Document:

Form of Deposit Agreement

 Exhibit 4.3 
  

  
 THE9 LIMITED 
  
 AND 
  
 THE BANK OF NEW YORK 
  
 as Depositary 
  
 AND 
  
 OWNERS AND BENEFICIAL OWNERS OF AMERICAN DEPOSITARY 
 RECEIPTS 
  
 Deposit Agreement 
  
 Dated as of
                , 2004 
  

 DEPOSIT AGREEMENT 
  
 DEPOSIT AGREEMENT dated as of
                , 2004 among THE9 LIMITED, incorporated under the laws of the Cayman Islands (herein called the Issuer), THE BANK OF NEW YORK, a New York banking
corporation (herein called the Depositary), and all Owners and Beneficial Owners from time to time of American Depositary Receipts issued hereunder. 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Issuer desires to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of
the Issuer from time to time with the Depositary or with the Custodian (as hereinafter defined) as agent of the Depositary for the purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares representing the Shares
so deposited and for the execution and delivery of American Depositary Receipts evidencing the American Depositary Shares; and 
  
 WHEREAS, the American Depositary Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement; 

 NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto
as follows: 
  
 ARTICLE 1. DEFINITIONS. 
  
 The following definitions shall for all purposes, unless otherwise clearly
indicated, apply to the respective terms used in this Deposit Agreement: 
  
 SECTION 1.1 American Depositary Shares. 
  
 The term “American Depositary Shares” shall mean the securities representing the interests in the Deposited Securities and evidenced by the Receipts issued hereunder. Each American Depositary Share shall
represent the number of Shares specified in Exhibit A annexed hereto, until there shall occur a distribution upon Deposited Securities covered by Section 4.3 or a change in Deposited Securities covered by Section 4.8 with respect to which additional
Receipts are not executed and delivered, and thereafter American Depositary Shares shall evidence the amount of Shares or Deposited Securities specified in such Sections. 
  
 SECTION 1.2 Article; Section. 
  
 Wherever references are made in this Deposit Agreement to an “Article” or “Articles” or to a
“Section” or “Sections”, such references shall mean an article or articles or a section or sections of this Deposit Agreement, unless otherwise required by the context. 
  
 SECTION 1.3 Beneficial Owner. 
  
 The term “Beneficial Owner” shall mean each person owning from
time to time any beneficial interest in the American Depositary Shares evidenced by any Receipt. 
  
 SECTION 1.4 Commission. 
  
 The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United
States. 

 SECTION 1.5 Consultation. 
  
 The term “Consultation” shall mean the good faith attempt by the Depositary to discuss, if practicable, the
relevant issue in a timely manner with a person reasonably believed by the Depositary to be empowered by the Issuer to engage in such discussion on behalf of the Issuer. 
  
 SECTION 1.6 Custodian. 
  
 The term “Custodian” shall mean the Hong Kong office of The Hongkong and Shanghai Banking Corporation Limited, as agent of the Depositary for
the purposes of this Deposit Agreement, and any other firm or corporation which may hereafter be appointed by the Depositary pursuant to the terms of Section 5.5, as substitute or additional custodian or custodians hereunder, as the context shall
require and shall also mean all of them collectively. 
  
 SECTION
1.7 Delivery; Deposit; Surrender; Transfer; Withdraw. 
  
 The terms “deliver”, “deposit”, “surrender”, “transfer” or “withdraw”, when used (i) with respect to Shares: (a) in the case of book-entry Shares, shall refer to an entry or entries in an
account or accounts maintained by institutions authorized under applicable law to effect transfers of securities, or (b) in the case of physical Share certificates, to the physical delivery, deposit, withdrawal or transfer of certificates
representing the Shares and (ii) with respect to American Depositary Shares evidenced by Receipts, (a) in the case of American Depositary Shares available in book-entry form, shall refer to appropriate adjustments in the records maintained by (1)
the Depositary, (2) The Depository Trust Company or its nominee, or (3) institutions that have accounts with The Depository Trust Company, as applicable, or (b) otherwise, shall refer to the physical delivery, deposit, surrender, transfer or
withdrawal of such American Depositary Shares evidenced by Receipts. 
  
 SECTION 1.8 Deposit Agreement. 
  
 The term
“Deposit Agreement” shall mean this Agreement, as the same may be amended from time to time in accordance with the provisions hereof. 

 SECTION 1.9 Depositary; Corporate Trust Office. 
  
 The term “Depositary” shall mean The Bank of New York, a New York
banking corporation and any successor as depositary hereunder. The term “Corporate Trust Office”, when used with respect to the Depositary, shall mean the office of the Depositary which at the date of this Agreement is 101 Barclay Street,
New York, New York, 10286. 
  
 SECTION 1.10 Deposited
Securities. 
  
 The term “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 by the Depositary or the Custodian in respect thereof and at such time held
hereunder, subject as to cash to the provisions of Section 4.5. 
  
 SECTION 1.11 Dollars. 
  
 The term
“Dollars” shall mean United States dollars. 
  
 SECTION
1.12 Foreign Registrar. 
  
 The term “Foreign
Registrar” shall mean the entity that presently carries out the duties of registrar for the Shares or any successor as registrar for the Shares and any other appointed agent of the Issuer for the transfer and registration of Shares. 

 
 SECTION 1.13 Issuer. 
  
 The term “Issuer” shall mean The9 Limited, incorporated under the
laws of the Cayman Islands, and its successors. 
  
 SECTION 1.14
Owner. 
  
 The term “Owner” shall mean the
person in whose name a Receipt is registered on the books of the Depositary maintained for such purpose. 

 SECTION 1.15 Receipts. 
  
 The term “Receipts” shall mean the American Depositary Receipts issued hereunder evidencing American Depositary
Shares. 
  
 SECTION 1.16 Registrar. 
  
 The term “Registrar” shall mean 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 Receipts and transfers of Receipts as herein provided. 
  
 SECTION 1.17 Restricted Securities. 
  
 The term “Restricted Securities” shall mean Shares, or Receipts representing such Shares, which are acquired
directly or indirectly from the Issuer or its affiliates (as defined in Rule 144 under the Securities Act) in a transaction or chain of transactions not involving any public offering or which are subject to resale limitations under Regulation D
under that Act or both, or which are held by an officer, director (or persons performing similar functions) or other affiliate of the Issuer, or which would require registration under the Securities Act in connection with the offer and sale thereof
in the United States, or which are subject to other restrictions on sale or deposit under the laws of the United States or the Cayman Islands, or under a shareholder agreement or the Memorandum and Articles of Association of the Issuer. 

 
 SECTION 1.18 Securities Act. 
  
 The term “Securities Act” shall mean the United States Securities
Act of 1933, as from time to time amended. 
  
 SECTION 1.19
Shares. 
  
 The term “Shares” shall mean
ordinary shares in registered form of the Issuer, heretofore validly issued and outstanding and fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding Shares or hereafter validly issued and outstanding and fully
paid, nonassessable and free of any pre-emptive rights of the holders of outstanding Shares or interim certificates representing such Shares. 

 ARTICLE 2. FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS.

  
 SECTION 2.1 Form and Transferability of Receipts.

  
 Definitive Receipts shall be substantially in the form set
forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any
purpose, unless such Receipt shall have been executed by the Depositary by the manual signature of a duly authorized signatory of the Depositary; provided, however, that such signature may be a facsimile if a Registrar for the Receipts shall have
been appointed and such Receipts are countersigned by the manual or facsimile signature of a duly authorized officer of the Registrar. The Depositary shall maintain books on which each Receipt so executed and delivered as hereinafter provided and
the transfer of each such Receipt shall be registered. Receipts 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 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. 
  
 The Receipts may 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 required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations
of any securities exchange upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by reason of the
date of issuance of the underlying Deposited Securities or otherwise. 
  
 Title to a Receipt (and to the American Depositary Shares evidenced thereby), when properly endorsed or accompanied by 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 New York;
provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the Owner 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. 
  
 SECTION 2.2 Deposit of Shares. 
  
 Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited by delivery thereof to any Custodian hereunder, accompanied by any appropriate instrument or instruments of
transfer, or endorsement, in form satisfactory to the Custodian, together with all such certifications as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, and, if the Depositary
requires, together with 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
such deposit. No Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in the Cayman Islands which is then performing the function of
the regulation of currency exchange. If required by the Depositary, Shares presented for deposit at any time, whether or not the transfer books of the Issuer or the Foreign Registrar, if applicable, are closed, shall also be accompanied by an
agreement or assignment, or other instrument satisfactory to the Depositary, which will provide for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property which any person in
whose name the Shares are or have been recorded may thereafter receive upon or in respect of such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 

 At the request and risk and expense of any person proposing to deposit Shares, and for the account of
such person, the Depositary may receive certificates for Shares to be deposited, together with the other instruments herein specified, for the purpose of forwarding such Share certificates to the Custodian for deposit hereunder. 
  
 Upon each delivery to a Custodian of a certificate or certificates for Shares
to be deposited hereunder, together with the other documents above specified, such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate or certificates to the Issuer or the Foreign Registrar, if
applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or such Custodian or its nominee. 
  
 Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or places
as the Depositary shall determine. 
  
 SECTION 2.3 Execution
and Delivery of Receipts. 
  
 Upon receipt by any Custodian
of any deposit pursuant to Section 2.2 hereunder (and in addition, if the transfer books of the Issuer or the Foreign Registrar, if applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other evidence
from the Issuer that any Deposited Securities have been recorded upon the books of the Issuer or the Foreign Registrar, if applicable, in the name of the Depositary or its nominee or such Custodian or its nominee), together with the other documents
required as above specified, such 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 or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission. Upon receiving such notice from such Custodian, or upon the
receipt of Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver at its Corporate Trust Office, to or 

 upon the order of the person or persons entitled thereto, a Receipt or Receipts, registered in the name or names and
evidencing any authorized number of American Depositary Shares requested by such person or persons, but only upon payment to the Depositary of the fees and expenses of the Depositary for the execution and delivery of such Receipt or Receipts as
provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Deposited Securities. 
  
 SECTION 2.4 Transfer of Receipts; Combination and Split-up of Receipts. 
  
 The Depositary, subject to the terms and conditions of this Deposit
Agreement, shall register transfers of Receipts on its transfer books from time to time, upon any surrender of a Receipt, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer,
and duly stamped as may be required by the laws of the State of New York and of the United States of America. Thereupon the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto.

  
 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, 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. 
  
 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 Owners or persons entitled to Receipts and will be
entitled to protection and indemnity to the same extent as the Depositary. Each co-transfer agent appointed under this Section 2.4 shall give notice in writing to the Depositary and the Issuer accepting such appointment and agreeing to abide by the
applicable terms of this Deposit Agreement. 

 SECTION 2.5 Surrender of Receipts and Withdrawal of Shares. 
  
 Upon surrender at the Corporate Trust Office of the Depositary of a Receipt
for the purpose of withdrawal of the Deposited Securities represented by the American Depositary Shares evidenced by such Receipt, and upon payment of the fee of the Depositary for the surrender of Receipts as provided in Section 5.9 and payment of
all taxes and governmental charges payable in connection with such surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of such Receipt shall be entitled to delivery, to
him or upon his order, of the amount of Deposited Securities at the time represented by the American Depositary Shares evidenced by such Receipt. Delivery of such Deposited Securities may be made by the delivery of (a) Shares in the name of such
Owner or as ordered by him or certificates properly endorsed or accompanied by proper instruments of transfer to such Owner or as ordered by him and (b) any other securities, property and cash to which such Owner is then entitled in respect of such
Receipts to such Owner or as ordered by him. Such delivery shall be made, as hereinafter provided, without unreasonable delay. 
  
 A Receipt surrendered for such purposes may be required by the Depositary to be properly endorsed in blank or accompanied by proper instruments of
transfer in blank, and if the Depositary so requires, the Owner 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 at the office of such Custodian, subject to Sections 2.6, 3.1 and 3.2 and to the other terms and conditions of this Deposit
Agreement, to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the American Depositary Shares 

 evidenced by such Receipt, except that the Depositary may make delivery to such person or persons at the Corporate Trust
Office of the Depositary of any dividends or distributions with respect to the Deposited Securities represented by the American Depositary Shares evidenced 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. 
  
 At the request,
risk and expense of any Owner so surrendering a Receipt, and for the account of such Owner, the Depositary shall direct the Custodian to forward any cash or other property (other than rights) comprising, and forward a certificate or certificates, if
applicable, and other proper documents of title for, the Deposited Securities represented by the American Depositary Shares evidenced by such Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary. Such direction
shall be given by letter or, at the request, risk and expense of such Owner, by cable, telex or facsimile transmission. 
  
 SECTION 2.6 Limitations on Execution and Delivery, Transfer and Surrender of Receipts. 
  
 As a condition precedent to the execution and delivery, registration of
transfer, split-up, combination or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presenter of the Receipt of a sum sufficient to
reimburse it for any tax, stamp duty 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 as herein provided, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the
provisions of this Deposit Agreement, including, without limitation, this Section 2.6. 
  
 The delivery of Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or the transfer of Receipts in particular 

 instances may be refused, or the registration of transfer of outstanding 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 Issuer at any time or from time to time because of any requirement of law or of any government or
governmental body or commission, or under any provision of this Deposit Agreement, or for any other reason, subject to the provisions of Section 7.7 hereof. Notwithstanding any other provision of this Deposit Agreement or the Receipts, the surrender
of outstanding Receipts and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Issuer or the deposit of Shares in connection with voting at a
shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of the
Deposited Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares required to be registered under the provisions of the Securities Act, unless a registration
statement is in effect as to such Shares. 
  
 SECTION 2.7 Lost
Receipts, etc. 
  
 In case any Receipt shall be mutilated,
destroyed, lost or stolen, the Depositary shall execute and deliver a new Receipt of like tenor 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 Owner 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 and (b) satisfied any other reasonable requirements imposed by the Depositary. 

 SECTION 2.8 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. 
  
 SECTION 2.9 Pre-Release of Receipts. 
  
 The Depositary may issue Receipts against the delivery by the Issuer (or any agent of the Issuer recording Share ownership) of rights to receive Shares from the Issuer (or any such agent). No such issue of Receipts
will be deemed a “Pre-Release” that is subject to the restrictions of the following paragraph. 
  
 Unless requested in writing by the Issuer to cease doing so, the Depositary may, notwithstanding Section 2.3 hereof, execute and deliver Receipts prior to
the receipt of Shares pursuant to Section 2.2 (“Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not such cancellation is
prior to the termination of such Pre-Release or the Depositary knows that such Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or
accompanied by a written representation and agreement from the person to whom Receipts are to be delivered (the “Pre-Releasee”) that the Pre-Releasee, or its customer, (i) owns the Shares or Receipts to be remitted, as the case may be,
(ii) assigns all beneficial rights, title and interest in such Shares or Receipts, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and (iii) will not take any action with respect to such Shares or
Receipts, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or Receipts, as the case may be), other than in satisfaction of such
Pre-Release, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary determines, in good faith, will provide substantially similar liquidity and security, (c) terminable by the
Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems 

 appropriate. The number of Shares not deposited but represented by American Depositary Shares outstanding at any time as
a result of Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves the right to disregard such limit from time to time as it deems reasonably appropriate, and
may, with the prior written consent of the Issuer, change such limit for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions to be entered into hereunder with any particular
Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement, the collateral referred to in clause (b) above shall be held by
the Depositary as security for the performance of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or Receipts upon termination of a
Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder). 
  
 The Depositary may retain for its own account any compensation received by it in connection with the foregoing. 
  
 ARTICLE 3. CERTAIN OBLIGATIONS OF OWNERS AND BENEFICIAL OWNERS OF RECEIPTS.

  
 SECTION 3.1 Filing Proofs, Certificates and Other
Information. 
  
 Any person presenting Shares for deposit or
any Owner or Beneficial Owner of a Receipt may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the
books of the Issuer or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of
transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates are 

 executed or such representations and warranties made. If requested in writing, the Depositary shall, as promptly as
practicable, provide the Issuer, at the expense of the Issuer, with copies of any such proofs, certificates or other information it receives pursuant to this section, unless prohibited by applicable law. 
  
 SECTION 3.2 Liability of Owner for Taxes. 
  
 If any tax or other governmental charge shall become payable by the Custodian
or the Depositary with respect to any Receipt or any Deposited Securities represented by any Receipt, such tax or other governmental charge shall be payable by the Owner of such Receipt to the Depositary. The Depositary may refuse to effect any
transfer of such Receipt or any withdrawal of Deposited Securities represented by American Depositary Shares evidenced by such Receipt until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of
the Owner thereof any part or all of the Deposited Securities represented by the American Depositary Shares evidenced by such Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or
other governmental charge and the Owner of such Receipt shall remain liable for any deficiency. 
  
 SECTION 3.3 Warranties on Deposit of Shares. 
  
 Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate
therefor, if applicable, are validly issued, fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding Shares and that the person making such deposit is duly authorized so to do. Every such person shall also be
deemed to represent that such Shares and the Receipts evidencing American Depositary Shares representing such Shares by that person would not be Restricted Securities. Such representations and warranties shall survive the deposit of Shares and
issuance of Receipts. 

 SECTION 3.4 Disclosure of Interests. 
  
 Notwithstanding any other provision of this Deposit Agreement, each Owner
and Beneficial Owner agrees to comply with requests from the Issuer pursuant to applicable law or the Memorandum and Articles of Association to provide information, inter alia, as to the capacity in which such Owner or Beneficial Owner owns American
Depositary Shares (and Shares as the case may be) and regarding the identity of any other person(s) interested in such American Depositary Shares (and Shares, as the case may be) and the nature of such interest and various other matters, whether or
not they are Owners or Beneficial Owners at the time of such request. The Depositary agrees to use its reasonable efforts to forward, upon the reasonable written request of the Issuer and at the expense of the Issuer, any such written request from
the Issuer to the Owners and to forward, as promptly as practicable, to the Issuer any such responses to such requests received by the Depositary. If the Issuer requests information from the Depositary, the Custodian or the nominee of either, as the
registered owner of the Shares, the obligations of the Depositary, Custodian or such nominee, as the case may be, shall be limited to disclosing to the Issuer the information contained in the register. 
  
