Document:

EX-4.5

 Exhibit 4.5 

English Translation 

Asset Management Agreement 

between 
 China Life
Insurance (Group) Company 
 and 

China Life Insurance Asset Management 

Company Limited 

 Table of Contents 

 

									
	 1.    
	 	 DEFINITIONS AND INTERPRETATION
	  	 	4	 
			
	 2.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	5	 
			
	     2.1    
	  	 PARTY A’S REPRESENTATIONS
AND WARRANTIES
	  	 	5	 
	     2.2
	  	 PARTY B’S REPRESENTATIONS
AND WARRANTIES
	  	 	6	 
			
	 3.
	 	 AUTHORIZATION
	  	 	7	 
			
	     3.1
	  	 ENTRUSTED ASSETS
	  	 	7	 
	     3.2
	  	 INDEPENDENCE OF THE
ENTRUSTED ASSETS
	  	 	9	 
	     3.3
	  	 AUTHORIZATION MANNER
	  	 	9	 
	     3.4
	  	 INVESTMENT PRINCIPLES
	  	 	10	 
	     3.5
	  	 INVESTMENT GUIDELINES
	  	 	11	 
			
	 4.
	 	 RIGHTS AND OBLIGATIONS
	  	 	13	 
			
	     4.1
	  	 PARTY A’S RIGHTS AND
OBLIGATIONS
	  	 	13	 
	     4.2
	  	 PARTY B’S RIGHTS AND
OBLIGATIONS
	  	 	14	 
			
	 5.
	 	 SERVICES PROVIDED BY PARTY B
	  	 	17	 
			
	     5.1
	  	 PROVISION OF SPECIAL
TRANSACTION SEAT
	  	 	17	 
	     5.2
	  	 OPENING AND MANAGEMENT OF
ACCOUNTS
	  	 	18	 
	     5.3
	  	 MANAGEMENT OF THE ENTRUSTED
ASSETS
	  	 	19	 
	     5.4
	  	 ACCOUNTING AND VALUATION OF
THE ENTRUSTED ASSETS
	  	 	20	 
	     5.5
	  	 INFORMATION MANAGEMENT OF
THE ENTRUSTED ASSETS
	  	 	21	 
	     5.6
	  	 IDENTIFICATION AND HANDLING
OF TRANSACTIONS EXCEEDING THE AUTHORIZATION SCOPE
	  	 	22	 
			
	 6.
	 	 SUPERVISION AND INSPECTION ON PARTY B BY PARTY A
	  	 	22	 
			
	     6.1
	  	 INVESTMENT SUPERVISION AND
CONTROL
	  	 	22	 
	     6.2
	  	 PERFORMANCE APPRAISAL ON THE
INVESTMENT WITH ENTRUSTED ASSETS
	  	 	24	 
	     6.3
	  	 AUDIT OF THE ENTRUSTED
ASSETS
	  	 	24	 
			
	 7.
	 	 FEES AND PAYMENT METHOD
	  	 	26	 
			
	     7.1
	  	 BASIC SERVICE FEE FOR
INVESTMENT MANAGEMENT
	  	 	26	 
	     7.2
	  	 ADJUSTMENT TO THE SERVICE
FEE FOR INVESTMENT MANAGEMENT
	  	 	27	 
	     7.3
	  	 PAYMENT OF FEE
	  	 	28	 
			
	 8.
	 	 APPOINTMENT AND CHANGE OF AUTHORIZED REPRESENTATIVES OF BOTH PARTIES
	  	 	31	 
			
	     8.1
	  	 AUTHORIZED REPRESENTATIVES AND
THEIR SIGNATURES AND SEALS
	  	 	31	 

  
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	     8.2    
	  	 CHANGE OF AUTHORIZED
REPRESENTATIVES AND THEIR SIGNATURES AND SEALS
	  	 	31	 
			
	 9.
	 	 DELIVERY AND RECEIPT OF DOCUMENTS
	  	 	31	 
			
	 10.
	 	 DISCUSSIONS AND COMMUNICATIONS
	  	 	32	 
			
	 11.
	 	 CONFIDENTIALITY
	  	 	32	 
			
	 12.
	 	 COUNTERPARTS, EFFECTIVENESS, AMENDMENTS, RENEWAL AND TERMINATION
	  	 	34	 
			
	     12.1
	  	 COUNTERPARTS, EFFECTIVE DATE
AND TERM
	  	 	34	 
	     12.2
	  	 AMENDMENTS
	  	 	34	 
	     12.3
	  	 RENEWAL
	  	 	34	 
	     12.4
	  	 TERMINATION
	  	 	34	 
			
	 13.
	 	 LIABILITY FOR BREACH OF CONTRACT
	  	 	36	 
			
	 14.
	 	 EXEMPTION FROM LIABILITY
	  	 	36	 
			
	 15.
	 	 GOVERNING LAW AND DISPUTE RESOLUTION
	  	 	37	 
			
	 16.
	 	 OTHER MATTERS
	  	 	37	 

  
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 This Asset Management Agreement (this “Agreement”) was entered into by and between
the following two parties in Beijing, People’s Republic of China (“PRC”), on July 1, 2020: 
 Party A: China Life
Insurance (Group) Company 
 Address: 22/F China Life Center, No. 17 Financial Street, Xicheng District, Beijing 

Party B: China Life Insurance Asset Management Company Limited 

Address: 18/F China Life Center, No. 17 Financial Street, Xicheng District, Beijing 

WHEREAS, 
  

	(1)	 Party A and Party B entered into an asset management agreement on December 31, 2018, under which Party A
authorized Party B to manage the investment of the insurance assets owned by Party A. 

  

	(2)	 Party A and Party B have made substantial amendments to some terms of the original agreement through
consultation, so they decide to re-sign this asset management agreement, and the original agreement will automatically terminate as from the effective date of this Agreement. 

In accordance with applicable laws, regulations and regulatory rules, as well as the requirements on the professional management of insurance
funds and the matchability management of assets and liabilities, taking into account the development of and changes in the employment of insurance funds, and the specialties in Party A’s insurance assets, in order to ascertain both
parties’ respective rights, obligations and benefit, strengthen the risk management and control, ensure the safety, liquidity and profitability of the entrusted assets of Party A, and improve the investment efficiency and realize the value
preservation and appreciation of the entrusted assets of Party A, based upon the principle of cooperation in good faith, equality and mutual benefit, through friendly negotiation, both parties agree as follows: 

 

	1.	 Definitions and Interpretation. 

Unless otherwise provided herein, the following terms shall have the following meanings: 

 

			
	“Agreement”	  	shall mean this agreement and exhibits hereto and any amendment and supplement thereto.
		
	“Party A”	  	shall mean China Life Insurance (Group) Company.
		
	“Party B/Investment Manager”	  	shall mean China Life Insurance Asset Management Company Limited.

  
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	“Entrusted Assets”	  	shall mean the assets Party A entrusted to Party B for investment management under Section 3.1 hereof.
		
	“Asset Custodian/ Custodian”	  	shall mean the commercial bank duly qualified to be the custodian of insurance assets and appointed by Party A to be the custodian of part or all of the Entrusted Assets hereunder.
		
	“Investment Guidelines”	  	shall mean the investment guidelines formulated and amended from time to time by Party A, to which Party B is subject during its performance of this Agreement.
		
	“Fund Account”	  	shall mean the bank account and the fund settlement reserve account that maintain the Entrusted Assets.
		
	“Securities Account”	  	shall mean the securities investment account Entrusted Assets belong to.
		
	“Business Day”	  	shall mean the legal working day in this Agreement and exhibits hereto unless otherwise indicated.
		
	“Designated Account”	  	shall mean the bank account designated by Party A.
		
	“Term”	  	shall mean the period from July 1, 2020 to December 31, 2022.

  

	2.	 Representations and Warranties. 

 

	 	2.1	 Party A’s Representations and Warranties. 

 

	 	2.1.1	 Party A is a duly organized and validly existing insurance company, qualified to engage in insurance business
and employ insurance funds as approved by China Insurance Regulatory Commission, having independent legal person status, capacity and capability to execute and perform this Agreement; 

 

	 	2.1.2	 The execution and performance of this Agreement shall not be in conflict with its current articles of
association, internal rules or any agreements, documents or obligations to which Party A is a party, and shall not violate any current laws, regulations, judgments, verdicts, administrative authorization, order or decisions applicable to Party A;

  

	 	2.1.3	 During the term hereof, the foregoing representations and warranties shall always be true and effective as
under the facts and circumstances then; and 

  
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	 	2.1.4	 Party A shall notify Party B of any change to the foregoing representations and warranties in a timely manner.

  

	 	2.2	 Party B’s Representations and Warranties. 

 

	 	2.2.1	 Party B is a duly organized and validly existing asset management company with limited liabilities, qualified
to engage in investment management and operation of insurance assets as approved by China Insurance Regulatory Commission, having independent legal person status, capacity and capability to execute and perform this Agreement; 

 

	 	2.2.2	 The execution and performance of this Agreement shall not be in conflict with its current articles of
association, internal rules or any agreements, documents or obligations to which Party B is a party, and shall not violate any current laws, regulations, judgments, verdicts, administrative authorization, order or decision applicable to Party B;

  

	 	2.2.3	 Party B warrants that it shall, during the term hereof, have and maintain sufficient, dutiful and experienced
personnel qualified to perform the obligations hereunder and engage in related business to be responsible for the performance of the obligations hereunder and various duties and responsibilities provided herein; 

 

	 	2.2.4	 Party B warrants that it shall, within the scope of rights and obligations provided herein, treat fairly the
Entrusted Assets under its management, and shall not harm the interest of Entrusted Assets under this Agreement due to the management of other assets. Party B warrants that when engaging in the management of Entrusted Assets of Party A, it shall not

  

	 	(1)	 mix the management of Entrusted Assets with assets owned by itself; 

 

	 	(2)	 mix the management of Entrusted Assets with other assets under its management; 

 

	 	(3)	 mix the management of assets entrusted by different clients; 

 

	 	(4)	 misappropriate Entrusted Assets; 

 

	 	(5)	 pursue interest for itself or others by using Entrusted Assets and related information; 

  
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	 	(6)	 violate applicable laws, administrative regulations, relevant state rules or this Agreement; or

  

	 	(7)	 conduct other acts harmful to the interest of Entrusted Assets under this Agreement. 

 

	 	2.2.5	 Party B warrants that it shall establish sound internal risk control, supervision and inspection, accounting
and personnel management systems. 

  

	 	2.2.6	 Party B warrants that it shall perform the obligation of management by itself, and without Party A’s
written consent, shall not entrust its rights and obligations under this Agreement to any third party, or transfer such rights and obligations; 

  

	 	2.2.7	 During the term hereof, the foregoing representations and warranties shall always be true and effective as
under the facts and circumstances then; and 

  

	 	2.2.8	 Party B acknowledges and warrants that it shall notify Party A of any change to the foregoing representations
and warranties in a timely manner. 

  

	3.	 Authorization. 

  

	 	3.1	 Entrusted Assets. 

  

	 	3.1.1	 Entrusted Assets and Investment Scope. 

Entrusted Assets refer to the assets which Party A authorizes Party B to invest and manage, including all of the assets as of
December 31, 2019 entrusted by Party A to Party B for investment management as audited by the auditor engaged by Party A and confirmed by both parties, other additional assets entrusted by Party A to Party B for investment management from time
to time thereafter, and all of the rights and interests derived from such assets. 
 The investment scope of Entrusted Assets shall satisfy
all the following conditions: 
  

	 	(1)	 Investment channels for insurance funds shall be permitted by laws, regulations and relevant provisions of
regulatory authorities; 

  

	 	(2)	 Both Party A and Party B have obtained the qualification to engage in relevant investment business; and

  
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	 	(3)	 Party A permits or authorizes Party B in writing to make relevant investment. 

 

	 	3.1.2	 Increasing Entrusted Assets. 

Within the term hereof, Party A may, from time to time, transfer funds into the Fund Account of Entrusted Assets. Such funds shall constitute
part of the Entrusted Assets upon Party B’s receipt. 
  

	 	3.1.3	 Decreasing Entrusted Assets. 

 

	 	(1)	 Authorized representative of Party A may send written instruction (“Funds
Transfer-out Instruction”) to Party B to transfer funds out, and Party B, after confirming the form of such instruction, shall implement the Funds Transfer-out
Instruction. Funds Transfer-out Instruction shall state explicitly the amount of funds to be transferred out and the time for the transfer. 

 

	 	(2)	 Party A shall send the Funds Transfer-out Instruction that meets the
following requirements to Party B, and to the extent possible, notify Party B as early as practicable: 

 Threshold
amounts for transfer of funds in RMB and the time prior to which notices shall be given are subject to the Investment Guidelines. 
 Funds Transfer-out Instruction on funds in foreign currencies: five Business Days prior notice to Party B for the amount of US$10 million or less; seven Business Days prior notice to Party B for the amount of more
than US$10 million but less than or equal to US$30 million; ten Business Days prior notice to Party B for the amount of more than US$30 million. 

If special circumstances make the delivery of Funds Transfer-out Instruction unable to meet the
foregoing time frame requirement, both parties may agree upon another specific time frame in advance. 
  

	 	(3)	 Party B shall, upon receiving the Funds Transfer-out Instruction, remit
the funds into Designated Account of Party A in accordance with the requirements of such instruction. Such funds shall no longer be part of the Entrusted Assets. 

  
 8 

	 	(4)	 As required by Party A, Party B shall, in accordance with the specific arrangement on liquidity provided by
Party A, allocate funds reasonably and ensure the liquidity of the Entrusted Assets. If Party A makes additional arrangement off-plan, Party B shall advise on realization or financing, and carefully and
dutifully advise Party A of the estimable cost expense and loss, and implement such arrangement upon Party A’s approval. Party A shall be responsible for the cost and loss arising therefrom. 

 

	 	3.2	 Independence of the Entrusted Assets. 

 

	 	3.2.1	 Entrusted Assets shall be independent and separate from assets owned by Party B and other assets under its
management. Entrusted Assets of different natures shall be independent and separate from each other, and shall have accounts set up separately and be managed separately. 

 

	 	3.2.2	 In the event that Party B is liquidated due to dissolution, cancellation, or declaration of bankruptcy under
the law, Entrusted Assets and earnings thereof shall not be recorded as its liquidation assets. 

  

	 	3.2.3	 Party B shall not consent to enforcement on Entrusted Assets by any third party other than for debts borne by
Entrusted Assets, unless otherwise provided by laws or regulations or required by exercise of power by administrative or judicial authorities. 

