# EDGAR Filing Document

**Accession Number:** 0002078050
**File Stem:** 0001213900-25-103261
**Filing Date:** 2025-10
**Character Count:** 164976
**Document Hash:** 8eb94da4fcaa0d0122e9d1556ae36f07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-103261.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001213900-25-103261

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LakeShore Biopharma Co., Ltd.
- **CENTRAL INDEX KEY:** 0001946399
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94412
- **FILM NUMBER:** 251426913

**BUSINESS ADDRESS:**
- **STREET 1:** BUILDING NO. 2, 38 YONGDA ROAD
- **STREET 2:** DAXING BIOMEDICAL INDUSTRY PARK
- **CITY:** DAXING DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 102629
- **BUSINESS PHONE:** 17327133678

**MAIL ADDRESS:**
- **STREET 1:** BUILDING NO. 2, 38 YONGDA ROAD
- **STREET 2:** DAXING BIOMEDICAL INDUSTRY PARK
- **CITY:** DAXING DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 102629

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** YS Biopharma Co., Ltd.
- **DATE OF NAME CHANGE:** 20230310

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** YishengBio Co., Ltd
- **DATE OF NAME CHANGE:** 20220912
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Crystal Peak Investment Inc.
- **CENTRAL INDEX KEY:** 0002078050

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 3877 EL CAMINO REAL, STE 201
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94306
- **BUSINESS PHONE:** 86 13335711066

**MAIL ADDRESS:**
- **STREET 1:** 3877 EL CAMINO REAL, STE 201
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94306

## Exhibit 99.1

**Exhibit 99.1**

**EXECUTIVE OFFICERS AND DIRECTORS**

**Crystal Peak Holdings Inc.**

The names of directors and the executive officers of Crystal Holdings and their present principal occupations and citizenship are set forth below. The business address of each of the following individuals is c/o 3877 El Camino Real, Ste 201, Palo Alto CA 94306.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Principal Occupation** | **Citizenship** |
| **Directors**<br> Huaqin Xue | Director | Hong Kong |
| Tianying Yao | Director | People's Republic of China |
| **Executive Officers**<br> N/A | <br> N/A | <br> N/A |

---

**Crystal Peak Investment Inc.**

The names of directors and the executive officers of Crystal Investment and their present principal occupations and citizenship are set forth below. The business address of each of the following individuals is c/o 3877 El Camino Real, Ste 201, Palo Alto CA 94306.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Principal Occupation** | **Citizenship** |
| **Directors**<br> Huaqin Xue | <br> Director | <br> Hong Kong |
| Tianying Yao | Director | People's Republic of China |
| **Executive Officers**<br> N/A | <br> N/A | <br> N/A |

---

**Oceanpine Growth (Cayman) Limited**

The names of directors and the executive officers of Oceanpine Growth and their present principal occupations and citizenship are set forth below. The business address of each of the following individuals is c/o Suite 2207-9, 22/F, Tower Two, Lippo Centre, 89 Queensway, Admiralty, Hong Kong.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Principal Occupation** | **Citizenship** |
| **Directors**<br> Dave Liguang Chenn | <br> Director | <br> United States |
| Dongjun Ma<br> Yun Liu | Director<br> Director | Hong Kong<br> Hong Kong |
| **Executive Officers**<br> N/A | <br> N/A | <br> N/A |

---

**Oceanpine Capital Inc.**

The names of directors and the executive officers of Oceanpine Capital and their present principal occupations and citizenship are set forth below. The business address of each of the following individuals is c/o Suite 2207-9, 22/F, Tower Two, Lippo Centre, 89 Queensway, Admiralty, Hong Kong.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Principal Occupation** | **Citizenship** |
| **Directors**<br> Jiayu Yang | <br> Director | <br> People's Republic of China |
| Xuguang Xue | Director | People's Republic of China |
| **Executive Officers**<br> N/A | <br> N/A | <br> N/A |

---

**Adjuvant Capital Management, L.L.C.**

The names of directors and the executive officers of Adjuvant Management and their present principal occupations and citizenship are set forth below. The business address of each of the following individuals is c/o 500 Fifth Avenue, Suite 4000, New York, NY 10110.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Principal Occupation** | **Citizenship** |
| **Directors** |  |  |
| N/A | N/A | N/A |
| **Executive Officers** |  |  |
| Glenn Rockman | Managing Partner | United States |
| Kabeer Aziz | Vice President, Secretary | United States |

---

**MSA China Growth Fund II GP, LLC**

The names of directors and the executive officers of MSA China Growth and their present principal occupations and citizenship are set forth below. The business address of each of the following individuals is c/o 89 Nexus Way, Camana Bay, Grand Cayman KY1-9009, Cayman Islands.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Principal Occupation** | **Citizenship** |
| **Directors** |  |  |
| N/A | N/A | N/A |
| **Executive Officers** |  |  |
| Yu Zeng | Manager | China |

---

**MSA Management Holding Co., Ltd.**

The names of directors and the executive officers of MSA Management and their present principal occupations and citizenship are set forth below. The business address of each of the following individuals is c/o 89 Nexus Way, Camana Bay, Grand Cayman KY1-9009, Cayman Islands.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Principal Occupation** | **Citizenship** |
| **Directors** |  |  |
| Yu Zeng | Director | China |
| **Executive Officers** |  |  |
| N/A | N/A | N/A |

---

**Superstring Capital Fund GP LLC**

The names of directors and the executive officers of Superstring GP and their present principal occupations and citizenship are set forth below. The business address of each of the following individuals is c/o 150 East 52nd Street, Suite 5004, New York, NY 10022, USA.

---

| | | |
|:---|:---|:---|
| **Name** | **Present Principal Occupation** | **Citizenship** |
| **Directors** |  |  |
| Ting Guo | Director | China |
| **Executive Officers** |  |  |
| Ting Guo | Managing Member | China |

---

## Exhibit 99.2

**Exhibit 99.2**

**JOINT FILING AGREEMENT**

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, each of the undersigned hereby agrees to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the ordinary shares, par value US$0.0002 per share of LakeShore Biopharma Co., Ltd, and that this Agreement be included as an Exhibit to such joint filing. Each of the undersigned acknowledges that each shall be responsible for the timely filing of any statement (including amendments) on Schedule 13D, and for the completeness and accuracy of the information concerning such party contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the other persons making such filings, except to the extent that such party knows or has reason to believe that such information is inaccurate.

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of October 29, 2025.

---

| | | |
|:---|:---|:---|
| **Xue Huaqin** | By: | /s/ Huaqin Xue |
|  |  | Name: Huaqin Xue |
| **Crystal Peak Holdings Inc.** | By: | /s/ Huaqin Xue |
|  |  | Name: Huaqin Xue |
|  |  | Title: Director |
| **Crystal Peak Investment Inc.** | By: | /s/ Huaqin Xue |
|  |  | Name: Huaqin Xue |
|  |  | Title: Director |
| **Dave Liguang Chenn** | By: | /s/ Dave Liguang Chenn |
|  |  | Name: Dave Liguang Chenn |
| **Oceanpine Investment Fund II LP** | By: | /s/ Dave Liguang Chenn |
|  |  | Name: Dave Liguang Chenn |
|  |  | Title: Director |
| **Oceanpine Capital Inc.** | By: | /s/ Jiayu Yang |
|  |  | Name: Jiayu Yang |
|  |  | Title: Director |
| **Adjuvant Capital Management, L.L.C.** | By: | /s/ Kabeer Aziz |
|  |  | Name: Kabeer Aziz |
|  |  | Title: Vice President & Secretary |
| **Adjuvant Capital GP, L.P.** | By: | /s/ Kabeer Aziz |
| by its general partner Adjuvant Capital Management, LLC |  | Name: Kabeer Aziz |
|  |  | Title: Vice President & Secretary |
| **Adjuvant Global Health Technology Fund, L.P.** | By: | /s/ Kabeer Aziz |
| by its general partner Adjuvant Capital GP, L.P. by its general partner Adjuvant Capital Management, LLC |  | Name: Kabeer Aziz<br> Title: Vice President & Secretary |
| **Adjuvant Global Health Technology Fund DE, L.P.** | By: | /s/ Kabeer Aziz |
| by its general partner Adjuvant Capital GP, L.P. by its general partner Adjuvant Capital Management, LLC |  | Name: Kabeer Aziz<br> Title: Vice President & Secretary |
| **MSA Growth Fund II, L.P.** | By: | /s/ Yu (Jenny) Zeng |
| By: MSA China Growth Fund II GP, LLC, its general partner |  | Name: Yu (Jenny) Zeng |
|  |  | Title: Managing Partner |
| **MSA China Growth Fund II GP, LLC** | By: | /s/ Yu (Jenny) Zeng |
|  |  | Name: Yu (Jenny) Zeng |
|  |  | Title: Manager |
| **Superstring Capital Master Fund LP** | By: | /s/ Ting Guo |
| By: Superstring Capital Fund GP LLC, its general partner |  | Name: Ting Guo |
|  |  | Title: General Partner |

---

---

| | | |
|:---|:---|:---|
| **Superstring Capital Management LP** | By: | /s/ Ting Guo |
|  |  | Name: Ting Guo |
|  |  | Title: Managing Partner |
| **Epiphron Capital (Hong Kong) Limited** | By: | /s/ Sherry Xiaoyu Liu |
|  |  | Name: Sherry Xiaoyu Liu |
|  |  | Title: Director |

---

## Exhibit 99.3

**Exhibit 99.3**

**Preliminary Non-Binding Proposal**

August 18, 2025

The Board of Directors (the "**Board**")

LakeShore Biopharma Co., Ltd

Building No. 2, 38 Yongda Road

Daxing Biomedical Industry Park

Daxing District, Beijing, 102629

People's Republic of China

Dear members of the Board:

We, Oceanpine Investment Fund II LP and Oceanpine Capital Inc. (collectively, "**Oceanpine Capital**"), are pleased to submit this preliminary non- binding proposal (the "**Proposal**") to acquire all outstanding ordinary shares of a par value of US$0.0002 each (the "**Ordinary Shares**") of LakeShore Biopharma Co., Ltd (the "**Company**") that are not currently owned by us, in an all-cash transaction for US$0.86 per Ordinary Share (the "**Proposed Transaction**").

Our Proposal represents a premium of 10.3% to the last closing price of the Ordinary Share on August 15, 2025, the last trading day prior to the date hereof, and a premium of 11.4% to the average closing price of the Ordinary Shares during the last 15 trading days prior to the date hereof. We believe that our Proposal represents an attractive opportunity for the Company's shareholders to receive compelling value as compared with the current and recent trading prices of the Ordinary Shares.

We intend to fund the Proposed Transaction with rollover equity and available cash on hand. Accordingly, our Proposal would not be subject to any uncertainty or delay with respect to any debt financing, and the Proposed Transaction will not be subject to a financing condition.

We do not anticipate any substantive issues with respect to regulatory approvals, nor do we believe that any regulatory approval will impede or delay our ability to quickly and efficiently consummate the Proposed Transaction.

We have engaged White & Case LLP as our international legal advisor for the Proposed Transaction. We are confident that we can complete customary due diligence in a timely manner, in parallel with discussions on the definitive agreements.

We recognize that the Board will likely need to evaluate our Proposal independently before the Company can make any determinations. None of the Company's directors who are affiliated with us will participate in the consideration of our Proposal by the Company.

While we are fully prepared to work collaboratively with the Board to pursue the Proposed Transaction in a timely manner, we are open to exploring potential alternative structures of the Proposed Transaction to expedite the process of delivering value to the Company's shareholders.

Following completion of the Proposed Transaction, we currently intend for the Company's business to continue operating in a manner that is generally consistent with its current operations.

This letter constitutes only a preliminary indication of our interest and does not constitute any binding commitment with respect to the transactions proposed in this letter or any other transaction. No agreement, arrangement or understanding between us and the Company relating to any transaction will be created until such time as definitive documentation has been executed and delivered by us and the Company and all other appropriate parties.

**About Oceanpine Capital**

Founded in 2018, Oceanpine Capital is a professional investment management firm dedicated to long-term value investing. With a mission to drive technological innovation, it focuses on cutting-edge sectors such as advanced technology, green technology and life sciences, with assets under management exceeding RMB25 billion (approximately USD3.5 billion). As the "Guardian of Entrepreneurship", Oceanpine Capital brings together a seasoned team of accomplished entrepreneurs, renowned investors, seasoned investment bankers, and senior executives from leading corporations. Oceanpine Capital provides its portfolio companies with full-cycle support, ranging from strategic planning and resource integration to operational optimization and global expansion, empowering them to achieve leapfrog growth at critical stages.

Should you have any questions regarding this Proposal, please do not hesitate to contact us. We look forward to hearing from you.

[*Signatures page follows*]

Sincerely,

**Oceanpine Investment Fund II LP**

---

| | |
|:---|:---|
| By: | /s/ Dave Liguang Chenn |
| Name: | Dave Liguang Chenn |
| Title: | Director |

---

**Oceanpine Capital Inc.**

---

| | |
|:---|:---|
| By: | /s/ Yang Jiayu |
| Name: | Yang Jiayu |
| Title: | Director |

---

## Exhibit 99.4

**Exhibit 99.4**

**CONSORTIUM AGREEMENT**

**THIS CONSORTIUM AGREEMENT**, dated as of August 26, 2025 (this "<u>Agreement</u>"), is made by and among

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Oceanpine Capital Inc.**, a BVI business company incorporated under the laws of the British Virgin
 Islands (the " <u>Lead Investor</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Oceanpine Investment Fund II LP**, an exempted limited partnership registered in the Cayman Islands
 (" <u>Oceanpine Investment</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Crystal Peak Investment Inc.**, a BVI business company incorporated under the laws of the British
 Virgin Islands (" <u>Crystal Peak</u> ").

