AMENDED AND<br> RESTATED

ARTICLES OF ASSOCIATION

OF

BOQII HOLDING LIMITED

 

*(Adopted pursuant to a special resolution passed on June 26, 2025)*

**<u>INTERPRETATION</u>**

1. In
 these Articles Table A in the First Schedule to the Statute does not apply and, the following
 defined terms will have the meanings ascribed to them, unless there is something in the subject
 or context inconsistent therewith:

---

| | |
|:---|:---|
| **"** **ADS"** | means an American Depositary Share representing the Company's Class A Ordinary Shares; |
| **"Affiliate"** | (i) with respect to a Person that is a natural person, such natural person's relatives and any other person (other than natural persons) directly or indirectly Controlled by such person, and (ii) with respect to a Person that is not a natural person, as person that directly, or indirectly through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, such Person. For the purposes of this definition, "relative" of a natural person means such person's spouse, parent, grandparent, child, grandchild, sibling, uncle, aunt, nephew, niece or great-grandparent or the spouse of such person's child, grandchild, sibling, uncle, aunt, nephew or niece.<br>Notwithstanding the foregoing, for purposes of these Articles, no Member shall be deemed an Affiliate of any other Member solely by reason of the existence of any rights or obligations under these Articles or holding of the Company Securities by such Member and any other Member; |

---

---

| | |
|:---|:---|
| **"Articles"**  | means these articles of association of the Company, as amended or substituted from time to time by Special Resolutions; |
| **"Audit Committee"** <br>| means the audit committee of the Company formed by the Board pursuant to Article 143 hereof, or any successor audit committee; |
| **"Auditor"** | means the person for the time being performing the duties of auditor of the Company (if any); |
| "**Board**" | means the board of directors of the Company; |
| **"Business Day"** | means any day other than a Saturday, Sunday or other day on which commercial banking institutions in Hong Kong, New York, Singapore, the Cayman Islands or the PRC are authorized or required by Law or executive order to close; |
| **"Chairman"** | means the chairman of the Board; |
| **"Class"** or **"Classes"** | means any class or Classes of Shares as may from time to time be issued by the Company; |
| **"Class A Ordinary Share"** | <br> a Class A ordinary share of par value US$0.16 each in the share capital of the Company having the rights set out in these Articles; <br>|
| **"Class B Ordinary Share"** | <br> a Class B ordinary share of par value US$0.16 each in the share capital of the Company having the rights set out in these Articles; <br>|
| **"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; |
| **"Company"** | means Boqii Holding Limited, a Cayman Islands exempted company; |
| "**Company Securities**" | means any share, share capital, registered capital, ownership interest, partnership interest, equity interest, joint venture or other ownership interest of the Company, or any option, warrant, or right to subscribe for, acquire or purchase any of the foregoing, or any other security or instrument convertible into or exercisable or exchangeable for any of the foregoing, or any equity appreciation, phantom equity, equity plan or similar right with respect to the Company, or any contract of any kind for the purchase or acquisition from the Company of any of the foregoing, either directly or indirectly; |

---

---

| | |
|:---|:---|
| **"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 by the Company in connection or which has otherwise been notified to Members; |
| **"Control"** | means, as used with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise; the terms "Controlled by" and "under common Control with" shall have correlative meanings; |
| **"Designated Stock Exchange"** <br>| means the stock exchange in the United States on which any Shares or ADSs are listed for trading; |
| **"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 the Designated Stock Exchange; |
| **"Directors"** | means the directors for the time being of the Company; |
| **"Electronic Transactions Act"** | means the Electronic Transactions Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Founder I"** | means (i) Mr. Hao (Louis) Liang; and (ii) any entities that hold Shares on behalf of and are Controlled by Mr. Hao (Louis) Liang, as Mr. Hao (Louis) Liang so designates;<br>|
| **"Founder II"** | means (i) Ms. Yingzhi (Lisa) Tang; and (ii) any entities that hold Shares on behalf of and are Controlled by Ms. Yingzhi (Lisa) Tang, as Ms. Yingzhi (Lisa) Tang so designates; |
| **"Founder III"** | means (i) Mr. Di (Jackie) Chen; and (ii) any entities that hold Shares on behalf of and are Controlled by Mr. Di (Jackie) Chen, as Mr. Di (Jackie) Chen so designates; |

---

---

| | |
|:---|:---|
| **"Founder(s)"** | means Founder I, Founder II, Founder III and Founders' Entity; |
| **"Founders' Entity"** | means Merchant Tycoon Limited, a company incorporated with limited liability under the Laws of the British Virgin Islands, jointly and beneficially owned by Hao (Louis) Liang, Yingzhi (Lisa) Tang and Di (Jackie) Chen, and any other entity that holds Shares on behalf of and is jointly Controlled by Founder I, Founder II and Founder III; |
| **"Independent Director"** | means independent directors 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; |
| **"Group Companies"** | means the Company and the entities whose financial results are consolidated with those of the Company in accordance with the accounting principles generally accepted in the United States of America; |
| **"Government Authority"** | means any nation or government or any province or state or any other political subdivision thereof, or any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or instrumentality or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization or national or international stock exchange on which the securities of the applicable Party or its Affiliates are listed; |
| **"Law"** | means any law, rule, constitution, code, ordinance, statute, treaty, decree, regulation, common law, order, official policy, circular, provision, administrative order, interpretation, injunction, judgment, ruling, assessment, writ or other legislative measure, in each case of any governmental authority; |
| **"Lien"** | means any encumbrance, right, interest or restriction, including any mortgage, judgment lien, materialman's lien, mechanic's lien, other lien (statutory or otherwise), charge, security interest, pledge, hypothecation, encroachment, easement, title defect, title retention agreement, voting trust agreement, right of pre-emption, right of first refusal, claim, option, limitation, forfeiture, penalty, equity, adverse interest or other third party right or security interest of any kind or an agreement, arrangement or obligation to create any of the foregoing; |

