Document:

EX-10.32

 Exhibit 10.32 

SHARE PURCHASE AGREEMENT 

THIS SHARE PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of May 25, 2021 by and among 

 

	1.	 AiHuiShou International Co. Ltd., a company limited by shares incorporated under Cayman Islands Law on
November 22, 2011 (the “Company”), 

  

	2.	 AiHuiShou International Company Limited, a company limited by shares incorporated under the Hong
Kong Law (the “HK Subsidiary”), 

  

	3.	 Shanghai Aihui Trading Co., Ltd.
(上海艾慧商贸有限公司), a wholly foreign-owned enterprise organized under the PRC Law (the
“WFOE”), 

  

	4.	 Shanghai Yueou Information Technology Co., Ltd.
(上海悦欧信息技术有限公司), a limited liability company organized under the PRC Law (the “WFOE
Subsidiary”), 

  

	5.	 Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd. (上海万物新生环保科技集团有限公司), a limited liability company organized under the PRC Law
(the “Domestic Enterprise”), 

  

	6.	 Shanghai Yueyi Network Information Technology Co., Ltd. (上海悦亿网络信息技术有限公司), a limited liability company organized under the PRC Law (the
“Shanghai Subsidiary”), 

  

	7.	 Yueyi Commercial Factoring (Shenzhen) Co., Ltd.
(乐易商业保理(深圳)有限公司), a limited liability company organized under the PRC Law
(the “Shenzhen Subsidiary”), 

  

	8.	 Changzhou Yueyi Network Information Technology Co., Ltd. (常州悦亿网络信息技术有限公司), a limited liability company organized under the PRC Law (the
“Changzhou Subsidiary”, together with the Shanghai Subsidiary and the Shenzhen Subsidiary, collectively, the “Domestic Subsidiaries”), 

 

	9.	 AHS DEVICE HONG KONG LIMITED, a company limited by shares incorporated under the Hong Kong Law (the
“HK Co”, together with the Company, the HK Subsidiary, the WFOE, the WFOE Subsidiary, the Domestic Enterprise, the Domestic Subsidiaries, collectively, the “Major Group Companies”), 

 

	10.	 SUN Wenjun
(孙文俊), a citizen of the PRC whose PRC identification card number is ***, 

 

	11.	 CHEN Xuefeng
(陈雪峰), a citizen of the PRC whose PRC identification card number is *** (together with SUN Wenjun
(孙文俊), the “Founders” and each, a “Founder”), 

  
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	12.	 S&WJ Group Limited, a company limited by shares incorporated under the Law of the British Virgin
Islands, 

  

	13.	 C&XF Group Limited, a company limited by shares incorporated under the Law of the British Virgin
Islands (together with S&WJ Group Limited, the “Founder Holding Companies” and each, a “Founder Holding Company”), and 

  

	14.	 Cosmic Blue Investments Limited, a company duly incorporated and validly existing under the law of the
British Virgin Islands (“Cosmic Blue”, or the “Investor”) 

 (Collectively, the
“Parties”, and each a “Party”) 
 RECITALS 

WHEREAS, the Company, the Major Group Companies, the Founders, the Founder Holding Companies, and the Prior Series F Investors (as defined
below) entered into a share purchase agreement (the “Prior Series F SPA”), under which the Company agrees to issue and sell to the Prior Series F Investors and the Prior Series F Investors agree to purchase certain amount of Series
F Preferred Shares, Series C-3 Preferred Shares and Ordinary Shares (collectively, the “Prior Issuance”). 

WHEREAS, in addition to the Prior Issuance, the Company desires to issue and sell to the Investor and the Investor desire to purchase from the
Company up to an aggregate amount of 2,572,995 Series F Preferred Shares pursuant to the terms and subject to the conditions set forth in this Agreement. 

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

 

	1.	 DEFINITIONS 

In this Agreement, unless the context otherwise requires, the following words and expressions have the meanings as follows: 

“Action” means an action, suit, proceeding, claim, arbitration or investigation. 

“Affiliate” of a given Person means, (i) in the case of a Person other than a natural person, any other Person that
directly, or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with, such given Person, or (ii) in the case of a natural person, any other Person that directly or indirectly is Controlled by
such given Person or is a Relative of such given Person. For the avoidance of doubt, the Investor and its Affiliates shall not be deemed as an Affiliate of any Group Company. 

“Ancillary Agreements” means, collectively, the Shareholders Agreement, the Restated Articles and any other agreements to
which a Group Company, a Founder or a Founder Holding Company is a party and the execution of which is contemplated hereunder. 

  
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 “Anti-Corruption Law” means any applicable Law, including, but not limited
to, the Foreign Corrupt Practices Act of the United States (15 U.S.C. §§ 78dd-1, et seq.), as amended, or any similar Law of any Governmental Authority, regarding any contribution, gift, bribe,
rebate, payoff, influence payment, kickback, or other payment to any Government Official, regardless of form, whether in money, property, or services. 

“Approval” means any approval, authorization, release, order, or consent required to be obtained from, or any registration,
qualification, designation, declaration, filing, notice, statement or other communication required to be filed with or delivered to, any Governmental Authority or any other Person. 

“Associate” of a given Person means (i) a corporation or organization of which such given Person is an officer or
partner or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of Equity Securities, (ii) any trust or other estate in which such given Person has a substantial beneficial interest or as to which such
given Person serves as trustee or in a similar capacity, or (iii) any Relative of such given Person. 
 “Balance Sheet
Date” means December 31, 2020. 
 “Board of Directors” or “Board” means the board of
directors of the Company. 
 “Business Day” means a day (other than a Saturday or a Sunday) that the banks in the Cayman
Islands, Hong Kong, the PRC are generally open for business. 
 “Changzhou Subsidiary” shall have the meaning as set forth
in the Preamble. 
 “Chengdu Kuaigou” means Chengdu Kuaigou Technology Co., Ltd. (成都快购科技有限公司). 

“Closing” means the consummation of the transactions contemplated in Section 3.1. 

“Company” shall have the meaning as set forth in the Preamble. 

“Company Material Adverse Effect” means fact, event, change, circumstance, or effect that causes, or is reasonably likely to
cause, a material adverse effect on the operations, results of operations, condition (financial or otherwise), assets, liabilities or business of the Group Companies taken as a whole (as presently conducted and proposed to be conducted) or on the
ability of any Warrantor to perform its or his obligations under this Agreement or any Transaction Documents to which it or he is a party or on the enforceability of this Agreement or any Transaction Documents against any Warrantor, either
individually or when taken together with other effects, but excluding any event, directly or indirectly, arising out of: (i) any change in general economic or political conditions; (ii) events generally affecting the industries in which
the Group Companies operate; (iii) acts of war, terrorism, diseases (including without limitation COVID-19), natural disasters or similar incidents; (iv) any action required or permitted by the
Transaction Documents; or (v) any changes in applicable Laws or accounting rules. 

  
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 “Company Operations” means the existing and future operations, activities
and facilities of the Company and its Subsidiaries (including the design, construction, operations, maintenance, management and monitoring thereof as applicable) in the Cayman Islands, Hong Kong and the PRC. 

“Company Warranties” means the representations and warranties set out in Section 4 given by the
Warrantors (with each of such Company Warranties being referred to as a “Company Warranty”). 
 “Competes”
with any Group Company means a Person, directly or indirectly, owns, manages, engages in, operates, Controls, works for, consults with, renders services for, does business with, maintains any interest in (proprietary, financial or otherwise) or
participates in the ownership, management, operation or Control of, any Restricted Business, whether in corporate, proprietorship or partnership form or otherwise; provided, however, that such restrictions shall not apply to the
acquisition by such Person, directly or indirectly, of less than one percent (1%) of the outstanding shares of any publicly traded company engaged in a Restricted Business. 

“Constitutional Documents” means the constitutional documents of the respective Group Company which may include, as
applicable, memoranda and articles of association, by-laws, joint venture contracts and the like. 

“Contracts” means legally binding contracts, agreements, engagements, purchase orders, commitments, understandings,
indentures, notes, bonds, loans, instruments, leases, mortgages, franchises, licenses or any other contractual arrangements or obligations, which are currently subsisting and not terminated or completed (with each of such Contracts being referred to
as a “Contract”). 
 “Control” of a given Person means the power or authority, whether exercised or not,
to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, contractual arrangement or otherwise, which power or authority shall conclusively be presumed to exist upon
possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of the board of directors
or similar governing body of such Person; and the terms “Controlled” and “Controlling” shall have the meaning correlative to the foregoing. 

“Disclosure Schedule” means the Disclosure Schedule attached to this Agreement as Schedule C. 

“Domestic Enterprise” shall have the meaning as set forth in the Preamble. 

“Domestic Subsidiaries” shall have the meaning as set forth in the Preamble. 

“Employment-Related Agreement” means the employment agreement, the non-compete,
confidentiality and invention assignment agreement entered into by an employee of a Group Company (including the Founders, each Key Officer, and each current employee and officer) with respect to his or her employment with such Group Company. 