Each of the Lead Investor, Oceanpine Investment, Crystal Peak and any Additional Members (as defined below) admitted to the Consortium (as defined below) after the date hereof pursuant to the terms of this Agreement is referred to herein as a "<u>Party</u>", and collectively, the "<u>Parties</u>". Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned to them in <u>Section 10.1</u> hereof.

**WHEREAS**, the Parties propose to undertake an acquisition transaction (the "<u>Transaction</u>") with respect to LakeShore Biopharma Co., Ltd (the "<u>Company</u>"), an exempted company incorporated under the laws of the Cayman Islands with limited liability and listed on the NASDAQ Capital Market ("<u>NASDAQ</u>"), pursuant to which the Company would be delisted from NASDAQ and deregistered under the United States Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>");

**WHEREAS**, (a) in connection with the Transaction, the Parties propose to form a new exempted company with limited liability ("<u>Holdco</u>") under the laws of the Cayman Islands, and, if appropriate, to cause Holdco to form a direct or indirect, wholly-owned subsidiary ("<u>Merger Sub</u>") under the laws of the Cayman Islands; and (b) at the closing of the Transaction (the "<u>Closing</u>"), the Parties intend that Merger Sub will be merged with and into the Company, with the Company being the surviving company (the "<u>Surviving Company</u>") and becoming a direct, wholly-owned subsidiary of Holdco;

**WHEREAS**, on August 18, 2025, the Lead Investor and Oceanpine Investment jointly submitted a preliminary non-binding proposal to the Company's board of directors in connection with the Transaction and on or about the date hereof, the Parties intend to jointly submit an updated preliminary non-binding proposal in connection with the Transaction, the form of which is attached hereto as <u>Schedule A</u> (the "<u>Proposal</u>"), to the Company's board of directors; and

**WHEREAS**, in accordance with the terms of this Agreement, the Parties will cooperate and participate in (a) the evaluation of the Company; (b) discussions regarding the Proposal with the Company; and (c) the negotiation of the terms of definitive documentation among Holdco, Merger Sub and the Company with the Company (in which negotiations the Parties expect that the Company will be represented by a special committee to be appointed by the Company's board of directors comprised of independent and disinterested directors of the Company (the "<u>Special Committee</u>")) in connection with the Transaction, including an agreement and plan of merger among Holdco, Merger Sub and the Company (the "<u>Merger Agreement</u>") (such agreement and any other definitive documentation governing the Transaction, collectively, the "<u>Definitive Agreements</u>").

**NOW, THEREFORE**, in consideration of the foregoing recitals and of the mutual agreements and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

**1.** **Participation in Transaction; Proposal; Holdco Ownership** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Participation in Transaction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms and conditions set forth in this Agreement, each of the Parties agrees to participate
 in the Transaction. The Lead Investor shall act in good faith to: (i) engage in discussions
 with the Special Committee or the Company regarding the Proposal; (ii) negotiate and finalize
 the terms of the Definitive Agreements; and (iii) take any action or refrain from taking
 any action in order for Holdco or Merger Sub to comply with their respective obligations,
 satisfying the closing conditions or exercise their respective rights under the Definitive
 Agreements; *provided that* the Lead Investor and its authorized Representatives and
 Advisors shall at all relevant times (1) obtain the consents from each of the other Parties
 on all terms related to the purchase price of the Transaction (including any adjustment thereof); (2)
involve, copy or provide the other Parties, their authorized Representatives and Advisors a reasonable opportunity to participate in,
as applicable, all material discussions, negotiations and other communications with the Special Committee or the Company (whether in
person, by email or telephone or otherwise) relating to the Transaction; (3) consult with the other Parties on all material terms of
all Definitive Agreements; (4) circulate all drafts of the Definitive Agreements shared by or with the Special Committee or the Company;
and (5) keep the other Parties reasonably and timely informed of the status of discussions and negotiations with the Special Committee
or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 order to facilitate the foregoing and except as otherwise agreed and subject to proviso (1)
 of <u>Section 1.1(a)</u>, each Party hereby authorizes and delegates to the Lead Investor
 the primary responsibility for negotiating and finalizing the terms of the Definitive Agreements
 with the Company with respect to the Transaction; *provided that* if any Party fails
 to reach agreement with the Lead Investor with respect to any material term of the Definitive
 Agreements, the Lead Investor shall deliver a notice to such Party to resolve such disagreement,
 following which such Party and the Lead Investor shall use reasonable efforts and discuss
 in good faith to resolve such disagreement, and if such disagreement remains unresolved for
 more than ten (10) Business Days after delivery of such notice, then such Party shall be
 deemed to have withdrawn from the Consortium unless otherwise agreed to by the Lead Investor.
 For the purpose of facilitating the Transaction, the Lead Investor shall also have the right
 (i) subject to <u>Section 1.4(b)</u> and <u>Section 1.4(c)</u>, to adjust the number of Rollover
 Shares (as defined below) and/or the amount of Cash Contribution (as defined below) of any
 Party and update the Equity Contribution Schedule (as defined below); and (ii) to determine
 the number of Rollover Shares and the amount of Cash Contribution of an Additional Member
 pursuant to <u>Section 1.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Party shall use its reasonable best efforts to execute a customary confidentiality agreement
 reasonably required by the Company in connection with gaining access to information with
 respect to the Company in connection with the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Negotiation of Definitive Agreements</u>. During the term of this Agreement, each Party shall negotiate in good faith the Definitive Agreements, including, without limitation, (a) a customary support agreement, pursuant to which each Party or any of its Affiliates that is a holder of Company Shares (as defined below) will agree, among other things, to vote such Party's or such Affiliates' Company Shares in support of the Transaction and against any Alternative Transaction (as defined below); (b) documentation providing for each Party's cash and/or rollover equity investment in Holdco; (c) documentation governing the actions of the Parties in connection with the Transaction following the execution of the Merger Agreement and prior to the Closing; and (d) documentation governing the economic and governing terms of each Party's investment in Holdco to take effect immediately following the Closing, which, in each case, shall include customary terms for transactions of a similar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Proposal</u>. On or about the date hereof, at the election of the Lead Investor, the Parties shall promptly submit the Proposal to the Special Committee or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Holdco Ownership and Arrangements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior
 to the execution of the Definitive Agreements, the Lead Investor shall (i) incorporate Holdco,
 and, if appropriate, shall cause Holdco to incorporate Merger Sub, and any other intermediate
 holding companies, in each case, under the laws of such jurisdiction(s) and as may be reasonably
 determined by the Lead Investor; and (ii) adopt the memorandum and articles of association
 of Holdco, Merger Sub and other intermediate holding companies (if any), which shall be in
 a form which is customary for transactions of this nature. The Parties further agree that
 the memorandum and articles of association of Merger Sub shall become the memorandum and
 articles of association of the Surviving Company at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 the Closing, each Party intends to contribute (or cause its Affiliates and/or designees to
 contribute) to Holdco, in exchange for newly issued equity interests in Holdco, (i) such
 number of Company Shares held by such Party and/or its Affiliates and/or designees as set
 forth in <u>Schedule B</u> as at the date hereof attached hereto, subject at all times to <u>Section 1.4(c)(ii)</u>, unless otherwise determined jointly by the Lead Investor and the
 relevant Party from time to time (such Company Shares, such Party's " <u>Rollover Shares</u> "); and (ii) such amount of cash as set forth in <u>Schedule B</u> as at
 the date hereof attached hereto, subject at all times to <u>Section 1.4(c)(ii)</u>, unless
 otherwise determined jointly by the Lead Investor and the relevant Party from time to time
 (such amount, such Party's " <u>Cash Contribution</u> "). With respect to
 any Party, the sum of (A) the deemed value of such Party's Rollover Shares (which shall
 be calculated based on the per share purchase price offered to the unaffiliated shareholders
 of the Company in the Transaction) and (B) the amount of such Party's Cash Contribution
 shall equal the " <u>Equity Contribution</u> " of such Party. Each Party's
 Ownership (as defined below) percentage in Holdco on a non-diluted basis as of immediately
 following the Closing and the amount of equity interests in Holdco to be issued to such Party
 in exchange for such Party's Equity Contribution shall be calculated proportionally
 based on (x) the amount of such Party's Equity Contribution, relative to (y) the aggregate
 amount of all Parties' Equity Contributions. For the avoidance of doubt, each Party
 agrees that the obligation of such Party to contribute (or cause to be contributed) its Rollover
 Shares and Cash Contribution to Holdco under this <u>Section 1.4(b)</u> shall be subject
 to the satisfaction or waiver of the conditions to the obligations of Holdco and its subsidiaries
 to consummate the Transaction to be set forth in the Definitive Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Party hereby agrees that (i) the Lead Investor shall prepare and maintain a schedule setting
 forth the number of Rollover Shares and the amount of Cash Contribution of each Party (the
 " <u>Equity Contribution Schedule</u> "); (ii) the number of Rollover Shares or
 the amount of Cash Contribution of any Party shall not in any event, without prior consent
 of such Party, be increased to more than such Party's Rollover Shares or Cash Contribution,
 as applicable, as set forth in <u>Schedule B</u> as at the date hereof attached hereto; and
 (iii) subject at all times to <u>Section 1.4(b)</u> and <u>Section 1.4(c)(ii)</u> above,
 the amount of Cash Contribution of any Party may be adjusted from time to time in accordance
 with <u>Section 1.4(b)</u> (including upon the admission of any Additional Member pursuant
 to <u>Section 1.5</u> and upon the withdrawal of any Party from the Consortium pursuant to <u>Section 1.1(b)</u> or <u>Section 1.4(d)</u>), and the Lead Investor shall have the right
 to update the Equity Contribution Schedule from time to time to reflect such adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior
 to the execution of the Definitive Agreements, the Parties shall negotiate in good faith
 to reach agreement on a term sheet for a shareholder agreement that will take effect immediately
 after the Closing, and would, among other things, govern the relationship of the shareholders
 in Holdco following the Closing, and contain provisions customary for transactions of this
 type, and such other terms and conditions as may be determined by the Lead Investor from
 time to time, which shall be executed by the Parties and/or their respective Affiliates on
 or immediately after the Closing (the " <u>Shareholders Agreement</u> "). If any
 Party fails to reach agreement with the Lead Investor with respect to the terms of the Shareholders
 Agreement term sheet, the Lead Investor shall deliver a notice to such Party to resolve such
 disagreement, following which such Party and the Lead Investor shall use reasonable efforts
 and discuss in good faith to resolve such disagreement. If such disagreement remains unresolved
 for more than ten (10) Business Days after delivery of such notice, then such Party shall
 be deemed to have withdrawn from the Consortium unless otherwise agreed to by the Lead Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any
 Rollover Share number referred to in this Agreement shall be appropriately adjusted to take
 into account any bonus share issue, share subdivision, share combination, share split, recapitalization,
 reclassification or similar event affecting the Company Shares after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Admission of New Consortium Members</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Admission
 of additional members to the Consortium to provide additional equity capital by way of cash
 or roll-over equity contribution to Holdco for the consummation of the Transaction (including
 by way of indirect participation through syndication of any Party) shall require the consent
 of the Lead Investor (such additional members, the " <u>Additional Members</u> ").
 The Lead Investor shall have the right to (i) determine the number of Rollover Shares and
 the amount of Cash Contribution of an Additional Member admitted pursuant to this <u>Section 1.5</u>; and (ii) update the Equity Contribution Schedule to reflect such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 proposed new member of the Consortium shall, as a condition to its admission to the Consortium,
 demonstrate its ability to finance its commitment by way of letter of comfort or such other
 evidence satisfactory to the Lead Investor (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 Additional Members admitted to the Consortium pursuant to this <u>Section 1.5</u> shall execute
 a deed of adherence to this Agreement in the form attached hereto as <u>Schedule C</u> (the
 " <u>Deed of Adherence</u> ") and upon its execution of the Deed of Adherence,
 such additional member shall become a Party and an Additional Member for the purpose of this
 Agreement.