---

---

| | |
|:---|:---|
| **"Member"** | has the same meaning as in the Statute; |
| **"Memorandum"** | means the memorandum of association of the Company, as amended or substituted from time to time by Special Resolutions; |
| **"Nominating and Corporate Governance** **Committee"** | means the nominating and corporate governance committee of the Company formed by the Board, or any successor nominating and corporate governance committee;  |
| "**Officers**" | means the officers for the time being and from time to time of the Company; |
| **"Ordinary Resolution"** | means a resolution (a) passed by a simple majority of the votes cast by the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting, or (b) passed by way of a unanimous written resolution by the Members in accordance with Article 91. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by these Articles; |
| **"Ordinary Share"**  | means a Class A Ordinary Share or a Class B Ordinary Shares; |
| **"Person"** | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires, other than in respect of a Director or Officer in which circumstances Person shall mean any person or entity permitted to act as such in accordance with the laws of the Cayman Islands; |
| **"PRC"** | means the People's Republic of China, excluding, for purposes of these Articles, Hong Kong, Macau and Taiwan; |
| **"Register of Members"** | means the register maintained in accordance with the Statute and includes (except where otherwise stated) any duplicate Register of Members; |

---

---

| | |
|:---|:---|
| **"Registered Office"** | means the registered office for the time being of the Company; |
| **"Seal"** | means the common seal of the Company and includes every duplicate seal; |
| **"Secretary"** | means any Person appointed by the Directors to perform any of the duties of the secretary of the Company; |
| **"Securities Act"** | means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; |
| **"Share"** and **"Shares"** | means a share in the capital of the Company, including 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; |
| **"Share Premium Account"** | means the share premium account established in accordance with these Articles and the Statute; |

---

---

| | |
|:---|:---|
| **"Special Resolution"** | has the same meaning as in the Statute, and includes a unanimous written resolution by the Members in accordance with Article 91; |
| **"Subsidiary"** | means, with respect to any given Person, any Person of which the given Person directly or indirectly Controls; |
| **"Statute"** | means the Companies Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof;; |
| **"US$"** | means the lawful money of the United States of America; and |
| **"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction. |

---

2. In
 these Articles:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. words
 importing persons include corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. the
 word "including" or any variation thereof means (unless the context of its usage
 otherwise requires) "including, without limitation" and shall not be construed
 to limit any general statement that it follows to the specific or similar items or matters
 immediately following it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. reference
 to any determination by the Directors shall be construed as a determination by the Directors
 in their sole and absolute discretion and shall be applicable either generally or in any
 particular case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. 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;&nbsp;&nbsp;&nbsp;&nbsp;2.8. references
 to "writing," "written" and comparable expressions include any mode
 of reproducing words in a legible and nontransitory form including print, lithograph, email,
 facsimile, photograph or telex or represented by any other substitute or format for storage
 or transmission for writing including in the form of an electronic record or partly one and
 partly another, provided the sender complies with the provision of Article 171;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. headings
 are inserted for reference only and shall be ignored in construing these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. any
 requirements as to delivery under the Articles include delivery in the form of an electronic
 record or an electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. any
 requirements as to execution or signature under the Articles, including the execution of
 the Articles themselves, can be satisfied in the form of an electronic signature as defined
 in the Electronic Transaction Act. Sections 8 and 19(3) of the Electronic Transactions Act
 shall not apply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. any
 words defined in the Statute shall, if not inconsistent with the subject or context, bear
 the same meaning in these Articles.

**<u>SHARE CAPITAL</u>**

3. The authorized
 share capital of the Company is US$20,000,000 divided into 125,000,000 shares of par value of US$0.16 each, comprising (a)
 93,750,000 Class A Ordinary Shares of par value of US$0.16 each; (b) 12,500,000 Class B Ordinary Shares of par value of US$0.16
 each; and (c) 18,750,000 shares of US$0.16 each of such Class or Classes (however designated) as the Board may determine in
 accordance with these Articles.

4. 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.

5. The
 business of the Company may be conducted as the Directors see fit.

**<u>SHARES</u>**

6. Subject
 to the Statute, these Articles and, where applicable, the Designated Stock Exchange Rules
 (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:

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

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| | |
|:---|:---|
| (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 the then issued and outstanding Shares, at such times and on such other terms as they think proper; and |

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| | |
|:---|:---|
| (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; |

---

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

7. The
 Directors may authorise the division of Shares into any number of Classes and sub-Classes
 and the different Classes and sub-Classes shall be authorized, established and designated
 (or re-designated as the case may be) and the variations in the relative rights (including,
 without limitation, voting, dividend and redemption rights), restrictions, preferences, privileges
 and payment obligations as between the different Classes (if any) may be fixed and determined
 by the Directors or by a Special Resolution. The Directors may issue from time to time, out
 of the authorized share capital of the Company, preferred shares with such preferred or other
 rights, all or any of which may be greater than the rights of Ordinary 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 Directors may by resolution of Directors determine, with respect to any series
 of preferred shares, the terms and rights of that series, including:

(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;

(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;

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| | |
|:---|:---|
| (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; |

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(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;

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| | |
|:---|:---|
| (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; |

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| | |
|:---|:---|
| (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; |

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| | |
|:---|:---|
| (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; |

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| | |
|:---|:---|
| (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; |

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| | |
|:---|:---|
| (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 |

---

(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.

8. 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 of 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.

9. The
 Company shall not issue Shares to bearer.

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

11. 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.

**<u>FRACTIONAL SHARES</u>**

12. 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.

**<u>REGISTER OF MEMBERS</u>**

13. The
 Company shall maintain or cause to be maintained the Register of Members in accordance with
 the Statute.

**<u>CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE</u>**

14. 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 forty (40) 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 Register of Members shall be closed for at least ten (10) calendar days immediately
 preceding the meeting and the record date for such determination shall be the date of closure
 of the Register of Members.

15. 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.

16. 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.

**<u>SHARE CERTIFICATES</u>**

17. A
 Member shall only be entitled to a share certificate if the Directors resolve that share
 certificates shall be issued. Share certificates representing Shares, if any, shall be in
 such form as the Directors may determine. Share certificates shall be signed by one or more
 Directors or other person authorized by the Directors. The Directors may authorize 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.

18. No
 certificate shall be issued representing shares of more than one Class.

19. 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.

20. Every
 share certificate of the Company shall bear legends required under the applicable laws, including
 the Securities Act.

21. Share
 certificates shall be issued within the relevant time limit as prescribed by the 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.

22. (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;&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.

23. If
 a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed,
 a new certificate representing the same Shares may be issued to the relevant Member upon
 request, subject to delivery up of the old certificate or (if alleged to have been lost,
 stolen or destroyed) compliance with such conditions as to evidence and indemnity and the
 payment of out-of-pocket expenses of the Company in connection with the request as the Directors
 may think fit.