  

	 	3.2.4	 In the event that judicial authorities take enforcement measures such as freeze on Fund Account and Securities
Account under this Agreement for debts arising out of Party B’s employment of its own assets or Party B’s management and employment of other assets under its management, Party B shall promptly state the situation to judicial authorities
and notify Party A and shall bear any loss of Party A as a result of such enforcement. 

  

	 	3.3	 Authorization Manner. 

 

	 	3.3.1	 Authorization Manner. 

Party A shall authorize Party B, subject to strict risk control policy, to invest and manage Entrusted Assets, ownership of which shall be
explicitly defined. 

  
 9 

	 	3.3.2	 Authorization Matters. 

 

	 	(1)	 Party A shall, within the term hereof, authorize Party B to invest and manage the Entrusted Assets within Fund
Account and Securities Account in accordance with this Agreement and Investment Guidelines. Under this Agreement and Investment Guidelines, Party B shall be authorized to manage, invest, reinvest, settle and deliver the Entrusted Assets on behalf of
Party A without prior notice to Party A. Party A shall not directly manage the investment of the Entrusted Assets other than sending Funds Transfer-out Instruction, formulating and/or amending and delivering
Investment Guidelines to Party B in accordance with this Agreement. 

  

	 	(2)	 Within the term hereof, in accordance with this Agreement and Investment Guidelines, upon Party A’s
approval or acknowledgement and after carrying out necessary authorization procedures, Party B may engage external auditors, actuaries, lawyers and other professionals in the name of Party A or in its own name for the purpose of this Agreement.
Other than the foregoing, Party A shall authorize Party B to consult, negotiate, execute documents, transaction, liquidation and delivery with any third party on Party A’s behalf for the purpose of this Agreement and no additional authorization
shall be required. 

  

	 	(3)	 Pursuant to relevant laws, regulations and regulatory rules, if Party A authorizes a Custodian to have the
custody of the Entrusted Assets, additional agreement shall be entered into on specific authorization to Party B, specifying rights and obligations of Party B and work procedures for Party B. 

 

	 	3.4	 Investment Principles. 

 

	 	3.4.1	 Safety. 

Party B shall ensure that investment of the Entrusted Assets shall be conducted in accordance with laws, regulations, regulatory requirements,
this Agreement and Investment Guidelines. Party B shall strengthen the risk management of the Entrusted Assets and ensure the safety and integrity of the Entrusted Assets through establishing sound internal risk control system and streamlining
investment decision-making process and internal operation process. 

  
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	 	3.4.2	 Liquidity. 

Party B shall, according to the characteristics and needs of the cash flow provided by Party A, enhance the liquidity management of the
entrusted assets, effectively taking advantage of financing instrument on the market so as to ensure that liquidity of the Entrusted Assets is able to satisfy the expenses requirement of Party A. 

 

	 	3.4.3	 Profitability. 

Subject to safety, liquidity and sound risk control, Party B shall fully utilize its advantages in scale and organization, strengthen the
portfolio deployment and investment operation of the Entrusted Assets, and promote innovative investment so as to improve the profit level of the Entrusted Assets to the extent possible. 

 

	 	3.4.4	 Assets and Liabilities Management. 

Party B shall reasonably arrange and plan the products, term, structure and return of the Entrusted Assets according to the features of Party
A’s liabilities and try to achieve a dynamic and effective management of the Entrusted Assets. 
  

	 	3.4.5	 Value Investment. 

Party B shall focus on long-term and steady return, not overly pursue short-term benefit. It shall enhance the analysis on macro economic
trend and judgment on market condition, develop and choose investment products of good investment value and maximize the general return. 
  

	 	3.4.6	 Diversifying Investment. 

Party B shall fully utilize the investment channels and instruments permitted by laws, regulations and regulatory authorities, effectively
diversify investment and reduce centralized investment risk through product deployment and ratio control. 
  

	 	3.5	 Investment Guidelines. 

 

	 	3.5.1	 Formulation of Investment Guidelines. 

Party A shall be responsible for formulating the strategic arrangement plan of the Entrusted Assets and deliver such plan to Party B in the
form of Investment Guidelines. Party B shall conduct the investment management of the Entrusted Assets under this Agreement in accordance with the Investment Guidelines formulated and amended from time to time by Party A. The detailed requirements
are as follows: 

  
 11 

	 	(1)	 Party A shall, during the term hereof, deliver the Investment Guidelines for any given calendar year to Party B
prior to the end of the first quarter of such calendar year. If Party A fails to deliver the Investment Guidelines prior to the end of the first quarter of such calendar year, the Investment Guidelines most recently delivered by Party A shall be
applicable for the management of the Entrusted Assets. 

  

	 	(2)	 Party A may, during the term hereof, amend the Investment Guidelines based on the principle of caution and
deliver such amendment in writing to Party B. Unless explicitly demanded by Party A, the amended Investment Guidelines shall only apply to the investment made after Party B’s receipt thereof. If Party A demands that such amended Investment
Guidelines also apply to the investment made before Party B’s receipt thereof, the income or loss resulting therefrom shall not be included in the performance review of Party B. 

 

	 	(3)	 During the formulation of and/or amendment to Investment Guidelines, Party A shall consult with Party B for
advice, and Party B shall provide sufficient advices and suggestions in this regard. 

  

	 	3.5.2	 Contents of Investment Guidelines. 

The Investment Guidelines shall set forth, among others, the followings: 

 

	 	(1)	 Investment objectives; 

 

	 	(2)	 Investment scope; 

  

	 	(3)	 Allocation of strategic assets; 

 

	 	(4)	 Cash in-flow and out-flow
forecasts and liquidity requirement; and 

  

	 	(5)	 Risk control requirement. 

  
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	4.	 Rights and Obligations. 

 

	 	4.1	 Party A’s Rights and Obligations. 

 

	 	4.1.1	 Party A’s Rights. 

 

	 	(1)	 To increase or decrease the Entrusted Assets in accordance with Section 3.1 hereof; 

 

	 	(2)	 To formulate, amend and revise Investment Guidelines in accordance with Section 3.5 hereof;

  

	 	(3)	 To request Party B to, on a regular basis, provide the information report on the Entrusted Assets as agreed
upon by both parties under Section 5.5 hereof, and to examine, copy or duplicate accounts and books and other documents relating to the Entrusted Assets; 

 

	 	(4)	 To supervise, inspect and audit Party B in accordance with Sections 6.1, 6.2 and 6.3 hereof;

  

	 	(5)	 To enjoy the ownership of the Entrusted Assets; 

 

	 	(6)	 To remove the Investment Manager if Party B is in violation of relevant laws or regulations or the purpose of
this Agreement during the process of managing the Entrusted Assets, and to request Party B to restore the Entrusted Assets to their original status or indemnify Party A against any loss resulting therefrom; 

 

	 	(7)	 To terminate this Agreement in accordance with relevant provisions herein; 

 

	 	(8)	 To handle matters relating to the termination of this Agreement in accordance with applicable laws and
regulations; 

  

	 	(9)	 Such other rights as provided herein; and 

 

	 	(10)	 Such other rights as provided by laws, regulations and regulatory authorities. 

 

	 	4.1.2	 Party A’s Obligations. 

 

	 	(1)	 To make various payments and pay various expenses under Section 7 hereof; 

 

	 	(2)	 To notify Party B of the agreement relating to the Entrusted Assets entered into between Party A and the
Custodian; 

  
 13 

	 	(3)	 To notify Party B in a timely manner of the amendment, revision and change of Investment Guidelines;

  

	 	(4)	 To provide to Party B the originals of all of the instructions and notices; 

 

	 	(5)	 To keep commercial secrets of Party B confidential and not to disclose investment plans or investment intent;

  

	 	(6)	 To notify Party B in a timely manner of the change of the Custodian; 

 

	 	(7)	 To set forth and provide to Party B the accounting method and valuation method of the Entrusted Assets, form
and manner in which the information is reported, instructions and notices are made; 

  

	 	(8)	 Not to interfere with Party B’s normal investment decisions with respect to the Entrusted Assets;

  

	 	(9)	 Within the term hereof, to take necessary actions, including, without limitation, execution of necessary
documents, to assist Party B in performing its obligations; 

  

	 	(10)	 Such other obligations as provided herein; and 

 

	 	(11)	 Such other obligations as provided by laws, regulations and regulatory authorities. 

 

	 	4.2	 Party B’s Rights and Obligations. 

 

	 	4.2.1	 Party B’s Rights. 

 

	 	(1)	 Unless otherwise provided by laws, regulations or this Agreement, subject to Investment Guidelines and based on
the principle of caution, to conduct investment portfolio management and make investment instructions with respect to the Entrusted Assets under this Agreement, without prior notice to Party A; 

 

	 	(2)	 With Party A’s authorization, to instruct the Custodian or clearing agent to make clearing and delivery in
accordance with this Agreement; 

  

	 	(3)	 To collect the investment management service fees in accordance with this Agreement; 

  
 14 

	 	(4)	 With Party A’s written authorization, and in accordance with this Agreement, exercise on behalf of Party A
the shareholders’ right to the shares of the Entrusted Assets held by Party A under this Agreement; 

  

	 	(5)	 Such other rights as provided herein; and 

 

	 	(6)	 Such other rights as provided by laws, regulations and regulatory authorities. 

 

	 	4.2.2	 Party B’s Obligations. 

 

	 	(1)	 Within the scope of authorization, to invest and manage the Entrusted Assets carefully, honestly, diligently
and dutifully so as to maximize the interest of the Entrusted Assets, and to take responsibility for compliance and control over the investment and management of the Entrusted Assets as well as other management responsibilities as requested by Party
A; 

  

	 	(2)	 To have dutiful and experienced professional investment personnel conduct reasonable and careful research,
study and analysis of market environment, investment object, investment strategy and transaction strategy, arrange fairly and impartially the investment strategy and transaction strategy, so as to ensure the safety of the Entrusted Assets under this
Agreement, and maximize the investment return through portfolio management, diversifying investment, and reasonably and carefully evaluate, predict and control relevant risks and costs; 

 

	 	(3)	 To ensure the safety and independence of the Entrusted Assets in accordance with this Agreement;

  

	 	(4)	 To strictly observe the Investment Guidelines in accordance with this Agreement; 

 

	 	(5)	 To execute Party A’s instructions and/or notices in accordance with this Agreement; 

 

	 	(6)	 To establish sound internal risk control, supervision and inspection, accounting and personnel management
systems, and to notify Party A in a timely manner of any change to Party B’s internal investment decision-making procedures or internal control policy regarding the Entrusted Assets, and submit the amended internal investment decision-making
procedures or internal controls to Party A for record; 

  
 15 

	 	(7)	 In accordance with applicable laws, regulations, and provisions under this Agreement, and at Party A’s
request, to perform the information reporting obligation and submit various information reports to Party A in a timely manner, and complete or assist Party A in accounting, financial information filing and tax declaration with respect to the
Entrusted Assets; 

  

	 	(8)	 Not to engage in the following activities when managing the Entrusted Assets under this Agreement:

  

	 	(i)	 Pursuing interest for itself or any third party by using the Entrusted Assets under this Agreement;

  

	 	(ii)	 Assigning or re-entrusting the investment management obligations of the
Entrusted Assets under this Agreement to a third party, unless permitted by Party A in advance; or 

  

	 	(iii)	 Lending the Entrusted Assets or any investment belonging to Party A or ownership documents or documents
evidencing the rights to investments under this Agreement to a third party, unless with prior written authorization of Party A; 

  

	 	(9)	 To provide to Party A the daily transaction data of the Entrusted Assets under this Agreement on each Business
Day through the data transmission method agreed upon or acknowledged by both parties; 

  

	 	(10)	 At the request of Party A, to advise Party A on the arrangement and allocation strategy of the Entrusted Assets
under this Agreement; 

  

	 	(11)	 To cooperate with Party A in regard to the custody of the Entrusted Assets and accept and cooperate with the
supervision of Party A and the Custodian designated by Party A; 

  

	 	(12)	 Not to seek holding and direct management of listed companies by using the Entrusted Assets;

  

	 	(13)	 To report to Party A significant matters; 

  
 16 

	 	(14)	 To preserve complete files and materials relating to the Entrusted Assets in accordance with this Agreement,
and not to disclose to any one other than Party A or the third party authorized by Party A, unless otherwise provided by laws, regulations, or required by the exercise of powers by administrative or judicial authorities, and in such case, to notify
Party A promptly of such disclosure; 

  

	 	(15)	 Unless approved by Party A in writing, not to create any third party rights on the Entrusted Assets, including,
without limitation, the creation of security rights such as pledge, mortgage and lien; 

  

	 	(16)	 To keep confidential information relating to the Entrusted Assets, and unless otherwise provided by laws,
regulations or this Agreement, not to disclose or use such information in any manner without Party A’s prior written notice; 

  

	 	(17)	 Within the term hereof, to take necessary actions, including, without limitation, execution of necessary
documents, to assist Party A in performing its obligations; 

  

	 	(18)	 To ensure the relative stability of its investment management team for the Entrusted Assets;

  

	 	(19)	 Such other obligations as provided herein; and 

 

	 	(20)	 Such other obligations as provided by laws, regulations and regulatory authorities. 

 

	5.	 Services Provided by Party B. 

 

	 	5.1	 Provision of Special Transaction Seat. 

Party B shall be responsible for primary election of the securities brokers as transaction seat service providers and submit to Party A for
review and approval. Party A shall have the right to make further adjustments and request Party B to proceed with the securities brokers as determined by Party A. Securities brokers which provide securities trading services shall be subject to the
administrative measures on transaction counterparties separately formulated by Party A. Transaction commissions and fees shall be borne by Party A. 

  
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	 	5.2	 Opening and Management of Accounts. 

 

	 	5.2.1	 Opening and Management of Bank Settlement Account. 

 

	 	(1)	 Party A shall, in accordance with applicable laws, market practice and relevant business rules, authorize Party
B to open and manage the bank settlement account related to the Entrusted Assets, and Party B shall report to Party A for record within two Business Days after completion of such task. 

 

	 	(2)	 The specimen of seal provided for such bank settlement account shall be made by Party B and be kept and used by
Party B. 

  

	 	(3)	 Upon termination of this Agreement, Party A shall cooperate with Party B in canceling the bank settlement
account. 

  

	 	5.2.2	 Opening and Management of Securities Account. 

 

	 	(1)	 Party A shall, in accordance with applicable laws, market practice and relevant business rules, authorize Party
B to open and manage the Securities Account related to the Entrusted Assets. 

  

	 	(2)	 Party A shall provide Party B with assistance necessary for the opening of Securities Account. Party B shall
complete the procedures for opening such account in a timely manner and notify Party A of relevant account information within two Business Days upon the opening of such account. 