 ARTICLE 4. THE DEPOSITED SECURITIES. 
  
 SECTION 4.1 Cash Distributions. 
  
 Whenever the Depositary shall receive any cash dividend or other cash
distribution on any Deposited Securities, the Depositary shall, subject to the provisions of Section 4.5, convert such dividend or distribution into Dollars and shall distribute the amount thus received (net of the fees and expenses of the
Depositary as provided in Section 5.9 hereof, if applicable) to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively; provided, however, that in the
event that the Issuer or the Depositary shall be required to withhold and does withhold from such cash dividend or such other cash distribution an amount on account of taxes, the amount distributed to the Owner of the Receipts evidencing American
Depositary Shares representing such Deposited Securities shall be reduced accordingly. The Depositary shall distribute only such 

 amount, however, as can be distributed without attributing to any Owner a fraction of one cent. Any such fractional
amounts shall be rounded to the nearest whole cent and so distributed to Owners entitled thereto. The Issuer or its agent will remit to the appropriate governmental agency in the Cayman Islands all amounts withheld and owing to such agency. The
Depositary will forward to the Issuer or its agent such information from its records as the Issuer may reasonably request to enable the Issuer or its agent to file necessary reports with governmental agencies, and the Depositary or the Issuer or its
agent may file any such reports necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts. 
  
 SECTION 4.2 Distributions Other Than Cash, Shares or Rights. 
  
 Subject to the provisions of Section 4.11 and Section 5.9, whenever the Depositary shall receive any distribution other than
a distribution described in Sections 4.1, 4.3 or 4.4, the Depositary shall cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary
or any taxes or other governmental charges, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that the Depositary may deem equitable and practicable for
accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any
requirement that the Issuer or the Depositary withhold an amount on account of taxes or other governmental charges or that such securities must be registered under the Securities Act in order to be distributed to Owners or Beneficial Owners) the
Depositary deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the
securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.9) shall be distributed by the Depositary to the Owners entitled thereto as in
the case of a distribution received in cash. To the extent 

 that such securities or property or the net proceeds thereof are not effectively distributed to Owners as provided in the
paragraph, each American Depositary Shares share thereafter also represent the additional securities or property distributed in respect of the Shares represented by such American Depositary Share prior to such distribution. 
  
 SECTION 4.3 Distributions in Shares. 
  
 If any distribution upon any Deposited Securities consists of a dividend in,
or free distribution of, Shares, the Depositary may, and shall if the Issuer shall so request, distribute to the Owners of outstanding Receipts entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited
Securities held by them respectively, additional Receipts evidencing an aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and conditions of the
Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary Shares evidenced by Receipts, including the withholding of any tax or other governmental charge as provided in Section 4.11 and the payment of fees and
expenses of the Depositary as provided in Section 5.9. In lieu of delivering Receipts for fractional American Depositary Shares in any such case, the Depositary shall sell the amount of Shares represented by the aggregate of such fractions and
distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1. If additional Receipts are not so distributed, each American Depositary Share shall thenceforth also represent the additional Shares distributed
upon the Deposited Securities represented thereby. 
  
 SECTION 4.4
Rights. 
  
 In the event that the Issuer shall offer or
cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any other nature, the Depositary, after Consultation with the Issuer, shall have discretion as to the procedure to be
followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the 

 Depositary may not either make such rights available to any Owners or dispose of such rights and make the net proceeds
available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its reasonable discretion that it is lawful and feasible to make such rights available to all
Owners or to certain Owners but not to other Owners, the Depositary may distribute to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants
or other instruments therefor in such form as it deems appropriate. 
  
 In circumstances in which rights would otherwise not be distributed, if an Owner of Receipts requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such
Owner hereunder, the Depositary will make such rights available to such Owner upon written notice from the Issuer to the Depositary that (a) the Issuer has elected in its sole discretion to permit such rights to be exercised and (b) such Owner has
executed such documents as the Issuer has determined in its sole discretion are reasonably required under applicable law. 
  
 If the Depositary has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant to
such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the
exercise of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares,
and the Issuer shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.2 of this Deposit
Agreement, and shall, pursuant to Section 2.3 of this Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a 

 distribution pursuant to the second paragraph of this section, such Receipts shall be legended in accordance with
applicable U.S. laws, and shall be subject to the appropriate restrictions on sale, deposit, cancellation, and transfer under such laws. 
  
 If the Depositary determines in its reasonable discretion that it is not lawful and feasible to make such rights available to all or certain Owners, it
may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds of
such sales (net of the fees and expenses of the Depositary as provided in Section 5.9 and all taxes and governmental charges payable in connection with such rights and subject to the terms and conditions of this Deposit Agreement) for the account of
such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practicable basis without regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any Receipt or
otherwise. 
  
 The Depositary will not offer rights to Owners
unless both the rights and the securities to which such rights relate are either exempt from registration under the Securities Act with respect to a distribution to Owners or are registered under the provisions of such Act; provided, that nothing in
this Deposit Agreement shall create any obligation on the part of the Issuer to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement declared effective. If an Owner
of Receipts requests distribution of warrants or other instruments, notwithstanding that there has been no such registration under the Securities Act, the Depositary shall not effect such distribution unless it has received an opinion from
recognized counsel in the United States for the Issuer upon which the Depositary may rely that such distribution to such Owner is exempt from such registration; provided, however, the Issuer shall have no obligation to cause its counsel to issue
such opinion at the request of such Owner. 

 The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to
make such rights available to Owners in general or any Owner in particular. 
  
 SECTION 4.5 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 if at the time of the
receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, 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 such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed any warrants or other instruments which
entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard to any
distinctions among Owners on account of exchange restrictions, the date of delivery of any Receipt or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9. 
  
 If such conversion or distribution can be effected only with the approval or
license of any government or agency thereof, the Depositary shall file such application for approval or license, if any, as it may deem desirable. 
  
 If at any time the Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on
a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable without
excessively burdensome or otherwise unreasonable efforts, or if any such approval or license is not obtained within a reasonable period as determined by the Depositary, or if there are 

 foreign exchange controls in place that prohibit such conversion, the Depositary may distribute the foreign currency (or
an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of,
the Owners entitled to receive the same. 
  
 If any such
conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the
Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto.

  
 SECTION 4.6 Fixing of Record Date. 
  
 Whenever any cash dividend or other cash distribution shall become payable
or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, 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 holders of Shares or other Deposited Securities or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date, which date
shall be the same date, to the extent practicable, as the record date for the Deposited Securities or if different, as close thereto as practicable (a) for the determination of the Owners who shall be (i) entitled to receive such dividend,
distribution or rights or the net proceeds of the sale thereof or (ii) entitled to give instructions for the exercise of voting rights at any such meeting, or (b) on or after which each American Depositary Share will represent the changed number of
Shares, or (c) for any other matter. Subject to the provisions of Sections 4.1 through 4.5 and to the other terms and conditions of this Deposit Agreement, the Owners on such record date shall be entitled, as the case may be, to receive the amount
distributable by the Depositary with respect to such dividend or 

 other distribution or such rights or the net proceeds of sale thereof in proportion to the number of American Depositary
Shares held by them respectively and to give voting instructions and to act in respect of any other such matter. 
  
 SECTION 4.7 Voting of Deposited Securities. 
  
 Upon receipt of notice of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Issuer the Depositary shall, as
soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall contain (a) such information as is contained in such notice of meeting, and (b) a statement that the Owners as of the close of business on a specified record
date will be entitled, subject to any applicable provision of Cayman Islands law and of the Memorandum and Articles of Association of the Issuer, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of
Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given. Upon the written request of an Owner on such record date, received on or
before the date established by the Depositary for such purpose (the “Instruction Date”), the Depositary shall endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares or other Deposited Securities represented
by the American Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited
Securities, other than in accordance with such instructions. 
  
 There can be no assurance that Owners generally or any Owner in particular will receive the notice described in the preceding paragraph sufficiently prior to the Instruction Date to ensure that the Depositary will vote the Shares or
Deposited Securities in accordance with the provisions set forth in the preceding paragraph. 
  
 SECTION 4.8 Changes Affecting Deposited Securities. 
  
 In circumstances where the provisions of Section 4.3 do not apply, upon any change in nominal value, change in par value, split-up, consolidation or any other 

 reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale
of assets affecting the Issuer or to which it is a party, any securities which shall be received by the Depositary or a Custodian in exchange for or in conversion of or in respect of Deposited Securities, shall be treated as new Deposited Securities
under this Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to the existing Deposited Securities, if any, the new Deposited Securities so received in exchange or conversion, unless additional Receipts are
delivered pursuant to the following sentence. In any such case the Depositary may, and shall at the Issuer’s request, execute and deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding
Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities. 
  
 SECTION 4.9 Reports. 
  
 The Depositary shall make available for inspection by Owners at its Corporate Trust Office any reports and communications, including any proxy soliciting
material, received from the Issuer which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Issuer. The Depositary shall also, upon
written request, send to the Owners copies of such reports and communications furnished by the Issuer pursuant to Section 5.6. Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the
Issuer shall be furnished in English. 
  
 SECTION 4.10 Lists of
Owners. 
  
 Promptly upon request by the Issuer, the
Depositary shall, at the expense of the Issuer, 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 4.11 Withholding. 
  
 The Depositary will forward to the Issuer or its agent such information from
its records as the Issuer may reasonably request to enable the Issuer or its agent to 

 file necessary reports with governmental agencies, and the Depositary or the Issuer or its agent may file any such
reports necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts. 
  
 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 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 any such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges to the Owners entitled thereto in proportion to the
number of American Depositary Shares held by them respectively. 
  
 ARTICLE 5.
THE DEPOSITARY, THE CUSTODIANS AND THE ISSUER. 
  
 SECTION
5.1 Maintenance of Office and Transfer Books by the Depositary. 
  
 Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of New York, facilities for the execution and delivery, registration, registration of transfers
and surrender of Receipts in accordance with the provisions of this Deposit Agreement. 
  
 The Depositary shall keep books at its Corporate Trust Office for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Owners and the Issuer,
provided that such inspection shall not be for the purpose of communicating with Owners in the interest of a business or object other than the business of the Issuer or a matter related to this Deposit Agreement or the Receipts. 
  
 The Depositary may close the transfer books, at any time or from time to
time, when deemed expedient by it in connection with the performance of its duties hereunder or at the reasonable written request of the Issuer. 

 If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more stock
exchanges in the United States, the Depositary shall act as Registrar or appoint, with prompt written notice provided to the Issuer, a Registrar or one or more co-registrars for registry of such Receipts in accordance with any requirements of such
exchange or exchanges. Each co-registrar or other agent appointed under this Section 5.1 shall give notice in writing to the Issuer and the Depositary accepting such appointment and agreeing to abide by the applicable terms of this Deposit
Agreement. 
  
 SECTION 5.2 Prevention or Delay in Performance
by the Depositary or the Issuer. 
  
 Neither the Depositary
nor the Issuer nor any of their respective directors, officers, employees, agents or affiliates shall incur any liability to any Owner or Beneficial Owner of any Receipt, if by reason of any provision of any present or future law or regulation of
the United States or any other country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of the Memorandum and Articles of Association of the Issuer, or by reason of any provision of
any securities issued or distributed by the Issuer, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary or the Issuer shall be prevented, delayed or
forbidden from, or be subject to any civil or criminal penalty on account of, doing or performing any act or thing which by the terms of this Deposit Agreement or the Deposited Securities it is provided shall be done or performed; nor shall the
Depositary or the Issuer or any of their respective directors, officers, employees, agents or affiliates incur any liability to any Owner or Beneficial Owner of any Receipt by reason of any non-performance or delay, caused as aforesaid, in the
performance of any act or thing which by the terms of this Deposit Agreement it is provided shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement. Where, by
the terms of a distribution pursuant to Sections 4.1, 4.2, or 4.3 of the Deposit Agreement, or an offering or distribution pursuant to Section 4.4 of the Deposit Agreement, or for any other reason, such distribution or 

 offering may not be made available to Owners, and the Depositary may not dispose of such distribution or offering on
behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse, in each such case without liability to the Issuer or the
Depositary. 
  
 SECTION 5.3 Obligations of the Depositary, the
Custodian and the Issuer. 
  
 Neither the Issuer, nor its
directors, officers, employees and agents assume any obligation nor shall it or any of them be subject to any liability under this Deposit Agreement to Owners or Beneficial Owners, except that the Issuer agrees to perform its obligations
specifically set forth in this Deposit Agreement without negligence or bad faith. 
  
 Neither the Depositary nor its directors, officers, employees and agents assume any obligation nor shall it or any of them be subject to any liability under this Deposit Agreement to any Owner or Beneficial Owner of
any Receipt (including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without
negligence or bad faith. 
  
 Neither the Depositary nor the Issuer
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 expense and liability shall be furnished as often as may be required, and the Custodian shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to
the Depositary. 
  
 Neither the Depositary nor the Issuer shall be
liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent to give such
advice or information. 

 The Depositary 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 negligence or bad faith while it acted as Depositary. 
  
 The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which
any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. 
  
 No disclaimer of liability under the Securities Act is intended by any provision of this Deposit Agreement. 
  
 SECTION 5.4 Resignation and Removal of the Depositary. 
  
 The Depositary may at any time resign as Depositary hereunder by written
notice of its election so to do delivered to the Issuer, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
  
 The Depositary may at any time be removed by the Issuer by 90 days prior
written notice of such removal, which shall become effective upon the later to occur of (i) the 90th day after
delivery of the notice to the Depositary or (ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
  
 In case at any time the Depositary acting hereunder shall resign or be removed, the Issuer shall use reasonable 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 execute and deliver to its predecessor and to the Issuer 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; but such predecessor,
nevertheless, upon payment of all sums due it and on the written request of the Issuer shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and
deliver all right, title and interest in the Deposited Securities to such successor, and shall deliver to such successor a list of the Owners of all outstanding Receipts. Any such successor depositary shall promptly mail notice of its appointment to
the Owners. 
  
 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. 
  
 SECTION 5.5 The Custodians. 
  
 The Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. Any Custodian
may resign and be discharged from its duties hereunder by notice of such resignation delivered to the Depositary at least 30 days prior to the date on which such resignation is to become effective. If upon such resignation there shall be no
Custodian acting hereunder, the Depositary shall, promptly after receiving such notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian hereunder. Whenever the Depositary in its discretion determines that
it is in the best interest of the Owners to do so, it may appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians hereunder. Upon demand of the Depositary any Custodian shall deliver such
of the Deposited Securities held by it as are requested of it to any other Custodian or such substitute or additional custodian or custodians. Each such substitute or additional custodian shall deliver to the Depositary, forthwith upon its
appointment, an acceptance of such appointment satisfactory in form and substance to the Depositary. 

 Upon the appointment of any successor depositary hereunder, each Custodian then acting hereunder shall
forthwith become, without any further act or writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair the authority of each Custodian hereunder; but 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 as agent hereunder of such successor
depositary. 
  
 SECTION 5.6 Notices and Reports.

  
 On or before the first date on which the Issuer 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 in respect of any cash or other distributions or the offering of any rights,
the Issuer agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in the form given or to be given to holders of Shares or other Deposited Securities. 
  
 The Issuer will arrange for the translation into English, if not already in English, to the extent required pursuant to any
regulation of the Commission, and the prompt transmittal by the Issuer to the Depositary and the Custodian of such notices and any other reports and communications which are made generally available by the Issuer to holders of its Shares. If
requested in writing by the Issuer, the Depositary will arrange for the mailing, at the Issuer’s expense, of copies of such notices, reports and communications to all Owners. The Issuer 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. 

 SECTION 5.7 Distribution of Additional Shares, Rights, etc. 
  
 The Issuer agrees that in the event of any issuance or distribution of (1)
additional Shares, (2) rights to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”), the Issuer will promptly furnish to the Depositary a written opinion
from U.S. counsel for the Issuer, which counsel shall be reasonably satisfactory to the Depositary, stating whether or not the Distribution requires a Registration Statement under the Securities Act to be in effect prior to making such Distribution
available to Owners entitled thereto. If in the opinion of such counsel a Registration Statement is required, such counsel shall furnish to the Depositary a written opinion as to whether or not there is a Registration Statement in effect which will
cover such Distribution. 
  
 The Issuer agrees with the Depositary
that neither the Issuer nor any company controlled by, controlling or under common control with the Issuer will at any time deposit any Shares, either originally issued or previously issued and reacquired by the Issuer or any such affiliate, unless
a Registration Statement is in effect as to such Shares under the Securities Act. 
  
 SECTION 5.8 Indemnification. 
  
 The Issuer agrees to indemnify the Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of them harmless from, any liability or expense (including, but not limited to, the fees and expenses of
counsel) which may arise out of any registration with the Commission of Receipts, American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or out of acts performed or omitted, in accordance with the
provisions of this Deposit Agreement and of the Receipts, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except for
any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Issuer or any of its directors, employees, agents and affiliates. 

 The Depositary agrees to indemnify the Issuer, its directors, employees, agents and affiliates and hold
them harmless from any liability or expense which may arise out of acts performed or omitted by the Depositary or its Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith. 
  