**<u>REDEMPTION, PURCHASE AND SURRENDER OF SHARES</u>**

24. Subject
 to the provisions of the Statute and these Articles and, where applicable, Designated Stock
 Exchange Rules and/or the rules of any competent regulatory authority, the Directors may:

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| | |
|:---|:---|
| (a). | issue Shares that are to be redeemed or are liable to be redeemed at the option of the 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 or by the Members by Ordinary Resolutions; |

---

---

| | |
|:---|:---|
| (b). | purchase its own Shares (including any redeemable Shares) in such manner and upon such terms as have been approved by the Board or by the Members by Ordinary Resolutions, or are otherwise authorized by these Articles; and |

---

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

25. The
 redemption, purchase or surrender 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.

26. 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.

27. Any
 Share in respect of which notice of redemption has been given shall be cancelled and shall
 not be entitled to participate in the profits of the Company in respect of the period after
 the date specified as the date of redemption in the notice of redemption, and the Company
 shall pay to such Members the purchase or redemption monies or consideration in respect thereof.

28. The
 Directors may when making payments in respect of redemption or purchase of Shares, if authorised
 by the terms of issue of the Shares being redeemed or purchased or with the agreement of
 the holder of such Shares, make such payment either in cash or in specie including without
 limitation, interests in a special purpose vehicle holding assets of the Company or holding
 entitlement to the proceeds of assets held by the Company or in a liquidation structure.

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

**<u>TREASURY SHARES</u>**

30. The
 Directors may, prior to the purchase, redemption or surrender of any Share, determine that
 such Share shall be held as a Treasury Share. The Directors may determine to cancel a Treasury
 Share or transfer a Treasury Share on such terms as they think proper (including, without
 limitation, for nil consideration).

**<u>NON RECOGNITION OF TRUSTS</u>**

31. 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.

**<u>LIEN</u>**

32. The
 Company has a first and paramount lien on every Share (whether or not fully paid) for all
 amounts (whether presently payable or not) payable at a fixed time or called in respect of
 that Share. The Company also has a first and paramount lien on every Share (whether or not
 fully paid) registered in the name of a Person indebted or under liability to the Company
 (whether he is the sole registered holder of a Share or one of two or more joint holders)
 for all amounts owing by him or his estate to the Company (whether or not presently payable).
 The Directors may at any time declare a Share to be wholly or in part exempt from the provisions
 of this Article. The Company's lien on a Share extends to any amount payable in respect
 of it, including but not limited to dividends.

33. The
 Company may sell, in such manner as the Directors in their absolute discretion think fit,
 any Share on which the Company has a lien, but no sale shall be made unless an amount in
 respect of which the lien exists is presently payable nor until the expiration of fourteen
 (14) calendar days after a notice in writing, 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 for the time being of the Share, or the Persons entitled thereto by reason of his
 death or bankruptcy.

34. For
 giving effect to any such sale the Directors may authorise a 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 to see to the application of the
 purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity
 in the proceedings in reference to the sale.

35. 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 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.

**<u>CALLS ON SHARES</u>**

36. The
 Directors may from time to time make calls upon the Members in respect of any moneys unpaid
 on their Shares, 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 time
 or times so specified the amount called on such Shares. A call shall be deemed to have been
 made at the time when the resolution of the Directors authorising such call was passed.

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

38. If
 a sum called in respect of a Share is not paid before or on the day appointed for payment
 thereof, the Person from whom the sum is due shall pay interest upon the sum at the rate
 of eight percent per annum from the day appointed for the payment thereof to the time of
 the actual payment, but the Directors shall be at liberty to waive payment of that interest
 wholly or in part.

39. The
 provisions of these Articles as to the liability of joint holders and as to payment of interest
 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 amount of the Share, or by way
 of premium, as if the same had become payable by virtue of a call duly made and notified.

40. The
 Directors may make arrangements with respect to the issue of partly paid Shares for a difference
 between the Members, or the particular Shares, in the amount of calls to be paid and in the
 times of payment.

41. The
 Directors may, if they think fit, receive from any Member willing to advance the same all
 or any part of the moneys uncalled and unpaid upon any partly paid Shares held by him, and
 upon all or any of the moneys so advanced may (until the same would, but for such advance,
 become presently payable) pay interest at such rate (not exceeding without the sanction of
 an Ordinary Resolution, eight percent per annum) as may be agreed upon between the Member
 paying the sum in advance and the Directors.

**<u>FORFEITURE OF SHARES</u>**

42. If
 a Member fails to pay any call or instalment of a call in respect of any Shares on the day
 appointed for payment, the Directors may, at any time thereafter during such time as any
 part of such call or instalment remains unpaid, serve a notice on him requiring payment of
 so much of the call or instalment as is unpaid, together with any interest which may have
 accrued.

43. The
 notice shall name a further day (not earlier than the expiration of fourteen (14) calendar
 days from the date 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 the call was made will be liable to be forfeited.

44. 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 notice has been made, be forfeited by a resolution of the Directors to that effect.

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

46. 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 moneys which
 at the date of forfeiture were payable by him to the Company in respect of the Shares forfeited,
 but his liability shall cease if and when the Company receives payment in full of the amount
 unpaid on the Shares forfeited.

47. A
 statutory declaration in writing that the declarant is a Director, and that a Share has been
 duly forfeited on a date stated in the declaration, shall be conclusive evidence of the facts
 in the declaration as against all Persons claiming to be entitled to the Share.

48. The
 Company may receive the consideration, if any, given for a Share on any sale or disposition
 thereof pursuant to the provisions of these Articles as to forfeiture and may execute a transfer
 of the Share in favour of the Person to whom the Share is sold or disposed of and that Person
 shall be registered as the holder of the Share, and shall not be bound to see to the application
 of the purchase money, if any, nor shall his title to the Shares be affected by any irregularity
 or invalidity in the proceedings in reference to the disposition or sale.

49. 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 due and payable, whether on account of
 the amount of the Share, or by way of premium, as if the same had been payable by virtue
 of a call duly made and notified.

**<u>TRANSFER OF SHARES</u>**

50. Subject
 to these Articles and any other transfer or conversion restrictions pursuant to arrangements
 entered into by the Company with any depositary bank or other parties, any Member may transfer
 all or any of his Shares (including ADSs representing 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 or by such other manner of execution as the Board may approve from time
 to time.

51. 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 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.

52. Notwithstanding
 these Articles, the Board of Directors may, in its absolute discretion, and without giving
 any reason therefor, refuse to (i) register any proposed transfer of, or (ii) facilitate
 the transfer of Shares or ADSs representing such Shares (including any Shares issued under
 any share incentive scheme), upon which a restriction on transfer imposed thereby or by applicable
 Laws and Designated Stock Exchange Rules still subsists.