**2.** **Advisors; Approvals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Information Sharing</u>. In connection with the Transaction, each Party shall (a) comply with any information delivery or other similar requirements entered into by Holdco, a Party or an Affiliate of a Party, reasonably related to the Transaction and shall not, and shall direct its Representatives not to, whether by their action or omission, breach such arrangements or obligations; (b) comply with any confidentiality agreements reasonably required by the Company; (c) provide each other Party, Holdco or the Special Committee with all information reasonably required concerning such Party or any other matter relating to such Party in connection with the Transaction and any other information a Party or the Special Committee may reasonably require in respect of any other Party and its Affiliates for inclusion in the Definitive Agreements, promptly and in no event later than five (5) business days after receiving such information request; (d) provide timely responses to requests by other Parties or the Special Committee for information, so as to meet timeframes and deadlines as proposed by the Special Committee; and (e) apply the level of resources and expertise that such Party reasonably considers to be necessary and appropriate to meet its obligations under this Agreement. Except as required by law or regulations of any stock exchange or other regulatory body to which a Party is bound, the consent of each Party shall be required for any public statements about their intentions with respect to the Company, any issuance of which shall be further subject to <u>Section 6.1</u>. The Parties also acknowledge and agree that the Transaction may be considered a "going-private" transaction under Rule 13e-3 under the Exchange Act ("<u>Rule 13e-3</u>") and agree to provide all information reasonably necessary to satisfy the applicable disclosure requirements under Rule 13e-3. Unless the Lead Investor otherwise agrees in advance and in writing, none of the Parties shall commission a report, opinion or appraisal (within the meaning of Item 1015 of Regulation M-A of the Exchange Act). Notwithstanding the foregoing, no Party is required to make available to the other Parties any of their internal board meeting or investment committee materials or analyses or any information which it considers being commercially sensitive information or which is otherwise held subject to an obligation of confidentiality. The Parties agree and confirm that the Parties who are directors or employees of the Company or its subsidiaries shall not be obligated to provide any information in breach of any of their respective obligations or fiduciary duties to the Company or its subsidiaries, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Appointment of Advisors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties agree that the Lead Investor shall be responsible for engaging (including the scope
 and engagement terms), terminating or changing all Advisors to the Consortium in connection
 with the Transaction (such Advisors to the Consortium agreed in writing by the Lead Investor
 in accordance with this <u>Section 2.2(a)</u>, the " <u>Buyer Consortium Advisors</u> ").
 The Parties agree and acknowledge that White & Case LLP has been selected by the Consortium
 as a Buyer Consortium Advisor and the international legal counsel to the Consortium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 as otherwise provided in <u>Section 2.2(a)</u>, if a Party requires separate representation
 in connection with specific issues arising out of the Transaction, such Party may retain
 other Advisors to advise it, *provided that* such Party shall (i) provide prior notice
 to other Parties of such retention; and (ii) subject to <u>Section 3.1(a)</u> and <u>Section 3.1(c)</u>, be solely responsible for the fees and expenses of such separate Advisors unless
 the Lead Investor agrees in writing that the fees and expenses incurred by such separate
 Advisor will be treated as Consortium Transaction Expenses (as defined below) and reimbursable
 pursuant to <u>Section 3.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Approvals</u>. Each Party shall use reasonable best efforts and provide all cooperation as may be reasonably requested by each other Party to obtain all applicable governmental, statutory, regulatory or other approvals, licenses, waivers or exemptions required or, in the reasonable opinion of the Lead Investor, desirable for the consummation of the Transaction.

**3.** **Transaction Costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Expenses and Fee Sharing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to <u>Section 3.1(d)</u>, upon consummation of the Transaction, the Parties shall cause the
 Company (or its successor in interests) to reimburse the Parties for, or pay on behalf of
 the Parties, as the case may be: (i) the reasonable out-of-pocket costs and expenses incurred
 by the Parties as approved by the Lead Investor in writing before incurring such costs and
 expense (including the reasonable fees and expenses of Advisors retained by a Party pursuant
 to <u>Section 2.2(b)</u>); and (ii) fees, expenses and disbursements payable to any and all
 Buyer Consortium Advisors as contemplated by <u>Section 2.2(a)</u> (such costs and expenses
 under this subsection (i) and subsection (ii), the " <u>Consortium Transaction Expenses</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Transaction is not consummated (and <u>Section 3.1(c)</u> does not apply), and subject
 to <u>Section 5.6</u>, each Party agrees to (i) pay its Pro Rata Share (as defined below)
 of the Consortium Transaction Expenses (if applicable, up to the date of termination of this
 Agreement pursuant to <u>Section 5.1</u>) determined based on its contemplated Ownership
 percentage of the Company immediately following the Transaction as set forth in the then-effective <u>Schedule B</u> (such percentage, the " <u>Contemplated Ownership Percentage</u> ")
 (for the avoidance of doubt, the Consortium Transaction Expenses in accordance with <u>Section 3.1(a)</u> above shall commence accruing from the earlier of (x) the date of this Agreement;
 and (y) the date such Buyer Consortium Advisors were engaged by the Lead Investor pursuant
 to <u>Section 2.2(a)</u>); and (ii) bear its own costs and expenses incurred in connection
 with the Transaction including fees, expenses and disbursements payable to any separate Advisor
 engaged by such Party as contemplated by <u>Section 2.2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Transaction is not consummated due to the unilateral breach of this Agreement (or any
 other relevant agreement) by one or more Parties, then such Party(ies) shall, severally (and
 not jointly nor jointly and severally), reimburse any non-breaching Party for all of their
 out-of-pocket costs and expenses incurred in connection with the Transaction, including (i)
 the Consortium Transaction Expenses; and (ii)
any fees, expenses and disbursements payable to separate Advisors retained by such non-breaching Party pursuant to <u>Section 2.2(b)</u>,
in each case without prejudice to any rights and remedies otherwise available to such non-breaching Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 a Party ceases to be a Party (including by way of breach of this Agreement, or as a result
 of such Party's withdrawal from the Consortium pursuant to <u>Section 1.1(b)</u> or <u>Section 1.4(d)</u>) prior to the consummation of the Transaction, then such Party shall
 be responsible for, and shall pay, its Pro Rata Share of the Consortium Transaction Expenses
 incurred or accrued as of the date of its ceasing to be a Party. For the avoidance of doubt,
 such Party shall not be responsible for any Consortium Transaction Expenses incurred or accrued
 after such time as such Party ceases to be a Party other than under the circumstances described
 in <u>Section 3.1(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each
 of the Parties shall be entitled to receive any termination, break-up or other fees or amounts
 payable to Holdco or Merger Sub by the Company pursuant to the Definitive Agreements, net
 of the Consortium Transaction Expenses, to be allocated *pro rata* among the Parties
 in proportion to their respective Contemplated Ownership Percentages as set forth in the
 then-effective <u>Schedule B</u> (the " <u>Pro Rata Share</u> "), *provided that* such Party shall continue to be a Party when Holdco or Merger Sub receives such payments
 from the Company.

**4.** **Exclusivity.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 During the period beginning on the date hereof and ending on the earlier of (i) the date which is twenty-four (24) months after the date of this Agreement, which may be extended as jointly agreed by all the non-breaching Parties in writing; and (ii) the termination of this Agreement pursuant to <u>Section 5.4</u> (the "<u>Exclusivity Period</u>"), each Party agrees that it shall (and shall cause its Affiliates to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) work
 exclusively with the Lead Investor and the other Parties to implement the Transaction, including
 to (i) evaluate the Company and its business; (ii) prepare, negotiate and finalize the Definitive
 Agreements; and (iii) vote, or cause to be voted, at every shareholder or stakeholder meeting
 (whether by written consent or otherwise), including any adjournment, recess or postponement
 thereof, all of its Company Shares (x) against any Alternative Transaction or matter that
 would facilitate an Alternative Transaction and (y) in favor of the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not,
 and shall not permit its Affiliates, or any of its or its Affiliates' Representatives
 authorized to act on it or its Affiliate's behalf, directly or indirectly, to (i) propose
 an Alternative Transaction, or seek, solicit, initiate, induce, facilitate or encourage (including
 by way of furnishing any non-public information concerning the Company) inquiries or proposals
 concerning, or participate in any discussions, negotiations, communications or other activities
 with any Person (as defined below) (other than the other Parties) concerning, or enter into
 or agree to an Alternative Transaction; (ii) provide any information to any third party with
 a view to the third party or any other Person pursuing or considering to pursue an Alternative
 Transaction; (iii) finance or offer to finance any Alternative Transaction, including by
 offering any equity or debt finance, or contribution of Company Shares or other Securities
 (as defined below) or provision of a voting or tender agreement, in support of any Alternative
 Transaction; (iv) enter into any written or oral agreement, arrangement or understanding
 (whether legally binding or not) regarding, or do, anything which is inconsistent with the
 provisions of this Agreement or the Transaction as contemplated by this Agreement; (v) except
 as expressly contemplated under the Definitive Agreements, (A) acquire any Company Shares
 or Securities, or any right, title or interest thereto or therein, other than (x) its Rollover
 Shares or Securities convertible or exchanged from the Rollover Shares or (y) Securities
 granted pursuant to the Company's existing equity incentive plans or issuable upon
 exercise or settlement of the equity incentive awards granted by the Company under its existing
 equity incentive plans pursuant to the terms thereof; or (B)
sell, offer to sell, give, pledge, encumber, assign, grant any option for the sale of or otherwise transfer or dispose of, or enter into
any agreement, arrangement or understanding to sell or otherwise transfer or dispose of, including, without limitation, by way of tender
or exchange offer, an interest in any Company Shares or other Securities (" <u>Transfer</u> "); (vi) enter into any contract,
option or other arrangement or understanding with respect to a Transfer or limitation on voting rights of any Company Shares or other
Securities, or any right, title or interest thereto or therein; (vii) deposit any Company Shares or other Securities into a voting trust
or grant any proxies or enter into a voting agreement, power of attorney or voting trust with respect to any Company Shares or other
Securities; or (viii) seek, solicit, initiate, encourage, facilitate, induce or enter into any negotiation, discussion, agreement or
understanding (whether or not in writing and whether or not legally binding) with any other Person regarding the matters described in <u>Section 4.1(b)(i)</u> through <u>Section 4.1(b)(vii)</u>; *provided that* notwithstanding anything to the contrary herein, the
foregoing clauses (iv), (v) and (vi) of this <u>Section 4.1(b)</u> shall not apply to any Transfer of any Securities or any right, title
or interest thereto between a Party and its Affiliate, *provided that* such Affiliate shall execute and deliver to the Lead Investor
the Deed of Adherence with respect to such Transferred Securities and become a Party and an Additional Member for the purpose of this
Agreement if it has not yet become a Party hereto, and *provided further that* notwithstanding anything to the contrary herein,
following the termination of this Agreement with respect to any Party pursuant to <u>Section 5.1</u>, the foregoing clauses (v) and (vi)
of this <u>Section 4.1(b)</u> shall cease to apply to such terminated Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately
 cease and terminate, and cause to be ceased and terminated, all existing activities, discussions,
 conversations, negotiations and other communications (whether conducted by it or any of its
 Representatives) with all Persons conducted heretofore with respect to an Alternative Transaction;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notify
 the other Parties promptly if it or any of its Representatives receives any approach or communication
 with respect to any Alternative Transaction and shall promptly disclose to the other Parties
 the identity of any other Persons involved and the nature and content of the approach or
 communication, and promptly provide the other Parties with copies of any such written communication.

Notwithstanding the foregoing provisions of <u>Section 4.1</u>, nothing in this Agreement shall be deemed to restrict the Lead Investor or its Affiliates or its Representatives from engaging or participating in any discussions or negotiations with (a) senior management of the Company (only in their personal capacities) regarding their participation or involvement in the Transaction during the pendency of the consummation of the Transaction; or (b) any other Person who has indicated an interest in joining the Consortium as an Additional Member for the purposes of determining the suitability of such Person, and potential terms under which such Person or its Affiliates may be admitted, as an Additional Member pursuant to <u>Section 1.5(a)</u>. Notwithstanding anything to the contrary herein, the obligations of the other Parties (other than the Lead Investor) to comply with this <u>Section 4.1</u> shall terminate and be of no further force or effect in the event that a Governmental Entity of competent jurisdiction issues a final and non-appealable judgment that the Lead Investor breaches its obligation of this Agreement in material aspect, which directly results in (x) any of the Definitive Agreements not being entered into when it would otherwise have been entered into; or (y) the Closing not occurring when it would otherwise have occurred.

**5.** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Failure to Agree</u>. Prior to the execution of the Definitive Agreements, upon a Party's deemed withdrawal pursuant to <u>Section 1.1(b)</u> or <u>Section 1.4(d)</u>, this Agreement shall terminate with respect to such Party, following which the provisions of <u>Section 5.6(a)</u> will apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Upon Expiration of Exclusivity Period</u>. If Holdco, Merger Sub and the Company have not entered into the Definitive Agreements prior to expiration (including any extensions thereof) of the Exclusivity Period with respect to the Transaction and the members of the Consortium are unable to agree, after good faith endeavors, either (x) as among the members of the Consortium on the material terms of the Transaction; or (y) with the Special Committee on the material terms of the Transaction, any Party may upon expiration of such period cease its participation in the Transaction by providing a written notice to the Lead Investor and this Agreement shall terminate with respect to such Party, following which the provisions of <u>Section 5.6(b)</u> will apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Upon Breach of Contract</u>. If any member of the Consortium has breached any representation or warranty, or any other material covenant or agreement of such member contained in this Agreement, which breach cannot be cured or, if it is capable of being cured, is not cured within fifteen (15) Business Days after such member is notified by the Lead Investor in writing of the same, this Agreement shall terminate with respect to such Party, following which the provisions of <u>Section 5.6(a)</u> will apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Other Termination Events</u>. This Agreement shall terminate with respect to all Parties upon a written agreement among all of the Parties to terminate this Agreement, following which the provisions of <u>Section 5.6(b)</u> will apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>After Execution of Definitive Agreements</u>. After the execution of the Definitive Agreements, this Agreement shall terminate without any further action on the part of any Party, upon the earliest of (a) the date the Transaction is consummated; (b) the date that the Definitive Agreements are validly terminated in accordance with their respective terms, and (c) the date that a separate agreement governing the relationship among the Parties is executed, following which the provisions of <u>Section 5.6(b)</u> will apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Effect of Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 termination of this Agreement pursuant to <u>Section 5.1</u> (Failure to Agree) or <u>Section 5.3</u> (Upon Breach of Contract), <u>Section 3</u> (Transaction Costs), <u>Section 4</u> (Exclusivity), <u>Section 5</u> (Termination), <u>Section 6.2</u> (Confidentiality), <u>Section 7</u> (Notices) and <u>Section 9</u> (Miscellaneous) shall continue to bind all of the Parties, *provided that*, if there was a breach of this Agreement by any Party prior to the termination, <u>Section 3.1(c)</u> and <u>Section 3.1(d)</u>, as applicable, shall apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 termination of this Agreement pursuant to <u>Section 5.2</u> (Upon Expiration of Exclusivity
 Period), <u>Section 5.4</u> (Other Termination Events) or <u>Section 5.5</u> (After Execution
 of Definitive Agreements), <u>Section 3</u> (Transaction Costs), <u>Section 5</u> (Termination), <u>Section 6.2</u> (Confidentiality), <u>Section 7</u> (Notices) and <u>Section 9</u> (Miscellaneous)
 shall continue to bind all of the Parties, *provided that*, (i) if there was a breach
 of this Agreement by any Party prior to the termination, <u>Section 3.1(c)</u> and <u>Section 3.1(d)</u>, as applicable, shall apply; and (ii) the provisions of <u>Section 4</u> (Exclusivity)
 (other than <u>Section 4.1(a)</u>) shall remain in effect for the duration of the Exclusivity
 Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other
 than as set forth in <u>Section 5.6(a)</u> and <u>Section 5.6(b)</u>, the Parties shall not
 otherwise be liable to each other in relation to this Agreement after termination. Any Buyer
 Consortium Advisor or separate Advisor appointed by any Party in accordance with the terms
 of this Agreement may continue to advise any of the Parties.