  
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 “Equity Securities” means, with respect to a given Person, any
share, share capital, registered capital, ownership interest, partnership interest, equity interest, joint venture or other ownership interest of such Person, or any option, warrant, or right to subscribe for, acquire or purchase any of the
foregoing, or any other security or instrument convertible into or exercisable or exchangeable for any of the foregoing, or any equity appreciation, phantom equity, equity plan or similar right with respect to such Person, or any Contract of any
kind for the purchase or acquisition from such Person of any of the foregoing, either directly or indirectly. 
 “ESOP”
means such share option plans, share incentive scheme or other schemes and agreements of similar nature duly adopted by the Company pursuant to which Option Shares are issued or granted to the directors, the officers, the employees of any of the
Group Companies. 
 “Financial Statements” means the audited consolidated financial statements of the Company for the
fiscal year of 2020, 2019 and 2018, which are attached hereto as Exhibit C. 
 “Founders” or
“Founder” shall have the meaning as set forth in the Preamble. 
 “Founder Holding Companies” or
“Founder Holding Company” shall have the meaning as set forth in the Preamble. 
 “Fundamental Company
Warranties” means Company Warranties contained in Section 4.1 (Organization, Standing and Qualification) to and including Section 4.7 (Liabilities),
Section 4.12 (Compliance with Law), Section 4.17 (Financial Statements), Section 4.19 (Tax Matters), and Section 4.25 (UN
Security Council Resolutions) to and including Section 4.27 (Environmental Matters). 

“GAAP” means the generally accepted accounting principles of the PRC. 

“Government Official” means any officer, employee or other person acting in an official capacity for any Governmental
Authority, to any political party or official thereof or any candidate for any political office. 
 “Governmental
Authority” means any nation, government, province, state, or any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government
authority, agency, department, board, commission or instrumentality of any government or any political subdivision thereof, court, tribunal, arbitrator, the governing body of any securities exchange, and self-regulatory organization, in each case
having competent jurisdiction. 
 “Group Companies” means, collectively, the Company, the HK Subsidiary, the WFOE, the WFOE
Subsidiary, the Domestic Enterprise, the Domestic Subsidiaries, the HK Co and the Subsidiaries of the foregoing, as of the date hereof, including without limitation, UP Trade Technologies, Inc., AHS Device US, Inc., Shenzhen Runchu Technology Co.,
Ltd. (深圳市润楚科技有限公司, a limited liability company organized
under the PRC Law), Shanghai Yueqing Information Technology Co., Ltd. (上海悦清信息技术有限公司, a limited liability company organized under the PRC Law), Shanghai Yuexia Trade Co., Ltd.
(上海悦呷贸易有限公司, a limited liability company organized under
the PRC Law), Shanghai Yuechuan Network Information Technology Co., Ltd.
(上海悦川网络信息技术有限公司, a limited
liability company organized under the PRC Law), Shenzhen Lvchuang Network Technology Co., Ltd.
(深圳市绿创网络科技有限公司, a limited liability
company organized under the PRC Law), Shenzhen Aileyou Information Technology Co., Ltd.
(深圳爱乐优信息科技有限公司, a limited liability
company organized under the PRC Law), Nantong Yueyi Network Technology Co., Ltd.
(南通悦亿网络信息技术有限公司, a limited
liability company organized under the PRC Law) and Chengdu Yuechuan Network Technology Co., Ltd.
(成都悦川网络信息技术有限公司, a limited
liability company organized under the PRC Law) (with each of such Group Companies being referred to as a “Group Company”), excluding AiFenLei Global Co., Ltd (an exempted limited liability company organized under the Cayman Law) and
its Subsidiaries.  

  
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 “HK Co” shall have the meaning as set forth in the Preamble. 

“HKIAC” means Hong Kong International Arbitration Centre. 

“HK Subsidiary” shall have the meaning as set forth in the Preamble. 

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

“IFRS” means the International Financial Reporting Standards promulgated by the International Accounting Standards Boards
(“IASB”) (which include standards and interpretations approved by the IASB and International Accounting Standards issued under previous constitutions) together with its pronouncements thereon from time to time, and applied on a
consistent basis. 
 “Indemnitee” means the Investor, together with its respective Affiliates, officers, directors,
partners, employees, successors and assigns. 
 “Interested Party” means the Founders, the Founder Holding Companies, any
shareholder, officer, director or Key Officer of a Group Company, or any Affiliate or Associate of any such Person. 

“Investor” shall have the meaning as set forth in the Preamble. 

“InnoVen Warrant Exercise” means the proposed exercise of the warrant granted by the Company to InnoVen Capital China Pte.
Ltd. pursuant to a Warrant Instrument entered into by and among the Company and InnoVen Capital China Pte. Ltd. dated as of November 19, 2020. 

“Jing Dong” means JD.com Development Limited. 

“Joinder and Amendment to the Shareholders Agreement” means a joinder and amendment to the eighth amended and restated
shareholders agreement to be entered into on or prior to the Closing by and among the parties named therein, which shall be in the form and substance attached hereto as Exhibit B-1. 

  
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 “Key Officers” means the Founders and such other management and main
technical staff as set forth in Schedule B hereto. 
 “Knowledge” means the actual or constructive knowledge of a
Person after due and diligent inquiries of key employees and the senior management of such Person who could reasonably be believed to have knowledge of the matter in question. 

“Cosmic Blue” shall have the meaning as set forth in the Preamble. 

“Kuaishou BCA” means the Kuaishou Business Cooperation Framework
Agreement(《成都快购科技有限公司与上海万物新生环保科技集团有限公司之业务合作框架协议》)
, the Supplement to the Kuaishou Business Cooperation Framework Agreement
(《成都快购科技有限公司与上海万物新生环保科技集团有限公司关于〈业务合作框架协议〉之补充协议》)
to be entered into on or prior to the Closing by and between Chengdu Kuaigou and the Domestic Enterprise, which agreement shall be in the form and substance attached hereto as
Exhibit D, as amended, supplemented, and restated from time to time. 
 “Law” means any law, rule,
constitution, code, ordinance, statute, treaty, decree, regulation, common or customary law, order, official policy, circular, provision, administrative order, interpretation, injunction, judgment, ruling, assessment, writ or other legislative
measure of any Governmental Authority. 
 “Licenses” means all licenses, permits, certificates of authority,
authorizations, approvals, registrations, franchises and similar consents granted or issued by any Governmental Authority and the business licenses of the applicable Group Companies. 

“Lien” means any mortgage, pledge, claim, security interest, encumbrance, title defect, lien, charge, restriction, covenant,
or other limitation. 
 “Losses” of a Person means any and all losses, damages, liabilities and expenses (joint or
several), including, without limitation, attorneys’ fees and disbursements and all other expenses incurred in investigating, preparing, compromising or defending against any Action, commenced or threatened, or any claim whatsoever and all
amounts paid in settlement of any such claim or Action, to which such Person may become subject under any applicable Law. 
 “Major
Group Companies” shall have the meaning as set forth in the Preamble. 

  
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 “Material Contracts” means Contracts (oral or written) the term of which
has not yet expired and which any Group Company is a party to or it is bound by, have an aggregate value, cost or amount, or impose liability or contingent liability on any Group Company in excess of RMB20,000,000 per annum, and which
(i) extend for more than twelve (12) months beyond the date of this Agreement, (ii) are not terminable upon thirty (30) days’ notice without incurring any penalty or obligation or the termination of which would be reasonably
likely to have a Company Material Adverse Effect, (iii) are not readily to be fulfilled or performed by a Group Company on time or without undue or unusual expenditure of money or efforts or a Group Company does not have the technical and other
capabilities or the human and material resources to enable it to fulfill, perform and discharge all its outstanding obligations in the ordinary course of business without realizing a loss on closing of performance, (iv) are material to the
conduct and operations of a Group Company’s business and properties, (v) any Interested Party is a party to, (vi) relate to the sale, issuance, grant, exercise, award, purchase, repurchase or redemption of any Equity Securities,
(vii) are with a material customer or material supplier of a Group Company or with a Governmental Authority, (viii) involve indebtedness, an extension of credit, a guaranty or assumption of any obligation, or the grant of a Lien,
(ix) involve the acquisition or sale of a business, a merger, consolidation, amalgamation, a partnership, joint venture, or similar arrangement, (x) transfer or license any Proprietary Asset to or from a Group Company (other than licenses
granted in the ordinary course of business or from commercially readily available “off-the-shelf” computer software), or obligate a Group Company to share or
develop any Proprietary Asset with any third party, (xi) contain change in Control, exclusivity, non-competition or similar clauses that impair, restrict or impose conditions on a Group Company’s
right to offer or sell products or services in specified areas, during specified periods or otherwise, (xii) are otherwise substantially dependent on by a Group Company, or (xiii) not in the ordinary course of business of a Group Company
(with each of such Material Contracts being referred to as a “Material Contract”). For the avoidance of any doubt, notwithstanding any contrary in this Agreement, any contract listed in Section 4.10 of the
Disclosure Schedule shall be deemed to be a Material Contract. 
 “Option Shares” means the Ordinary Shares issuable or
issued under the ESOP to the employees, officers, directors of any of the Group Companies or other eligible Persons. 
 “Ordinary
Shares” means the Company’s ordinary shares, par value US$0.001 per share, with the rights and privileges as set forth in the Restated Articles. 

“Parties” and “Party” shall have the meaning as set forth in the Preamble. 

“Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability
company, firm, trust, estate or other enterprise, entity or legal person. 
 “PRC” means the People’s Republic of
China, for the purpose of this Agreement, excluding Hong Kong, the Macau Special Administrative Region of the People’s Republic of China and Taiwan. 