53. 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:

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| | |
|:---|:---|
| (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; |

---

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

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

(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

---

| | |
|:---|:---|
| (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. |

---

54. The
 registration of transfers may, after compliance with any notice required by the Designated
 Stock Exchange Rules, if applicable, 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.

55. 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.

**<u>TRANSMISSION OF SHARES</u>**

56. If
 a Member dies, the survivor or survivors where he was a joint holder, and his legal personal
 representatives where he was a sole holder, shall be the only persons recognized by the Company
 as having any title to his interest in Shares. The estate of a deceased Member is not thereby
 released from any liability in respect of any Share, which had been jointly held by him.
 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 as the transferee. If he
 elects to become the holder, he shall give notice to the Company to that effect, but the
 Directors shall, in either case, have the same right to decline or suspend registration as
 they would have had in the case of a transfer of the Share by that Member before the death
 or bankruptcy or liquidation or dissolution of that Member, as the case may be.

57. If
 the person so becoming entitled shall elect to be registered himself as holder, he shall
 deliver or send to the Company a notice in writing signed by him stating that he so elects.

58. A
 person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or
 dissolution of a Member (or in any other case than by transfer) shall be entitled to the
 same dividends and other advantages to which he would be entitled if he
were the registered holder of the Share. However, he shall not, before being registered as a Member in respect of the Share, be entitled
in respect of it to exercise any right conferred by membership in relation to meetings of the Company and the Directors may at any time
give notice requiring any such person to elect either to be registered himself or to have some other person nominated by him become the
holder of the Share (but the Directors shall, in either case, have the same right to decline or suspend registration as they would have
had in the case of a transfer of the Share by the relevant Member before the death or bankruptcy or liquidation or dissolution of such
Member or in any other case than by transfer, as the case may be). If the notice is not complied with within ninety (90) calendar days,
the Directors may thereafter withhold payment of all dividends, bonuses or other monies payable in respect of the Share until the requirements
of the notice have been complied with.

**<u>AMENDMENTS OF MEMORANDUM AND ARTICLES OF ASSOCIATION AND</u>**

**<u>ALTERATION OF CAPITAL</u>**

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

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| | |
|:---|:---|
| (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; |
| (b). | consolidate and divide all or any of its share capital into Shares of larger amount than its existing Shares; |
| (c). | divide its Shares into several Classes and, without prejudice to any special rights previously conferred on the holders of existing Shares, attach thereto respectively any preferential, deferred, qualified or special rights, privileges, conditions or such restrictions as, in the absence of any such determination by the Company in general meeting, the Directors may determine, 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 and determine such rights, privileges, conditions or restrictions attaching thereto as aforesaid, and further provided that where the Company issues shares which do not carry voting rights, the words "nonvoting" shall appear in the designation of such Shares and where the equity capital includes shares with different voting rights, the designation of each Class of Shares, other than those with the most favorable voting rights, must include the words "restricted voting" or "limited voting"; |
| (d). | subdivide its Shares, or any of them, into Shares of smaller amount than is fixed by the Memorandum, and may by such resolution determine that, as between the holders of the Shares resulting from such sub-division, one or more of the Shares may have any such preferred, deferred or other rights or be subject to any such restrictions as compared with the other or others as the Company has power to attach to unissued or new Shares; and |
| (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. |

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60. Unless
 the Board in its sole discretion determines otherwise, 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 they consider
 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 authorise 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.

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

(a). change its name;

(b). alter, amend or add to these Articles;

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

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

**<u>SHARE RIGHTS</u>**

62. Subject
 to the provisions of applicable Law, Designated Stock Exchange Rules, the Memorandum and
 these Articles and to any special rights conferred on the holders of any Shares or Class
 of Shares, any Share in the Company (whether forming part of the present capital or not)
 may be issued with or have attached thereto such rights or restrictions whether in regard
 to dividend, voting, return of capital or otherwise as the Board may determine, including
 without limitation on terms that they may be, or at the option of the Company or the holder
 are, liable to be redeemed on such terms and in such manner, including out of capital, as
 the Board may deem fit.

63. Subject
 to the provisions of applicable Law and these Articles, any preferred shares may be issued
 or converted into Ordinary Shares that, at a determinable date or at the option of the Company
 or the holder if so authorized by the Memorandum, are liable to be redeemed on such terms
 and in such manner as the Directors before the issue or conversion may determine. Where the
 Company purchases for redemption a redeemable Share, purchases not made through the market
 or by tender shall be limited to a maximum price as may from time to time be determined by
 the Board, either generally or with regard to specific purchases. If purchases are by tender,
 tenders shall comply with applicable Law.

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

(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.

(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).

(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 of the Company. 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 meetings of the Company and each Class B Ordinary Share shall be entitled to twenty (20) votes on all matters subject to vote at general meetings of the Company.

(d). Conversion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time by
 the holder thereof. The right to convert shall be exercisable by the holder of the Class
 B Ordinary Share delivering a written notice to the Company that such holder elects to convert
 a specified number of Class B Ordinary Shares into Class A Ordinary Shares. In no event shall
 Class A Ordinary Shares be convertible into Class B Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon
 any sale, transfer, assignment or disposition of any Class B Ordinary Shares by a Member
 to any person who is not a Founder or an Affiliate of a Founder, or upon a change of ultimate
 beneficial ownership of any Class B Ordinary Share to a Person who is not a Founder or an
 Affiliate of a Founder, such Class B Ordinary Shares shall be automatically and immediately
 converted into an equal number of Class A Ordinary Shares.

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 Lien 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 Lien or other third-party right is enforced and results in the third party who is not an Affiliate of the relevant Member 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; (iii) the termination of directorship on the Board or employment as an executive officer with the Company of any beneficial owner of any Class B Ordinary Shares shall not trigger the automatic conversion contemplated under this Article 64(d); and (iv) a transfer of any Class B Ordinary Shares by any Founder to any other Founder shall not trigger the automatic conversion contemplated under this Article 64(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For
 purposes of this Article 64, "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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to this Article
 shall be effected by means of the redesignation 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* is 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 reclassification of the relevant Class
 B Ordinary Shares as Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 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;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Save
 and except for voting rights and conversion rights as set out in this Article 64 (c) and
 (d), Class A Ordinary Shares and Class B Ordinary Shares shall rank *pari passu* and
 shall have the same rights, preferences, privileges and restrictions.