**6.** **Announcements and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Announcements</u>. No public announcement or statement regarding the existence, subject matter or contents of this Agreement shall be issued by any Party or their Affiliates or Representatives either to the Company (including the Company's board of directors) or to the public without the prior written consent of the Lead Investor, which consent shall not be unreasonably withheld, delayed or conditioned, except to the extent that any such announcements are required by laws, a court of competent jurisdiction, a regulatory body or international stock exchange, and then only after the form and terms of such disclosure have been notified to the Lead Investor and the Lead Investor has had a reasonable opportunity to comment thereon, in each case to the extent reasonably practicable. Notwithstanding the foregoing, each Party may make any Schedule 13D filings, or amendments thereto, in respect of the Company that such Party reasonably believes is required under applicable law without the prior written consent of the other Parties, *provided that* each such Party shall coordinate with the other Parties in good faith regarding the content and timing of such filings or amendments in connection with the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as permitted under <u>Section 6.3</u>, each Party shall not, and shall direct its Affiliates
 and Representatives not to, without the prior written consent of the other Parties, disclose
 any Confidential Information received by it (the " <u>Recipient</u> ") from any
 other Party (the " <u>Discloser</u> "). Each Party shall not, and shall direct
 its Affiliates and Representatives not to, use any Confidential Information for any purpose
 other than for the purposes of this Agreement or the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to <u>Section 6.2(c)</u>, the Recipient shall safeguard and return to the Discloser, on demand,
 any Confidential Information, and in the case of electronic data that constitutes Confidential
 Information, to return or destroy such Confidential Information (other than any electronic
 data stored on the back-up storage of the Recipient's hardware) at the option of the
 Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Party may retain in a secure archive a copy of the Confidential Information referred to in <u>Section 6.2(a)</u> if the Confidential Information is required to be retained by the Party
 for regulatory purposes or in connection with a bona fide document retention policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 Party acknowledges that, in relation to any Confidential Information received from a Discloser,
 the obligations contained in this <u>Section 6.2</u> shall continue to apply for a period
 of twenty-four (24) months following the date of termination of this Agreement pursuant to <u>Section 5.1</u>, <u>Section 5.2</u>, <u>Section 5.3</u>, <u>Section 5.4</u> or <u>Section 5.5</u>, as applicable, unless otherwise agreed in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Permitted Disclosures</u>. A Party may make disclosures (a) to those of its Affiliates and Representatives as such Party reasonably deems necessary to give effect to or enforce this Agreement (including potential sources of capital), but only on a confidential basis and the Party should sign a confidentiality agreement, as applicable, which contains similar content to <u>Section 6.2</u>, with the Recipient; (b) if required by law or a court of competent jurisdiction, the United States Securities and Exchange Commission or another regulatory body or international stock exchange having jurisdiction over a Party or its Affiliates or pursuant to whose rules and regulations such disclosure is required to be made, but only after the form and terms of such disclosure have been notified to the other Parties and the other Parties have had a reasonable opportunity to comment thereon, in each case to the extent legally permissible and reasonably practicable; or (c) if the information is publicly available other than through a breach of this Agreement by such Party or its Affiliates or Representatives.

**7.** **Notices.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Any notice, request, instruction or other document to be given hereunder by any Party to the others shall be in writing and delivered personally or sent by facsimile, overnight courier or e-mail to the contact details set forth on the signature pages and shall be copied to the additional contact as set forth thereon as well or to such other Persons or addresses as may be designated in writing by the Party to receive such notice as provided above. Any notice, request, instruction or other document given as provided above shall be deemed given to the receiving Party upon actual receipt, if delivered personally; upon confirmation or proof of successful transmission if sent by facsimile or e-mail or on the next day after deposit with an overnight courier, if sent by an overnight courier, except if the time of deemed delivery under this <u>Section 7.1</u>, (regardless of the form of service) is after 5:30 p.m. at the place of receipt or is not on a Business Day, then the notice will not be deemed received at that time but rather will be deemed received at 9:00 a.m. on the next following Business Day in the place of delivery.

**8.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Representations and Warranties</u>. Each Party hereby represents and warrants, on behalf of such Party only, to the other Parties that (a) it is duly organized, established and validly existing under the laws of the jurisdiction stated in the preamble of this Agreement and has the requisite power and authority to execute, deliver and perform this Agreement; (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary action on the part of such Party and no additional proceedings are necessary to approve this Agreement; (c) this Agreement has been duly executed and delivered by it and constitutes a valid and binding agreement of such Party enforceable against it in accordance with the terms hereof (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors' rights generally and general principles of equity); (d) its execution, delivery and performance (including the provision and exchange of information) of this Agreement will not (i) conflict with, require a consent, waiver or approval under, or result in a breach of or default under, any of the terms of any material contract or agreement to which such Party is a party or by which such Party is bound, or any office such Party holds; (ii) violate any order, writ, injunction, decree or statute, or any rule or regulation, applicable to such Party or any of its properties and assets; or (iii) result in the creation of, or impose any obligation on such Party to create, any lien, charge or other encumbrance of any nature whatsoever upon such Party's properties or assets; and (e) no broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the Transaction based upon arrangements made by or on behalf of such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Company Shares</u>. As of the date of this Agreement, (i) each Party (A) Owns (as defined below) the number of Company Shares set forth under the heading "Company Shares" next to its names on <u>Schedule B</u>; and (B) Owns the other Securities set forth under the heading "Other Securities" next to its names on <u>Schedule B</u>, in each case free and clear of any encumbrances or restrictions; (ii) such Party has the sole right to Control (as defined below) the voting and disposition of the Company Shares (if any) and any other Securities (if any) Owned by such Party; and (iii) none of such Party nor any of its Affiliates Owns, directly or indirectly, any Company Shares or other Securities other than as set forth on <u>Schedule B</u>. Each Party agrees that, except as may be agreed by the Lead Investor, it shall not acquire Ownership of any Company Shares prior to the termination of this Agreement pursuant to <u>Section 5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Reliance</u>. Each Party acknowledges that the other Parties have entered into this Agreement on the basis of and reliance upon (among other things) the representations and warranties in <u>Section 8.1</u> and <u>Section 8.2</u> and have been induced by them to enter into this Agreement.

**9.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the Parties and supersedes any previous oral or written agreements or arrangements among them or between any of them relating to its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Further Assurances</u>. Each Party shall use all reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other Parties in doing, all things necessary, proper or advisable to carry out the intent and purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Severability</u>. If any provision of this Agreement is held to be invalid or unenforceable for any reason, it shall be adjusted rather than voided, if possible, in order to achieve the intent of the Parties to the maximum extent possible. In any event, the invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of this Agreement, including that provision, in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Amendments; Waivers</u>. Neither this Agreement nor any term hereof may be amended or otherwise modified other than by an instrument in writing signed by each of the Parties. No provision of this Agreement may be waived, discharged or terminated other than by an instrument in writing signed by the Party against whom the enforcement of such waiver, discharge or termination is sought. No failure or delay by any Party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Assignment; No Third Party Beneficiaries</u>. Other than as provided herein, the rights and obligations of any Party shall not be assigned without the prior consent of the Lead Investor; *provided that* each Party may assign its rights and obligations under this Agreement, in whole or in part, without the prior consent of the other Parties, to an Affiliate of such Party by notifying the other Parties pursuant to <u>Section 7</u>. This Agreement shall be binding upon the respective heirs, successors, legal representatives and permitted assigns of each of the Parties. Nothing in this Agreement shall be construed as giving any Person, other than each of the Parties and its heirs, successors, legal representatives and permitted assigns any right, remedy or claim under or in respect of this Agreement or any provision hereof. Unless expressly provided to the contrary in this Agreement, a Person who is not a Party has no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623) to enforce or to enjoy the benefit of any term of this Agreement, and the consent of any Person who is not a Party is not required to rescind or vary this Agreement at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>No Partnership or Agency</u>. The Parties are independent and nothing in this Agreement constitutes a Party as the trustee, fiduciary, agent, employee, partner or joint venturer of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Counterparts</u>. This Agreement may be executed in counterparts and all counterparts taken together shall constitute one document. Signatures to this Agreement transmitted by facsimile transmission, by electronic mail in "portable document format" form, or by any other electronic means intended to pre-serve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature. The Parties irrevocably and unreservedly agree that this Agreement may be executed by way of electronic signatures and the Parties agree that this Agreement, or any part thereof, shall not be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in the form of an electronic record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the substantive laws of the Hong Kong Special Administrative Region of the People's Republic of China ("<u>Hong Kong</u>") without giving effect to any choice of law or conflict of law rules or provisions that would cause the application of the laws of any jurisdiction other than Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Dispute Resolution</u>. Any disputes, actions and proceedings against any Party arising out of or in any way relating to this Agreement shall be submitted to the Hong Kong International Arbitration Centre ("<u>HKIAC</u>") and resolved in accordance with the Arbitration Rules of HKIAC in force (the "<u>Rules</u>") when the notice of arbitration is submitted and as may be amended by this <u>Section 9.9</u>. The place of arbitration shall be Hong Kong. The official language of the arbitration shall be English and the arbitration tribunal (the "<u>Tribunal</u>") shall consist of three arbitrators (each, an "<u>Arbitrator</u>"). The claimant(s), irrespective of number, shall nominate jointly one Arbitrator; the respondent(s), irrespective of number, shall nominate jointly one Arbitrator; and a third Arbitrator will be nominated jointly by the first two Arbitrators and shall serve as chairman of the Tribunal. In the event the claimant(s) or respondent(s) or the first two Arbitrators shall fail to nominate or agree the joint nomination of an Arbitrator or the third Arbitrator within the time limits specified by the Rules, such Arbitrator shall be appointed promptly by the chairman of HKIAC. The award of the Tribunal shall be final and binding upon the disputing parties. Any party to an award may apply to any court of competent jurisdiction for enforcement of such award and, for purposes of the enforcement of such award, the Parties irrevocably and unconditionally submit to the jurisdiction of any court of competent jurisdiction and waive any defenses to such enforcement based on lack of personal jurisdiction or inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>Specific Performance</u>. Each Party acknowledges and agrees that the other Parties would be irreparably injured by a breach of this Agreement by it and that money damages alone are an inadequate remedy for actual or threatened breach of this Agreement. Accordingly, each Party shall be entitled to specific performance or injunctive or other equitable relief (without posting a bond or other security) to enforce or prevent any violations of any provision of this Agreement, in addition to all other rights and remedies available at law or in equity to such Party, including the right to claim money damages for breach of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 <u>Limitation on Liability</u>. Except as otherwise expressly provided for in this Agreement, the obligation of each Party under this Agreement is several (and not joint nor joint and several).

**10.** **Definitions and Interpretations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Definitions</u>. In this Agreement, unless the context requires otherwise:

"<u>Additional Members</u>" shall have the meaning ascribed to such term in <u>Section 1.5(a)</u> hereof.

"<u>Advisors</u>" means any legal, financial, tax, forensic accounting or other advisors or consultants of the Consortium, Holdco, Merger Sub or a Party, in each case appointed in connection with the Transaction.

"<u>Affiliate</u>" shall have the meaning ascribed to such term in Rule 12b-2 under the Exchange Act; including, for the avoidance of doubt, any affiliated investment funds of such Party or any investment vehicles of such Party or such funds; *provided, however, that* with respect only to Parties that are a private equity, sovereign or other funds in the business of making investments in portfolio companies managed independently, no portfolio company of any such Party (including portfolio company of any affiliated investment fund or investment vehicle of such Party) shall be deemed to be an Affiliate of such Party.

"<u>Agreement</u>" shall have the meaning ascribed to such term in the preamble hereof.