“PRC Group Companies” means all the Group Companies established in the PRC (with each of such PRC Group Companies being
referred to as a “PRC Group Company”). 
 “Principal Business” means the business of the operation of the
platform of the trade of second-hand goods. 
 “Prior Series F Investors” means Being Capital Fund I LP, Tian Zhan
Investment Limited (天展投資有限公司), JD.com Development Limited, Internet Fund IV
Pte. Ltd., Tiger Pacific Master Fund LP, YIHENG CAPITAL PARTNERS, L.P., Pluto Connection Limited, and Design Time Limited. 

“Privacy Law” means all Law in any jurisdiction governing the receipt, collection, use, storage, processing, sharing,
security, disclosure or transfer of personal information, and cybersecurity, including all Law governing data breach notification. 

  
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 “Preferred Shares” means the Series A Preferred Shares, the Series B
Preferred Shares, the Series C Preferred Shares, the Series D Preferred Shares, the Series E Preferred Shares and the Series F Preferred Shares collectively (with each of such Preferred Shares being referred to as a “Preferred
Share”). 
 “Proprietary Assets” means (i) all inventions and patents, together with all applications,
reissuances, continuations, revisions, and extensions thereof, (ii) all registered and material unregistered trademarks, service marks, trade dress, logos, trade names and corporate names and domain names, together with all translations,
adaptations, derivations and combinations thereof and including all goodwill and all applications, registrations and renewals in connection therewith, (iii) all copyrightable works (including, without limitation, all works of authorship, works
made for hire and mask works), all copyrights (together with all applications, registrations and renewals in connection therewith) and all material unregistered copyrights, (iv) all trade secrets and confidential business information (including
ideas, know-how, formulas, compositions, manufacturing and production processes and techniques, methods, technology, technical data, designs, drawings, flowcharts, diagrams, specifications, customer and
supplier lists, pricing and cost information and business and marketing plans and proposals), (v) all Software, (vi) all other proprietary rights, (vii) all licenses, sublicenses, agreements, consents or permissions related to the
foregoing, and (viii) all media on which any of the foregoing is stored or all documentation related to any of the foregoing. 

“Purchase Price” means the applicable purchase price to be paid in cash by the Investor (in the amount of US$28,000,000, the
“Cash Purchase Price”) and other resources to be contributed by the Investor’s Affiliate or its designated party under the Kuaishou BCA (in the amount equivalent to US$22,000,000, the “Resource Purchase Price”)
for the Purchased Shares. The total amount of Purchase Price shall be deemed as US$50,000,000. 
 “Purchased Shares” means
the Series F Preferred Shares, to be purchased and sold pursuant to Section 2. 
 “Relatives” of
a natural person means such Person’s spouse, parents, grandparents, children, grandchildren, siblings, uncles, aunts, nephews, nieces or great-grandparents or the spouse of such Person’s children, grandchildren, siblings, uncles, aunts,
nephews or nieces (with each of such Relatives being referred to as a “Relative”). 
 “Renminbi” and
“RMB” mean the lawful currency for the time being of the PRC. 
 “Restated Articles” means the amended and
restated Memorandum and Articles in the form and substance attached hereto as Exhibit A. 
 “Restricted Business”
means any business that is related to the Principal Business or otherwise Competes with any PRC Group Company. 
 “Restructuring
Documents” means a series of agreements among the WFOE on the one hand, and the Domestic Enterprise and/or all of its equity interest holders: (a) the exclusive technical service agreement dated August 31, 2012 among WFOE and the
Domestic Enterprise; (b) the business cooperation agreement dated August 31, 2012 among WFOE, the Domestic Enterprise and the Founders; (c) the third amended and restated option purchase agreements entered into by and among WFOE and
the Founders on December 7, 2020; (d) the third amended and restated share pledge agreement entered into by and among WFOE and the Founders on December 7, 2020; (e) the proxy agreement dated August 31, 2012 among WFOE, the Domestic
Enterprise and the Founders; (f) the amended and restated powers of attorney dated March 12, 2021 issued by each Founder to the WFOE; (g) the spousal consent letters issued by the spouses of the Founders on March 12, 2021 and
(h) the fifth supplemental agreement to the exclusive technology consulting and management service agreement entered into by and between the WFOE and the Domestic Enterprise on March 12, 2021. 

  
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 “Rules” shall have the meaning as set forth in
Section 10.14(c). 
 “SAFE” means the State Administration of Foreign Exchange of the PRC
and its local branches. 
 “SAFE Rules and Regulations” means the Circular on Relevant Issues Concerning Foreign
Exchange Administration for Domestic Residents to Engage in Overseas Investment and Financing and Round Trip Investment via Special Purpose Companies
(国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知
, the “Circular 37”) issued by SAFE on July 4, 2014 and any other guidelines, implementing rules, reporting and registration requirements issued by SAFE in
relation thereto. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended and interpreted from time to
time. 
 “Series A Preferred Shares” means the Company’s series A preferred shares, par value US$0.001 per share, with
the rights and privileges as set forth in the Restated Articles. 
 “Series B Preferred Shares” means Series B-1 Preferred Shares, Series B-2 Preferred Shares and Series B-3 Preferred Shares collectively. 

“Series B-1 Preferred Shares” means the Company’s series B-1 preferred shares, par value US$0.001 per share, with the rights and privileges as set forth in the Restated Articles. 

“Series B-2 Preferred Shares” means the Company’s series B-2 preferred shares, par value US$0.001 per share, with the rights and privileges as set forth in the Restated Articles. 

“Series B-3 Preferred Shares” means the Company’s series B-3 preferred shares, par value US$0.001 per share, with the rights and privileges as set forth in the Restated Articles. 

“Series C Preferred Shares” means Series C-1 Preferred Shares, Series C-2 Preferred Shares and Series C-3 Preferred Shares collectively. 

“Series C-1 Preferred Shares” means the Company’s series C-1 preferred shares, par value US$0.001 per share, with the rights and privileges as set forth in the Restated Articles. 

“Series C-2 Preferred Shares” means the Company’s series C-2 preferred shares, par value US$0.001 per share, with the rights and privileges as set forth in the Restated Articles. 

“Series C-3 Preferred Shares” means the Company’s series C-3 preferred shares, par value US$0.001 per share, with the rights and privileges as set forth in the Restated Articles. 

  
 10 

 “Series D Preferred Shares” means Series
D-1 Preferred Shares and Series D-2 Preferred Shares collectively. 

“Series D-1 Preferred Shares” means the Company’s series D-1 preferred shares, par value US$0.001 per share, with the rights and privileges as set forth in the Restated Articles. 

“Series D-2 Preferred Shares” means the Company’s series D-2 preferred shares, par value US$0.001 per share, with the rights and privileges as set forth in the Restated Articles. 

“Series E Preferred Shares” means the Company’s series E preferred shares, par value US$0.001 per share, with the rights
and privileges as set forth in the Restated Articles. 
 “Series F Preferred Shares” means the Company’s series F
preferred shares, par value US$0.001 per share, with the rights and privileges as set forth in the Restated Articles. 
 “Shanghai
Subsidiary” shall have the meaning as set forth in the Preamble. 
 “Shareholders Agreement” means the eighth
amended and restated shareholders agreement which was entered into on April 16, 2021 by and among the Company, the Major Group Companies, the Founders, the Founder Holding Companies and the Prior Series F Investors, which agreement shall be in
the form and substance attached hereto as Exhibit B, as further amended by the Joinder and Amendment to the Shareholders Agreement. For the avoidance of any doubt, any reference to “Shareholders Agreement” herein shall include a
reference to the Joinder and Amendment to the Shareholders Agreement. 
 “Shenzhen Subsidiary” shall have the meaning as
set forth in the Preamble. 
 “Software” means computer programs, including any and all software implementation of
algorithms, models and methodologies (whether in source code or object code), databases and compilations (including any and all data and collections of data), and all related documentation. 

“Subsidiary” means, with respect to any given Person, any Person of which the given Person, directly or indirectly, Controls,
including but not limited through the ownership of more than fifty percent (50%) of the issued and outstanding authorized capital, share capital, voting interests or registered capital, for the avoidance of doubt, the branch of any Group Company
shall not be regarded as a Subsidiary of such Group Company. 
 “Tax Return” means any return, report or statement showing
Tax, used to pay Tax, or required to be filed with respect to any Tax (including any elections, declarations, schedules or attachments thereto, and any amendment thereof), including any information return, claim for refund, amended return or
declaration of estimated or provisional Tax. 
 “Tax” means (i) in the PRC: (a) any national, provincial,
municipal, or local taxes, charges, fees, levies, or other assessments, including, without limitation, all net income (including enterprise income tax and individual income withholding tax), turnover (including value-added tax, business tax, and
consumption tax), resource (including urban and township land use tax), special purpose (including land value-added tax, urban maintenance and construction tax, and additional education fees), property (including urban real estate tax and land use
fees), documentation (including stamp duty and deed tax), filing, recording, social insurance (including pension, medical, unemployment, housing, and other social insurance withholding), tariffs (including import duty and import value-added tax),
and estimated and provisional taxes, charges, fees, levies, or other assessments of any kind whatsoever, (b) all interest, penalties (administrative, civil or criminal), or additional amounts imposed by any Governmental Authority in connection
with any item described in clause (a) above, and (c) any form of transferee liability imposed by any Governmental Authority in connection with any item described in clauses (a) and (b) above, and (ii) in any jurisdiction other
than the PRC: all similar liabilities as described in clause (i) above. 

