Document:

Exhibit 4.3

 

 

DEPOSIT
AGREEMENT

 

 

by and among

 

BELITE
BIO, INC

 

as Issuer,

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

as Depositary,

 

AND

 

THE HOLDERS AND BENEFICIAL OWNERS

OF AMERICAN DEPOSITARY SHARES EVIDENCED BY

AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER

 

 

Dated
as of [●], 2022

 

 

    

     

    

 

DEPOSIT AGREEMENT

 

DEPOSIT
AGREEMENT, dated as of [●], 2022, by and among (i) Belite Bio, Inc, a company incorporated in the Cayman
Islands, with its principal executive office at 5820 Oberlin Drive, Suite 101, San Diego, CA 92121, United States of America
and its registered office at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands
(together with its successors, the “Company”), (ii) Deutsche Bank Trust Company Americas, an indirect wholly
owned subsidiary of Deutsche Bank A.G., acting in its capacity as depositary, with its principal office at 1 Columbus Circle, New
York, NY 10019, United States of America (the “Depositary”, which term shall include any successor
depositary hereunder) and (iii) all Holders and Beneficial Owners of American Depositary Shares evidenced by American
Depositary Receipts issued hereunder (all such capitalized terms as hereinafter defined).

 

W I T N E S S E T H  T H A T:

 

WHEREAS,
the Company desires to establish an ADR facility with the Depositary to provide for the deposit of the Shares and the creation of American
Depositary Shares representing the Shares so deposited;

 

WHEREAS,
the Depositary is willing to act as the depositary for such ADR facility upon the terms set forth in this Deposit Agreement;

 

WHEREAS,
the American Depositary Receipts evidencing the American Depositary Shares issued pursuant to the terms of this Deposit Agreement are
to be substantially in the form of Exhibit A and Exhibit B annexed hereto, with appropriate insertions, modifications
and omissions, as hereinafter provided in this Deposit Agreement;

 

WHEREAS,
the American Depositary Shares to be issued pursuant to the terms of this Deposit Agreement are accepted for trading on the New York Stock
Exchange; and

 

WHEREAS,
the Board of Directors of the Company (or an authorized committee thereof) has duly approved the establishment of an ADR facility upon
the terms set forth in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the
actions of the Company and the transactions contemplated herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

ARTICLE I.ARTICLEI.

 

DEFINITIONS

 

All capitalized terms used, but not otherwise
defined, herein shall have the meanings set forth below, unless otherwise clearly indicated:

 

SECTION 1.1  “Affiliate”    shall
have the meaning assigned to such term by the Commission under Regulation C promulgated under the Securities Act.

 

SECTION 1.2  “Agent”       shall
mean such entity or entities as the Depositary may appoint under Section 7.8 hereof, including the Custodian or any successor or
addition thereto.

 

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SECTION 1.3  “American
Depositary Share(s)” and “ADS(s)”     shall mean
the securities represented by the rights and interests in the Deposited Securities granted to the Holders and Beneficial Owners pursuant
to this Deposit Agreement and evidenced by the American Depositary Receipts issued hereunder. Each American Depositary Share shall represent
the right to receive [●] Share[s], until there shall occur a distribution upon Deposited Securities referred to in Section 4.2
hereof or a change in Deposited Securities referred to in Section 4.9 hereof with respect to which additional American Depositary
Receipts are not executed and delivered and thereafter each American Depositary Share shall represent the Shares or Deposited Securities
specified in such Sections.

 

SECTION 1.4  “Article”     shall
refer to an article of the American Depositary Receipts as set forth in the Form of Face of Receipt and Form of Reverse of Receipt
in Exhibit A and Exhibit B annexed hereto.

 

SECTION 1.5  “Articles
of Association”     shall mean the articles of association
of the Company, as amended from time to time.

 

SECTION 1.6  “ADS
Record Date”     shall have the meaning given to such term
in Section 4.7 hereof.

 

SECTION 1.7  “Beneficial
Owner”     shall mean as to any ADS, any person or entity
having a beneficial interest in such ADS. A Beneficial Owner need not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner
may exercise any rights or receive any benefits hereunder solely through the Holder of the ADR(s) evidencing the ADSs in which such
Beneficial Owner has an interest.

 

SECTION 1.8  “Business
Day”     shall mean each Monday, Tuesday, Wednesday, Thursday
and Friday which is not (a) a day on which banking institutions in the Borough of Manhattan, The City of New York are authorized
or obligated by law or executive order to close and (b) a day on which the market(s) in which ADSs are traded are closed.

 

SECTION 1.9  “Commission”     shall
mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.

 

SECTION 1.10  “Company”     shall
mean Belite Bio, Inc, a company incorporated and existing under the laws of the Cayman Islands, and its successors.

 

SECTION 1.11  “Corporate
Trust Office”     when used with respect to the Depositary,
shall mean the corporate trust office of the Depositary at which at any particular time its depositary receipts business shall be administered,
which, at the date of this Deposit Agreement, is located at 1 Columbus Circle, New York, New York 10019, U.S.A.

 

SECTION 1.12  “Custodian”     shall
mean, as of the date hereof, Deutsche Bank AG, Hong Kong Branch, having its principal office at 57/F International Commerce Centre,
1 Austin Road West, Kowloon, Hong Kong S.A.R., People’s Republic of China, as the custodian for the purposes of this Deposit Agreement,
and any other firm or corporation which may hereinafter be appointed by the Depositary pursuant to the terms of Section 5.5 hereof
as a successor or an additional custodian or custodians hereunder, as the context shall require. The term “Custodian” shall
mean all custodians, collectively.

 

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SECTION 1.13  “Deliver”,
 “Deliverable” and “Delivery”     shall
mean, when used in respect of American Depositary Shares, Receipts, Deposited Securities and Shares, the physical delivery of the certificate
representing such security, or the electronic delivery of such security by means of book-entry transfer, as appropriate, including, without
limitation, through DRS/Profile. With respect to DRS/Profile ADRs, the terms “execute”, “issue”,
 “register”, “surrender”, “transfer” or “cancel” refer to applicable
entries or movements to or within DRS/Profile.

 

SECTION 1.14  “Deposit
Agreement”     shall mean this Deposit Agreement and all exhibits
annexed hereto, as the same may from time to time be amended and supplemented in accordance with the terms hereof.

 

SECTION 1.15  “Depositary”     shall
mean Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank AG, in its capacity as depositary
under the terms of this Deposit Agreement, and any successor depositary hereunder.

 

SECTION 1.16  “Deposited
Securities”     as of any time shall mean Shares at such time
deposited or deemed to be deposited under this Deposit Agreement and any and all other securities, property and cash received or deemed
to be received by the Depositary or the Custodian in respect thereof and held hereunder, subject, in the case of cash, to the provisions
of Section 4.6.

 

SECTION 1.17  “Dollars”
and “$”     shall mean the lawful currency of the
United States.

 

SECTION 1.18  “DRS/Profile”     shall
mean the system for the uncertificated registration of ownership of securities pursuant to which ownership of ADSs is maintained on the
books of the Depositary without the issuance of a physical certificate and transfer instructions may be given to allow for the automated
transfer of ownership between the books of DTC and the Depositary. Ownership of ADSs held in DRS/Profile is evidenced by periodic statements
issued by the Depositary to the Holders entitled thereto.

 

SECTION 1.19  “DTC”     shall
mean The Depository Trust Company, the central book-entry clearinghouse and settlement system for securities traded in the United States,
and any successor thereto.

 

SECTION 1.20  “DTC
Participants”     shall mean participants within DTC.

 

SECTION 1.21
 “Exchange Act”     shall mean the U.S. Securities
Exchange Act of 1934, as from time to time amended.

 

SECTION 1.22  “Foreign
Currency”     shall mean any currency other than Dollars.

 

SECTION 1.23  “Foreign
Registrar”     shall mean the entity, if any, that carries
out the duties of registrar for the Shares or any successor as registrar for the Shares and any other appointed agent of the Company for
the transfer and registration of Shares or, if no such agent is so appointed and acting, the Company.

 

SECTION 1.24  “Holder”     shall
mean the person in whose name a Receipt is registered on the books of the Depositary (or the Registrar, if any) maintained for such purpose.
A Holder may or may not be a Beneficial Owner. A Holder shall be deemed to have all requisite authority to act on behalf of those Beneficial
Owners of the ADRs registered in such Holder’s name.

 

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SECTION 1.25  “Indemnified
Person” and “Indemnifying Person”     shall have
the respective meanings set forth in Section 5.8 hereof.

 

SECTION 1.26  “Losses”     shall
have the meaning set forth in Section 5.8 hereof.

 

SECTION 1.27  “Memorandum”     shall
mean the memorandum of association of the Company.

 

SECTION 1.28  “Opinion
of Counsel”     shall mean a written opinion from legal counsel
to the Company who is acceptable to the Depositary.

 

SECTION 1.29  “Receipt(s);
 “American Depositary Receipt(s)”; and “ADR(s)”     shall
mean the certificate(s) or statement(s) issued by the Depositary evidencing the American Depositary Shares issued under the
terms of this Deposit Agreement, as such Receipts may be amended from time to time in accordance with the provisions of this Deposit Agreement.
References to Receipts shall include physical certificated Receipts as well as ADSs issued through any book-entry system, including, without
limitation, DRS/Profile, unless the context otherwise requires.

 

SECTION 1.30  “Registrar”     shall
mean the Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed
by the Depositary to register ownership of Receipts and transfer of Receipts as herein provided, and shall include any co-registrar appointed
by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary.

 

SECTION 1.31 “Restricted
ADRs”     shall have the meaning set forth in Section 2.11
hereof.

 

SECTION 1.32 “Restricted
ADSs”     shall have the meaning set forth in Section 2.11
hereof.

 

SECTION 1.33 “Restricted
Securities”     shall mean Shares which (i) have been
acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any
public offering and subject to resale limitations under the Securities Act or the rules issued thereunder, or (ii) are held
by an officer or director (or persons performing similar functions) or other Affiliate of the Company or (iii) are subject to other
restrictions on sale or deposit under the laws of the United States or the Cayman Islands, under a shareholders’ agreement, shareholders’
lock-up agreement or the Articles of Association or under the regulations of an applicable securities exchange unless, in each case, such
Shares are being sold to persons other than an Affiliate of the Company in a transaction (x) covered by an effective resale registration
statement or (y) exempt from the registration requirements of the Securities Act (as hereafter defined) and the Shares are not, when
held by such person, Restricted Securities.

 

SECTION 1.34 “Restricted
Shares”     shall have the meaning set forth in Section 2.11
hereof.

 

SECTION 1.35  “Securities
Act”     shall mean the United States Securities Act of 1933,
as from time to time amended.

 

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SECTION 1.36  “Shares”     shall
mean ordinary shares in registered form of the Company, par value $0.0001 each, heretofore or hereafter validly issued and outstanding
and fully paid. References to Shares shall include evidence of rights to receive Shares, whether or not stated in the particular instance;
provided, however, that in no event shall Shares include evidence of rights to receive Shares with respect to which the full purchase
price has not been paid or Shares as to which pre-emptive rights have theretofore not been validly waived or exercised; provided further,
however, that, if there shall occur any change in par value, split-up, consolidation, reclassification, exchange, conversion or any other
event described in Section 4.9 hereof in respect of the Shares, the term “Shares” shall thereafter, to the extent permitted
by law, represent the successor securities resulting from such change in par value, split-up, consolidation, reclassification, exchange,
conversion or event.

 

SECTION 1.37  “United
States” or “U.S.”     shall mean the United
States of America.

 

ARTICLE II.

 

APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT;
DEPOSIT OF SHARES;

EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

 

SECTION 2.1  Appointment
of Depositary     . The Company hereby appoints the Depositary as
exclusive depositary for the Deposited Securities and hereby authorizes and directs the Depositary to act in accordance with the terms
set forth in this Deposit Agreement. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued
in accordance with the terms of this Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms
of this Deposit Agreement and the applicable ADR(s) and (b) appoint the Depositary its attorney-in-fact, with full power to
delegate, to act on its behalf and to take any and all actions contemplated in this Deposit Agreement and the applicable ADR(s), to adopt
any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem
necessary or appropriate to carry out the purposes of this Deposit Agreement and the applicable ADR(s) (the taking of such actions
to be the conclusive determinant of the necessity and appropriateness thereof).

 

SECTION 2.2  Form and
Transferability of Receipts.

 

(a)           Form.
Receipts in certificated form shall be substantially in the form set forth in Exhibit A and Exhibit B annexed
to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts may be issued in
denominations of any number of American Depositary Shares. No Receipt in certificated form shall be entitled to any benefits under this
Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been dated and signed by the manual or facsimile
signature of a duly authorized signatory of the Depositary. The Depositary shall maintain books on which each Receipt so executed and
Delivered, in the case of Receipts in certificated form, and each Receipt issued through any book-entry system, including, without limitation,
DRS/Profile, in either case as hereinafter provided, and the transfer of each such Receipt shall be registered. Receipts in certificated
form bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory
of the Depositary shall bind the Depositary, notwithstanding the fact that such signatory has ceased to hold such office prior to the
execution and Delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts.

 

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Notwithstanding anything in this Deposit Agreement
or in the form of Receipt to the contrary, to the extent available by the Depositary, ADSs shall be evidenced by Receipts issued through
any book-entry system, including, without limitation, DRS/Profile, unless certificated Receipts are specifically requested by the Holder.
Holders and Beneficial Owners shall be bound by the terms and conditions of this Deposit Agreement and of the form of Receipt, regardless
of whether their Receipts are in certificated form or are issued through any book-entry system, including, without limitation, DRS/Profile.

 

(b)           Legends.
In addition to the foregoing, the Receipts may, and upon the written request of the Company shall, be endorsed with, or have incorporated
in the text thereof, such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be
(i) necessary to enable the Depositary and the Company to perform their respective obligations hereunder, (ii) required to comply
with any applicable laws or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may
be traded, listed or quoted, or to conform with any usage with respect thereto, (iii) necessary to indicate any special limitations
or restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise
or (iv) required by any book-entry system in which the ADSs are held. Holders and Beneficial Owners shall be deemed, for all purposes,
to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered
in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial
Owners.

 

(c)           Title.
Subject to the limitations contained herein and in the form of Receipt, title to a Receipt (and to the ADSs evidenced thereby), when properly
endorsed (in the case of certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall be transferable
by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however,
that the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose
of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement
and for all other purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under this
Deposit Agreement to any holder of a Receipt, unless such holder is the Holder thereof.

 

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SECTION 2.3  Deposits.

 

(a)           Subject
to the terms and conditions of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares may be deposited
by any person (including the Depositary in its individual capacity but subject, however, in the case of the Company or any Affiliate of
the Company, to Section 5.7 hereof) at any time beginning on the 181st day after the date of the prospectus contained
in the registration statement on Form F-1 under which the ADSs are first sold or on such earlier date as the Company (with the approval
of the underwriters referred to in the said prospectus) may specify in writing to the Depositary, whether or not the transfer books of
the Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Except for Shares deposited by the
Company in connection with the initial sale of ADSs under the registration statement on Form F-1, no deposit of Shares shall be accepted
under this Deposit Agreement prior to such date. Every deposit of Shares shall be accompanied by the following: (A)(i) in the case
of Shares represented by certificates issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory
to the Custodian, (ii) in the case of Shares represented by certificates issued in bearer form, such Shares or the certificates representing
such Shares and (iii) in the case of Shares Delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian
or that irrevocable instructions have been given to cause such Shares to be so transferred, (B) such certifications and payments
(including, without limitation, the Depositary’s fees and related charges) and evidence of such payments (including, without limitation,
stamping or otherwise marking such Shares by way of receipt) as may be required by the Depositary or the Custodian in accordance with
the provisions of this Deposit Agreement or as may be deemed by them to be appropriate in the circumstances, (C) if the Depositary
so requires, a written order directing the Depositary to execute and Deliver to, or upon the written order of, the person or persons stated
in such order a Receipt or Receipts for the number of American Depositary Shares representing the Shares so deposited, (D) evidence
satisfactory to the Depositary (which may include an opinion of counsel reasonably satisfactory to the Depositary provided at the cost
of the person seeking to deposit Shares) that all conditions to such deposit have been met and all necessary approvals have been granted
by, and there has been compliance with the rules and regulations of, any applicable governmental agency and (E) if the Depositary
so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which provides for the prompt
transfer by any person in whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe
for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such indemnity or other
agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered in the name of the person
on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of the
Shares for any and all purposes until the Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee.
No Share shall be accepted for deposit unless accompanied by confirmation or such additional evidence, if any is required by the Depositary,
that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the person
depositing such Shares under the laws and regulations of the Cayman Islands and any necessary approval has been granted by any governmental
body in the Cayman Islands, if any, which is then performing the function of the regulator of currency exchange. The Depositary may issue
Receipts against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer
agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Without limitation of the
foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares or other Deposited Securities
required to be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such Shares or
other Deposited Securities, or any Shares or other Deposited Securities the deposit of which would violate any provisions of the Memorandum
and Articles of Association. The Depositary shall use commercially reasonable efforts to comply with reasonable written instructions of
the Company that the Depositary shall not accept for deposit hereunder any Shares specifically identified in such instructions at such
times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance
with the securities laws in the United States and other jurisdictions, provided that the Company shall indemnify the Depositary and the
Custodian for any claims and losses arising from not accepting the deposit of any Shares identified in the Company’s instructions.

 

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(b)            As
soon as practicable after receipt of any permitted deposit hereunder and compliance with the provisions of this Deposit Agreement, the
Custodian shall present the Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement, duly
stamped, to the Foreign Registrar for transfer and registration of the Shares (as soon as transfer and registration can be accomplished
and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited
Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or a nominee, in each
case for the account of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine.

 

(c)            In
the event any Shares are deposited which entitle the holders thereof to receive a per-share distribution or other entitlement in an amount
different from the Shares then on deposit, the Depositary is authorized to take any and all actions as may be necessary (including, without
limitation, making the necessary notations on Receipts) to give effect to the issuance of such ADSs and to ensure that such ADSs are not
fungible with other ADSs issued hereunder until such time as the entitlement of the Shares represented by such non-fungible ADSs equals
that of the Shares represented by ADSs prior to such deposit. The Company agrees to give timely written notice to the Depositary if any
Shares issued or to be issued contain rights different from those of any other Shares theretofore issued and shall assist the Depositary
with the establishment of procedures enabling the identification of such non-fungible Shares upon Delivery to the Custodian.

 

SECTION 2.4  Execution
and Delivery of Receipts     . After the deposit of any Shares pursuant
to Section 2.3 hereof, the Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose
written order a Receipt or Receipts are Deliverable in respect thereof and the number of American Depositary Shares to be evidenced thereby.
Such notification shall be made by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making
the deposit, by cable, telex, SWIFT, facsimile or electronic transmission. After receiving such notice from the Custodian, the Depositary,
subject to this Deposit Agreement (including, without limitation, the payment of the fees, expenses, taxes and/or other charges owing
hereunder), shall issue the ADSs representing the Shares so deposited to or upon the order of the person or persons named in the notice
delivered to the Depositary and shall execute and Deliver a Receipt registered in the name or names requested by such person or persons
evidencing in the aggregate the number of American Depositary Shares to which such person or persons are entitled.

 

SECTION 2.5  Transfer
of Receipts; Combination and Split-up of Receipts     .

 

(a)            Transfer.
The Depositary, or, if a Registrar (other than the Depositary) for the Receipts shall have been appointed, the Registrar, subject to the
terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the Corporate Trust
Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed in the case of
a certificated Receipt or accompanied by, or in the case of Receipts issued through any book-entry system, including, without limitation,
DRS/Profile, receipt by the Depositary of, proper instruments of transfer (including signature guarantees in accordance with standard
industry practice) and duly stamped as may be required by the laws of the State of New York, of the United States, of the Cayman Islands
and of any other applicable jurisdiction. Subject to the terms and conditions of this Deposit Agreement, including payment of the applicable
fees and charges of the Depositary set forth in Section 5.9 hereof and Article (9) of the Receipt, the Depositary shall
execute a new Receipt or Receipts and Deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate
number of American Depositary Shares as those evidenced by the Receipts surrendered.

 

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(b)            Combination
and Split Up. The Depositary, subject to the terms and conditions of this Deposit Agreement shall, upon surrender of a Receipt or
Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts and upon payment to the Depositary of the
applicable fees and charges set forth in Section 5.9 hereof and Article (9) of the Receipt, execute and Deliver a new Receipt
or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary
Shares as the Receipt or Receipts surrendered.

 

(c)            Co-Transfer
Agents. The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups
of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require
evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled to such Receipts and will
be entitled to protection and indemnity, in each case to the same extent as the Depositary. Such co-transfer agents may be removed and
substitutes appointed by the Depositary. Each co-transfer agent appointed under this Section 2.5 (other than the Depositary) shall
give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement.

 

(d)           Substitution
of Receipts. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with a Receipt
issued through any book-entry system, including, without limitation, DRS/Profile, or vice versa, execute and Deliver a certificated Receipt
or deliver a statement, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs
as those evidenced by the relevant Receipt.

 

SECTION 2.6  Surrender
of Receipts and Withdrawal of Deposited Securities     . Upon surrender,
at the Corporate Trust Office of the Depositary, of American Depositary Shares for the purpose of withdrawal of the Deposited Securities
represented thereby, and upon payment of (i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities
and cancellation of Receipts (as set forth in Section 5.9 hereof and Article (9) of the Receipt) and (ii) all fees,
taxes and/or governmental charges payable in connection with such surrender and withdrawal, and subject to the terms and conditions of
this Deposit Agreement, the Memorandum and Articles of Association, Section 7.11 hereof and any other provisions of or governing
the Deposited Securities and other applicable laws, the Holder of such American Depositary Shares shall be entitled to Delivery, to him
or upon his order, of the Deposited Securities at the time represented by the American Depositary Shares so surrendered. American Depositary
Shares may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such American Depositary
Shares (if held in certificated form) or by book-entry Delivery of such American Depositary Shares to the Depositary.

 

A Receipt surrendered for such purposes shall,
if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the
Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause
the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons designated in such order.
Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian
or through a book-entry delivery of the Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, hereof and to the other terms
and conditions of this Deposit Agreement, to the Memorandum and Articles of Association, and to the provisions of or governing the Deposited
Securities and applicable laws, now or hereafter in effect) to or upon the written order of the person or persons designated in the order
delivered to the Depositary as provided above, the Deposited Securities represented by such American Depositary Shares, together with
any certificate or other proper documents of or relating to title of the Deposited Securities as may be legally required, as the case
may be, to or for the account of such person.

 

    9

     

    

 

The Depositary may refuse to accept for surrender
American Depositary Shares only in the circumstances described in Article (4) of the Receipt. Subject thereto, in the case of
surrender of a Receipt evidencing a number of American Depositary Shares representing other than a whole number of Shares, the Depositary
shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the
discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American
Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented
by the Receipt surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred
by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the person
surrendering the Receipt.

 

At the request, risk and expense of any Holder
so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted
by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper documents
of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for delivery at the Corporate Trust
Office of the Depositary, and for further Delivery to such Holder. Such direction shall be given by letter or, at the request, risk and
expense of such Holder, by cable, telex or facsimile transmission. Upon receipt by the Depositary of such direction, the Depositary may
make delivery to such person or persons entitled thereto at the Corporate Trust Office of the Depositary of any dividends or cash distributions
with respect to the Deposited Securities represented by such American Depositary Shares, or of any proceeds of sale of any dividends,
distributions or rights, which may at the time be held by the Depositary.

 

SECTION 2.7  Limitations
on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.

 

(a)           Additional
Requirements. As a condition precedent to the execution and Delivery, registration, registration of transfer, split-up, subdivision,
combination or surrender of any Receipt, the Delivery of any distribution thereon (whether in cash or shares) or withdrawal of any Deposited
Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a
sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and
charges of the Depositary as provided in Section 5.9 hereof and Article (9) of the Receipt hereto, (ii) the production
of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 hereof
and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of Receipts or American
Depositary Shares or to the withdrawal or Delivery of Deposited Securities and (B) such reasonable regulations and procedures as
the Depositary may establish consistent with the provisions of this Deposit Agreement and applicable law.

 

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(b)           Additional
Limitations. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended,
or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular
instances may be refused, or the registration of transfers of Receipts generally may be suspended, during any period when the transfer
books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith,
at any time or from time to time because of any requirement of law, any government or governmental body or commission or any securities
exchange on which the Receipts or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing,
the Deposited Securities, or any meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.11
hereof.

 

(c)           The
Depositary shall not issue ADSs prior to the receipt of Shares or deliver Shares prior to the receipt and cancellation of ADSs.

 

SECTION 2.8  Lost
Receipts, etc.     To the extent the Depositary has issued
Receipts in physical certificated form, in case any Receipt shall be mutilated, destroyed, lost or stolen, unless the Depositary has notice
that such ADR has been acquired by a bona fide purchaser, subject to Section 5.9 hereof, the Depositary shall execute and Deliver
a new Receipt (which, in the discretion of the Depositary may be issued through any book-entry system, including, without limitation,
DRS/Profile, unless specifically requested otherwise) in exchange and substitution for such mutilated Receipt upon cancellation thereof,
or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall execute and Deliver a new Receipt
in substitution for a destroyed, lost or stolen Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request
for such execution and Delivery before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a
sufficient indemnity bond in form and amount acceptable to the Depositary and (b) satisfied any other reasonable requirements imposed
by the Depositary.

 

SECTION 2.9  Cancellation
and Destruction of Surrendered Receipts        .               All Receipts
surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled in accordance
with its customary practices. Cancelled Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose.

 

SECTION 2.10  
Maintenance of Records     . The Depositary agrees to maintain
records of all Receipts surrendered and Deposited Securities withdrawn under Section 2.6, substitute Receipts Delivered under Section 2.8
and cancelled or destroyed Receipts under Section 2.9, in keeping with the procedures ordinarily followed by stock transfer agents
located in the United States.

 

SECTION 2.11 Restricted
ADSs. At the request and expense of the Company, or at the request and expense of a holder of Shares and with the written consent
of the Company, and notwithstanding anything to the contrary in this Deposit Agreement, the Depositary may establish procedures permitting
a deposit of Shares that are or may be Restricted Securities (“Restricted Shares”) and the Delivery of restricted American
Depositary Shares (“Restricted ADSs”, the ADRs evidencing such Restricted ADSs being the “Restricted ADRs”)
representing those Restricted Shares as provided in this Section 2.11. Such procedures shall also govern the removal of the Restrictive
Legend (as defined below) from Restricted ADRs, the transfer of Restricted ADRs and the Restricted ADSs evidenced thereby, and the cancellation
of Restricted ADRs and withdrawal of Deposited Securities (including Restricted Shares).

 

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(a)            The
Company shall assist the Depositary in the establishment of such procedures and agrees that it shall take all steps necessary and reasonably
satisfactory to the Depositary to ensure that deposits of Restricted Shares, issuances and transfers of Restricted ADRs and the Restricted
ADSs evidenced thereby, and cancellations of Restricted ADRs and withdrawals of Deposited Securities (including Restricted Shares) pursuant
to such procedures do not violate the provisions of the Securities Act or any other applicable laws. Depositors of Restricted Shares,
holders and transferees of Restricted ADRs and the Restricted ADSs evidenced thereby, and the Company may be required to provide such
written certifications and instructions as the Depositary or the Company deem necessary, as well as an appropriate Opinion of Counsel
in the Cayman Islands and the United States.