 

	 	(3)	 Without Party A’s written consent, Party B shall not employ or lend the Securities Account at its own
discretion, nor shall Party B engage in the business activities unrelated to the Entrusted Assets using the Securities Account. 

  

	 	(4)	 As at the end of the entrusted management business, Party B shall promptly return Party A the Securities
Account card related to the entrusted management business, and assist Party A in canceling the Securities Account, Fund Account and relevant seat setup, including, without limitation, the clearing and data transmission setup at the securities
registration house, until such account has been transferred to the successor investment manager as required by Party A. 

  
 18 

	 	5.3	 Management of the Entrusted Assets. 

 

	 	5.3.1	 Investment Decision Management. 

 

	 	(1)	 Party B shall establish a relatively centralized and multi-leveled internal investment decision-making
authorization system, with integral power and liabilities, establish sound authorization criteria and procedures, set forth explicitly internal authorization method, authorizing persons, authorized persons, authorization procedures, scope of
authorization, term and responsibility of authorization, and the handling of acts exceeding the authorization scope, ensure the appropriate delegation of powers and effective implementation of authorization, and enhance the soundness, accuracy and
timeliness of investment decisions. 

  

	 	(2)	 Party B shall set up relatively independent investment decision-making procedures, including relatively
independent investment decision-making group and investment transaction personnel. 

  

	 	(3)	 Party B shall have sufficient basis and written records when making investment decision on the Entrusted Assets
and shall specify the primary supporting factor for any decision. Relevant personnel in charge shall sign on such records and important investment decision shall have detailed research report. 

 

	 	5.3.2	 Investment Transaction and Information Management. 

 

	 	(1)	 Party B shall establish the transaction and investment management information system and formulate relevant
management system in accordance with Risk Control Guidelines of Insurance Companies (Interim). 

  

	 	(2)	 Party B shall ensure the safety, truthfulness and completeness of the information data of the Entrusted Assets,
and set up back-up data system, and important data shall have back-up at another geographic location. 

 

	 	(3)	 Party B shall establish sound transaction recording system for the Entrusted Assets, and daily transaction
records shall be checked and filed promptly. The journal of the information on the Entrusted Assets shall be kept at least for 15 years, and Party B shall actively cooperate with Party A for its review and duplication of relevant information of the
Entrusted Assets. 

  
 19 

	 	(4)	 As required by allocation of the Entrusted Assets, Party B may, according to the regulatory provisions and
Party A’s requirements and after obtaining necessary internal approval and Party A’s approval, subscribe for financial products issued, managed or advised by Party B using the Entrusted Assets of Party A, including but not limited to
investment plans, asset-backed plans and insurance asset management products. 

  

	 	5.3.3	 Investment Risk Management. 

 

	 	(1)	 Party B shall establish a risk control system for the investment transaction of the Entrusted Assets, implement
necessary risk control procedures and reduce the risk of the Entrusted Assets to the extent possible. 

  

	 	(2)	 Party B shall provide to Party A the investment management system for the Entrusted Assets in a timely manner,
so as for Party A to promptly retrieve and download data regarding the investment transaction of the Entrusted Assets. 

  

	 	(3)	 Party B shall, subject to laws, regulations, regulatory requirements and market practice, provide active
assistance and cooperation to Party A when Party A appoints a third party to be the independent custodian of the Entrusted Assets. 

  

	 	5.4	 Accounting and Valuation of the Entrusted Assets. 

 

	 	5.4.1	 Party A, as the accounting entity, shall be responsible for determining and providing Party B in writing with
the accounting policies and valuation principles of the Entrusted Assets and relevant management rules. Party B, as the accountant in charge, shall be responsible for the accounting of Entrusted Assets, and in accordance with relevant laws and
regulations and Party A’s requirements, organize and perform various financial tasks of the Entrusted Assets, including, without limitation: 

  

	 	(1)	 completing the accounting of the Entrusted Assets; 

 

	 	(2)	 checking accounting records with the Custodian; 

  
 20 

	 	(3)	 providing Party A with accounting statements and financial information on the Entrusted Assets, including,
without limitation, monthly, quarterly and final account statements, solvency reports, various statistical information, foreign exchange regulatory reports and other supervisory or internal management reports. Specifics on formatting and
requirements will be provided by Party A separately; and 

  

	 	(4)	 providing Party A with tax declaration forms of turnover tax and enterprise income tax, and other
documentations, materials that are required by tax authorities, and assist Party A in handling relevant tax matters. 

Party B shall ensure that the information provided is true, accurate, complete, consistent and up-to-date. 
  

	 	5.4.2	 Party B shall actively cooperate with the audit and inspection of the Entrusted Assets by external auditor and
inspecting authorities, and Party B shall make accounting adjustment according to Party A’s request. 

  

	 	5.4.3	 The accounting of the Entrusted Assets shall be strictly separated from the accounting of other assets. If
Party A requests to categorize different assets of the Entrusted Assets and conduct separate accounting of such assets, Party B shall cooperate and organize and implement such separate accounting. 

 

	 	5.4.4	 Without Party A’s written consent, Party B shall not re-categorize
the accounting items of the Entrusted Assets. 

  

	 	5.5	 Information Management of the Entrusted Assets. 

Party B shall, in accordance with applicable laws, regulations, requirements of regulatory authorities and Party A, submit to Party A various
information reports on the Entrusted Assets in a timely manner, including, without limitation: 
  

	 	5.5.1	 Daily report. 

  

	 	5.5.2	 Monthly report (including detailed report on proceeds and fund appropriation, tax report and monthly analysis
report, etc.). 

  

	 	5.5.3	 Quarterly report (such as quarterly analysis report, etc.). 

 

	 	5.5.4	 Semi-annual report (such as semi-annual analysis report, etc.). 

  
 21 

	 	5.5.5	 Annual report (such as final accounting report and annual report, etc.). 

 

	 	5.5.6	 Dedicated reports (such as report on irregular fluctuations in asset value, risk management and analysis of
changes in market conditions, etc.). 

  

	 	5.5.7	 Report on the regulation of insurance assets management. 

 

	 	5.5.8	 Statistics of Entrusted Assets. 

 

	 	5.5.9	 Solvency statement. 

  

	 	5.5.10	 Balance sheet of assets held in foreign currencies and foreign exchange account statistics.

  

	 	5.5.11	 Reports of connected transactions of the Entrusted Assets, including but not limited to reports of connected
transactions on a case-by-case basis, information disclosure and quarterly reports of connected transactions of the Entrusted Assets. 

 

	 	5.6	 Identification and Handling of Transactions Exceeding the Authorization Scope. 

 

	 	5.6.1	 Identification of Transactions Exceeding the Authorization Scope. 

 

	 	(1)	 Any transaction in violation of laws, regulations or regulatory requirements shall be a transaction exceeding
the authorization scope. 

  

	 	(2)	 Any transaction in violation of this Agreement or Investment Guidelines shall be a transaction exceeding the
authorization scope. 

  

	 	5.6.2	 Handling of Transactions Exceeding the Authorization Scope. 

Unless otherwise provided by laws, regulations or regulatory rules, if a transaction exceeding the authorization scope occurs, Party B shall
proactively report to Party A and such transaction shall be handled as per Party A’s requirements. Earnings from transactions exceeding the authorization scope shall belong to Party A, and the loss and other expense resulting therefrom shall be
borne by Party B. 
  

	6.	 Supervision and Inspection on Party B by Party A. 

 

	 	6.1	 Investment Supervision and Control. 

  
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	 	6.1.1	 Contents and Method of Supervision and Control. 

 

	 	(1)	 Party A’s supervision and inspection of Party B shall include daily inspection, annual review and special
inspection. Daily inspection mainly covers the daily operation of the Entrusted Assets under this Agreement. Annual review mainly includes Party A’s annual evaluation of the soundness and implementation of Party B’s internal investment
decision-making procedures, review on the risk controls and its implementation, and assessment of the rationality of the accounting. Special inspection mainly covers the followings: daily operation of the Entrusted Assets under this Agreement,
whistle blowing by a third party, conflict of interest, emergencies or Party B’s violation of this Agreement which may result in loss on the Entrusted Assets. 

 

	 	(2)	 Party A’s supervision and inspection may be conducted on-site or off-site. Party B shall assist and cooperate with such supervision and inspection, faithfully report the facts and provide information. 

 

	 	(3)	 Party B shall ensure that the furnished information, data and materials of the Entrusted Assets are true,
accurate and up-to-date. 

  

	 	6.1.2	 Principal Methods of Supervision and Control. 

 

	 	(1)	 Investment Supervision and Control. 

Party A shall have the right to request Party B to provide investment management system of the Entrusted Assets, so as to have timely access
to and download data regarding investment transactions of the Entrusted Assets. 
  

	 	(2)	 Daily Report. 

Party A shall have the right to obtain relevant information report on the Entrusted Assets. 

 

	 	(3)	 Custody Arrangement. 

Party B shall, in accordance with laws, regulations, regulatory requirements and market practice, provide active assistance and cooperation to
Party A when Party A appoints a third party to be the independent custodian of the Entrusted Assets. 

  
 23 

	 	(4)	 Problem Solving. 

Party A shall have the right to supervise and inspect investment decision regarding the Entrusted Assets, and may send supervising personnel
to station at Party B’s workplace. Party A shall have the right to request Party B to correct the investment decision in violation of this Agreement or Investment Guidelines within specified time period, and to report promptly the results of
such correction. Within the specified time period, Party A shall have the right to re-examine the matter at hand and urge Party B to correct them. 

 

	 	6.2	 Performance Appraisal on the Investment with Entrusted Assets 

Party B shall, in the principles of security, liquidity, the value investment of assets and liabilities management and diversification,
strictly follow the Investment Guidelines and carry out investment activities with Entrusted Assets to realize a long-term and steady investment return and to improve the long-term investment yield rate. Party A has the right to make performance
appraisal regarding Party B’s investment, and shall be responsible for the preparation of appraisal standards and carry out appraisal and review on Party B’s investment performance as at the end of the appraisal period determined by Party
A and Party B. 
  

	 	6.3	 Audit of the Entrusted Assets. 

Within the term hereof, or three years after the suspension or termination of this Agreement, or under special circumstances and deemed
necessary by Party A, Party B shall allow Party A, authorized representatives of Party A, external accounting firm engaged by Party A and its registered accountants, and other professionals to audit the investment operation and financial condition
of the Entrusted Assets under this Agreement within normal business hours. The auditing fee shall be borne by Party A. The scope of the audit shall include all of the accounts, books, vouchers, transaction records, reports, disks, software and
materials in other forms relating to the performance of this Agreement. The audit shall be conducted as follows: 
  

	 	(1)	 Within five months following the end of each fiscal year, Party A or the accounting firm engaged by Party A and
its registered accountants shall audit the annual financial statements of the Entrusted Assets. 

  
 24 

	 	(2)	 Upon the expiration, suspension, or termination of this Agreement, the accounting firm engaged by Party A and
its registered accountants shall audit the operation, accounting books, assets and financial income and expense of the Entrusted Assets. 

  

	 	(3)	 When necessary, Party A or professionals engaged by Party A shall audit the performance of obligations and
investment operation by Party B under this Agreement. 

  

	 	(4)	 When necessary, Party A or the accounting firm engaged by Party A and its registered accountants shall audit
capital of account, financial accounting, income and expense and related economic activities of the Entrusted Assets, the management, internal accounting procedures and related internal control procedures of the Entrusted Assets.

  

	 	(5)	 Party B shall actively cooperate and closely work with Party A, authorized representatives of Party A,
accounting firm and its registered accountants, other professionals engaged by Party A, provide convenience necessary for the auditing work by such persons, and provide, among others, books, accounts, transaction records, reports, information system
and information related to portfolio of the Entrusted Assets as requested, and provide reasonable explanations. 

  

	 	(6)	 Within the term hereof, Party B shall provide to Party A detailed investment decision-making procedures and
internal control regulation. If there is any change to relevant investment decision-making procedures or internal control regulation, Party B shall promptly notify Party A in writing, and submit the new investment decision-making procedures or
internal control regulation related to business under this Agreement to Party A for record. 

  

	 	(7)	 Party B shall make necessary adjustment according to the audit results and Party A’s requirements.

  
 25 

	7.	 Fees and Payment Method. 

The service fees for investment management entrusted by Party A to Party B consists of basic service fee and performance-based
floating management fee. Among them, the basic service fee shall be charged according to the entrusted investment categories and management scale in principle; and the performance-based floating management fee shall be subject to Party A’s
assessment of investments made by Party B according to the Investment Guidelines. 
  

	 	7.1	 Basic Service Fee 

On the premise of optimal allocation meeting the annual income target requirments set forth in the Investment Guidelines,
generally the basic service fee for the investment management entrusted by Party A to Party B shall be calculated based on the fixed annual rate applicable to each category of investment assets, and in principle, the annual overall level shall not
be higher than 0.08% of the scale of investment assets (excluding management fees payable for financial products issued and managed by Party B that are purchased by Party B using Party A’s funds, such as investment plans, asset-backedt plans
and insurance asset management products). 
  

					
	 Categories
	  	 Rates (BP)

	 Bonds
	  	Tradable bonds	  	15. 00
		  	Non-tradable bonds	  	8. 00
	 Deposits
	  	
	 Stocks
	  	High dividend stocks	  	10. 00
		  	Other stocks	  	30. 00
		  	Preferred stocks	  	10. 00
	 Funds
	  	20. 00
	 Purchased financial products
	  	10. 00
	 Financial products sponsored by Party B
	  	According to the then efective legal
documents for financial products
	 Equity investment
	  	30. 00
	 Derivatives investment
	  	10. 00
	 Liquidity management
	  	2. 00

  
 26 

 For financial products sponsored by Party B, if investment management fees
have been charged according to the product contract documents, no other management fees will be charged repeatedly. For a small number of financial products for which no management fees have been charged, the fixed annual investment management rate
shall be 8bp. 
 For categories of investment assets not specified in the foregoing section which come into existence from
time to time in the future as permitted and approved by applicable laws, regulations and the insurance regulatory authority, Party A and Party B shall timely negotiate with each other to determine the annual rates and net value calculation methods
in a fair and reasonable manner and establish the same in writing before investing in such assets. On the premise that the conditions for calculating the net value of investment assets on a daily basis are met, Party A and Party B shall reach a
written agreement through consultation on the daily valuation method for determining the net value of investment assets. 
  