  
 11 

 “Transaction Documents” means this Agreement, the Ancillary Agreements, the
Restructuring Documents, the Kuaishou BCA and each of the other agreements and documents otherwise required in connection with implementing the transactions contemplated by any of the foregoing. 

“US$” or “US Dollars” means the lawful currency of the United States of America. 

“Warrantors” means, collectively, the Major Group Companies, the Founder Holding Companies and the Founders (with each of
such Warrantors being referred to as a “Warrantor”). 
 “WFOE” shall have the meaning as set forth in the
Preamble. 
 “WFOE Subsidiary” shall have the meaning as set forth in the Preamble. 

 

	2.	 TRANSACTIONS 

Subject to the terms and conditions of this Agreement and the Transaction Documents, as applicable, as of the Closing, the Company will have
authorized the issuance, pursuant to the terms and conditions of this Agreement, of up to 2,572,995 Series F Preferred Shares. Subject to the terms and conditions hereof, the Company hereby agrees to issue and sell to the Investor, and the Investor
hereby agrees to subscribe for and purchase, on the date of the Closing, that type and number of Purchased Shares set forth opposite the Investor’s name on Schedule A, with the Investor to pay the Cash Purchase Price set forth opposite
its name on Schedule A attached hereto and to execute the Kuaishou BCA on or prior to the Closing. At the Closing, the Investor shall pay the Cash Purchase Price set forth opposite the Investor’s name in Schedule A to the
Company. 
  

	3.	 CLOSING; CLOSING DELIVERIES 

3.1 Closing. Upon the fulfillment and/or waiver of the conditions set forth in Sections 7 and 8
below: 
 (a) the Company shall request the Investor to subscribe for the Purchased Shares pursuant to Section 2
and deliver wire transfer instructions to the Investor as soon as practicable, but in no event later than five (5) Business Day after such fulfillment and/or waiver. 

(b) the purchase and sale of the Purchased Shares shall take place remotely via the exchange of documents and signatures, on a date specified
by the Parties, which date shall be no later than ten (10) Business Days after the fulfillment and/or waiver of the conditions set forth in Section 7 and 8 below, or at such other time and place as the Company and the Investor may mutually
agree upon. 

  
 12 

 3.2 Deliveries by the Company. At the Closing, in addition to any items the delivery
of which is made an express condition to the Investor’s obligations at the Closing pursuant to Section 7, the Company shall deliver to the Investor: 

(a) a certificate executed by a Founder and the Company as of the Closing, certifying that the conditions to the Closing set forth in
Section 7 have been satisfied. 
 (b) a copy of the updated register of members of the Company, showing the
Investor as the holder of such number of Purchased Shares being purchased by the Investor at the Closing, certified by the registered agent or a director of the Company to be a true and complete copy of the original; and 

(c) a copy of the share certificate, representing the issuance to the Investor of the Purchased Shares being purchased by the Investor at the
Closing, certified by the registered agent or a director of the Company to be a true and complete copy of the original, with the original (duly signed and sealed for and on behalf of the Company) to be delivered to the Investor within fifteen
(15) Business Days after the payment of the Cash Purchase Price by the Investor. 
 (d) a copy of Shareholders’ resolutions (or in
other form which satisfies the Investor) and a copy of Board of Directors’ resolutions which consent and approve the execution and the performance of the Transaction Documents. 

3.3 Deliveries by the Investor. At the Closing, in addition to any items the delivery of which is made an express condition to
the Company’s obligations at the Closing pursuant to this Agreement, the Investor shall pay the Cash Purchase Price as indicated opposite the Investor’s name on Schedule A by wire transfer of immediately available funds in US
Dollars to an account designated in the wire transfer instruction delivered by the Company pursuant to Section 3.1(a). 

3.4 Actions if Closing Conditions not Fulfilled. With respect to the Investor, if any condition set forth in
Section 7 applicable to it has not been fulfilled or waived within sixty (60) days after the date hereof, the Investor is entitled to, at its own option, without prejudice to its rights hereunder and under applicable
Law: 
 (a) defer the Closing to a later date while such date shall be as mutually agreed between the Investor and the Company; 

(b) proceed with the Company to the Closing so far as practicable (without limiting its rights under this Agreement); or 

(c) terminate this Agreement with respect to itself. 

  
 13 

	4.	 REPRESENTATIONS AND WARRANTIES OF THE WARRANTORS 

Each of the Warrantors, jointly and severally, hereby represents, warrants and undertakes to the Investor, except as set forth in the
Disclosure Schedule (disclosures contained in which shall be deemed to be the exceptions to the Company Warranties to the Investor only if such disclosures are fully, specifically and accurately stated therein), as of the date hereof that each of
the Company Warranties set out in this Section 4 is true, complete and accurate, and not misleading in all material respects, and acknowledges that the Investor are relying on the Company Warranties made by such Warrantors
in this Section 4 in entering into this Agreement. Each of the Company Warranties made by any Warrantor in Section 4 shall be construed as a separate and independent Company Warranty. The Company
Warranties made by each Warrantor in this Section 4 shall be deemed to be repeated as of the Closing as if they were made on and as of the Closing and all references therein to the date of this Agreement were references to
the Closing, except for those Company Warranties that address matters only as of a particular date, which Company Warranties will have been true, correct and complete as of such particular date. The Warrantors are permitted to supplement the
Disclosure Schedule by way of the supplemental disclosure to be given prior to or as of the Closing, the form and substance of which shall be subject to the agreement by the Company and the Investor, and must be agreed by such Parties no less than
five (5) days prior to the Closing and, failing such agreement (which shall not be unreasonably withheld or delayed), no material change or supplementation shall be made to the Disclosure Schedule. 

4.1 Organization, Standing and Qualification. Each Major Group Company is duly organized, validly existing and in good standing (or
equivalent status in the relevant jurisdiction) under, and by virtue of, the Law of the place of its incorporation or establishment and has all requisite power and authority to own its properties and assets and to carry on its business as now
conducted and as proposed to be conducted, and to perform each of its obligations hereunder and under each of the Transaction Documents to which it is a party. Each Group Company is qualified to do business and is in good standing (or equivalent
status in the relevant jurisdiction) in each jurisdiction where failure to be so qualified would constitute a Company Material Adverse Effect. 

4.2 Capitalization. 
 (a)
Company Shares. Schedule D sets forth the fully-diluted capitalization of the Company as of the execution date of this Agreement and immediately following the Closing. 

(b) Company Options. Except for the Option Shares and the conversion privileges of the Preferred Shares or as otherwise set forth in
Schedule D or the Disclosure Schedule, there are no options, warrants, conversion privileges or other rights, or agreements with respect to the issuance thereof, presently outstanding to purchase any of the Equity Securities of the Company.
Except as noted in this Section 4.2(b) and the rights provided in the Shareholders Agreement and Restated Articles, none of the Company’s outstanding share capital, or shares issuable upon exercise or exchange of any
outstanding options or other shares issuable by the Company, are subject to any preemptive rights, rights of first refusal or other rights to purchase such shares (whether in favor of the Company or any other Person). 

(c) HK Subsidiary. The authorized share capital of the HK Subsidiary is HK$10,000, divided into 10,000 shares of HK$1.00 each, all of
its outstanding shares are held by the Company. 

  
 14 

 (d) PRC Group Companies. The HK Subsidiary legally and beneficially owns one hundred
percent (100%) of the Equity Securities of the WFOE and all of such Equity Securities of the WFOE are duly vested in the HK Subsidiary as the owner in accordance with applicable PRC Law. Except as contemplated under the Restructuring Documents,
there are no outstanding rights or commitments made by any Warrantor to sell any Equity Securities in any PRC Group Company. Except as set forth in the Restructuring Documents and the Disclosure Schedule, there are no options, warrants, conversion
privileges or other rights, or agreements with respect to the issuance thereof, presently outstanding to purchase any of the Equity Securities of any PRC Group Company. Except as set forth in the Restructuring Documents and their respective
Constitutional Documents or as required by applicable Law, no outstanding Equity Securities of any PRC Group Company are subject to any preemptive rights, rights of first refusal or other rights to purchase such Equity Securities (whether in favor
of such PRC Group Company or any other Person). 
 (e) Outstanding Security Holders. A complete and current list of all outstanding
shareholders and any other holders of the Equity Securities of each Major Group Company (other than the Company) as of the date hereof and immediately prior to the Closing is set forth in the Disclosure Schedule, indicating the type and number of
shares, options or other Equity Securities held by each such shareholder, option holder or other holder of the Equity Securities. All outstanding share capitals or registered capitals of each Group Company have been duly and validly issued (or
subscribed for), fully paid and non-assessable. Except as set forth in the Restructuring Documents and the Disclosure Schedule, all share capitals or registered capitals of each Group Company are free and
clear of any Lien (except for any restrictions on transfer under applicable Law). No outstanding share, option, warrant, registered capital or other Equity Security of any Group Company was issued or subscribed to in violation of the preemptive
rights of any Person, terms of any Contract or any applicable Law, including without being limited to applicable securities Law and any exemption therefrom, by which each such Group Company at the time of issuance or subscription was bound. Except
as set forth in the Restructuring Documents, the Disclosure Schedule and as contemplated under the Transaction Documents, 
 (i) there is no
resolution pending to increase the share capital or registered capital of any Group Company; 
 (ii) except as provided in the ESOP, there
is no outstanding Contract under which any Person purchases or otherwise acquires, or has the right to purchase or otherwise acquire, any interest in the share capital or registered capital of any Group Company; 

(iii) there is no dividend which has been declared but is unpaid by any Group Company; 

(iv) except for the ESOP, there is no outstanding or authorized equity appreciation, phantom equity, equity plan or similar right with respect
to any Group Company; and 
 (v) none of the Group Companies, the Founders or the Founder Holding Companies is a party or is subject to any
Contract that affects or relates to the voting of any Group Company’s Equity Securities. 