 

(b)           The
Restricted ADSs shall not be eligible for inclusion in any book-entry settlement system, including, without limitation, DTC, and shall
be segregated on the Depositary’s register as a class of securities separate from, and not fungible with, outstanding American Depositary
Shares that are not Restricted ADSs so that Restricted ADSs shall represent interests only in the corresponding Restricted Shares.

 

(c)            Prior
to the deposit of Restricted Shares, the depositor shall deliver to the Depositary a delivery order that (i) discloses or acknowledges
all restrictions on transferability of the Restricted Shares (and to that extent need not represent and warrant that the deposited Shares
are not Restricted Securities), and (ii) provides that the depositor agrees that the Restricted ADSs will be subject to a specified
legend in a form provided by the Company and satisfactory to the Depositary (the “Restrictive Legend”) that describes
those restrictions and agrees to comply with those restrictions.

 

(d)            Except
as otherwise provided in this Section 2.11 and except as required by applicable law, the Restricted ADRs and the Restricted ADSs
evidenced thereby shall be treated as ADRs and ADSs issued outstanding under the terms of this Deposit Agreement, all provisions of this
Deposit Agreement shall apply to Restricted ADSs. In the event that, in determining the rights and obligations of parties hereto with
respect to any Restricted ADSs, any conflict arises between (i) the terms of this Deposit Agreement (other than this Section 2.11)
and (ii) the terms of this Section 2.11 or of the applicable Restricted ADR, the terms and conditions set forth in this Section 2.11
and of the Restricted ADR shall be controlling and shall govern the rights and obligations of the parties to this Deposit Agreement pertaining
to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs.

 

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ARTICLE III.

 

CERTAIN OBLIGATIONS OF HOLDERS

AND BENEFICIAL OWNERS OF RECEIPTS

 

SECTION 3.1  Proofs,
Certificates and Other Information     . Any person presenting Shares
for deposit shall provide, any Holder and any Beneficial Owner may be required to provide, and every Holder and Beneficial Owner agrees,
from time to time to provide to the Depositary or the Custodian such proof of citizenship or residence, taxpayer status, payment of all
applicable taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities,
compliance with applicable laws and the terms of this Deposit Agreement and the provisions of, or governing, the Deposited Securities
or other information, to execute such certifications and to make such representations and warranties and to provide such other information
and documentation as the Depositary may deem necessary or proper or as the Company may reasonably require by written request to the Depositary
consistent with its obligations hereunder. The Depositary and the Registrar, as applicable, may withhold the execution or Delivery or
registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds
thereof, or to the extent not limited by the terms of Section 7.11 hereof, the Delivery of any Deposited Securities, until such proof
or other information is filed or such certifications are executed, or such representations and warranties are made, or such other documentation
or information provided, in each case to the Depositary’s and the Company’s satisfaction. The Depositary shall from time to
time on the written request of the Company advise the Company of the availability of any such proofs, certificates or other information
and shall, at the Company’s sole expense, provide or otherwise make available copies thereof to the Company upon written request
therefor by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner agrees to provide, any information
requested by the Company or the Depositary pursuant to this Section 3.1. Nothing herein shall obligate the Depositary to (i) obtain
any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the
information so provided by the Holders or Beneficial Owners.

 

Every Holder and Beneficial
Owner agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees,
agents and Affiliates against, and to hold each of them harmless from, any Losses which any of them may incur or which may be made against
any of them as a result of or in connection with any inaccuracy in or omission from any such proof, certificate, representation, warranty,
information or document furnished by or on behalf of such Holder and/or Beneficial Owner or as a result of any such failure to furnish
any of the foregoing.

 

The obligations of Holders
and Beneficial Owners under Section 3.1 shall survive any transfer of Receipts, any surrender of Receipts or withdrawal of Deposited
Securities or the termination of this Deposit Agreement.

 

SECTION 3.2  Liability
for Taxes and Other Charges     . If any present or future tax or
other governmental charge shall become payable by the Depositary or the Custodian with respect to any ADR or any Deposited Securities
or American Depositary Shares, such tax or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary
and such Holders and Beneficial Owners shall be deemed liable therefor. The Company, the Custodian and/or the Depositary may withhold
or deduct from any distributions made in respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner
any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest
and penalties) and charges, with the Holder and the Beneficial Owner remaining fully liable for any deficiency. In addition to any other
remedies available to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs,
to Deliver ADRs, to register the transfer, split-up or combination of ADRs and (subject to Section 7.11 hereof) the withdrawal of
Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. The liability of Holders and Beneficial
Owners under this Section 3.2 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities
or the termination of this Deposit Agreement.

 

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SECTION 3.3  Representations
and Warranties on Deposit of Shares     . Each person depositing
Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor
are duly authorized, validly issued, fully paid, non-assessable and were legally obtained by such person, (ii) all preemptive (and
similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit
is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest,
charge, mortgage or adverse claim and are not, and the American Depositary Shares issuable upon such deposit will not be, Restricted Securities
(except as contemplated by Section 2.11), (v) the Shares presented for deposit have not been stripped of any rights or entitlements
and (vi) the Shares are not subject to any lock-up agreement with the Company or other party, or the Shares are subject to a lock-up
agreement but such lock-up agreement has terminated or the lock-up restrictions imposed thereunder have expired. Such representations
and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in respect
thereof and the transfer of such American Depositary Shares. If any such representations or warranties are false in any way, the
Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary
to correct the consequences thereof.

 

SECTION 3.4  Compliance
with Information Requests     . Notwithstanding any other provision
of this Deposit Agreement, the Articles of Association and applicable law, each Holder and Beneficial Owner agrees to (a) provide
such information as the Company or the Depositary may request pursuant to law (including, without limitation, relevant Cayman Islands
law, any applicable law of the United States, the Memorandum and Articles of Association, any resolutions of the Company’s Board
of Directors adopted pursuant to the Memorandum and Articles of Association, the requirements of any markets or exchanges upon which the
Shares, ADSs or Receipts are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs or Receipts
may be transferred), (b) be bound by and subject to applicable provisions of the laws of the Cayman Islands, the Memorandum and Articles
of Association and the requirements of any markets or exchanges upon which the ADSs, Receipts or Shares are listed or traded, or pursuant
to any requirements of any electronic book-entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as
if such Holder and Beneficial Owner held Shares directly, in each case irrespective of whether or not they are Holders or Beneficial Owners
at the time such request is made and, without limiting the generality of the foregoing, (c) comply with all applicable provisions
of Cayman Islands law, the rules and requirements of any stock exchange on which the Shares are, or will be registered, traded or
listed and the Articles of Association regarding any such Holder or Beneficial Owner's interest in Shares (including the aggregate of
ADSs and Shares held by each such Holder or Beneficial Owner) and/or the disclosure of interests therein, whether or not the same may
be enforceable against such Holder or Beneficial Owner. The Depositary agrees to use its reasonable efforts to forward upon the request
of the Company, and at the Company’s expense, any such request from the Company to the Holders and to forward to the Company any
such responses to such requests received by the Depositary.

 

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ARTICLE IV.

 

THE DEPOSITED SECURITIES

 

SECTION 4.1  Cash
Distributions     . Whenever the Depositary receives confirmation
from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the
sale of any Shares, rights, securities or other entitlements under the terms hereof, the Depositary will, if at the time of receipt thereof
any amounts received in a Foreign Currency can in the judgment of the Depositary (pursuant to Section 4.6 hereof) be converted on
a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution
or proceeds into Dollars (on the terms described in Section 4.6 hereof) and will distribute promptly the amount thus received (net
of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the
Depositary and (b) taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to the number
of American Depositary Shares held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such amount,
however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded
down to the nearest whole cent and so distributed to Holders entitled thereto. Holders and Beneficial Owners understand that in converting
Foreign Currency, amounts received on conversion are calculated at a rate which exceeds the number of decimal places used by the Depositary
to report distribution rates. The excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of
any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If the Company, the Custodian or the Depositary
is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an
amount on account of taxes, duties or other governmental charges, the amount distributed to Holders of the ADSs representing such Deposited
Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the
relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request.
The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably request to enable
the Company or its agent to file with governmental agencies such reports as are necessary to obtain benefits under the applicable tax
treaties for the Holders and Beneficial Owners of Receipts.

 

SECTION 4.2  Distribution
in Shares     . If any distribution upon any Deposited Securities
consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and
registered, as the case may be, in the name of the Depositary, the Custodian or any of their nominees. Upon receipt of confirmation of
such deposit from the Custodian, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.7 hereof
and shall, subject to Section 5.9 hereof, either (i) distribute to the Holders as of the ADS Record Date in proportion to the
number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such
dividend, or free distribution, subject to the other terms of this Deposit Agreement (including, without limitation, (a) the applicable
fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges), or (ii) if additional
ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth
also represent rights and interests in the additional Shares distributed upon the Deposited Securities represented thereby (net of (a) the
applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges). In lieu of Delivering
fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds
upon the terms described in Section 4.1 hereof. The Depositary may withhold any such distribution of Receipts if it has not received
satisfactory assurances from the Company (including an Opinion of Counsel furnished at the expense of the Company) that such distribution
does not require registration under the Securities Act or is exempt from registration under the provisions of the Securities Act. To the
extent such distribution may be withheld, the Depositary may dispose of all or a portion of such distribution in such amounts and in such
manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the
net proceeds of any such sale (after deduction of applicable taxes and/or governmental charges and fees and charges of, and expenses incurred
by, the Depositary and/or a division or Affiliate(s) of the Depositary) to Holders entitled thereto upon the terms described in Section 4.1
hereof.

 

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SECTION 4.3  Elective
Distributions in Cash or Shares     . Whenever the Company intends
to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice
thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such elective distribution
to be made available to Holders of ADSs. Upon receipt of notice indicating that the Company wishes such elective distribution to be made
available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary
in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs.
The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that
the elective distribution is available to Holders of ADRs, (ii) the Depositary shall have received satisfactory documentation within
the terms of Section 5.7 hereof (including, without limitation, any legal opinions of counsel in any applicable jurisdiction that
the Depositary in its reasonable discretion may request, at the expense of the Company) and (iii) the Depositary shall have determined
that such distribution is lawful and reasonably practicable. If the above conditions are not satisfied, the Depositary shall, to the extent
permitted by law, distribute to the Holders, on the basis of the same determination as is made in the local market in respect of the Shares
for which no election is made, either cash upon the terms described in Section 4.1 hereof or additional ADSs representing such additional
Shares upon the terms described in Section 4.2 hereof. If the above conditions are satisfied, the Depositary shall establish an ADS
Record Date (on the terms described in Section 4.7 hereof) and establish procedures to enable Holders to elect the receipt of the
proposed dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent
necessary. Subject to Section 5.9 hereof, if a Holder elects to receive the proposed dividend in cash, the dividend shall be distributed
upon the terms described in Section 4.1 hereof or in ADSs, the dividend shall be distributed upon the terms described in Section 4.2
hereof. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in Shares
(rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive
elective distributions on the same terms and conditions as the holders of Shares.

 

SECTION 4.4  Distribution
of Rights to Purchase Shares     .

 

(a)            Distribution
to ADS Holders. Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional
Shares, the Company shall give notice thereof to the Depositary at least 45 days prior to the proposed distribution stating whether
or not it wishes such rights to be made available to Holders of ADSs. Upon timely receipt of a notice indicating that the Company wishes
such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall
determine, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such
rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the
Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the Depositary shall
have determined that such distribution of rights is lawful and reasonably practicable. In the event any of the conditions set forth above
are not satisfied, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below or, if timing
or market conditions may not permit, do nothing thereby allowing such rights to lapse. In the event all conditions set forth above are
satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.7 hereof) and establish procedures
to distribute such rights (by means of warrants or otherwise) and to enable the Holders to exercise the rights (upon payment of applicable
fees and charges of, and expenses incurred by, the Depositary and taxes and/or other governmental charges). Nothing herein shall obligate
the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs).

 

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(b)           Sale
of Rights. If (i) the Company does not timely request the Depositary to make the rights available to Holders or requests that
the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of
Section 5.7 hereof or determines it is not lawful or reasonably practicable to make the rights available to Holders or (iii) any
rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably
practicable to sell such rights, and if it so determines that it is lawful and reasonably practicable, endeavour to sell such rights in
a riskless principal capacity or otherwise, at such place and upon such terms (including public or private sale) as it may deem proper.
The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The Depositary shall, upon
such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary
and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) upon the terms set forth in Section 4.1
hereof.

 

(c)            Lapse
of Rights. If the Depositary is unable to make any rights available to Holders upon the terms described in Section 4.4(a) hereof
or to arrange for the sale of the rights upon the terms described in Section 4.4(b) hereof, the Depositary shall allow such
rights to lapse.

 

The Depositary shall not be responsible for (i) any
failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular,
(ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise or (iii) the content of any materials
forwarded to the Holders on behalf of the Company in connection with the rights distribution.

 

Notwithstanding anything to the contrary in this
Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights or the securities to which any
rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented
by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under
the Securities Act covering such offering is in effect or (ii) unless the Company furnishes at its expense the Depositary with opinion(s) of
counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed,
in each case satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners
are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event
that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including
rights) an amount on account of taxes and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly.
In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject
to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion
of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private
sale, as the Depositary deems necessary and practicable to pay any such taxes and/or charges.

 

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There can be no assurance that Holders generally,
or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the holders of Shares
or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights
or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register or qualify the offer or sale of
such rights or securities under the applicable law of any other jurisdiction for any purpose.

 

SECTION 4.5  Distributions
Other Than Cash, Shares or Rights to Purchase Shares     .

 

(a)           Whenever
the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional
Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution and shall indicate
whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes
such distribution be made to Holders of ADSs, the Depositary shall determine whether such distribution to Holders is lawful and practicable.
The Depositary shall not make such distribution unless (i) the Company shall have timely requested the Depositary to make such distribution
to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the
Depositary shall have determined that such distribution is lawful and reasonably practicable.

 

(b)           Upon
receipt of satisfactory documentation and the request of the Company to distribute property to Holders of ADSs and after making the requisite
determinations set forth in (a) above, the Depositary may distribute the property so received to the Holders of record as of the
ADS Record Date, in proportion to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable
for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred
by, the Depositary and (ii) net of any taxes and/or other governmental charges. The Depositary may dispose of all or a portion of
the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may
deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) and other governmental charges applicable
to the distribution.

 

(c)            If
(i) the Company does not request the Depositary to make such distribution to Holders or requests the Depositary not to make such
distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7 hereof
or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable or feasible, the Depositary
shall endeavor to sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it
may deem proper and shall distribute the net proceeds, if any, of such sale received by the Depositary (net of applicable fees and charges
of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges)
to the Holders as of the ADS Record Date upon the terms of Section 4.1 hereof. If the Depositary is unable to sell such property,
the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances for nominal or no consideration
and Holders and Beneficial Owners shall have no rights thereto or arising therefrom.

 

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SECTION 4.6  Conversion
of Foreign Currency     . Whenever the Depositary or the Custodian
shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or
rights, and in the judgment of the Depositary such Foreign Currency can at such time be converted on a practicable basis (by sale or in
any other manner that it may determine in accordance with applicable law) into Dollars transferable to the United States and distributable
to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine,
such Foreign Currency into Dollars, and shall distribute such Dollars (net of any fees, expenses, taxes and/or other governmental charges
incurred in the process of such conversion) in accordance with the terms of the applicable sections of this Deposit Agreement. If the
Depositary shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall
distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case without
liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions
among Holders on account of exchange restrictions, the date of delivery of any Receipt or otherwise.

 

In converting Foreign Currency, amounts received
on conversion may be calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates
(which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional cost
of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment.

 

If such conversion or distribution can be effected
only with the approval or license of any government or agency thereof, the Depositary may file such application for approval or license,
if any, as it may deem necessary, practicable and at nominal cost and expense. Nothing herein shall obligate the Depositary to file or
cause to be filed, or to seek effectiveness of any such application or license.

 

If at any time the Depositary shall determine
that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received
by the Depositary is not practical or lawful, or if any approval or license of any governmental authority or agency thereof that is required
for such conversion, transfer and distribution is denied, or not obtainable at a reasonable cost, within a reasonable period or otherwise
sought, the Depositary shall, in its sole discretion but subject to applicable laws and regulations, either (i) distribute the Foreign
Currency (or an appropriate document evidencing the right to receive such Foreign Currency) received by the Depositary to the Holders
entitled to receive such Foreign Currency or (ii) hold such Foreign Currency uninvested and without liability for interest thereon
for the respective accounts of the Holders entitled to receive the same.

 

Holders and Beneficial Owners are directed to
refer to Section 7.9 hereof for certain disclosure related to conversion of Foreign Currency.

 

SECTION 4.7  Fixing
of Record Date     . Whenever necessary in connection with any distribution
(whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares
that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting of or solicitation
of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall
fix a record date (the “ADS Record Date”), as close as practicable to the record date fixed by the Company with respect to
the Shares (if applicable), for the determination of the Holders who shall be entitled to receive such distribution, to give instructions
for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to
otherwise take action or to exercise the rights of Holders with respect to such changed number of Shares represented by each American
Depositary Share or for any other reason. Subject to applicable law and the provisions of Sections 4.1 through 4.6 hereof and to the other
terms and conditions of this Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date
shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise
take action.

 

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SECTION 4.8  Voting
of Deposited Securities     . Subject to the next sentence, as soon
as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation
of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or
such solicitation of consents or proxies. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary
having no obligation to take any further action if the request shall not have been received by the Depositary at least 30 Business Days
prior to the date of such vote or meeting) and at the Company’s expense, and provided no U.S. legal prohibitions exist, mail by
regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing
from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a) such
notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of business on the ADS Record
Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement, the Company’s Memorandum and Articles
of Association and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent
part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by such Holder’s American Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions
may be given to the Depositary, or in which instructions may be deemed to have been given in accordance with this Section 4.8, including
an express indication that instructions may be given (or be deemed to have been given in accordance with the immediately following paragraph
of this section if no instruction is received) to the Depositary to give a discretionary proxy to a person or persons designated by the
Company. Voting instructions may be given only in respect of a number of American Depositary Shares representing an integral number of
Deposited Securities. Upon the timely receipt of voting instructions of a Holder on the ADS Record Date in the manner specified by the
Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement,
the Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause
the Custodian to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt
in accordance with such voting instructions.

 

In the event that (i) the Depositary timely
receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities
represented by such Holder’s ADSs or (ii) no timely instructions are received by the Depositary from a Holder with respect
to any of the Deposited Securities represented by the ADSs held by such Holder on the ADS Record Date, the Depositary shall (unless otherwise
specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a discretionary proxy to a
person designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person
designated by the Company to vote such Deposited Securities, provided, however, that no such instruction shall be deemed to have been
given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the
Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the Company does not wish
to give such proxy, (y) the Company is aware or should reasonably be aware that substantial opposition exists from Holders against
the outcome for which the person designated by the Company would otherwise vote or (z) the outcome for which the person designated
by the Company would otherwise vote would materially and adversely affect the rights of holders of Deposited Securities, provided, further,
that the Company will have no liability to any Holder or Beneficial Owner resulting from such notification.

 

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In the event that voting on any resolution or
matter is conducted on a show of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will refrain
from voting and the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary from Holders
shall lapse. The Depositary will have no obligation to demand voting on a poll basis with respect to any resolution and shall have no
liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis.

 

Neither the Depositary nor the Custodian shall,
under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise
the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities represented
by ADSs except pursuant to and in accordance with such written instructions from Holders, including the deemed instruction to the Depositary
to give a discretionary proxy to a person designated by the Company. Deposited Securities represented by ADSs for which (i) no timely
voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions are received by the Depositary
from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented
by such Holder’s ADSs, shall be voted in the manner provided in this Section 4.8. Notwithstanding anything else contained herein,
and subject to applicable law, regulation and the Memorandum and Articles of Association, the Depositary shall, if so requested in writing
by the Company, represent all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited
Securities from Holders as of the ADS Record Date) for the purpose of establishing quorum at a meeting of shareholders.

 

There can be no assurance that Holders or Beneficial
Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable
the Holder to return voting instructions to the Depositary in a timely manner.

 

Notwithstanding the above, save for applicable
provisions of the law of the Cayman Islands, and in accordance with the terms of Section 5.3 hereof, the Depositary shall not be
liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast
or the effect of such vote.

 

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SECTION 4.9  Changes
Affecting Deposited Securities     . Upon any change in par value,
split-up, subdivision, cancellation, consolidation or any other reclassification of Deposited Securities or upon any recapitalization,
reorganization, amalgamation, merger or consolidation or sale of assets affecting the Company or to which it is otherwise a party, any
securities which shall be received by the Depositary or the Custodian in exchange for, or in conversion of or replacement or otherwise
in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under this Deposit
Agreement and the Receipts shall, subject to the provisions of this Deposit Agreement and applicable law, evidence American Depositary
Shares representing the right to receive such additional securities. Alternatively, the Depositary may, with the Company’s approval,
and shall, if the Company shall so request, subject to the terms of this Deposit Agreement and receipt of an Opinion of Counsel furnished
at the Company’s expense satisfactory to the Depositary (stating that such distributions are not in violation of any applicable
laws or regulations), execute and deliver additional Receipts, as in the case of a stock dividend on the Shares, or call for the surrender
of outstanding Receipts to be exchanged for new Receipts. In either case, as well as in the event of newly deposited Shares, necessary
modifications to the form of Receipt contained in Exhibit A and Exhibit B hereto, specifically describing such
new Deposited Securities and/or corporate change, shall also be made. The Company agrees that it will, jointly with the Depositary, amend
the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of Receipt. Notwithstanding
the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may,
with the Company’s approval, and shall, if the Company requests, subject to receipt of an Opinion of Counsel (furnished at the Company’s
expense) satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such securities
at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such
sales (net of fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and
taxes and/or governmental charges) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable
basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as
in the case of a distribution received in cash pursuant to Section 4.1 hereof. The Depositary shall not be responsible for (i) any
failure to determine that it may be lawful or feasible to make such securities available to Holders in general or to any Holder in particular,
(ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any liability to the purchaser of
such securities.

 

SECTION 4.10  Available
Information.  The Company is subject to the periodic reporting requirements of the Exchange Act applicable to foreign private
issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission. These reports
and documents can be inspected and copied at the Commission’s website at www.sec.gov or at the public reference facilities maintained
by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A.

 

SECTION 4.11  Reports.  The
Depositary shall make available during normal business hours on any Business Day for inspection by Holders at its Corporate Trust Office
any reports and communications, including any proxy soliciting materials, received from the Company which are both received by the Depositary,
the Custodian, or the nominee of either of them as the holder of the Deposited Securities and made generally available to the holders
of such Deposited Securities by the Company. The Company agrees to provide to the Depositary, at the Company’s expense, all such
documents that it provides to the Custodian. Unless otherwise agreed in writing by the Company and the Depositary, the Depositary shall,
at the expense of the Company and in accordance with Section 5.6 hereof, also mail to Holders by regular, ordinary mail delivery
or by electronic transmission (if agreed by the Company and the Depositary) copies of notices and reports when furnished by the Company
pursuant to Section 5.6 hereof.

 

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SECTION 4.12  List
of Holders.  Promptly upon written request by the Company, the Depositary shall, at the expense of the Company, furnish
to it a list, as of a recent date, of the names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts
are registered on the books of the Depositary.

 

SECTION 4.13  Taxation;
Withholding.  The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such information
from its records as the Company may request to enable the Company or its agents to file necessary tax reports with governmental authorities
or agencies. The Depositary, the Custodian or the Company and its agents may, but shall not be obligated to, file such reports as are
necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Securities under applicable
tax treaties or laws for the Holders and Beneficial Owners. Holders and Beneficial Owners of American Depositary Shares may be required
from time to time, and in a timely manner to provide and/or file such proof of taxpayer status, residence and beneficial ownership (as
applicable), to execute such certificates and to make such representations and warranties, or to provide any other information or documents,
as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s obligations
under applicable law. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian, the Agents and their
respective directors, officers, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental
authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding
at source or other tax benefit obtained by the Beneficial Owner or Holder or out of or in connection with any inaccuracy in or omission
from any such proof, certificate, representation, warranty, information or document furnished by or on behalf of such Holder or Beneficial
Owner. The obligations of Holders and Beneficial Owners under this Section 4.13 shall survive any transfer of Receipts, any surrender
of Receipts and withdrawal of Deposited Securities or the termination of this Deposit Agreement.

 

The Company shall remit to the appropriate governmental
authority or agency any amounts required to be withheld by the Company and owing to such governmental authority or agency. Upon any such
withholding, the Company shall remit to the Depositary information, in a form reasonably satisfactory to the Depositary, about such taxes
and/or governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental
authority) therefor. The Depositary shall, to the extent required by U.S. law, report to Holders (i) any taxes withheld by it; (ii) any
taxes withheld by the Custodian, subject to information being provided to the Depositary by the Custodian and (iii) any taxes withheld
by the Company, subject to information being provided to the Depositary by the Company. The Depositary and the Custodian shall not be
required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment
of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary. None of the Depositary, the Custodian
or the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S.
tax paid against such Holder’s or Beneficial Owner’s income tax liability.

 

In the event that the Depositary determines that
any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which
the Depositary is obligated to withhold, the Depositary shall withhold the amount required to be withheld and may by public or private
sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner
as the Depositary deems necessary and practicable to pay such taxes and/or charges and the Depositary shall distribute the net proceeds
of any such sale after deduction of such taxes and/or charges to the Holders entitled thereto in proportion to the number of American
Depositary Shares held by them respectively.

 

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The Depositary is under no obligation to provide
the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur any liability
for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the American Depositary
Shares, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a “Passive
Foreign Investment Company” (as defined in the U.S. Internal Revenue Code of 1986, as amended and the regulations issued thereunder)
or otherwise.

 

ARTICLE V.

 

THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY

 

SECTION 5.1  Maintenance
of Office and Transfer Books by the Registrar.  Until termination of this Deposit Agreement in accordance with its terms,
the Depositary or if a Registrar for the Receipts shall have been appointed, the Registrar shall maintain in the Borough of Manhattan,
the City of New York, an office and facilities for the execution and delivery, registration, registration of transfers, combination and
split-up of Receipts, the surrender of Receipts and the Delivery and withdrawal of Deposited Securities in accordance with the provisions
of this Deposit Agreement.

 

The Depositary or the Registrar as applicable,
shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection
by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the Registrar’s
knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business
of the Company or other than a matter related to this Deposit Agreement or the Receipts.

 

The Depositary or the Registrar, as applicable,
may close the transfer books with respect to the Receipts, at any time and from time to time, when deemed necessary or advisable by it
in connection with the performance of its duties hereunder, or at the reasonable written request of the Company.

 

If any Receipts or the American Depositary Shares
evidenced thereby are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall
act as Registrar or appoint a Registrar or one or more co-registrars for registration of Receipts and transfers, combinations and split-ups,
and to countersign such Receipts in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may
be removed and a substitute or substitutes appointed by the Depositary.

 

If any Receipts or the American Depositary Shares
evidenced thereby are listed on one or more securities exchanges, markets or automated quotation systems, (i) the Depositary shall
be entitled to, and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate to comply with the
requirements of such securities exchange(s), market(s) or automated quotation system(s) applicable to it, notwithstanding any
other provision of this Deposit Agreement; and (ii) upon the reasonable request of the Depositary, the Company shall provide the
Depositary such information and assistance as may be reasonably necessary for the Depositary to comply with such requirements, to the
extent that the Company may lawfully do so.