 If an action, proceeding (including, but not limited to, any governmental
investigation), claim or dispute (collectively, a “Proceeding”) in respect of which indemnity may be sought by either party is brought or asserted against the other party, the party seeking indemnification (the “Indemnitee”)
shall promptly (and in no event more than ten (10) days after receipt of notice of such Proceeding) notify the party obligated to provide such indemnification (the “Indemnitor”) of such Proceeding. The failure of the Indemnitee to so
notify the Indemnitor shall not impair the Indemnitee’s ability to seek indemnification from the Indemnitor (but only for costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the Indemnitor’s
ability to adequately oppose or defend such Proceeding. Upon receipt of such notice from the Indemnitee, the Indemnitor shall be entitled to participate in such Proceeding and, to the extent that it shall so desire and provided no conflict of
interest exists as specified in subparagraph (b) below or there are no other defenses available to Indemnitee as specified in subparagraph (d) below, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee (in which case
all attorney’s fees and expenses shall be borne by the Indemnitor and the Indemnitor shall in good faith defend the Indemnitee). The Indemnitee shall have the right to employ separate counsel in any such Proceeding and to participate in the
defense thereof, but the fees and expenses of such counsel shall be borne by the Indemnitee unless (a) the Indemnitor agrees in writing to pay such fees and expenses, (b) the Indemnitee shall have reasonably and in good faith concluded that there is
a conflict of interest between the Indemnitor and the Indemnitee in the conduct of the defense of such action, (c) the Indemnitor fails, within ten (10) days prior to the date the first response or appearance is required to be made in such
Proceeding, to assume the defense of such Proceeding with counsel reasonably satisfactory to the Indemnitee or (d) there are legal defenses available to Indemnitee that 

 are different from or are in addition to those available to the Indemnitor. No compromise or settlement of such
Proceeding may be effected by either party without the other party’s consent unless (i) there is no finding or admission of any violation of law and no effect on any other claims that may be made against such other party and (ii) the sole
relief provided is monetary damages that are paid in full by the party seeking the settlement. Neither party shall have any liability with respect to any compromise or settlement effected without its consent, which shall not be unreasonably
withheld. The Indemnitor shall have no obligation to indemnify and hold harmless the Indemnitee from any loss, expense or liability incurred by the Indemnitee as a result of a default judgment entered against the Indemnitee unless such judgment was
entered after the Indemnitor agreed, in writing, to assume the defense of such Proceeding. 
  
 SECTION 5.9 Charges of Depositary. 
  
 The Issuer agrees to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance with agreements in writing entered into between the Depositary and the
Issuer from time to time. The Depositary shall present its statement for such charges and expenses to the Issuer once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary. 
  
 The following charges shall be incurred by any party depositing or
withdrawing Shares or by any party surrendering Receipts or to whom Receipts are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Issuer or an exchange of stock regarding the Receipts or
Deposited Securities or a distribution of Receipts pursuant to Section 4.3), or by Owners, as applicable: (1) taxes, stamp duty and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of
transfers of Shares generally on the Share register of the Issuer or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or
withdrawals hereunder, (3) such cable, telex 

 and facsimile transmission expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are
incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the execution and delivery of Receipts pursuant to Section 2.3, 4.3 or
4.4 and the surrender of Receipts pursuant to Section 2.5 or 6.2, (6) a fee of $.02 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections
4.1 through 4.4 hereof, (7) a fee for the distribution of securities pursuant to Section 4.2, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged
as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) a fee of $.02 or less per American
Depositary Share (or portion thereof) for depositary services, which will accrue on the last day of each calendar year and which will be payable as provided in clause (9) below; provided, however, that no fee will be assessed under this clause (8)
to the extent a fee of $.02 was charged pursuant to clause (6) above during that calendar year and (9) any other charge payable by the Depositary, any of the Depositary’s agents, including the Custodian, or the agents of the Depositary’s
agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 and shall be payable at the sole discretion
of the Depositary by billing such Owners for such charge or by deducting such charge from one or more cash dividends or other cash distributions). 
  
 The Depositary, subject to Section 2.9 hereof, may own and deal in any class of securities of the Issuer and its affiliates and in Receipts. 

 
 SECTION 5.10 Retention of Depositary Documents. 
  
 The Depositary is authorized to destroy those documents, records, bills and
other data compiled during the term of this Deposit Agreement at the times permitted by the laws or regulations governing the Depositary unless the Issuer requests that such papers be retained for a longer period or turned over to the Issuer or to a
successor depositary. 

 SECTION 5.11 Exclusivity. 
  
 The Issuer agrees not to appoint any other depositary for issuance of American Depositary Receipts so long as The Bank of
New York is acting as Depositary hereunder. 
  
 SECTION 5.12
List of Restricted Securities Owners. 
  
 From time to
time, the Issuer shall provide to the Depositary a list setting forth, to the actual knowledge of the Issuer, those persons or entities who beneficially own Restricted Securities. The Issuer agrees to advise in writing each of the persons or
entities so listed that such Restricted Securities are ineligible for deposit hereunder. The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. 
  
 ARTICLE 6. AMENDMENT AND TERMINATION. 
  
 SECTION 6.1 Amendment. 
  
 The form of the Receipts and any provisions of this Deposit Agreement may at
any time and from time to time be amended by agreement between the Issuer and the Depositary without the consent of Owners and Beneficial Owners in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase
any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial existing right of
Owners, shall, however, not become effective as to outstanding Receipts until the expiration of thirty days after notice of such amendment shall have been given to the Owners of outstanding Receipts. Every Owner at the time any amendment so becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such 

 amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right
of the Owner of any Receipt to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. 
  
 SECTION 6.2 Termination. 
  
 The Depositary shall at any time at the direction of the Issuer terminate
this Deposit Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination. The Depositary may likewise terminate this Deposit Agreement by
mailing notice of such termination to the Issuer and the Owners of all Receipts then outstanding if at any time 90 days shall have expired after the Depositary shall have delivered to the Issuer a written notice of its election to resign and a
successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4. On and after the date of termination, the Owner of a Receipt will, upon (a) surrender of such Receipt at the Corporate Trust Office of the
Depositary, (b) payment of the fee of the Depositary for the surrender of Receipts referred to in Section 2.5, and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of
Deposited Securities represented by the American Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of
Receipts, shall suspend the distribution of dividends to the Owners 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 and other property as provided in this Deposit Agreement, and shall continue to deliver Deposited Securities, 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, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the
account of the Owner of such Receipt in accordance with 

 the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). At any time after
the expiration of one year from the date of termination, 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, unsegregated and without liability for interest, for the pro rata benefit of the Owners of Receipts which have not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net
proceeds. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except for its obligations to the Issuer under Section 5.8 and to account for such net proceeds and other cash (after deducting,
in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental
charges). Upon the termination of this Deposit Agreement, the Issuer shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9 hereof. 
  
 ARTICLE 7. 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 shall constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Owner or
Beneficial Owner of a Receipt during business hours. 
  
 SECTION
7.2 No Third Party Beneficiaries. 
  
 This Deposit
Agreement is for the exclusive benefit of the parties hereto (which shall include the Owners and Beneficial Owners) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person. 

 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 Owners and Beneficial Owners as Parties; Binding Effect.

  
 The Owners and Beneficial Owners of Receipts from time to
time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance thereof. 
  
 SECTION 7.5 Notices. 
  
 Any and all notices to be given to the Issuer shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by letter, addressed to The9 Limited, 30/F CITIC Square, No. 1168 Nanjing Road (W), Shanghai 200041, People’s Republic of China, Attention: CEO, or any other place to which the Issuer may have transferred its principal
office. 
  
 Any and all notices to be given to the Depositary
shall be deemed to have been duly given if in English and personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to The Bank of New York, 101 Barclay Street, New York, New York 10286, Attention:
American Depositary Receipt Administration, or any other place to which the Depositary may have transferred its Corporate Trust Office. 
  
 Any and all notices to be given to any Owner shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by letter, addressed to such Owner at the address of such Owner as it appears on the transfer books for Receipts of the Depositary, or, if such Owner shall have filed with the Depositary a written request that notices intended
for such Owner be mailed to some other address, at the address designated in such request. 

 Delivery of a notice sent by mail or cable, telex or facsimile transmission shall be deemed to be
effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office letter box. The Depositary or the Issuer may,
however, act upon any cable, telex or facsimile transmission received by it, notwithstanding that such cable, telex or facsimile transmission shall not subsequently be confirmed by letter as aforesaid. 
  
 SECTION 7.6 Governing Law. 
  
 This Deposit Agreement and the Receipts shall be interpreted and all rights
hereunder and thereunder and provisions hereof and thereof shall be governed by the laws of the State of New York. 
  
 SECTION 7.7 Compliance with U.S. Securities Laws. 
  
 Notwithstanding anything in this Deposit Agreement to the contrary, the Issuer and the Depositary each agrees that it will not exercise any rights it has
under this Deposit Agreement to permit the withdrawal or delivery of Deposited Securities in a manner which would violate the U.S. securities laws, including, but not limited to, Section I.A.(1) of the General Instructions to the Form F-6
Registration Statement, as amended from time to time, under the Securities Act. 
  
 SECTION 7.8 Submission to Jurisdiction; Appointment of Agent for Service of Process. 
  
 The Issuer hereby (i) irrevocably designates and appoints CT Corporation System, [111 Eighth Avenue, 13th Floor, New York, New York 10011], in the State of New York, as the Issuer’s authorized agent upon which process may be served in any suit or proceeding
arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any such
suit or proceeding may be instituted, and (iii) agrees that service of process upon said 

 authorized agent shall be deemed in every respect effective service of process upon the Issuer in any such suit or
proceeding. The Issuer agrees to deliver, upon the execution and delivery of this Deposit Agreement, a written acceptance by such agent of its appointment as such agent. The Issuer further agrees to take any and all action, including the filing of
any and all such documents and instruments, as may be necessary to continue such designation and appointment in full force and effect for so long as any American Depositary Shares or Receipts remain outstanding or this Agreement remains in force. In
the event the Issuer fails to continue such designation and appointment in full force and effect, the Issuer hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail,
return receipt requested, directed to the Issuer at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 
  
 SECTION 7.9 Arbitration. 
  
 In the event the Depositary is advised that a judgment of a United States
court may not be recognized, the following provisions shall apply: 
  
 (i) Any controversy, claim or cause of action brought by any party or parties hereto against any other party or parties hereto arising out of or relating to the Deposit Agreement shall be settled by arbitration in accordance with the
Commercial Arbitration Rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
  
 (ii) The place of the arbitration shall be the City of New York, State of New York, United States of America, and the
language of the arbitration shall be English. 
  
 (iii) The number
of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy, shall have no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall
appoint one arbitrator and the two arbitrators shall select a third arbitrator who 

 shall serve as chairperson of the tribunal. If a dispute, controversy or cause of action shall involve more than two
parties, the parties shall attempt to align themselves in two sides (i.e., claimant and respondent), each of which shall appoint one arbitrator as if there were only two parties to such dispute, controversy or cause of action. If either or both
parties fail to select an arbitrator, or if such alignment (in the event there is more than two parties) shall not have occurred, within sixty (60) calendar days after the initiating party serves the arbitration demand or the two arbitrators fail to
select a third arbitrator within sixty (60) calendar days of the selection of the second arbitrator, the American Arbitration Association shall appoint the arbitrator or arbitrators in accordance with its rules. The parties and the American
Arbitration Association may appoint the arbitrators from among the nationals of any country, whether or not a party is a national of that country. 
  
 (iv) The arbitrators shall have no authority to award damages not measured by the prevailing party’s actual damages and shall have no authority to
award any consequential, special or punitive damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of the Deposit Agreement. 
  
 (v) In the event any third-party action or proceeding is instituted against
the Depositary relating to or arising from any act or failure to act by the Issuer, the Issuer hereby submits to the personal jurisdiction of the court or administrative agency in which such action or proceeding is brought. 

 IN WITNESS WHEREOF, THE9 LIMITED and THE BANK OF NEW YORK have duly executed this agreement as of the day
and year first set forth above and all Owners and Beneficial Owners shall become parties hereto upon acceptance by them of Receipts issued in accordance with the terms hereof. 
  

			
	 THE9 LIMITED

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 THE BANK OF NEW YORK,

	 as Depositary

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 - i - 

 Exhibit A to Deposit Agreement 
  

			
	 No. 
	  	

	 	  	AMERICAN DEPOSITARY SHARES
	 	  	(Each American Depositary Share represents              (        )
deposited Shares)

  
 THE BANK OF NEW YORK

 AMERICAN DEPOSITARY RECEIPT 
 FOR ORDINARY SHARES OF THE 
 PAR VALUE OF U.S.$0.01 PER SHARE OF 
 THE9 LIMITED 
 (INCORPORATED UNDER THE
LAWS OF THE CAYMAN ISLANDS) 
  
 The Bank of New York as
depositary (hereinafter called the “Depositary”), hereby certifies that                    , or registered assigns IS THE
OWNER OF  
  
 AMERICAN DEPOSITARY SHARES 

 
 representing deposited ordinary shares (herein called “Shares”) of The9 Limited,
incorporated under the laws of the Cayman Islands (herein called the “Company”). At the date hereof, each American Depositary Share represents             
(        ) Shares which are either deposited or subject to deposit under the deposit agreement at the Hong Kong office of The Hongkong and Shanghai Banking Corporation Limited (herein called the
“Custodian”). The Depositary’s Corporate Trust Office is located at a different address than its principal executive office. Its Corporate Trust Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal
executive office is located at One Wall Street, New York, N.Y. 10286. 
  
 THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS 
 101 BARCLAY STREET, NEW YORK, N.Y. 10286 

 1. THE DEPOSIT AGREEMENT. 
  
 This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon
the terms and conditions set forth in the deposit agreement, dated as of                     , 2004 (herein called the “Deposit
Agreement”), by and among the Company, the Depositary, and all Owners 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 become bound by all the terms
and conditions thereof. The Deposit Agreement sets forth the rights of Owners and Beneficial Owners of the 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, securities, property, and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary’s
Corporate Trust Office in New York City and at the office of the Custodian. 
  
 The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which
reference is hereby made. Capitalized terms not defined herein shall have the meanings set forth in the Deposit Agreement. 
  
 2. SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES. 
  
 Upon surrender at the Corporate Trust Office of the Depositary of this Receipt, and upon payment of the fee of the Depositary provided in this Receipt,
and subject to the terms and conditions of the Deposit Agreement, the Owner hereof is entitled to delivery, to him or upon his order, of the amount of Deposited Securities at the time represented by the American Depositary Shares for which this
Receipt is issued. Delivery of such Deposited Securities may be made by the delivery of (a) Shares in the name of the Owner hereof or as ordered by him or certificates properly endorsed or accompanied by proper instruments of transfer to such Owner
or as ordered by him and (b) any other securities, property and cash to which such Owner is then entitled in respect of this Receipt to such Owner or as ordered by him. Such delivery will be made at the option of the Owner hereof, either at the
office of the Custodian or at the Corporate Trust Office of the Depositary, provided that the forwarding of certificates for Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the risk
and expense of the Owner hereof. Notwithstanding any other provision of the Deposit Agreement or this Receipt, the surrender of outstanding Receipts and withdrawal of Deposited Securities may be suspended only for (i) temporary delays caused by
closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance
with any U.S. or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of the Deposited Securities. 
  

 - 2 - 

 3. TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS. 
  
 The transfer of this Receipt is registrable on the books of the Depositary
at its Corporate Trust Office by the Owner hereof in person or by a duly authorized attorney, upon surrender of this Receipt properly endorsed for transfer or accompanied by proper instruments of transfer and funds sufficient to pay any applicable
transfer taxes and the expenses of the Depositary and upon compliance with such regulations, if any, as the Depositary may establish for such purpose. This Receipt may be split into other such Receipts, or may be combined with other such Receipts
into one Receipt, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, or surrender of any
Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of Shares or the presenter of the Receipt of a sum sufficient to reimburse it for any tax, stamp duty 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 as provided in this Receipt, may
require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement or this
Receipt. 
  
 The delivery of Receipts against deposits of Shares
generally or against deposits of particular Shares may be suspended, or the transfer of Receipts in particular instances may be refused, or the registration of transfer of outstanding 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 at any time or from time to time because of any requirement of law or of any government or governmental body or
commission, or under any provision of the Deposit Agreement or this Receipt, or for any other reason, subject to Article (23) hereof. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit
Agreement any Shares required to be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such Shares. 
  
 4. LIABILITY OF OWNER FOR TAXES. 
  
 If any tax or other governmental charge shall become payable with respect to any Receipt or any Deposited Securities represented hereby, such tax or other
governmental charge shall be payable by the Owner hereof to the Depositary. The Depositary may refuse to effect any transfer of this Receipt or any withdrawal of Deposited Securities represented by American Depositary Shares evidenced by such
Receipt until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of the Owner hereof any part or all of the Deposited Securities represented by the American Depositary Shares evidenced by this
Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge and the Owner hereof shall remain liable for any deficiency. 

 5. WARRANTIES OF DEPOSITORS. 
  
 Every person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that such Shares
and each certificate therefor, if applicable, are validly issued, fully paid, nonassessable and free of any pre-emptive rights of the holders of outstanding Shares and that the person making such deposit is duly authorized so to do. Every such
person shall also be deemed to represent that such Shares and the Receipts evidencing American Depositary Shares representing such Shares by that person would not be Restricted Securities. Such representations and warranties shall survive the
deposit of Shares and issuance of Receipts. 
  
 6. FILING PROOFS,
CERTIFICATES, AND OTHER INFORMATION. 
  
 Any person
presenting Shares for deposit or any Owner or Beneficial Owner of a Receipt may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information
relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper. The Depositary may
withhold the delivery or registration of transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is
filed or such certificates are executed or such representations and warranties made. If requested in writing, the Depositary shall, as promptly as practicable, provide the Company, at the expense of the Company, with copies of any such proofs,
certificates or other information it receives pursuant to this Article, unless prohibited by applicable law. No Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been
granted by any governmental body in the Cayman Islands which is then performing the function of the regulation of currency exchange. 
  
 7. CHARGES OF DEPOSITARY. 
  
 The Company agrees to pay the fees, reasonable expenses and out-of-pocket charges of the Depositary and those of any Registrar only in accordance with
agreements in writing entered into between the Depositary and the Company from time to time. The Depositary shall present its statement for such charges and expenses to the Company once every three months. The charges and expenses of the Custodian
are for the sole account of the Depositary. 
  