	 	7.2	 Floating Investment Management Fee 

According to relevant provisions of the Investment Guidelines and the income target, investment performance evaluation method
and management service fee adjustment method agreed by both parties, after the end of each accounting year, Party A shall evaluate the investment performance of Party B in relation to assets entrusted in the previous year, and based on the
comparision of actual investment operation results and the target income, the investment management service fees will be increased or decreased by applying a performance-based floating management fee. 

1. Withdrawl based on a performance coefficient 

The performance coefficient is calculated according to the actual score. If the performance coefficient is 1, the floating
management fee will not be withdrawn; if the performance coefficient is higher than 1, the floating management fee will be added as the performance reward according to the corresponding performance coefficient resulting from the actual score; if the
performance coefficient is lower than 1, the floating management fee will be deducted as the performance penalty. The upper limit of the performance coefficient is 1.10 and the lower limit is 0.90. 

  
 27 

 2. Floating investment management fee 

The withdrawal base for the performance-based floating management fee is set as the total amount of the basic service fee
(excluding the product management fee charged by Party B for subscribing financial products issued and managed by Party B using Party A’s funds, such as investment plans, asset-backed plans and insurance asset management products). 

The calculation formula: performance-based floating management fee equals to the annual basic service fee agreed by both
parties x (performance coefficient-1), wherein the performance coefficient is the annual investment evaluation score according to the Investment Guidelines / 100. 

In case of major investment risks in the entrusted investment assets or significant deviation from the investment estimation,
Party A has the right to terminate the payment of or make deductions from the basic service fee of the current year concerning such assets (except for those approved by Party A). If the risks in such entrusted investment assets have been resolved,
Party A will continue to pay the basic service fee of the year concerning such assets (including basic service fees not paid or deducted in previous years). 
  

	 	7.3	 Calculation and Payment of Management Fees for Financial Products 

If Party B subscribes for financial products issued, managed or advised by Party B using Party A’s funds, including but
not limited to investment plans, asset-backed plans and insurance asset management products. the issuance fees, investment management fees and financial advisory fees for such products shall be charged according to the legal documents then entered
into for such financial products. 
 Party B shall perform the obligation of good faith and diligence for the benefit of
Party A, and make clear the corresponding investment management fees by taking into account the financial market environment, financial regulatory policies, financial product categories, underlying asset types, management services, risk return
characteristics, performance incentive methods and other factors, and referring to the pricing level of similar transactions in the market, and set forth the same in the legal documents and apply the same to all investors under the same financial
product. For some equity financial products with large risks and income fluctuations, in order to encourage Party B to obtain excess investment income, under the premise of complying with relevant laws, regulations and regulatory provisions, it can
be agreed in the product contract that, as a part of the management fee, an excess performance reward will be paid at an agreed benchmark and percentage according to the actual investment income of the financial products. Party B shall ensure that
the pricing of the investment management fees of financial products follows the general commercial principles and market practices, conforms to the principles of good faith and fairness, and refers to the rate level of similar financial products
issued by independent third-party institutions in the market. And under the same market environment and conditions, it shall not deviate from the fair market price or the prevailing pricing level. 

  
 28 

 All expenses of financial products will be calculated according to the rate
agreed in the specific financial product contract and directly accrued in the product assets, which is applicable to all investors under the same financial product, and will be directly deducted from the product assets and paid to Party B according
to the cycle and process agreed in the product contract. 
  

	 	7.4	 Upper Limits of Investment Management Fees 

During the term hereof, the upper limit of the investment management fee payable to Party A in each year is RMB 500 million. 

Since the transactions hereunder constitute connected transactions of Party B’s controlling shareholder China Life Insurance Company
Limited, in order to meet Party A’s regulatory obligations for connected transactions under the rules of listing venues, the upper limits agreed herein include the issuance fees and investment management fees incurred by Party B’s
subscription of Party B’s financial products using Party A’s entrusted funds. The aforesaid transactions will constitute Party A’s fund utilization connected transactions under the regulations of CBIRC, and Party B shall have the
obligation to identify such connected transactions and cooperate with Party A to complete the connected transaction management obligations under the regulations of CBIRC with reference to section 6.2.6 hereof. The aforesaid obligations and
procedures shall not be automatically exempted by entering into this agreement. 
  

	 	7.5	 Payment of Fee. 

  

	 	7.5.1	 The basic service fee for investment management shall be calculated on a monthly basis and paid on a quarterly
basis. 

 Monthly basic service fee for investment management=[book balance of the Entrusted Assets at the beginning of a
month (net of funds and interests from repurchases, and book value of products issued by Party B for which management fees have been paid)+ book balance of the Entrusted Assets at the end of a month (net of funds and interests from repurchases, and
book value of products issued by Party B for which management fees have been paid)]/2 × rates÷12. 
 Party B shall, within
fifteen Business Days following the end of any given billing period, gather relevant information, prepare the basic service fee report for such period and submit such report, related invoices and breakdowns to Party A. 

  
 29 

 Unless Party A, within five Business Days after receiving the foregoing report, invoices
and breakdowns, raises sufficient evidence for the unreasonableness of the amount of the basic service fee, Party A shall, within 25 Business Days following the end of such billing period, remit the amount of the basic service fee as stated in such
report, invoices and breakdowns into the account designated in writing by Party B. 
  

	 	7.5.2	 Due to the adjustment to the service fee for investment management at the end of each year, payment of service
fee for the last billing period of each year shall be extended to a period of 30 Business Days following the end of such billing period. 

  

	 	7.5.3	 For products issued by Party B for which management fees are specified in the product documents, the rates
agreed in respective contracts based on specific project conditions shall apply, and the management fee will not be otherwise charged. 

  

	 	7.5.4	 Other than as provided above, Party A shall not make any payment to Party B for the investment management
service of the Entrusted Assets provided by Party B under this Agreement. 

  

	 	7.5.5	 Both parties shall, in accordance with relevant regulations, pay their respective income taxes on their own.

  

	 	7.5.6	 If Party B violates the purpose of this Agreement, or its duties and responsibilities of management, or commits
misconduct during asset management, which results in the loss on the Entrusted Assets, it shall not claim the payment of investment management service fee before Party B has returned the Entrusted Assets to their original status or has paid
compensation in this regard. 

  

	 	7.5.7	 The adjustment to investment management service fee shall be calculated once in each fiscal year, any shortfall
or excessive amount shall be adjusted when calculating service fee for investment management in the following year, and either party shall have the right to recover such shortfall or excessive amount against the other party. 

 

	 	7.5.8	 The cost and expense arising from the engagement of external auditors, actuaries, lawyers and other
professionals by Party B in the name of Party A or in its own name for the purpose of this Agreement as consented to or acknowledged by Party A in writing under Section 3.3.2(2) shall be borne by Party A. 

  
 30 

	8.	 Appointment and Change of Authorized Representatives of Both Parties. 

 

	 	8.1	 Authorized Representatives and Their Signatures and Seals. 

Instructions, notices or other business documents sent by either party to the other party shall be signed by its legal representative or
authorized representative in accordance with their authority as set forth in legal and valid powers of attorney and affixed with their specimen seals (if any), or affixed with official seals or duly authorized business seals. 

 

	 	8.2	 Change of Authorized Representatives and Their Signatures and Seals. 

 

	 	8.2.1	 If there is any change to the legal representatives or authorized representatives of either party or their
specimen of signatures or seals (if any, same below), it shall notify the other party in advance, and provide the other party with the name, specimen of signature, seal and effective date of the changed legal representative or authorized
representative. 

  

	 	8.2.2	 The notice on the change of legal representatives or authorized representatives or their specimen of signatures
or seals shall become effective after it is signed by legal representatives or their duly authorized representatives and affixed with their seals. 

  

	 	8.2.3	 After the notice is sent, the sending party shall promptly notify the receiving party both by fax and telephone
at the same time, and such notice shall come into effect upon confirmation of receipt by the receiving party. If the receiving party fails to confirm such receipt within two Business Days, the notice shall be deemed to have been duly received.

  

	9.	 Delivery and Receipt of Documents. 

 

	 	9.1	 Both Party A and Party B shall send instructions, notices or other business documents related to this Agreement
in writing to the other party by the means deemed safe and appropriate by both parties, such as by courier, registered mail, email or fax. 

  

	 	9.2	 Unless otherwise provided herein, statements or reports sent out by courier or registered mail shall be deemed
delivered upon receipt by the other party. For notices or instructions sent out via fax, both parties shall ensure that the time set up on the fax machine is accurate and after such fax is sent, immediately notify the other party by telephone and
such fax shall be deemed delivered upon such confirmation of receipt by the other party, and such telephone confirmation shall be recorded. 

  
 31 

	 	9.3	 Other electronic data under this Agreement may be transmitted by means deemed safe and appropriate by both
parties. 

  

	 	9.4	 Both Party A and Party B shall submit the detailed contact information (including, among other things, the
mailing address, telephone number and encrypted fax number) to the other party for record. Either party shall notify the other party of the change to contact information in advance. 

 

	10.	 Discussions and Communications. 

 

	 	10.1	 Both Party A and Party B shall establish procedures for regular discussions and communications to ensure a
timely, effective and smooth communication of information, so as to improve the efficiency of management of the Entrusted Assets. 

  

	 	10.2	 Party B shall regularly conduct meeting to report on the investment of the Entrusted Assets, communicating with
Party A with respect to investment positions and discussing future investment strategies. In principle, such meeting shall be convened at least once each quarter. 

 

	 	10.3	 With respect to debts investment and equity investment plans, investments in bulk-holding stocks and
bulk-holding funds, Party A has the right to designate its employees to conduct research together with Party B. Party B shall promptly notify Party A of the research plan and any arrangements made therefore. 

 

	11.	 Confidentiality. 

  

	 	11.1	 Party B shall keep confidential information relating to the Entrusted Assets. Unless otherwise provided by
laws, regulations or this Agreement, Party B shall not disclose or use such information in any way without Party A’s prior written consent. 

  

	 	11.2	 Party A shall keep confidential Party B’s investment plans and investment intent related to the Entrusted
Assets made known to Party A during the performance of this Agreement. Unless otherwise provided by laws, regulations or this Agreement, Party A shall not disclose or use such information in any way without Party B’s prior written consent.

  
 32 

	 	11.3	 Any party shall not disclose, leak to, or jointly use with any third party commercial secrets of the other
party known by it during the performance of this Agreement without the other party’s prior written consent, unless otherwise provided by laws or this Agreement. In the event that such information is disclosed to a third party or permitted to be
used jointly with a third party under the foregoing provisions, the relevant party shall enter into confidentiality agreement with such third party. 

  

	 	11.4	 The confidentiality obligations of both parties under this Agreement shall survive the termination of this
Agreement until the fifth anniversary of date on which this Agreement is terminated. 

  
 33 

	 	11.5	 If either party’s violation of its confidentiality obligations results in the loss of the other party, it
shall compensate the other party accordingly. 

  

	12.	 Counterparts, Effectiveness, Amendments, Renewal and Termination. 

 

	 	12.1	 Counterparts, Effective Date and Term. 

 

	 	12.1.1	 This Agreement shall become effective upon execution by both parties and their respective legal representative
or authorized representatives, with their respective seals affixed hereto, and have a term from July 1, 2020 to December 31, 2022. 

  

	 	12.1.2	 This Agreement shall be executed in four counterparts, each party holding two counterparts, each counterpart
having the same legal effect. 

  

	 	12.1.3	 Exhibits hereto shall be an integral part of this Agreement, and shall have the same legal effect as this
Agreement. 

  

	 	12.2	 Amendments. 

Amendment to this Agreement shall be agreed upon by both parties and made in writing. 

 

	 	12.3	 Renewal. 

Both parties may negotiate on the renewal of this Agreement not less than 90 days prior to the expiration of this Agreement. 

 

	 	12.4	 Termination. 

  

	 	12.4.1	 This Agreement shall be terminated upon the occurrence of any one of the following circumstances:

  

	 	(1)	 One party may terminate this Agreement if the other party is in material breach of this Agreement;

  

	 	(2)	 Party B is disqualified to engage in assets management business, or dissolved, canceled, declared bankrupt or
under receivership; 

  

	 	(3)	 Party A may terminate this Agreement at its own discretion if relevant regulatory authorities or Party A has
sufficient reason or evidence to believe or prove that Party B is unable to continue to perform its assets management obligations; 

  
 34 

	 	(4)	 Party A may unilaterally terminate this Agreement when Party B is required under laws or regulations to be
replaced; 

  

	 	(5)	 The term of this Agreement expires and both parties have not agreed upon the renewal of this Agreement;

  

	 	(6)	 Both parties agree to terminate this Agreement; 

 

	 	(7)	 Party A may unilaterally terminate this Agreement early if it is required by China Banking and Insurance
Regulatory Commission to change the Investment Manager; 

  

	 	(8)	 The purpose of this Agreement cannot be realized; 

 

	 	(9)	 Party B has not corrected its violations as notified by Party A within a reasonable time of period; and

  

	 	(10)	 Party A considers the action or omission by Party B is in violation of laws, regulations or this Agreement;
however, Party A shall provide relevant explanation to Party B. 

  

	 	12.4.2	 Other than termination upon expiration or by agreement of both parties, the party intending to terminate this
Agreement shall deliver to the other party a written notice as signed by its legal representative or authorized representative and affixed with its official seal. 

 

	 	12.4.3	 If the default of one party results in the unilateral termination of this Agreement by the other party, such
party shall indemnify the other party against its loss resulting from such default. 

  

	 	12.4.4	 Upon the termination of this Agreement, Party B shall cooperate with and assist Party A in completing matters
related to the termination of this Agreement in accordance with applicable laws and regulations. Party B shall keep carefully custody of the Entrusted Assets and ensure the safety of the Entrusted Assets until all of Party A’s instructions on
liquidation and hand-over of the Entrusted Assets have been completed. 

  

	 	12.4.5	 Upon the termination of this Agreement, both parties shall complete the hand-over of the Entrusted Assets as
soon as practicable, and all of the seals for Fund Account and account cards for Securities Account of Party A, as well as all of the belongings under custody of Party B for performance of this Agreement, shall be returned, and the setup for
liquidation and data transmission for relevant account and transaction seat shall be canceled. 

  
 35 

	 	12.4.6	 Upon the termination of this Agreement, Party B shall return the files on the Entrusted Assets to Party A, with
hand-over procedures recorded in writing. 

  

	13.	 Liability for Breach of Contract. 

If any party hereto breaches this Agreement, it shall constitute breach of contract. The breaching party shall be legally liable for its breach
of contract, and indemnify the other party against its loss as a result of its breach of contract. 
  