 

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Each Registrar and co-registrar appointed under
this Section 5.1 shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable
terms of this Deposit Agreement.

 

SECTION 5.2  Exoneration.  None
of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions
of this Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third parties (i) if the Depositary,
the Custodian or the Company or their respective controlling persons or agents (including without limitation, the Agents) shall be prevented
or forbidden from, or delayed in, doing or performing any act or thing required by the terms of this Deposit Agreement, by reason of any
provision of any present or future law or regulation of the United States or any state thereof, the Cayman Islands or any other country,
or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties
or restraint, or by reason of any provision, present or future, of the Memorandum and Articles of Association or any provision of or governing
any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation,
nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer
failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement or in
the Memorandum and Articles of Association or provisions of or governing Deposited Securities, (iii) for any action or inaction of
the Depositary, the Custodian or the Company or their respective controlling persons or agents (including without limitation, the Agents)
in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any
Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice
or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other
benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available
to Holders of American Depositary Shares or (v) for any special, consequential, indirect or punitive damages for any breach of the
terms of this Deposit Agreement or otherwise.

 

The Depositary, its controlling persons, its agents
(including without limitation, the Agents), the Custodian and the Company, its controlling persons and its agents may rely and shall be
protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or
presented by the proper party or parties.

 

No disclaimer of liability under the Securities
Act or the Exchange Act is intended by any provision of this Deposit Agreement.

 

SECTION 5.3  Standard
of Care.  The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including
without limitation, the Agents) assume no obligation and shall not be subject to any liability under this Deposit Agreement or any Receipts
to any Holder(s) or Beneficial Owner(s) or other persons, except in accordance with Section 5.8 hereof, provided, that
the Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation,
the Agents) agree to perform their respective obligations specifically set forth in this Deposit Agreement or the applicable ADRs without
gross negligence or willful misconduct.

 

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Without limitation of the foregoing, neither the
Depositary, nor the Company, nor any of their respective controlling persons, directors, officers, affiliates, employees or agents (including
without limitation, the Agents), shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding
in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless
indemnity satisfactory to it against all expenses (including fees and disbursements of counsel) and liabilities be furnished as often
as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of
the Custodian being solely to the Depositary).

 

The Depositary and its directors, officers, affiliates,
employees and agents (including without limitation, the Agents) shall not be liable for any failure to carry out any instructions to vote
any of the Deposited Securities, or for the manner in which any vote is cast or the effects of any vote. The Depositary shall not incur
any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of
any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any
investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities
or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any
third party, for allowing any rights to lapse upon the terms of this Deposit Agreement or for the failure or timeliness of any notice
from the Company, or for any action or non action by it in reliance upon the opinion, advice of or information from legal counsel, accountants,
any person presenting Shares for deposit, any Holder or any other person believed by it in good faith to be competent to give such advice
or information. The Depositary and its agents (including without limitation, the Agents) shall not be liable for any acts or omissions
made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter
arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential
liability arises the Depositary performed its obligations without gross negligence or willful misconduct while it acted as Depositary.

 

SECTION 5.4  Resignation
and Removal of the Depositary; Appointment of Successor Depositary.  The Depositary may at any time resign as Depositary
hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th
day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed by
the Company, be entitled to take the actions contemplated in Section 6.2 hereof) and (ii) the appointment by the Company of
a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses
owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary
from time to time shall be paid to the Depositary prior to such resignation.

 

The Company shall use reasonable efforts to appoint
such successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary
of written notice of resignation as provided in this Section 5.4. In the event that notice of the appointment of a successor depositary
is not provided by the Company in accordance with the preceding sentence, the Depositary shall be entitled to take the actions contemplated
in Section 6.2 hereof.

 

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The Depositary may at any time be removed by the
Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery thereof
to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof if a successor
depositary has not been appointed), and (ii)  the appointment by the Company of a successor depositary and its acceptance of such
appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance
with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary
prior to such removal.

 

In case at any time the Depositary acting hereunder
shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company
having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute
and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor
depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers,
duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due to it and on the written request of
the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor
hereunder (other than as contemplated in Sections 5.8 and 5.9 hereof), (ii) duly assign, transfer and deliver all right, title and
interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding
Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor
depositary shall promptly mail notice of its appointment to such Holders.

 

Any corporation into or with which the Depositary
may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further
act and, notwithstanding anything to the contrary in this Deposit Agreement, the Depositary may assign or otherwise transfer all or any
of its rights and benefits under this Deposit Agreement (including any cause of action arising in connection with it) to Deutsche Bank
AG or any branch thereof or any entity which is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.

 

SECTION 5.5  The
Custodian.  The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the
direction of the Depositary for the Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to
it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian
has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary shall require such
resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian
with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary
determines, in its discretion, that it is appropriate to do so, it may appoint an additional entity to act as Custodian with respect to
any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which
shall thereafter be Custodian hereunder with respect to the Deposited Securities. After any such change, the Depositary shall give notice
thereof in writing to all Holders.

 

Upon the appointment of any successor depositary,
any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited
Securities without any further act or writing and shall be subject to the direction of the successor depositary. The successor depositary
so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments
as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary.

 

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SECTION 5.6  Notices
and Reports.  On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting
of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such
holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions or the offering of any rights
in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in English
but otherwise in the form given or to be given to holders of Shares or other Deposited Securities. The Company shall also furnish to the
Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Memorandum and Articles
of Association that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat.

 

The Company will also transmit to the Depositary
(a) English language versions of the other notices, reports and communications which are made generally available by the Company
to holders of its Shares or other Deposited Securities and (b) English language versions of the Company’s annual and other
reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange, at the request of the
Company and at the Company’s expense, for the mailing of copies thereof to all Holders, or by any other means as agreed between
the Company and the Depositary (at the Company’s expense) or make such notices, reports and other communications available for inspection
by all Holders, provided, that, the Depositary shall have received evidence sufficiently satisfactory to it, including in the form of
an Opinion of Counsel regarding U.S. law or of any other applicable jurisdiction, furnished at the expense of the Company, as the Depositary
reasonably requests, that the distribution of such notices, reports and any such other communications to Holders from time to time is
valid and does not or will not infringe any local, U.S. or other applicable jurisdiction regulatory restrictions or requirements if so
distributed and made available to Holders. The Company will timely provide the Depositary with the quantity of such notices, reports,
and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. The Company
has delivered to the Depositary and the Custodian a copy of the Memorandum and Articles of Association along with the provisions of or
governing the Shares and any other Deposited Securities issued by the Company or any Affiliate of the Company, in connection with the
Shares, in each case, to the extent not in English, along with a certified English translation thereof, and promptly upon any amendment
thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or change therein,
to the extent not in English, along with a certified English translation thereof. The Depositary may rely upon such copy for all purposes
of this Deposit Agreement.

 

The Depositary will make available, at the expense
of the Company, a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection
by the Holders of the Receipts evidencing the American Depositary Shares representing such Shares governed by such provisions at the Depositary’s
Corporate Trust Office, at the office of the Custodian and at any other designated transfer office.

 

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SECTION 5.7  Issuance
of Additional Shares, ADSs etc.  The Company agrees that in the event it or any of its Affiliates proposes (i) an issuance,
sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an
issuance of securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible
into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a
meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger,
subdivision, amalgamation or consolidation or transfer of assets, (viii) any reclassification, recapitalization, reorganization,
merger, amalgamation, consolidation or sale of assets which affects the Deposited Securities or (ix) a distribution of property other
than cash, Shares or rights to purchase additional Shares it will obtain U.S. legal advice and take all steps necessary to ensure that
the application of the proposed transaction to Holders and Beneficial Owners does not violate the registration provisions of the Securities
Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or
the securities laws of the states of the United States). In support of the foregoing, the Company will furnish to the Depositary at its
request, at the Company’s expense, (a) a written opinion of U.S. counsel (satisfactory to the Depositary) stating whether or
not application of such transaction to Holders and Beneficial Owners (1) requires a registration statement under the Securities Act
to be in effect or (2) is exempt from the registration requirements of the Securities Act and/or (3) dealing with such other
issues requested by the Depositary; (b) a written opinion of Cayman Islands counsel (satisfactory to the Depositary) stating that
(1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of the Cayman Islands
and (2) all requisite regulatory and corporate consents and approvals have been obtained in the Cayman Islands; and (c) as the
Depositary may request, a written Opinion of Counsel in any other jurisdiction in which Holders or Beneficial Owners reside to the effect
that making the transaction available to such Holders or Beneficial Owners does not violate the laws or regulations of such jurisdiction
as well as certificates of the Company as to such matters as the Depositary may deem necessary or appropriate in the circumstances. If
the filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the transaction unless
it shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective and that such
distribution is in accordance with all applicable laws or regulations. If, being advised by counsel, the Company determines that a transaction
is required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary,
(ii) alter the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary
to take specific measures, in each case as contemplated in this Deposit Agreement, to prevent such transaction from violating the registration
requirements of the Securities Act.

 

The Company agrees with the Depositary that neither
the Company nor any of its Affiliates will at any time (i) deposit any Shares or other Deposited Securities, either upon original
issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate,
or (ii) issue additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights
to subscribe for such securities, unless such transaction and the securities issuable in such transaction are exempt from registration
under the Securities Act or have been registered under the Securities Act (and such registration statement has been declared effective).

 

Notwithstanding anything else contained in this
Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any registration statement in respect
of any proposed transaction.

 

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SECTION 5.8  Indemnification.  The
Company agrees to indemnify the Depositary, any Custodian and each of their respective directors, officers, employees, agents (including
without limitation, the Agents) and Affiliates against, and hold each of them harmless from, any losses, liabilities, taxes, costs, claims,
judgments, proceedings, actions, demands and any charges or expenses of any kind whatsoever (including, but not limited to, reasonable
fees and expenses of counsel together with, in each case, value added tax and any similar tax charged or otherwise imposed in respect
thereof) (collectively referred to as “Losses”) which the Depositary or any agent (including without limitation, the
Agents) thereof may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its
powers and duties under this Agreement or that may arise (a) out of or in connection with any offer, issuance, sale, resale, transfer,
deposit or withdrawal of Receipts, American Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out
of or in connection with any offering documents in respect thereof or (c) out of or in connection with acts performed or omitted,
including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company in connection
with this Deposit Agreement, the Receipts, the American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by
the Depositary, the Custodian or any of their respective directors, officers, employees, agents (including without limitation, the Agents)
and Affiliates, except to the extent any such Losses arise out of the gross negligence or wilful misconduct of any of them, or (ii) by
the Company or any of its directors, officers, employees, agents and Affiliates.

 

The Depositary agrees to indemnify the Company
and hold it harmless from any Losses which may arise out of acts performed or omitted to be performed by the Depositary arising out of
its gross negligence or wilful misconduct. Notwithstanding the above, in no event shall the Depositary or any of its directors, officers,
employees, agents (including without limitation, the Agents) and/or Affiliates be liable for any special, consequential, indirect or punitive
damages to the Company, Holders, Beneficial Owners or any other person.

 

Any person seeking indemnification hereunder (an
 “Indemnified Person”) shall notify the person from whom it is seeking indemnification (the “Indemnifying Person”)
of the commencement of any indemnifiable action or claim promptly after such Indemnified Person becomes aware of such commencement (provided
that the failure to make such notification shall not affect such Indemnified Person’s rights to indemnification except to the extent
the Indemnifying Person is materially prejudiced by such failure) and shall consult in good faith with the Indemnifying Person as to the
conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable under the
circumstances. No Indemnified Person shall compromise or settle any action or claim that may give rise to an indemnity hereunder without
the consent of the Indemnifying Person, which consent shall not be unreasonably withheld.

 

The obligations set forth in this Section shall
survive the termination of this Deposit Agreement and the succession or substitution of any party hereto.

 

SECTION 5.9  Fees
and Charges of Depositary.  The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering
ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary’s fees and
related charges identified as payable by them respectively as provided for under Article (9) of the Receipt. All fees and charges
so payable may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of
fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1 hereof. The Depositary
shall provide, without charge, a copy of its latest fee schedule to anyone upon request.

 

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The Depositary and the Company may reach separate
agreement in relation to the payment of any additional remuneration to the Depositary in respect of any exceptional duties which the Depositary
finds necessary or desirable and agreed by both parties in the performance of its obligations hereunder and in respect of the actual costs
and expenses of the Depositary in respect of any notices required to be given to the Holders in accordance with Article (20) of the
Receipt.

 

In connection with any payment by the Company
to the Depositary:

 

		(i)	all fees, taxes, duties, charges, costs and expenses which are payable by the Company shall be paid or
be procured to be paid by the Company (and any such amounts which are paid by the Depositary shall be reimbursed to the Depositary by
the Company upon demand therefor);

 

		(ii)	such payment shall be subject to all necessary applicable exchange control and other consents and approvals
having been obtained. The Company undertakes to use its reasonable endeavours to obtain all necessary approvals that are required to be
obtained by it in this connection; and

 

		(iii)	the Depositary may request, in its sole but reasonable discretion after reasonable consultation with the
Company, an Opinion of Counsel regarding U.S. law, the laws of the Cayman Islands or of any other relevant jurisdiction, to be furnished
at the expense of the Company, if at any time it deems it necessary to seek such an Opinion of Counsel regarding the validity of any action
to be taken or instructed to be taken under this Agreement.

 

The Company agrees to promptly pay to the Depositary
such other fees, charges and expenses and to reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company
may agree to in writing from time to time. Responsibility for payment of such charges may at any time and from time to time be changed
by agreement between the Company and the Depositary.

 

All payments by the Company to the Depositary
under this Section 5.9 shall be paid without set-off or counterclaim, and free and clear of and without deduction or withholding
for or on account of, any present or future taxes, levies, imports, duties, fees, assessments or other charges of whatever nature, imposed
by the Cayman Islands or by any department, agency or other political subdivision or taxing authority thereof or therein, and all interest,
penalties or similar liabilities with respect thereto.

 

The right of the Depositary to receive payment
of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement. As to any Depositary, upon the
resignation or removal of such Depositary as described in Section 5.4 hereof, such right shall extend for those fees, charges and
expenses incurred prior to the effectiveness of such resignation or removal.

 

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SECTION 5.10  Restricted
Securities Owners/Ownership Restrictions.  From time to time or upon request of the Depositary, the Company shall provide
to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially own Restricted
Securities and the Company shall update such list on a regular basis. The Depositary may rely on such list or update but shall not be
liable for any action or omission made in reliance thereon. The Company agrees to advise in writing each of the persons or entities who,
to the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder (except
under the circumstances contemplated in Section 2.11) and, to the extent practicable, shall require each of such persons to represent
in writing that such person will not deposit Restricted Securities hereunder (except under the circumstances contemplated in Section 2.11).
Holders and Beneficial Owners shall comply with any limitations on ownership of Shares under the Memorandum and Articles of Association
or applicable Cayman Islands law as if they held the number of Shares their ADSs represent. The Company shall, in accordance with Article (24)
of the Receipt, inform Holders and Beneficial Owners and the Depositary of any other limitations on ownership of Shares that the Holders
and Beneficial Owners may be subject to by reason of the number of ADSs held under the Articles of Association or applicable Cayman Islands
law, as such restrictions may be in force from time to time.

 

The Company may, in its sole discretion, but subject
to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner pursuant
to the Memorandum and Articles of Association, including but not limited to, the removal or limitation of voting rights or the mandatory
sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADRs held by such Holder or Beneficial
Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Memorandum and Articles
of Association; provided that any such measures are practicable and legal and can be undertaken without undue burden or expense, and provided
further the Depositary’s agreement to the foregoing is conditional upon it being advised of any applicable changes in the Memorandum
and Articles of Association. The Depositary shall have no liability for any actions taken in accordance with such instructions.

 

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ARTICLE VI.

 

AMENDMENT AND TERMINATION

 

SECTION 6.1  Amendment/Supplement.  Subject
to the terms and conditions of this Section 6.1 and applicable law, the Receipts outstanding at any time, the provisions of this
Deposit Agreement and the form of Receipt attached hereto and to be issued under the terms hereof may at any time and from time to time
be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or
desirable and not materially prejudicial to the Holders without the consent of the Holders or Beneficial Owners. Any amendment or supplement
which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes
and/or other governmental charges, delivery and other such expenses payable by Holders or Beneficial Owners), or which shall otherwise
materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding
Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts.
Notice of any amendment to this Deposit Agreement or form of Receipts shall not need to describe in detail the specific amendments effectuated
thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that,
in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text
of such amendment (e., upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the Depositary).The
parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary)
in order for (a) the American Depositary Shares to be registered on Form F-6 under the Securities Act or (b) the American
Depositary Shares or the Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase
any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial
Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing
to hold such American Depositary Share or Shares, to consent and agree to such amendment or supplement and to be bound by this Deposit
Agreement as amended and supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender
such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of
applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require
amendment or supplement of this Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement
this Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or
supplement to this Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given
to Holders or within any other period of time as required for compliance with such laws, rules or regulations.

 

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SECTION 6.2  Termination.  The
Depositary shall, at any time at the written direction of the Company, terminate this Deposit Agreement by mailing notice of such termination
to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination, provided
that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of this Deposit
Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time
to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered
to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice
of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment
as provided in Section 5.4 hereof, the Depositary may terminate this Deposit Agreement by mailing notice of such termination to the
Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of
termination of this Deposit Agreement, each Holder will, upon surrender of such Receipt at the Corporate Trust Office of the Depositary,
upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Section 2.6 hereof and subject to
the conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to
Delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding
after the date of termination of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts,
and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform
any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions
pertaining to Deposited Securities, shall sell rights or other property as provided in this Deposit Agreement, and shall continue to Deliver
Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6 hereof, together with any dividends or
other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts
surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender
of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any
applicable taxes and/or governmental charges or assessments). At any time after the expiration of six months from the date of termination
of this Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the
net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for
interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale,
the Depositary shall be discharged from all obligations under this Deposit Agreement with respect to the Receipts and the Shares, Deposited
Securities and American Depositary Shares, except to account for such net proceeds and other cash (after deducting, or charging, as the
case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in
accordance with the terms and conditions of this Deposit Agreement and any applicable taxes and/or governmental charges or assessments).
Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except
for its obligations to the Depositary hereunder. The obligations under the terms of this Deposit Agreement and Receipts of Holders and
Beneficial Owners of ADSs outstanding as of the effective date of any termination shall survive such effective date of termination and
shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of
this Deposit Agreement and the Holders have each satisfied any and all of their obligations hereunder (including, but not limited to,
any payment and/or reimbursement obligations which relate to prior to the effective date of termination but which payment and/or reimbursement
is claimed after such effective date of termination).

 

Notwithstanding anything contained in this Deposit
Agreement or any ADR, in connection with the termination of this Deposit Agreement, the Depositary may, independently and without the
need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their
ADSs and to direct the deposit of such Deposited Securities into an unsponsored American depositary shares program established by the
Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to satisfaction
of the applicable registration requirements by the unsponsored American depositary shares program under the Securities Act, and to receipt
by the Depositary of payment of the applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.

 

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ARTICLE VII.

 

MISCELLANEOUS

 

SECTION 7.1  Counterparts.  This
Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts
together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained with the Depositary and shall
be open to inspection by any Holder during business hours.

 

SECTION 7.2  No
Third-Party Beneficiaries.  This Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors)
and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except to the extent specifically
set forth in this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to give rise to a partnership or joint venture
among the parties hereto nor establish a fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree
that (i) the Depositary and its Affiliates may at any time have multiple banking relationships with the Company and its Affiliates,
(ii) the Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or the
Holders or Beneficial Owners may have interests and (iii) nothing contained in this Agreement shall (a) preclude the Depositary
or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships, or (b) obligate the
Depositary or any of its Affiliates to disclose such transactions or relationships or to account for any profit made or payment received
in such transactions or relationships.

 

SECTION 7.3  Severability.  In
case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall
in no way be affected, prejudiced or disturbed thereby.

 

SECTION 7.4  Holders
and Beneficial Owners as Parties; Binding Effect.  The Holders and Beneficial Owners from time to time of American Depositary
Shares shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any Receipt by acceptance
hereof or any beneficial interest therein.

 

SECTION 7.5  Notices.  Any and all notices to be given to
the Company shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex,
facsimile transmission or electronic transmission, confirmed by letter, addressed to 5820 Oberlin Drive, Suite 101, San Diego, CA 92121,
USA, Attention: Hao-Yuan Chuang, telephone: +886-910-918-513, email: hyc@belitebio.com, or to any other address which the Company
may specify in writing to the Depositary or at which it may be effectively given such notice in accordance with applicable law.

 

Any
and all notices to be given to the Depositary shall be deemed to have been duly given if personally delivered or sent by first-class mail,
air courier or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the
Company’s expense, unless otherwise agreed in writing between the Company and the Depositary, confirmed by letter, addressed to
Deutsche Bank Trust Company Americas, 1 Columbus Circle, New York, New York 10019, USA, Attention: ADR Department, telephone: +1
212 250-9100, facsimile: + 1 212 797 0327 or to any other address which the Depositary may specify in writing to the Company.

 

Any and all notices to be given to any Holder
shall be deemed to have been duly given if personally delivered or sent by first-class mail or cable, telex, facsimile transmission or
by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in writing
between the Company and the Depositary, addressed to such Holder at the address of such Holder as it appears on the transfer books for
Receipts of the Depositary, or, if such Holder shall have filed with the Depositary a written request that notices intended for such Holder
be mailed to some other address, at the address specified in such request. Notice to Holders shall be deemed to be notice to Beneficial
Owners for all purposes of this Deposit Agreement.

 

Delivery of a notice sent by mail, air courier
or cable, telex, facsimile or electronic transmission shall be deemed to be effective at the time when a duly addressed letter containing
the same (or a confirmation thereof in the case of a cable, telex, facsimile or electronic transmission) is deposited, postage prepaid,
in a post-office letter box or delivered to an air courier service. The Depositary or the Company may, however, act upon any cable, telex,
facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding that such cable, telex, facsimile
or electronic transmission shall not subsequently be confirmed by letter as aforesaid, as the case may be.

 

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SECTION 7.6  Governing Law and
Jurisdiction.  This Deposit Agreement and the Receipts shall be interpreted in accordance
with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York
without reference to the principles of choice of law thereof. Subject to the Depositary's rights under the third paragraph of this Section
7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have exclusive jurisdiction to
hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with this
Deposit Agreement and, for such purposes, each irrevocably submits to the exclusive jurisdiction of such courts. Notwithstanding the above,
the parties hereto agree that any judgment and/or order from any such New York court can be enforced in any court having jurisdiction
thereof. The Company hereby irrevocably designates, appoints and empowers Puglisi & Associates, (the “Process Agent”),
now at 850 Library Avenue, Suite 204, Newark, Delaware 19711, USA, as its authorized agent to receive and accept for and on its behalf,
and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that
may be served in any suit, action or proceeding brought against the Company in any federal or state court as described in the preceding
sentence or in the next paragraph of this Section 7.6. If for any reason the Process Agent shall cease to be available to act as such,
the Company agrees to designate a new agent in the City of New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory
to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices
and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Process Agent (whether
or not the appointment of such Process Agent shall for any reason prove to be ineffective or such Process Agent shall fail to accept or
acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided
in Section 7.5 hereof. The Company agrees that the failure of the Process Agent to give any notice of such service to it shall not impair
or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon.

 

The Company irrevocably and unconditionally waives,
to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions, suits or
proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees
not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient
forum.

 

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The Company, the Depositary and by holding an American
Depositary Share (or interest therein) Holders and Beneficial Owners each agree that, notwithstanding the foregoing, with regard to any
claim or dispute or difference of whatever nature between or involving the parties hereto arising directly or indirectly from the relationship
created by this Deposit Agreement, the Depositary, in its sole discretion, shall be entitled to refer such dispute or difference for final
settlement by arbitration (“Arbitration”) in accordance with the Commercial Arbitration Rules of the American
Arbitration Association (the “Rules”) then in force. The arbitration shall be conducted by three arbitrators, one nominated
by the Depositary, one nominated by the Company, and one nominated by the two party-appointed arbitrators within 30 calendar days of the
confirmation of the nomination of the second arbitrator. If any arbitrator has not been nominated within the time limits specified herein
and in the Rules, then such arbitrator shall be appointed by the American Arbitration Association in accordance with the Rules. Judgment
upon the award rendered by the arbitrators may be enforced in any court having jurisdiction thereof. The seat and place of any reference
to arbitration shall be New York City, New York, and the procedural law of such arbitration shall be New York law. The language to be
used in the arbitration shall be English. The fees of the arbitrator and other costs incurred by the parties in connection with such Arbitration
shall be paid by the party or parties that is (are) unsuccessful in such Arbitration. For the avoidance of doubt this paragraph does not
preclude Holders and Beneficial Owners from pursuing claims under the Securities Act or the Exchange Act in federal courts.

 

Holders and Beneficial
Owners understand, and holding an American Depositary Share or an interest therein, such Holders and Beneficial Owners each
irrevocably agree that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of or
based upon the Deposit Agreement, the American Depositary Shares or Receipts, or the transactions contemplated hereby or thereby or
by virtue of ownership thereof, may only be instituted in a state or federal court in New York, New York, and by holding an American
Depositary Share or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of
venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or
proceeding. Holders and Beneficial Owners agree that the provisions of this paragraph shall survive such Holders’ and
Beneficial Owners’ ownership of American Depositary Shares or interests therein.

 

EACH PARTY TO THIS DEPOSIT AGREEMENT
(INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ANY ADRs) HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR
PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER
DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH
HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

 

The provisions of this Section 7.6 shall
survive any termination of this Deposit Agreement, in whole or in part.

 

SECTION 7.7  Assignment.  Subject
to the provisions and exceptions set forth in Section 5.4 hereof, this Deposit Agreement may not be assigned by either the Company
or the Depositary.

 

SECTION 7.8  Agents.  The
Depositary shall be entitled, in its sole but reasonable discretion, to appoint one or more agents (the “Agents”) of
which it shall have control for the purpose, inter alia, of making distributions to the Holders or otherwise carrying out its obligations
under this Agreement.

 

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SECTION 7.9  Affiliates
etc.  The Depositary reserves the right to utilize and retain a division or Affiliate(s) of the Depositary to direct, manage
and/or execute any public and/or private sale of Shares, rights, securities, property or other entitlements hereunder and to engage in
the conversion of Foreign Currency hereunder.  It is anticipated that such division and/or Affiliate(s) will charge the Depositary
a fee and/or commission in connection with each such transaction, and seek reimbursement of its costs and expenses related thereto. 
Such fees/commissions, costs and expenses, shall be deducted from amounts distributed hereunder and shall not be deemed to be fees of
the Depositary under Article (9) of the Receipt or otherwise. Persons are advised that in converting foreign currency into U.S.
dollars the Depositary may utilize Deutsche Bank AG or its affiliates (collectively, “DBAG”) to effect such conversion
by seeking to enter into a foreign exchange (“FX”) transaction with DBAG. When converting currency, the Depositary
is not acting as a fiduciary for the holders or beneficial owners of depositary receipts or any other person. Moreover, in executing FX
transactions, DBAG will be acting in a principal capacity, and not as agent, fiduciary or broker, and may hold positions for its own account
that are the same, similar, different or opposite to the positions of its customers, including the Depositary. When the Depositary seeks
to execute an FX transaction to accomplish such conversion, customers should be aware that DBAG is a global dealer in FX for a full range
of FX products and, as a result, the rate obtained in connection with any requested foreign currency conversion may be impacted by DBAG
executing FX transactions for its own account or with another customer. In addition, in order to source liquidity for any FX transaction
relating to any foreign currency conversion, DBAG may internally share economic terms relating to the relevant FX transaction with persons
acting in a sales or trading capacity for DBAG or one of its agents. DBAG may charge fees and/or commissions to the Depositary or add
a mark-up in connection with such conversions, which are reflected in the rate at which the foreign currency will be converted into U.S.
dollars. The Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company
and its Affiliates and in ADSs.