 The following
charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering Receipts or to whom Receipts are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company
or an exchange of stock regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes, stamp duty and other governmental charges, (2) such
registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to 

 transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of
deposits or withdrawals under the Deposit Agreement, (3) such cable, telex and facsimile transmission expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign
currency pursuant to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the execution and delivery of Receipts pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and
the surrender of Receipts pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.02 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not
limited to Sections 4.1 through 4.4 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement, such fee being in an amount equal to the fee for the execution and delivery of American
Depositary Shares referred to above which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as if they were Shares) but which securities are instead distributed by the
Depositary to Owners, (8) a fee of $.02 or less per American Depositary Share (or portion thereof) for depositary services, which will accrue on the last day of each calendar year and which will be payable as provided in clause (9) below; provided,
however, that no fee will be assessed under this clause (8) to the extent a fee of $.02 was charged pursuant to clause (6) above during that calendar year and (9) any other charge payable by the Depositary, any of the Depositary’s agents,
including the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as of the date or dates set by the Depositary in
accordance with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one or more cash dividends or other cash distributions).

  
 The Depositary, subject to Section 2.9 of the Deposit
Agreement and Article 8 hereof, may own and deal in any class of securities of the Company and its affiliates and in Receipts. 
  
 8. PRE-RELEASE OF RECEIPTS. 
  
 The Depositary may issue Receipts against the delivery by the Company (or any agent of the Company recording Share ownership) of rights to receive Shares
from the Company (or any such agent). No such issue of Receipts will be deemed a “Pre-Release” that is subject to the restrictions of the following paragraph. 
  
 Unless requested in writing by the Company to cease doing so, the Depositary may, notwithstanding Section 2.3 of the Deposit
Agreement, execute and deliver Receipts prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (“Pre-Release”). The Depositary may, pursuant to Section 2.5 of the Deposit Agreement, deliver Shares upon the receipt
and cancellation of Receipts which have been Pre-Released, whether or not such cancellation is prior to the termination of such 

 Pre-Release or the Depositary knows that such Receipt has been Pre-Released. The Depositary may receive Receipts in lieu
of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation and agreement from the person to whom Receipts are to be delivered (the “Pre-Releasee”) that the Pre-Releasee, or
its customer, (i) owns the Shares or Receipts to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or Receipts, as the case may be, to the Depositary in its capacity as such and for the benefit of
the Owners, and (iii) will not take any action with respect to such Shares or Receipts, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or
Receipts, as the case may be), other than in satisfaction of such Pre-Release, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary determines, in good faith, will provide
substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of
Shares not deposited but represented by American Depositary Shares outstanding at any time as a result of Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves
the right to disregard such limit from time to time as it deems reasonably appropriate, and may, with the prior written consent of the Company, change such limit for purposes of general application. The Depositary will also set Dollar limits with
respect to Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the
Deposit Agreement, the collateral referred to in clause (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release transaction, including the
Pre-Releasee’s obligation to deliver Shares or Receipts upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder). 
  
 The Depositary may retain for its own account any compensation received by it
in connection with the foregoing. 
  
 9. TITLE TO RECEIPTS.

  
 It is a condition of this Receipt and every successive Owner
and Beneficial Owner of this Receipt by accepting or holding the same consents and agrees, that title to this Receipt when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the
case of a negotiable instrument; under the laws of New York; provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this Receipt is registered on the books of the Depositary as the
absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes. 

 10. VALIDITY OF RECEIPT. 
  
 This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose,
unless this Receipt shall have been executed by the Depositary by the manual signature of a duly authorized signatory of the Depositary; provided, however, that such signature may be a facsimile if a Registrar for the Receipts shall have been
appointed, and such Receipts are countersigned by the manual or facsimile signature of a duly authorized officer of the Registrar. 
  
 11. REPORTS; INSPECTION OF TRANSFER BOOKS. 
  
 The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the
Securities and Exchange Commission (hereinafter called the “Commission”). 
  
 Such reports and communications will be available for inspection and copying at the public reference facilities maintained by the Commission located at 450 Fifth Street, N.W., Washington, D.C. 20549. 
  
 The Depositary will make available for inspection by Owners of Receipts at
its Corporate Trust Office any reports and communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to
the holders of such Deposited Securities by the Company. The Depositary shall also, upon written request, send to the Owners of Receipts copies of such reports and communications when furnished by the Company pursuant to the Deposit Agreement. Any
such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished in English to the extent such materials are required to be translated into English pursuant to any
regulation of the Commission. 
  
 The Depositary shall keep books
at its Corporate Trust Office for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Owners and the Company, provided that such inspection shall not be for the purpose of
communicating with Owners of Receipts in the interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the Receipts. 
  
 12. DIVIDENDS AND DISTRIBUTIONS. 
  
 Whenever the Depositary shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, if at the time of
receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into United States dollars transferable to the United States, and subject to the Deposit Agreement, convert such
dividend or distribution into Dollars and shall distribute the amount thus received (net of the fees and expenses of the Depositary as provided in the Deposit Agreement, if applicable) to the Owners of Receipts entitled thereto, provided, however,
that in the event that the Company or the Depositary shall be required to withhold and does withhold from such cash dividend or 

 such other cash distribution in respect of any Deposited Securities an amount on account of taxes, the amount distributed
to the Owners of the Receipts evidencing American Depositary Shares representing such Deposited Securities shall be reduced accordingly. 
  
 Subject to the provisions of Sections 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary shall receive any distribution other than a
distribution described in Sections 4.1, 4.3 or 4.4 of the Deposit Agreement, the Depositary shall cause the securities or property received by it to be distributed to the Owners of Receipts entitled thereto, after deduction or upon payment of any
fees and expenses of the Depositary or any taxes or other governmental charges, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary
such distribution cannot be made proportionately among the Owners of Receipts entitled thereto, or if for any other reason the Depositary deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and
practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees of the
Depositary as provided in Section 5.9 of the Deposit Agreement) shall be distributed by the Depositary to the Owners of Receipts entitled thereto as in the case of a distribution received in cash. To the extent that such securities or property or
the net proceeds thereof are not effectively distributed to Owners as provided in the paragraph, each American Depositary Shares share thereafter also represent the additional securities or property distributed in respect of the Shares represented
by such American Depositary Share prior to such distribution. 
  
 If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the Company shall so request, distribute to the Owners of outstanding Receipts entitled thereto,
additional Receipts evidencing an aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the
deposit of Shares and the issuance of American Depositary Shares evidenced by Receipts, including the withholding of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees and expenses
of the Depositary as provided in Section 5.9 of the Deposit Agreement. In lieu of delivering Receipts for fractional American Depositary Shares in any such case, the Depositary shall sell the amount of Shares represented by the aggregate of such
fractions and distribute the net proceeds, all in the manner and subject to the conditions set forth in the Deposit Agreement. If additional Receipts are not so distributed, each American Depositary Share shall thenceforth also represent the
additional Shares distributed upon the Deposited Securities represented thereby. 
  
 The Depositary will 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 necessary reports with governmental agencies, and the Depositary or the Company or its agent may file any such
reports necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts. 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 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 any such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges to the Owners of Receipts entitled thereto.

  
 13. 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 if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a
reasonable basis into Dollars and the resulting Dollars transferred to the United States, 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 such
Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments
upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any Receipt or otherwise
and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9 of the Deposit Agreement. 
  
 If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall file such
application for approval or license, if any, as it may deem desirable. 
  
 If at any time the Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval
or license of any government or agency thereof which is required for such conversion is denied or in the reasonable opinion of the Depositary is not obtainable without excessively burdensome or otherwise unreasonable efforts, or if any such approval
or license is not obtained within a reasonable period as determined by the Depositary, or if there are foreign exchange controls in place that prohibit such conversion, the Depositary may distribute the foreign currency (or an appropriate document
evidencing the right to receive such foreign currency) received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to
receive the same. 

 If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to
some of the Owners entitled thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by
the Depositary to, or hold such balance uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled thereto. 
  
 14. RIGHTS. 
  
 In the event that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares
or any rights of any other nature, the Depositary, after Consultation with the Company shall have discretion as to the procedure to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and
making the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available to any Owners or dispose of such rights and make the net proceeds
available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its reasonable discretion that it is lawful and feasible to make such rights available to all
Owners or to certain Owners but not to other Owners, the Depositary may distribute, to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants
or other instruments therefor in such form as it deems appropriate. 
  
 In circumstances in which rights would otherwise not be distributed, if an Owner of Receipts requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such
Owner under the Deposit Agreement, the Depositary will make such rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its sole discretion to permit such rights to be exercised and
(b) such Owner has executed such documents as the Company has determined in its sole discretion are reasonably required under applicable law. 
  
 If the Depositary has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant to
such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the
exercise of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares,
and the Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.2 of the Deposit
Agreement, and shall, pursuant to Section 2.3 of the Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a 

 distribution pursuant to the second paragraph of this Article, such Receipts shall be legended in accordance with
applicable U.S. laws, and shall be subject to the appropriate restrictions on sale, deposit, cancellation and transfer under such laws. 
  
 If the Depositary determines in its reasonable discretion that it is not lawful and feasible to make such rights available to all or certain Owners, it
may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not lawfully or feasibly make such rights available, and allocate the net proceeds of
such sales (net of the fees and expenses of the Depositary as provided in Section 5.9 of the Deposit Agreement and all taxes and governmental charges payable in connection with such rights and subject to the terms and conditions of the Deposit
Agreement) for the account of such Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practicable basis without regard to any distinctions among such Owners because of exchange restrictions or the date
of delivery of any Receipt or otherwise. 
  
 The Depositary will
not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration under the Securities Act with respect to a distribution to Owners or are registered under the provisions of the
Securities Act; provided, that nothing in the Deposit Agreement shall create any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration
statement declared effective. If an Owner of Receipts requests distribution of warrants or other instruments, notwithstanding that there has been no such registration under such the Securities Act, the Depositary shall not effect such distribution
unless it has received an opinion from recognized counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt from such registration; provided, however, the Company shall have no
obligation to cause its counsel to issue such opinion at the request of such Owner. 
  
 The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general or any Owner in particular. 
  
 15. RECORD DATES. 
  
 Whenever any cash dividend or other cash distribution shall become payable
or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, 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 holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date, which date
shall be the same date, to the extent practicable, as the record date for the Deposited Securities or if different, as close thereto as practicable (a) for the determination of the Owners of Receipts who shall 

 be (i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale thereof or (ii) entitled
to give instructions for the exercise of voting rights at any such meeting, or (b) on or after which each American Depositary Share will represent the changed number of Shares, or (c) for any other matter, subject to the provisions of the Deposit
Agreement. 
  
 16. VOTING OF DEPOSITED SECURITIES. 
  
 Upon receipt of notice of any meeting of holders of Shares or other
Deposited Securities, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners of Receipts a notice, the form of which notice shall contain (a) such information as is contained in such
notice of meeting, (b) a statement that the Owners of Receipts as of the close of business on a specified record date will be entitled, subject to any applicable provision of Cayman Islands law and of the Memorandum and Articles of Association of
the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner
in which such instructions may be given. Upon the written request of an Owner of a Receipt on such record date, received on or before the date established by the Depositary for such purpose (the “Instruction Date”), the Depositary shall
endeavor, in so far as practicable to vote or cause to be voted the amount of Shares or other Deposited Securities represented by the American Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request.
The Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or other Deposited Securities, other than in accordance with such or deemed instructions. 
  
 There can be no assurance that Owners generally or any Owner in particular
will receive the notice described in the preceding paragraph sufficiently prior to the Instruction Date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set forth in the preceding
paragraph. 
  
 17. CHANGES AFFECTING DEPOSITED SECURITIES.

  
 In circumstances where the provisions of Section 4.3 of the
Deposit Agreement do not apply, upon any change in nominal value, change in par value, split-up, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation, or sale of
assets affecting the Company or to which it is a party, any securities which shall be received by the Depositary or a Custodian in exchange for or in conversion of or in respect of Deposited Securities shall be treated as new Deposited Securities
under the Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to the existing Deposited Securities, if any, the new Deposited Securities so received in exchange or conversion, unless additional Receipts are
delivered pursuant to the following sentence. In any such case the Depositary may, and shall at the Company’s request, execute and deliver additional Receipts as in the case of a dividend in Shares, or call for the surrender of outstanding
Receipts to be exchanged for new Receipts specifically describing such new Deposited Securities. 

 18. LIABILITY OF THE COMPANY AND DEPOSITARY. 
  
 Neither the Depositary nor the Company nor any of their respective directors, officers, employees, agents or affiliates
shall incur any liability to any Owner or Beneficial Owner of any Receipt, if by reason of any provision of any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority or stock
exchange, or by reason of any provision, present or future, of the Memorandum and Articles of Association of the Company, or by reason of any provision of any Securities issued or distributed by the Company, or any Offering or distribution thereof
or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary or the Company shall be prevented, delayed or forbidden from, or be subject to any civil or criminal penalty on account of, doing or
performing any act or thing which by the terms of the Deposit Agreement or Deposited Securities it is provided shall be done or performed; nor shall the Depositary or the Company or any of their respective directors, officers, employees, agents or
affiliates incur any liability to any Owner or Beneficial Owner of a Receipt by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of the Deposit Agreement it is provided shall or
may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement. Where, by the terms of a distribution pursuant to Sections 4.1, 4.2 or 4.3 of the Deposit Agreement, or an
offering or distribution pursuant to Section 4.4 of the Deposit Agreement, or for any other reason, such distribution or offering may not be made available to Owners of Receipts, and the Depositary may not dispose of such distribution or offering on
behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse in each such case without liability to the Company or the
Depositary. 
  
 Neither the Company nor the Depositary nor any of
their officers, employees, agents or affiliates assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or Beneficial Owners of Receipts, except that the Company and the Depositary agree to perform their
obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the
Company 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 expense and liability shall be furnished as often as may be required, and the Custodian shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being
solely to the Depositary. Neither the Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information 

 from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Beneficial Owner of a Receipt, or
any other person believed by it in good faith to be competent to give such advice or information. The Depositary 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 negligence or bad faith while it acted as Depositary. The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the
effect of any such vote, provided that any such action or nonaction is in good faith. The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of them harmless from, any
liability or expense (including, but not limited to, the fees and expenses of counsel) which may arise out of any registration with the Commission of Receipts, American Depositary Shares or Deposited Securities or the offer or sale thereof in the
United States or out of acts performed or omitted, in accordance with the provisions of the Deposit Agreement and of the Receipts, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or
their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates. No
disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement. 
  
 19. RESIGNATION AND REMOVAL OF THE DEPOSITARY. 
  
 The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor
depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by 90 days prior written notice of such removal, which shall become effective upon the later to occur of
the (i) 90th day after delivery of the notice to the Depositary or (ii) the appointment of a successor depositary
and its acceptance of such appointment as provided in the Deposit Agreement. Whenever the Depositary in its discretion determines that it is in the best interest of the Owners of Receipts to do so, it may appoint a substitute or additional custodian
or custodians. 
  
 20. AMENDMENT. 
  
 The form of the Receipts and any provisions of the Deposit Agreement may at
any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners and Beneficial Owners in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase
any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial existing right of
Owners of Receipts, 

 shall, however, not become effective as to outstanding Receipts until the expiration of thirty (30) days after notice of
such amendment shall have been given to the Owners of outstanding Receipts. Every Owner of a Receipt at the time any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be
bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner of any Receipt to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply
with mandatory provisions of applicable law. 
  
 21. TERMINATION OF DEPOSIT
AGREEMENT. 
  
 The Depositary shall at any time at the
direction of the Company terminate the Deposit Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at least ninety (90) days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate the Deposit Agreement by mailing notice of such termination to the Company and the Owners of all Receipts then outstanding if at any time ninety (90) days shall have expired after the Depositary shall have delivered to the Company
a written notice of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in the Deposit Agreement. On and after the date of termination, the Owner of a Receipt will, upon (a)
surrender of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the fee of the Depositary for the surrender of Receipts referred to in Section 2.5 of the Deposit Agreement and (c) payment of any applicable taxes or
governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by the American Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding after the date of
termination, the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends to the Owners 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 and other property as provided in the Deposit Agreement, and shall continue to deliver
Deposited Securities, 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, in each
case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges). At any
time after the expiration of one year from the date of termination, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other
cash then held by it thereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of Receipts which have not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with
respect to such net proceeds. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except for its obligations to the Company under Section 5.8 of the 

 Deposit Agreement and to account for such net proceeds and other cash (after deducting, in each case, the fee of the
Depositary for the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of the
Deposit Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9 of the Deposit Agreement. 
  
 22. DISCLOSURE OF INTERESTS. 
  
 Notwithstanding any other provision of this Deposit Agreement, each Owner
and Beneficial Owner agrees to comply with requests from the Company pursuant to applicable law or the Memorandum and Articles of Association to provide information, inter alia, as to the capacity in which such Owner or Beneficial Owner owns
American Depositary Shares (and Shares as the case may be) and regarding the identity of any other person(s) interested in such American Depositary Shares (and Shares, as the case may be) and the nature of such interest and various other matters,
whether or not they are Owners or Beneficial Owners at the time of such request. The Depositary agrees to use its reasonable efforts to forward, upon the reasonable written request of the Company and at the expense of the Company, any such written
request from the Company to the Owners and to forward, as promptly as practicable, to the Company any such responses to such requests received by the Depositary. If the Company requests information from the Depositary, the Custodian or the nominee
of either, as the registered owner of the Shares, the obligations of the Depositary, Custodian or such nominee, as the case may be, shall be limited to disclosing to the Company the information contained in the register. 

 23. COMPLIANCE WITH U.S. SECURITIES LAWS. 
  
 Notwithstanding anything in the Deposit Agreement or this Receipt to the contrary, the Company and the Depositary each
agrees that it will not exercise any rights it has under the Deposit Agreement to prevent the withdrawal or delivery of Deposited Securities in a manner which would violate the U.S. securities laws, including, but not limited to, Section I.A.(1) of
the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act. 
  