**<u>VARIATION OF RIGHTS OF SHARES</u>**

65. Whenever the capital of the Company is divided into different Classes (and as otherwise determined by the Directors), the rights attached to any such Class may, subject to any rights or restrictions for the time being attached to any Class, only be materially adversely varied or abrogated with the consent in writing of the holders of not less than two-thirds of the issued Shares of the relevant Class, or with the sanction of a resolution passed at a separate meeting of the holders of the Shares of such Class by two-thirds of the votes cast at such a meeting. To every such separate meeting all the provisions of these Articles relating to general meetings of the Company or to the proceedings thereat shall, mutatis mutandis, apply, except that the necessary quorum shall be one or more Persons at least holding or representing by proxy one-third of the voting power of the issued Shares of the relevant Class and that, subject to any rights or restrictions for the time being attached to the Shares of that Class, every Member of the Class shall on a poll have one vote for each Share of the Class held by him.

66. 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, *inter alia*, the creation, allotment or issue of further Shares ranking *pari passu* with
 or subsequent to them or the redemption or purchase of any Shares of any Class by the Company.
 The rights of the holders of Shares shall not be deemed to be materially adversely varied
 by the creation or issue of Shares with preferred or other rights including, without limitation,
 the creation of Shares with enhanced or weighted voting rights.

**<u>REGISTERED OFFICE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. Subject
 to the provisions of the Statute, the Company may by resolution of the Directors change the
 location of its Registered Office.

**<u>GENERAL MEETINGS</u>**

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

69. The
 Company may, but shall not (unless required by the Statute or the Designated Stock Exchange
 Rules, if applicable) be obliged to hold a general meeting in each calendar year as its annual
 general meeting and shall specify the meeting as such in the notices calling it. The annual
 general meeting shall be held at such time and place as the Directors shall appoint. At these
 meetings the report of the Directors (if any) shall be presented.

70. The
 Chairman or a simple majority of the Directors may call general meetings, and either the
 Chairman or a simple majority of the Directors shall on a Member's requisition forthwith
 proceed to convene an extraordinary general meeting of the Company.

71. A
 Members' requisition is a requisition of Members of the Company holding at the date
 of deposit of the requisition in the aggregate not less than one-third (1/3) of all votes
 attaching to all issued and outstanding Shares entitled to vote at general meetings of the
 Company as at the date of the deposit.

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

73. If
 there are no Directors as at the date of the deposit of a Members' requisition, or
 if the Directors do not within thirty (30) calendar days from the date of the deposit of
 such requisition duly proceed to convene a general meeting to be held within a further thirty
 (30) calendar days, the requisitionists themselves may convene the general meeting and all
 reasonable expenses incurred by the requisitionists as a result of the failure
of the Directors to convene the general meeting shall be reimbursed to them by the Company, but any meeting so convened shall not be
held after the expiration of three calendar months after the expiration of the said thirty (30) calendar days.

74. 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.

**<u>NOTICE OF GENERAL MEETINGS</u>**

75. At
 least seven (7) calendar days' notice in writing counting from the date service is
 deemed to take place as provided in these Articles and excluding the proposed date of the
 meeting shall be given of any general meeting, specifying the 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:

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| | |
|:---|:---|
| (a). | in the case of an annual general meeting, by a majority in number of the Members (or their proxies) having a right to attend and vote at the meeting, being a majority together holding not less than two-thirds (2/3rd) in voting rights of the Shares giving that right; and |

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| | |
|:---|:---|
| (b). | in the case of an extraordinary general meeting, by a majority in number of the Members (or their proxies) having a right to attend and vote at the meeting, being a majority together holding not less than one-half (1/2) in voting rights of the Shares giving that right. |

---

76. 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.

**<u>PROCEEDINGS AT GENERAL MEETINGS</u>**

77. No
 business shall be transacted at any general meeting unless a quorum is present at the time
 when the meeting proceeds to business. The holder(s) of Shares which carry a majority of
 all votes attaching to all Shares in issue and entitled to vote at such general meeting,
 which shall include the Founders' Entity, present in person or by proxy or, if a corporate
 or other non-natural person, by its duly authorised representative, 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 in person or by proxy or (in the case of
 a corporation or other nonnatural person) by a duly authorized representative or proxy.

78. A
 person may participate at a general meeting by telephone or other similar communications
 equipment by means of which all the persons participating in such meeting can communicate
 with each other. Participation by a person in a general meeting in this manner is treated
 as presence in person at that meeting.

79. 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.

80. If
 within half an hour from the time appointed for the meeting a quorum is not present, it shall
 stand adjourned to the fifth (5th) following calendar day at the same time and place (or
 to such other time or such other place as the Directors may determine) and at such adjourned
 meeting, two or more Members holding at least 50% of all votes attached to the issued and
 outstanding share capital of the Company present in person or by proxy and entitled to vote
 at that adjourned meeting shall form a quorum. If within half an hour from the time appointed
 for the adjourned meeting such quorum is not present, the meeting shall be dissolved.

81. The
 chairman, if any, of the Board shall preside as chairman at every general meeting of the
 Company, or if there is no such chairman, or if he shall not be present within fifteen (15)
 minutes after the time appointed for the holding of the meeting, or is unwilling to act,
 the Directors present shall elect one of their number to be chairman of the meeting.

82. If
 no Director is willing to act as chairman or if no Director is present within fifteen (15)
 minutes after the time appointed for holding the meeting, the Members present shall choose
 one of their number to be chairman of the meeting.

83. The
 chairman may, with the consent of a meeting at which a quorum is present (and shall if so
 directed by the meeting), adjourn the meeting from time to time and from place to place,
 but no business shall be transacted at any adjourned meeting other than the business left
 unfinished at the meeting from which the adjournment took place. When a general meeting is
 adjourned for thirty (30) calendar days or more, notice of the adjourned meeting shall be
 given as in the case of an original meeting. Otherwise it shall not be necessary to give
 any such notice.

84. A
 resolution put to the vote of the meeting shall be decided on the vote of the requisite majority
 pursuant to a poll of the Members. Unless otherwise required by the Statute or these Articles,
 such requisite majority shall be a simple majority of votes that are able to be cast.