	14.	 Exemption from Liability. 

 

	 	14.1	 Unless otherwise provided herein, within the term of this Agreement, if one party is unable to perform or
continue to perform this Agreement due to Force Majeure or other reasons which cannot be controlled or affected by parties hereto, which will have a material adverse effect on both parties or either party, both parties may negotiate on whether to
terminate this Agreement. 

  
 36 

	 	14.2	 If one party is unable to perform this Agreement due to Force Majeure or other reasons which cannot be
controlled or affected by such party, it shall notify the other party promptly, and immediately take active remedy actions to alleviate the possible loss on the Entrusted Assets and the other party. 

 

	 	14.3	 If one party is unable to fully perform this Agreement due to Force Majeure or other reasons which cannot be
controlled or affected by such party, part or all of both parties’ liability may be exempted according to the nature of such Force Majeure, provided that it has notified the other party promptly, immediately taken active remedy actions, and
provided the evidence for the Force Majeure. 

  

	 	14.4	 “Force Majeure” referred to herein means any event which cannot be predicted, avoided and overcome,
such as war or severe natural disaster. 

  

	 	14.5	 The exemption provisions herein shall survive regardless of the manner in which this Agreement is terminated.

  

	15.	 Governing Law and Dispute Resolution. 

The execution, effectiveness, interpretation, performance and dispute resolution of this Agreement shall be governed by laws, regulations and
state policies of PRC. 
 Any disputes arising from the interpretation and performance of this Agreement or related to this Agreement shall
be settled by both parties through friendly negotiation. If the dispute is not solved through friendly negotiation within 20 Business Days, either party may submit such dispute to the China International Economic and Trade Arbitration Commission for
arbitration in Beijing in accordance with its arbitration rules then in effect. The arbitration award shall be final and binding upon both parties. 

During any dispute or in the process of arbitration of any dispute, other than the matter in dispute, both parties shall exercise other rights
under this Agreement and perform other obligations under this Agreement. 
  

	16.	 Other Matters. 

During the performance of this Agreement, transactions made by Party B on behalf of Party A with a third party may constitute a related party
transaction of Party A as specified under the Administrative Measures on Related Party Transactions of China Life. Party B is obligated to identify such related party transactions, furnish relevant information to Party A before the transaction and
such transactions shall only be executed upon Party A’s approval. 

  
 37 

 Matters not addressed herein shall be determined by both parties through negotiation in
accordance with applicable laws and regulation, and when necessary, supplementary agreement may be entered into. Such supplementary agreement shall be deemed an integral part of this Agreement and have the same legal affect as this Agreement. 

In the event that there is any conflict among the body text, exhibits and supplementary agreement of this Agreement, if they are made at the
same time, the body text of this Agreement shall prevail, and if made at a different time, supplements or amendments made later shall prevail. 

  
 38 

					
	Party A:	 		 	Party B:
			
	China Life Insurance (Group) Company (Seal)	 		 	China Life Insurance Asset Management Company Limited (Seal)
			
	Legal Representative/ 
Authorized Representative (Signature)	 		 	Legal Representative/ 
Authorized Representative (Signature)

  
 39EX-4.7

 Exhibit 4.7 

English Translation 

Asset Management Agreement 

between 
 China Life
Insurance Company Limited 
 and 

China Life Asset Management Company Limited 

 Table of Contents 

 

									
	 1.
	 	 DEFINITIONS AND INTERPRETATION
	  	 	4	 
			
	 2.
	 	 INVESTMENT MANAGEMENT OF ENTRUSTED ASSETS
	  	 	6	 
				
		 	 2.1
	  	 AUTHORIZATION
	  	 	6	 
		 	 2.2
	  	 ADDITION TO OR DECREASE
OF THE ENTRUSTED ASSETS
	  	 	7	 
		 	 2.3
	  	 INDEPENDENCE OF THE
ENTRUSTED ASSETS
	  	 	7	 
		 	 2.4
	  	 REPORTS
	  	 	8	 
		 	 2.5
	  	 ACCOUNTING RESPONSIBILITY
	  	 	9	 
			
	 3.
	 	 INVESTMENT GUIDELINES
	  	 	9	 
				
		 	 3.1
	  	 DELIVERY OF INVESTMENT
GUIDELINES
	  	 	9	 
		 	 3.2
	  	 AMENDMENT TO INVESTMENT
GUIDELINES
	  	 	9	 
		 	 3.3
	  	 CHANGES TO INVESTMENT
GUIDELINES
	  	 	10	 
			
	 4.
	 	 REPRESENTATIONS AND WARRANTIES OF BOTH PARTIES
	  	 	10	 
				
		 	 4.1
	  	 REPRESENTATIONS AND WARRANTIES
OF BOTH PARTIES
	  	 	10	 
		 	 4.2
	  	 PARTY A’S REPRESENTATIONS
AND WARRANTIES
	  	 	10	 
		 	 4.3
	  	 PARTY B’S REPRESENTATIONS
AND WARRANTIES
	  	 	11	 
			
	 5.
	 	 PARTY A’S RIGHTS AND OBLIGATIONS
	  	 	12	 
				
		 	 5.1
	  	 PARTY A’S RIGHTS
	  	 	12	 
		 	 5.2
	  	 PARTY A’S OBLIGATIONS
	  	 	12	 
			
	 6.
	 	 PARTY B’S RIGHTS AND OBLIGATIONS
	  	 	13	 
				
		 	 6.1
	  	 PARTY B’S RIGHTS
	  	 	13	 
		 	 6.2
	  	 PARTY B’S OBLIGATIONS
	  	 	14	 
			
	 7.
	 	 RISK CONTROL
	  	 	16	 
			
	 8.
	 	 INSPECTION, SUPERVISION AND REVIEW
	  	 	16	 
			
	 9.
	 	 INVESTMENT MANAGEMENT FEES AND OTHER EXPENSE
	  	 	17	 
				
		 	 9.1
	  	 DEFINITION OF INVESTMENT
MANAGEMENT FEES
	  	 	17	 
		 	 9.2
	  	 CALCULATION OF FIXED
INVESTMENT MANAGEMENT FEE
	  	 	17	 
		 	 9.3
	  	 PAYMENT OF FIXED INVESTMENT
MANAGEMENT FEE
	  	 	19	 
		 	 9.4
	  	 CALCULATION AND PAYMENT OF FLOATING
INVESTMENT MANAGEMENT FEE
	  	 	19	 
		 	 9.5
	  	 CALCULATION AND PAYMENT OF MANAGEMENT FEES FOR FINANCIAL PRODUCTS
	  	 	20	 
		 	 9.6
	  	 UPPER LIMITS OF INVESTMENT MANAGEMENT FEES
	  	 	21	 
		 	 9.7
	  	 THIRD PARTY COST AND
EXPENSE
	  	 	21	 
		 	 9.8
	  	 VAT-RELATED PROVISIONS
	  	 	22	 

  
 2 

									
			
	 10.
	 	 CONFLICTS OF INTEREST AND PROHIBITED ACTIVITIES
	  	 	23	 
			
	 11.
	 	 CONFIDENTIALITY
	  	 	25	 
			
	 12.
	 	 BREACH OF CONTRACT AND INDEMNIFICATION
	  	 	26	 
			
	 13.
	 	 FORCE MAJEURE
	  	 	26	 
			
	 14.
	 	 TERMINATION
	  	 	27	 
			
	 15.
	 	 PERFORMANCE
	  	 	28	 
			
	 16.
	 	 NOTICES
	  	 	29	 
			
	 17.
	 	 ASSIGNMENT
	  	 	30	 
			
	 18.
	 	 SEVERABILITY
	  	 	30	 
			
	 19.
	 	 GOVERNING LAW AND DISPUTE RESOLUTION
	  	 	30	 
			
	 20.
	 	 EFFECTIVENESS, COUNTERPARTS AND OTHERS
	  	 	31	 
		
	 EXHIBIT:
	  	 	31	 

  
 3 

 This Asset Management Agreement (“Agreement”) was entered into by and between the following
two parties in Beijing on July 1, 2020 in accordance with applicable laws, regulations and rules: 
  

	•	 	 China Life Insurance Company Limited (“Party A”) Address: China Life Plaza, 16 Financial Street,
Xicheng District, Beijing 

  

	•	 	 China Life Asset Management Company Limited (“Party B”) Address: 20/F, China Life Center, 17
Financial Street, Xicheng District, Beijing 

 WHEREAS, 
  

	(1)	 Party A is a duly organized and validly existing joint stock company engaging in life insurance business.

  

	(2)	 Party B is a duly organized and validly existing company qualified to carry out investment management of
insurance funds. 

 THEREFORE, based upon the principle of mutual benefit and through friendly negotiation, both parties agree as follows:

  

	1.	 Definitions and Interpretation. 

 

	 	1.1	 “Entrusted Assets and Entrusted Investment Categories”. “Entrusted
Assets” refer to the assets entrusted by Party A to Party B for the purpose of investment management, which include the insurance assets entrusted by Party A to Party B for investment management before this Agreement comes into
effect, the funds and assets remitted or transferred into the Fund Account by Party A from time to time during the term hereof, and the assets and income arising from the investment management of such funds. 

“Entrusted Investment Categories” refer to all of the investment categories Party B is qualified to make and Party A has
authorized or permitted Party B to make and permitted under current laws and regulations. 
  

	 	1.2	 “Entrusted Investment Management” refers to the professional investment operation of the
Entrusted Assets and the related services provided by Party B in the name of Party A in accordance with this Agreement, the Investment Guidelines formulated by Party A and the Insurance Law of the People’s Republic of China, Tentative
Regulations on the Administration of Insurance Asset Management Companies, Interim Measures for the Administration of Utilization of Insurance Funds and other applicable laws and regulations, as well as applicable rules of regulatory authorities.

  
 4 

	 	1.3	 “Custodian” refers to the commercial bank qualified to have custody of the insurance funds and
designated by Party A to keep custody of the Entrusted Assets under this Agreement. 

  

	 	1.4	 “Investment Guidelines” refer to the written document formulated by Party A for the purpose of
carrying out the entrusted investment business and amended by Party A from time to time as maybe required, defining the scope, categories and proportions of the investment by Party B; setting forth the limitations on investment strategies, the
trading parties, the acceptable degree of risks of the investment by Party B, service requirements and performance evaluation methods; and providing, among other things, objectives of investment return and investment criteria. 

 

	 	1.5	 “Fund Accounts” refers to 1) the bank account opened by Party B in the name of Party A
according to external regulatory provisions and used exclusively for the pooling of entrusted investment funds, of which the name is “Account of XX of China Life Asset Management Company Limited Entrusted by China Life Insurance Company
Limited”, and 2) the fixed deposit account opened by Party B in the name of Party A with a commercial bank jointly accepted by Party A and Party B for the purpose of transacting negotiated deposits of large insurance funds and the current
account opened for other investment needs. 

  

	 	1.6	 “Securities Account” refers to the special securities account Party A has authorized Party B
or the Custodian to duly open in the name of Party A for the Entrusted Assets. 

  

	 	1.7	 “Strategic Investment Decisions (Directives)” refer to the strategic arrangement made
by Party A in respect of investment according to the need of business and company development, including, among other things, priority arrangement on investment and implementation of individual investment acts, being either effective supplement to
the Investment Guidelines or specific investment acts under the Investment Guidelines. 

  

	 	1.8	 “Party A Directives” refer to the directives to transfer out funds and the Strategic
Investment Decisions (Directives) made by Party A to Party B in written with respect to matters relating to the investment and management of the Entrusted Assets and which Party B is required to implement. Under urgent circumstances, Party A may
make such directives by phone, however, it shall provide written confirmation promptly after such circumstances have ended. 

  

	 	1.9	 “Party A Notice” refers to any of the written documents Party A sends to Party B requesting
Party B to put adequate focus and take necessary actions with respect to matters relating to the investment and management of the Entrusted Assets in order to protect the interest of Party A. 

  
 5 

	 	1.10	 “Party A Reminder” refers to any of the written documents Party A sends to Party B requesting
Party B to put adequate focus on time arrangement, business plan, report implementation and risk control with respect to the Entrusted Investment Management and which Party B shall implement. 

 

	 	1.11	 “Service Standards Manual” refers to the Exhibit attached hereto entitled “Service
Standards Manual for Asset Management by China Life Asset Management Company Limited Authorized by China Life Insurance Company Limited”, the written document setting forth the specific contents, manner and other details of the investment
management services provided by Party B to Party A pursuant to the master agreement. 

  

	2.	 Investment Management of Entrusted Assets. 

 

	 	2.1	 Authorization. 

  

	 	2.1.1	 Party A shall entrust the Entrusted Assets to Party B for investment management, provided that Party A shall
have the ownership of the Entrusted Assets. During the term of this Agreement, Party A shall retain the ownership of the Entrusted Assets and shall be entitled to investment gains of, and bear the investment losses of, the Entrusted Assets. However,
Party B shall bear the losses incurred due to Party B’s action unauthorized under this Agreement and Investment Guidelines and without Party A’s consent. 

 

	 	2.1.2	 Party B’s implementation of the investment management of Entrusted Assets shall comply with laws,
regulations, provisions and applicable requirements of insurance regulatory authorities, as well as the Investment Guidelines formulated and/or revised by Party A in accordance with this Agreement. Party B shall owe fiduciary duty and diligence duty
to Party A. Party B shall conduct the investment management of Entrusted Assets with due care and with the same degree of experience, skills, judgment and care as those used for its own funds. Subject to the above provisions, Party B shall have
discretion over the decision-making and operations of the Entrusted Assets. 

  

	 	2.1.3	 Party B shall cooperate with the Strategic Investment Decisions made by Party A for the business or company
development need. However, such investment may not be included in the year-end performance evaluation of Party B. 

  
 6 

	 	2.1.4	 Upon Party A’s approval or acknowledgement and after carrying out necessary authorization procedures,
Party B may employ auditors, actuaries, attorneys and other professionals in the name of Party A for the purpose of this Agreement. 

  

	 	2.1.5	 Party A shall, within 30 business days following the execution of this Agreement or at any other time mutually
agreed by both parties, carry out such authorization procedures necessary to enable Party B to conduct investment management for the Fund Accounts and Securities Account relating to the Entrusted Assets (the “Special Accounts”). Existing
authorizations shall continue to be valid. The Special Accounts shall be used only for the investment management of the Entrusted Assets. 

  

	 	2.2	 Addition to or Decrease of the Entrusted Assets. 

Party A may, within the term of this Agreement, based on Party A’s need for operating funds, increase or decrease Entrusted Assets in the
manner provided in the Service Standards Manual. 
  