"<u>Alternative Transaction</u>" means any inquiry, proposal or offer from any Person (other than the Consortium) relating to (i) any direct or indirect acquisition or purchase of any capital stock or other equity interest in, or any of the businesses of, the Company or its subsidiaries or variable interest entities, or a restructuring, recapitalization, merger, consolidation or other business combination transaction involving the Company or its subsidiaries or variable interest entities; (ii) a transfer, sale or lease of any of the assets of the Company or any of its subsidiaries or variable interest entities; or (iii) any other transaction that could adversely affect, prevent or materially reduce the likelihood of the consummation of the Transaction with the Parties.

"<u>Arbitrator</u>" shall have the meaning ascribed to such term in <u>Section 9.9</u> hereof.

"<u>Business Day</u>" means any day (other than a Saturday or a Sunday) on which banks generally are open in Beijing, Hong Kong, New York City, Cayman Islands and British Virgins Islands for the transaction of normal banking business.

"<u>Buyer Consortium Advisors</u>" shall have the meaning ascribed to such term in <u>Section 2.2(a)</u> hereof.

"<u>Cash Contribution</u>" shall have the meaning ascribed to such term in <u>Section 1.4(b)</u> hereof.

"<u>Closing</u>" shall have the meaning ascribed to such term in the recitals hereof.

"<u>Company</u>" shall have the meaning ascribed to such term in the recitals hereof.

"<u>Company Shares</u>" means the issued and outstanding ordinary shares, par value US$0.0002 per share, of the Company.

"<u>Confidential Information</u>" includes (i) all written, oral or other information obtained in confidence by one Party from any other Party in connection with this Agreement or the Transaction, unless such information (x) is already or becomes known to such first Party on a non- confidential basis from a source not known by such first Party to be bound by a duty of confidentiality; or (y) is or becomes publicly available other than through a breach of this Agreement by such Party or its Affiliates or Representatives; and (ii) the existence or terms of, and any negotiations or discussions relating to, this Agreement, the Proposal and any definitive documentation, including the Definitive Agreements, and the Transaction.

"<u>Consortium</u>" means the consortium formed by the Parties and any Additional Members to undertake the Transaction.

"<u>Consortium Transaction Expenses</u>" shall have the meaning ascribed to such term in <u>Section 3.1(a)</u> hereof.

"<u>Contemplated Ownership Percentage</u>" means, with respect to a Party, such Party's contemplated Ownership percentage of Holdco immediately following the Transaction as set forth in the then-effective <u>Schedule B</u>.

"<u>Contro</u>l" shall have the meaning ascribed to such terms in Rule 12b-2 under the Exchange Act.

"<u>Deed of Adherence</u>" shall have the meaning ascribed to such term in <u>Section 1.5(c)</u> hereof.

"<u>Definitive Agreements</u>" shall have the meaning ascribed to such term in the recitals hereof.

"<u>Discloser</u>" shall have the meaning ascribed to such term in <u>Section 6.2(a)</u> hereof.

"<u>Equity Contribution</u>" shall have the meaning ascribed to such term in <u>Section 1.4(b)</u> hereof.

"<u>Equity Contribution Schedule</u>" shall have the meaning ascribed to such term in <u>Section 1.4(c)</u> hereof.

"<u>Exchange Act</u>" shall have the meaning ascribed to such term in the recitals hereof.

"<u>Exclusivity Period</u>" shall have the meaning ascribed to such term in <u>Section 4.1</u> hereof.

"<u>Governmental Entity</u>" means any: (a) nation, state, commonwealth, province, territory, county, municipality, tribal territory, district or other jurisdiction of any nature; (b) U.S. federal, state, local or municipal, non-U.S. or other government; or (c) governmental or quasi-governmental authority of any nature (including any governmental division, department, agency, commission, instrumentality, official, ministry, fund, foundation, center, organization, unit, body or entity, any stock exchange and any court or other tribunal).

"<u>HKIAC</u>" shall have the meaning ascribed to such term in <u>Section 9.9</u> hereof.

"<u>Holdco</u>" shall have the meaning ascribed to such term in the recitals hereof.

"<u>Hong Kong</u>" shall have the meaning ascribed to such term in <u>Section 9.8</u> hereof.

"<u>Lead Investor</u>" shall have the meaning ascribed to such term in the preamble hereof.

"<u>Merger Agreement</u>" shall have the meaning ascribed to such term in the recitals hereof.

"<u>Merger Sub</u>" shall have the meaning ascribed to such term in the recitals hereof.

"<u>NASDAQ</u>" shall have the meaning ascribed to such term in the recitals hereof.

"<u>Oceanpine Investment</u>" shall have the meaning ascribed to such term in the preamble hereof.

"<u>Own</u>" or "<u>Ownership</u>" means, with respect to a Person and security, the Person (x) is the record holder of such security; or (y) is the "beneficial owner" (within the meaning of Rule 13d-3 under the Exchange Act) of such security.

"<u>Party</u>" or "<u>Parties</u>" shall have the meaning ascribed to such term in the preamble hereof.

"<u>Person</u>" means an individual, firm, body corporate, unincorporated association, government, state or agency of state, association, joint venture or partnership, trust or other entity or organization, in each case whether or not having a separate legal personality.

"<u>Proposal</u>" shall have the meaning ascribed to such term in the recitals hereof.

"<u>Pro Rata Share</u>" shall have the meaning ascribed to such term in <u>Section 3.1(e)</u> hereof.

"<u>Recipient</u>" shall have the meaning ascribed to such term in <u>Section 6.2(a)</u> hereof.

"<u>Representatives</u>" of a Party means that Party's officers, directors, employees, accountants, counsel, financial advisors, consultants, other advisors, commercial bankers, lending institutions, general partners, limited partners, and other potential debt and equity financing sources. The Representatives shall include the Advisors.

"<u>Rollover Shares</u>" shall have the meaning ascribed to such term in <u>Section 1.4(b)</u> hereof.

"<u>Rule 13e-3</u>" shall have the meaning ascribed to such term in <u>Section 2.1</u> hereof.

"<u>Rules</u>" shall have the meaning ascribed to such term in <u>Section 9.9</u> hereof.

"<u>Securities</u>" means shares, warrants, options and any other securities which are convertible into or exercisable for shares of the Company including Company Shares.

"<u>Shareholders Agreement</u>" shall have the meaning ascribed to such term in <u>Section 1.4(d)</u> hereof.

"<u>Special Committee</u>" shall have the meaning ascribed to such term in the recitals hereof.

"<u>Surviving Company</u>" shall have the meaning ascribed to such term in the recitals hereof.

"<u>Transaction</u>" shall have the meaning ascribed to such term in the recitals hereof.

"<u>Transfer</u>" shall have the meaning ascribed to such term in <u>Section 4.1(b)</u> hereof.

"<u>Tribunal</u>" shall have the meaning ascribed to such term in <u>Section 9.9</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Headings</u>. Section and paragraph headings are inserted for ease of reference only and shall not affect construction.

[*Signatures begin on next page*]

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed and delivered as a deed as of the date first written above.

---

| | |
|:---|:---|
| **OCEANPINE CAPITAL INC.** | **OCEANPINE CAPITAL INC.** |
| By: | /s/ Yang Jiayu |
| Name: | Yang Jiayu |
| Title: | Director |
| <u>Notice details</u>: | <u>Notice details</u>: |
| Address: 21F, China Century Tower | Address: 21F, China Century Tower |
| No. 9 Xiaoyunli South St | No. 9 Xiaoyunli South St |
| Beijing 100026, China | Beijing 100026, China |
| E-mail: nansd@oceanpine.com | E-mail: nansd@oceanpine.com |
| Attention: Nan Shaodeng | Attention: Nan Shaodeng |

---

*[Signature Page to Consortium Agreement]*

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed and delivered as a deed as of the date first written above.

---

| | |
|:---|:---|
| **OCEANPINE INVESTMENT FUND II LP** | **OCEANPINE INVESTMENT FUND II LP** |
| By: | /s/ Dave Liguang Chenn |
| Name: | Dave Liguang Chenn |
| Title: | Director |
| <u>Notice details</u>: | <u>Notice details</u>: |
| Address: 21F, China Century Tower | Address: 21F, China Century Tower |
| No. 9 Xiaoyunli South St | No. 9 Xiaoyunli South St |
| Beijing 100026, China | Beijing 100026, China |
| E-mail: nansd@oceanpine.com | E-mail: nansd@oceanpine.com |
| Attention: Nan Shaodeng | Attention: Nan Shaodeng |

---

*[Signature Page to Consortium Agreement]*

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed and delivered as a deed as of the date first written above.

---

| | |
|:---|:---|
| **CRYSTAL PEAK INVESTMENT INC.** | **CRYSTAL PEAK INVESTMENT INC.** |
| By: | /s/ Xue Huaqin |
| Name: | Xue Huaqin |
| Title: | Director |
| <u>Notice details</u>: | <u>Notice details</u>: |
| Address: 3877 El camino Real, Ste | Address: 3877 El camino Real, Ste |
| 201, Palo Alto CA 94306 | 201, Palo Alto CA 94306 |
| E-mail: xuehuaqin1@outlook.com | E-mail: xuehuaqin1@outlook.com |
| Attention: Xue Huaqin | Attention: Xue Huaqin |

---

*[Signature Page to Consortium Agreement]*

## Exhibit 99.5

**Exhibit 99.5**

**Revised Non-Binding Proposal**

August 26, 2025

The Board of Directors (the "**Board**")

LakeShore Biopharma Co., Ltd

Building No. 2, 38 Yongda Road

Daxing Biomedical Industry Park

Daxing District, Beijing, 102629

People's Republic of China

Dear members of the Board:

On August 18, 2025, Oceanpine Investment Fund II LP and Oceanpine Capital Inc. (collectively, "**Oceanpine Capital**") made a preliminary non-binding proposal (the "**Original Proposal**") to acquire all outstanding ordinary shares of a par value of US$0.0002 each (the "**Ordinary Shares**") of LakeShore Biopharma Co., Ltd (the "**Company**") not owned by them, in an all cash transaction.

We are pleased to submit this revised proposal (the "**Revised Proposal**") to inform the Board that (i) Oceanpine Investment Fund II LP; (ii) Oceanpine Capital Inc.; and (iii) Crystal Peak Investment Inc. (collectively, "**we**", "**our**" or "**us**") have formed a buyer consortium (the "**Consortium**") and, as the initial members of the Consortium, have agreed to work exclusively with each other to acquire all outstanding Ordinary Shares of the Company not owned by us, in an all cash transaction (the "**Proposed Transaction**").

We currently own in aggregate approximately 52.1% of all the issued and outstanding Ordinary Shares of the Company, representing the same percentage of the aggregate voting power of the Company. We agree that the Board should form a special committee of independent and disinterested directors (the "**Special Committee**") to consider our Revised Proposal and make a recommendation to the Board. We further agree that the Special Committee shall retain its own independent legal and financial advisors to assist in its review of our Proposed Transaction.

None of the Company's directors who are affiliated with us will participate in the evaluation of our Revised Proposal by the Company, the Special Committee or Special Committee's advisors.

Except as otherwise stated herein, we confirm that all of the key terms as set forth in the Original Proposal remain unchanged. We intend to fund the Proposed Transaction with equity capital from us in the form of rollover equity in the Company and cash contribution by Oceanpine Capital or its affiliates. Accordingly, our Proposed Transaction would not be subject to any uncertainty or delay with respect to any debt financing nor a financing condition.

In considering our Revised Proposal, you should be aware that we, as the initial members of the Consortium, have entered into a consortium agreement dated as of the date hereof, pursuant to which we have agreed to vote all of the Ordinary Shares of the Company beneficially owned by us in favor of the Proposed Transaction and do not intend to sell our Ordinary Shares of the Company to any third party or support any competing bid to our Revised Proposal while remaining as members of the Consortium.

Given our knowledge of the Company, we remain committed to completing the Proposed Transaction in an expedited manner by promptly engaging in discussions with the Special Committee and its advisors to negotiate and finalize the definitive documentation relating to the Proposed Transaction, so as to expedite the process of delivering value to the Company's shareholders.

Due to our obligations under the securities laws, we intend to timely file one or more Schedule 13D or Schedule 13D amendment(s) with the Securities and Exchange Commission to disclose this Revised Proposal. However, we are sure that you will agree with us that it is in all of our interests to ensure that we otherwise proceed in a strictly confidential manner, unless otherwise required by law, until we have executed definitive documentation relating to the Proposed Transaction or terminated our discussions.

This letter constitutes only a preliminary indication of our interest and does not constitute any binding commitment with respect to the transactions proposed in this letter or any other transaction. No agreement, arrangement or understanding between us and the Company relating to any transaction will be created until such time as definitive documentation has been executed and delivered by us and the Company and all other appropriate parties.

We look forward to hearing from you and working expeditiously with you towards the completion of a successful transaction.