85. The
 Directors may cancel or postpone any duly convened general meeting at any time prior to such
 meeting, except for general meetings requisitioned by the Members in accordance with these
 Articles, for any reason or for no reason, upon notice in writing to Members. A postponement
 may be for a stated period of any length or indefinitely as the Directors may determine.
 Notice of the business to be transacted at such postponed general meeting shall not be required.
 If a general meeting is postponed in accordance with this Article, the appointment of a proxy
 will be valid if it is received as required by the Articles not less than 48 hours before
 the time appointed for holding the postponed meeting.

**<u>VOTES OF MEMBERS</u>**

86. Subject
 to any rights and restrictions for the time being attached to any Share, every Member present
 in person or by proxy (or, if a corporation or other nonnatural person, by its duly authorized
 representative or proxy) shall, at a general or special meeting of the Company, have one
 (1) vote for each Class A Ordinary Share and twenty (20) votes for each Class B Ordinary
 Share, in each case of which he is the holder.

87. In
 the case of joint holders the vote of the senior 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 stand in the
 Register.

88. A
 Member of unsound mind, or in respect of whom an order has been made by any court having
 jurisdiction in lunacy, may vote in respect of Shares carrying the right to vote held by
 him, whether on a show of hands or on a poll, by his committee, or other Person in the nature
 of a committee appointed by that court, and any such committee or other Person, may vote
 in respect of such Shares by proxy.

89. No
 Member shall be entitled to vote at any general meeting of the Company unless all calls,
 if any, or other sums presently payable by him in respect of Shares carrying the right to
 vote held by him have been paid.

90. On
 a poll votes may be given either personally or by proxy.

91. A
 resolution in writing signed by all the Members for the time being entitled to receive notice
 of and to attend and vote at general meetings of the Company (or being corporations by their
 duly authorised representatives), in one or more instruments each signed by one or more of
 the Members and the effective date of the resolution so adopted shall be the date on which
 the instrument, or the last of such instruments, if more than one, is executed, shall be
 as valid and effective as if the same had been passed at a general meeting of the Company
 duly convened and held.

**<u>PROXIES</u>**

92. 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 of the Company.

93. The
 instrument appointing a proxy shall be deposited at the Registered Office or at such other
 place as is specified for that purpose in the notice convening the meeting, or in any instrument
 of proxy sent out by the Company:

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| | |
|:---|:---|
| (a). | not less than forty-eight (48) hours before the time for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote; or |

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---

| | |
|:---|:---|
| (b). | in the case of a poll taken more than forty-eight (48) hours after it is demanded, be deposited as aforesaid after the poll has been demanded and not less than twenty-four (24) hours before the time appointed for the taking of the poll; or |

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| | |
|:---|:---|
| (c). | where the poll is not taken forthwith but is taken not more than forty-eight (48) hours after it was demanded be delivered at the meeting at which the poll was demanded to the chairman or to the secretary or to any director; |

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<u>provided</u> that the Directors may in the notice convening the meeting, or in an instrument of proxy sent out by the Company, direct that the instrument appointing a proxy may be deposited (no later than the time for holding the meeting or adjourned meeting) at the Registered Office or at such other place as is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company. The chairman may in any event at his discretion direct that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted shall be invalid.

94. An
 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.

95. 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.

**<u>CORPORATIONS ACTING BY REPRESENTATIVES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. 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.

**<u>SHARES THAT MAY NOT BE VOTED</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. Shares
 in the Company that are beneficially owned by the Company shall not be voted, directly or
 indirectly, at any meeting and shall not be counted in determining the total number of outstanding
 Shares at any given time.

**<u>DEPOSITARY AND CLEARING HOUSES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. If
 a recognised 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, authorise 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 <u>provided</u> 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 recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised 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.

**<u>DIRECTORS</u>**

99. Unless
 otherwise determined by the Company in general meeting, the number of Directors shall not
 be less than three (3) and there shall be no maximum number of Directors, the exact number
 of Directors to be determined from time to time by the Board of Directors.

100. The
 Board of Directors shall have a Chairman elected and appointed by the Founders' Entity.
 The period for which the Chairman will hold office will also be determined by the Founders'
 Entity. The Chairman shall preside as chairman at every meeting of the Board of Directors.
 To the extent the Chairman is not present at a meeting of the Board of Directors within fifteen
 minutes after the time appointed for holding the same, the attending Directors may choose
 one of their number to be the chairman of the meeting.

101. The
 Company may by Ordinary Resolution appoint any Person to be a Director.

102. The
 Directors may by the affirmative vote of a simple majority of the Directors present and voting
 at a Board meeting, appoint any person to be a Director either to fill a vacancy on the Board
 or as an addition to the existing Board.

103. An
 appointment of a Director may be on terms that the Director shall automatically retire from
 office (unless he has sooner vacated office) at the next or a subsequent annual general meeting
 or upon any specified event or after any specified period in a written agreement between
 the Company and the Director, if any; but no such term shall be implied in the absence of
 express provision. Each Director whose term of office expires shall be eligible for re-election
 at a meeting of the Members or reappointment by the Board.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.

104. A
 Director may be removed from office by Ordinary Resolution of the Company or the affirmative
 vote of a simple majority of the other Directors present and voting, notwithstanding anything
 in these Articles or in any agreement between the Company and such Director (but without
 prejudice to any claim for damages under such agreement). 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 five (5) calendar
 days before the meeting. Such Director is entitled to attend the meeting and be heard on
 the motion for his removal.

105. The
 Nominating and Corporate Governance Committee shall have the right to nominate one or more
 Director(s) (including Independent Director(s)) for appointment as a Director in accordance
 with the provisions of this Article 102. Such Director shall be appointed by Ordinary Resolution
 of the Company or a majority of the Directors then in office.

106. 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.

107. The
 remuneration of the Directors may be determined by the Board or by a committee designated
 by the Board.

108. 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.

109. Subject
 to applicable Law, Designated Stock Exchange Rules and the Articles, the Board may establish
 any committee of the Board as the Board shall deem appropriate from time to time, and committees
 of the Board shall have the rights, powers and privileges granted to such committees by the
 Board from time to time.

**<u>POWERS AND DUTIES OF DIRECTORS</u>**

110. Subject
 to the provisions of the Statute and 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.

111. The
 Directors 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.

112. Subject
 to these Articles, the Nominating and Corporate Governance Committee shall have the right
 to nominate any natural person, whether or not a Director to hold such office in the Company
 as the Nominating and Corporate Governance Committee may think necessary for the administration
 of the Company, including but not limited to, chief executive officer, the chief financial
 officer, one or more other executive officers, one or more vice-presidents, treasurer, assistant
 treasurer, manager or controller (collectively, the "Nominated Officers"). The
 appointment, removal, replacement and re-appointment of any Nominated Officers shall be approved
 by the Directors, or such Person as authorized by the Directors at any time or from time
 to time, 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, such Person as authorized by the Board of Directors, may think fit.