	 	2.3	 Independence of the Entrusted Assets. 

 

	 	2.3.1	 Entrusted Assets shall be independent from the non-entrusted assets of
Party A, and independent from the self-owned assets of Party B and other assets managed by Party B. 

  

	 	2.3.2	 Rights and obligations arising out of Party B’s management and use of Entrusted Assets shall not be set
off by rights and obligations arising out of the self-owned assets of Party B. Rights and obligations arising out of Party B’s management and use of Entrusted Assets shall not be set off by rights and obligations arising out of Party B’s
management and use of the assets entrusted to it by others. 

  

	 	2.3.3	 In the event that civil disputes arise between Party B and other entities or individuals, Entrusted Assets
shall not be seized, frozen, or set off. Without Party A’s consent, no security, mortgage or pledge shall be created on Entrusted Assets. 

  
 7 

	 	2.3.4	 Party B shall not assert that the creditors of the debts not arising from the investment of Entrusted Assets
have enforceable right on such debts. Party B shall take reasonable actions to ensure that such creditors shall not exert rights on Entrusted Assets. 

  

	 	2.3.5	 In the event that Party B is liquidated due to dissolution, cancellation, or declaration of bankruptcy under
the law, Entrusted Assets shall not be listed as its liquidation assets. 

  

	 	2.4	 Reports. 

  

	 	2.4.1	 Party B shall, in accordance with the requirements of Service Standards Manual and Investment Guidelines,
provide to Party A financial, investment and risk reports and market analysis reports of Entrusted Assets. The reports provided by Party B shall fully reflect its professional capability and service quality. 

 

	 	2.4.2	 Party B shall, in accordance with external regulatory, disclosure and internal management requirements of Party
A, prepare financial reports under both PRC accounting standards and accounting principles as required by the stock exchange on which Party A is listed, and provide other accounting information required by Party A. 

 

	 	2.4.3	 Party B shall ensure that the reports, statements, descriptions and information described under the foregoing
sections are true, complete, prompt, accurate and in compliance. 

  

	 	2.4.4	 Party A shall have the ownership of the data and files generated by the operation and management of Entrusted
Assets under this Agreement. Party A shall have the right to obtain all the information, such as business data, transaction data and financial condition, relating to Entrusted Assets and investments thereof. Party A shall have the right to read,
inspect, duplicate accounting statements, related books, and vouchers of Entrusted Assets, and transaction records, computer data, agreements, resolutions and relevant management system of investment business, as well as documents and statements
requested by Party A under this Agreement, and shall have the right to request Party B to make necessary explanations. If Party A requests for other relevant data for the purpose of preparing financial statements and business reports or other
business needs, Party B shall cooperate actively and provide such data promptly. 

  
 8 

	 	2.4.5	 Party B shall prepare solvency reports and statements under the solvency rule as required by the China Banking
and Insurance Regulatory Commission (“CBIRC”) and provide other regulatory and management information requested by Party A in accordance with Party A’s requirements for external regulation, information disclosure and internal
management. 

  

	 	2.5	 Accounting Responsibility. 

Party A shall undertake the accounting responsibility of Entrusted Assets, and shall be ultimately liable for accounting responsibility of
Entrusted Assets. Party A, as the owner of the entrusted assets, shall provide to Party B the accounting method and assets valuation method of the Entrusted Assets under PRC Enterprise Accounting Principles and International Financial Reporting
Standards. Valuation of the Entrusted Assets shall be conducted in accordance with the valuation method developed by Party A. Party B shall, in accordance with the requirements of Service Standards Manual, conduct accounting and financial management
of entrusted assets, and be responsible for the quality of the accounting work. 
  

	3.	 Investment Guidelines. 

 

	 	3.1	 Delivery of Investment Guidelines. 

Within the term of this Agreement, Party A shall provide the Investment Guidelines to Party B in writing based on its business needs and
according to regulatory requirements. If Party A does not provide the annual Investment Guidelines in a timely fashion, the Investment Guidelines most recently delivered by Party A shall apply to Party B’s management of Entrusted Assets. 

 

	 	3.2	 Amendment to Investment Guidelines 

 

	 	3.2.1	 During the term of this Agreement, Party A may amend the Investment Guidelines from time to time as it deems
necessary and shall provide to Party B any such amendment. If there is no objection from Party B, it shall, from 3 business days after receipt of Party A’s notice on the amendment to Investment Guidelines, start conducting the investment
operation in accordance with the amended Investment Guidelines. 

  

	 	3.2.2	 Party A shall consult with Party B for its professional opinion in formulating or revising the Investment
Guidelines in accordance with this Agreement, and Party B shall provide such opinion. 

  
 9 

	 	3.3	 Changes to Investment Guidelines. 

 

	 	3.3.1	 If Party B has disagreement over the amended Investment Guidelines, it shall, within three (3) business
days after receiving the notice, notify Party A and state its reasons in written. Party A shall, within three business days after receiving Party B’s notice, give written response. During such disagreement period, Party B shall implement the
original Investment Guidelines; 

  

	 	3.3.2	 If Party A decides to keep the amendment, Party B shall comply. If Party A withdraws the amendment, the
original Investment Guidelines shall apply. 

  

	4.	 Representations and Warranties of Both Parties. 

 

	 	4.1	 Representations and Warranties of Both Parties. 

Each party hereto shall make the following representations and warranties to the other party that: 

 

	 	4.1.1	 It shall have the capacity and capability to execute and perform this Agreement, and shall have the full rights
and authorization to execute this Agreement, including, without limitation, approvals, consents or permits from relevant government departments and regulatory authorities, as well as the internal corporate authorizations; 

 

	 	4.1.2	 This Agreement shall become binding and enforceable upon it after this Agreement comes into effect in the
manner stipulated in the Agreement; and 

  

	 	4.1.3	 Its execution and performance of this Agreement shall not be in conflict with its current articles of
association, internal by-laws, or any other agreements, documents and obligations to which it is a party, and shall not be in violation of any current laws, regulations, rules, judgments, verdicts,
administrative authorizations, orders or decisions applicable to both parties. 

  

	 	4.2	 Party A’s Representations and Warranties. 

 

	 	4.2.1	 It shall ensure that Entrusted Assets shall be legally obtained and can be legally invested by Party B in
accordance with relevant provisions and requirements of laws, regulations and regulatory authorities. It shall ensure that Investment Guidelines and investment instructions it provides to Party B under this Agreement shall comply with relevant
provisions and requirements of laws, regulations, insurance regulatory authorities and other regulatory authorities; 

  
 10 

	 	4.2.2	 It shall bear any losses on Entrusted Assets or other funds of Party A arising from the operational risks of
other parties to the transactions, including, without limitation, the liquidation of relevant banks; However, losses incurred due to Party B’s fault shall be assumed by Party B; and 

 

	 	4.2.3	 It shall acknowledge and agree that Party B shall not make undertakings or guarantees for the investment gains
of Entrusted Assets under this Agreement, and shall not undertake or guarantee that Entrusted Assets shall not suffer losses. 

  

	 	4.3	 Party B’s Representations and Warranties. 

 

	 	4.3.1	 It shall be equipped with experienced professionals appropriate for the scale and categories of Entrusted
Assets to be in charge of the investment and management of Entrusted Assets. 

  

	 	4.3.2	 It shall have established sound internal risk controls, inspection and audit, financial management and
personnel administration systems and ensure the effectiveness of internal controls; 

  

	 	4.3.3	 It shall establish adequate and reliable catastrophe recovery system as soon as possible, and maintain the
feasibility and effective implementation of the system. Such catastrophe recovery system shall be able to handle various risks, calamities and disasters, and ensure that it shall, after the occurrence of catastrophes, continue to perform such
obligations as investment management, liquidation and settlement, and cash management within the time period as requested by Party A, and comply with the basic business requirements on the management of Entrusted Assets; and 

 

	 	4.3.4	 It shall not engage in activities prohibited by this Agreement and other activities prohibited by laws,
regulations and regulatory authorities. 

  
 11 

	5.	 Party A’s Rights and Obligations. 

 

	 	5.1	 Party A’s Rights. 

 

	 	5.1.1	 It shall have the ownership and relevant rights of Entrusted Assets and investment gains thereof;

  

	 	5.1.2	 It shall be entitled to the economic benefits that are supposed to belong to it due to Party B’s unfair
treatment to the Entrusted Assets, Party B’s self-owned assets and other assets entrusted by a third party; 

  

	 	5.1.3	 It shall have the right to supervise, inspect, examine and evaluate the investment operation of Entrusted
Assets under this Agreement; 

  

	 	5.1.4	 It shall have the right to give instruction on issues which may exist in respect of the operation and
management of investment, liquidation and settlement, accounting valuation and risk controls by Party B, as well as service quality, and to advise on improvement; 

 

	 	5.1.5	 It shall, within the duration of this Agreement, have the right to designate a third party Custodian as
according to regulatory policies or business needs; 

  

	 	5.1.6	 It shall have the right to send directives, notices and reminders to Party B within the scope of this
Agreement; 

  

	 	5.1.7	 It shall have the right to propose in writing replacement of key personnel including investment manager during
the performance of this Agreement; 

  

	 	5.1.8	 Subject to regulatory requirements and Party B’s obligations to other entrusting parties, it may check the
accounting system of Party B and request Party B to state the reasons for significant issues in writing; 

  

	 	5.1.9	 Such other rights as provided herein; and 

 

	 	5.1.10	 Such other rights as provided by laws and regulations. 

 

	 	5.2	 Party A’s Obligations. 

 

	 	5.2.1	 Party A shall, in accordance with this Agreement, pay fees for the management of Entrusted Assets and related
payments and expenses in a timely fashion; 

  

	 	5.2.2	 It shall formulate and provide Investment Guidelines in a timely fashion; 

  
 12 

	 	5.2.3	 It shall provide to Party B periodically cash flow forecast of the debtor of Entrusted Assets and information
that may be subject to significant change. It shall promptly consult with Party B in regard to any significant event that may affect cash flow, such as significant changes of insurance market, company products and adjustment to channel strategies.
With respect to the transfer of relatively large-scale fund as requested by the debtor of Entrusted Assets, it shall consult with and notify Party B in advance, and cooperate with Party B to lessen the effect of such transfer on investment of
Entrusted Assets; 

  

	 	5.2.4	 It shall, within the term of this Agreement, take any necessary actions to assist Party B in performing its
obligations hereunder, including, without limitation, execution of necessary documents; 

  

	 	5.2.5	 It shall provide Party B with a list of connected persons and update the list in a timely manner;

  

	 	5.2.6	 Such other obligations as provided herein; and 

 

	 	5.2.7	 Such other obligations as provided by laws and regulations. 

 

	6.	 Party B’s Rights and Obligations. 

 

	 	6.1	 Party B’s Rights. 

 

	 	6.1.1	 Unless otherwise provided by laws, regulations or this Agreement, subject to Investment Guidelines, Party B
shall have the right to conduct investment management and make investment instructions with respect to Entrusted Assets under this Agreement, without giving prior notice to Party A; 

 

	 	6.1.2	 It shall, in accordance with this Agreement, conduct liquidation and settlement with respect to assets not
under the custody of a third party; 

  

	 	6.1.3	 It shall collect the investment management service fees in accordance with this Agreement;

  

	 	6.1.4	 It shall have the right to give professional advice on the formulation and amendment of Investment Guidelines;

  

	 	6.1.5	 It shall have the right to give professional advice on the choice and examination by Party A of a third-party
independent Custodian; 

  
 13 

	 	6.1.6	 Such other rights as provided herein; and 

 

	 	6.1.7	 Such other rights as provided by laws and regulations. 

 

	 	6.2	 Party B’s Obligations. 

 

	 	6.2.1	 Party B shall honestly, carefully and diligently manage the Entrusted Assets; 

 

	 	6.2.2	 Party B shall, in accordance with laws, regulations, regulatory requirements, this Agreement, Investment
Guidelines and Party A’s written directives, conduct Entrusted Investment Management and respond effectively to Party A Notices and Party A Reminders in a timely fashion and take necessary actions to implement such notices and reminders;

  

	 	6.2.3	 Party B shall, in accordance with this Agreement, Service Standards Manual and Investment Guidelines, perform
obligations such as special management, accounting responsibility, report obligation, risk control, file management, system management and other service obligations; 

 

	 	6.2.4	 Party B shall inform Party A in writing of any changes in key personnel including investment manager;

  

	 	6.2.5	 In case a connected person of Party A is involved in an underlying asset in which Party B invests the entrusted
funds, Party B shall promptly report the investment and provide information on the transaction as required by Party A so as to assist Party A in fulfilling its regulatory obligations in relation to connected transactions; 

 

	 	6.2.6	 Party B shall actively assist and cooperate with Party A when Party A entrusts the independent custody of
Entrusted Assets to a third party. Both parties shall enter into written agreement additionally to provide for such matters as Party B’s obligations and work process in regard to the custody of assets; 

 

	 	6.2.7	 It shall cooperate with outside auditor consented to by Party A in the audit of Entrusted Assets, and
communicate in advance with Party A and the auditor with respect to complicated accounting matters; 

  
 14 

	 	6.2.8	 It shall initiatively assist in the implementation of Party A’s investment management system, asset and
liability management system and financial system, establish a regular contact mechanism, provide relevant data required by such implementation as requested by Party A in a reasonable time manner; 

 

	 	6.2.9	 It shall cooperate with Party A in the inspection of Entrusted Assets, and within a reasonable period, provide
provisional data and material required by regulatory authorities and management of Party A; 

  

	 	6.2.10	 It shall notify Party A promptly of any loss on Entrusted Assets or funds of Party A as a result of operating
risk of other party to the transaction, and shall have the right of recourse in the name of Party A or Party A’s investment manager in accordance with Party A’s authorization; 

 

	 	6.2.11	 According to Basic Regulations on Corporate Internal Control and the complementary guidelines (Implementation
Guidelines for Corporate Internal Control, Evaluation Guidelines for Corporate Internal Control and Audit Guidelines for Corporate Internal Control) jointly issued by the Ministry of Finance, the China Securities Regulatory Commission
(“CSRC”) and other regulatory authorities, and the United States Sarbanes Oxley Act, as a company controlled by Party A, Party B is obliged to conduct the evaluation of internal control and internal audit accepting external auditors. Party
B shall be subject to the quality inspection of the annual internal control self evaluation by Party A, and report the results of such evaluation as requested by Party A; 

 

	 	6.2.12	 Party B shall share with Party A the outside research sources and communication opportunities with respect to
Entrusted Assets; 

  

	 	6.2.13	 Party B shall timely provide Party A with the information of new connected persons formed as a result of the
entrusted asset investment, and cooperate with Party A to complete the update of the list of connected persons; 

  

	 	6.2.14	 Such other obligations as provided herein; and 

 

	 	6.2.15	 Such other obligations as provided by laws and regulations. 

  
 15 

	7.	 Risk Control. 

  

	 	7.1	 Party B shall, in accordance with relevant rules and requirements of regulatory authorities, form risk
management department and establish investment management system and risk control system compliant with regulatory requirements such as C-ROSS, inspect and supervise the investment business of Entrusted
Assets. It shall inform Party A in a timely fashion of abnormalities or violations in the transactions of the Entrusted Assets. Party A may inspect the establishment and implementation of the investment management and risk control systems by Party
B, and Party B shall give adequate cooperation for the risk management measures taken by Party A with regard to Entrusted Assets. 