 24. SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS. 
  
 The Company hereby (i) irrevocably designates and appoints [CT Corporation System, 111 Eighth Avenue, 13th Floor, New York, New York 10011], in the State of New York, as the Company’s authorized agent upon which process may be
served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in the
State of New York in which any such suit or proceeding may be instituted, and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or
proceeding. The Company agrees to deliver, upon the execution and delivery of the Deposit Agreement, a written acceptance by such agent of its appointment as such agent. The Company further agrees to take any and all action, including the filing of
any and all such documents and instruments, as may be necessary to continue such designation and appointment in full force and effect for so long as any American Depositary Shares or Receipts remain outstanding or this Agreement remains in force. In
the event the Company fails to continue such designation and appointment in full force and effect, the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered
mail, return receipt requested, directed to the Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 
  
 25. ARBITRATION. 
  
 In the event the Depositary is advised that a judgment of a United States court may not be recognized, the following
provisions shall apply: 
  
 (i) Any controversy, claim or cause
of action brought by any party or parties hereto against any other party or parties hereto arising out of or relating to the Deposit Agreement shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American
Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
  
 (ii) The place of the arbitration shall be the City of New York, State of New York, United States of America, and the language of the arbitration shall be
English. 

 (iii) The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or
controversy, shall have no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall
serve as chairperson of the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant and respondent), each of which shall appoint one
arbitrator as if there were only two parties to such dispute, controversy or cause of action. If either or both parties fail to select an arbitrator, or if such alignment (in the event there is more than two parties) shall not have occurred, within
sixty (60) calendar days after the initiating party serves the arbitration demand or the two arbitrators fail to select a third arbitrator within sixty (60) calendar days of the selection of the second arbitrator, the American Arbitration
Association shall appoint the arbitrator or arbitrators in accordance with its rules. The parties and the American Arbitration Association may appoint the arbitrators from among the nationals of any country, whether or not a party is a national of
that country. 
  
 (iv) The arbitrators shall have no authority to
award damages not measured by the prevailing party’s actual damages and shall have no authority to award any consequential, special or punitive damages, and may not, in any event, make any ruling, finding or award that does not conform to the
terms and conditions of the Deposit Agreement. 
  
 (v) In the
event any third-party action or proceeding is instituted against the Depositary relating to or arising from any act or failure to act by the Company, the Company hereby submits to the personal jurisdiction of the court or administrative agency in
which such action or proceeding is brought.Shareholders' Agreement, dated as of April 3, 2000

 Exhibit 4.4 
  

DATED April 3, 2000 
  

			
	(1)	  	    ORDINARY SHAREHOLDERS
	 	  	    (AS SET OUT IN SCHEDULE 1)
		
	(2)	  	    BOSMA LIMITED
		
	(3)	  	    GAMENOW. NET LIMITED

  

  
 SHAREHOLDERS’ AGREEMENT 
  

relating to 
  
 GAMENOW. NET LIMITED 
  

  
 FANGDA PARTNERS 
  
 19/F, SENMAO INTERNATIONAL BUILDING 
 101 YIN CHENG EAST ROAD 
 PUDONG NEW AREA

 SHANGHAI 200120, P.R.C. 
  

 SHAREHOLDERS’ AGREEMENT 
  
 DATED April 3, 2000 
  
 BETWEEN: 
  

	(1)	THE PERSONS WHOSE NAMES ARE SET OUT IN PART A OF SCHEDULE 1 (each an “Ordinary Shareholder” and together the
“Ordinary Shareholders”); 

  

	(2)	BOSMA LIMITED, a company incorporated in the British Virgin Islandswith its principal place of business at Pasea Estate, Road Town, Tortola, British Virgin Islands
(“BOSMA”); 

  

	(3)	GAMENOW. NET LIMITED, a company incorporated in the Cayman Islands with its registered office at Second Floor, Zephyr House, Mary Street, P.O. Box 709, George
Town, Grand Cayman, Cayman Islands, British West Indies (“Company”). 

  
 WHEREAS: 
  

	(A)	The Company has an authorized share capital of US$50,000 divided into 50,000 shares of par value of US$1.00 each. 

  

	(B)	Simultaneously with the execution thereof, and subject to and upon the completion of the Subscription Agreement (as defined herein) on the date of this Agreement, the Company has
issued and alloted an aggregate of 15,500 Shares of par value of US$1.00 each to BOSMA. After such issue and allotment, the authorised share capital of the Company has been increased to US$100,000, and the Shares have been reclassified into Ordinary
Shares and Series A Preference Shares and each Share has been split into 100 Shares of par value of US$0.01 each. 

  

	(C)	After the Share Restructuring (as defined in the Subscription Agreement), the Company has issued and alloted an aggregate of 3,450,000 Ordinary Shares of par value of US$0.01 each
to the Founders. 

  

	(D)	The percentages of the Shareholders (as defined herein) in the share capital of the Company as constituted immediately after consummation of such Subscription Agreement are set out
in Schedule 1. 

  

	(E)	This Agreement is entered into by the parties hereto for the purposes of regulating the business, affairs and management of the Group Companies (as defined herein) as from
completion of the Subscription Agreement. 

  

 NOW IT IS HEREBY AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	In this Agreement, including the Recitals, the following expressions shall, except where the context otherwise requires, have the following meanings: 

  
 “Articles” means the Articles of Association of the
Company, as amended from time to time; 
  
 “Board” means the board of Directors for the time being of the Company or its Subsidiaries; 
  
 “Business Day” means a day, excluding Saturdays and Sundays, on which banks in Hong Kong, New York and Shanghai are open for
general banking business throughout their normal business hours; 
  
 “Completion of the First Trance” means the completion of payment of the first tranche of the BOSMA’s Subscription Price, being US$500,000, by BOSMA to the Company; 
  
 “Confidentiality Agreement” means the agreement of
non-disclosure of confidential information, non-compete and work products in the form of Schedule 10 to the Share Subscription Agreement; 
  
 “Director” means any director for the time being of the Company and where applicable, any alternate director; 
  
 “Dispose” means to make or to effect any sale,
assignment, exchange, transfer, or to grant any option, right of first refusal or other right or interest whatsoever or to enter into agreement for any of the same and the expression “Disposal” shall be construed accordingly;

  
 “Encumbrance” means any mortgage,
charge, pledge, lien (otherwise than arising by statute or operation of law), hypothecation, equities, adverse claims, or other encumbrance, priority or security interest, over or in any property, assets or rights of whatsoever nature or interest or
any agreement for any of the same and “Encumber” shall be construed accordingly; 
  
 “Founders” means Mr. Zhu Jun (

), Liu Feng (

), Qin Jie (

), Zhou Jing Fei(

) and Mr. Zhang Yong (

); 
  

 2 

 “Group Companies” means the Company and its Subsidiaries established or to be
established from time to time; 
  
 “Hong
Kong” means the Hong Kong Special Administrative Region of the PRC; 
  
 “Listing” means the admission or quotation of the Shares to the list of a quotation system of a Stock Exchange; 
  
 “Management Shareholder” means any Shareholder who is a director or an officer of a Group
Company for the time being, for the purpose of this Agreement, excluding Mr. Zhu Jun (

), Mr. Zhang Yong (

) and any BOSMA designee to the Board; 
  
 “New Round of Finance” means the major round of finance by issuance of new Shares of other class or tranche of shares of the Company as determined by the Shareholders in accordance with Clause 4.

  
 “Ordinary Shares” means ordinary
shares of par value of US$0.01 each in the capital of the Company carrying the rights and privileges as set forth in the Articles, or shares of any class or classes resulting from any sub-division, consolidation or re-classification of such Ordinary
Shares; 
  
 “PRC” means the People’s
Republic of China; 
  
 “Qualified IPO” means an
underwritten IPO in the United States of America pursuant to an effective registration under the US Securities Act 1933 covering the offer and sale of Shares to the public with a price of at least US$15.00 per share of par value of US$0.01 (as
adjusted for any share splits, dividends, combinations, recapitalizations and the like), and with gross proceeds to the Company in excess of US$15 million, or a similar IPO on a recognized stock exchange not within the United States of America
provided that such offering in terms of price, offering proceeds and regulatory approvals is reasonably equivalent to the aforesaid IPO in the United States of America; 
  
 “Series A Preference Shares” means series A preference shares of par value of US$0.01 each for a
price of US$2.6452 per share in the capital of the Company carrying the rights and privileges as set forth in the Articles; 
  
 “Series A Preference Shareholder” means any holder of any Series A Preference Share; 
  
 “Senior Management Personnel” means the chief
executive officer (CEO), chief finance officer (CFO), chief technology officer (CTO), chief operation officer (COO) and any other management personnel who shall directly report to the CEO; 
  

 3 

 “Service Agreement” means the service agreement in the form of Schedule 9 to the
Share Subscription Agreement; 
  
 “Shares” means any of the Ordinary Shares and the Series A Preference Shares; 
  
 “Shareholders” means any or all of those persons at any time holding any class of Shares; 
  
 “Stock Exchange” means the National Association of
Securities Dealers Automated Quotations (NASDAQ), the Stock Exchange of Hong Kong Limited, including its main board and the Growth Enterprise Market or such other stock exchange or stock quotation system as may be determined by the Board;

  
 “Subscription Agreement” means the
share subscription agreement of the same date of this Agreement and made between the same parties hereto; 
  
 “Subsidiary”means any joint venture, corporation, partnership or other entity in which the Company directly or indirectly
holds a controlling interest in the form of registered capital, shares, membership, partnership interests or otherwise; 
  
 “Substantial Shareholder” means any Shareholder (except for the Series A Preference Shareholders) holding an aggregate of
not less than 3% of the Ordinary Shares in issue for the time being; and 
  
 “US$” means United States dollars, the lawful currency of the United States of America. 
  

	1.2	In this Agreement: 

  

	 	(a)	references to Recitals, Clauses, Schedules and Exhibits are to the clauses and sub-clauses of, and the recitals, schedules and exhibits to, this Agreement; 

 

	 	(b)	references to any statutory provision or any rule or regulation (whether or not having the force of law) shall be construed as references to the same as amended, varied, modified,
consolidated or re-enacted from time to time and to any subordinate legislation made under such statutory provision; 

  

	 	(c)	references to parties are to parties of this Agreement; 

  

	 	(d)	words importing the singular include the plural and vice versa, words importing one gender include every gender, and references to persons include bodies corporate and
unincorporated; and 

  

 4 

	 	(e)	headings are for ease of reference only and shall not affect the interpretation of this Agreement. 

  

	1.3	The Recitals, the Schedules and the Exhibits form part of this Agreement and shall have the same force and effect as if expressly set out in the body of this Agreement and any
reference to this Agreement shall include the Recitals, the Schedules and the Exhibits. 

  

	1.4	The expressions “Ordinary Shareholders” and “Series A Preference Shareholders” shall, where the context permits, include their
respective successors, assignees and personal representative (where applicable). 

  

	2.	BUSINESS OF THE GROUP COMPANIES 

  

	2.1	The Group Companies shall not conduct any business or activity other than its existing business of creating, collecting, processing and providing contents and development of portals
via the website www.gamenow.net. 

  

	2.2	Any business plan prepared by the Ordinary Shareholders for the Group Companies and delivered to BOSMA on or prior to the date hereof shall be carried out by the Group Companies on
a best endeavour basis. 

  

	3.	THE BOARD CONSTITUTION AND BOARD AND SHAREHOLDERS’ MEETING 

  

	3.1	The maximum number of persons comprising each of the Board and the Subsidiary Boards shall be five (5). The number of directors to be nominated and appointed by each Shareholder
relative to the total number of directors on the Board shall be proportionate to the number of Shares held by such Shareholder relative to the total number of issued Shares of the Company. Notwithstanding the above, in any event BOSMA shall be
entitled to nominate and appoint not less than one (1) director on the Board. 

  

	3.2	Immediately after the Completion of the Subscription Agreement, the Board shall have five (5) directors, of which one (1) will be appointed by BOSMA. The directors on the Board
immediately after the completion of the Subscription Agreement shall be as follows: 

  

			
	 The Company:
	  	Zhu Jun (

) (acting as the Chairman of the Board)
	 	  	Liu Feng (

)
	 	  	Qin Jie (

)
	 	  	Zhou Jing Fei (

)
	 	  	Kevin H. J. Chiang (

)

  

	3.3	Each of the Board and the Subsidiary Boards shall each convene a meeting at least once for each quarter of a year. 

  

 5 

	3.4	In relation to meetings of the Board and the Subsidiary Boards, a director shall be given not less than 15 Business Days’ written notice of meetings, but any meeting held
without 15 Business Days’ written notice having been given to all directors shall be valid if all the directors entitled to vote at the meeting waive notice of the meeting in writing; and for this purpose, the presence of a director at a
meeting shall be deemed to constitute a waiver on his part in respect of such meeting. 

  

	3.5	The Board shall give not less than 21 Business Days’ notice of meetings of Shareholders to those persons whose names on the date the notice is given appear as Shareholders in
the register of members of the Company and are entitled to vote at the meeting. 

  

	3.6	A meeting of the Shareholders is duly constituted if, at the commencement of and throughout the meeting, there are present in person or by proxy: 

  

	 	(a)	holders of Shares representing at least 50% of the Series A Preference Shareholder then outstanding; 

  

	 	(b)	the holders of Ordinary Shares being not less than an aggregate of 50% of all Ordinary Shares in issue. 

  

	3.7	Each Series A Preference Share shall carry such number of votes as is equal to the number of votes of Ordinary Shares then issuable upon the conversion of such Series A Preference
Shares into Ordinary Shares. The Series A Preference Shareholder and the Ordinary Shareholders shall vote together and not as a separate class, except as otherwise required by this Agreement or the Articles. 

  

	4.	MATTERS REQUIRING MAJORITY APPROVAL 

  

	4.1	Matters Requiring Majority Approval by the Shareholders 

  
 During the continuance in force of this Agreement, the Shareholders and the Company shall each take all steps necessary to ensure that none of the Group
Companies shall carry out any of the following actions, and no affirmative board or members’ resolution shall be adopted to approve or carry out the same, except with the prior approval of Shareholders holding at least 80% of the voting rights
(being the total number of votes available to be casted in a general meeting of the Company, either in a general meeting or by resolution in writing): 
  

	 	(a)	any amendment, modification or change of any rights, preferences, privileges or powers of, or any restrictions provided for the benefit of, the Series A Preference Shares;

  

 6 

	 	(b)	any action that authorises, creates or issues shares of any class in the Company having preferences superior to or on a parity with the Series A Preference Shares, whether in terms
of voting rights or of dividends or of amounts payable in the event of any voluntary or involuntary liquidation or distribution of the Company; 

  

	 	(c)	any new issue or allotment of any shares, securities or equity interest in any Group Company (except where such new issue or allotment falls within the exceptions in paragraphs (a),
(b),(e) and (f) of Clause 10.1); 

  

	 	(d)	any issue or grant of any warrants, options or similar rights conferring on any person a right to acquire any shares, securities or equity interest in any Group Company (except
where such issue or grant falls within the exceptions in paragraphs (a), (b),(e) and (f) of Clause 10.1); 

  

	 	(e)	any action that reclassifies or converts any issued shares of the Company into shares having preferences superior to or on a parity with the preference or priority of the Series A
Preference Shares, whether in terms of voting rights or of dividends or of amounts payable in the event of any voluntary or involuntary liquidation or distribution of the Company; 

  

	 	(f)	any material amendment, modification or change of the memorandum or articles of association or other similar documents of any of the Group Companies that adversely affects the
rights of the Series A Preference Shares; 

  

	 	(g)	any merger, or consolidation of the Company with one or more corporations or any other entity(ies) as a result of which the shareholders of the Company immediately after such
merger, sale or consolidation will hold securities representing a majority of the voting power of the outstanding securities of the surviving or resulting entity; 

  

	 	(h)	the sale or Disposal of or creation of any Encumbrance over all or substantially all of the assets or any material assets of any Group Company; 

  

	 	(i)	the commencement of liquidation, dissolution, winding up or termination of any Group Company or any merger, consolidation or amalgamation (or any other transaction of a similar
nature) of any Group Company with any other entity; 

  

	 	(j)	 the declaration or payment of any dividend which is not in accordance with the dividend policy set out in Clause 7.3 (other 

  

 7 

	 	 
than a dividend payable solely by way of issue of Ordinary Shares); 

  

	 	(k)	any change in the business scope of any Group Company as set out in Clause 2 or any material change in any business plan of any Group Company presented to BOSMA;

  

	 	(l)	any increase in or reduction of the authorized, issued or registered capital (as the case may be) of any Group Company or any sale, Disposal or the creation of any Encumbrance in
respect of any equity interest in any Group Company; 

  

	 	(m)	any creation, grant or issue (or agreement to create, grant or issue) any option, warrant or similar rights for Shares to employees, directors or officers of any Group Company
exceeding the amount set forth in Clause 9.1; 

  

	 	(n)	the appointment, removal, dismissal or termination of employment of the Senior Management Personnel of any Group Company; and 

  

	 	(o)	approval of the terms, conditions and other matters relating to the New Round Finance. 

  
 For any actions in paragraph (a), (b), (e) and (f), in addition to the approval of Shareholders holding at least 80% of the
voting rights, the approval of holders holding more than 50% of the Series A Preference Shares in issue for the time being is also prerequisite. 
  

	4.2	Matters Requiring Majority Approval by the Directors 

  
 During the continuance in force of this Agreement, the directors and the Company shall each take all steps necessary to ensure that none of the Group
Companies shall carry out any of the following actions without being approved by two third (2/3) of the directors: 
  

	 	(a)	the incurrence of indebtedness by any Group Company (in one transaction or a series of related transactions) in excess of US$100,000; 

  

	 	(b)	any loan by any Group Company to any director, officer or employee of any Group Company; 

  

	 	(c)	the purchase or lease by any Group Company of any interest in any real property; or any motor vehicle involving, in any single transaction, an amount in excess of US$100,000;

  

 8 

	 	(d)	the purchase by any Group Company of any shares, securities or equity interest in any other company, body corporate, partnership or other business entity involving an aggregate
amount in excess of an aggregate of US$50,000 in any twelve (12) month period; 

  

	 	(e)	the increase in compensation or other form of benefits of any of the five (5) most highly compensated employees or officers of any Group Company by more than 25% in any twelve (12)
month period; 

  

	 	(f)	any transaction or series of related transactions (the value or aggregate value of which exceeds US$25,000) between (i) any Group Company and (ii) any holder of Ordinary Shares or
the director, officer or employee of any Group Company, which is not in the ordinary course of business or not on normal commercial terms; and 

  

	 	(g)	any change in the business scope of any Group Company as set out in Clause 2 or any material change in any business plan of any Group Company presented to BOSMA.