[*signatures page follows*]

Sincerely,

**Oceanpine Investment Fund II LP**

---

| | |
|:---|:---|
| By: | /s/ Dave Liguang Chenn |
| Name: | Dave Liguang Chenn |
| Title: | Director |

---

**Oceanpine Capital Inc.**

---

| | |
|:---|:---|
| By: | /s/ Yang Jiayu |
| Name: | Yang Jiayu |
| Title: | Director |

---

**Crystal Peak Investment Inc.**

---

| | |
|:---|:---|
| By: | /s/ Xue Huaqin |
| Name: | Xue Huaqin |
| Title: | Director |

---

## Exhibit 99.6

**Exhibit 99.6**

**DEED OF ADHERENCE**

This Deed of Adherence (this "<u>Deed</u>") is entered into on October 5, 2025

BY:

Each of the following (each, an "Additional Member" and together, the "Additional Members"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Adjuvant Global Health Technology Fund, L.P., a Cayman Islands
exempted limited partnership with its principal place of business at 500 5th Avenue, Suite #4000, New York, NY 10110, United States of
America; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Adjuvant Global Health Technology Fund DE, L.P., a Delaware
limited partnership with its principal place of business at 500 5th Avenue, Suite #4000, New York, NY 10110, United States of America.

**RECITALS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) On August 26, 2025, the parties listed on Annex A to this
Deed (the " <u>Existing Members</u> ") entered into a consortium agreement (the " <u>Consortium Agreement</u> ")
and proposed to, among other things, undertake an acquisition transaction (the " <u>Transaction</u> ") with respect to LakeShore
Biopharma Co., Ltd, an exempted company incorporated under the laws of the Cayman Islands with limited liability and listed on the NASDAQ
Capital Market (" <u>NASDAQ</u> ") (the " <u>Company</u> "), pursuant to which the Company would be delisted from
NASDAQ and deregistered under the United States Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Additional members may be admitted to the Consortium pursuant
to <u>Section 1.5</u> of the Consortium Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Additional Members now wish to participate in the Transaction
contemplated under the Consortium Agreement, to sign this Deed, and to be bound by the terms of the Consortium Agreement as Parties thereto,
in each case severally and not jointly.

**THIS DEED WITNESSES** as follows:

**1.** **Defined Terms And Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used but not defined herein shall have the meaning set forth in the Consortium Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Deed shall be incorporated into the Consortium Agreement as if expressly incorporated into the Consortium
Agreement.

**2.** **Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assumption of obligations

Each Additional Member undertakes to each other Party to the Consortium Agreement that it will, with effect from the date hereof, perform and comply with each of the obligations of a Party as if it had been a Party to the Consortium Agreement at the date of execution thereof and the Existing Members agree that where there is a reference to a "Party" it shall be deemed to include a reference to each Additional Member and with effect from the date hereof, all the rights of a Party provided under the Consortium Agreement will be accorded to each Additional Member as if it had been a Party under the Consortium Agreement at the date of execution thereof. The obligations and liabilities of the Additional Members under this Deed and the Consortium Agreement are several and not joint. The Cash Contribution amount and/or the number of Rollover Shares to be contributed by each Additional Member are set forth in <u>Schedule A</u> hereto.

**3.** **Representations And Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Additional Member represents and warrants to each of the other Parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Status

It is duly organized, established and validly existing under the laws of the jurisdiction stated in the preamble of this Deed and has the requisite power and authority to execute, deliver and perform this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Due Authorization

The execution, delivery and performance of this Deed by such Additional Member have been duly authorized by all necessary action on behalf of such Additional Member and no additional proceedings are necessary to approve this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Legal, Valid and Binding Obligation

This Deed has been duly executed and delivered by such Additional Member and constitutes the legal, valid and binding obligation of such Additional Member, enforceable against it in accordance with the terms hereof (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors' rights generally and general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No Conflict

Its execution, delivery and performance (including the provision and exchange of information) of this Deed will not (i) conflict with, require a consent, waiver or approval under, or result in a breach of or default under, any of the terms of any material contract or agreement to which such Additional Member is a party or by which such Additional Member is bound, or any office such Additional Member holds; (ii) violate any order, writ, injunction, decree or statute, or any rule or regulation, applicable to such Additional Member or any of its properties and assets; or (iii) result in the creation of, or impose any obligation on such Additional Member to create, any lien, charge or other encumbrance of any nature whatsoever upon such Additional Member's properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No Broker

No broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the Transaction based upon arrangements made by or on behalf of such Additional Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Ownership

As of the date of this Deed, (i) such Additional Member (A) Owns the number of Company Shares set forth under the heading "Company Shares" next to its name on <u>Schedule B</u> hereto, free and clear of any encumbrances or restrictions and (B) Owns the other Securities set forth under the heading "Other Securities" next to its name on <u>Schedule B</u> hereto, in each case free and clear of any encumbrances or restrictions; (ii) such Additional Member has the sole right to Control the voting and disposition of such Company Shares (if any) and any other Securities (if any) held by it; and (iii) none of the Additional Members, nor any of their respective Affiliates Owns, directly or indirectly, any Company Shares or other Securities, other than as set forth on <u>Schedule B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Reliance

The Additional Members acknowledge that the Existing Members have consented to the admission of the Additional Members to the Consortium on the basis of and in reliance upon (among other things) the representations and warranties in <u>Section 3(a)(1)</u> through <u>Section 3(a)(4)</u> above, and the Existing Members' consent was induced by such representations and warranties.

**4.** **Miscellaneous** 

<u>Section 7</u> (Notices), <u>Section 9.8</u> (Governing Law) and <u>Section 9.9</u> (Dispute Resolution) of the Consortium Agreement shall apply *mutatis mutandis* to this Deed.

 

*[Signature page follows.]*

 

IN WITNESS WHEREOF, the Additional Member has executed this Deed as a deed and delivered this Deed as of the day and year first above written.

---

| |
|:---|
| **EXECUTED AS A DEED BY** |
| **ADJUVANT GLOBAL HEALTH TECHNOLOGY FUND, L.P.** |
| by its general partner Adjuvant Capital GP, L.P. |
| by its general partner Adjuvant Capital Management, LLC |
| By: |
| Name: |
| Title: |

---

---

| | |
|:---|:---|
| in the presence of | in the presence of |
| Signature: | /s/ Glenn Rockman |
| Name: | Glenn Rockman |
| Occupation: | Managing Partner |
| Address: 500 5th Avenue, Suite #4000, New York, NY 10110, USA | Address: 500 5th Avenue, Suite #4000, New York, NY 10110, USA |

---

---

| |
|:---|
| **EXECUTED AS A DEED BY** |
| **ADJUVANT GLOBAL HEALTH TECHNOLOGY FUND DE, L.P.** |
| by its general partner Adjuvant Capital GP, L.P. |
| by its general partner Adjuvant Capital Management, LLC |
| By: |
| Name: |
| Title: |

---

---

| | |
|:---|:---|
| in the presence of | in the presence of |
| Signature: | /s/ Glenn Rockman |
| Name: | Glenn Rockman |
| Occupation: | Managing Partner |
| Address: 500 5th Avenue, Suite #4000, New York, NY 10110, USA | Address: 500 5th Avenue, Suite #4000, New York, NY 10110, USA |
| <u>Notice details (for the Additional Members)</u>: | <u>Notice details (for the Additional Members)</u>: |
| Address: 500 5th Avenue, Suite #4000, New York, NY 10110, USA | Address: 500 5th Avenue, Suite #4000, New York, NY 10110, USA |
| Attention: Kabeer Aziz | Attention: Kabeer Aziz |
| Facsimile: N/A | Facsimile: N/A |
| E-mail: kaziz@adjuvantcapital.com | E-mail: kaziz@adjuvantcapital.com |
| with a copy to (which alone shall not constitute notice): | with a copy to (which alone shall not constitute notice): |
| Adjuvant Capital Management, LLC | Adjuvant Capital Management, LLC |
| Address: 500 5th Avenue, Suite #4000, New York, NY 10110, USA | Address: 500 5th Avenue, Suite #4000, New York, NY 10110, USA |
| Attention: Glenn Rockman | Attention: Glenn Rockman |
| Facsimile: N/A | Facsimile: N/A |
| E-mail: gr@adjuvantcapital.com | E-mail: gr@adjuvantcapital.com |

---

*[Deed of Adherence Signature Page]*

## Exhibit 99.7

**Exhibit 99.7**

**DEED OF ADHERENCE**

This Deed of Adherence (this "<u>Deed</u>") is entered into on October 27, 2025

BY:

**Superstring Capital Master Fund LP**, a limited partnership organized and existing under the laws of Cayman Islands with its registered address at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the "<u>Additional Member</u>").

**RECITALS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) On August 26, 2025, the parties listed on Annex A to this
Deed (the "Existing Members") entered into a consortium agreement (the "Consortium Agreement") and proposed to,
among other things, undertake an acquisition transaction (the "Transaction") with respect to LakeShore Biopharma Co., Ltd,
an exempted company incorporated under the laws of the Cayman Islands with limited liability and listed for quotation on the OTC Pink
Open Market (the "OTC Market") (the "Company"), pursuant to which the Company would cease to be quoted on the
OTC Market and deregistered under the United States Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Additional members may be admitted to the Consortium pursuant
to <u>Section 1.5</u> of the Consortium Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Additional Member now wishes to participate in the Transaction
contemplated under the Consortium Agreement, to sign this Deed, and to be bound by the terms of the Consortium Agreement as a Party thereto.

**THIS DEED WITNESSES** as follows:

**1.** **Defined Terms And Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used but not defined herein shall have the meaning set forth in the Consortium Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Deed shall be incorporated into the Consortium Agreement as if expressly incorporated into the Consortium
Agreement.

**2.** **Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assumption of obligations

The Additional Member undertakes to each other Party to the Consortium Agreement that it will, with effect from the date hereof, perform and comply with each of the obligations of a Party as if it had been a Party to the Consortium Agreement at the date of execution thereof and the Existing Members agree that where there is a reference to a "Party" it shall be deemed to include a reference to the Additional Member and with effect from the date hereof, all the rights of a Party provided under the Consortium Agreement will be accorded to the Additional Member as if the Additional Member had been a Party under the Consortium Agreement at the date of execution thereof. The Cash Contribution amount and/or the number of Rollover Shares to be contributed by the Additional Member are set forth in <u>Schedule A</u> hereto.

**3.** **Representations And Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Additional Member represents and warrants to each of the other Parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Status

It is duly organized, established and validly existing under the laws of the jurisdiction stated in the preamble of this Deed and has the requisite power and authority to execute, deliver and perform this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Due Authorization

The execution, delivery and performance of this Deed by the Additional Member has been duly authorized by all necessary action on behalf of the Additional Member and no additional proceedings are necessary to approve this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Legal, Valid and Binding Obligation

This Deed has been duly executed and delivered by the Additional Member and constitutes the legal, valid and binding obligation of the Additional Member, enforceable against it in accordance with the terms hereof (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors' rights generally and general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No Conflict

Its execution, delivery and performance (including the provision and exchange of information) of this Deed will not (i) conflict with, require a consent, waiver or approval under, or result in a breach of or default under, any of the terms of any material contract or agreement to which the Additional Member is a party or by which the Additional Member is bound, or any office the Additional Member holds; (ii) violate any order, writ, injunction, decree or statute, or any rule or regulation, applicable to the Additional Member or any of its properties and assets; or (iii) result in the creation of, or impose any obligation on the Additional Member to create, any lien, charge or other encumbrance of any nature whatsoever upon the Additional Member's properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No Broker

No broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the Transaction based upon arrangements made by or on behalf of the Additional Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Ownership

As of the date of this Deed, (i) the Additional Member (A) Owns the number of Company Shares set forth under the heading "Company Shares" next to its name on <u>Schedule B</u> hereto, free and clear of any encumbrances or restrictions and (B) Owns the other Securities set forth under the heading "Other Securities" next to its name on <u>Schedule B</u> hereto, in each case free and clear of any encumbrances or restrictions; (ii) the Additional Member has the sole right to Control the voting and disposition of such Company Shares (if any) and any other Securities (if any) held by it; and (iii) none of the Additional Member and its Affiliates Owns, directly or indirectly, any Company Shares or other Securities, other than as set forth on <u>Schedule B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Reliance

The Additional Member acknowledges that the Existing Members have consented to the admission of the Additional Member to the Consortium on the basis of and in reliance upon (among other things) the representations and warranties in <u>Section 3(a)(1)</u> through <u>Section 3(a)(4)</u> above, and the Existing Members' consent was induced by such representations and warranties.

**4.** **Miscellaneous** 

<u>Section 7</u> (Notices), <u>Section 9.8</u> (Governing Law) and <u>Section 9.9</u> (Dispute Resolution) of the Consortium Agreement shall apply *mutatis mutandis* to this Deed.

 

*[Signature page follows.]*

 

IN WITNESS WHEREOF, the Additional Member has executed this Deed as a deed and delivered this Deed as of the day and year first above written.

---

| |
|:---|
| **EXECUTED AS A DEED BY** |
| **Superstring Capital Master Fund LP** |
| By: |
| By: |
| Name: |
| Title: |

---

---

| | |
|:---|:---|
| in the presence of | in the presence of |
| Signature: | /s/ George Song |
| Name: | George Song |
| Occupation: | COO/CFO |
| Address: 150 E 52nd St, Suite 5004, New York, NY 10022 | Address: 150 E 52nd St, Suite 5004, New York, NY 10022 |

---

---

| |
|:---|
| <u>Notice details</u>: |
| Address: 150 E 52nd St, Suite 5004, New York, NY 10022 |
| Attention: Ting Guo |
| Facsimile: N/A |
| E-mail: tguo@superstringcap.com |
| with a copy to (which alone shall not constitute notice): |
| George Song |
| Address: 150 E 52nd St, Suite 5004, New York, NY 10022 |
| Attention: George Song |
| Facsimile: N/A |
| E-mail: gsong@superstringcap.com |

---

*[Deed of Adherence Signature Page]*

## Exhibit 99.8

**Exhibit 99.8**

**DEED OF ADHERENCE**

This Deed of Adherence (this "<u>Deed</u>") is entered into on October 27, 2025

BY:

**MSA GROWTH FUND II, L.P.**, a limited partnership organized and existing under the laws of Cayman Island with its registered address at 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands (the "<u>Additional Member</u>").