  

	 	7.2	 Party B shall formulate the Emergency Management Plan for Significant Unexpected Events of Insurance Asset
Management (including emergency management plan for significant unexpected events of all Entrusted Investment Categories) in accordance with applicable provisions issued by the China Banking and Insurance Regulatory Commission and provide it to
Party A for record. 

  

	 	7.3	 Party B shall formulate, establish and continuously improve relevant rules and systems. In particular, Party B
shall establish risk isolation mechanisms between the Entrusted Assets and the assets owned by Party B or entrusted by other parties. 

  

	 	7.4	 Party A and Party B shall establish a risk communication mechanism to discuss and reach resolutions on issues
requiring special attention, sudden events and important information. If either party deems it necessary to hold such risk communication meetings on issues requiring special attention, sudden events and important information, it shall have the right
to convene such risk communication meetings and the other party shall be obligated to cooperate. 

  

	8.	 Inspection, Supervision and Review. 

 

	 	8.1	 Party A may conduct on-site or
off-site inspection and supervision of the management of Entrusted Assets on a regular or non-regular basis, and Party B shall provide convenience and assistance.

  

	 	8.2	 Party B shall cooperate with Party A in relevant supervision and inspection of Entrusted Assets by regulatory
authorities. Party B shall promptly notify Party A of the status of regulatory authorities’ inspection. 

  

	 	8.3	 Party B shall assist the auditor personnel of Party A or engaged by Party A for the audit of Entrusted Assets
in their work. 

  
 16 

	 	8.4	 Party A may designate representatives to Party B, who shall supervise Party B’s performance of this
Agreement and Investment Guidelines on behalf of Party A. As long as Party B is not in violation of its confidentiality obligations to other entrusting parties, Party A may send special personnel to participate in Party B’s business meetings
and business research related to Entrusted Assets under this Agreement, and Party B shall give active cooperation. However, Party A’s representatives shall not interfere with normal investment management activities of Party B.

  

	 	8.5	 Supervision by Custodian. Party B shall be subject to the supervision of its investment activities by the
Custodian designated by Party A, and cooperate with the compliance inspection by Custodian, check with Custodian the status of Entrusted Assets in a timely fashion, provide relevant information and be responsible for the truthfulness and accuracy of
such information. 

  

	 	8.6	 Performance Review. Party A shall, within 90 business days after the submission of the annual final account
data to Party A by Party B, review and evaluate the investment status of the Entrusted Assets for that year and related services provided by Party B in accordance with this Agreement, Investment Guidelines and related rules on investment performance
review, to determine the plan for payment of floating fee and notify Party B in writing. 

  

	9.	 Investment Management Fees and Other Expense. 

 

	 	9.1	 Definition of Investment Management Fees. 

Investment management fees refer to the compensation Party A shall pay to Party B in accordance with the rates, calculation method and payment
procedures set forth in this Agreement, the Investment Guidelines and financial product contracts for investment management of Entrusted Assets and services provided by Party B under this Agreement. Investment management fees include fixed fee and
floating fee. The two parties shall pay and charge the investment management fee at an arm’s length and based on good faith as well as normal business terms without deviating from prices or rates available from an independent third party in the
market; 
  

	 	9.2	 Calculation of Fixed Investment Management Fee. 

  
 17 

	 	9.2.1	 Basic Management Fee Rates by Categories (R) 

 

					
	 Categories
	  	 Rates (BP)

	 Bonds
	  	 Tradable bonds
	  	15. 00
		  	
Non-tradable bonds
	  	8. 00
	 Deposits
	  	3. 00
	 Stocks
	  	 High dividend stocks
	  	10. 00
		  	 Other stocks
	  	30. 00
		  	 Preferred stocks
	  	10. 00
	 Funds
	  	20. 00
	 Purchased financial products
	  	10. 00
	 Financial products sponsored by Party B
	  	According to the then efective legal
documents for financial products
	 Equity investment
	  	30. 00
	 Derivatives investment
	  	10. 00
	 Liquidity management
	  	2. 00

 Basic management fee rates for specific categories and other new investment categories permitted by regulatory authorities and
approved by Party A will be clarified in the Investment Guidelines. 
  

	 	9.2.2	 Calculation of fixed investment management fees 

Fixed investment management fees shall be calculated based on the net asset value of total assets at the end of any given day on a daily
basis. The calculation formula shall be as follows: 
 F = (V x R) ÷ 360 (“F” stands for
daily service fee for investment assets; “V” stands for net value of investment assets at the end of any given day; and “R” stands for the basic annual rate applicable to investment categories.) 

 

	 	9.2.3	 For investment assets not specified in section 9.2.2 above which come into existence from time to time in the
future as permitted and approved by applicable laws, regulations and the insurance regulatory authority, Party A and Party B shall timely negotiate with each other to determine the annual rates and net value calculation methods and establish
the same in writing within 3 months after such investments are made. On the premise that the conditions for calculating the net value of investment assets on a daily basis are met, Party A and Party B shall reach a written agreement
through consultation on the daily valuation method for determining the net value of investment assets. 

  
 18 

	 	9.2.4	 For deposits, stocks, funds, financial products and other investment categories, the basic management fee rate
in relation to instruction-based investment, accounting of instruction-based accounts and pooling accounts for premiums as well as operations and other services is fixed at 0.2‰. 

 

	 	9.3	 Payment of Fixed Investment Management Fee. 

 

	 	9.3.1	 Payment of fixed investment management fee shall be made on a quarterly basis. 

 

	 	9.3.2	 Party B shall complete verification of the management fee for the previous month with the Custodian within the
first 10 business days of any given month, and send the list and calculation basis for the fee payable for the previous month that has been verified with the Custodian to Party A by email; Party B shall send to Party A hard copies (affixed with its
official seal) of lists and calculation basis for the fee payable for the previous quarter within 10 business days after the end of each quarter. If Party A has not raised any objection, it shall issue a formal confirmation affixed with its
official seal to the Custodian within 10 business days after receipt of the aforesaid hard copies, and require the Custodian to pay the fee out of the Entrusted Assets in accordance with the confirmation. 

 

	 	9.3.3	 The calculation, confirmation, objection handling and payment procedures of the management fees for the
entrusted assets are the same as those mentioned above, but the Custodian shall perform the calculation of management fees and sending the calculation results, submit the same to to Party A for review after reconciliation by Party B and the
Custodian. 

  

	 	9.4	 Calculation and Payment of Floating Investment Management Fee. 

Calculation and payment of floating fee shall be made on a yearly basis. Party A shall review and evaluate the investment status of the
Entrusted Assets and related services provided by Party B for the current year, and determine the rate of the floating fee for that year based on the performance score given in connection with such review. Floating management fee for the current
year equals to the product of the base of annual floating management fee multiplied by the payment ratio. The base of the floating management fee equals to 20% of the fixed management fee for the current year. Payment ratio for the floating
management fee for the current year equals to the result of a formula: (performance score–60)÷40. In case of a positive floating investment management fee, generally it shall be paid before September 1 of the next year; in case of a
negative floating investment management fee, the corresponding amount shall be deducted from the fixed management fee payable in the following year. The method of performance review shall be reflected in the Investment Guidelines by assessing Party
B’s absolute investment performance, relative investment performance and management efficiency, wherein the setting of the absolute investment performance assessment target is mainly based on Party A’s asset allocation plan and the
requirements of profit and income; the setting of the relative investment performance assessment target is based on the market-oriented benchmark requirements of various types of investment return level; the management efficiency mainly assesses the
implementation of Investment Guidelines, agreement related service quality and internal control compliance, etc. 

  
 19 

	 	9.5	 Calculation and Payment of Management Fees for Financial Products 

If Party B subscribes for financial products issued, managed or advised by Party B using Party A’s funds, including but
not limited to investment plans, asset-backed plans and insurance asset management products. the issuance fees, investment management fees and financial advisory fees for such products shall be charged according to the legal documents then entered
into for such financial products. 
 Party B shall perform the obligation of good faith and diligence for the benefit of
Party A, and make clear the corresponding investment management fees by taking into account the financial market environment, financial regulatory policies, financial product categories, underlying asset types, management services, risk return
characteristics, performance incentive methods and other factors, and referring to the pricing level of similar transactions in the market, and set forth the same in the legal documents and apply the same to all investors under the same financial
product. For some equity financial products with large risks and income fluctuations, in order to encourage Party B to obtain excess investment income, under the premise of complying with relevant laws, regulations and regulatory provisions, it can
be agreed in the product contract that, as a part of the management fee, an excess performance reward will be paid at an agreed benchmark and percentage according to the actual investment income of the financial products. Party B shall ensure that
the pricing of the investment management fees of financial products follows the general commercial principles and market practices, conforms to the principles of good faith and fairness, and refers to the rate level of similar financial products
issued by independent third-party institutions in the market. And under the same market environment and conditions, it shall not deviate from the fair market price or the prevailing pricing level. 

  
 20 

 All expenses of financial products will be calculated according to the rate
agreed in the specific financial product contract and directly accrued in the product assets, which is applicable to all investors under the same financial product, and will be directly deducted from the product assets and paid to Party B according
to the cycle and process agreed in the product contract. 
  

	 	9.6	 Upper Limits of Investment Management Fees 

Based on the current status of entrusted investment management between the two parties, the growth scale of
Party A’s investment business in the coming years and the needs of daily liquidity arrangement of investment funds, it is reasonably estimated and agreed that the upper limits of investment management fees (including floating management
fees) payable to Party B within the three years from the date of effectiveness hereof to December 31, 2022 shall be RMB 3 billion, RMB 4 billion and RMB 5 billion respectively. 

In order to meet Party A’s regulatory obligations for connected transactions under the rules of listing venues, the upper
limits agreed herein include the issuance fees and investment management fees incurred by Party B’s subscription of Party B’s financial products using Party A’s entrusted funds. The aforesaid transactions will constitute Party
A’s fund utilization connected transactions under the regulations of CBIRC, and Party B shall have the obligation to identify such connected transactions and cooperate with Party A to complete the connected transaction management obligations
under the regulations of CBIRC with reference to section 6.2.6 hereof. The aforesaid obligations and procedures shall not be automatically exempted by entering into this agreement. 

 

	 	9.7	 Third Party Cost and Expense 

 

	 	9.7.1	 Definition and scope. 

Third party cost and expense shall mean the cost and expense charged by a third party and incurred by Party B in performing the investment
management service under this Agreement, except for the investment management fee paid by Party A to Party B under this Agreement, including, without limitation, any expense arising from the engagement by Party B in the name of Party A of such
outside auditors, actuaries, lawyers or other professionals as designated by Party A or recommended by Party B and approved by Party A for the purpose of this Agreement, and any transaction fees or bank expenses incurred in connection with this
Agreement. 

  
 21 

	 	9.7.2	 Third party cost and expense shall be borne by Party A to the extent of the actual amounts incurred. Subject to
different situations, the payments of the third-party cost and expense may be made by Party A directly to the third party or withdrawn by Party B or the Custodian with Party A’s authorization directly from the Entrusted Assets. Party B shall
under no circumstances be obligated to pay the third-party cost and expense with its own funds. 

  

	 	9.7.3	 Party A shall not be obligated to bear any cost and expense other than those provided under this Agreement.

  

	 	9.8	 VAT-related Provisions 

 

	 	9.8.1	 The agreed investment management fees include value added tax (VAT) at a tax rate currently in effect;

  

	 	9.8.2	 During the term hereof, the tax-inclusive fees hereunder will remain
unchanged even if any adjustments have been made to the VAT rate by fiscal and taxation authorities; 

  

	 	9.8.3	 Party B will not charge VAT or additional levies on such business in addition to the contract price unless
otherwise agreed in writing by the two parties; 

  

	 	9.8.4	 Party B shall issue a legal and valid VAT special invoice to Party A for investment management fees charged by
it. In case of any losses of VAT deduction incurred by Party A resulting from Party B’s failure to provide legal and valid VAT special invoices that are acceptable to Party A, Party B agrees that such losses will be deducted from the settlement
price. In case of losses in enterprise income tax incurred by Party A resulting from Party B’s failure to provide legal and valid certificates that are acceptable to Party A, Party B agrees that it will make equivalent compensation (or have the
losses deducted from the settlement price); 

  

	 	9.8.5	 The two parties shall fulfill their respective tax payment and withholding obligations resulting from this
agreement pursuant to applicable tax regulations. 

  
 22 

	10.	 Conflicts of Interest and Prohibited Activities. 

 

	 	10.1	 Party A hereby recognizes that, when Party B conducts investment management of Entrusted Assets and, at the
same time, in regard to its own assets or the assets of any third party, conflicts of interest may arise in respect of (but not limited to) the distribution of resources, provision of services and allocation of investment opportunities.

  

	 	10.2	 When Party B determines in its professional judgment that there is an existing or possible conflict of
interest, Party B shall notify Party A of such conflict of interest in a timely fashion. 

  

	 	10.3	 Party B shall, in the principle of trust, fairness and reasonableness, take any necessary action or measure to
deal with such conflicts of interest, to ensure that Party A’s legal interests are not damaged. 