  
 15 

 4.3 Group Structure. 

(a) Group Structure. Except for the Group Companies, the Company does not presently own or Control, directly or indirectly, any interest
in any other corporation, partnership, trust, joint venture, association, or other entity. Except for the branches and offices duly maintained by the Group Companies or as disclosed in the Disclosure Schedule, none of the Group Companies holds or
Controls, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, association, or other entity. The capital and organizational structure of each PRC Group Company are valid and in full compliance with
relevant PRC Law. 
 (b) Founders and Founder Holding Companies. Except for the Group Companies, the Founders and the Founder Holding
Companies do not presently own or Control, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, association, or other entity. 

4.4 Due Authorization. All corporate actions on the part of each applicable Group Company and, as applicable, their respective officers,
directors and shareholders necessary for (i) the authorization, execution and delivery of, and the performance of all of its obligations under this Agreement or any Transaction Documents, and (ii) the authorization, issuance, reservation
for issuance and delivery of all of the Purchased Shares have been taken or will be taken prior to the applicable Closing. Each Founder and his Founder Holding Company has the requisite power, capacity and authority to enter into, execute and
deliver this Agreement and each of the Transaction Documents to which he or it is a party, and to perform all the obligations to be performed by such Founder and his Founder Holding Company hereunder and thereunder. Each of the Transaction
Documents, when executed and delivered, will constitute valid and binding obligations of each Warrantor to the extent such Warrantor is a party to such Contract, enforceable against such Warrantor in accordance with its terms, subject, as to
enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar Law affecting creditors’ rights generally and to general equitable principles. 

4.5 Consents; No Conflict. Except as disclosed in the Disclosure Schedule or otherwise disclosed to the Investor by the Warrantors in
writing, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental Authority or other third party on the part of any Warrantor is required in connection with the
execution, delivery and performance of the Transaction Documents and the consummation of the transactions contemplated hereby and thereby, other than those already secured or effected or will be secured or effected prior to the Closing. There is no
applicable Law or legal requirement, agreement, judgment, injunction order or decree binding upon any Group Company which has or could reasonably be expected to have the adverse effect of conflicting with or prohibiting or impairing in any material
respect any of its current business practices, its acquisition of property or the conduct of its business as it is currently conducted. 

4.6 Valid Issuance of Purchased Shares. The Purchased Shares, when issued, sold and delivered in accordance with the terms of this
Agreement, will be duly and validly issued, fully paid, nonassessable and free and clear of any Lien, except any Lien imposed by the Transaction Documents and the applicable Law. All Ordinary Shares issuable upon conversion of the Purchased Shares
will be duly and validly issued, fully paid and nonassessable. Subject to the representations and warranties made by the Investor in Sections 5.2 and 5.3, the offer and sale of the Purchased Shares to the Investor
pursuant to this Agreement shall be exempt from the registration and/or qualification requirements of all applicable securities Law. 

  
 16 

 4.7 Liabilities. Except as disclosed in the Financial Statements and the Disclosure
Schedule or those incurred in the ordinary course of business of the Group Companies after the Balance Sheet Date, none of the Group Companies has any indebtedness for borrowed money that it has directly or indirectly created, incurred, assumed, or
guaranteed, or with respect to which such Group Company has otherwise become directly or indirectly liable. Except as disclosed in the Financial Statements and the Disclosure Schedule, none of the Warrantors is a guarantor or indemnitor of any
indebtedness of any other Person other than any indebtedness incurred in the ordinary course of business after the Balance Sheet Date. 
 4.8
Title to Properties and Assets. Each Group Company has good and marketable titles to, or valid rights to use, all of its material properties and assets (whether tangible or intangible) that it purports to own (including as reflected in its
balance sheets of the Financial Statements) or that it currently uses (except for such assets as have been spent, sold or transferred in the ordinary course of business since the Balance Sheet Date), free and clear of any and all Liens of any party
other than the lessors of such property and assets in the case that it is leased by any Group Company. Such properties and assets collectively represent in all material respects all properties and assets necessary for the conduct of the business of
the Group Companies as presently conducted, and have been properly maintained and are in good working condition in all material respects. Each Group Company has been and is in compliance with all the leases with respect to the property and assets it
leases in all material respects. 
 4.9 Status of Proprietary Assets. 

(a) Ownership of Proprietary Assets. Each of the Group Companies owns all right, title and interest in and to, free and clear of all
Liens, or has all necessary and valid rights to use, all of the material Proprietary Assets, and no item of Proprietary Assets is subject to any outstanding injunction, judgment, order, decree, ruling or charge. Each Proprietary Assets owned by the
Group Companies is valid, enforceable, and subsisting, in full force and effect, and has not been cancelled, expired or abandoned. To the Knowledge of the Warrantors, none of the Warrantors is aware of any notice, claim or assertion that any item of
Proprietary Assets owned by the Group Companies is invalid and is aware of any actual, threatened or pending claim, action, opposition, re-examination, interference or cancellation proceeding with respect
thereto. 
 (b) Use of Proprietary Assets. To the Knowledge of the Warrantors, the Group Companies have not interfered with, infringed
upon, misappropriated or violated any rights of third parties to the Proprietary Assets due to its use of Proprietary Assets, and the Group Companies have not received any charge, complaint, claim, demand or notice alleging any such interference,
infringement, misappropriation or violation, nor is any Group Company aware of any reasonable basis therefor. To the Knowledge of the Warrantors, no third party has interfered with, infringed upon, misappropriated or violated any rights of the Group
Companies to any of the material Proprietary Assets owned by the Group Companies. Except as set forth in the Disclosure Schedule, there are no outstanding options, licenses or agreements of any kind granted by any Group Company relating to the
Proprietary Assets owned by any Group Company, and such Group Company is not bound by or a party to any options, licenses or agreements of any kind with respect to the Proprietary Assets owned by any other Person, except for standard end-user agreements with respect to commercially available Proprietary Assets such as “off the shelf” computer software all of which are valid and fully paid, or other options, licenses or agreements
occurred in the ordinary course of business of such Group Company. Each Group Company has used best efforts to protect its title and ownership in the Proprietary Assets owned by such Group Company and the confidentiality of its trade secrets. To the
Warrantors’ best Knowledge, there has been no material disclosure of any trade secrets of any Group Company by any Person other than pursuant to the terms of a non-disclosure agreement, and, to the
Warrantors’ best Knowledge, no party to any non-disclosure agreement relating to the Company’s trade secrets is in breach or default thereof. 

  
 17 

 (c) Work Products Owned by Group Companies. All of personnel of any Group Company,
including employees, agents, consultants, and contractors, who have contributed to or participated in the conception and development of the material Proprietary Assets on behalf of such Group Company with respect to the business of such Group
Company, either (i) have been a party to a “work-for-hire” arrangement or similar agreement with such Group Company, in accordance with applicable Law,
that has accorded such Group Company full, effective, exclusive, and original ownership of all tangible and intangible property and related rights thereby arising, or (ii) have executed appropriate instruments of assignment in favor of such
Group Company that have conveyed to such Group Company full, effective, and exclusive ownership of all tangible and intangible property and related rights thereby arising. 

(d) Employees’ Invention. To the Knowledge of the Warrantors, none of the Group Companies is aware that any of Key Officers or key
employees with position of vice president or higher is obligated under any agreement or contract (including licenses, covenants or commitments of any nature) or instrument, or subject to any judgment, decree or order of any court or governmental
agency or instrumentality, that would interfere with the devotion of his full-time service to such Group Company or that would conflict with the business as currently conducted or as proposed to be conducted by such Group Company. Neither the
execution nor delivery of this Agreement or the Transaction Documents, nor the carrying on of the business as currently conducted or as proposed to be conducted by any Group Company, will, to the Warrantors’ best Knowledge, conflict with or
result in a breach of the terms, conditions or provisions of, or constitute a violation or default under, any such Contract, judgment, decree or order under which any of such officers or employees are currently obligated. None of the Group Companies
believes it is or will be necessary to utilize any inventions of any of its Key Officers or key employees with position of vice president or higher made prior to or outside the scope of their employment by such Group Company. 

4.10 Material Contracts and Obligations. All Material Contracts are listed in the Disclosure Schedule and have been made available for
inspection by or, if they are oral Contracts, have been summarized in writing for the Investor and the counsels thereof. Each Material Contract is a valid, binding and enforceable agreement of the parties thereto, the performance of which does not
violate any applicable Law, and is in full force and effect, and the terms thereof have been complied with by the relevant Group Companies and, to the best Knowledge of each Warrantor, by all the other parties thereto. There are no circumstances
likely to give rise to any material breach of such terms, no grounds for rescission, avoidance or repudiation of any of the Material Contracts and no notices of violation, default, termination or intention to terminate (whether or not such notice is
in writing) have been received in respect of any Material Contract. 