 

SECTION 7.10  Exclusivity.  The
Company agrees not to appoint any other depositary for the issuance or administration of depositary receipts evidencing any class of stock
of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder.

 

SECTION 7.11  Compliance
with U.S. Securities Laws.  Notwithstanding anything in this Deposit Agreement to the contrary, the withdrawal or Delivery
of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of
the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act.

 

SECTION 7.12  Titles.  All
references in this Deposit Agreement to exhibits, Articles, sections, subsections, and other subdivisions refer to the exhibits, Articles,
sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise. The words “this Deposit
Agreement”, “herein”, “hereof”, “hereby”, “hereunder”,
and words of similar import refer to this Deposit Agreement as a whole as in effect between the Company, the Depositary and the Holders
and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter
gender shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice
versa unless the context otherwise requires. Titles to sections of this Deposit Agreement are included for convenience only and shall
be disregarded in construing the language contained in this Deposit Agreement.

 

    38

     

    

 

IN WITNESS WHEREOF, BELITE BIO, INC and DEUTSCHE BANK TRUST COMPANY
AMERICAS have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners
shall become parties hereto upon acceptance by them of American Depositary Shares evidenced by Receipts issued in accordance with the
terms hereof.

 

	 	BELITE BIO, INC

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    39

     

    

 

EXHIBIT A

 

CUSIP________

 

ISIN________

 

	 	American Depositary 

    Shares (Each

    American Depositary 

    Share

    representing [●]

    Fully Paid Ordinary 

    Shares)
	 	 

[FORM OF FACE OF RECEIPT]

 

AMERICAN DEPOSITARY RECEIPT

 

for

 

AMERICAN DEPOSITARY SHARES

 

representing

 

DEPOSITED ORDINARY SHARES

 

of

 

BELITE BIO, INC

 

(Incorporated under the laws
of the Cayman Islands)

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary
(herein called the “Depositary”), hereby certifies that ________________ is the owner of ______________ American Depositary
Shares (hereinafter “ADS”), representing deposited ordinary shares, each of Par Value of U.S. $ 0.0001 including evidence
of rights to receive such ordinary shares (the “Shares”) of Belite Bio, Inc, a company incorporated under the
laws of the Cayman Islands (the “Company”). As of the date of the Deposit Agreement (hereinafter referred to), each
ADS represents [●] Shares deposited under the Deposit Agreement with the Custodian which at the date of execution of the Deposit
Agreement is Deutsche Bank AG, Hong Kong Branch (the “Custodian”). The ratio of Depositary Shares to shares of stock
is subject to subsequent amendment as provided in Article IV of the Deposit Agreement. The Depositary’s Corporate Trust Office
is located at 1 Columbus Circle, New York, New York 10019, U.S.A.

 

(1)            The
Deposit Agreement. This American Depositary Receipt is one of an issue of American Depositary Receipts (“Receipts”),
all issued or to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of [●], 2022 (as amended from
time to time, the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders and Beneficial Owners
from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and becomes bound
by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners
of Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities,
property and cash from time to time, received in respect of such Shares and held thereunder (such Shares, other securities, property and
cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Corporate Trust
Office of the Depositary and the Custodian.

 

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Each owner and each Beneficial Owner, upon acceptance
of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement, shall be deemed for
all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b) appoint the
Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the
Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such
action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and
the applicable ADR(s) (the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof).

 

The statements made on the face and reverse of
this Receipt are summaries of certain provisions of the Deposit Agreement and the Memorandum and Articles of Association (as in effect
on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference
is hereby made. All capitalized terms used herein which are not otherwise defined herein shall have the meanings ascribed thereto in the
Deposit Agreement. To the extent there is any inconsistency between the terms of this Receipt and the terms of the Deposit Agreement,
the terms of the Deposit Agreement shall prevail. Prospective and actual Holders and Beneficial Owners are encouraged to read the terms
of the Deposit Agreement. The Depositary makes no representation or warranty as to the validity or worth of the Deposited Securities.
The Depositary has made arrangements for the acceptance of the American Depositary Shares into DTC. Each Beneficial Owner of American
Depositary Shares held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be entitled to any rights
attributable to such American Depositary Shares. The Receipt evidencing the American Depositary Shares held through DTC will be registered
in the name of a nominee of DTC. So long as the American Depositary Shares are held through DTC or unless otherwise required by law, ownership
of beneficial interests in the Receipt registered in the name of DTC (or its nominee) will be shown on, and transfers of such ownership
will be effected only through, records maintained by (i) DTC (or its nominee), or (ii) DTC Participants (or their nominees).

 

(2)            Surrender
of Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Corporate Trust Office of the Depositary, of ADSs evidenced
by this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the fees and
charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9
of the Deposit Agreement and Article (9) hereof) and (ii) all fees, taxes and/or governmental charges payable in connection
with such surrender and withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the Memorandum and Articles of
Association, Section 7.11 of the Deposit Agreement, Article (22) hereof and the provisions of or governing the Deposited Securities
and other applicable laws, the Holder of the American Depositary Shares evidenced hereby is entitled to Delivery, to him or upon his order,
of the Deposited Securities represented by the ADS so surrendered. ADS may be surrendered for the purpose of withdrawing Deposited Securities
by Delivery of a Receipt evidencing such ADS (if held in registered form) or by book-entry delivery of such ADS to the Depositary.

 

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A Receipt surrendered for such purposes shall,
if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the
Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause
the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons designated in such order.
Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian
or through a book-entry delivery of the Shares (in either case subject to the terms and conditions of the Deposit Agreement, to the Memorandum
and Articles of Association, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect),
to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited
Securities represented by such ADSs, together with any certificate or other proper documents of or relating to title for the Deposited
Securities or evidence of the electronic transfer thereof (if available) as the case may be to or for the account of such person. Subject
to Article (4) hereof, in the case of surrender of a Receipt evidencing a number of ADSs representing other than a whole number
of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms
hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new
Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional
Shares represented by the Receipt so surrendered and remit the proceeds thereof (net of (a) applicable fees and charges of, and expenses
incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to
the person surrendering the Receipt. At the request, risk and expense of any Holder so surrendering a Receipt, and for the account of
such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than
securities) held in respect of, and any certificate or certificates and other proper documents of or relating to title to, the Deposited
Securities represented by such Receipt to the Depositary for Delivery at the Corporate Trust Office of the Depositary, and for further
Delivery to such Holder. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex
or facsimile transmission. Upon receipt of such direction by the Depositary, the Depositary may make delivery to such person or persons
entitled thereto at the Corporate Trust Office of the Depositary of any dividends or cash distributions with respect to the Deposited
Securities represented by such Receipt, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be
held by the Depositary.

 

(3)            Transfers,
Split-Ups and Combinations of Receipts. Subject to the terms and conditions of the Deposit Agreement, the Registrar shall register
transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof
in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of
Receipts issued through any book-entry system, including, without limitation, DRS/Profile, receipt by the Depositary of proper instruments
of transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the
laws of the State of New York, of the United States, of the Cayman Islands and of any other applicable jurisdiction. Subject to the terms
and conditions of the Deposit Agreement, including payment of the applicable fees and expenses incurred by, and charges of, the Depositary,
the Depositary shall execute and Deliver a new Receipt(s) (and if necessary, cause the Registrar to countersign such Receipt(s))
and deliver same to or upon the order of the person entitled to such Receipts evidencing the same aggregate number of ADSs as those evidenced
by the Receipts surrendered. Upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt
or Receipts upon payment of the applicable fees and charges of the Depositary, and subject to the terms and conditions of the Deposit
Agreement, the Depositary shall execute and deliver a new Receipt or Receipts for any authorized number of ADSs requested, evidencing
the same aggregate number of ADSs as the Receipt or Receipts surrendered.

 

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(4)            Pre-Conditions
to Registration, Transfer, Etc. As a condition precedent to the execution and Delivery, registration, registration of transfer, split-up,
subdivision, combination or surrender of any Receipt, the delivery of any distribution thereon (whether in cash or shares) or withdrawal
of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of
the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with
respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable
fees and charges of the Depositary as provided in the Deposit Agreement and in this Receipt, (ii) the production of proof satisfactory
to it as to the identity and genuineness of any signature or any other matter and (iii) compliance with (A) any laws or governmental
regulations relating to the execution and Delivery of Receipts and ADSs or to the withdrawal of Deposited Securities and (B) such
reasonable regulations of the Depositary or the Company consistent with the Deposit Agreement and applicable law.

 

The issuance of ADSs against deposits of Shares
generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares
may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfer of
Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed
necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of
law, any government or governmental body or commission or any securities exchange upon which the Receipts or Share are listed, or under
any provision of the Deposit Agreement or provisions of, or governing, the Deposited Securities or any meeting of shareholders of the
Company or for any other reason, subject in all cases to Article (22) hereof.

 

The Depositary shall not issue ADSs prior to the
receipt of Shares or deliver Shares prior to the receipt and cancellation of ADSs.

 

(5)            Compliance
With Information Requests. Notwithstanding any other provision of the Deposit Agreement or this Receipt, each Holder and Beneficial
Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to the laws of the Cayman Islands, the rules and
requirements of the New York Stock Exchange and any other stock exchange on which the Shares are, or will be registered, traded or listed,
the Memorandum and Articles of Association, which are made to provide information as to the capacity in which such Holder or Beneficial
Owner owns ADSs and regarding the identity of any other person interested in such ADSs and the nature of such interest and various other
matters whether or not they are Holders and/or Beneficial Owner at the time of such request. The Depositary agrees to use reasonable efforts
to forward any such requests to the Holders and to forward to the Company any such responses to such requests received by the Depositary.

 

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(6)            Liability
of Holder for Taxes, Duties and Other Charges. If any tax or other governmental charge shall become payable by the Depositary or the
Custodian with respect to any Receipt or any Deposited Securities or ADSs, such tax or other governmental charge shall be payable by the
Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions
made in respect of Deposited Securities and may sell for the account of the Holder and/or Beneficial Owner any or all of the Deposited
Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges,
with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency. The Custodian may refuse the deposit of Shares,
and the Depositary may refuse to issue ADSs, to deliver Receipts, register the transfer, split-up or combination of ADRs and (subject
to Article (22) hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is
received.

 

The liability of Holders and Beneficial Owners
under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or
the termination of the Deposit Agreement.

 

Holders understand that in converting Foreign
Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places used by the Depositary
to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary
as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to
escheatment.

 

(7)            Representations
and Warranties of Depositors. Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant
that (i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid, non-assessable and were legally
obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares, have been validly waived
or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free
and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the ADSs issuable upon such
deposit will not be, Restricted Securities (except as contemplated by Section 2.11 of the Deposit Agreement), (v) the Shares
presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up agreement
with the Company or other party, or the Shares are subject to a lock-up agreement but such lock-up agreement has terminated or the lock-up
restrictions imposed thereunder have expired or been validly waived. Such representations and warranties shall survive the deposit and
withdrawal of Shares and the issuance, cancellation and transfer of ADSs. If any such representations or warranties are false in any way,
the Company and Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary
to correct the consequences thereof.

 

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(8)            Filing
Proofs, Certificates and Other Information. Any person presenting Shares for deposit shall provide, any Holder and any Beneficial
Owner may be required to provide, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary such proof
of citizenship or residence, taxpayer status, payment of all applicable taxes and/or other governmental charges, exchange control approval,
legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit Agreement
and the provisions of, or governing, the Deposited Securities or other information as the Depositary deems necessary or proper or as
the Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement.
Pursuant to the Deposit Agreement, the Depositary and the Registrar, as applicable, may withhold the execution or Delivery or registration
of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof, or
to the extent not limited by the terms of Article (22) hereof or the terms of the Deposit Agreement, the Delivery of any Deposited
Securities until such proof or other information is filed or such certifications are executed, or such representations and warranties
are made, or such other documentation or information provided, in each case to the Depositary’s and the Company’s satisfaction.
The Depositary shall from time to time on the written request of the Company advise the Company of the availability of any such proofs,
certificates or other information and shall, at the Company’s sole expense, provide or otherwise make available copies thereof
to the Company upon written request therefor by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial
Owner agrees to provide any information requested by the Company or the Depositary pursuant to this paragraph. Nothing herein shall obligate
the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify
or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

 

Every Holder and Beneficial Owner agrees to indemnify
the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees, agents and Affiliates
against, and to hold each of them harmless from, any Losses which any of them may incur or which may be made against any of them as a
result of or in connection with any inaccuracy in or omission from any such proof, certificate, representation, warranty, information
or document furnished by or on behalf of such Holder and/or Beneficial Owner or as a result of any such failure to furnish any of the
foregoing.

 

The obligations of Holders and Beneficial Owners
under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or
the termination of the Deposit Agreement.

 

(9)            Charges
of Depositary. The Depositary reserves the right to charge the following fees for the services performed under the terms of the Deposit
Agreement, provided, however, that no fees shall be payable upon distribution of cash dividends so long as the charging of such fee is
prohibited by the exchange, if any, upon which the ADSs are listed:

 

(i)            to
any person to whom ADSs are issued or to any person to whom a distribution is made in respect of ADS distributions pursuant to stock dividends
or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash), a fee
not in excess of U.S. $ 5.00 per 100 ADSs (or fraction thereof) so issued under the terms of the Deposit Agreement to be determined by
the Depositary;

 

(ii)           to
any person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason including,
inter alia, cash distributions made pursuant to a cancellation or withdrawal, a fee not in excess of U.S. $ 5.00 per 100 ADSs reduced,
cancelled or surrendered (as the case may be);

 

(iii)          to
any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs held for the distribution
of cash dividends;

 

(iv)          to
any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs held for the distribution
of cash entitlements (other than cash dividends) and/or cash proceeds, including proceeds from the sale of rights, securities and other
entitlements;

 

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(v)           to
any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs (or portion thereof) issued
upon the exercise of rights; and

 

(vi)          for
the operation and maintenance costs in administering the ADSs an annual fee not in excess of U.S. $ 5.00 per 100 ADSs, such fee to be
assessed against Holders of record as of the date or dates set by the Depositary as it sees fit and collected at the sole discretion of
the Depositary by billing such Holders for such fee or by deducting such fee from one or more cash dividends or other cash distributions.

 

In addition, Holders, Beneficial Owners, any person
depositing Shares for deposit and any person surrendering ADSs for cancellation and withdrawal of Deposited Securities will be required
to pay the following charges:

 

(i)            taxes
(including applicable interest and penalties) and other governmental charges;

 

(ii)           such
registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities with the Foreign
Registrar and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or
any nominees upon the making of deposits and withdrawals, respectively;

 

(iii)          such
cable, telex, facsimile and electronic transmission and delivery expenses as are expressly provided in the Deposit Agreement to be at
the expense of the depositor depositing or person withdrawing Shares or Holders and Beneficial Owners of ADSs;

 

(iv)          the
expenses and charges incurred by the Depositary and/or a division or Affiliate(s) of the Depositary in the conversion of Foreign
Currency;

 

(v)           such
fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory
requirements applicable to Shares, Deposited Securities, ADSs and ADRs;

 

(vi)          the
fees and expenses incurred by the Depositary in connection with the delivery of Deposited Securities, including any fees of a central
depository for securities in the local market, where applicable;

 

(vii)         any
additional fees, charges, costs or expenses that may be incurred by the Depositary or a division or Affiliate(s) of the Depositary
from time to time.

 

Any other fees and charges of, and expenses incurred
by, the Depositary or the Custodian under the Deposit Agreement shall be for the account of the Company unless otherwise agreed in writing
between the Company and the Depositary from time to time. All fees and charges may, at any time and from time to time, be changed by agreement
between the Depositary and Company but, in the case of fees and charges payable by Holders or Beneficial Owners, only in the manner contemplated
by Article (20) hereof.

 

The Depositary may make payments to the Company
and/or may share revenue with the Company derived from fees collected from Holders and Beneficial Owners, upon such terms and conditions
as the Company and the Depositary may agree from time to time.

 

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(10)          Title
to Receipts. It is a condition of this Receipt, and every successive Holder of this Receipt by accepting or holding the same consents
and agrees, that title to this Receipt (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has
been properly endorsed or accompanied by proper instruments of transfer, such Receipt being a certificated security under the laws of
the State of New York. Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder of this Receipt (that
is, the person in whose name this Receipt is registered on the books of the Depositary) as the absolute owner hereof for all purposes.
The Depositary shall have no obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder of this
Receipt or any Beneficial Owner unless such holder is the Holder of this Receipt registered on the books of the Depositary or, in the
case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner’s representative is the Holder registered on the books
of the Depositary.

 

(11)          Validity
of Receipt. This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose,
unless this Receipt has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the
Depositary, (iii) if a Registrar for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of
a duly authorized signatory of the Registrar and (iv) registered in the books maintained by the Depositary or the Registrar, as applicable,
for the issuance and transfer of Receipts. Receipts bearing the facsimile signature of a duly-authorized signatory of the Depositary or
the Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall
bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the execution and delivery of
such Receipt by the Depositary or did not hold such office on the date of issuance of such Receipts.

 

(12)          Available
Information; Reports; Inspection of Transfer Books. The Company is subject to the periodic reporting requirements of the Exchange
Act applicable to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information
with the Commission. These reports and documents can be inspected and copied at the public reference facilities maintained by the Commission
located at 100 F Street, N.E., Washington D.C. 20549, U.S.A. The Depositary shall make available during normal business hours
on any Business Day for inspection by Holders at its Corporate Trust Office any reports and communications, including any proxy soliciting
materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them
as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company.

 

The Depositary or the Registrar, as applicable,
shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection
by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the Registrar’s
knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business
of the Company or other than a matter related to the Deposit Agreement or the Receipts.

 

The Depositary or the Registrar, as applicable,
may close the transfer books with respect to the Receipts, at any time or from time to time, when deemed necessary or advisable by it
in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject,
in all cases, to Article (22) hereof.

 

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	Dated:	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Depositary
	 	 
	 	By:	 
	 	 
	 	By:	 

 

The address of the Corporate Trust Office of the
Depositary is 1 Columbus Circle, New York, New York 10019, U.S.A.

 

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EXHIBIT B

 

[FORM OF REVERSE OF RECEIPT]

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

OF THE DEPOSIT AGREEMENT

 

(13)          Dividends
and Distributions in Cash, Shares, etc. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash
dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights securities or
other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign
Currency can, in the judgment of the Depositary (upon the terms of the Deposit Agreement), be converted on a practicable basis, into Dollars
transferable to the United States, promptly convert or cause to be converted such dividend, distribution or proceeds into Dollars and
will distribute promptly the amount thus received (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or
a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) to the Holders of record as of the ADS Record
Date in proportion to the number of ADSs representing such Deposited Securities held by such Holders respectively as of the ADS Record
Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of
one cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to Holders entitled thereto.
Holders and Beneficial Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate
which exceeds the number of decimal places used by the Depositary to report distribution rates. The excess amount may be retained by the
Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be
subject to escheatment. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend
or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges,
the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts
shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof
by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary shall forward to the Company or its agent
such information from its records as the Company may reasonably request to enable the Company or its agent to file with governmental agencies
such reports as are necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.

 

If any distribution upon any Deposited Securities
consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and
registered, as the case may be, in the name of the Depositary, the Custodian or their nominees. Upon receipt of confirmation of such deposit,
the Depositary shall, subject to and in accordance with the Deposit Agreement, establish the ADS Record Date and either (i) distribute
to the Holders as of the ADS Record Date in proportion to the number of ADSs held by such Holders as of the ADS Record Date, additional
ADSs, which represent in aggregate the number of Shares received as such dividend, or free distribution, subject to the terms of the Deposit
Agreement (including, without limitation, the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes and/or
governmental charges), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date
shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed upon the
Deposited Securities represented thereby (net of the applicable fees and charges of, and the expenses incurred by, the Depositary, and
taxes and/or governmental charges). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares represented
by the aggregate of such fractions and distribute the proceeds upon the terms set forth in the Deposit Agreement.

 

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In the event that (x) the Depositary determines
that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated
to withhold, or, (y) if the Company, in the fulfillment of its obligations under the Deposit Agreement, has either (a) furnished
an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed
to Holders (and no such registration statement has been declared effective), or (b) fails to timely deliver the documentation contemplated
in the Deposit Agreement, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor)
in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary
shall distribute the net proceeds of any such sale (after deduction of taxes and/or governmental charges, and fees and charges of, and
expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary) to Holders entitled thereto upon the terms
of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions
of the Deposit Agreement.

 

Upon timely receipt of a notice indicating that
the Company wishes an elective distribution to be made available to Holders upon the terms described in the Deposit Agreement, the Depositary
shall, upon provision of all documentation required under the Deposit Agreement, (including, without limitation, any legal opinions the
Depositary may request under the Deposit Agreement) determine whether such distribution is lawful and reasonably practicable. If so, the
Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to Article (14)
hereof and establish procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs.
If a Holder elects to receive the distribution in cash, the dividend shall be distributed as in the case of a distribution in cash. If
the Holder hereof elects to receive the distribution in additional ADSs, the distribution shall be distributed as in the case of a distribution
in Shares upon the terms described in the Deposit Agreement. If such elective distribution is not lawful or reasonably practicable or
if the Depositary did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted
by law, distribute to Holders, on the basis of the same determination as is made in the Cayman Islands, in respect of the Shares for which
no election is made, either (x) cash or (y) additional ADSs representing such additional Shares, in each case, upon the terms
described in the Deposit Agreement. Nothing herein shall obligate the Depositary to make available to the Holder hereof a method to receive
the elective dividend in Shares (rather than ADSs). There can be no assurance that the Holder hereof will be given the opportunity to
receive elective distributions on the same terms and conditions as the holders of Shares.

 

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Whenever the Company intends to distribute to
the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary
at least 45 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs.
Upon timely receipt by the Depositary of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs,
the Company shall determine whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary
shall make such rights available to any Holders only if the Company shall have timely requested that such rights be made available to
Holders, the Depositary shall have received the documentation required by the Deposit Agreement, and the Depositary shall have determined
that such distribution of rights is lawful and reasonably practicable. If such conditions are not satisfied, the Depositary shall sell
the rights as described below. In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record
Date and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to enable the Holders
to exercise the rights (upon payment of the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division
or Affiliate(s) of the Depositary and taxes and/or governmental charges). Nothing herein or in the Deposit Agreement shall obligate
the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs). If (i) the
Company does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not
be made available to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines
it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised
and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, and
if it so determines that it is lawful and reasonably practicable, endeavour to sell such rights in a riskless principal capacity or otherwise,
at such place and upon such terms (including public and/or private sale) as it may deem proper. The Depositary shall, upon such sale,
convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a
division or Affiliate(s) of the Depositary and taxes and/or governmental charges) upon the terms hereof and in the Deposit Agreement.
If the Depositary is unable to make any rights available to Holders or to arrange for the sale of the rights upon the terms described
above, the Depositary shall allow such rights to lapse. The Depositary shall not be responsible for (i) any failure to determine
that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign
exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to
the Holders on behalf of the Company in connection with the rights distribution.

 

Notwithstanding anything herein to the contrary,
if registration (under the Securities Act and/or any other applicable law) of the rights or the securities to which any rights relate
may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by
such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the
Securities Act covering such offering is in effect or (ii) unless the Company furnishes to the Depositary opinion(s) of counsel
for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed,
in each case satisfactorily to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners
are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event
that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including
rights) an amount on account of taxes and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly.
In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject
to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion
of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private
sale, as the Depositary deems necessary and practicable to pay any such taxes and/or charges.

 

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There can be no assurance that Holders generally,
or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the holders of Shares
or to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares
or other securities to be acquired upon the exercise of such rights or otherwise to register or qualify the offer or sale of such rights
or securities under the applicable law of any other jurisdiction for any purpose.

 

Upon receipt of a notice regarding property other
than cash, Shares or rights to purchase additional Shares, to be made to Holders of ADSs, the Depositary shall determine, after consultation
with the Company, whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution
unless (i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary
shall have received the documentation required by the Deposit Agreement, and (iii) the Depositary shall have determined that such
distribution is lawful and reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property
so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such Holders respectively
and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net
of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes and/or governmental charges.
The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including
public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties)
or other governmental charges applicable to the distribution.

 

If the conditions above are not satisfied, the
Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it
may deem proper and shall distribute the proceeds of such sale received by the Depositary (net of (a) applicable fees and charges
of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental
charges) to the Holders upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary
may dispose of such property in any way it deems reasonably practicable under the circumstances.

 

(14)          Fixing
of Record Date. Whenever necessary in connection with any distribution (whether in cash, Shares, rights or other distribution), or
whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary
shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary
shall find it necessary or convenient in connection with the giving of any notice, or any other matter, the Depositary shall fix a record
date (the “ADS Record Date”), as close as practicable to the record date fixed by the Company with respect to the Shares (if
applicable), for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise
of voting rights at any such meeting, or to give or withhold such consent, or to receive such notice or solicitation or to otherwise take
action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS or for any other reason.
Subject to applicable law and the terms and conditions of this Receipt and the Deposit Agreement, only the Holders of record at the close
of business in New York on such ADS Record Date shall be entitled to receive such distributions, to give such voting instructions, to
receive such notice or solicitation, or otherwise take action.

 

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(15)         Voting
of Deposited Securities. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the
holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities,
the Depositary shall fix the ADS Record Date in respect of such meeting or such solicitation of consents or proxies. The Depositary shall,
if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request
shall not have been received by the Depositary at least 30 Business Days prior to the date of such vote or meeting) and at the Company’s
expense, and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as otherwise
may be agreed between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as practicable after
receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a
statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions
of the Deposit Agreement, the Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited
Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise
of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s American Depositary Shares; and
(c) a brief statement as to the manner in which such voting instructions may be given to the Depositary, or in which instructions
may be deemed to have been given in accordance with this Article (15), including an express indication that instructions may be given
(or be deemed to have been given in accordance with the immediately following paragraph of this section if no instruction is received)
to the Depositary to give a discretionary proxy to a person or persons designated by the Company. Voting instructions may be given only
in respect of a number of American Depositary Shares representing an integral number of Deposited Securities. Upon the timely receipt
of voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar
as practicable and permitted under applicable law, the provisions of the Deposit Agreement, the Company’s Memorandum and Articles
of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Deposited Securities
(in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions.