113. The
 Directors may appoint any natural person or corporation to be a Secretary (and if need be
 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.

114. 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 authorise any such Attorney or Authorized Signatory to delegate all or
 any of the powers, authorities and discretion vested in him.

115. 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.

116. 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.

117. 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 authorise the members for the time being of any such committee or
 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.

118. 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.

119. The
 Directors may agree with a Member to waive or modify the terms applicable to such Member's
 subscription for Shares without obtaining the consent of any other Member; provided that
 such waiver or modification does not amount to a variation or abrogation of the rights attaching
 to the Shares of such other Members.

**<u>BORROWING POWERS OF DIRECTORS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. 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.

**<u>DISQUALIFICATION OF DIRECTORS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. The
 office of a Director shall be vacated if:

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

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

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

(d). without special leave of absence from the Board, is absent from meetings of the Board for three consecutive meetings and the Directors resolve that his office be vacated;

(e). he is found to be or becomes of unsound mind; or

(f). he is removed from office pursuant to any other provision of these Articles.

**<u>MEETINGS OF THE BOARD</u>**

122. 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. Notice of a Board meeting shall be
 given five (5) 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. Subject to these Articles, questions arising at any meeting shall be decided by
 a majority of votes of the Directors present at a meeting at which there is a quorum, with
 each having one (1) vote. In case of an equity of votes the Chairman shall have a second
 or casting vote.

123. 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.

124. The
 quorum necessary for the transaction of the business of the Board may be fixed by the Directors,
 and unless so fixed, the quorum shall be a majority of Directors then in office. 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.

125. 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, <u>provided</u> 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 Article 122.

126. A
 resolution in writing (in one or more counterparts), signed by all the Directors or all 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 <u>provided</u> 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, to the extent permitted under the Statute. When signed a resolution may consist
 of several documents each signed by one or more of the Directors or his duly appointed alternate.

127. Subject
 to any regulations imposed on it by the Directors, a committee appointed by the Directors
 may elect a chairman of its meetings. If no such chairman is elected, or if at any meeting
 the chairman 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 chairman
 of the meeting.

128. 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 majority of votes of the committee members present and in case of an equality
 of votes the chairman shall have a second or casting vote.

129. 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.

130. 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.

**<u>PRESUMPTION OF ASSENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. 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 chairman or secretary of the meeting before the adjournment
 thereof or shall forward such dissent by registered post to such person immediately after
 the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted
 in favor of such action.

**<u>DIRECTORS' INTERESTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. A
 Director may:

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| | |
|:---|:---|
| (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; |

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(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;

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| | |
|:---|:---|
| (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 favour 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 favour 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. |

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Notwithstanding the foregoing, no Independent Director 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.

133. 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 realised 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 134 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 20F promulgated by the Commission, shall require the approval of the Audit Committee.

134. 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:

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| | |
|:---|:---|
| (a). | he is a member or officer of a specified company or firm and is to be regarded as interested in any contract or arrangement which may after the date of the Notice be made with that company or firm; or |

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(b). he is to be regarded as interested in any contract or arrangement which may after the date of the Notice be made with a specified person who is connected with him;

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.

135. 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, and unless disqualified by the chairman of the relevant Board meeting, 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.

**<u>MINUTES</u>**

136. 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.

137. When
 the chairman 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.

**<u>ALTERNATE DIRECTORS</u>**

138. 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.

139. 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.

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

141. 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.

142. 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.

**<u>AUDIT COMMITTEE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. 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, the Designated Stock Exchange Rules and the rules and regulations
 of the Commission.

**<u>NO MINIMUM SHAREHOLDING</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. 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.

**<u>SEAL</u>**

145. 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.

146. 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.

147. 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.

**<u>DIVIDENDS, DISTRIBUTIONS AND RESERVE</u>**

148. 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.

149. 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.

150. 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.

151. 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.

152. 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.

153. 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.

154. No
 dividend or distribution shall bear interest against the Company.

155. 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
 paid into a separate account in the Company's name, <u>provided</u> 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.

**<u>CAPITALIZATION</u>**

156. Subject
 to applicable Law, the Directors may:

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| | |
|:---|:---|
| (a). | resolve to capitalise any sum standing to the credit of any of the Company's reserve accounts or funds (including the Share Premium Account and capital redemption reserve fund) or any sum standing to the credit of the profit and loss account or otherwise available for distribution;<br>|

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| | |
|:---|:---|
| (b). | appropriate the sum resolved to be capitalised 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: |

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&nbsp;&nbsp;&nbsp;&nbsp;&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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| | |
|:---|:---|
| (c). | make any arrangements they think fit to resolve a difficulty arising in the distribution of a capitalised 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; |

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(d). authorise 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;&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 capitalisation, or

&nbsp;&nbsp;&nbsp;&nbsp;&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 capitalised) 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

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

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

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| | |
|:---|:---|
| (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; |

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| | |
|:---|:---|
| (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 |

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| | |
|:---|:---|
| (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. |

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**<u>BOOKS OF ACCOUNT</u>**

158. The
 Directors shall cause proper books of account to be kept with respect to all sums of money
 received and expended by the Company and the matters in respect of which the receipt or expenditure
 takes place, all sales and purchases of goods by the Company and the assets and liabilities
 of the Company. 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.

159. 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 the inspection of Members not being Directors and no Member
 (not being a Director) shall have any right of inspecting any account or book or document
 of the Company except as conferred by the Statute or authorized by the Directors or by the
 Company in general meeting.

160. 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 the Law.

**<u>AUDIT</u>**

161. Subject
 to applicable Law and Designated Stock Exchange Rules, the Directors may appoint an Auditor
 of the Company who shall hold office until removed from office

by a resolution of the Directors.

162. The
 remuneration of the Auditor shall be determined by the Audit Committee or, in the absence
 of such an Audit Committee, by the Board.

163. If
 the office of auditor becomes vacant by the resignation or death of the Auditor, or by his
 becoming incapable of acting by reason of illness or other disability at a time when his
 services are required, the Directors shall fill the vacancy and determine the remuneration
 of such Auditor.

164. Auditors
 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 Auditors.

165. 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.

166. 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.

**<u>SHARE PREMIUM ACCOUNT</u>**

167. 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.