  
 18 

 4.11 Litigation. 

(a) General. Except as disclosed in the Disclosure Schedule, there is no material Action pending or, to the best Knowledge of the
Warrantors, threatened, against any Group Company or the business of the Group Companies, and each Warrantor is not aware of any event or circumstance that may form a basis for any such Action. The foregoing includes, without limitation, material
Actions pending or threatened against the Group Companies, the Founders or the Founder Holding Companies or the business of the Group Companies, the Founders or the Founder Holding Companies (or any basis therefor known to the Warrantors) involving
the prior employment of any of the Group Companies’ Key Officers or key employees with position of vice president or higher, their use in connection with the business of the Warrantors of any information or techniques allegedly proprietary to
any of their former employers, or their obligations under any agreements with former employers. None of the Group Companies, the Founders or the Founder Holding Companies is a party or subject to the provisions of any order, writ, injunction,
judgment or decree of any court or Governmental Authority. There is no Action initiated by the Group Companies that is currently pending. 

(b) Action Relating to this Agreement. There is no Action pending or, to the best Knowledge of the Warrantors, threatened, that
questions the validity of this Agreement, or any of the Transaction Documents, or the right of the Company to enter into such agreements, or to consummate the transactions contemplated hereby or thereby or that could, individually or in the
aggregate, result in a Company Material Adverse Effect or a change in the current equity ownership of any Group Company. 
 (c)
Anti-Corruption Law Matters. To the best Knowledge of the Warrantors, there are no Actions pending or threatened against any Group Company, Founder, Founder Holding Company or any director, officer, agent, employee or any other Person acting
for or on behalf of the foregoing, alleging a violation of any Anti-Corruption Law, (i) to obtain favorable treatment in securing business, (ii) to pay for favorable treatment for business secured, or (iii) to obtain special
concessions or for special concessions already obtained, for or in respect of the Group Companies. 
 (d) Money Laundering and Financing
of Terrorism. None of the Group Companies, the Founders or the Founder Holding Companies has been charged, convicted, fined or otherwise sanctioned in any litigation, administrative, regulatory or criminal investigation or proceeding or freezing
of assets by any Governmental Authority involving any aforesaid Persons or their respective director, officer, agent, employees or any other Person acting for or on behalf thereof with regard to money laundering or financing of terrorism. 

4.12 Compliance with Law. 

(a) General Compliance. None of the Group Companies, the Founders or the Founder Holding Companies is in violation or has been in
material violation of any applicable Law. All Approvals from any Governmental Authority and any third party which are required to be obtained or made by each Warrantor and each Group Company under applicable Law in connection with the due and proper
establishment of each Group Company and the conduct of the business or the consummation of the transactions contemplated hereunder, the absence of which would be reasonably likely to have a Company Material Adverse Effect, have been obtained or
completed in accordance with the relevant Law, are not in default, and are in full force and effect. None of the Group Companies is in receipt of any letter or notice from any Governmental Authority notifying revocation of any permits or Licenses
issued to it for non-compliance or the need for compliance or remedial actions in respect of the activities carried out directly or indirectly by it. The execution, delivery and performance of and compliance
with each of the Transaction Documents will not result in any such violation, breach or default, or be in conflict with or constitute, with or without the passage of time or the giving of notice or both, either a default under the Restated Articles
or similar charter documents of any Group Company, any such contract, agreement or instrument to which any Warrantor is a party or to which the assets of any Group Company is subject, an event which results in the creation of any Lien upon any asset
of any Group Company, or any violation of any applicable Law. 

  
 19 

 (b) PRC Law Compliance. 

(i) General. Except as disclosed in the Disclosure Schedule, each of the PRC Group Companies is and has in all material aspects been
operating its business in compliance with all relevant PRC Law and with all requisite Licenses, permits and Approvals granted by the competent PRC Governmental Authorities. All Approvals from any PRC Governmental Authority and any third party which
are required to be obtained or made by each Group Company under applicable PRC Law in connection with the due and proper establishment of each PRC Group Company and the conduct of the business or the consummation of the transactions contemplated
hereunder, including but not limited to the registrations with the PRC Ministry of Commerce, the State Administration of Market Regulation of PRC, SAFE, tax bureau, customs authorities, environmental protection authorities, fire and rescue
authorities, and product registration authorities, have been obtained or completed in accordance with the relevant PRC Law, not in default, and are in full force and effect and there exist no grounds on which any such Approval may be cancelled or
revoked or any PRC Group Company or its legal representative may be subject to liability or penalties for misrepresentations or failures to disclose information to the issuing PRC Governmental Authorities. 

(ii) Licenses. Unless otherwise disclosed in the Disclosure Schedule, each Group Company owns or validly holds all Licenses that are
necessary to conduct its business and own and operate its assets and properties as presently conducted and operated and as proposed to be conducted and operated, the absence of which would have a Company Material Adverse Effect. All Licenses held by
each Group Company are valid, binding and in full force and effect. No Group Company is or has at any time been, or has received any notice that it is or has at any time been, in default (or with the giving of notice or lapse of time or both, would
be in default) under any such License. All filings and registrations with relevant Governmental Authorities required in respect of each of the Group Companies and its operations and businesses have been duly and timely completed in accordance with
all applicable Law in all material respects. To the Knowledge of the Warrantors, the consummation of the transactions contemplated under the Transaction Documents will not result in a termination or revocation of any of the material Licenses of the
Group Companies. 
 (iii) SAFE. Except as disclosed in the Disclosure Schedule, the Founders and any other Person who is required to
comply with the SAFE Rules and Regulations (other than shareholders of the Company holding any Preferred Share and their directly or indirectly beneficial owners) has obtained registration with SAFE with respect to their holdings of Equity
Securities in the Company in accordance with the SAFE Rules and Regulations and none of them has received any oral or written inquiries, notifications, orders or any other forms of official correspondence from SAFE with respect to any actual or
alleged non-compliance with the SAFE Rules and Regulations. 

  
 20 

 (c) Anti-Corruption Law Compliance. None of the Founders or the Founder Holding
Companies, or to the Knowledge of the Warrantors, none of the Group Companies, directors (excluding director appointed by the holders of Preferred Shares), Key Officers or key employees with position of vice president or higher acting for or on
behalf of the Group Companies, has violated the Anti-Corruption Law, nor has any of the above Persons offered, paid, promised to pay, or authorized the payment of any money, or offered, given, promised to give, or authorized the giving of anything
of value, to any Government Official or to any Person under circumstances where there is a high probability that all or a portion of such money or thing of value would be offered, given or promised, directly or indirectly, to any Government
Official, for the purpose of: 
 (i) (A) influencing any act or decision of such Government Official in his official capacity,
(B) inducing such Government Official to do or omit to do any act in relation to his lawful duty, (C) securing any improper advantage, or (D) inducing such Government Official to influence or affect any act or decision of any
Governmental Authority, or 
 (ii) assisting any Group Company in obtaining or retaining business for or with, or directing business to any
Group Company. 
 (d) Privacy Law Compliance. The Group Companies have complied in all material respects with all privacy policies,
all applicable Privacy Law and all contractual commitments that the Group Companies have entered into with respect to personal information. None of the Group Companies has received any written notice of any claims, investigations (including, but not
limited to, investigations by regulatory authorities or any data protection authorities), or alleged violations of Privacy Law with respect to personal information possessed by or otherwise subject to the control of the Group Companies, and, to the
Knowledge of the Warrantors, there are no facts or circumstances which could form the basis for any such claim. 
 4.13 Compliance with
Other Instruments and Agreements. The Constitutional Documents of each Group Company are valid and have been duly approved or issued (as applicable) by competent Governmental Authorities in the jurisdiction where such Group Company is
incorporated. None of the Group Companies is in nor shall the business as currently conducted result in violation, breach or default of any term or provision of the Constitutional Documents, or of any term or provision of any Contract to which such
Group Company is a party or by which it may be bound, or of any provision of any Law applicable to or binding upon such Group Company in material respects. The Constitutional Documents of each Group Company are made available to the Investor. Each
Group Company has been in compliance with its Constitutional Documents in material respects, to the Knowledge of the Warrantors, none of the Group Companies has violated or breached any of their respective Constitutional Documents in material
respects. The register of members and directors of each Group Company (if applicable) is correct. There has been no notice of any proceedings to rectify any such register, and there are no circumstances which might lead to any application for its
rectification. All Constitutional Documents required to be filed by each of the Group Companies with the applicable Governmental Authority in respect of the relevant jurisdiction in which such Group Company is being incorporated have been properly
made up and filed. No shareholder or any other holder of the Equity Securities of the Company or the Group Companies has claimed any liability of any Group Company or Founder for such party’s breach of any contract in respect of its
shareholding or investment in the Company. 

  
 21 

 4.14 Disclosure. No Warranty made by any of the Warrantors in this Agreement and no
information or materials provided by any of the Warrantors to the Investor in connection with the negotiation or execution of this Agreement or any Transaction Document contains any untrue statement of a material fact, or omits to state any material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which they are made, not misleading. 

4.15 Registration Rights. Except as provided in the Shareholders Agreement, no Group Company has granted or agreed to grant any Person
any registration rights (including piggyback registration rights) with respect to, nor is any Group Company obliged to list, any Group Company’s Equity Securities on any securities exchange. 

4.16 Insurance. Except as provided in the Disclosure Schedule, the Group Companies have obtained and maintains the insurance coverage of
the same types and at the same coverage levels as other similarly situated companies in the same industry in which the Group Companies operate business or possess properties and assets, in accordance with its best commercial practices. To the best
Knowledge of the Warrantors, nothing has been done or omitted to be done by or on behalf of any Group Company which would make any policy of insurance void or voidable or enable the insurers to avoid the same and there is no claim outstanding under
any such policy and, to the best Knowledge of the Warrantors, there are no facts or circumstances likely to give rise to such claim or result in an increased rate of premium. 