 

In the event that (i) the Depositary timely
receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities
represented by such Holder’s ADSs or (ii) no timely instructions are received by the Depositary from a Holder with respect
to any of the Deposited Securities represented by the ADSs held by such Holder on the ADS Record Date, the Depositary shall (unless otherwise
specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a discretionary proxy to a
person designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person
designated by the Company to vote such Deposited Securities, provided, however, that no such instruction shall be deemed to have been
given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the
Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the Company does not wish
to give such proxy, (y) the Company is aware or should reasonably be aware that substantial opposition exists from Holders against
the outcome for which the person designated by the Company would otherwise vote or (z) the outcome for which the person designated
by the Company would otherwise vote would materially and adversely affect the rights of holders of Deposited Securities, provided, further,
that the Company will have no liability to any Holder or Beneficial Owner resulting from such notification.

 

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In the event that voting on any resolution or
matter is conducted on a show of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will refrain
from voting and the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary from Holders
shall lapse. The Depositary will have no obligation to demand voting on a poll basis with respect to any resolution and shall have no
liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis.

 

Neither the Depositary nor the Custodian shall,
under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise
the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, Deposited Securities represented by ADSs
except pursuant to and in accordance with such written instructions from Holders, including the deemed instruction to the Depositary to
give a discretionary proxy to a person designated by the Company. Deposited Securities represented by ADSs for which (i) no timely
voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions are received by the Depositary
from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented
by such Holder’s ADSs, shall be voted in the manner provided in this Article (15). Notwithstanding anything else contained
herein, and subject to applicable law, regulation and the Memorandum and Articles of Association, the Depositary shall, if so requested
in writing by the Company, represent all Deposited Securities (whether or not voting instructions have been received in respect of such
Deposited Securities from Holders as of the ADS Record Date) for the purpose of establishing quorum at a meeting of shareholders.

 

There can be no assurance that Holders or Beneficial
Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable
the Holder to return voting instructions to the Depositary in a timely manner.

 

Notwithstanding the above, save for applicable
provisions of the law of the Cayman Islands, and in accordance with the terms of Section 5.3 of the Deposit Agreement, the Depositary
shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such
vote is cast or the effect of such vote.

 

(16)          Changes
Affecting Deposited Securities. Upon any change in par value, split-up, subdivision, cancellation, consolidation or any other reclassification
of Deposited Securities, or upon any recapitalization, reorganization, merger, amalgamation or consolidation or sale of assets affecting
the Company or to which it otherwise is a party, any securities which shall be received by the Depositary or a Custodian in exchange for,
or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated
as new Deposited Securities under the Deposit Agreement, and the Receipts shall, subject to the provisions of the Deposit Agreement and
applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively, the Depositary may, with the
Company’s approval, and shall, if the Company shall so requests, subject to the terms of the Deposit Agreement and receipt of satisfactory
documentation contemplated by the Deposit Agreement, execute and deliver additional Receipts as in the case of a stock dividend on the
Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts, in either case, as well as in the event of
newly deposited Shares, with necessary modifications to this form of Receipt specifically describing such new Deposited Securities and/or
corporate change. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or
all Holders, the Depositary may, with the Company’s approval, and shall if the Company requests, subject to receipt of satisfactory
legal documentation contemplated in the Deposit Agreement, sell such securities at public or private sale, at such place or places and
upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred
by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) for the account of
the Holders otherwise entitled to such securities and distribute the net proceeds so allocated to the extent practicable as in the case
of a distribution received in cash pursuant to the Deposit Agreement. The Depositary shall not be responsible for (i) any failure
to determine that it may be lawful or feasible to make such securities available to Holders in general or any Holder in particular, (ii) any
foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities.

 

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(17)          Exoneration.
None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions
of the Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third parties (i) if the Depositary, the
Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or subjected to any civil
or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the Deposit
Agreement and this Receipt, by reason of any provision of any present or future law or regulation of the United States, the Cayman
Islands or any other country, or of any other governmental authority or regulatory authority or stock exchange, or by reason of any provision,
present or future of the Memorandum and Articles of Association or any provision of or governing any Deposited Securities, or by reason
of any act of God or war or other circumstances beyond its control, (including, without limitation, nationalization, expropriation, currency
restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of
any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Memorandum and Articles of Association
or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company
or their respective controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person
presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by
it in good faith to be competent to give such advice or information, (iv) for any inability by a Holder or Beneficial Owner to benefit
from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the
terms of the Deposit Agreement, made available to Holders of ADS or (v) for any special, consequential, indirect or punitive damages
for any breach of the terms of the Deposit Agreement or otherwise. The Depositary, its controlling persons, its agents (including without
limitation, the Agents), any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting
upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper
party or parties. No disclaimer of liability under the Securities Act or the Exchange Act is intended by any provision of the Deposit
Agreement.

 

    55

     

    

 

(18)         Standard
of Care. The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without
limitation, the Agents) assume no obligation and shall not be subject to any liability under the Deposit Agreement or the Receipts to
Holders or Beneficial Owners or other persons, except in accordance with Section 5.8 of the Deposit Agreement, provided, that the
Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the
Agents) agree to perform their respective obligations specifically set forth in the Deposit Agreement without gross negligence or wilful
misconduct. The Depositary and its directors, officers, Affiliates, employees and agents (including without limitation, the Agents) shall
not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote
is cast or the effect of any vote. The Depositary shall not incur any liability for any failure to determine that any distribution or
action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to
the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited
Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs,
Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit
Agreement or for the failure or timeliness of any notice from the Company or for any action or non action by it in reliance upon the opinion,
advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder or any other person believed
by it in good faith to be competent to give such advice or information. The Depositary and its agents (including without limitation, the
Agents) shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission
of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in
connection with the issue out of which such potential liability arises the Depositary performed its obligations without gross negligence
or willful misconduct while it acted as Depositary.

 

(19)          Resignation
and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary under the
Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the
90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed
by the Company, be entitled to take the actions contemplated in the Deposit Agreement), or (ii) the appointment of a successor depositary
and its acceptance of such appointment as provided in the Deposit Agreement, save that, any amounts, fees, costs or expenses owed to the
Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and
the Depositary from time to time shall be paid to the Depositary prior to such resignation. The Company shall use reasonable efforts to
appoint such successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the
Depositary of written notice of resignation as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company
by written notice of such removal which notice shall be effective on the later of (i) the 90th day after delivery thereof to the
Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in the Deposit Agreement if a successor depositary
has not been appointed), or (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in
the Deposit Agreement save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance
with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary
prior to such removal. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best
efforts to appoint a successor depositary which shall be a bank or trust company having an office in the Borough of Manhattan, the City
of New York and if it shall have not appointed a successor depositary the provisions referred to in Article (21) hereof and correspondingly
in the Deposit Agreement shall apply. Every successor depositary shall be required by the Company to execute and deliver to its predecessor
and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any
further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor
depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit Agreement),
(ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver
to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof
as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to such Holders.
Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution
or filing of any document or any further act and, notwithstanding anything to the contrary in the Deposit Agreement, the Depositary may
assign or otherwise transfer all or any of its rights and benefits under the Deposit Agreement (including any cause of action arising
in connection with it) to Deutsche Bank AG or any branch thereof or any entity which is a direct or indirect subsidiary or other affiliate
of Deutsche Bank AG.

 

    56

     

    

 

(20)          Amendment/Supplement.
Subject to the terms and conditions of this Article (20), and applicable law, this Receipt and any provisions of the Deposit Agreement
may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect
which they may deem necessary or desirable without the consent of the Holders or Beneficial Owners. Any amendment or supplement which
shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign exchange control regulations,
and taxes and/or other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial
existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until 30 days after
notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit
Agreement or form of Receipts shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe
the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice
given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon
retrieval from the Commission's, the Depositary's or the Company's website or upon request from the Depositary). The parties hereto agree
that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for
(a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs or Shares to be traded solely in electronic
book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed
not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any
amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADS, to consent and agree to such amendment or
supplement and to be bound by the Deposit Agreement as amended or supplemented thereby. In no event shall any amendment or supplement
impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in
order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new
laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the
Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws,
rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice
of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, or rules or
regulations.

 

    57

     

    

 

(21)          Termination.
The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by mailing notice of such termination
to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination provided
that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of the Deposit
Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time
to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered
to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice
of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment
as provided herein and in the Deposit Agreement, the Depositary may terminate the Deposit Agreement by mailing notice of such termination
to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date
of termination of the Deposit Agreement, each Holder will, upon surrender of such Holder’s Receipt at the Corporate Trust Office
of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Article (2) hereof
and in the Deposit Agreement and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes
and/or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such
Receipt. If any Receipts shall remain outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall
discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof,
and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue
to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property as provided in the
Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in the Deposit
Agreement, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights
or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case
the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms
and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration
of six months from the date of termination of the Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder
and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated
account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered.
After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement with respect to the Receipts
and the Shares, Deposited Securities and ADSs, except to account for such net proceeds and other cash (after deducting, or charging, as
the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder
in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments)
and except as set forth in the Deposit Agreement. Upon the termination of the Deposit Agreement, the Company shall be discharged from
all obligations under the Deposit Agreement except as set forth in the Deposit Agreement. The obligations under the terms of the Deposit
Agreement and Receipts of Holders and Beneficial Owners of ADSs outstanding as of the effective date of any termination shall survive
such effective date of termination and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary
for cancellation under the terms of the Deposit Agreement and the Holders have each satisfied any and all of their obligations hereunder
(including, but not limited to, any payment and/or reimbursement obligations which relate to prior to the effective date of termination
but which payment and/or reimbursement is claimed after such effective date of termination).

 

    58

     

    

 

Notwithstanding anything contained in the Deposit
Agreement or any ADR, in connection with the termination of the Deposit Agreement, the Depositary may, independently and without the need
for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs
and to direct the deposit of such Deposited Securities into an unsponsored American depositary shares program established by the Depositary,
upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to satisfaction of the
applicable registration requirements by the unsponsored American depositary shares program under the Securities Act, and to receipt by
the Depositary of payment of the applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.

 

(22)          Compliance
with U.S. Securities Laws; Regulatory Compliance. Notwithstanding any provisions in this Receipt or the Deposit Agreement to the contrary,
the withdrawal or Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted
by Section I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under
the Securities Act.

 

(23)          Certain
Rights of the Depositary. The Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities
of the Company and its Affiliates and in ADSs. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company,
any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction
records in respect of the Shares.

 

(24)          Ownership
Restrictions. Owners and Beneficial Owners shall comply with any limitations on ownership of Shares under the Memorandum and Articles
of Association or applicable Cayman Islands law as if they held the number of Shares their American Depositary Shares represent. The Company
shall inform the Owners, Beneficial Owners and the Depositary of any such ownership restrictions in place from time to time.

 

(25)          Waiver.
EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN
ANY ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES
OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH
HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

 

    59

     

    

 

(ASSIGNMENT AND TRANSFER SIGNATURE LINES)

 

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and
transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose address
including postal zip code is ____________________________, the within Receipt and all rights thereunder, hereby irrevocably constituting
and appointing ________________________ attorney-in-fact to transfer said Receipt on the books of the Depositary with full power of substitution
in the premises.

 

	Dated:	 	 	Name:	 
	 	 	 	 
	 	 	By:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever.
	 	 	 	 
	 	 	 	If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt.
	 	 	 	 
	SIGNATURE GUARANTEED	 	 	 
	 	 	 	 
	 	 	 	 

 

    60

     

    

 

	ARTICLE I.	DEFINITIONS	1
	 	 	 	 
	 	SECTION 1.1	“Affiliate”	1
	 	SECTION 1.2	“Agent”	1
	 	SECTION 1.3	“American Depositary Share(s)” and “ADS(s)”	2
	 	SECTION 1.4	“Article”	2
	 	SECTION 1.5	“Articles of Association”	2
	 	SECTION 1.6	“ADS Record Date”	2
	 	SECTION 1.7	“Beneficial Owner”	2
	 	SECTION 1.8	“Business Day”	2
	 	SECTION 1.9	“Commission”	2
	 	SECTION 1.10	“Company”	2
	 	SECTION 1.11	“Corporate Trust Office”	2
	 	SECTION 1.12	“Custodian”	2
	 	SECTION 1.13	“Deliver”, “Deliverable” and “Delivery”	3
	 	SECTION 1.14	“Deposit Agreement”	3
	 	SECTION 1.15	“Depositary”	3
	 	SECTION 1.16	“Deposited Securities”	3
	 	SECTION 1.17	“Dollars” and “$”	3
	 	SECTION 1.18	“DRS/Profile”	3
	 	SECTION 1.19	“DTC”	3
	 	SECTION 1.20	“DTC Participants”	3
	 	SECTION 1.21	“Exchange Act”	3
	 	SECTION 1.22	“Foreign Currency”	3
	 	SECTION 1.23	“Foreign Registrar”	3
	 	SECTION 1.24	“Holder”	3
	 	SECTION 1.25	“Indemnified Person” and “Indemnifying Person”	4
	 	SECTION 1.26	“Losses”	4
	 	SECTION 1.27	“Memorandum”	4
	 	SECTION 1.28	“Opinion of Counsel”	4
	 	SECTION 1.29	“Receipt(s); “American Depositary Receipt(s)”; and “ADR(s)”	4
	 	SECTION 1.30	“Registrar”	4
	 	SECTION 1.31	“Restricted ADRs\	4
	 	SECTION 1.32	“Restricted ADSs\	4
	 	SECTION 1.33	“Restricted Securities”	4
	 	SECTION 1.34	“Restricted Shares\	4
	 	SECTION 1.35	“Securities Act”	4
	 	SECTION 1.36	“Share(s)”	4
	 	SECTION 1.37	“United States” or “U.S.”	5
	ARTICLE II.	APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	5
	 	 	 	 
	 	SECTION 2.1	Appointment of Depositary	5
	 	SECTION 2.2	Form and Transferability of Receipts	5
	 	SECTION 2.3	Deposits	6
	 	SECTION 2.4	Execution and Delivery of Receipts	8
	 	SECTION 2.5	Transfer of Receipts; Combination and Split-up of Receipts	8
	 	SECTION 2.6	Surrender of Receipts and Withdrawal of Deposited Securities	9
	 	SECTION 2.7	Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.	10
	 	SECTION 2.8	Lost Receipts, etc.	11
	 	SECTION 2.9	Cancellation and Destruction of Surrendered Receipts	11
	 	SECTION 2.10	Maintenance of Records	11

 

    61

     

    

 

	ARTICLE III.	CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS	12
	 	 	 	 
	 	SECTION 3.1	Proofs, Certificates and Other Information	12
	 	SECTION 3.2	Liability for Taxes and Other Charges	13
	 	SECTION 3.3	Representations and Warranties on Deposit of Shares	13
	 	SECTION 3.4	Compliance with Information Requests	14
	ARTICLE IV	THE DEPOSITED SECURITIES.	14
	 	 	 	 
	 	SECTION 4.1	Cash Distributions	14
	 	SECTION 4.2	Distribution in Shares	15
	 	SECTION 4.3	Elective Distributions in Cash or Shares	16
	 	SECTION 4.4	Distribution of Rights to Purchase Shares	16
	 	SECTION 4.5	Distributions Other Than Cash, Shares or Rights to Purchase Shares	18
	 	SECTION 4.6	Conversion of Foreign Currency	18
	 	SECTION 4.7	Fixing of Record Date	19
	 	SECTION 4.8	Voting of Deposited Securities	20
	 	SECTION 4.9	Changes Affecting Deposited Securities	21
	 	SECTION 4.10	Available Information	22
	 	SECTION 4.11	Reports	22
	 	SECTION 4.12	List of Holders	22
	 	SECTION 4.13	Taxation; Withholding	23
	ARTICLE V.	THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	24
	 	 	 	 
	 	SECTION 5.1	Maintenance of Office and Transfer Books by the Registrar	24
	 	SECTION 5.2	Exoneration	25
	 	SECTION 5.3	Standard of Care	25
	 	SECTION 5.4	Resignation and Removal of the Depositary; Appointment of Successor Depositary	26
	 	SECTION 5.5	The Custodian	27
	 	SECTION 5.6	Notices and Reports	28
	 	SECTION 5.7	Issuance of Additional Shares, ADSs etc.	28
	 	SECTION 5.8	Indemnification	29
	 	SECTION 5.9	Fees and Charges of Depositary	30
	 	SECTION 5.10	Restricted Securities Owners/Ownership Restrictions	31
	ARTICLE VI.	AMENDMENT AND TERMINATION	32
	 	 	 	 
	 	SECTION 6.1	Amendment/Supplement	32
	 	SECTION 6.2	Termination	33

 

    62

     

    

 

	ARTICLE VII.	MISCELLANEOUS	34
	 	 	 	 
	 	SECTION 7.1	Counterparts	34
	 	SECTION 7.2	No Third-Party Beneficiaries	34
	 	SECTION 7.3	Severability	35
	 	SECTION 7.4	Holders and Beneficial Owners as Parties; Binding Effect	35
	 	SECTION 7.5	Notices	35
	 	SECTION 7.6	Governing Law and Jurisdiction	36
	 	SECTION 7.7	Assignment	37
	 	SECTION 7.8	Agents	37
	 	SECTION 7.9	Affiliates etc	38
	 	SECTION 7.10	Exclusivity	38
	 	SECTION 7.11	Compliance with U.S. Securities Laws	38
	 	SECTION 7.12	Titles	38
	EXHIBIT A	40	 		 
	EXHIBIT B	49	 		 

 

    63Exhibit 4.4

 

AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

THIS AMENDED AND RESTATED
SHAREHOLDERS AGREEMENT (this “Agreement”) is entered into on December 23, 2020 (the “Effective Date”),
by and among

 

	1.	Belite Bio, Inc, an exempted company organized under the laws
                             of the Cayman Islands (the “Company”),

 

	2.	each of the Persons named on Schedule A-1 attached hereto
                             (collectively, the “Principals”, and each an “Principal”),

 

	3.	each of the Persons named on Schedule A-2 hereto (collectively
                             the “Series A Investors”, each a “Series A Investor”), and

 

	4.	each of the Persons named on Schedule A-3 hereto (collectively
                             the “Series B Investors”, each a “Series B Investor”, together with
                             the Series A Investors, the “Investors”, and each an “Investor”).

 

Each of the parties to this
Agreement is referred to herein individually as a “Party” and collectively as the “Parties”. Capitalized
terms used herein without definition shall have the meanings set forth in the Purchase Agreement (as defined below).

 

RECITALS

 

	A	The Company is engaged in the business of drug development (the
                            “Business”). The Company seeks expansion capital to grow the Business and, correspondingly,
                            seeks to secure an investment from the Investors, on the terms and conditions set forth herein.

 

	B	Certain investors have agreed to purchase from the Company, and
                            the Company has agreed to sell to the investors, certain Series B Preferred Shares (as defined below) of
                            the Company on the terms and conditions set forth in the Series B Preferred Share Purchase Agreement dated
                            as of the date hereof by and among the Company and the Investors (the “Purchase Agreement”).

 

	C	The Company, the Principals and the Series A Investors entered
                            into certain Shareholders Agreement on January 21, 2020 (the “Prior Shareholders Agreement”).

 

	D	In connection with the purchase and sale of the Series B Preferred
                            Shares pursuant to the Purchase Agreement, and as a condition thereto, the Company and the Investors agree
                            to enter into this Agreement to amend and restate the Prior Shareholders Agreement in its entirety.

 

	E	The Parties hereto constitute the required parties set forth
                            in Section 15.11 of the Prior Shareholders Agreement and desire to amend and restate the Prior Shareholders
                            Agreement in its entirety as set forth in this Agreement.

 

    Shareholders Agreement

     

    

 

WITNESSETH

 

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

 

1.                 
 Definitions.

 

1.1             
Capitalized terms used and not otherwise defined herein shall have the meaning ascribed to them below:

 

“Accounting Standards”
means International Financial Reporting Standards as promulgated from time to time by the International Accounting Standards Board (the
 “IASB”) (including, without limitation, standards and interpretations approved by the IASB and International Accounting
Principles issued under previous constitutions thereof), together with the IASB’s pronouncements thereon from time to time, applied
on a consistent basis.

 

“Affiliate”
means, with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled by or is under common Control
with such Person. In the case of an Investor, the term “Affiliate” also includes (v) any Controlling shareholder of the Investor,
(w) any of such shareholder's or Investors’ general partners or limited partners, (x) the fund manager managing such shareholder
or Investor (and general partners, limited partners and officers thereof) and other funds managed by such fund manager, and (y) trusts
Controlled by or for the benefit of any such Person referred to in (v), (w) or (x).

 

“Applicable Securities
Laws” means (i) with respect to any offering of securities in the United States, or any other act or omission within that jurisdiction,
the securities laws of the United States, including the Exchange Act and the Securities Act, and any applicable Law of any state of the
United States, and (ii) with respect to any offering of securities in any jurisdiction other than the United States, or any related act
or omission in that jurisdiction, the applicable Laws of that jurisdiction.

 

“Auditor”
means the Person for the time being performing the duties of auditor of the Company (if any).

 

“Board”
or “Board of Directors” means the board of directors of the Company.

 

“Business Day”
means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks are required or authorized by law
to be closed in the PRC, Taiwan, or the United States.

 

“Charter Documents”
means, with respect to a particular legal entity, the articles or certificate of incorporation, formation or registration (including,
if applicable, certificates of change of name), memorandum of association, articles of association, bylaws, articles of organization,
limited liability company agreement, trust deed, trust instrument, operating agreement, joint venture agreement, business license, or
similar or other constitutive, governing, or charter documents, or equivalent documents, of such entity.

 

“Closing”
has the meaning set forth in the Purchase Agreement.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Commission”
means (i) with respect to any offering of securities in the United States, the Securities and Exchange Commission of the United States
or any other federal agency at the time administering the Securities Act, and (ii) with respect to any offering of securities in a jurisdiction
other than the United States, the regulatory body of the jurisdiction with authority to supervise and regulate the offering or sale of
securities in that jurisdiction.

 

    	 	2	Shareholders Agreement

     

    

 

“Control”
of a given Person means the power or authority, whether exercised or not, to direct the business, management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that such power or authority
shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent
(50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition
of a majority of the board of directors of such Person. The terms “Controlled” and “Controlling” have meanings
correlative to the foregoing.

 

“Deemed Liquidation
Event” has the meaning given to such term in the Memorandum and Articles.

 

“Director”
means a director serving on the Board.

 

“Equity Securities”
means, with respect to any Person that is a legal entity, any and all shares of capital stock, membership interests, units, profits interests,
ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option,
call, commitment, conversion privilege, preemptive right or other right to acquire any of the foregoing, or security convertible into,
exchangeable or exercisable for any of the foregoing.

 

“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended.

 

“Exempted Distribution”
has the meaning given to such term in the Memorandum and Articles.

 

“Form F-1”
means Form F-1 promulgated by the Commission under the Securities Act or any successor form or substantially similar form then in effect.

 

“Form F-3”
means Form F-3 promulgated by the Commission under the Securities Act or any successor form or substantially similar form then in effect.

 

“Form S-1”
means Form F-1 promulgated by the Commission under the Securities Act or any successor form or substantially similar form then in effect.

 

“Form S-3”
means Form S-3 promulgated by the Commission under the Securities Act or any successor form or substantially similar form then in effect.

 

“Governmental Authority”
means any government of any nation or any federation, province or state or any other political subdivision thereof, any entity, authority
or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including
any governmental authority, agency, department, board, commission or instrumentality of any country, or any political subdivision thereof,
any court, tribunal or arbitrator, and any self-regulatory organization.

 

“Governmental Order”
means any applicable order, ruling, decision, verdict, decree, writ, subpoena, mandate, precept, command, directive, consent, approval,
award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Authority.

 

“Group Company”
means the Company, together with its Subsidiary, and “Group” refers to all of Group Companies collectively.

 

    	 	3	Shareholders Agreement

     

    

 

“Holders”
means the holders of Registrable Securities who are parties to this Agreement from time to time, and their permitted transferees that
become parties to this Agreement from time to time.

 

“Hong Kong”
means the Hong Kong Special Administrative Region of the People’s Republic of China.

 

“Initiating Holders”
means, with respect to a request duly made under Section 2.1 or Section 2.2 to Register any Registrable Securities, the
Holders initiating such request.

 

“IPO”
means the first firm underwritten registered public offering by the Company of its Ordinary Shares pursuant to a Registration Statement
that is filed with and declared effective by either the Commission under the Securities Act or another Governmental Authority for a public
offering in a jurisdiction other than the United States.

 

“Law”
or “Laws” means any and all provisions of any applicable constitution, treaty, statute, law, regulation, ordinance,
code, rule, or rule of common law, any governmental approval, concession, grant, franchise, license, agreement, directive, requirement,
or other governmental restriction or any similar form of decision of, or determination by, or any formally issued written interpretation
or administration of any of the foregoing by, any Governmental Authority, in each case as amended, and any and all applicable Governmental
Orders.

 

“Majority Investors”
means the holders of at least a majority of the voting power of the then issued and outstanding Preferred Shares (voting together as
a single class and calculated on as-converted basis).

 

“Memorandum and
Articles” means the Second Amended and Restated Memorandum of Association of the Company and the Second Amended and Restated
Articles of Association of the Company, as each may be amended and/or restated from time to time.

 

“Ordinary Share
Equivalents” means any Equity Security which is by its terms convertible into or exchangeable or exercisable for Ordinary Shares
or other share capital of the Company, including without limitation, the Preferred Shares.

 

“Ordinary Shares”
means the Company’s ordinary shares, par value US$0.0001 per share.

 

“Person”
means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust,
estate or other enterprise or entity.

 

“PRC”
means the People’s Republic of China, but solely for the purposes of this Agreement, excluding Hong Kong, the Macau Special Administrative
Region and the islands of Taiwan.

 

“Preferred Shares”
means, collectively, the Series A Preferred Shares and the Series B Preferred Shares.

 

“Public Official”
means any executive, official, or employee of a Governmental Authority, political party or member of a political party, political candidate;
executive, employee or officer of a public international organization; or director, officer or employee or agent of a wholly owned or
partially state-owned or controlled enterprise.

 

    	 	4	Shareholders Agreement

     

    

 

“Qualified IPO”
has the meaning given to such term in the Memorandum and Articles.

 

“Registrable Securities”
means (i) the Ordinary Shares issued or issuable upon conversion of the Preferred Shares, (ii) any Ordinary Shares of the Company issued
or issuable as a dividend or other distribution with respect to, in exchange for, or in replacement of, the shares referenced in (i)
herein, and (iii) any Ordinary Shares owned or hereafter acquired by the Investors; excluding in all cases, however, any of the foregoing
sold by a Person in a transaction other than an assignment pursuant to Section 15.3. For purposes of this Agreement, Registrable
Securities shall cease to be Registrable Securities when such Registrable Securities have been disposed of pursuant to an effective Registration
Statement.

 

“Registration”
means a registration effected by preparing and filing a Registration Statement and the declaration or ordering of the effectiveness of
that Registration Statement; and the terms “Register” and “Registered” have meanings concomitant
with the foregoing.

 

“Registration Statement”
means a registration statement prepared on Form F-1, F-3, S-1, or S-3 under the Securities Act, or on any comparable form in connection
with registration in a jurisdiction other than the United States.

 

“Securities Act”
means the United States Securities Act of 1933, as amended.

 

“Series A Preferred
Shares” means the Series A Preferred Shares of the Company, par value US$0.0001 per share, with the rights and privileges as
set forth in the Memorandum and Articles.

 

“Series B Preferred
Shares” means the Series B Preferred Shares of the Company, par value US$0.0001 per share, with the rights and privileges as
set forth in the Memorandum and Articles.

 

“Shareholder”
means a holder of any Shares.