**RECITALS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) On August 26, 2025, the parties listed on Annex A to this
Deed (the "Existing Members") entered into a consortium agreement (the "Consortium Agreement") and proposed to,
among other things, undertake an acquisition transaction (the "Transaction") with respect to LakeShore Biopharma Co., Ltd,
an exempted company incorporated under the laws of the Cayman Islands with limited liability and listed for quotation on the OTC Pink
Open Market (the "OTC Market") (the "Company"), pursuant to which the Company would cease to be quoted on the
OTC Market and deregistered under the United States Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Additional members may be admitted to the Consortium pursuant
to <u>Section 1.5</u> of the Consortium Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Additional Member now wishes to participate in the Transaction
contemplated under the Consortium Agreement, to sign this Deed, and to be bound by the terms of the Consortium Agreement as a Party thereto.

**THIS DEED WITNESSES** as follows:

**1.** **Defined Terms And Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used but not defined herein shall have the meaning set forth in the Consortium Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Deed shall be incorporated into the Consortium Agreement as if expressly incorporated into the Consortium
Agreement.

**2.** **Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assumption of obligations

The Additional Member undertakes to each other Party to the Consortium Agreement that it will, with effect from the date hereof, perform and comply with each of the obligations of a Party as if it had been a Party to the Consortium Agreement at the date of execution thereof and the Existing Members agree that where there is a reference to a "Party" it shall be deemed to include a reference to the Additional Member and with effect from the date hereof, all the rights of a Party provided under the Consortium Agreement will be accorded to the Additional Member as if the Additional Member had been a Party under the Consortium Agreement at the date of execution thereof. The Cash Contribution amount and/or the number of Rollover Shares to be contributed by the Additional Member are set forth in <u>Schedule A</u> hereto.

**3.** **Representations And Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Additional Member represents and warrants to each of the other Parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Status

It is duly organized, established and validly existing under the laws of the jurisdiction stated in the preamble of this Deed and has the requisite power and authority to execute, deliver and perform this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Due Authorization

The execution, delivery and performance of this Deed by the Additional Member has been duly authorized by all necessary action on behalf of the Additional Member and no additional proceedings are necessary to approve this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Legal, Valid and Binding Obligation

This Deed has been duly executed and delivered by the Additional Member and constitutes the legal, valid and binding obligation of the Additional Member, enforceable against it in accordance with the terms hereof (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors' rights generally and general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No Conflict

Its execution, delivery and performance (including the provision and exchange of information) of this Deed will not (i) conflict with, require a consent, waiver or approval under, or result in a breach of or default under, any of the terms of any material contract or agreement to which the Additional Member is a party or by which the Additional Member is bound, or any office the Additional Member holds; (ii) violate any order, writ, injunction, decree or statute, or any rule or regulation, applicable to the Additional Member or any of its properties and assets; or (iii) result in the creation of, or impose any obligation on the Additional Member to create, any lien, charge or other encumbrance of any nature whatsoever upon the Additional Member's properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No Broker

No broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the Transaction based upon arrangements made by or on behalf of the Additional Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Ownership

As of the date of this Deed, (i) the Additional Member (A) Owns the number of Company Shares set forth under the heading "Company Shares" next to its name on <u>Schedule B</u> hereto, free and clear of any encumbrances or restrictions and (B) Owns the other Securities set forth under the heading "Other Securities" next to its name on <u>Schedule B</u> hereto, in each case free and clear of any encumbrances or restrictions; (ii) the Additional Member has the sole right to Control the voting and disposition of such Company Shares (if any) and any other Securities (if any) held by it; and (iii) none of the Additional Member and its Affiliates Owns, directly or indirectly, any Company Shares or other Securities, other than as set forth on <u>Schedule B</u> hereto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Reliance

The Additional Member acknowledges that the Existing Members have consented to the admission of the Additional Member to the Consortium on the basis of and in reliance upon (among other things) the representations and warranties in <u>Section 3(a)(1)</u> through <u>Section 3(a)(4)</u> above, and the Existing Members' consent was induced by such representations and warranties.

**4.** **Miscellaneous** 

<u>Section 7</u> (Notices), <u>Section 9.8</u> (Governing Law) and <u>Section 9.9</u> (Dispute Resolution) of the Consortium Agreement shall apply *mutatis mutandis* to this Deed.

 

*[Signature page follows.]*

 

IN WITNESS WHEREOF, the Additional Member has executed this Deed as a deed and delivered this Deed as of the day and year first above written.

---

| |
|:---|
| **EXECUTED AS A DEED BY** |
| **MSA GROWTH FUND II, L.P.** |
| By: |
| Name: |
| Title: |

---

---

| | |
|:---|:---|
| in the presence of | in the presence of |
| Signature: | /s/ Jiali Mao |
| Name: | Jiali Mao |
| Occupation: | COO |
| Address: 2106, 21F, Jinhui Building, No. 6, Wangjing East Park 4th District, Chaoyang District, Beijing | Address: 2106, 21F, Jinhui Building, No. 6, Wangjing East Park 4th District, Chaoyang District, Beijing |

---

---

| |
|:---|
| <u>Notice details:</u> |
| Address: 2106, 21F, Jinhui Building, No. 6, Wangjing East Park 4th District, Chaoyang District, Beijing |
| Attention: Jiawu (James) Feng |
| Facsimile: N/A |
| E-mail: james.feng@msacap.com |
| with a copy to (which alone shall not constitute notice): |
| Address: 2106, 21F, Jinhui Building, No. 6, Wangjing East Park 4th District, Chaoyang District, Beijing |
| Attention: Yu (Jenny) Zeng |
| Facsimile: N/A |
| E-mail: jennyzeng@msacap.com |

---

*[Deed of Adherence Signature Page]*

## Exhibit 99.9

**Exhibit 99.9**

**DEED OF ADHERENCE**

This Deed of Adherence (this "<u>Deed</u>") is entered into on October 27, 2025

BY:

**Epiphron Capital (Hong Kong) Limited**, a limited liability company organized and existing under the laws of the Hong Kong Special Administrative Region with its registered address at RM15, 14/F, Block B, Win Sun Factory building, Tuen Mun, N.T., Hong Kong (the "<u>Additional Member</u>").

**RECITALS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) On August 26, 2025, the parties listed on Annex A to this
Deed (the "Existing Members") entered into a consortium agreement (the "Consortium Agreement") and proposed to,
among other things, undertake an acquisition transaction (the "Transaction") with respect to LakeShore Biopharma Co., Ltd,
an exempted company incorporated under the laws of the Cayman Islands with limited liability and listed for quotation on the OTC Pink
Open Market (the "OTC Market") (the "Company"), pursuant to which the Company would cease to be quoted on the
OTC Market and deregistered under the United States Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Additional members may be admitted to the Consortium pursuant
to <u>Section 1.5</u> of the Consortium Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Additional Member now wishes to participate in the Transaction
contemplated under the Consortium Agreement, to sign this Deed, and to be bound by the terms of the Consortium Agreement as a Party thereto.

**THIS DEED WITNESSES** as follows:

**1.** **Defined Terms And Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used but not defined herein shall have the meaning set forth in the Consortium Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Deed shall be incorporated into the Consortium Agreement as if expressly incorporated into the Consortium
Agreement.

**2.** **Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assumption of obligations

The Additional Member undertakes to each other Party to the Consortium Agreement that it will, with effect from the date hereof, perform and comply with each of the obligations of a Party as if it had been a Party to the Consortium Agreement at the date of execution thereof and the Existing Members agree that where there is a reference to a "Party" it shall be deemed to include a reference to the Additional Member and with effect from the date hereof, all the rights of a Party provided under the Consortium Agreement will be accorded to the Additional Member as if the Additional Member had been a Party under the Consortium Agreement at the date of execution thereof. The Cash Contribution amount and/or the number of Rollover Shares to be contributed by the Additional Member are set forth in <u>Schedule A</u> hereto.

**3.** **Representations And Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Additional Member represents and warrants to each of the other Parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Status

It is duly organized, established and validly existing under the laws of the jurisdiction stated in the preamble of this Deed and has the requisite power and authority to execute, deliver and perform this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Due Authorization

The execution, delivery and performance of this Deed by the Additional Member has been duly authorized by all necessary action on behalf of the Additional Member and no additional proceedings are necessary to approve this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Legal, Valid and Binding Obligation

This Deed has been duly executed and delivered by the Additional Member and constitutes the legal, valid and binding obligation of the Additional Member, enforceable against it in accordance with the terms hereof (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors' rights generally and general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No Conflict

Its execution, delivery and performance (including the provision and exchange of information) of this Deed will not (i) conflict with, require a consent, waiver or approval under, or result in a breach of or default under, any of the terms of any material contract or agreement to which the Additional Member is a party or by which the Additional Member is bound, or any office the Additional Member holds; (ii) violate any order, writ, injunction, decree or statute, or any rule or regulation, applicable to the Additional Member or any of its properties and assets; or (iii) result in the creation of, or impose any obligation on the Additional Member to create, any lien, charge or other encumbrance of any nature whatsoever upon the Additional Member's properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No Broker

No broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the Transaction based upon arrangements made by or on behalf of the Additional Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Ownership

As of the date of this Deed, (i) the Additional Member (A) Owns the number of Company Shares set forth under the heading "Company Shares" next to its name on <u>Schedule B</u> hereto, free and clear of any encumbrances or restrictions and (B) Owns the other Securities set forth under the heading "Other Securities" next to its name on <u>Schedule B</u> hereto, in each case free and clear of any encumbrances or restrictions; (ii) the Additional Member has the sole right to Control the voting and disposition of such Company Shares (if any) and any other Securities (if any) held by it; and (iii) none of the Additional Member and its Affiliates Owns, directly or indirectly, any Company Shares or other Securities, other than as set forth on <u>Schedule B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Reliance

The Additional Member acknowledges that the Existing Members have consented to the admission of the Additional Member to the Consortium on the basis of and in reliance upon (among other things) the representations and warranties in <u>Section 3(a)(1)</u> through <u>Section 3(a)(4)</u> above, and the Existing Members' consent was induced by such representations and warranties.

**4.** **Miscellaneous** 

<u>Section 7</u> (Notices), <u>Section 9.8</u> (Governing Law) and <u>Section 9.9</u> (Dispute Resolution) of the Consortium Agreement shall apply *mutatis mutandis* to this Deed.

 

*[Signature page follows.]*

 

IN WITNESS WHEREOF, the Additional Member has executed this Deed as a deed and delivered this Deed as of the day and year first above written.

---

| |
|:---|
| **EXECUTED AS A DEED BY** |
| **Epiphron Capital (Hong Kong) Limited** |
| By: |
| Name: |
| Title: |

---

---

| | |
|:---|:---|
| in the presence of | in the presence of |
| Signature: | /s/ Sai Zhang |
| Name: | Sai Zhang |
| Occupation: | Accountant |
| Address: Room 1813-14, F18, Henderson Centre Office Tower 1, No. 18 Jian Guo Men Nei Ave., Dongcheng District, Beijing, China | Address: Room 1813-14, F18, Henderson Centre Office Tower 1, No. 18 Jian Guo Men Nei Ave., Dongcheng District, Beijing, China |

---

---

| |
|:---|
| <u>Notice details</u>: |
| Address: RM15, 14/F, Block B, Win Sun Factory building, Tuen Mun, N.T., Hong Kong |
| Attention: Lo Ka chun |
| Facsimile: N/A |
| E-mail: victor.lo@epiphroncapital.com |
| with a copy to (which alone shall not constitute notice): |
| Xin Weng |
| Address: RM15, 14/F, Block B, Win Sun Factory building, Tuen Mun, N.T., Hong Kong |
| Attention: Xin Weng |
| Facsimile: N/A |
| E-mail: weng.xin@epiphroncapital.com |

---

*[Deed of Adherence Signature Page]*

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**LakeShore Biopharma Co., Ltd.**