4.17 Financial Statements. The Financial Statements (i) have been prepared in accordance with the books and records of the Group
Companies, (ii) are true, correct and complete and present fairly the financial condition of the Group Companies at the date or dates therein indicated and the results of operations for the period or periods therein specified, and
(iii) have been prepared in accordance with the GAAP and the IFRS applied on a consistent basis, except as to the unaudited Financial Statements, for the omission of notes thereto and normal year-end
audit adjustments. Specifically, but not by way of limitation, the most recent balance sheets included within the Financial Statements disclose all of each Group Company’s debts, liabilities and obligations of any nature, whether due or to
become due, as of their respective dates (including, without limitation, absolute liabilities, accrued liabilities, and contingent liabilities) to the extent such debts, liabilities and obligations are required to be disclosed on a balance sheet in
accordance with the GAAP and the IFRS, other than current liabilities that were incurred after the Balance Sheet Date in the ordinary course of business consistent with its past practices that are not material in the aggregate. The Group Companies
maintain a standard system of accounting established and administered in accordance with the GAAP and the IFRS. 
 4.18 Activities Since
Balance Sheet Date. Since the Balance Sheet Date, each of the Group Companies has operated its business in the ordinary course, and except as contemplated in the Transaction Documents, with respect to each Group Company, there has not been: 

(a) any sale, assignment or transfer of any Proprietary Assets or other intangible assets of such Group Company, except such sale, assignment
or transfer made in the ordinary course of business of such Group Company that do not constitute or result in, the aggregate, a Company Material Adverse Effect; 

  
 22 

 (b) any mortgage, pledge, transfer of a security interest in, or Lien created with respect
to any of such Group Company’s properties or assets, except for Liens for taxes not yet due or payable or any transfer incurred in the ordinary course of business of such Group Company that have not been material adverse to such Group Company;
or 
 (c) any Company Material Adverse Effect in the way such Group Company conducts its business. 

4.19 Tax Matters. 
 (a)
General. The provisions for Tax in the respective Financial Statement are sufficient for the payment of all accrued and unpaid applicable Tax of each Group Company, whether or not assessed or disputed as of the date of each such balance
sheet. Each Group Company has duly and timely filed all Tax Returns required to have been filed by it and all such Tax Returns are true, correct, and complete in all material respects. Each Group Company has withheld and paid all Tax which are
required to be withheld or due and payable (whether or not shown on any Tax Return), including the Tax in connection with any amounts due or owing to any employee, independent contractor, creditor, stockholder or other third party, and no Tax Liens
are currently in effect against any of the assets of any Group Company. None of the Group Companies is subject to any waivers of applicable statutes of limitations with respect to Tax for any year. Since the Balance Sheet Date, none of the Group
Companies has incurred any Tax, assessments or governmental charges other than in the ordinary course of business and each Group Company has made adequate provisions on its books of account for all Tax, assessments and governmental charges with
respect to its business, properties and operations for such period. Any preferential Tax treatment enjoyed by any Group Company on or prior to the Closing has been in compliance with all applicable Law in all material respects and to the Knowledge
of the Warrantors, will not be subject to any retroactive deduction or cancellation except as a result of retroactive effects of changes in applicable Law. 

(b) Tax Authority. There have been no pending Action or dispute of any Tax Returns by any applicable Governmental Authority. No written
claim has ever been made by any Governmental Authority in a jurisdiction where the Group Companies does not file Tax Returns that any Group Company is or may be subject to taxation by that jurisdiction, which has not been resolved. None of the Group
Companies has received notice of any proposed or determined Tax deficiency or assessment from any Governmental Authority, which has not been resolved. 

4.20 Interested Party Transactions. Except as disclosed in the Disclosure Schedule, the Transaction Documents, the Restructuring
Documents and the previous financing documents of the Group Companies, no Interested Party (a) currently has or has had direct or indirect interests in (i) any Contract to which any Group Company is a party or by which it or its properties
may be bound or affected, or (ii) any Person with which any Group Company Competes, is affiliated, or has a business relationship (other than ownership of no more than one percent (1%) of the stock of publicly traded companies), or (b) is
indebted to any Group Company nor is any Group Company indebted (or committed to make loans or extend or guarantee credit) to any Interested Party (other than the Contracts relating to employment or service of employees, directors, supervisors,
advisors and consultants and accrued salaries, reimbursable expenses or other standard employee benefits). Those business contracts involving Interested Party transactions as disclosed in the Disclosure Schedule were entered into by the parties
thereto on an arm’s-length basis and within the ordinary course of business of the relevant Group Company. 

  
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 4.21 Employment Matters. 

(a) General. Each Group Company (i) is in compliance in material aspects with all applicable Law respecting employment, employment
practices and terms and conditions of employment, including without limitation the applicable PRC Law pertaining to welfare funds, social benefits, medical benefits, insurance, retirement benefits and pensions; (ii) has withheld and reported
all amounts required by any applicable Law or any Contract to be withheld and reported with respect to wages, salaries and other payments to employees; (iii) is not liable for any arrear of wages, Tax or penalty for failure to comply with any
of the foregoing; and (iv) other than as required by applicable Law, is not liable for any payment to any trust or fund governed by or maintained by or on behalf of any Governmental Authority with respect to unemployment compensation benefits,
social security or other benefits or obligations for employees. There are no pending or, to the Knowledge of each Warrantor, threatened material Actions against any Group Company under any worker’s compensation policy or long-term disability
policy. 
 (b) Employment Relation. Each of officers (including Key Officers) and other full-time employees of the Group Companies has
duly executed an Employment-Related Agreement as required by the applicable laws, which is in full force and effect and binding upon and enforceable against each such person, and to the best Knowledge of the Warrantors, none of the such person or
any Group Companies is in violation thereof. None of the Warrantors is aware that any Key Officer intends to terminate his or her employment with any Group Company, or any Group Company has a present intention to terminate the employment of any Key
Officer. Except for the ESOP or as required by applicable Laws, there is no share incentive, share option, or other equity-based incentive arrangements of any Group Company. 

4.22 No Other Business. 

(a) Company. The Company was formed solely to acquire and hold, directly or indirectly, the Equity Securities of other Group Companies
and since its formation has not engaged in any other business and has not incurred any liability in the course of its business of acquiring and holding, directly or in its Equity Securities in the HK Subsidiary. 

(b) HK Subsidiary. The HK Subsidiary was formed solely to acquire and hold Equity Securities in the WFOE and since its formation has not
engaged in any other business and has not incurred any liability in the course of its business of acquiring and holding its Equity Securities in the WFOE. 

(c) PRC Group Companies. The PRC Group Companies are engaged mainly in the Principal Business and have no other business activities.

 4.23 Obligations of Management. Each of the Founders and the Key Officers is currently devoting one hundred percent (100%) of his
or her working time to the conduct of the business of the Group Companies. None of the Key Officers, directly or indirectly, owns, manages, is engaged in, operates, Controls, works for, consults with, renders services for, does business with,
maintains any interest in (proprietary, financial or otherwise) or participates in the ownership, management, operation, or Control of, any Restricted Business, whether in corporate, proprietorship or partnership form or otherwise, except for the
acquisition by a Key Officer, directly or indirectly, of less than one percent (1%) of the outstanding shares of any publicly traded company engaged in a Restricted Business. 

  
 24 

 4.24 Insolvency. The aggregate assets of the Group Companies taken as a whole, at a fair
valuation, exceeds or will exceed the aggregate debt of the Group Companies taken as a whole, as the debt becomes absolute and mature, and each Group Company does not incur or intends to incur debt beyond its ability to pay such debt as such debt
becomes absolute and matures. There has not been commenced against any Major Group Company an involuntary case under any applicable national, provincial, city, local or foreign bankruptcy, insolvency, receivership or similar Law now or hereafter in
effect, or any Action for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Major Group Companies or for any substantial part of its property or for the winding up or liquidation of
its affairs. 
 4.25 UN Security Council Resolutions. Neither a Group Company, a Founder, a Founder Holding Company, nor any Person
acting on its or his behalf, has entered into any transaction or engaged in any activity prohibited by any resolution issued by the United Nations Security Council under Chapter VII of the UN Charter. 

4.26 Criminal Offenses. Neither a Warrantor, nor any Person acting on its or his behalf whose acts could incur any Warrantor’s
vicarious liability, has carried out any actions or made any omissions which could result in any Warrantor incurring criminal sanctions. 

4.27 Environmental Matters. There are no material social or environmental risks or issues in respect of the Company Operations. None of the
Warrantors has received or is aware of (i) any existing or threatened complaint, order, directive, claim, citation or notice from any Governmental Authority, or (ii) any written communication from any Person, in either case, concerning the
failure of the Company Operations to comply with any matter covered by any applicable Law. 
 4.28 No Immunity. Neither a Warrantor
nor any of its or his properties enjoys any right of immunity from set-off, suit or execution with respect to its or his obligations under this Agreement and the Transaction Documents. 