  

	5.	OPTION ON SHARES OF MANAGEMENT SHAREHOLDERS 

  

	5.1	The Company shall have a call option on 225,000 Shares held by each Management Shareholder (“Option Shares”). The number of Shares subject to such call option shall
reduce each year in equal instalments of 56,250 Shares held by each Management Shareholder. 

  

	5.2	The call option shall only be exercisable if, at any time during a period of four (4) years commencing from (and including) the date of this Agreement (“Option
Period”), the Management Shareholder is in default (“Defaulting Management Shareholder”) of any terms or provision of the Confidentiality Agreement or the Service Agreement entered into between him and the Company, save and
except for termination by the Group Companies other than for wilful neglect and/or gross negligence by anyManagement Shareholder in performing his obligations and duties under the Confidentiality Agreement and Service Agreement
(“Termination”), whereupon the Company will have the option to purchase, and the Defaulting Management Shareholder will have to sell to the Company if the Company chooses to exercise such option, the number of Shares held by such
Management Shareholder in accordance with the following table and at a consideration of US$1.00 only in the aggregate. 

  

 9 

 Table of Option Shares under the Call Option 
  

			
	 If the date of Termination occurs

	 	 Option Shares under Call Option

	 1.      within first (1st) year after (and including) the date of this Agreement
	 	225,000 Shares held by the Defaulting Management Shareholder
		
	 2.      within second (2nd) year after (and including) the date of this Agreement
	 	168,750 Shares held by the Defaulting Management Shareholder
		
	 3.      within third (3rd) year after (and including) the date of this Agreement
	 	112,500 Shares held by the Defaulting Management Shareholder
		
	 4.      within forth (4th) year after (and including) the date of this Agreement
	 	56,250 Shares held by the Defaulting Management Shareholder
		
	 5.      within fifth (5th) year after (and including) the date of this Agreement
	 	0% of the total number of Shares held by the Defaulting Management Shareholder

  

	5.3	The Company may exercise the Option Shares by serving a written notice (“Exercise Notice”) to the Defaulting Management Shareholder in case of any default by the
Defaulting Management Shareholder. Upon the serving of the Exercise Notice and the payment of US$1.00, the sale and transfer of the relevant number of the Option Shares shall have been deemed as completed. 

  

	6.	RESTRICTIVE COVENANTS 

  

	6.1	For the purpose of assuring to the Company the full benefit of the business and goodwill of the Group Companies, each of the Management Shareholders undertakes to the Company that,
during the Relevant Period and for a period of one year after the Relevant Period (“Restriction Period”), neither it/he nor any of its/his Associates will:- 

  

	 	(a)	be concerned with, engaged or interested in any business in any manner, directly or indirectly, which is in competition with the business carried on by any Group Company in Hong
Kong or in the PRC (“Territory”) at any time during the Restriction Period; 

  

	 	(b)	solicit in any manner in the Territory any person who is or has been during the Restriction Period a customer or client of any Group Company for the purpose of offering to such
person any goods or services similar to or competing with any of the businesses conducted by any Group Company at any time during the Restriction Period; or 

  

	 	(c)	solicit or entice away, or endeavour to solicit or entice away, any employee or officer of any Group Company. 

  

 10 

	6.2	Each undertaking in paragraphs (a), (b) and (c) of Clause 6.1 shall be treated as independent of the other undertakings so that, if any of them is held to be invalid or
unenforceable for any reason, the remaining undertakings shall be valid to the extent that they are not affected. 

  

	6.3	Each of the Management Shareholders hereby expressly acknowledges and declares that he has duly considered the undertakings set out in Clause 6.1 and considers that they are
reasonable in the circumstances, and warrants and undertakes to the Company that it/he shall not challenge or query the validity and enforceability of these undertakings. 

  

	6.4	For the purposes of this Clause 6: 

  
 “Associates” means, in relation to any party hereto, (a) (in the case that such party is an individual) his spouse
(“spouse”) and (b) any company or trust which may be, directly or indirectly, controlled by such party (and in the case that such party is an individual, including any company or trust controlled by his spouse) and for this
purpose (i) a company or trust is controlled by one or more persons if he or they are entitled (whether absolutely or conditionally) to exercise or in effect control more than 50% of the voting or management rights in respect of such company and
(ii) a trust is controlled by one or more persons if his or their wishes will generally be adhered to by the relevant trustees; and 
  
 “Relevant Period” means, in relation to the Management Shareholders hereto, the period during which it/he is a director, employee
and/or has any direct or indirect interest (legal or beneficial) in the issued share capital of any of the Group Companies. 
  

	6.5	the Company shall procure that its key employees, officers and consultants and the key employees, officers and consultants of other Group Companies shall enter into the
Confidentiality Agreement in the form of Schedule 10 to the Subscription Agreement. 

  

	7.	MANAGEMENT AND DIVIDEND 

  

	7.1	The Board shall nominate the CEO and ,upon BOSMA’s recommendation, nominate the CFO. All the other Senior Management Personnel shall be nominated by the CEO subject to the
approval by the Board. The CEO shall be responsible for the operation of the business on behalf of the Company. 

  
 Following the Completion of the Subscription Agreement, initially, the CEO shall be Mr. Liu Feng (

), the COO shall be Mr. Qin Jie (

) and the CTO shall be Ms. Zhou Jing Fei (

). 
  

	7.2	 Save as otherwise provided in this Agreement or agreed between the parties, the Shareholders shall, and shall procure the directors nominated by them 

  

 11 

	 	 
to, exercise their powers and control in relation to the Group Companies so as to ensure that each of the Group Companies shall:

  

	 	(a)	carry on and conduct businesses and affairs in a proper and efficient manner and for its own benefit; 

  

	 	(b)	transact its business on arm’s length terms or on terms not less favourable than arm’s length terms; 

  

	 	(c)	keep proper books of account and therein make true and complete entries of all its dealings and transactions of and in relation to its business; and 

  

	 	(d)	conduct its business in accordance with all applicable legal requirements, including the obtaining of all necessary licences, consents and approvals. 

  

	7.3	Subject to the circumstances prevailing at the relevant time including, in particular, the working capital requirements of the Company, the Company shall distribute by way of
dividend in accordance with the Articles in respect of each financial year such of its profits as are then lawfully available for distribution as shall be resolved by the Board provided that: 

  

	 	(a)	no dividends, whether by way of cash or in other form, should be declared, paid or distributed on any shares or securities of the Company unless and until (i) a dividend has first
been declared on the Series A Preference Shares and has been paid in full to the Series A Preference Shareholder and (ii) the amount of such dividend per Series A Preference Share (on an as-converted basis) is not less than the dividend per share to
be declared, paid or distributed on any other class of shares or securities; and 

  

	 	(b)	no dividend shall be declared or paid during the initial three (3) financial years of the Company since its incorporation. 

  

	8.	PUNITIVE SHARE TRANSFER 

  

	8.1	The Management Shareholders shall make their best efforts to achieve the following by the end of the fifth (5) months period after the Completion of the First Tranche:

  

	 	(1)	8 million page view per day on the website of www.gamenow.net; and 

  

	 	(2)	0.4 million membership for the website of www.gamenow.net. 

  

 12 

	8.2	If the page view and membership of the website of www.gamenow.net are lower than the numbers prescribed in Clause 8.1 above by 20%, then 

  

	 	(i)	BOSMA shall be entitled to, and each of the Management Shareholders as constituted on the date hereof shall take all necessary actions to transfer to BOSMA, respectively, 50,000 of
the Shares of the Company held by them, totalling 150,000 Shares, for no consideration. 

  

	 	(ii)	Zhu Jun shall be entitled to, and each of the Management Shareholders shall take all necessary actions to transfer to Zhu Jun, respectively, 16,667 of the Shares of the Company held
by them, totalling 50,001 Shares, for no consideration. 

  

	9.	EMPLOYEE OPTION VESTING 

  

	9.1	The Board shall have power to grant Share options to the employees, directors and officers of any Group Company to acquire Ordinary Shares; provided that the total number of Shares
issued pursuant to such options and the total number of Shares for the time being subject to such options shall not in aggregate exceed 15% of the total issued share capital of the Company at any time (calculated on a fully-diluted basis) and shall
not exceed 100,000 Shares (as-exercised) in any grant to a single employee, director or officer. 

  

	9.2	Any Shares granted to any employees, directors and officers of any Group Company pursuant to the Share options referred to in Clause 9.1 shall be subject to vesting and repurchase
by the Company over a four-year period (in each case subject to such person’s continued service to the Company and/or any other Group Company) upon such terms and conditions as the Board shall think fit and approved by the Shareholders.

  

	10.	PREEMPTIVE RIGHTS 

  

	10.1	Except as provided in paragraphs (a) to (f) below, namely: 

  

	 	(a)	conversion rights applicable to the Series A Preference Shares; 

  

	 	(b)	securities issued pursuant to a Qualified IPO; 

  

	 	(c)	securities issued in consideration of the acquisition by the Company of another corporation by merger or purchase of substantially all its assets; 

  

	 	(d)	securities issued in connection with any stock split, stock consolidation or stock dividend of the Company or recapitalizations which do not affect the respective percentage equity
interest of the Shareholders; 

  

	 	(e)	 securities issued to employees, officers or directors of any Group Company pursuant to stock option plans or other stock incentive 

  

 13 

	 	 
arrangements that are approved by the Board provided that the issue of such securities shall be subject to the restrictions set forth in Clause 9; and

  

	 	(f)	securities issued pursuant to the consent in writing of all Shareholders for the time being, 

  
 the Company will not, and will procure that none of the Group Companies will, authorise, create or issue any shares or
securities of any class and will not and will procure that none of the Group Companies will, authorise, issue or grant any options, warrants, conversion rights or other rights to purchase or acquire any shares or securities of any class without
first offering the Shareholders the right of first offer described in this Clause 10. 
  

	10.2	The Shareholders shall have a right of first offer to purchase and subscribe for an amount of securities of the Company of any class or kind which the Company proposes to issue
(“Preemptive Securities”) sufficient to maintain their proportionate beneficial ownership interests in the Company (on an as-converted, fully diluted basis). 

  

	10.3	If the Company wishes to make any issue of Preemptive Securities, it shall prior to such issue give all the Shareholders thirty (30) Business Days written notice of the proposed
issue. The notice shall set forth the terms and conditions of the proposed issue (including the number of Preemptive Securities to be offered and the price for which the Company proposes to offer such Preemptive Securities and any other material
terms of such issue), and shall constitute an offer to issue the Preemptive Securities to all the Shareholders on such terms and conditions. 

  

	10.4	 Any Shareholder may accept such offer by delivering a written notice of acceptance (an “Acceptance Notice”) to the Company within thirty
(30) Business Days after receipt of the notice of the Company of the proposed issue. Any Shareholder in exercising its right of first offer shall be entitled to participate in the purchase of Preemptive Securities on a pro rata basis to the extent
necessary to maintain such Shareholder’s proportionate beneficial ownership interest in the Company (such Shareholders’ “Pro Rata Portion”) (and for purposes of determining such Shareholders’ Pro Rata Portion, any
Shareholder or other security holder shall be treated as owning that number of Shares into which any outstanding convertible shares may be converted and for which any outstanding options may be exercised). If any Shareholder fails to purchase or
does not accept its pro rata portion, the other Shareholders shall, among them, have the right to purchase up to the balance of the Preemptive Securities not so purchased. The Shareholder willing to purchase shall notify the Company of its desire to
purchase more than its Pro Rata Portion( the “Oversubscription”). If, as a result thereof, such Oversubscription exceeds the total number of Preemptive Securities available in respect of such Oversubscription privilege, the oversubscribing

  

 14 

	 	 
Shareholders shall be cut back with respect to their Oversubscriptions on a pro rata basis in accordance with their respective Pro Rata Portion.

  

	10.5	If any Shareholder elects to exercise its right of first offer but does not complete the purchase of such Preemptive Securities within 14 days after delivery of its Acceptance
Notice to the Company, the Company may complete the sale of Preemptive Securities on the terms and conditions specified in the Company’s notice within 7 days following the expiration of such 14 day period. 

  

	10.6	If the Company does not complete the issue of the Preemptive Securities within such 7 days’ period, the right of first offer provided in this Clause 11 in respect of such
Preemptive Securities shall be deemed to be revived and the Preemptive Securities shall not be offered to any person unless first reoffered to the Shareholders in accordance with Clause 10.2. 

  

	11.	RIGHT OF FIRST REFUSAL 

  

	11.1	Subject to Clause 12.6, before any Shares may be sold or otherwise transferred or Disposed of by a Substantial Shareholder or a Management Shareholder (“Selling
Shareholder”) (including transfer by gift or operation of law ), other Shareholders shall have a right of first refusal (“Right of First Refusal”) to purchase such shares (“Offered Securities”) in
accordance with the terms of this Clause 11. 

  

	11.2	Before the transfer of any Offered Securities, the Selling Shareholder shall deliver to the Company and the other Shareholders a written notice (“Transfer Notice”)
stating: 

  

	 	(a)	the Selling Shareholder’s intention to sell or otherwise transfer or Dispose of such Offered Securities; 

  

	 	(b)	the name of each proposed purchaser or other transferee (a “Proposed Transferee”); 

  

	 	(c)	the number of Offered Securities to be transferred to each Proposed Transferee; and 

  

	 	(d)	the cash price and/or other consideration for which the Selling Shareholder proposes to transfer the Offered Securities (“Offered Price”). 

 
 The Transfer Notice shall constitute an irrevocable offer by the Selling
Shareholder to sell the Offered Securities at the Offered Price to the other Shareholders. 
  

	11.3	(a) Each non-transferring Shareholder shall have the right, upon notice to the Selling Shareholder at any time within 30 days after 

  

 15 

	 	 
receipt of the Transfer Notice (“Purchase Right Period”), to purchase its Pro Rata Share of all or any of such Offered Securities at the
Offered Price and upon the same terms (or terms as similar as reasonably possible) upon which the Selling Shareholder is proposing or is to Dispose of such Offered Securities, and the Selling Shareholder shall, upon receipt of the notice of purchase
from the other Shareholders (“Buying Shareholder”), sell such Offered Securities to the Buying Shareholder pursuant to such terms. In respect of a Buying Shareholder , his “Pro Rata Share” for the purposes of this
Clause shall mean the ratio of (i) the number of Shares held by him (on an as-converted basis) (collectively, the “Aggregate Shares”) bears to (ii) the total number of Shares held by the Buying Shareholders and any other
Shareholders who are also entitled to and who elects to purchase the Offered Shares (on an as-converted basis for Series A Shares). 

  

	 	(b)	The Selling Shareholder shall grant to the Buying Shareholder(s) the right of Oversubscription such that, if any other Shareholder is also entitled to the Offered Shares and fails
to purchase its pro rata share, the other Buying Shareholder(s) shall have the right to purchase, on a pro rata basis, up to the balance of the Offered Securities not so purchased. Such right of Oversubscription may be exercised by other
Shareholders by notifying the Selling Shareholders of its desire to purchase more than its Pro Rata Share. 

  

	 	(c)	Upon expiration of the Purchase Right Period, the Selling Shareholder will provide notice to each Shareholder as to whether or not the Right of First Refusal has been exercised by
other Shareholders (“Expiration Notice”). 

  

	11.4	If any of the Offered Securities proposed in the Transfer Notice to be transferred are not purchased by any Buying Shareholder, then after the issue of the Expiration Notice and
subject to the co-sale rights set forth in Clause 12, the Selling Shareholder may sell or otherwise transfer or Dispose of such Offered Securities which have not been purchased to the Proposed Transferee(s) at the Offered Price or at a higher price,
provided that such sale or other transfer shall be completed and consummated within fourteen (14) days after the date of the Expiration Notice and provided further that the Proposed Transferee agrees in writing that the provisions of this Agreement
shall continue to apply to the Offered Securities that are transferred to such Proposed Transferee. If the Offered Securities described in the Transfer Notice are not transferred to the Proposed Transferee(s) within such fourteen-day period, such
Selling Shareholder will not transfer or Dispose of any Offered Securities unless such securities are first re-offered to the other Shareholders in accordance with this Clause 11. 

  

 16 

	12.	CO-SALE RIGHTS 

  

	12.1	To the extent that the Right of First Refusal referred to in Clause 11 is not exercised by any other Shareholder, each non-transferring Shareholder shall have the right to
participate in any sale or Disposal to the Proposed Transferee upon the same terms and conditions as set forth by the Selling Shareholder in the Transfer Notice, subject to the terms and conditions set forth in this Clause 12. The non-transferring
Shareholders shall exercise their right by delivering to the Selling Shareholder, within five (5) Business Days after receipt of the Expiration Notice, written notice of its intention to participate, specifying the number of Shares they desire to
sell to the Proposed Transferee. At the closing of the transaction, the non-transferring Shareholders shall deliver one or more certificates representing the number of Shares which they elect to sell hereunder together with instrument of transfer
and other documents necessary for transfer of such Shares to the Proposed Transferee, and the Selling Shareholder shall pay to such non-transferring Shareholder a pro rata amount of the purchase price received from the Proposed Transferee.

  

	12.2	A non-transferring Shareholder shall have the right to sell up to that number of Shares equal to the product of (1) the number of Offered Securities multiplied by (2) a fraction,
the numerator of which is the number of Shares issued and outstanding (on as-converted basis), and the denominator of which is (i) the number of the Shares issued and outstanding (on an as-converted basis) plus (ii) the number of Shares (on an
as-converted basis) held by the Selling Shareholder and all others who are also entitled and elect to participate in the sale of the Offered Shares. In the event that the Proposed Transferee desires to purchase a number of Shares different from the
amount of the Offered Securities, the amount that the Proposed Transferee desires to purchase shall be substituted for Offered Securities in the above equation for the purpose of determining the non-transferring Shareholder’s participation
rights. 