168. 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 <u>provided</u> 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.

**<u>NOTICES</u>**

169. Any
 notice or document may be served by the Company or by the Person entitled to give notice
 to any Member either personally, or by posting it airmail or air courier service in a prepaid
 letter addressed to such Member at his address as appearing in the Register, or by electronic
 mail to any electronic mail address such Member may have specified in writing for the purpose
 of such service of notices, or by facsimile should the Directors deem it appropriate. In
 the case of joint holders of a Share, all notices shall be given to that one of the joint
 holders whose name stands first in the Register in respect of the joint holding, and notice
 so given shall be sufficient notice to all the joint holders.

170. Any
 Member present, either personally or by proxy, 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.

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

(a). post, shall be deemed to have been served three (3) calendar days after the time when the letter containing the same is posted;

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| | |
|:---|:---|
| (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; |

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(c). recognised 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; or

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

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| | |
|:---|:---|
| (e). | In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service. |

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172. Any
 notice or document delivered or sent in accordance with the terms of these Articles shall
 notwithstanding that such Member be then dead or bankrupt, and whether or not the Company
 has notice of his death or bankruptcy, be deemed to have been duly served in respect of any
 Share registered in the name of such Member as sole or joint holder, unless his name shall
 at the time of the service of the notice or document, have been removed from the Register
 as the holder of the Share, and such service shall for all purposes be deemed a sufficient
 service of such notice or document on all Persons interested (whether jointly with or as
 claiming through or under him) in the Share.

173. Notice
 of every general meeting of the Company shall be given to:

(a). all Members holding Shares with the right to receive notice and who have supplied to the Company an address for the giving of notices to them; and

(b). every Person entitled to a Share in consequence of the death or bankruptcy of a Member, who but for his death or bankruptcy would be entitled to receive notice of the meeting.

174. No
 other Person shall be entitled to receive notices of general meetings.

**<u>INFORMATION</u>**

175. 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.

176. 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.

**<u>WINDING UP</u>**

177. 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.

178. 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.

**<u>INDEMNITY</u>**

179. Every
 Director (including for the purposes of this Article any alternate Director appointed pursuant
 to the provisions of these Articles), Secretary, assistant Secretary, or other Officer (but
 not including the Company's auditors) and the personal representatives of the same
 (each an "**Indemnified Person**") shall be indemnified and secured harmless
 against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities
 incurred or sustained by such Indemnified Person, other than by reason of such Indemnified
 Person's own dishonesty, willful default or fraud as determined by a court of competent
 jurisdiction, in or about the conduct of the Company's business or affairs (including
 as a result of any mistake of judgment) or in the execution or discharge of his duties, powers,
 authorities or discretions, including without prejudice to the generality of the foregoing,
 any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending
 (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs
 in any court whether in the Cayman Islands or elsewhere.

180. No
 Indemnified Person shall be liable:

(a). for the acts, receipts, neglects, defaults or omissions of any other Director or Officer or agent of the Company; or

(b). for any loss on account of defect of title to any property of the Company; or

(c). on account of the insufficiency of any security in or upon which any money of the Company shall be invested; or

(d). for any loss incurred through any bank, broker or other similar Person; or

(e). for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement or

(f). oversight on such Indemnified Person's part; or

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|:---|:---|
| (g). | for any loss, damage or misfortune whatsoever which may happen in or arise from the execution or discharge of the duties, powers, authorities, or discretions of such Indemnified Person's office or in relation thereto; |

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unless the same shall happen through such Indemnified Person's own dishonesty, willful default or fraud.

**<u>FISCAL YEAR</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. Unless
 the Directors otherwise prescribe, the financial year of the Company shall end on March 31<sup>st
</sup>in each year and shall begin on April 1<sup>st</sup> in each year.

**<u>DISCLOSURE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. 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.

**<u>TRANSFER BY WAY OF CONTINUATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. 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.

**<u>MERGERS AND CONSOLIDATIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. 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.

## Exhibit 99.1

**Exhibit 99.1**

**Boqii Holding Limited Announces Effectiveness of Substitution Listing and 1-for-160 Reverse Split**

SHANGHAI, July 11, 2025 -- As Boqii Holding Limited ("Boqii" or the "Company") (NYSE American: BQ) previously announced, the Company ceased the listing of the American Depositary Shares (the "ADSs") representing its Class A ordinary shares of par value US$0.001 each on the NYSE American LLC ("AMEX") and listed its Class A ordinary shares of a par value of US$0.16 each on a post-reverse stock split basis for trading on AMEX in substitution for the ADSs (the "Substitution Listing"), effective on July 11, 2025 (the "Effective Date").

Immediately following the termination of the ADS Facility and on the Effective Date, the Company implemented a reverse stock split (the "Reverse Split"), pursuant to which every 160 Class A ordinary shares of a par value of US$0.001 each (the "Ordinary Shares") consolidated into one new ordinary share of a par value of US$0.16 each (each, a "New Ordinary Share"). As a result, on the Effective Date, each holder of the Company's Ordinary Shares received one (1) New Ordinary Share, with a par value of US$0.16 each, for every 160 existing Ordinary Shares previously held. Outstanding ADSs were automatically cancelled and exchanged for the corresponding number of New Ordinary Shares at a rate 15/16, or 0.9375 of a New Ordinary Share for each ADS cancelled (the "Mandatory Exchange"). All resulting fractional shares were rounded up to the nearest whole number of shares on the participant level.

The New Ordinary Shares commenced trading on AMEX on a post- Reverse Split basis and after the Mandatory Exchange under the symbol "BQ" on July 11, 2025. The new CUSIP number for the New Ordinary Shares is G1311F119.

**About Boqii Holding Limited**

Boqii Holding Limited (NYSE American: BQ) is a leading pet-focused platform in China. It is the leading online destination for pet products and supplies in China with a broad selection of high-quality products including global leading brands, local emerging brands, and its own private label, Yoken, Mocare and D-cat, offered at competitive prices. Boqii's online sales platforms, including Boqii Mall and our flagship stores on third-party e-commerce platforms, provide customers with convenient access to a wide selection of high-quality pet products and an engaging and personalized shopping experience. Its Boqii Community provides an informative and interactive content platform for users to share their knowledge and love for pets.

**Safe Harbor Statement**

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission ("SEC"), in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Further information regarding such risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

**For investor inquiries, please contact:**

Boqii Holding Limited<br> Investor Relations<br> Tel: +86-21-6882-6051<br> Email: ir@boqii.com