 

“Shares”
means the Ordinary Shares and the Preferred Shares.

 

“Share Sale”
has the meaning set forth in the Memorandum and Articles.

 

“Subsidiary”
means, with respect to any given Person, any other Person that is Controlled directly or indirectly by such given Person.

 

“Transaction Documents”
has the meaning set forth in the Purchase Agreement.

 

“US” means
the United States of America.

 

    	 	5	Shareholders Agreement

     

    

 

1.2             
Other Defined Terms. The following terms shall have the meanings defined for such terms in the Sections set forth below:

 

	Agreement	Preamble
	Approved Sale	Section 9.1
	Arbitration Notice	Section 15.5(i)
	Business	Recitals
	CFC	Section 14.4
	Company	Preamble
	Company Notice	Section 8.2(iii)(a)
	Company Option Period	Section 8.2(ii)
	Confidential Information	Section 14.3
	Co-Sale Notice	Section 8.3(i)
	Dispute	Section 15.5(i)
	Drag Holders	Section 9.1
	Effective Date	Preamble
	ESOP	Section 7.3(i)
	Exempt Registrations	Section 3.4
	Exercising Shareholder	Section 8.2(iii)(c)
	HKIAC	Section 15.5(ii)
	HKIAC Rules	Section 15.5(ii)
	Holding Company	Section 8.1(iv)
	Investors	Preamble
	New Securities	Section 7.3
	Offeror	Section 9.1
	Offered Shares	Section 8.2(i)
	Option Period	Section 8.2(iii)(a)
	Ordinary Directors	Section 12.1(i)
	Participation Notice	Section 7.4(i)
	Party	Preamble
	Permitted Transferee	Section 8.5
	Permitted Transferees	Section 8.5
	PFIC	Section 14.5
	Preemptive Right	Section 7.1
	Principal	Preamble
	Purchase Agreement	Preamble
	Re-allotment Period	Section 8.2(iii)(c)
	Rights Holder	Section 7.1
	Second Notice	Section 8.2(iii)(c)
	Selling Shareholder	Section 8.3(i)
	Transfer	Section 8.1(i)
	Transfer Notice	Section 8.2(i)
	Transferor	Section 8.2(i)
	Violation	Section 5.1(i)

 

1.3             
Interpretation. For all purposes of this Agreement, except as otherwise expressly herein provided, (i) the terms defined in
this Section 1 shall have the meanings assigned to them in this Section 1 and include the plural as well as the singular,
(ii) all accounting terms not otherwise defined herein have the meanings assigned under the Accounting Standards, (iii) all references
in this Agreement to designated “Sections” and other subdivisions are to the designated Sections and other subdivisions of
the body of this Agreement, (iv) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms, (v) the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular Section or other subdivision, (vi) all references in this Agreement to designated Schedules, Exhibits
and Appendices are to the Schedules, Exhibits and Appendices attached to this Agreement, (vii) references to this Agreement, any other
Transaction Documents and any other document shall be construed as references to such document as the same may be amended, supplemented
or novated from time to time, (viii) the phrase “directly or indirectly” means directly, or indirectly through one or more
intermediate Persons or through contractual or other arrangements, and “direct or indirect” has the correlative meaning,
(ix) the term “voting power” refers to the number of votes attributable to the Shares (on an as-converted basis) in accordance
with the terms of the Memorandum and Articles, (x) the headings used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement, (xi) references to laws include any such law modifying, re-enacting, extending
or made pursuant to the same or which is modified, re-enacted, or extended by the same or pursuant to which the same is made, and
(xii) all references to dollars or to “US$” are to currency of the United States of America and all references to RMB are
to currency of the PRC (and each shall be deemed to include reference to the equivalent amount in other currencies).

 

    	 	6	Shareholders Agreement

     

    

 

2.                 
Demand Registration.

 

2.1             
Registration Other Than on Form F-3 or Form S-3. Subject to the terms of this Agreement, at any time or from time to time
after the date that is six (6) months after the closing of the IPO, Holders holding twenty-five percent (25%) or more of the voting power
of the then issued and outstanding Registrable Securities held by all Holders may request in writing that the Company effect a Registration
on any internationally recognized exchange that is reasonably acceptable to such requesting Holders. Upon receipt of such a request,
the Company shall (x) promptly give written notice of the proposed Registration to all other Holders and (y) as soon as practicable,
use its commercially reasonable efforts to cause the Registrable Securities specified in the request, together with any Registrable Securities
of any Holder who requests in writing to join such Registration within fifteen (15) days after the Company’s delivery of written
notice, to be Registered and/or qualified for sale and distribution in such jurisdiction as the Initiating Holders may request. The Company
shall be obligated to consummate no more than three (3) Registrations pursuant to this Section 2.1 that have been declared and
ordered effective; provided that if the Registrable Securities sought to be included in the Registration pursuant to this Section
2.1 are not fully included in the Registration for any reason other than solely due to the action or inaction of the Holders including
Registrable Securities in such Registration, such Registration shall not be deemed to constitute one of the Registration rights granted
pursuant to this Section 2.1. The Company shall not be obligated to take any action to effect any Registration pursuant to this
Section 2.1 unless the aggregate proceeds from the offering that is the subject of the Registration exceeds US$50,000,000 and
at least 10% of the Registrable Securities then issued and outstanding shall participate in such Registration.

 

2.2             
Registration on Form F-3 or Form S-3. The Company shall use its commercially reasonable efforts to qualify for registration
on Form F-3 or Form S-3. Subject to the terms of this Agreement, if the Company qualifies for registration on Form F-3 or Form S-3 (or
any comparable form for Registration in a jurisdiction other than the United States), Holders holding 10% or more of the voting power
of the then issued and outstanding Registrable Securities held by all Holders may request the Company in writing to file, in any jurisdiction
in which the Company has had a registered underwritten public offering, a Registration Statement on Form F-3 or Form S-3 (or any comparable
form for Registration in a jurisdiction other than the United States), including without limitation any registration statement filed
under the Securities Act providing for the registration of, and the sale on a continuous or a delayed basis by the Holders of, all of
the Registrable Securities pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission.
Upon receipt of such a request, the Company shall (i) promptly give written notice of the proposed Registration to all other Holders
and (ii) as soon as practicable, use its commercially reasonable efforts to cause the Registrable Securities specified in the request,
together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen (15) days after
the Company’s delivery of written notice, to be Registered and qualified for sale and distribution in such jurisdiction. The Company
shall be obligated to consummate no more than two (2) Registrations that have been declared and ordered effective within any twelve (12)-month
period pursuant to this Section 2.2; provided that if the Registrable Securities sought to be included in the Registration pursuant
to this Section 2.2 are not fully included in such Registration for any reason other than solely due to the action or inaction
of the Holders including Registrable Securities in such Registration, such Registration shall not be deemed to constitute one of the
Registration rights granted pursuant to this Section 2.2. The Company shall not be obligated to take any action to effect any
Registration pursuant to this Section 2.2 unless the aggregate proceeds from the offering that is the subject of the Registration
exceeds US$50,000,000.

 

    	 	7	Shareholders Agreement

     

    

 

2.3             
Right of Deferral.

 

(i)                
The Company shall not be obligated to Register or qualify Registrable Securities pursuant to this Section 2:

 

(1)              
if, within ten (10) days of the receipt of any request of the Holders to Register any Registrable Securities under Section
2.1 or Section 2.2, the Company gives notice to the Initiating Holders of its bona fide intention to effect the filing for
its own account of a Registration Statement of Ordinary Shares within sixty (60) days of receipt of that request; provided, that
the Company is actively employing in good faith its commercially reasonable efforts to cause that Registration Statement to become effective
within sixty (60) days of receipt of that request; provided, further, that the Holders are entitled to join such Registration
in accordance with Section 3 (other than an Exempt Registration);

 

(2)              
during the period starting with the date of filing by the Company of, and ending six (6) months following the effective date of
any Registration Statement pertaining to Ordinary Shares of the Company other than an Exempt Registration; provided, that the
Holders are entitled to join such Registration in accordance with Section 3;

 

(3)              
in any jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such
Registration or qualification, unless the Company is already subject to service of process in such jurisdiction; or

 

(4)              
with respect to the registration on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than
the United States), if Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States)
(as the case may be) is not available for such offering by the Holders, or if the Holders, together with the holders of any other securities
of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any)
at an aggregate price to the public of less than US$50,000,000.

 

(ii)             
If, after receiving a request from Holders pursuant to Section 2.1 or Section 2.2 hereof, the Company furnishes
to the Holders a certificate signed by the chief executive officer of the Company stating that, in the good faith judgment of the Board,
it would be materially detrimental to the Company or its members for a Registration Statement to be filed in the near future, then the
Company shall have the right to defer such filing for a period during which such filing would be materially detrimental, provided,
that the Company may not utilize this right for more than ninety (90) days on any one occasion or more than once during any twelve (12)
month period; provided, further, that the Company may not Register any other its securities during such period (except
for Exempt Registrations).

 

    	 	8	Shareholders Agreement

     

    

 

2.4             
Underwritten Offerings. If, in connection with a request to Register Registrable Securities under Section 2.1 or Section
2.2, the Initiating Holders seek to distribute such Registrable Securities in an underwritten offering, they shall so advise the
Company as a part of the request, and the Company shall include such information in the written notice to the other Holders described
in Section 2.1 and Section 2.2. In such event, the right of any Holder to include its Registrable Securities in such Registration
shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such Holder’s Registrable
Securities in the underwritten offering (unless otherwise mutually agreed by the Initiating Holders and such Holder) to the extent provided
herein. All Holders proposing to distribute their securities through such underwritten offering shall enter into an underwriting agreement
in customary form with the underwriter or underwriters of internationally recognized standing selected for such underwritten offering
by the Company and reasonably acceptable to the holders of at least a majority of the voting power of all Registrable Securities proposed
to be included in such Registration. Notwithstanding any other provision of this Agreement, if the managing underwriter advises the Company
that marketing factors (including without limitation the aggregate number of securities requested to be Registered, the general condition
of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number
of Registrable Securities to be underwritten in a Registration pursuant to Section 2.1 or Section 2.2, the underwriters
may exclude the Registrable Securities requested to be Registered but only after first excluding all other Equity Securities from the
Registration and underwritten offering and so long as the number of shares to be included in the Registration on behalf of the non-excluded
Holders is allocated among all Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities requested
by such Holders to be included; provided that any Initiating Holder shall have the right to withdraw its request for Registration from
the underwriting by written notice to the Company and the underwriters delivered at least ten (10) days prior to the effective date of
the Registration Statement, and such withdrawal request for Registration shall not be deemed to constitute one of the Registration rights
granted pursuant to Section 2.1 or Section 2.2, as the case may be. If any Holder disapproves the terms of any underwriting,
the Holder may elect to withdraw therefrom by written notice to the Company and the underwriters delivered at least ten (10) days prior
to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from such underwritten offering
shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the above provisions, the Company
or the underwriters may round the number of shares allocated to a Holder to the nearest one hundred (100) shares.

 

3.                 
Piggyback Registrations.

 

3.1             
Registration of the Company’s Securities. Subject to the terms of this Agreement, if the Company proposes to Register
for its own account any of its Equity Securities, or for the account of any holder (other than a Holder) of Equity Securities any of
such holder’s Equity Securities, in connection with the public offering of such securities (except for Exempt Registrations), the
Company shall promptly give each Holder written notice of such Registration and, upon the written request of any Holder given within
fifteen (15) days after delivery of such notice, the Company shall use its commercially reasonable efforts to include in such Registration
any Registrable Securities thereby requested to be Registered by such Holder. If a Holder decides not to include all or any of its Registrable
Securities in such Registration by the Company, such Holder shall nevertheless continue to have the right to include any Registrable
Securities in any subsequent Registration Statement or Registration Statements as may be filed by the Company, all upon the terms and
conditions set forth herein.

 

    	 	9	Shareholders Agreement

     

    

 

3.2             
Right to Terminate Registration. The Company shall have the right to terminate or withdraw any Registration initiated by it
under Section 3.1 prior to the effectiveness of such Registration, whether or not any Holder has elected to participate therein.
The expenses of such withdrawn Registration shall be borne by the Company in accordance with Section 4.3.

 

3.3             
Underwriting Requirements.

 

(i)                
In connection with any offering involving an underwriting of the Company’s Equity Securities, the Company shall not be required
to Register the Registrable Securities of a Holder under this Section 3 unless such Holder’s Registrable Securities are
included in the underwritten offering and such Holder enters into an underwriting agreement in customary form with the underwriter or
underwriters of internationally recognized standing selected by the Company and setting forth such terms for the underwritten offering
as have been agreed upon between the Company and the underwriters. In the event the underwriters advise Holders seeking Registration
of Registrable Securities pursuant to this Section 3 in writing that market factors (including the aggregate number of Registrable
Securities requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities
pursuant to the Registration) require a limitation of the number of Registrable Securities to be underwritten, the underwriters may exclude
all or such portion of the Registrable Securities which were requested to be Registered, but only after first excluding all other Equity
Securities (except for securities sold for the account of the Company) from the Registration and underwriting and so long as the Registrable
Securities to be included in such Registration on behalf of any non-excluded Holders are allocated among all Holders in proportion, as
nearly as practicable, to the respective amounts of Registrable Securities requested by such Holders to be included. To facilitate the
allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated
to a Holder to the nearest one hundred (100) shares.

 

(ii)             
If any Holder disapproves the terms of any underwriting, the Holder may elect to withdraw therefrom by written notice to the Company
and the underwriters delivered at least ten (10) days prior to the effective date of the Registration Statement. Any Registrable Securities
excluded or withdrawn from the underwritten offering shall be withdrawn from the Registration.

 

3.4             
Exempt Registrations. The Company shall have no obligation to Register any Registrable Securities under this Section 3
in connection with a Registration by the Company (i) relating solely to the sale of securities to participants in a Company
share plan, (ii) relating to a corporate reorganization or other transaction under Rule 145 of the Securities Act (or comparable
provision under the Laws of another jurisdiction, as applicable), (iii) on any form that does not include substantially the same information
as would be required to be included in a registration statement covering the sale of the Registrable Securities and does not permit secondary
sales, or (iv) relating to a registration in which the only Ordinary Shares being registered are Ordinary Shares issuable upon conversion
of debt securities that are also being registered (collectively, “Exempt Registrations”).

 

    	 	10	Shareholders Agreement

     

    

 

4.                 
Registration Procedures.

 

4.1             
Registration Procedures and Obligations. Whenever required under this Agreement to effect the Registration of any Registrable
Securities held by the Holders, the Company shall, as expeditiously as reasonably possible:

 

(i)                
Prepare and file with the Commission a Registration Statement with respect to those Registrable Securities and use its commercially
reasonable efforts to cause that Registration Statement to become effective, and, upon the request of the Holders holding at least two
thirds in voting power of the Registrable Securities Registered thereunder, keep the Registration Statement effective until the distribution
thereunder has been completed;

 

(ii)             
Prepare and file with the Commission amendments and supplements to that Registration Statement and the prospectus used in connection
with the Registration Statement as may be necessary to comply with the provisions of Applicable Securities Laws with respect to the disposition
of all securities covered by the Registration Statement;

 

(iii)           
Furnish to the Holders the number of copies of a prospectus, including a preliminary prospectus, required by Applicable Securities
Laws, and any other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by
them;

 

(iv)            
Use its commercially reasonable efforts to Register and qualify the securities covered by the Registration Statement under the
Applicable Securities Laws, as reasonably requested by the Holders, provided, that the Company shall not be required to qualify
to do business or file a general consent to service of process in any such jurisdictions;

 

(v)              
In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in customary
form, with the managing underwriter(s) of the offering;

 

(vi)            
Promptly notify each Holder of Registrable Securities covered by the Registration Statement at any time when a prospectus relating
thereto is required to be delivered under Applicable Securities Laws of (a) the issuance of any stop order by the Commission, or (b)
the happening of any event or the existence of any condition as a result of which any prospectus included in the Registration Statement,
as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the circumstances under which they were made, or if in the opinion
of counsel for the Company it is necessary to supplement or amend such prospectus to comply with law, and at the request of any such
Holder promptly prepare and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus
as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances under which they were made or such prospectus, as supplemented or amended, shall comply
with law;

 

    	 	11	Shareholders Agreement

     

    

 

(vii)         
 Furnish, at the request of any Holder requesting Registration of Registrable Securities pursuant to this Agreement, on the date
that such Registrable Securities are delivered for sale in connection with a Registration pursuant to this Agreement, (A) an opinion,
dated the date of the sale, of the counsel representing the Company for the purposes of the Registration, in form and substance as is
customarily given to underwriters in an underwritten public offering; and (B) comfort letters dated as of (x) the effective date of the
final registration statement covering such Registrable Securities, and (y) the closing date of the sale of the Registrable Securities,
from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified
public accountants to underwriters in an underwritten public offering, addressed to the underwriters;

 

(viii)       
Otherwise comply with all applicable rules and regulations of the Commission to the extent applicable to the applicable registration
statement and use its commercially reasonable efforts to make generally available to its security holders (or otherwise provide in accordance
with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of Section 11(a) of the Act, no later than
forty-five (45) days after the end of a twelve (12) month period (or ninety (90) days, if such period is a fiscal year) beginning with
the first month of the Company’s first fiscal quarter commencing after the effective date of such registration statement, which
statement shall cover such twelve (12) month period, subject to any proper and necessary extensions;

 

(ix)            
Provide a transfer agent and registrar for all Registrable Securities Registered pursuant to the Registration Statement and, where
applicable, a number assigned by the Committee on Uniform Securities Identification Procedures for all those Registrable Securities,
in each case not later than the effective date of the Registration; and

 

(x)              
Take all reasonable action necessary to list the Registrable Securities on the primary exchange on which the Company’s securities
are then traded or, in connection with a Qualified IPO, the primary exchange on which the Company’s securities will be traded.

 

4.2             
Information from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to
this Agreement with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be required
to effect the Registration of such Holder’s Registrable Securities.

 

4.3             
Expenses of Registration. All expenses, other than the underwriting discounts and selling commissions applicable to the sale
of Registrable Securities pursuant to this Agreement (which shall be borne by the Holders requesting Registration on a pro rata basis
in proportion to their respective numbers of Registrable Securities sold in such Registration), incurred in connection with Registrations,
filings or qualifications pursuant to this Agreement, including (without limitation) all Registration, filing and qualification fees,
printers’ and accounting fees, fees and disbursements of counsel for the Company and reasonable fees and disbursement of one counsel
for all selling Holders, shall be borne by the Company. The Company shall not, however, be required to pay for any expenses of any Registration
proceeding begun pursuant to Section 2.1 or Section 2.2 of this Agreement if the Registration request is subsequently
withdrawn at the request of the Holders holding at least two thirds of the voting power of the Registrable Securities requested to be
Registered by all Holders in such Registration (in which case all participating Holders shall bear such expenses pro rata based upon
the number of Registrable Securities that were to be thereby Registered in the withdrawn Registration) unless the Holders of at least
two thirds of the voting power of the Registrable Securities then issued and outstanding agree that such registration constitutes the
use by the Holders of one (1) demand registration pursuant to Section 2.1 (in which case such registration shall also constitute
the use by all Holders of Registrable Securities of one (1) such demand registration); provided, however, that if at the time of such
withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known
to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company
of such material adverse change, then the Holders shall not be required to pay any of such expenses and the Company shall pay any and
all such expenses.

 

    	 	12	Shareholders Agreement

     

    

 

5.                 
Registration-Related Indemnification.

 

5.1             
Company Indemnity.

 

(i)                
To the maximum extent permitted by Law, the Company will indemnify and hold harmless each Holder, such Holder’s partners,
officers, directors, shareholders, members, and legal counsel, any underwriter (as defined in the Securities Act) and each Person, if
any, who controls (as defined in the Securities Act) such Holder or underwriter, against any losses, claims, damages or liabilities (joint
or several) to which they may become subject under Laws which are applicable to the Company and relate to action or inaction required
of the Company in connection with any Registration, qualification, or compliance, insofar as such losses, claims, damages, or liabilities
(or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (each a “Violation”):
(a) any untrue statement or alleged untrue statement of a material fact contained in such Registration Statement, on the effective date
thereof (including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto), (b) the
omission or alleged omission to state in the Registration Statement, on the effective date thereof (including any preliminary prospectus
or final prospectus contained therein or any amendments or supplements thereto), a material fact required to be stated therein or necessary
to make the statements therein not misleading, or (c) any violation or alleged violation by the Company of Applicable Securities Laws,
or any rule or regulation promulgated under Applicable Securities Laws. The Company will reimburse, as incurred, each such Holder, underwriter
or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such
loss, claim, damage, liability or action.

 

(ii)             
The indemnity agreement contained in this Section 5.1 shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably
withheld or delayed), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent
that it arises solely out of or is solely based upon a Violation that occurs in reliance upon and in conformity with written information
furnished for use in connection with such Registration by any such Holder, such Holder’s partners, officers, directors, and legal
counsel, any underwriter (as defined in the Securities Act) and each Person, if any, who controls (as defined in the Securities Act)
such Holder or underwriter. Further, the foregoing indemnity agreement with respect to any preliminary prospectus shall not inure to
the benefit of any Holder or other aforementioned person, or any person controlling such Holder, from whom the person asserting any such
losses, claims, damages or liabilities purchased shares in the offering, if a copy of the most current prospectus was not sent or given
by or on behalf of such Holder or other aforementioned person to such person, if required by law to have been so delivered, at or prior
to the written confirmation of the sale of the shares to such person, and if the prospectus (as so amended or supplemented) would have
cured the defect giving rise to such loss, claim, damage or liability.

 

    	 	13	Shareholders Agreement

     

    

 

5.2             
Holder Indemnity.

 

(i)                
To the maximum extent permitted by Law, each selling Holder that has included Registrable Securities in a Registration will, severally
and not jointly, indemnify and hold harmless the Company, its directors and officers, any other Holder selling securities in connection
with such Registration, any underwriter (as defined in the Securities Act) and each Person, if any, who controls (within the meaning
of the Securities Act) the Company, such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several)
to which any of the foregoing persons may become subject, under Applicable Securities Laws, or any rule or regulation promulgated under
Applicable Securities Laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are
based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs solely in reliance upon and
in conformity with written information furnished by such Holder for use in connection with such Registration; and each such Holder will
reimburse, as incurred, any Person intended to be indemnified pursuant to this Section 5.2, for any legal or other expenses reasonably
incurred by such Person in connection with investigating or defending any such loss, claim, damage, liability or action. No Holder’s
liability under this Section 5.2 (when combined with any amounts paid by such Holder pursuant to Section 5.4) shall
exceed the net proceeds received by such Holder from the offering of securities made in connection with that Registration.

 

(ii)             
The indemnity contained in this Section 5.2 shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld
or delayed).

 

5.3             
Notice of Indemnification Claim. Promptly after receipt by an indemnified party under Section 5.1 or Section 5.2
of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party under Section 5.1 or Section 5.2, deliver to the indemnifying
party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel
mutually satisfactory to the indemnifying parties. An indemnified party (together with all other indemnified parties that may be represented
without conflict by one counsel) shall have the right to retain one separate counsel, with the reasonably incurred fees and expenses
to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would
be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party, to the extent so prejudiced,
of any liability to the indemnified party under this Section 5, but the omission to deliver written notice to the indemnifying
party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 5. No indemnifying
party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of
any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or the plaintiff
to such indemnified party of a release from all liability in respect to such claim or litigation.

 

    	 	14	Shareholders Agreement

     

    

 

5.4             
Contribution. If any indemnification provided for in Section 5.1 or Section 5.2 is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein,
the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such
indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative
fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the statements or omissions
that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct
or prevent such statement or omission; provided, however, that, in any such case: (A) no Holder will be required to contribute
any amount (after combined with any amounts paid by such Holder pursuant to Section 5.2) in excess of the net proceeds to such
Holder from the sale of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement; and
(B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled
to contribution from any person or entity who was not guilty of such fraudulent misrepresentation.

 

5.5             
Underwriting Agreement. To the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions
in the underwriting agreement shall control.

 

5.6             
Survival. The obligations of the Company and Holders under this Section 5 shall survive the completion of any offering
of Registrable Securities in a Registration Statement under this Agreement, regardless of the expiration of any statutes of limitation
or extensions of such statutes.

 

6.                 
Additional Registration-Related Undertakings.

 

6.1             
Reports under the Exchange Act. With a view to making available to the Holders the benefits of Rule 144 promulgated under
the Securities Act and any comparable provision of any Applicable Securities Laws that may at any time permit a Holder to sell securities
of the Company to the public without Registration or pursuant to a Registration on Form F-3 or Form S-3 (or any comparable form in a
jurisdiction other than the United States), the Company agrees to:

 

(i)                
make and keep public information available, as those terms are understood and defined in Rule 144 (or comparable provision, if
any, under Applicable Securities Laws in any jurisdiction where the Company’s securities are listed), at all times following ninety
(90) days after the effective date of the first Registration under the Securities Act filed by the Company for an offering of its securities
to the general public;

 

(ii)             
file with the Commission in a timely manner all reports and other documents required of the Company under all Applicable Securities
Laws; and

 

    	 	15	Shareholders Agreement

     

    

 

(iii)           
 at any time following ninety (90) days after the effective date of the first Registration under the Securities Act filed by the
Company for an offering of its securities to the general public by the Company, promptly furnish to any Holder holding Registrable Securities,
upon request (a) a written statement by the Company that it has complied with the reporting requirements of all Applicable Securities
Laws at any time after it has become subject to such reporting requirements or, at any time after so qualified, that it qualifies as
a registrant whose securities may be resold pursuant to Form F-3 or Form S-3 (or any form comparable thereto under Applicable Securities
Laws of any jurisdiction where the Company’s securities are listed), (b) a copy of the most recent annual or quarterly report of
the Company and such other reports and documents as filed by the Company with the Commission, and (c) such other information as
may be reasonably requested in availing any Holder of any rule or regulation of the Commission, that permits the selling of any such
securities without Registration or pursuant to Form F-3 or Form S-3 (or any form comparable thereto under Applicable Securities Laws
of any jurisdiction where the Company’s Securities are listed).

 

6.2             
Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the
written consent of holders of at least a majority of the voting power of the then issued and outstanding Registrable Securities held
by all Holders (calculated on an as-converted to Ordinary Share basis), enter into any agreement with any holder or prospective holder
of any Equity Securities of the Company that would allow such holder or prospective holder (i) to include such Equity Securities in any
Registration filed under Section 2 or Section 3, unless under the terms of such agreement such holder or prospective holder
may include such Equity Securities in any such Registration only to the extent that the inclusion of such Equity Securities will not
reduce the amount of the Registrable Securities of the Holders that are included, (ii) to demand Registration of their Equity Securities,
or (iii) cause the Company to include such Equity Securities in any Registration filed under Section 2 or Section 3 hereof
on a basis pari passu with or more favorable to such holder or prospective holder than is provided to the Holders of Registrable Securities.