  

	12.3	To the extent that any Proposed Transferee prohibits such assignment or otherwise refuses to purchase Shares from any other Shareholder exercising its rights of co-sale under this
Clause 12, the Selling Shareholder shall not sell to the Proposed Transferee any Shares unless and until, simultaneously with such sale or transfer, such Selling Shareholder shall purchase such Shares from such Shareholder on the same terms and
conditions specified in the Transfer Notice. 

  

	12.4	The exercise or non-exercise of the right to participate under this Clause 12 with respect to a particular sale or Disposal by any Selling Shareholder shall not adversely affect the
other Shareholders’ right to participate in subsequent sales or Disposals by any Selling Shareholder pursuant to this Clause 12. 

  

 17 

	12.5	Any sale, assignment or other transfer or Disposal of Offered Securities by any Selling Shareholder contrary to the provisions of this Agreement shall be null and void, and the
transferee shall not be recognized by the Company as the holder or owner of the Offered Securities sold, assigned, or transferred for any purpose (including, without limitation, voting or dividend rights), unless and until such Selling Shareholder
has satisfied the requirements of this Agreement with respect to such sale or Disposal. A Selling Shareholder shall provide the Company and the Shareholders with written evidence that such requirements have been met or waived prior to consummating
any sale, assignment or other transfer of securities, and no Shares shall be transferred on the books of the Company until such written evidence has been received by the Company and the Shareholders or the transfer of the Shares is consented to by
all Shareholders for the time being in writing. 

  

	12.6	The Right of First Refusal set forth in Clause 11 and the co-sale rights set forth in Clauses 12.1 to 12.5 shall not apply to: 

  

	 	(a)	any transfer or other Disposal of Shares among the Shareholders of the Company as at the date hereof; 

  

	 	(b)	any transfer to a wholly-owned subsidiary of the Selling Shareholder or a wholly-owned subsidiary of the holding company of the Selling Shareholder (each a “Permitted
Transferee”); provided that in each case the Selling Shareholder shall remain to be bound by this Agreement and the Permitted Transferee shall agree to be bound by this Agreement and that the Selling Shareholder shall procure that
the Permitted Transferee shall not transfer its Shares except to the Selling Shareholder or other Permitted Transferee(s) of the Selling Shareholder. 

  

	12.7	In the event that any Shareholder exercises its co-sale rights under this Clause 12, only customary warranties as to title shall be given by such Shareholder to the transferee, and
the sale shall not otherwise be subject to any other terms, conditions, warranties or indemnities. 

  

	12.8	Notwithstanding any other provision of this Agreement, no transfer may be made unless the transferee has agreed in writing to be bound by the terms and conditions of this Agreement
pursuant to a Deed of Adherence substantially in the form attached hereto as Schedule 3. 

  

	12.9	The certificates evidencing the Shares of the Company shall bear, in addition to any other legend required under the applicable laws, the following legends:

  
 “THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RIGHTS, INCLUDING RESTRICTIONS ON TRANSFER, AS SET FORTH IN A SHAREHOLDERS’ AGREEMENT 

  

 18 

 
ENTERED INTO BY THE HOLDER OF THESE SHARES, THE ISSUER AND CERTAIN SHAREHOLDERS OF THE ISSUER.” 
  

	12.10	The legends referred to in Clause 12.9 shall be removed upon termination of this Agreement. 

  

	13.	ACCESS TO INFORMATION 

  

	13.1	As from the date of Completion (as defined in the Subscription Agreement), the Company shall deliver to the Shareholders, the following documents of each Group Company:

  

	 	(a)	audited consolidated annual financial statements within 90 days after the end of each financial year, audited by a recognized accounting firm of the Company’s choice;

  

	 	(b)	unaudited consolidated quarterly financial statements within 45 days of the end of each financial quarter; 

  

	 	(c)	unaudited consolidated monthly financial statements within 30 days of the end of each month; 

  

	 	(d)	copies of all documents and information sent to any Shareholder (in his capacity as a shareholder of the Company); and 

  

	 	(e)	an annual consolidated budget within 30 days prior to the end of each financial year. 

  
 All the financial statements referred to in this Clause 13.1 shall be prepared in conformance with the Generally Accepted
Accounting Principles (GAAP) in the United States or other internationally accepted accounting principles approved by the Board and shall include a balance sheet, profit and loss accounts, income statement and statement of cash flows and all
directors’ notes thereto. 
  

	13.2	For so long as any Shareholder holds any Shares of the Company, the Shareholder shall have the following rights during normal business hours upon 7 Business Days notice to the CEO:
(i) inspection rights of the books and records (including without limitation financial records) of all Group Companies; and (ii) inspection rights of the plant, equipment, stock in trade and facilities of any Group Companies.

  

	13.3	 The information and inspection rights under Clauses 13.1 and 13.2 shall be terminated on the consummation of a Qualified IPO. For a period of three (3) calendar
years following such Qualified IPO, the Company shall promptly deliver to the Shareholders copies of all annual, interim and/or quarterly reports to shareholders and all other filings required to be made 

  

 19 

	 	 
with the applicable regulatory, securities exchange or governmental authorities. 

  

	14.	REGISTRATION RIGHTS 

  

	14.1	The parties hereto acknowledge that it is an objective of the Company to take the Company public as soon as possible. 

  

	14.2	BOSMA shall be entitled to the registration rights set out in Schedule 5. Such registration rights shall terminate upon the expiry of 7 years from the date of completion of the
Subscription Agreement. In the event that the Company (or as the case may be, the relevant entity resulting from any merger, reorganization or other arrangements made by the Company for the purposes of a public offering) seeks Listing on a stock
exchange outside of the United States of America, the parties hereto agree that the Series A Preference Shareholders shall, to the extent permitted by the relevant laws, regulations and rules of the relevant stock exchange and the jurisdiction in
which it is located, have the same registration rights or rights as similar to such registration rights as permissible under such relevant laws, regulations and rules of the United States. 

  

	15.	WINDING UP 

  

	15.1	On a return of capital on liquidation, winding up, dissolution or otherwise (other than on conversion, redemption or purchase of shares) the assets of the Company available for
distribution among the Members shall be applied in repaying to the holders of each Series A Preference Share the following amounts (“Preference Amounts”), in priority to any repayment to the holders of any other class of shares or
securities:- 

  

	 	(i)	the amount of any declared but unpaid dividend relating to the Series A Preference Share, to be calculated up to and including the date of commencement of the liquidation, winding
up, dissolution or of the return of capital; 

  

	 	(ii)	the Subscription Price of the Series A Preference Share; and 

  

	 	(iii)	a premium per Series A Preference Share at a rate of 8% yield per annum (to be compounded annually) on the Subscription Price for the period from the date of issue and allotment of
such Series A Preference Share up to and including the date of commencement of the liquidation, winding up, dissolution or of the return of capital. 

  

	15.2	 In the case that the assets of the Company are not sufficient for the distribution referred to in paragraph (a) of this Clause 15, such assets shall be distributed
to the holders of each Series A Preference Share pro rata to 

  

 20 

	 	 
the Preference Amounts each Series A Preference Shareholder would otherwise be entitled to. 

  

	15.3	All assets remaining after the distribution referred to in paragraph (a) of this Clause 15 shall be available for distribution to the holders of each Ordinary Share pro rata to the
amount of capital paid up on such shares. 

  

	15.4	For the purpose of this Clause 15, any merger, sale or consolidation of the capital of the Company which results in the shareholders not retaining a majority of the voting power of
the surviving company, or a sale or Disposal of all or substantially all the assets of the Company shall constitute a liquidation, winding-up or dissolution of the Company whereupon the distribution of assets as specified in this Clause 15 shall be
carried out. 

  

	16.	COMMENCEMENT AND TERMINATION 

  

	16.1	This Agreement shall only take effect and become legally binding on the parties immediately upon (and only upon) the completion of the Subscription Agreement. If for any reason the
Subscription Agreement is not completed or is rescinded, this Agreement shall have no legal force or effect nor binding on the parties. 

  

	16.2	This Agreement shall continue in full force and effect until the earlier of the following: 

  

	 	(a)	the Company has been dissolved, wound up or otherwise ceases to exist as a separate corporate entity; or 

  

	 	(b)	the consummation of a Qualified IPO. 

  

	16.3	Notwithstanding the provision of Clause 16.2, the registration rights under Clause 14 shall be terminated in accordance with Clause 14 or Clause 16.2, whichever is the later.

  

	16.4	This Agreement shall terminate: 

  

	 	(a)	if all the Shares are held beneficially by one Shareholder; or 

  

	 	(b)	in relation to any Shareholder, subject to Clause 12.6, after such Shareholder shall have ceased to be a shareholder of Company. 

  

	16.5	Termination of this Agreement shall not release any party from any liability which at the time of termination has already accrued to the other parties or any liability arising or
maturing after such termination as a result of any breach, omission committed or omitted prior to such termination. 

  

 21 

	16.6	The parties hereto agree that any new Shareholder shall be required to sign a deed of adherence in the form of Schedule 4 confirming its agreement to be bound by this Agreement as a
condition of his becoming a Shareholder. 

  

	17.	SEVERABILITY 

  
 If at any time any one or more provisions hereof is or becomes invalid, illegal, unenforceable or incapable of performance in any respect, the validity,
legality, enforceability or performance of the remaining provisions hereof shall not thereby in any way be affected or impaired, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained
herein. 
  

	18.	ENTIRE AGREEMENT 

  
 This Agreement constitutes the entire agreement and understanding between the parties in connection with the subject matter of this Agreement and
supersedes all previous proposals, representations, warranties, agreements or undertakings relating thereto whether oral, written or otherwise and no party hereto has relied or is entitled to rely on any such proposals, representations, warranties,
agreements or undertakings. 
  

	19.	NATURE OF THIS AGREEMENT 

  
 In the event of any conflict between the provisions of the Agreement and the terms of the memorandum or articles of association of the Company, the
provisions of this Agreement shall prevail and, if any of the parties hereto shall so require, the memorandum of association or the articles of the Company shall be revised so as to reflect the provisions of this Agreement. 
  

	20.	ASSIGNMENT AND COUNTERPARTS 

  

	20.1	This Agreement shall be binding on and shall enure for the benefits of the successors and assigns of the parties hereto. 

  

	20.2	BOSMA may assign and transfer its rights, benefits and obligations of and in this Agreement to a company which is an affiliate of BOSMA. 

  

	20.3	Save as aforesaid, and save as provided herein (including, without limitation, as provided in Schedule 4 hereto), no party hereto may assign or transfer any of his or its rights or
obligations under this Agreement. 

  

	20.4	This Agreement may be executed in any number of counterparts and by the parties on separate counterparts, each of which, when so executed and delivered, shall be an original but all
the counterparts shall together constitute one and the same instrument. 

  

 22 

	21.	NOTICES AND OTHER COMMUNICATION 

  

	21.1	Any notice or other communication to be given under this Agreement shall be in writing and may be sent by post or delivered by hand or given by facsimile or by courier to the
address or fax number from time to time designated, the initial address and fax number so designated by each party being set out in Schedule 2. Any such notice or communication shall be sent to the party to whom it is addressed and must contain
sufficient reference and/or particulars to render it readily identifiable with the subject-matter of this Agreement. If so delivered by hand or given by facsimile such notice or communication shall be deemed received on the date of despatch and if
so sent by post (or, if sent to an address outside of Hong Kong, so sent by courier) shall be deemed received three (3) Business Days after the date of despatch (in the case of local mail) and five (5) Business Days after the date of despatch (in
the case of overseas registered/certified mail). 

  

	21.2	Each person making a communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was addressed, but the absence of such
confirmation shall not affect the validity of any such communication. 

  

	22.	COSTS AND EXPENSES 

  
 The Company shall bear its own costs and expenses in respect of the transactions contemplated by this Agreement and all other expenses for the
implementation of such transactions, provided that all capital fee and stamp duty (if any) relating to the issue of Ordinary Shares upon conversion of the Series A Preference Shares shall be borne by the Company. 
  

	23.	SEVERAL LIABILITIES 

  
 The liabilities of BOSMA and each of the Ordinary Shareholders under this Agreement shall be several, and none of them shall be liable or responsible for
any act, default, omission or breach of the other(s). 
  

	24.	GOVERNING LAW AND JURISDICTION 

  
 This Agreement shall be governed by and construed in accordance with the laws of Hong Kong and the parties irrevocably submit to the non-exclusive
jurisdiction of the Hong Kong courts in respect of this Agreement. 
  

 23 

 IN WITNESS whereof the parties executed this Agreement the day and year first above written. 
  

					
		
	 SIGNED by ZHU JUN (

)
	    	 )

	 in the presence of:
	 	 

	    	 )

		
	 SIGNED by LIU FENG (

)
	    	 )

	 in the presence of:
	 	 

	    	 )

		
	 SIGNED by QIN JIE (

)
	    	 )

	 in the presence of:
	 	 

	    	 )

		
	 SIGNED by ZHOU JING FEI (

)
	    	 )

	 in the presence of:
	 	 

	    	 )

		
	 SIGNED by ZHANG YONG (

)
	    	 )

	 in the presence of:
	 	 

	    	 )

			
	SIGNED by	 	

	    	)
	 	 	 	    	)
	 for and on behalf of BOSMA LIMITED
	    	)
	 in the presence of:
	 	 	    	)
			
	SIGNED by	 	

	    	)
	 	 	 	    	)
	 for and on behalf of 
	    	)
	 GAMENOW.NET LIMITED
	    	)
	 in the presence of:
	    	)

  

 24 

 SCHEDULE 1 
 PERSONS NAMED IN AS SHAREHOLDERS 
  
 Part A: Ordinary Shareholders 
  

					
	 Names

	  	Ordinary Shares Held
as at the date of this
Agreement

	  	 
	 Zhu Jun (

)
	  	1,656,000	  	 
			
	 Liu Feng (

)
	  	448,500	  	 
			
	 Qin Jie (

)
	  	448,500	  	 
			
	 Zhou Jing FeiZhou Jing Fei (

)
	  	448,500	  	 
			
	 Zhang Yong (

)
	  	448,500	  	 
	 	  	
	  	 
			
	 Total:
	  	3,450,000	  	 

  
 Part B: Series A Preference
Shareholder 
  

					
	 Names

	  	Series A Preference Shares Held
after the Completion of Share
Subscription Agreement

	  	 
	 Bosma Limited
	  	1,550,000	  	 

  

 25 

 SCHEDULE 2 
 ADDRESS AND FAX NUMBERS FOR NOTIFICATION 
  

							
	 1.
	  	Name	  	:	  	Zhu Jun (

)
	 	  	Address	  	:	  	10 F, Yi Dian Mansion, No. 746 Zhaojiabang Road,
	 	  	 	  	 	  	 Shanghai 200030

	 	  	Fax No.	  	:	  	6445 5519
				
	 2.
	  	Name	  	:	  	Liu Feng (

)
	 	  	Address	  	:	  	10 F, Yi Dian Mansion, No. 746 Zhaojiabang Road,
	 	  	 	  	 	  	 Shanghai 200030

	 	  	Fax No.	  	:	  	6467 2284
				
	 3.
	  	Name	  	:	  	Qin Jie (

)
	 	  	Address	  	:	  	10 F, Yi Dian Mansion, No. 746 Zhaojiabang Road,
	 	  	 	  	 	  	 Shanghai 200030

	 	  	Fax No.	  	:	  	6467 2284
				
	 4.
	  	Name	  	:	  	Zhou JingFei (

)
	 	  	Address	  	:	  	10 F, Yi Dian Mansion, No. 746 Zhaojiabang Road,
	 	  	 	  	 	  	 Shanghai 200030

	 	  	Fax No.	  	:	  	6467 2284
				
	 5.
	  	Name	  	:	  	Zhang Yong (

)
	 	  	Address	  	:	  	10 F, Yi Dian Mansion, No. 746 Zhaojiabang Road,
	 	  	 	  	 	  	 Shanghai 200030

	 	  	Fax No.	  	:	  	6467 2284
				
	 6.
	  	Name	  	:	  	BOSMA LIMITED
	 	  	Address	  	:	  	22/F, Hung Lung Center, 2-20 Paterson Street, Causeway Bay, Hong Kong
	 	  	Fax No.	  	:	  	00852-25773509
	 	  	Attention	  	:	  	Mr. Raymond Tang
				
	 7.
	  	Name	  	:	  	GAMENOW.NET (LIMITED)
	 	  	Address	  	:	  	22/F, Hung Lung Center, 2-20 Paterson Street, Causeway Bay, Hong Kong
	 	  	Fax No.	  	:	  	00852-25773509
	 	  	Attention	  	:	  	Mr. Raymond Tang

  

 26 

 SCHEDULE 3 
 FORM OF DEED OF ADHERENCE 
  
 THIS
DEED OF ADHERENCE is made the                      day of      [2000] 
  
 BETWEEN: 
  

	(1)	GAMENOW.NET LIMITED (the “Company”); and 

  

	(2)	[Name of Shareholders] (the “New Shareholder”). 

  
 WHEREAS: 
  

	(A)	On      day of                     ,2000, the
Company and this Shareholder entered into a Shareholders’ Agreement (the “Shareholders’ Agreement”) to which a form of this Deed is attached as Schedule 3. 

  

	(B)	The Shareholder wishes to [be allotted/have transferred to him/her/it] [            ] ordinary shares (the
“Shares”) in the capital of the Company from [    ](the “Old Shareholder”) and in accordance with Clause 12.8 of the Shareholders’ Agreement has agreed to enter into this Deed. 

 

	(C)	The Company enters this Deed on behalf of itself and as agent for all the existing Shareholders of the Company. 