  

	 	10.4	 Party B shall not engage in any of the following activities: 

 

	 	10.4.1	 Using Entrusted Assets under this Agreement to pursue its own interest or the interest of any third party, in
the event that Party B uses Entrusted Assets to pursue its own interest or the interest of any third party, the interest so gained by Party B shall belong to Entrusted Assets; 

  
 23 

	 	10.4.2	 Without Party A’s prior written consent, transferring the right to manage the Entrusted Assets under this
Agreement to any third party; 

  

	 	10.4.3	 Without Party A’s prior written consent, lending the Entrusted Assets or any investment attributable to
Party A or ownership documents or documents evidencing the rights to investments to any third party; 

  

	 	10.4.4	 Without Party A’s prior written consent, conducting transaction between Entrusted Assets and its own
assets or assets entrusted by it a third party; 

  

	 	10.4.5	 Engaging in investment activities in the name of Party A using funds or assets not under the name of Party A,
or engaging in investment activities in the name of others using funds or assets under the name of Party A; 

  

	 	10.4.6	 Treating Entrusted Assets unfairly, including putting the transactions of Party B’s own business or other
entrusted assets in prior order to the transactions of Entrusted Assets, or putting the business of any third party who has interested relationship with Party B in prior order; 

 

	 	10.4.7	 Giving preferential consideration or arrangement to Party B’s own business or other entrusted assets, or
the business of any third party who has interested relationship with Party B with respect to the arrangement of professionals; 

  

	 	10.4.8	 Not providing to the investment managers responsible for Entrusted Investment Management the information and
support of the same adequacy as the information and support provided to investment managers responsible for management of other entrusted assets with respect to information technology, accounting and financial management, the review, analysis,
research and consulting of investment risk; 

  

	 	10.4.9	 Misappropriation of Entrusted Assets; 

 

	 	10.4.10	 Mixing the management of assets of Party A with assets of other entities; 

 

	 	10.4.11	 Engaging in such investment as maybe resulting in Party A’s undertaking of unlimited liability or credit
transactions using Entrusted Assets; or 

  
 24 

	 	10.4.12	 Other activities prohibited by laws, regulations or this Agreement. 

 

	11.	 Confidentiality. 

  

	 	11.1	 Party B shall keep confidential any information relating to Party A or Entrusted Assets made known to Party B
in the execution and performance of this Agreement, and without Party A’s prior written consent, Party B shall not disclose such information to any one. Party B’s confidentiality obligation hereunder shall survive the invalidity, release
or termination of this Agreement. However, the following information may be exempted: information publicly available; information obtained by Party B from other party who, to Party B’s knowledge, has no confidentiality obligation to Party A;
information obtained not in connection with the performance of this Agreement; information required to be disclosed under laws, regulations, government or court orders or arbitration body’s request, provided that Party B shall, to the extent
permitted by law and feasible, notify Party A in advance and state in the disclosure that “This is the commercial secret of the listed company and without the prior written consent of the listed company it shall not be disclosed to
anyone”, and if Party B is required to disclose to court or arbitration body any confidential information, it shall also advise such court or arbitration body of Party A’s rights hereunder; disclosure for compliance with any securities
trading rules; and other information whose disclosure is consented to by Party A in writing in advance. 

  

	 	11.2	 With respect to any information relating to Party A or Entrusted Assets as described above, Party B may use
such information only for the matters provided in the Agreement and not for any purpose other than the purpose of this Agreement. 

  

	 	11.3	 Party A shall keep confidential any commercial information or investment technique of Party B made known to
Party A during the performance of this Agreement. Unless otherwise provided by laws, regulations or this Agreement, it shall not disclose or use such information in any way without Party B’s prior written notice. Party A’s confidentiality
obligation hereunder shall survive the invalidity, release or termination of this Agreement. However, the following information may be exempted: information publicly available; information obtained by Party A from other party who, to Party A’s
knowledge, has no confidentiality obligation to Party B; information obtained not in connection with the performance of this Agreement; information required to be disclosed under laws, regulations, government or court orders or arbitration
body’s request, provided that Party A shall, to the extent permitted by law and feasible, notify Party B in advance”, and if Party A is required to disclose to court or arbitration body any confidential information, it shall also advise
such court or arbitration body of Party B’s rights hereunder; disclosure for compliance with any securities trading rules; and other information whose disclosure is consented to by Party B in writing in advance. 

  
 25 

	 	11.4	 The references to Party A and Party B under this section shall include, without limitation, Party A, Party B,
and the directors, supervisors, employees, agents or agency of Party A or Party B. 

  

	12.	 Breach of Contract and Indemnification. 

 

	 	12.1	 Party A’s violation of its representations, warranties or other provisions hereunder shall constitute
Party A’s breach of this Agreement. Party A shall indemnify Party B for losses suffered by Party B as a result of such breach. Party B shall be entitled to give Party A written notice to terminate this Agreement in the case of substantial
losses caused by Party A’s breach. The Agreement shall be terminated on the thirtieth day following the receipt of such written notice by Party A, unless otherwise waived by Party B. 

 

	 	12.2	 Party B’s violation of its representations, warranties or other provisions hereunder, the written
directives given by Party A hereunder, shall constitute Party B’s breach of this Agreement. Party B shall indemnify Party A for substantial losses suffered by Party A as a result of such breach, and Party B shall not receive the investment
management fee for the current period if it has not made such compensation. Party A shall be entitled to give Party B written notice to terminate this Agreement. The Agreement shall be terminated on the thirtieth day following the receipt of such
written notice by Party B, unless otherwise waived by Party A. 

  

	 	12.3	 If Party B’s negligence, error in operation, deficiency in the amount of securities and funds, default in
provisions of agreements with a third party, system malfunction or employees’ fraud results in any loss on Entrusted Assets, Party B shall indemnify the direct loss resulting therefrom and undertake the civil liability. 

 

	 	12.4	 The indemnification liability and civil liability of any party prior to the termination of this Agreement shall
survive the termination. 

  

	13.	 Force Majeure 

  

	 	13.1	 An event of force majeure refers to any circumstance that cannot be reasonably predicted, avoided and overcome.
Such event cannot be reasonably controlled, predicted, or avoided even if predicted, and overcome by the affected party, and occurs after the execution of this Agreement, which makes the performance of this Agreement in whole or in part impossible
or impracticable as a matter of fact, including but not limited to any situation where performance is impossible without unreasonable expenditure, however, events which can be overcome by Party B’s catastrophe system shall be excluded.

  
 26 

	 	13.2	 If either party fails to perform in whole or in part its duties under this Agreement due to an event of force
majeure, the performance of such duties shall be suspended during the period of such event of force majeure. 

  

	 	13.3	 A party that claims that it has been affected by an event of force majeure shall notify the other party of such
event of force majeure in writing in the shortest period possible, and shall provide appropriate evidence of the existence and duration of such event of force majeure to the other party within fifteen (15) days after its occurrence. A party
that claims that the performance of this Agreement is objectively impossible and impractical due to such event of force majeure shall take any reasonable measures to cure or lessen the effect caused by such event of force majeure.

  

	 	13.4	 When an event of force majeure occurs, both parties shall consult with each other regarding the performance of
this Agreement. Once the event of force majeure or its effect ceases or is cured, both parties shall immediately resume the performance of their respective obligations hereunder. 

 

	14.	 Termination. 

  

	 	14.1	 This Agreement shall be terminated upon occurrence of any of the following events: 

 

	 	14.1.1	 One party’s breach of contract results in substantial loss of the other party and the other party requests
to terminate this Agreement; 

  

	 	14.1.2	 The term of the Agreement expires; 

 

	 	14.1.3	 Both parties agree to terminate this Agreement; 

 

	 	14.1.4	 Party A sends written notice to Party B to terminate this Agreement when Party A is required by regulators or
laws of the jurisdiction where it is listed to rescind the investment entrusting relation with Party B; or 

  

	 	14.1.5	 Any party becomes insolvent or becomes subject to bankruptcy, liquidation, compulsory dissolution or
receivership. 

  
 27 

	 	14.2	 In the event that one party terminates this Agreement, this Agreement shall be terminated on the thirtieth day
following the receipt by the other party of the written notice to terminate. 

  

	 	14.3	 Obligations upon Termination. 

 

	 	14.3.1	 Upon the termination of this Agreement, Party A may notify Party B in writing to handle the Entrusted Assets
following all the steps set forth in the notice. Party B shall, in accordance with Party A’s requirements, assist Party A handling the Entrusted Assets on an honest and fiduciary basis. 

 

	 	14.3.2	 Upon the termination of this Agreement, unless otherwise explicitly instructed by Party A, Party B shall not
conduct any investment or send any directives in regard to Entrusted Assets. 

  

	 	14.4	 Upon the termination of this Agreement, all of the responsibilities and obligations of Party A and Party B
shall be terminated, except the followings: 

  

	 	14.4.1	 Party B shall deliver the records relating to Party A or Entrusted Assets under this Agreement to Party A or
Party A’s authorized representatives; 

  

	 	14.4.2	 Party B shall cooperate with Party A to transfer the Entrusted Assets to the new investment manager of Party A
forthwith, and shall, at the request of Party A, transfer relevant materials to such investment manager in a timely and orderly fashion, and cooperate with Party A to complete other transfer work. Also, Party B shall submit the report on the
investment operation of Entrusted Assets. 

  

	 	14.5	 The termination of this Agreement shall not affect the rights of one party over the other party under laws,
regulations or this Agreement, including, among other things, the claims to default, damages and compensation. 

  

	15.	 Performance. 

  

	 	15.1	 After Party A has been listed on the Hong Kong Stock Exchange (the “HKSE”) and the Shanghai Stock
Exchange (the “SSE”), the transactions under this Agreement shall constitute connected transactions as described by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”).
According to the Listing Rules, such transactions shall be conducted only after obtaining an exemption from the HKSE or upon the approval by independent shareholders, or on the condition of conforming with any other provisions concerning connected
transactions in the Listing Rules. Therefore, the performance of this Agreement related to such connected transactions shall be subject to the approval of the HKSE or compliance with any other stipulations concerning connected transactions in the
Listing Rules. Both Party A and Party B agree to observe the relevant stipulations of the Listing Rules. 

  
 28 

 The performance of this Agreement may cause Party A to carry out necessary procedures for
approval and disclosure for complying with related listing rules of HKSE or SSE or other applicable regulatory rules. Party B shall be obliged to cooperate with Party A during the performance of such procedures. 

Party A will provide necessary informational materials and practice trainings to Party B from time to time, so as to facilitate Party B’s
effort in managing Entrusted Assets to identify connected transactions of Party A. Such informational materials include, without limitations: a list of connected persons of Party A, types of connected transactions of Party A, exemption applications
under different market rules, announcement (disclosure), and capped amounts of connected transactions as approved by independent shareholders. In addition, in light of the particular nature of connected transactions, Party B agrees to cooperate with
Party A in Party A’s performance under applicable listing or regulatory obligations, in accordance with this Agreement and relevant documents of Party A. 
  

	 	15.2	 If the exemptions from the HKSE and SSE contain additional conditions, this Agreement shall be performed in
accordance with such additional conditions. Both Party A and Party B agree to strictly observe such conditions. 

  

	 	15.3	 Both parties shall take such further actions and measures as to fully and effectively perform this Agreement,
including but not limited to determining the implementation plan or detailed measures in accordance with the principles provided herein and on the condition of not violating the provisions agreed upon herein. 

 

	16.	 Notices. 

All notices relating to the Agreement shall be in writing and shall be delivered by overnight courier, fax or mail. Notices sent by overnight
courier shall be deemed delivered upon delivery. Notices sent by fax shall deemed delivered upon successful transmission, provided that a fax confirmation report produced by the fax machine showing the successful transmission of the notice is
provided by the sending party. Notices sent by mail shall deemed delivered on the third (3rd) business day (in case of a statutory holiday, such day shall be the next business day) after it has
been posted. 

  
 29 

 The addresses of the parties for the delivery of notices are as follows: 

 

			
	China Life Insurance Company Limited	  	China Life Asset Management Company Limited
		
	Address: China Life Plaza, 16 Financial Street, Xicheng District, Beijing	  	Address: 20/F China Life Center, 17 Financial Street, Xicheng District, Beijing
		
	Telephone: 010-6363 3333	  	Telephone: 010-6622 1188
		
	Fax: 010-6363 1650	  	Fax: 010-6622 2699

  

	17.	 Assignment. 

Without prior written consents of both parties, this Agreement shall not be assigned. However, a party may assign this Agreement to its
successors and this Agreement shall be binding on such successors. 
  

	18.	 Severability. 

The invalidity, illegality or unenforceability of some provisions herein under applicable laws, regulations or certain special circumstances
shall not affect the effectiveness, legality and implementation of other provisions herein. 
  

	19.	 Governing Law and Dispute Resolution. 

 

	 	19.1	 This agreement shall be governed by, and interpreted and construed in accordance with the laws of PRC.

  

	 	19.2	 Any disputes arising from this Agreement or the execution, effectiveness or interpretation hereof or related to
this Agreement shall be settled by both parties through friendly negotiations. If such negotiation fails within 60 days of the dispute, either party may submit such dispute to the China International Economic and Trade Arbitration Commission for
arbitration in Beijing in accordance with arbitration rules then in effect. The arbitration award shall be final and binding on both parties. 

  

	 	19.3	 When dispute occurs or is under arbitration, other than the matter in dispute, each party shall still be
entitled to exercise its other rights hereunder and shall still perform its other obligations hereunder. 

  
 30 

	20.	 Effectiveness, Counterparts and Others. 

 

	 	20.1	 This Agreement shall become effective on the date when both parties and their legal representatives or
authorized representatives affix their seals and sign their names on it and remain effective until December 31, 2022. 

  

	 	20.2	 Any exhibit hereto shall be an integral part of this Agreement and constitute the entire agreement together
with this Agreement, having the same legal effect as this Agreement, complied with by both parties. 

  

	 	20.3	 This Agreement and exhibit hereto may be amended through negotiation between both parties. The amendment can
only be made pursuant to a written agreement duly executed by legal representatives or authorized representatives of both parties and upon the approval of both parties through their respective corporate actions. If such amendment constitutes a
material and significant change to this Agreement, it shall become effective only upon the notification of and procurement of approval from the HKSE and SSE, subject to the relevant provisions of the Listing Rules as in effect from time to time and
the requirements of HKSE, and/or the shareholders’ general meeting of Party A, if applicable. 

  

	 	20.4	 This Agreement shall be executed in six (6) counterparts, with two (2) held by each party, one
(1) filed with the CBIRC, and one (1) filed with HKSE. Each counterpart shall have the same legal effect. 

  

	 	20.5	 Both parties shall solve the matters unaddressed herein through negotiation in accordance with applicable laws,
regulations and regulatory requirements, and if necessary, may enter into supplementary agreement additionally. Such supplementary agreement shall have the same legal effect as this Agreement. 

Exhibit: 
 “Service Standards Manual for Asset Management
by China Life Asset Management Company Limited Authorized by China Life Insurance Company Limited” 

  
 31 

			
	Party A:	  	Party B:
		
	China Life Insurance Company Limited (Seal)	  	China Life Asset Management Company Limited (Seal)
		
	 Legal Representative/
 Authorized Representative
(Signature)
	  	 Legal Representative/
 Authorized Representative
(Signature)

 Exhibit 

  
 32

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