 

6.3             
“Market Stand-Off” Agreement. Each holder of Registrable Securities agrees, if so required by the
managing underwriter(s), that it will not during the period commencing on the date of the final prospectus relating to the Company’s
IPO and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180)
days from the date of such final prospectus, as may be extended in line with customary market practice, by up to a maximum of thirty
two (32) days, to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst
recommendations and opinions) (i) lend, offer, pledge, hypothecate, hedge, sell, make any short sale of, loan, contract to sell, sell
any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise
transfer or dispose of, directly or indirectly, any Equity Securities of the Company owned immediately prior to the date of the final
prospectus relating to the IPO (other than those included in such offering), or (ii) enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of such Equity Securities, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Equity Securities of the Company or such other securities, in cash
or otherwise; provided, that (a) the forgoing provisions of this Section shall not apply to the sale of any securities of the
Company to an underwriter pursuant to any underwriting agreement, and shall not be applicable to any Holder unless all directors, officers
and all other holders of at least one percent (1%) of the issued and outstanding share capital of the Company (calculated on an as-converted
to Ordinary Share basis) must be bound by restrictions at least as restrictive as those applicable to any such Holder pursuant to this
Section, (y) this Section shall not apply to a Holder to the extent that any other Person subject to substantially similar restrictions
is released in whole or in part, and (z) the lockup agreements shall permit a Holder to transfer their Registrable Securities to their
respective Affiliates so long as the transferees enter into the same lockup agreement. The Investors agree to execute and deliver to
the underwriters a lock-up agreement containing substantially similar terms and conditions as those contained herein. The underwriters
in connection with the Company’s IPO are intended third party beneficiaries of this Section and shall have the right, power and
authority to enforce the provisions hereof as though they were a party hereto. In order to enforce the foregoing covenant, the Company
may place restrictive legends on the certificates and impose stop-transfer instructions with respect to the Registrable Securities of
each shareholder (and the shares or securities of every other Person subject to the foregoing restriction) until the end of such period.

 

    	 	16	Shareholders Agreement

     

    

 

6.4             
Termination of Registration Rights. The registration rights set forth in Section 2 and Section 3 of this Agreement
shall terminate on the earlier of (i) the date that is five (5) years from the date of closing of a Qualified IPO, (ii) with respect
to any Holder, the date on which such Holder may sell all of such Holder’s Registrable Securities under Rule 144 of the Securities
Act in any ninety (90)-day period.

 

6.5             
Exercise of Ordinary Share Equivalents. Notwithstanding anything to the contrary provided in this Agreement, the Company shall
have no obligation to Register Registrable Securities which, if constituting Ordinary Share Equivalents, have not been exercised, converted
or exchanged, as applicable, for Ordinary Shares as of the effective date of the applicable Registration Statement, but the Company shall
cooperate and facilitate any such exercise, conversion or exchange as requested by the applicable Holder.

 

6.6             
Intent. The terms of Sections 2 through 6 are drafted primarily in contemplation of an offering of securities
in the United States of America. The parties recognize, however, the possibility that securities may be qualified or registered for offering
to the public in a jurisdiction other than the United States of America where registration rights have significance or that the Company
might effect an offering in the United States of America in the form of American Depositary Receipts or American Depositary Shares. Accordingly:

 

(i)                
it is their intention that, whenever this Agreement refers to a Law, form, process or institution of the United States of America
but the parties wish to effectuate qualification or registration in a different jurisdiction where registration rights have significance,
reference in this Agreement to the Laws or institutions of the United States shall be read as referring, mutatis  mutandis,
to the comparable Laws or institutions of the jurisdiction in question; and

 

(ii)             
it is agreed that the Company will not undertake any listing of American Depositary Receipts, American Depositary Shares or any
other security derivative of the Ordinary Shares unless arrangements have been made reasonably satisfactory to the Majority Investors
to ensure that the spirit and intent of this Agreement will be realized and that the Company is committed to take such actions as are
necessary such that the Holders will enjoy rights corresponding to the rights hereunder to sell their Registrable Securities in a public
offering in the United States of America as if the Company had listed Ordinary Shares in lieu of such derivative securities.

 

    	 	17	Shareholders Agreement

     

    

 

7.                 
 Preemptive Right.

 

7.1             
General. The Company hereby grants to each holder of Preferred Shares and Ordinary Shares (“Rights Holder”)
the right of first refusal to purchase such Rights Holder’s Pro Rata Share (as defined below) (and any oversubscription, as provided
below), of all (or any part) of any New Securities (as defined below) that the Company may from time to time issue after the date of
this Agreement (the “Preemptive Right”).

 

7.2             
Pro Rata Share. A Rights Holder’s “Pro Rata Share” for purposes of the Preemptive Rights is the ratio
of (a) the number of Ordinary Shares (including Preferred Shares on an as-converted basis) held by such Rights Holder, to (b) the total
number of Ordinary Shares (including Preferred Shares on an as-converted basis) then issued and outstanding immediately prior to the
issuance of New Securities giving rise to the Preemptive Rights.

 

7.3             
New Securities. For purposes hereof, “New Securities” shall mean any Equity Securities of the Company issued
after the Closing, except for:

 

(i)                
Ordinary Shares (as adjusted in connection with share splits or share consolidation, reclassification or other similar event)
and/or options or warrants therefor issued to employees, officers, directors, contractors, advisors or consultants of the Group Companies
pursuant to the Company’s employee share option plans (“ESOP”) duly approved by the Board in accordance with
Section 13;

 

(ii)             
any Equity Securities of the Company issued in connection with any share split, share dividend, reclassification or other similar
event;

 

(iii)           
any Ordinary Shares issued pursuant to bona fide transactions with commercial lenders or lessors in connection with loans, credit
arrangements, equipment financings or similar transactions, each such transaction having been approved by the Board;

 

(iv)            
any Ordinary Shares issued pursuant to bona fide transactions with licensors, collaborators or strategic partners in connection
with technology licensing, research, development or commercialization collaboration, strategic partnership or similar transactions, each
such transaction having been approved by the Board;

 

(v)              
any Equity Securities of the Company issued pursuant to the Qualified IPO;

 

(vi)           
any Equity Securities of the Company issued pursuant to the acquisition of another corporation or entity by the Company by consolidation,
merger, purchase of assets, or other reorganization in which the Company acquires, in a single transaction or series of related transactions,
all or substantially all assets of such other corporation or entity, or fifty percent (50%) or more of the equity ownership or voting
power of such other corporation or entity, in any case, duly approved in accordance with Section 13;

 

(vii)         
any Ordinary Shares issued upon the conversion of the Preferred Shares; and

 

(viii)       
any Series B Preferred Shares issued pursuant to the Purchase Agreement.

 

    	 	18	Shareholders Agreement

     

    

 

7.4             
 Procedures.

 

(i)                
In the event that the Company proposes to undertake an issuance of New Securities (in a single transaction or a series of related
transactions), it shall give to each Rights Holder written notice of its intention to issue New Securities (the “Participation
Notice”), describing the amount and type of New Securities, the price and the general terms upon which the Company proposes
to issue such New Securities. Each Rights Holder shall have ten (10) Business Days from the date of receipt of any such Participation
Notice to agree in writing to purchase up to such Rights Holder’s Pro Rata Share of such New Securities for the price and upon
the terms and conditions specified in the First Participation Notice by giving written notice to the Company and stating therein the
quantity of New Securities to be purchased (not to exceed such Rights Holder’s Pro Rata Share). If any Rights Holder fails to so
respond in writing within such ten (10) Business Day period, then such Rights Holder shall forfeit the right hereunder to purchase its
Pro Rata Share of such New Securities, but shall not be deemed to forfeit any right with respect to any other issuance of New Securities.
At the expiration of such ten (10) day period, the Company shall promptly notify each Rights Holder that elects to purchase or acquire
all the shares available to it (each, a “Fully Exercising Investor”) of any other Rights Holder’s failure to
do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Investor may, by
giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of
the New Securities for which Rights Holders were entitled to subscribe but that were not subscribed for by the Rights Holders which is
equal to the proportion that the Ordinary Shares issued and held, or issuable (directly or indirectly) upon conversion and/or exercise,
as applicable, of Preferred Shares, by such Fully Exercising Investor bears to the Ordinary Shares issued and held, or issuable (directly
or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Shares then held, by all Fully Exercising Investors who
wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Section 7.4 shall occur within the later of
ninety (90) days of the date that the Participation Notice is given and the date of initial sale of New Securities pursuant to Section
7.5.

 

7.5             
Failure to Exercise. Upon the expiration of the Participation Period, the Company shall have ninety (90) days thereafter to
complete the sale of the New Securities described in the Participation Notice with respect to which the Preemptive Rights hereunder were
not exercised at the same or higher price and upon non-price terms not more favorable to the purchasers thereof than specified in
the Participation Notice. In the event that the Company has not issued and sold such New Securities within such ninety (90) day period,
then the Company shall not thereafter issue or sell any New Securities without again first offering such New Securities to the Rights
Holders pursuant to this Section 7.

 

8.                 
Restriction on Transfers; Rights of First Refusal and Co-Sale Rights.

 

8.1             
Restriction on Transfers.

 

(i)                
Principals. A Principal shall not directly or indirectly sell, assign, transfer, pledge, hypothecate, or otherwise encumber
or dispose of in any way or otherwise grant any interest or right with respect to (“Transfer”) all or any part of
any interest in any Equity Securities of the Company now or hereafter owned or held by such Principal unless Sections 8.2, 8.3 and
8.4 are complied with.

 

    	 	19	Shareholders Agreement

     

    

 

(ii)             
Investors. For the avoidance of doubt, Investors may freely Transfer any Equity Securities of the Company now or hereafter
owned or held by them without limitation; provided that (i) no such Transfer shall result in any shares of the Company being transferred
to or owned by, directly or indirectly, any competitor of the Company; (ii) such Transfer is effected in compliance with all applicable
Laws and (iii) the transferee shall execute and deliver to the Company a deed of adherence or joinder becoming a party hereto as an “Investor”
subject to the terms and conditions hereof (if not already so bound) upon and after such Transfer. The Company will update its register
of members upon the consummation of any such permitted Transfer.

 

(iii)           
Prohibited Transfers Void. Any Transfer of Equity Securities of the Company not made in compliance with this Agreement
shall be null and void as against the Company, shall not be recorded on the books of the Company and shall not be recognized by the Company
or any other Party.

 

(iv)            
No Indirect Transfers. Each Principal agrees not to circumvent or otherwise avoid the transfer restrictions or intent thereof
set forth in this Agreement, whether by holding the Equity Securities of the Company indirectly through another Person or by causing
or effecting, directly or indirectly, the Transfer or issuance of any Equity Securities by any such Person, or otherwise. Any purported
Transfer, sale or issuance of any Equity Securities of any company held by a Principal holding shares in the Company (the “Holding
Company”) in contravention of this Agreement shall be void and ineffective for any and all purposes and shall not confer on
any transferee or purported transferee any rights whatsoever, and no Party (including without limitation, any Principal or Holding Company)
shall recognize any such Transfer, sale or issuance.

 

8.2             
Rights of First Refusal.

 

(i)                
Transfer Notice. If a Principal (a “Transferor”) proposes to Transfer any Equity Securities of the Company
or any interest therein to one or more third parties, then the Transferor shall give the Company and each Investor written notice of
the Transferor’s intention to make the Transfer (the “Transfer Notice”), which shall include (i) a description
of the Equity Securities to be transferred (the “Offered Shares”), (ii) the identity and address of the prospective
transferee and (iii) the consideration and the material terms and conditions upon which the proposed Transfer is to be made. The Transfer
Notice shall certify that the Transferor has received a definitive offer from the prospective transferee and in good faith believes a
binding agreement for the Transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice shall also include
a copy of any written proposal, term sheet or letter of intent or other agreement relating to the proposed Transfer.

 

(ii)             
Option of Company. The Company shall have an option for a period of ten (10) days following receipt of the Transfer Notice
(the “Company Option Period”) to elect to purchase all or a portion of the Offered Shares, at the same price and subject
to the same terms and conditions as described in the Transfer Notice, exercisable by written notice to the Transferor (with a copy to
the Investors).

 

(iii)           
Option of Investors.

 

(a)              
If the Company does not timely elect to purchase all of the Offered Shares pursuant to clause (ii) above, then the Company shall
deliver to each Investor written notice (the “Company Notice”) thereof within ten (10) days after the expiration of
the Company Option Period, and each such Investor shall have an option for a period of ten (10) days following receipt of the Company
Notice (the “Option Period”) to elect to purchase all or any portion of its respective Pro Rata Share of the remaining
Offered Shares at the same price and subject to the same terms and conditions as described in the Transfer Notice, by notifying the Transferor
and the Company in writing before expiration of the Option Period as to the number of such Offered Shares that it wishes to purchase.

 

    	 	20	Shareholders Agreement

     

    

 

 

(b)              
For the purposes of this Section 8.2(iii), an Investor’s “Pro Rata Share” of such Offered Shares
shall be equal to (i) the total number of such Offered Shares, multiplied by (ii) a fraction, the numerator of which shall be the aggregate
number of Ordinary Shares held by such Investor on the date of the Transfer Notice (including all Preferred Shares held by such Investor
on an as-converted to Ordinary Share basis) and the denominator of which shall be the total number of Ordinary Shares held by all Investors
on such date (including all Preferred Shares held by such Investors on an as-converted to Ordinary Share basis).

 

(c)              
If any Investor fails to exercise its right to purchase its full Pro Rata Share of such Offered Shares, the Company shall deliver
written notice thereof (the “Second Notice”), within five (5) days after the expiration of the Option Period, to the
Transferor and to each Investor that elected to purchase its entire Pro Rata Share of the Offered Shares (an “Exercising Shareholder”).
The Exercising Shareholders shall have a right of re-allotment, and may exercise an additional right to purchase such unpurchased Offered
Shares by notifying the Transferor and the Company in writing within ten (10) days after receipt of the Second Notice (the “Re-allotment
Period”); provided, however, that if the Exercising Shareholders desire to purchase in aggregate more than the
number of such unpurchased Offered Shares, then such unpurchased Offered Shares will be allocated to the extent necessary among the Exercising
Shareholders in accordance with their relative Pro Rata Shares.

 

(d)              
Subject to applicable securities Laws, each Investor shall be entitled to apportion Offered Shares to be purchased among its Affiliates,
provided that such Investor notifies the Company and the Transferor in writing and such Affiliates shall execute and deliver such
documents and take such other actions as may be necessary for such Affiliates to join in and be bound by the terms of this Agreement
as an “Investor” (if not already a party hereto) upon and after such Transfer.

 

(iv)            
 Procedure. If the Company or any Investor gives the Transferor notice that it desires to purchase Offered Shares, and,
as the case may be, any re-allotment, then payment for the Offered Shares to be purchased shall be made by check (if agreeable to the
Transferor), or by wire transfer in immediately available funds of the appropriate currency, against delivery of such Offered Shares
to be purchased, at a place agreed to by the Transferor, the Company (if it is a purchaser) and all the Exercising Shareholders (if they
are purchasers) and at the time of the scheduled closing therefor, but if they cannot agree, then at the principal executive offices
of the Company on the thirtieth (30th) day after the Company’s receipt of the Transfer Notice, unless such notice contemplated
a later closing date with the prospective third party transferee or unless the value of the purchase price has not yet been established
pursuant to Section 8.2(v), in which case the closing shall be on such later date or as provided in Section 8.2(v)(d).
The Transferor shall have the right to terminate or withdraw any Transfer Notice and any intent to transfer Offered Shares at any time,
whether or not any Investor has elected to purchase under this Section 8.2 any Offered Shares offered thereby. The Company will
update its register of members upon the consummation of any such Transfer.

 

    	 	21	Shareholders Agreement

     

    

 

(v)              
Valuation of Property.

 

(a)              
Should the purchase price specified in the Transfer Notice be payable in property other than cash or evidences of indebtedness,
the Company and/or the Investors, as applicable, shall have the right to pay the purchase price in the form of cash equal in amount to
the fair market value of such property.

 

(b)              
If the Transferor, the Company (if it is a purchaser), and the Exercising Shareholders holding a majority of the Offered Shares
elected to be purchased by all Exercising Shareholders (if they are purchasers) cannot agree on such cash value within the Option Period,
the valuation shall be made by an appraiser of internationally recognized standing jointly selected by agreement of such groups or, if
they cannot agree on an appraiser within the Option Period, each such group shall select an appraiser of internationally recognized standing
and such appraisers shall designate another appraiser of internationally recognized standing, whose appraisal shall be determinative
of such value.

 

(c)              
The cost of such appraisal (and the cost, if any, of securing the appointment thereof by the HKIAC council) shall be shared equally
by the Transferor, on the one hand, and the purchasers pro rata based on the number of Offered Shares such purchaser is purchasing, on
the other hand.

 

(d)              
If the value of the purchase price offered by the prospective transferee is not determined within 30 days following the Company’s
receipt of the Transfer Notice from the Transferor, the closing of the purchase of Offered Shares by the Company and/or the Exercising
Shareholders shall be held on or prior to the fifth (5th) Business Day after such valuation shall have been made pursuant
to this Section 8.2(v).

 

8.3             
Right of Co-Sale.

 

(i)                
To the extent the Company and the Investors do not exercise their respective rights of first refusal under Section 8.2
as to all or any of the Offered Shares proposed to be sold by the Transferor to the third party transferee identified in the Transfer
Notice, the Transferor shall give notice thereof to each Investor not exercising any right of first refusal pursuant to Section 8.2
(the “Co-Sale Notice”) (specifying in such Co-Sale Notice the number of remaining Offered Shares as well as the
number of Shares that such Investor would be eligible to include in such sale pursuant to its co-sale right hereunder, and each such
Investor shall have the right to participate in such sale, to the third party transferee identified in the Transfer Notice, of the remaining
Offered Shares not purchased pursuant to Section 8.2, on the same terms and conditions as specified in the Transfer Notice (but
in no event less favorable than the terms and conditions offered to the Transferor) (and for the same consideration on an as converted
to ordinary share basis) by notifying the Transferor in writing within ten (10) days following the date of the Co-Sale Notice (each such
electing Investor, a “Selling Shareholder”). Such Selling Shareholder’s notice to the Transferor shall indicate
the number of Equity Securities the Selling Shareholder wishes to sell under its right to participate. To the extent one or more Investors
exercise such right of participation in accordance with the terms and conditions set forth below, the number of Offered Shares that the
Transferor may sell in the Transfer to the third party transferee identified in the Transfer Notice shall be correspondingly reduced.

 

    	 	22	Shareholders Agreement

     

    

 

(ii)             
The total number of Equity Securities that each Selling Shareholder may elect to sell shall be equal to the product of (i) the
aggregate number of the remaining Offered Shares being transferred to the third party transferee identified in the Transfer Notice after
giving effect to the exercise of all rights of first refusal pursuant to Section 8.2 hereof, multiplied by (ii) a fraction, the
numerator of which is the number of Ordinary Shares (including Preferred Shares on an as-converted to Ordinary Share basis) owned by
such Selling Shareholder on the date of the Transfer Notice and the denominator of which is the total number of Ordinary Shares (including
Preferred Shares on an as-converted to Ordinary Share basis) owned by the Transferor and all Selling Shareholders.

 

(iii)           
 Each Selling Shareholder shall effect its participation in the sale by promptly delivering to the Transferor for transfer to
the prospective purchaser, before the applicable closing, one or more certificates, properly endorsed for transfer, which represent the
type and number of Equity Securities which such Selling Shareholder elects to sell; provided, however that if the prospective
third party purchaser objects to the delivery of Ordinary Share Equivalents in lieu of Ordinary Shares, such Selling Shareholder shall
only deliver Ordinary Shares (and therefore shall convert any such Ordinary Share Equivalents into Ordinary Shares) and certificates
corresponding to such Ordinary Shares, and the Company shall effect any such conversion concurrent with the actual transfer of such shares
to the purchaser and contingent on such transfer.

 

(iv)            
 The share certificate or certificates that a Selling Shareholder delivers to the Transferor pursuant to this Section 8.3
shall be transferred to the prospective purchaser in consummation of the sale of the Equity Securities pursuant to the terms and conditions
specified in the Transfer Notice, and the Transferor shall concurrently therewith remit to such Selling Shareholder that portion of the
sale proceeds to which such Selling Shareholder is entitled by reason of its participation in such sale. The Company will update its
register of members upon the consummation of any such Transfer.

 

(v)              
 To the extent that any prospective purchaser prohibits the participation by a Selling Shareholder exercising its co-sale rights
hereunder in a proposed Transfer or otherwise refuses to purchase shares or other securities from a Selling Shareholder exercising its
co-sale rights hereunder, the Transferor shall not sell to such prospective purchaser any Equity Securities unless and until, simultaneously
with such sale, the Transferor shall purchase from such Selling Shareholder such shares or other securities that such Selling Shareholder
would otherwise be entitled to sell to the prospective purchaser pursuant to its co-sale rights for the same consideration and on the
same terms and conditions as the proposed transfer described in the Transfer Notice.

 

8.4             
Non-Exercise of Rights.

 

(i)                
 If the Company and the Investors do not elect to purchase all of the Offered Shares in accordance with Section 8.2, then,
subject to the right of the Investors to exercise their rights to participate in the sale of Offered Shares within the time periods specified
in Section 8.3, the Transferor shall have a period of sixty (60) days from the expiration of the Option Period in which to sell
the remaining Offered Shares to the third party transferee identified in the Transfer Notice upon terms and conditions (including the
purchase price) no more favorable to the purchaser than those specified in the Transfer Notice, so long as any such sale is effected
in accordance with all applicable Laws. The Parties agree that each such transferee, prior to and as a condition to the consummation
of any sale, shall execute and deliver to the Parties documents and other instruments assuming the obligations of such Transferor under
this Agreement with respect to the Offered Shares, and the transfer shall not be effective and shall not be recognized by any Party until
such documents and instruments are so executed and delivered.

 

    	 	23	Shareholders Agreement

     

    

 

(ii)             
 In the event the Transferor does not consummate the sale of such Offered Shares to the third party transferee identified in the
Transfer Notice within sixty (60) day period, the rights of the Investors under Section 8.2 and Section 8.3 shall be re-invoked
and shall be applicable to each subsequent disposition of such Offered Shares by the Transferor until such rights lapse in accordance
with the terms of this Agreement.

 

(iii)           
 The exercise or non-exercise of the rights of the Investors under this Section 8 to purchase Equity Securities from a
Transferor or participate in the sale of Equity Securities by a Transferor shall not adversely affect their rights to make subsequent
purchases from the Transferor of Equity Securities or subsequently participate in sales of Equity Securities by the Transferor hereunder.

 

8.5             
Limitations to Rights of First Refusal and Co-Sale. Subject to the requirements of applicable Law, the restrictions under
Section 8.1 and the right of first refusal and right of co-sale of the Investors under Sections 8.2 and 8.3 shall
not apply to (a) any sale of Equity Securities of the Company to the public pursuant to a Qualified IPO, (b) Transfer of any Equity Securities
of the Company now or hereafter held by a Transferor to such Transferor’s parents, children, spouse, or to a trustee, executor,
or other fiduciary for the benefit of such Transferor or such Transferor’s parents, children, spouse for bona fide estate planning
purposes, and (c) Transfer of any Equity Securities of the Company now or hereafter held by an Transferor to its Affiliates (each such
transferee pursuant to clause (b) above, a “Permitted Transferee”, and collectively, the “Permitted Transferees”);
provided, that (i) such Transfer is effected in compliance with all applicable Laws, (ii) respecting any transfer pursuant to
clause (b) above, the Transferor has provided the Majority Investors reasonable evidence of the bona fide estate planning purposes for
such transfer, and (iii) each such Permitted Transferee, prior to the completion of the Transfer, shall execute and deliver to the Company
a deed of adherence or joinder becoming a party hereto as an “Investor” subject to the terms and conditions hereof (if not
already so bound) assuming the obligations of such Transferor under this Agreement as a Transferor, with respect to the transferred Equity
Securities; provided further, that the Transferor shall remain liable for any breach by such Permitted Transferee of any provision
under this Agreement.

 

9.                 
Drag-Along Rights.

 

9.1             
Drag-Along Obligations. On or after January 31, 2025, if more than 67% of holders of Preferred Shares (collectively, the “Drag
Holders”) approve in writing a proposed Deemed Liquidation Event, Share Sale or other sale of the Company, whether structured
as a merger, reorganization, asset sale, share sale, sale of control of the Company, or otherwise at a valuation no less than US$500,000,000
(the “Approved Sale”), to any Person that is not a Drag Holder or an Affiliate of any Drag Holder (the “Offeror”),
then at the request of the Drag Holders the Company shall promptly notify in writing each other holder of Equity Securities of the Company
and the material terms and conditions of such proposed Approved Sale, whereupon each such holder shall, in accordance with instructions
received from the Company at the direction of the Drag Holders:

 

    	 	24	Shareholders Agreement

     

    

 

(i)                
Sell, at the same time as the Drag Holders sell to the Offeror, in the Approved Sale, all of its Equity Securities of the Company
or the same percentage of its Equity Securities of the Company as the Drag Holders sell, on the same terms and conditions as were agreed
to by the Drag Holders; provided, however, that such terms and conditions, including with respect to price paid or received per Equity
Security of the Company, may differ as between different classes of Equity Securities of the Company in accordance with their relative
liquidation preferences as set forth in Article 7.2 of the Memorandum and Articles and provided further that some holders may be given
the right or opportunity to exchange or roll a portion of their Equity Securities of the Company for Equity Securities of the acquirer
or an Affiliate thereof in the Approved Sale but in such event there shall be no obligation to afford such right or opportunity to all
of such holders.

 

(ii)             
Vote all of its Equity Securities of the Company (a) in favor of such Approved Sale, (b) against any other consolidation, recapitalization,
amalgamation, merger, sale of securities, sale of assets, business combination, or transaction that would interfere with, delay, restrict,
or otherwise adversely affect such Approved Sale, and (c) against any action or agreement that would result in a breach of any covenant,
representation or warranty or any other obligation or agreement of the Company under the definitive agreement(s) related to such Approved
Sale or that could result in any of the conditions to the closing obligations under such agreement(s) not being fulfilled, and, in connection
therewith, to be present (in person or by proxy) at all relevant meetings of the shareholders of the Company (or adjournments thereof)
or to approve and execute all relevant written consents in lieu of a meeting.

 

(iii)           
Not exercise any dissenters’ or appraisal rights under applicable law with respect to such Approved Sale.

 

(iv)            
Take all necessary actions in connection with the consummation of such Approved Sale as reasonably requested by the Drag Holders,
including but not limited to the execution and delivery of any share transfer or other agreements prepared in connection with such Approved
Sale, and the delivery, at the closing of such Approved Sale involving a sale of stock, of all certificates representing stock held or
controlled by such holder, duly endorsed for transfer or accompanied by a duly executed share transfer form, or affidavits and indemnity
undertakings with respect to lost certificates.

 

(v)              
Restructure such Approved Sale, as and if reasonably requested by the Drag Holders, as a merger, consolidation, restructuring
or similar transaction, or a sale of all or substantially all of the assets of the Company, or otherwise.

 

9.2             
Other Provisions. In the event that any such holder fails for any reason to take any of the foregoing actions after reasonable
notice thereof, such holder hereby grants an irrevocable power of attorney and proxy to any Director approving the Approved Sale to take
all necessary actions and execute and deliver all documents deemed by such Director to be reasonably necessary to effectuate the terms
hereof. None of the transfer restrictions set forth in Section 8 or 9 of this Agreement shall apply in connection with
an Approved Sale, notwithstanding anything contained to the contrary herein and therein.

 

    	 	25	Shareholders Agreement

     

    

 

10.             
 Legend.  Each existing or replacement certificate for Equity Securities of the Company now owned or hereafter acquired by
a Party and their permitted transferees shall bear the following legend:

 

“THE
SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF THESE SECURITIES IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN SHAREHOLDERS
AGREEMENT BY AND BETWEEN THE SHAREHOLDER, THE COMPANY AND CERTAIN OTHER PARTIES THERETO, AS AMENDED AND RESTATED FROM TIME TO TIME. COPIES
OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE COMPANY.”