*(Name of Issuer)*

**Ordinary Shares, par value $0.0002 per share**

*(Title of Class of Securities)*

**G9845F208**

*(CUSIP Number)*

**Huaqin Xue**<br>c/o Kingston Chambers<br>PO Box 173, Road Town<br>Tortola D8 VG1110<br>86 133 3571 1066

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/27/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Huaqin Xue** | Name of reporting person<br>**Huaqin Xue** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**21021332.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**21021332.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**21021332.00** | Aggregate amount beneficially owned by each reporting person<br>**21021332.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**51.0%** | Percent of class represented by amount in Row (11)<br>**51.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 21,021,332 ordinary shares held by Crystal Investment (as defined below). Each ordinary share is entitled to one vote. Crystal Investment is a wholly owned subsidiary of Crystal Holdings (as defined below). Huaqin Xue is a director of both Crystal Investment and Crystal Holdings and is the sole shareholder of Crystal Holdings. Based on the foregoing, Huaqin Xue may be deemed to be the beneficial owner of the ordinary shares held by Crystal Investment.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Crystal Peak Holdings Inc.** | Name of reporting person<br>**Crystal Peak Holdings Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**21021332.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**21021332.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**21021332.00** | Aggregate amount beneficially owned by each reporting person<br>**21021332.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**51.0%** | Percent of class represented by amount in Row (11)<br>**51.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 21,021,332 ordinary shares held by Crystal Investment, which is wholly owned by Crystal Holdings. Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Crystal Peak Investment Inc.** | Name of reporting person<br>**Crystal Peak Investment Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**21021332.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**21021332.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**21021332.00** | Aggregate amount beneficially owned by each reporting person<br>**21021332.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**51.0%** | Percent of class represented by amount in Row (11)<br>**51.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 21,021,332 ordinary shares held by Crystal Investment. Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Dave Liguang Chenn** | Name of reporting person<br>**Dave Liguang Chenn** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**462760.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**462760.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**462760.00** | Aggregate amount beneficially owned by each reporting person<br>**462760.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.1%** | Percent of class represented by amount in Row (11)<br>**1.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents (i) 410,560 ordinary shares held by Oceanpine Investment (as defined below), and (ii) 52,200 ordinary shares held by Oceanpine Capital (as defined below). Each ordinary share is entitled to one vote. As Dave Liguang Chenn is the managing partner of both Oceanpine Investment and Oceanpine Capital, he may be deemed to be the beneficial owner of the ordinary shares held by Oceanpine Investment and Oceanpine Capital.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Oceanpine Investment Fund II LP** | Name of reporting person<br>**Oceanpine Investment Fund II LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**410560.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**410560.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**410560.00** | Aggregate amount beneficially owned by each reporting person<br>**410560.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.0%** | Percent of class represented by amount in Row (11)<br>**1.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 410,560 ordinary shares held by Oceanpine Investment. Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Oceanpine Capital Inc.** | Name of reporting person<br>**Oceanpine Capital Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D8** | Citizenship or place of organization<br>**D8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**52200.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**52200.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**52200.00** | Aggregate amount beneficially owned by each reporting person<br>**52200.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 52,200 ordinary shares held by Oceanpine Capital. Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Adjuvant Capital Management, L.L.C.** | Name of reporting person<br>**Adjuvant Capital Management, L.L.C.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**290298.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**290298.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**290298.00** | Aggregate amount beneficially owned by each reporting person<br>**290298.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.70%** | Percent of class represented by amount in Row (11)<br>**0.70%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Each of row 8, 10 and 11 represents (i) 243,630 ordinary shares held by Adjuvant Fund (as defined below) and (ii) 46,668 ordinary shares held by Adjuvant Fund DE (as defined below). Each ordinary share is entitled to one vote. Adjuvant GP (as defined below) is the sole general partner of Adjuvant Fund and Adjuvant Fund DE. Adjuvant Management (as defined below) is the sole general partner of Adjuvant GP. Therefore, Adjuvant Management may be deemed to be the beneficial owner of the ordinary shares held by Adjuvant Fund and Adjuvant Fund DE.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Adjuvant Capital GP, L.P.** | Name of reporting person<br>**Adjuvant Capital GP, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**290298.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**290298.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**290298.00** | Aggregate amount beneficially owned by each reporting person<br>**290298.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.70%** | Percent of class represented by amount in Row (11)<br>**0.70%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Each of row 8, 10 and 11 represents (i) 243,630 ordinary shares held by Adjuvant Fund and (ii) 46,668 ordinary shares held by Adjuvant Fund DE. Each ordinary share is entitled to one vote. Adjuvant GP is the sole general partner of Adjuvant Fund and Adjuvant Fund DE, and may be deemed to beneficially own the ordinary shares held by Adjuvant Fund and Adjuvant Fund DE.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Adjuvant Global Health Technology Fund, L.P.** | Name of reporting person<br>**Adjuvant Global Health Technology Fund, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**243630.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**243630.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**243630.00** | Aggregate amount beneficially owned by each reporting person<br>**243630.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.59%** | Percent of class represented by amount in Row (11)<br>**0.59%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Each of row 8, 10 and 11 represents 243,630 ordinary shares held by Adjuvant Fund. Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Adjuvant Global Health Technology Fund DE, L.P.** | Name of reporting person<br>**Adjuvant Global Health Technology Fund DE, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**46668.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**46668.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**46668.00** | Aggregate amount beneficially owned by each reporting person<br>**46668.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.11%** | Percent of class represented by amount in Row (11)<br>**0.11%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Each of row 8, 10 and 11 represents 46,668 ordinary shares held by Adjuvant Fund DE. Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MSA China Growth Fund II GP, LLC** | Name of reporting person<br>**MSA China Growth Fund II GP, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**112904.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**112904.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**112904.00** | Aggregate amount beneficially owned by each reporting person<br>**112904.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.27%** | Percent of class represented by amount in Row (11)<br>**0.27%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 112,904 ordinary shares held by MSA Growth (as defined below). Each ordinary share is entitled to one vote. MSA China Growth (as defined below) is the general partner of MSA Growth, and may be deemed to beneficially own the ordinary shares held by MSA Growth.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MSA Growth Fund II, L.P.** | Name of reporting person<br>**MSA Growth Fund II, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**112904.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**112904.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**112904.00** | Aggregate amount beneficially owned by each reporting person<br>**112904.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.27%** | Percent of class represented by amount in Row (11)<br>**0.27%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 112,904 ordinary shares held by MSA Growth. Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Superstring Capital Management LP** | Name of reporting person<br>**Superstring Capital Management LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**30792.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**30792.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**30792.00** | Aggregate amount beneficially owned by each reporting person<br>**30792.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.07%** | Percent of class represented by amount in Row (11)<br>**0.07%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 30,792 ordinary shares held by Superstring Capital (as defined below). Each ordinary share is entitled to one vote. Superstring Management (as defined below) serves as the investment manager of Superstring Capital, and may be deemed to beneficially own the ordinary shares held by Superstring Capital.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Superstring Capital Master Fund LP** | Name of reporting person<br>**Superstring Capital Master Fund LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**30792.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**30792.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**30792.00** | Aggregate amount beneficially owned by each reporting person<br>**30792.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.07%** | Percent of class represented by amount in Row (11)<br>**0.07%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 30,792 ordinary shares held by Superstring Capital. Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

| **CUSIP No.** | **G9845F208** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Epiphron Capital (Hong Kong) Limited** | Name of reporting person<br>**Epiphron Capital (Hong Kong) Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**70083.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**70083.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**70083.00** | Aggregate amount beneficially owned by each reporting person<br>**70083.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.17%** | Percent of class represented by amount in Row (11)<br>**0.17%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Each of row 7, 9 and 11 represents 70,083 ordinary shares held by Epiphron Capital (as defined below). Each ordinary share is entitled to one vote.

Row 13 represents the percentage that is calculated based on 41,212,693 outstanding ordinary shares as of June 30, 2025, as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary Shares, par value $0.0002 per share

**(b) Name of Issuer:**
LakeShore Biopharma Co., Ltd.

**(c) Address of Issuer's Principal Executive Offices:**
Building No. 2, 38 Yongda Road, Daxing Biomedical Industry Park, Daxing, Beijing, F4, 102629

This statement on Schedule 13D constitutes Amendment No. 2 to the initial Schedule 13D (the "Original Schedule 13D") on behalf of each of Huaqin Xue, Crystal Holdings and Crystal Investment filed as of July 22, 2025, as amended by the Amendment No. 1 to the Original Schedule 13D dated August 27, 2025 (together with the Original Schedule 13D, the "Original Filings"), Amendment No. 1 to the initial Schedule 13D on behalf of each of Dave Liguang Chenn, Oceanpine Investment and Oceanpine Capital filed as of August 27, 2025, and an initial Schedule 13D on behalf of Adjuvant Management, Adjuvant GP, Adjuvant Fund, Adjuvant Fund DE, MSA China Growth, MSA Growth, Superstring Management, Superstring Capital, and Epiphron Capital (each as defined below) with respect to the ordinary shares, par value $0.0002 per share (the "Ordinary Shares") of the Issuer.

Except as amended and supplemented herein, the Original Filings are unmodified and remain in full force and effect as to the applicable reporting persons thereof.

**Item 4. Purpose of Transaction**

Item 4 of the Original Schedule13D is hereby amended and supplemented by adding the following:

On October 5, 2025, Adjuvant Fund and Adjuvant Fund DE entered into a deed of adherence to the Consortium Agreement to join the consortium as additional rollover shareholders and intend to finance the Proposed Transaction with additional equity capital in the form of rollover equity in the Issuer.

On October 27, 2025, each of Superstring Capital, MSA Growth and Epiphron Capital entered into a deed of adherence to the Consortium Agreement to join the consortium as additional rollover shareholders and intend to finance the Proposed Transaction with additional equity capital in the form of rollover equity in the Issuer.

After the entry into the deeds of adherence, the "Consortium Members" in this Schedule 13D consist of Oceanpine Investment, Oceanpine Capital, Crystal Peak, Adjuvant Fund, Adjuvant Fund DE, MSA Growth, Superstring Capital and Epiphron Capital.

Item 4 of the Schedule 13D contains the following sentence:

"References to the Proposal, the Consortium Agreement and the Revised Proposal in this Schedule 13D are qualified in their entirety by reference to the Proposal, the Consortium Agreement and the Revised Proposal, which are attached hereto as Exhibit B, Exhibit C and Exhibit D respectively, and incorporated herein by reference in its entirety."

The above sentence is hereby amended and replaced in its entirety as follows:

"References to the Proposal, the Consortium Agreement, the Revised Proposal and the deeds of adherence in this Schedule 13D are qualified in their entirety by reference to the Proposal, the Consortium Agreement, the Revised Proposal and the deeds of adherence, which are attached hereto as Exhibit 99.3, Exhibit 99.4, Exhibit 99.5, Exhibit 99.6, Exhibit 99.7, Exhibit99.8 and Exhibit 99.9 respectively, and incorporated herein by reference in its entirety."

**Item 5. Interest in Securities of the Issuer**

**(a)**
The responses of each Reporting Person to Rows (7) through (13) of the cover pages are hereby incorporated by reference in this Item 5. The percentage of the class of securities identified pursuant to Item 1 beneficially owned by each Reporting Person is based on 41,212,693 Ordinary Shares outstanding as of June 30, 2025 as disclosed in the Issuer's Form 20-F, filed on July 31, 2025.

Except as otherwise stated herein, each Reporting Person expressly disclaims any beneficial ownership of the Ordinary Shares held by each other Reporting Person.

**(b)**
See Item 5(a) above.

**(c)**
Except as disclosed in this Schedule 13D, none of the Reporting Persons has effected any transaction in the Ordinary Shares during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Original Schedule13D is hereby amended and restated in its entirety as follows:

The descriptions of the principal terms of the Proposal, the Consortium Agreement, the Revised Proposal and the Deed of Adherence under Item 4 are incorporated herein by reference in their entirety.

To the best knowledge of the Reporting Persons, except as provided herein, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Persons and between any of the Reporting Persons and any other person with respect to any securities of the Issuer, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies, or a pledge or contingency, the occurrence of which would give another person voting power over the securities of the Issuer.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Huaqin Xue

**Signature:** /s/ Huaqin Xue

**Name/Title:** Huaqin Xue

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Crystal Peak Holdings Inc.

**Signature:** /s/ Huaqin Xue

**Name/Title:** Huaqin Xue/Director

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Crystal Peak Investment Inc.

**Signature:** /s/ Huaqin Xue

**Name/Title:** Huaqin Xue/Director

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Dave Liguang Chenn

**Signature:** /s/ Dave Liguang Chenn

**Name/Title:** Dave Liguang Chenn

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Oceanpine Investment Fund II LP

**Signature:** /s/ Dave Liguang Chenn

**Name/Title:** Dave Liguang Chenn/Director

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Oceanpine Capital Inc.

**Signature:** /s/ Jiayu Yang

**Name/Title:** Jiayu Yang/Director

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Adjuvant Capital Management, L.L.C.

**Signature:** /s/ Kabeer Aziz

**Name/Title:** Kabeer Aziz/Vice President & Secretary

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Adjuvant Capital GP, L.P.

**Signature:** /s/ Kabeer Aziz

**Name/Title:** Kabeer Aziz/Vice President & Secretary

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Adjuvant Global Health Technology Fund, L.P.

**Signature:** /s/ Kabeer Aziz

**Name/Title:** Kabeer Aziz/Vice President & Secretary

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Adjuvant Global Health Technology Fund DE, L.P.

**Signature:** /s/ Kabeer Aziz

**Name/Title:** Kabeer Aziz/Vice President & Secretary

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MSA China Growth Fund II GP, LLC

**Signature:** /s/ Yu (Jenny) Zeng

**Name/Title:** Yu (Jenny) Zeng/Manager

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MSA Growth Fund II, L.P.

**Signature:** /s/ Yu (Jenny) Zeng

**Name/Title:** Yu (Jenny) Zeng/Managing Partner

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Superstring Capital Management LP

**Signature:** /s/ Ting Guo

**Name/Title:** Ting Guo/Managing Partner

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Superstring Capital Master Fund LP

**Signature:** /s/ Ting Guo

**Name/Title:** Ting Guo/General Partner

**Date:** 10/29/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Epiphron Capital (Hong Kong) Limited

**Signature:** /s/ Sherry Xiaoyu Liu

**Name/Title:** Sherry Xiaoyu Liu/Director

**Date:** 10/29/2025