  
 NOW THIS DEED WITNESSES as follows: 
  

	1.	Interpretation. 

  
 In this Deed, except as the context may otherwise require, all words and expressions defined in the Shareholders’ Agreement shall have the same
meanings when used herein. 
  

	2.	Covenant. 

  
 The New Shareholder hereby covenants to the Company as trustee for all other Persons who are at present or who may hereafter become bound by the
Shareholders’ Agreement, and to the Company itself to adhere to and be bound by all the duties, burdens and obligations of a Shareholder holding the same class of shares as the Shares imposed pursuant to the provisions of the Shareholders’
Agreement and documents expressed in writing to be 

  

 27 

 
supplemental or ancillary thereto as if the New Shareholder had been an original Party to the Shareholders’ Agreement since the date the thereof.

  

	3.	Enforceability. 

  
 Each existing Shareholder and the Company shall be entitled to enforce the Shareholders’ Agreement against the New Shareholder, and the New
Shareholder shall be entitled to all rights and benefits of the Old Shareholder (other than those that are non-assignable) under the Shareholders’ Agreement in each case as if the New Shareholder had been an original Party to the
Shareholders’ Agreement since the date thereof. 
  

	4.	Governing Law. 

  
 The formation, validity, interpretation, execution, amendment and termination of, and settlement of disputes under this deed of adherence shall be
governed by the laws of Hong Kong. 
  
 IN WITNESS WHEREOF this Deed of Adherence
has been executed as a deed on the date first above written. 
  

			
	 GAMENOW.NET LIMITED

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 [Name of New Shareholder]

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 28 

 SCHEDULE 4 
 REGISTRATION RIGHTS 
  

	1.	Definitions 

  
 For the purposes of this Schedule 4: 
  

	 	(a)	Registrable Securities 

  
 “Registrable Securities” shall mean: 
  

	 	(1)	any Ordinary Shares issued or to be issued pursuant to conversion of any Series A Preference Shares; 

  

	 	(2)	any Ordinary Shares issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect
to, or in exchange for or in replacement of, any Series A Preference Share; and 

  

	 	(3)	any other Ordinary Shares owned or hereafter acquired by the Series A Preference Shareholders. 

  
 Notwithstanding the foregoing, “Registrable Securities” shall exclude any Registrable Securities sold by a
person in a transaction in which rights under this Schedule 4 are not assigned in accordance with the Shareholders’ Agreement or any Registrable Securities sold in a public offering, whether sold pursuant to Rule 144 promulgated under the
Securities Act of 1933 of the United States of America (“Securities Act”), or in a registered offering, or otherwise. 
  

	 	(b)	The Outstanding Registrable Securities 

  
 The number of “the Outstanding Registrable Securities” means the number of Shares that are Registrable Securities and are then issued and
outstanding. 
  

	 	(c)	Holder 

  
 “Holder” shall mean any person owning of record Registrable Securities that have not been sold to the public or pursuant to Rule 144
promulgated under the Securities Act or any permitted assignee of record of such Registrable Securities to whom rights under this Schedule 4 have been duly assigned in accordance with this Agreement. 
  

 29 

	 	(d)	Form F-3 

  
 “Form F-3” shall mean any such form under the Securities Act coming into effect on the date hereof or any successor registration
form under the Securities Act subsequently adopted by the Securities and Exchange Commission of the United States of America (“Commission”). Such form permits the inclusion or incorporation of substantial information by reference to
other documents filed by the Company with the Commission. 
  

	2.	Demand Registration 

  

	 	(a)	Request by Holders 

  
 If the Company shall, at any time after the consummation of a Qualified IPO, receive a written request from the Holders possessing at least twenty-five
percent (25%) of the Outstanding Registrable Securities that the Company file a registration statement under the Securities Act covering the registration of Registrable Securities pursuant to this paragraph 2, then the Company shall, within ten (10)
Business Days of the receipt of such written request, give written notice of such request (“Request Notice”) to all the Holders, and use its best efforts to effect, as soon as practicable, the registration under the Securities Act
of all Registrable Securities that the Holders request to be registered in such registration by providing written notice to the Company within twenty (20) days after receipt of the Request Notice, subject only to the limitations set forth in this
paragraph 2; 
  

	 	(b)	Underwriting 

  
 If the Holders initiating the registration request under this paragraph 2 (“Initiating Holders”) intend to distribute the Registrable
Securities covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to this paragraph 2 and the Company shall include such information in the written notice referred to in
paragraph 2(a). In such an event, the right of any Holder to include his Registrable Securities in such registration shall be conditional upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable
Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the initiating Holders and such Holder) to the extent provided herein. All the Holders proposing to distribute their securities through such underwriting
shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities being 

  

 30 

 
registered and reasonably acceptable to the Company. Notwithstanding any other provision of this paragraph 2, if the underwriter(s) advise(s) the Company in
writing that marketing factors require a limitation of the number of securities to be underwritten, then the Company shall so advise all the Holders of Registrable Securities which would otherwise be registered and underwritten pursuant hereto, and
the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated among the Holders of Registrable Securities on a pro rata basis according to the number of the Outstanding
Registrable Securities held by each Holder requesting registration (including the initiating Holders); provided, however, in all public offering of securities other than a Qualified IPO, that the right of the underwriters to exclude
shares (including Registrable Securities) from the registration and underwriting as described above shall be restricted so that all shares that are not Registrable Securities and are held by any other person, including, without limitation, any
person who is an employee, officer or director of the Company (or any subsidiary of the Company) shall first be excluded from such registration and underwriting before any Registrable Securities are so excluded. If any Holder disapproves of the
terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), which notice shall be delivered at least ten (10) Business Days prior to the effective date of the registration
statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 
  

	 	(c)	Maximum Number of Demand Registrations 

  
 The Company shall be obligated to effect only three (3) such registrations pursuant to paragraph 2. 
  

	 	(d)	Deferral 

  
 Notwithstanding the foregoing, if the Company shall furnish to the Holders requesting the filing of a registration statement pursuant to paragraph 2, a
certificate signed by a director of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such registration statement to be filed, then the Company shall have the
right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve (12) months
period. 
  

 31 

	 	(e)	Expenses 

  
 All expenses incurred in connection with any registration, pursuant to paragraph 2, including without limitation all federal and blue sky registration,
filing and qualification fees, printer’s and accounting fees, and fees and disbursements of counsel for the Company, shall be borne by the Company. Each Holder participating in a registration pursuant to this paragraph 2 shall bear such
Holder’s proportionate share (based on the total number of shares sold in such registration other than for the account of the Company) of all discounts, commissions or other amounts payable to underwriters or brokers, and the Holders’
legal fees, in connection with such offering by the Holders. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to this paragraph 2 if the registration request is
subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered, unless the Holders of a majority of the the Outstanding Registrable Securities agree that such registration constitutes the use by the
Holders of one (1) demand registration pursuant to paragraph 2 (in which case such registration shall also constitute the use by all Holders of Registrable Securities of one (1) such demand registration); provided, further, 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 not known to the Holders at the time of their request for such registration and have withdrawn
their request for registration with reasonable promptness after learning of such material adverse change, then the Holders shall not be required to pay any of such expenses and such registration shall not constitute the use of a demand registration
pursuant to this paragraph 2. 
  

	3.	Piggyback Registrations 

  
 The Company shall notify all the Holders of Registrable Securities in writing at least thirty (30) days prior to filing any registration statement under
the Securities Act for purposes of effecting a public offering of securities of the Company and will afford each such Holder an opportunity to include in such registration statement all or any part of the Registrable Securities then held by such
Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by such Holder shall within twenty (20) days after receipt of the above-described notice from the Company, so notify the
Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities in any
registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities 

  

 32 

 
in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the
terms and conditions set forth herein. 
  

	 	(a)	Underwriting 

  
 If a registration statement under which the Company gives notice under this paragraph 3 is for an underwritten offering, then the Company shall so advise
the Holders. In such event, the right of any such Holder’s Registrable Securities to be included in a registration pursuant to this paragraph 3 shall be conditional upon such Holder’s participation in such underwriting and the inclusion of
such Holder’s Registrable Securities in the underwriting to the extent provided herein. All the Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form
with the managing underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number
of shares to be underwritten, then the managing underwriter(s) may exclude shares from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting shall be allocated, first to
the Company, and second, to each of the Holders requesting inclusion of their Registrable Securities in such registration statement on a pro rata basis based on the total number of Registrable Securities then held by each such Holder;
provided, however, that the right of the underwriters to exclude shares (including Registrable Securities) from the registration and underwriting as described above shall be restricted so that all shares that are not Registrable Securities
and are held by any other person, including, without limitation, any person who is an employee, officer or director of the Company (or any subsidiary of the Company) shall first be excluded from such registration and underwriting before any
Registrable Securities are so excluded. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) Business Days
prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 
  

	 	(b)	Expenses 

  
 All expenses incurred in connection with a registration pursuant to this paragraph 3 (excluding underwriters’ and brokers’ discounts and
commissions relating to shares sold by the Holders and legal-fees 

  

 33 

 
of counsel for the Holders), including, without limitation all federal and “blue sky” registration, filing and qualification fees, printers’
and accounting fees, and fees and disbursements of counsel for the Company, shall be borne by the Company. 
  

	 	(c)	Not Demand Registration 

  
 Registration pursuant to this paragraph 3 shall not be deemed to be a demand registration as described in paragraph 2 above. Except as otherwise provided
herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under paragraph 3. 
  

	4.	Form F-3 Registration 

  

	4.1	In case the Company shall, at any time after it has become eligible to use Form F-3, receive from any Holder or Holders of a majority of all the Outstanding Registrable Securities a
written request or requests that the Company effect a registration on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, then the Company will:

  

	 	(a)	Notice 

  
 promptly give written notice of the proposed registration and the Holder’s or Holders request therefor, and any related qualification or compliance,
to all other Holders of Registrable Securities; and 
  

	 	(b)	Registration 

  
 as soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the
sale and distribution of all or such portion of such Holders or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such
request as are specified in a written request given within twenty (20) days after the Company provides the notice contemplated by paragraph 4(a); 
  

	4.2	Expenses 

  
 The Company shall pay all expenses incurred in connection with each registration requested pursuant to this paragraph 4 (excluding underwriters’ or
brokers’ discounts and commissions relating to shares sold by the Holders and legal fees of counsel for the Holders), including without limitation federal and “blue sky” registration, filing and qualification fees, primers’ end
accounting fees, and fees and disbursements of counsel. 
  

 34 

	4.3	Deferral 

  
 Notwithstanding the foregoing, if the Company shall furnish to the Holders requesting the filing of a registration statement pursuant to paragraph 4, a
certificate signed by a director of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such registration statement to be filed, then the Company shall have the
right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve (12) month
period. 
  

	4.4	Not Demand Registration 

  
 Form F-3 registrations shall not be deemed to be demand registrations as described in paragraph 2 above. Except as otherwise provided herein, there shall
be no limit on the number of times the Holders may request registration of Registrable Securities under this paragraph 4. 
  

	5.	Obligations of the Company 

  
 Whenever required to effect the registration of any Registrable Securities under this Agreement the Company shall, as expeditiously as reasonably
possible: 
  

	 	(a)	Registration Statement 

  
 prepare and file with the Commission a registration statement with respect to such Registrable Securities and use its best efforts to cause such
registration statement to become effective, provided, however, that the Company shall not be required to keep any such registration statement effective for more than ninety (90) days; 
  

	 	(b)	Amendments and Supplements 

  
 prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement; 
  

	 	(c)	Prospectuses 

  
 furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities
Act, and such other documents as 

  

 35 

 
they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration;

  

	 	(d)	Blue Sky 

  
 use its best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such
jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such
states or jurisdictions; 
  

	 	(e)	Underwriting 

 in the event of any underwritten
public offering, enter into and perform its obligations under an underwriting agreement in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform
its obligations under such an agreement; 
  

	 	(f)	Notification 

  
 notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be
delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such 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 then existing; and 
  

	 	(g)	Opinion and Comfort Letter 

  
 furnish, at the request of any Holder requesting registration of Registrable Securities, on the date that such Registrable Securities are delivered to the
underwriters for sale, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (i) an
opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to a majority
in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders 

  

 36 

 
requesting registration of Registrable Securities and (ii) a “comfort” letter dated as of such date, from the independent auditors of the Company,
in form and substance as is customarily given by independent auditors to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if
any, and to the Holders requesting registration of Registrable Securities. 
  

	6.	Furnish Information 

  
 It shall be a condition precedent to the obligations of the Company to take any action pursuant to paragraphs 2, 3 or 4 that the selling Holders shall
furnish to the Company such information regarding themselves, the Registrable Securities held by them, and the intended method of disposition of such securities as shall be required to timely effect the registration of their Registrable Securities.

  

	7.	Indemnification 

  
 In the event any Registrable Securities are included in a registration statement under paragraphs 2, 3 or 4: 
  

	 	(a)	By the Company 

  
 To the extent permitted by law the Company will indemnify and hold harmless each Holder, the partners, officers and directors of each Holder, any
underwriter (as determined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended, (the “1934
Act”), against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the 1934 Act or other federal or state law, 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 (collectively a “Violation”): 
  

	 	(i)	any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto; 

  

	 	(ii)	the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or

  

 37 

	 	(iii)	any violation or alleged violation by the Company of the Securities Act, the 1934 Act, any federal or state securities law or any rule or regulation promulgated under the Securities
Act, the 1934 Act or any federal or state securities law in connection with the offering covered by such registration statement; 

  
 and the Company will reimburse each such Holder, partner, officer or director, underwriter or controlling person for any legal or other expenses
reasonably incurred by them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in paragraph 7(a) 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), 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 out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such
registration by such Holder, partner, officer, director, underwriter or controlling person of such Holder. 
  

	 	(b)	By Selling Holders 

  
 To the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who have
signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s
partners, directors or officers or any person who controls such Holder within the meaning of the Securities Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director,
officer, controlling person, underwriter or other such Holder, partner or director, officer or controlling person of such other Holder may become subject under the Securities Act, the 1934 Act or other federal or state law, 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 in reliance upon and in conformity with written information
furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or
other Holder, partner, officer, director or 

  

 38 

 
controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action: provided,
however, that the indemnity agreement contained in this paragraph 7(b) 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; and provided, further, that the total amounts payable in indemnity by a Holder under this paragraph 7(b) in respect of any Violation shall not exceed the net proceeds received by such Holder
in the registered offering out of which such Violation arises. 
  

	 	(c)	Notice 

  
 Promptly after receipt by an indemnified party under paragraph 7 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 paragraph 7, 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 parties; provided, however, that
an indemnified party shall have the right to retain its own counsel, with the 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 conflict of 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 shall relieve such indemnifying party of liability to the indemnified party under paragraph 7 to the extent the indemnifying party is prejudiced as a result thereof, but the omission so to deliver written
notice to the indemnified party will not relieve it of any liability that it may have to any indemnified party otherwise than under paragraph 7. 
  

	 	(d)	Survival 

  
 The obligations of the Company and the Holders under paragraph 7 shall survive until the fifth anniversary of the completion of any offering of
Registrable Securities in a registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. 
  

 39 

	8.	No Registration Rights to Third Parties 

  
 Without the prior written consent of the Holders of a majority in interest of the Outstanding Registrable Securities, the Company covenants and agrees
that it shall not grant, or cause or permit to be created, for the benefit of any person or entity any registration rights of any kind (whether similar to the demand, “piggyback” or Form F-3 registration rights described in this Exhibit D,
or otherwise) relating to shares of the Series A Preference Shares or any other voting securities of the Company, other than rights that are subordinate in right to the Series A Preference Shareholders. 
  

	9.	Assignment 

  
 The registration rights under this Exhibit D may be assigned to any Holder; provided however that: 
  

	 	(a)	no party may be assigned any of such rights unless the Company is given written notice by the assigning party at the time of such assignment stating the name and address of the
assignee and identifying the securities of the Company as to which the rights in question are being assigned; and 

  

	 	(b)	any such assignee shall receive such assigned rights subject to the terms and conditions of this Agreement, including without limitation the provisions in paragraph 9.

  

 40 

 INDEX 
  
 CLAUSE 
  

					
	1.	  	INTERPRETATION	  	2
	2.	  	BUSINESS OF THE GROUP	  	5
	3.	  	THE BOARD CONSTITUTION AND BOARD AND SHAREHOLDERS’ MEETING	  	5
	4.	  	MATTERS REQUIRING MAJORITY APPROVAL	  	6
	5.	  	OPTION ON SHARES OF MANAGEMENT SHAREHOLDERS	  	9
	6.	  	RESTRICTIVE COVENANTS	  	10
	7.	  	MANAGEMENT AND DIVIDEND	  	11
	8.	  	PUNITIVE SHARE TRANSFER	  	12
	9.	  	EMPLOYEE OPTION VESTING	  	13
	10.	  	PREEMPTIVE RIGHTS	  	13
	11.	  	RIGHT OF FIRST REFUSAL	  	15
	12.	  	CO-SALE RIGHTS	  	17
	13.	  	ACCESS TO INFORMATION	  	19
	14.	  	REGISTRATION RIGHTS	  	20
	15.	  	WINDING UP	  	20
	16.	  	COMMENCEMENT AND TERMINATION	  	21
	17.	  	SEVERABILITY	  	22
	18.	  	ENTIRE AGREEMENT	  	22
	19.	  	NATURE OF THIS AGREEMENT	  	22
	20.	  	ASSIGNMENT AND COUNTERPARTS	  	22
	21.	  	NOTICES AND OTHER COMMUNICATION	  	23
	22.	  	COSTS AND EXPENSES	  	23
	23.	  	SEVERAL LIABILITIES	  	23
	24.	  	GOVERNING LAW AND JURISDICTION	  	23

  

			
	SCHEDULE 1	  	PERSONS NAMED IN AS SHAREHOLDERS
	SCHEDULE 2	  	ADDRESS AND FAX NUMBERS FOR NOTIFICATION
	SCHEDULE 3	  	FORM OF DEED OF ADHERENCE
	SCHEDULE 4	  	REGISTRATION RIGHTS

  

 (i)

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