 

The Company may
annotate its register of members with an appropriate, corresponding legend. At such time as Equity Securities are no longer subject to
this Agreement, the Company shall, at the request of the holder of such Equity Securities, issue replacement certificates for such Equity
Securities without such legend.

 

In order to ensure
compliance with the terms of this Agreement, the Company may issue appropriate “stop transfer” instructions to its transfer
agent, if any, and, if the Company acts as transfer agent for its own securities, it may make appropriate notations to the same effect
in its own records.

 

11.             
Information and Inspection Rights.

 

11.1         
Delivery of Financial Statements. The Company shall deliver to each Rights Holder who holds at least five percent (5%) in
the share capital of the Company on fully-diluted basis the following documents or reports:

 

(i)                
within one hundred and twenty (120) days after the end of each fiscal year of the Company, a consolidated income statement and
statement of cash flows for the Company for such fiscal year and a consolidated balance sheet for the Company as of the end of the fiscal
year, all prepared in English and in accordance with the Accounting Standards consistently applied, such financial statements shall be
audited and certified by independent public accountants selected by the Board of Directors if the Board of Directors determines that
it is advisable for the Company to have such financial statements audited and certified;

 

(ii)             
within sixty (60) days of the end of each second quarter of a year, a consolidated unaudited income statement for the first six
months of such year and a consolidated unaudited balance sheet for the Company as of the end of such six-month period, in accordance
with the Accounting Standards consistently applied throughout the period (except for customary year-end adjustments and except for the
absence of notes);

 

(iii)           
an annual business and financial plan for the following fiscal year prior to the beginning of such fiscal year in reasonable detail;

 

(iv)            
as soon as practicable, any other information reasonably requested by any such Rights Holder, provided that such requests shall
not be more frequent than twice a year.

 

11.2         
Inspection Rights. The Company covenants and agrees that each Rights Holder shall have the right, to reasonably inspect the
books and records of each Group Company at any time during regular working hours and in a manner so as not to interfere with the normal
business operations of the Group Company on reasonable prior notice to such Group Company, provided that such Rights Holder shall bear
the costs for its own representatives and that such inspection shall not be more frequent than twice a year.

 

    	 	26	Shareholders Agreement

     

    

 

12.             
Election of Directors.

 

12.1         
Board of Directors.

 

(i)                
The Company shall have, and the Parties hereto agree to cause the Company to have, a Board consisting of one authorized director.
The holders of a majority of the voting power of the issued and outstanding Ordinary Shares shall have right to designate, appoint, remove,
replace and reappoint one director on the Board (the “Ordinary Directors”).

 

12.2         
Voting Agreements

 

(i)                
With respect to each election of directors of the Board, each holder of voting securities of the Company shall vote at each meeting
of shareholders of the Company, or in lieu of any such meeting shall give such holder’s written consent with respect to, as the
case may be, all of such holder’s voting securities of the Company as may be necessary (i) to keep the authorized size of the Board
at one director, (ii) to cause the election or re-election as members of the Board, and during such period to continue in office, each
of the individuals designated pursuant to Section 12.1, and (iii) against any nominees not designated pursuant to Section 12.1.

 

(ii)             
Any Director designated pursuant to Section 12.1 may be removed from the Board, either for or without cause, upon written
request of the Person or group of Persons then entitled to designate such Director pursuant to Section 12.1 or by the Company
at any time when the Person or group of Persons no longer are entitled to designate such Director pursuant to Section 12.1, and
the Parties agree not to seek, vote for or otherwise effect the removal of any such Director without such vote or written consent. Any
Person or group of Persons then entitled to designate any individual to be elected as a Director on the Board shall have the exclusive
right at any time or from time to time to remove any such Director occupying such position and to fill any vacancy caused by the death,
disability, retirement, resignation or removal of any Director occupying such position or any other vacancy therein. Each holder of voting
securities of the Company agrees to always vote such holder’s respective voting securities of the Company at a meeting of the members
of the Company (and given written consents in lieu thereof) in support of the foregoing.

 

12.3         
Quorum. The Board shall hold no less than one (1) board meeting during each fiscal quarter. A meeting of the Board shall only
proceed where there are present (whether in person or by means of a conference telephone or any other equipment which allows all participants
in the meeting to speak to and hear each other simultaneously) a majority of all Directors of such Group Company then in office. If within
half an hour from the time appointed for the meeting a quorum is not present, the meeting shall stand adjourned to the same day in the
next week at the same time and place or to such other time or such other place as the directors may determine.

 

12.4         
Expenses. The Company will promptly pay or reimburse each non-employee Board member for all reasonable out-of-pocket expenses
incurred in connection with attending board or committee meetings and otherwise performing their duties as directors and committee members.

 

    	 	27	Shareholders Agreement

     

    

 

12.5         
Alternates. Subject to applicable Law, each Director shall be entitled to appoint an alternate to serve at any Board meeting,
and such alternate shall be permitted to attend all Board meetings and vote on behalf of the director for whom she or he is serving as
an alternate.

 

13.             
Protective Provisions.

 

13.1         
Acts of the Group Companies Requiring Approval of Majority Investors. So long as no less than fifty percent (50%) of the Preferred
Shares issued at the Closing are issued and outstanding, no Group Company shall take, permit to occur, approve, authorize, or agree or
commit to do any of the following, and each Party shall procure the Company not to, and the shareholders of the Company shall procure
the Company not to, take, permit to occur, approve, authorize, or agree or commit to do any of the following, whether in a single transaction
or a series of related transactions, whether directly or indirectly, and whether or not by amendment, merger, consolidation, scheme of
arrangement, amalgamation, or otherwise, without the written consent or affirmative vote of the Majority Investors, given in writing
or by vote at a meeting, consenting or voting (as the case may be) (vote together and separately as a class or series),

 

(i)                
any adverse amendment or change of the rights, preferences, privileges or powers of, or the restrictions provided for the benefit
of, the Preferred Shares;

 

(ii)             
creation, authorization or issuance of any class or series of Equity Securities having rights, preferences, privileges or powers
superior to or on a parity with the Preferred Shares, whether as to liquidation, conversion, dividend, voting, redemption, or otherwise,
or any Equity Securities convertible into, exchangeable for, or exercisable into any Equity Securities having rights, preferences, privileges
or powers superior to or on a parity with any series of Preferred Shares, whether as to liquidation, conversion, dividend, voting, redemption
or otherwise;

 

(iii)           
any action that reclassifies any issued and outstanding shares into shares having rights, preferences, privileges or powers senior
to or on a parity with the Preferred Shares, whether as to liquidation, conversion, dividend, voting, redemption or otherwise;

 

(iv)            
any amendment or modification to the Charter, other than amendments pursuant to and in compliance with Section 15.17 hereof
and other than to effect a Qualified IPO;

 

(v)              
any declaration, set aside or payment of a dividend or other distribution by the Company;

 

(vi)            
any change of the size or composition of the board of directors of any Group Company other than changes pursuant to and in compliance
with this Agreement;

 

(vii)         
any increase or decrease in the authorized number of Preferred Shares, or any series thereof;

 

    	 	28	Shareholders Agreement

     

    

 

(viii)       
 any Deemed Liquidation Event or any Share Sale or any merger, amalgamation, scheme or arrangement or consolidation of any Group
Company with any Person, or the purchase or other acquisition by any Group Company of all or substantially all of the assets, equity
or business of another Person, other than in any case an Approved Sale; or

 

(ix)            
any action by a Group Company to authorize, approve or enter into any agreement or obligation with respect to any action listed
above.

 

14.             
Additional Covenants.

 

14.1         
Business of the Group Companies. The Company shall not engage in any business or operations without the approval of the Board.
The business of each other Group Companies shall be restricted to the Business, except with the approval of the Board.

 

14.2         
No Avoidance; Voting Trust.  The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance
of any of the terms to be performed hereunder by the Company, and the Company will at all times in good faith assist and take action
as appropriate in the carrying out of all of the provisions of this Agreement. Each holder of Shares agrees that it shall not enter into
any other agreements or arrangements of any kind with respect to the voting of any Shares or deposit any Shares in a voting trust or
other similar arrangement.

 

14.3         
Confidentiality.

 

(i)                
The terms and conditions of the Transaction Documents (collectively, the “Confidential Information”), including
their existence, shall be considered confidential information and shall not be disclosed by any of the Parties to any other Person unless
such Confidential Information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section
14.3(i) by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the Company’s
Confidential Information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation
of confidentiality such third party may have to the Company, and except that (i) each Party, as appropriate, may disclose any of the
Confidential Information to its current or bona fide prospective investors, prospective permitted transferees, employees, investment
bankers, lenders, accountants and attorneys, in each case only where such Persons are under appropriate nondisclosure obligations; (ii)
each Investor may disclose any of the Confidential Information to its fund manager and the employees thereof so long as such Persons
are under appropriate nondisclosure obligations; and (iii) if any Party is requested or becomes legally compelled (including without
limitation, pursuant to the Applicable Securities Laws) to disclose the existence or content of any of the Confidential Information in
contravention of the provisions of this Section, such Party shall promptly provide the other Parties with written notice of that fact
so that such other Parties may seek a protective order, confidential treatment or other appropriate remedy and in any event shall furnish
only that portion of the information that is legally required and shall exercise reasonable efforts to obtain reliable assurance that
confidential treatment will be accorded such information.

 

(ii)             
 The provisions of this Section shall terminate and supersede the provisions of any separate nondisclosure agreement executed
by any of the Parties hereto with respect to the transactions contemplated hereby, including without limitation, any term sheet, letter
of intent, memorandum of understanding or other similar agreement entered into by the Company and the Investors in respect of the transactions
contemplated hereby.

 

    	 	29	Shareholders Agreement

     

    

 

14.4         
Controlled Foreign Corporation. Each year, based on and in reliance of the information provided by the Investors, the
Company shall make due inquiry with its tax advisors regarding whether the Company or any of its subsidiaries is treated as a “Controlled
Foreign Corporation” (“CFC”) as defined in the Code, whether any portion of the Company’s or any of its
subsidiaries’ income is “Subpart F Income” (as defined in Section 952 of the Code) (“Subpart F Income”)
and each Investor’s share, if any, of such Subpart F Income (regardless of whether an Investor is a “United States Shareholder”
or not). The Company shall furnish the results of such inquiry to the Investors no later than sixty (60) days following the end of the
Company’s or applicable subsidiary’s taxable year. Each Investor shall reasonably cooperate with the Company to provide information
necessary for the Company’s tax advisors to determine the status of such Investor, or such Investor’s Partners, as a “United
States Shareholder” within the meaning of Section 951(b) of the Code, provided, however, that no Investor shall be required
to provide any confidential information in connection with this determination. The Company shall make reasonable commercial efforts,
and shall cause each of its subsidiaries to make reasonable commercial efforts, to provide each Investor in a timely manner with the
information in its possession or reasonably obtainable that is necessary to allow such Investor or such Investor’s Partners to
comply with its U.S. tax filing and reporting obligations as a result of any of the Company and its subsidiaries being treated as a CFC.
For purposes of this Agreement, the term “Investor’s Partners” shall mean each of the Investor partners, members,
shareholders and other equity holders and any direct or indirect owners of such partners, members, shareholders and other equity holders.
The Company shall be deemed to satisfy its obligations set forth in this Section 12.5 in the event that it is unable to provide the information
related to the CFC status of the Company or any of its subsidiaries solely as the result of the failure of an Investor to provide any
relevant information.

 

14.5         
Passive Foreign Investment Company. Each year, the Company shall make due inquiry with its tax advisors regarding the
status of the Company and each of its subsidiaries as a “passive foreign investment company” within the meaning of Section
1297 of the Code (a “PFIC”). The Company shall notify the Investors of the results of such determination no later
than sixty (60) days following the end of the Company’s or applicable subsidiary’s taxable year. Without limiting the Company’s
obligations pursuant to Section 14.5, in connection with a “Qualified Electing Fund” election made by an Investor or any
of an Investor’s Partners pursuant to Section 1295 of the Code with respect to the Company or any of its subsidiaries or a “Protective
Statement” filed by an Investor or any of an Investor’s Partners pursuant to Treasury Regulation Section 1.1295-3, as amended
(or any successor thereto), with respect to the Company or any of its subsidiaries, the Company shall, and shall cause each of its subsidiaries
to, provide the information requested by the Investor necessary for the Investor and the Investor’s Partners to comply with the
U.S. tax filing and reporting obligations with respect to such Qualified Electing Fund election or Protective Statement, including without
limitation a PFIC Annual Information Statement under Section 1295(b) of the Code, and a completed IRS Form 8621, no later than seventy-five
(75) days following the end of each taxable year commencing with the first taxable year for which the Company is a PFIC.

 

    	 	30	Shareholders Agreement

     

    

 

14.6         
 Provision of U.S. Tax Reporting Information. The Company shall make commercially reasonable efforts, and shall cause its
subsidiaries to make commercially reasonable efforts, to provide as promptly as possible, an Investor with the information in the Company’s
or any of its subsidiaries’ possession or reasonably obtainable by the Company or any of its subsidiaries as is reasonably requested
by the Investor to allow such Investor or any of an Investor’s Partners to comply with their U.S. tax filing and reporting obligations
for the prior calendar year including completed IRS Forms 5471 and 926 for such Investor.

 

14.7         
Costs. Any and all costs incurred by any Group Company in providing the information that it is required to provide, or is
required to cause to be provided, and the cost incurred by the Group Company in taking the action, or causing the action to be taken,
described in Sections 14.4, 14.5 and 14.6 shall be borne by the relevant Investors.  

 

14.8         
U.S. Tax Classification. The Company is intended to be classified and treated as an association taxable as a corporation
for U.S. tax purposes. If necessary to ensure such classification, the Investors shall cooperate to cause the Company to timely execute
and file United States Internal Revenue Form 8832 electing to treat the Company as a corporation for U.S. Federal income tax purposes
pursuant to Section 301.7701-3 of the U.S. Treasury Regulations. In connection therewith, each of the Investors hereby consent to such
election and agrees to cooperate to effect such election. The Company shall furnish a copy of such Form 8832 as requested by an Investor
promptly after the filing thereof. The Company shall not elect to be treated as anything other than an association taxable as a corporation
for U.S. federal, state or local income tax purposes under U.S. Treasury Regulations section 301.7701-3(a) or under any corresponding
provision of state or local law, without the prior written consent of all the Investors.

 

15.             
Miscellaneous.

 

15.1         
Termination. This Agreement shall terminate upon mutual consent of the Parties hereto. The provisions of Sections 7,
8, 12, 13, and 14 shall terminate on the earliest of the consummation of the Qualified IPO or a Deemed Liquidation
Event. If this Agreement terminates, the Parties shall be released from their obligations under this Agreement, except in respect of
any obligation stated, explicitly or otherwise, to continue to exist after the termination of this Agreement (including without limitation
those under Sections 2 through 6 14.3 and Section 15). This Agreement shall terminate with respect to any shareholder
of the Company when such shareholder no longer holds any Shares. If any Party breaches this Agreement before the termination of this
Agreement, it shall not be released from its obligations arising from such breach on termination.

 

15.2         
Further Assurances. Upon the terms and subject to the conditions herein, each of the Parties hereto agrees to use its commercially
reasonable efforts to take or cause to be taken all action, to do or cause to be done, to execute such further instruments, and to assist
and cooperate with the other Parties hereto in doing, all things necessary, proper or advisable under applicable Laws or otherwise to
consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement.

 

15.3         
Assignments and Transfers; No Third Party Beneficiaries. Except as otherwise provided herein, this Agreement and the rights
and obligations of the Parties hereunder shall inure to the benefit of, and be binding upon, their respective successors, assigns and
legal representatives, but shall not otherwise be for the benefit of any third party. The rights of any Investor hereunder (including,
without limitation, registration rights) are assignable (together with the related obligations) to an Affiliate, or a third party in
connection with the transfer of Equity Securities of the Company held by such Investor but only to the extent of such transfer, and any
such transferee shall execute and deliver to the Company a deed of adherence or joinder becoming a party hereto as an “Investor”
subject to the terms and conditions hereof (if not already so bound). This Agreement and the rights and obligations of each other Party
hereunder shall not otherwise be assigned without the mutual written consent of the other Parties except as expressly provided herein.

 

    	 	31	Shareholders Agreement

     

    

 

15.4         
Governing Law. This Agreement and all actions arising out of or in connection with this Agreement shall be governed by and
construed under the Laws of the State of Hong Kong, without regard to principles of conflict of laws thereunder.

 

15.5         
Dispute Resolution.

 

(i)                
Any dispute, controversy, difference or claim (each, a “Dispute”) arising out of or relating to this Agreement,
or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of either
party to the dispute with notice (the “Arbitration Notice”) to the other.

 

(ii)             
The Dispute shall be settled by arbitration in Hong Kong administered by the Hong Kong International Arbitration Centre (the “HKIAC”)
in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”)
in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules. There shall be one (1) arbitrator. The HKIAC council
shall select the arbitrator, who shall be qualified to practice law in Hong Kong.

 

(iii)           
The arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict with the provisions
of this Section, including the provisions concerning the appointment of the arbitrators, the provisions of this Section shall prevail.

 

(iv)            
The costs of arbitration shall be borne by the losing party, unless otherwise determined by the arbitral tribunal.

 

(v)              
The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing party may apply to
a court of competent jurisdiction for enforcement of such award.

 

(vi)            
The arbitral tribunal shall decide any Dispute submitted by the parties to the arbitration strictly in accordance with the substantive
Law of Hong Kong (without regard to principles of conflict of Laws thereunder) and shall not apply any other substantive Law.

 

(vii)         
Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction
in accordance with the applicable Laws of that jurisdiction.

 

(viii)       
When any Dispute occurs and when any Dispute is under arbitration, except for the matters in Dispute, the Parties shall continue
to fulfill their respective obligations and shall be entitled to exercise their rights under this Agreement.

 

    	 	32	Shareholders Agreement

     

    

 

15.6         
 Notices. Any notice required or permitted pursuant to this Agreement shall be given in writing and shall be given either
personally or by sending it by next-day or second-day courier service, fax, electronic mail or similar means to the address of the relevant
Party as shown on Schedule B (or at such other address as such Party may designate by fifteen (15) days’ advance written
notice to the other Parties to this Agreement given in accordance with this Section). Where a notice is sent by next-day or second-day
courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day
service through an internationally-recognized courier a letter containing the notice, with a written confirmation of delivery, and to
have been effected at the earlier of (i) delivery (or when delivery is refused) and (ii) expiration of two (2) Business Days after the
letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed
to be effected by properly addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery,
and to have been effected on the day the same is sent as aforesaid, if such day is a Business Day and if sent during normal business
hours of the recipient, otherwise the next Business Day. Notwithstanding the foregoing, to the extent a “with a copy to”
address is designated, notice must also be given to such address in the manner above for such notice, request, consent or other communication
hereunder to be effective.

 

15.7         
Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing
Party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which
such Party may be entitled.

 

15.8         
Rights Cumulative; Specific Performance. Each and all of the various rights, powers and remedies of a Party hereto will be
considered to be cumulative with and in addition to any other rights, powers and remedies which such Party may have at Law or in equity
in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy will
neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. Without
limiting the foregoing, the Parties hereto acknowledge and agree irreparable harm may occur for which money damages would not be an adequate
remedy in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that the Parties shall be entitled to injunction to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement.

 

15.9         
Successor Indemnification.  If the Company or any of its successors or assignees consolidates with or merges into any other
Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper
provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification
of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the
Memorandum and Articles, or elsewhere, as the case may be.

 

15.10     
Severability. In case any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If, however, any provision of this Agreement
shall be invalid, illegal, or unenforceable under any such applicable Law in any jurisdiction, it shall, as to such jurisdiction, be
deemed modified to conform to the minimum requirements of such Law, or, if for any reason it is not deemed so modified, it shall be invalid,
illegal, or unenforceable only to the extent of such invalidity, illegality, or limitation on enforceability without affecting the remaining
provisions of this Agreement, or the validity, legality, or enforceability of such provision in any other jurisdiction.

 

    	 	33	Shareholders Agreement

     

    

 

15.11     
Amendments and Waivers. Any provision in this Agreement may be amended and the observance thereof may be waived (either generally
or in a particular instance and either retroactively or prospectively), only by the written consent of (i) the Company; (ii) the Majority
Investors; provided, however, that (1) no amendment or waiver shall be effective or enforceable in respect of a holder of any class or
series of Shares if such amendment or waiver affects such holder materially and adversely differently from the other or holders of the
same series of Preferred Shares, respectively, unless such holder consents in writing to such amendment or waiver, and (2) any provision
that specifically and expressly gives a right to a named Investor shall not be amended or waived without the prior written consent of
such named Investor. Notwithstanding the foregoing, any Party hereunder may waive any of its/his rights hereunder without obtaining the
consent of any parties. Any amendment or waiver effected in accordance with this Section shall be binding upon all the Parties hereto.

 

15.12     
No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed
a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance
with, any right, power or remedy hereunder at any one or more times be deemed a waiver or relinquishment of such right, power or remedy
at any other time or times.

 

15.13     
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement,
upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching
or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or
in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any
other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the
part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions
of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.

 

15.14     
No Presumption.  The Parties acknowledge that any applicable Law that would require interpretation of any claimed ambiguities
in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating
to any conflict, omission or ambiguity in the provisions of this Agreement, no presumption or burden of proof or persuasion will be implied
because this Agreement was prepared by or at the request of any Party or its counsel.

 

15.15     
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. Facsimile and e-mailed copies of signatures shall be deemed to be originals
for purposes of the effectiveness of this Agreement.

 

15.16     
Entire Agreement. This Agreement (including the Exhibits hereto) constitutes the full and entire understanding and agreement
among the Parties with regard to the subjects hereof, and supersedes all other agreements between or among any of the Parties with respect
to the subject matter hereof.

 

    	 	34	Shareholders Agreement

     

    

 

15.17     
 Control.  In the event of any conflict or inconsistency between any of the terms of this Agreement and any of the terms
of any of the Charter Documents for any of the Group Companies, or in the event of any dispute related to any such Charter
Document, the terms of this Agreement shall prevail in all respects, the Parties shall give full effect to and act in accordance
with the provisions of this Agreement over the provisions of the Charter Documents, and the Parties hereto shall exercise all voting
and other rights and powers (including to procure any required alteration to such Charter Documents to resolve such conflict or
inconsistency) to make the provisions of this Agreement effective, and not to take any actions that impair any provisions in
this Agreement.

 

15.18     
Aggregation of Shares. All Shares held or acquired by any Affiliates shall be aggregated together for the purpose of determining
the availability of any rights of any Investor under this Agreement.

 

15.19     
Use of English Language. This Agreement has been executed and delivered in the English language. Any translation of this Agreement
into another language shall have no interpretive effect. All documents or notices to be delivered pursuant to or in connection with this
Agreement shall be in the English language or, if any such document or notice is not in the English language, accompanied by an English
translation thereof, and the English language version of any such document or notice shall control for purposes thereof.

 

15.20     
Effective Date. This Agreement shall only take effect and become binding on and enforceable against the Parties subject to
and upon the Closing as defined in the Purchase Agreement.

 

[The remainder of this page
has been intentionally left blank.]

 

    	 	35	Shareholders Agreement

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly authorized representatives to execute this Agreement on the date and year first above written.

 

	Company:	Belite Bio, Inc
	 	 	 
	 	By:	/s/ Tom Lin
	 	Name:	Tom Lin
	 	Title:	Director

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly authorized representatives to execute this Agreement on the date and year first above written.

 

	PRINCIPAL:	 
	 	 	 
	Lin Bioscience International Ltd.	 
	 	 	 
	By:	/s/ Tom Lin	 
	Name:	Tom Lin	 
	Title:	Director	 

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

	INVESTOR:	 
	 	 	 
	 	By:	/s/ Cheng-Chao Sung
	 	Name:	Cheng-Chao Sung
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

	INVESTOR:	 
	 	 	 
	 	By:	/s/ Sen-Tai Chen
	 	Name:	Sen-Tai Chen
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

	INVESTOR:	 
	 	 	 
	 	By:	/s/ Yun-Ju Huang
	 	Name:	Yun-Ju Huang
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

	INVESTOR:	 
	 	 	 
	 	By:	/s/ Cheng-Han Huang
	 	Name:	Cheng-Han Huang
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

	INVESTOR:	 
	 	H&D Asset Management
    Co., Ltd.
	 	(Company Seal)
	 	 	 
	 	By:	/s/ Ping-Yu Chu (Seal)
	 	Name:	Ping-Yu Chu
	 	Title:	Legal Representative
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS
WHEREOF, the parties hereto have caused their respective duly authorized representatives to execute this Agreement as on the date and
year first above written.

 

	INVESTOR:	 
	 	 	 
	 	By:	/s/ Tian-Ren Huang
	 	Name:	Tian-Ren Huang
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

	INVESTOR:	 
	 	 
	 	Grand Fortune Venture
    Capital Corporation
	 	(Company Seal)
	 	 	 
	 	By:	/s/ Hsien-Hua Huang
	 	Name:	Hsien-Hua Huang
	 	Title:	Chairman
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

	INVESTOR:	 
	 	 
	 	Foryou Venture Capital Limited Partnership
	 	(Company Seal)
	 	 	 
	 	By:	/s/ Hsien-Hua Huang
	 	Name:	Hsien-Hua Huang
	 	Title:	Legal Representative
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

	INVESTOR:	 
	 	 
	 	YUN HSIEN ENTERPRISE
    CO., LTD
	 	(Company Seal)
	 	 	 
	 	By:	(Seal) Yu-Hsien Wu
	 	Name:	Yu-Hsien Wu
	 	Title:	Chairman
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

 

	INVESTOR:	 
	 	 	 
	 	By:	/s/ Hsueh-Jung Hsia
	 	Name:	Hsueh-Jung Hsia
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

	INVESTOR:	 
	 	 	 
	 	By:	/s/ Hao-Wei Chu
	 	Name:	Hao-Wei Chu
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

	INVESTOR:	 
	 	 
	 	Foryou Capital Corporation
	 	(Company Seal)
	 	 	 
	 	By:	/s/ Hsien-Hua Huang
	 	Name:	Hsien-Hua Huang
	 	Title:	Chairman
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

	INVESTOR:	 
	 	 	 
	 	By:	/s/ Ching-Yu Peng
	 	Name:	Ching-Yu Peng
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

 

IN WITNESS WHEREOF, the parties hereto have caused
their respective duly authorized representatives to execute this Agreement as on the date and year first above written.

 

	INVESTOR:	 
	 	 
	 	Lin Bioscience International
    Ltd.
	 	 	 
	 	By:	/s/ Tom Lin
	 	Name:	Tom Lin
	 	Title:	Director
	 	ID:	########

 

[Signature Page to Shareholders
Agreement]

 

     

     

    

 

SCHEDULE A-1

 

LIST OF PRINCIPALS

  

Shareholders Agreement

 

     

     

    

 

SCHEDULE A-2

 

LIST OF SERIES A INVESTORS

 

Shareholders Agreement

 

     

     

    

  

SCHEDULE A-3

 

LIST OF SERIES B INVESTORS

 

Shareholders Agreement

 

     

     

    

 

SCHEDULE B

 

ADDRESS FOR NOTICES

 

Shareholders Agreement

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