 

	5.	 REPRESENTATIONS AND WARRANTIES OF THE INVESTOR 

The Investor represents and warrants to the Company as follows: 

5.1 Due Authorization. The Investor has all requisite power, authority and capacity to enter into this Agreement and the Ancillary
Agreements to which it is a party, and to perform its obligations hereunder and thereunder. This Agreement and the Ancillary Agreements to which it is a party have been duly authorized, executed and delivered by the Investor. This Agreement and the
Ancillary Agreements to which it is a party, when executed and delivered by the Investor, will constitute valid and legally binding obligations of the Investor, enforceable against the Investor in accordance with its terms and subject, as to
enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar Law affecting creditors’ rights generally and to general equitable principles. 

  
 25 

 5.2 Purchase for Own Account. The Purchased Shares will be acquired for the
Investor’s own account, and not as a nominee or agent. 
 5.3 Restricted Securities. The Investor understands that the Purchased
Shares being purchased by it and the shares issuable upon conversion of the Purchased Shares are restricted securities within the meaning of Rule 144 under the Securities Act; that the Purchased Shares and the shares issuable upon conversion of the
Purchased Shares are not registered or listed publicly and cannot be resold or transferred unless they are subsequently registered or listed or otherwise pursuant to an available exemption from such registration or listing. 

 

	6.	 COVENANTS 

Each of the Warrantors, jointly and severally, covenants to the Investor: 

6.1 Use of Proceeds from the Sale of Purchased Shares. The proceeds from the issuance and sale of the Purchased Shares shall only be
applied or used for daily operation and development of the Principal Business, and shall in no event be applied or used to repay or settle any other indebtedness owing by any Group Company to any of its shareholders, directors, officers or any other
Persons related in whatever respect with any of the foregoing parties which are not indicated in the Financial Statements and the Disclosure Schedule without the prior written consent of the Investor. 

6.2 Business of the Company and the HK Subsidiary. Except as otherwise approved by the Board in accordance with the Restated
Articles, the business of the Company shall be restricted to the direct or indirect holding, management and disposition of Equity Securities in other Group Companies and other companies or entities, and the business of the HK Subsidiary shall be
restricted to the holding, management and disposition of Equity Securities in the WFOE, HK Co and other companies or entities. 
 6.3
Business of the PRC Group Companies. Except as otherwise approved by the Board in accordance with the Restated Articles, the main business of each of the PRC Group Companies shall be restricted to the Principal Business. 

6.4 Employment-Related Agreement. The Company shall cause each of all existing and future full-time employees of the Group Companies to
enter into an Employment-Related Agreement in the form in compliance with the applicable Law. Each PRC Group Company shall at all times keep the minimum number of employees required by applicable Law in order to maintain all Licenses and permits
necessary to conduct its any business in the manner as currently and then conducted. 
 6.5 Compliance. 

(a) Compliance with Law. The Warrantors shall cause the Group Companies to, conduct their respective business as now conducted and as
proposed to be conducted materially in compliance with all applicable Law on a continuing basis, including but not limited to the Law regarding foreign investments, corporate registration and filing, import and export, customs administration,
foreign exchange, advertisement, telecommunication and e-commerce, privacy, intellectual property rights, taxation, labor and social welfare, welfare funds, social benefits, medical benefits, insurance,
retirement benefits, and pensions or the like. 

  
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 (b) SAFE Registration. Each Founder shall, and each Warrantor shall use its best
efforts to cause the Founders and any other person participating the ESOP who is a PRC resident and beneficially holds any Equity Securities in the Company to, at the expense of the Founders or such person (as applicable), fully comply with all
requirements of the PRC Governmental Authorities with respect to his or her holding of Equity Securities in the Company on a continuing basis (including, but not limited to, all reporting obligations imposed by and all Approvals required by the SAFE
Rules and Regulations and the PRC Governmental Authorities in connection therewith). 
 6.6 Business Permits or Licenses; Transfer of
Domain Name. 
 (a) Each of the Group Companies shall, and each of the Warrantors shall cause such Group Company to, at all times
maintain the appropriate governmental permits or Licenses required to conduct the Principal Business and any other business conducted by the Group Companies at any given time, and shall not permit any Group Company to conduct any business for which
it does not have the appropriate governmental permits or licenses. In particular, as soon as practicable following the Closing and to the extent necessary or desirable to facilitate an initial public offering of the Company, the Warrantors shall use
their commercially reasonable efforts to cause (i) all the PRC Group Companies and their branches operating the business recycling of waste or second hand materials to, add description of “recycling of waste or second hand materials (废旧物资回收)” or similar language into business scope stated in the business license of such
companies; (ii) all the PRC Group Companies and their branches operating the business of renewable resources recycling to obtain the necessary Approvals according to applicable Laws; (iii) all the PRC Group Companies and their branches
operating the Principal Business to complete the filings with each local public security department where they operate the recycling business once such local public security department accepts the filings from the respective PRC Group Companies and
their branches; (iv) the Shanghai Subsidiary to submit filing with the competent authorities for the information of all the franchisees with respect to its commercial franchising business. 

(b) The Warrantors shall cause the domain name of paipai.com to be transferred to Shanghai Subsidiary or other PRC Group Company within six
(6) months after the Closing. 
 (c) The Company shall, and the Warrantors shall cause the Company to, within thirty (30) days
after the Closing, collect all necessary authorizations from its shareholders in connection with the Company’s signing on behalf of such shareholders of the Joinder and Amendment to the Shareholders Agreement. 

6.7 Tax Matters. The Company will comply and will cause any and all Group Companies to comply on an annual basis with respect to its
taxable year with all record-keeping, reporting, and other requirements necessary for the Company and any Group Companies to comply with any applicable Tax Law or to allow any direct or indirect shareholder or owner to avail itself of any applicable
provision of Tax Law. The Company will also provide the Investor with necessary documentation or information requested by the Investor to allow the Investor or its direct or indirect shareholder to comply with applicable Tax Law. 

  
 27 

 6.8 Obligations of Management; Non-Compete and Non-Solicitation. 
 (a) Non-compete. Each Founder
shall, and each Warrantor shall cause each Founder to, devote his full time and attention to the business of the Group Companies and will use his best efforts to develop the business and interests of the Group Companies. Each Founder hereby
covenants and undertakes that, during the period when he is holding any office in and/or has any direct or indirect interest in any Group Company (whichever is longer) and for a further period of twenty-four (24) months thereafter, he shall
not, directly or indirectly through any Affiliate or Associate, own, manage, be engaged in, operate, Control, work for, consult with, render services for, do business with, maintain any interest in (proprietary, financial or otherwise) or
participate in the ownership, management, operation, or Control of, any business, whether in corporate, proprietorship or partnership form or otherwise, that is related to the Principal Business or otherwise Competes with any Group Company. 

(b) Non-solicitation. Each Founder further covenants and undertakes that, he shall not cause,
solicit, induce or encourage any employees of the Group Companies to leave such employment or hire, employ or otherwise engage any such individual, or cause, induce or encourage any material actual or prospective client, customer, supplier, licensee
or licensor of the Group Companies or any other Person who has a material business relationship with the Group Companies, to terminate or modify to the detriment of the Group Companies any such relationship. 

6.9 Keeping Records and Books of Account. Each Group Company will keep adequate records and books of account, in which complete entries
will be made on a consistent basis in accordance with the GAAP and the IFRS or other accounting principles as approved pursuant to the Shareholders Agreement, reflecting all financial transactions of the Group Companies, to the extent required by
the GAAP and the IFRS or such other accounting principles, and in which, for each fiscal year, all proper reserves for depreciation, depletion, obsolescence, amortization, taxes, bad debts and other purposes in connection with its business shall be
made in accordance with the GAAP and the IFRS or such other accounting principles.  
 6.10 Most Favorable Treatment. Except
for those provided in the Transaction Documents to which the Investor is a party or is bound thereby, in the event that any Group Company grants to any holder of shares issued prior to the date hereof or the Purchased Shares, any rights, privileges
or protections more favorable than those granted to the Investor (other than any rights, privileges or protections provided or granted to Jing Dong), then the Investor shall be entitled to, in its capacity of holding the Purchased Shares, the same
rights, privileges or protections at least pari passu with such other holder, and the Warrantors shall take all actions necessary to effectuate the foregoing. 

6.11 Additional Covenants. Except as required by this Agreement, no resolution of the directors, owners, members, partners or
shareholders of the Group Companies shall be passed, nor shall any Contract be entered into, in each case, prior to the Closing without the prior written consent of the Investor, except that each Group Company may carry on its respective business in
the same manner as heretofore and may pass resolutions and enter into Contracts so long as they are effected without adversely affecting the transactions contemplated hereunder. If at any time before the Closing, any Warrantor comes to know of any
material fact or event which: 
 (a) is inconsistent with any of the Company Warranties given by any Warrantor, 

  
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 (b) suggests that any fact warranted may not be as warranted or may be misleading, or 

(c) might affect the willingness of a prudent investor to purchase the Purchased Shares or the amount of consideration which the Investor would
be prepared to pay for the Purchased Shares, 
 such Warrantor shall give immediate written notice thereof to the Investor in which event
the Investor may terminate this Agreement by written notice to the other Parties without any penalty whatsoever and without prejudice to any rights that the Investor may have under this Agreement or applicable Law. 

 

	7.	 CONDITIONS TO THE INVESTOR’S OBLIGATIONS AT THE CLOSING 

The obligations of the Investor to consummate the transactions under Section 2 of this Agreement are subject to the
fulfillment, to the satisfaction of the Investor on or prior to the Closing, or waiver by the Investor, of the following conditions: 
 7.1
Representations and Warranties True and Correct. The Company Warranties made by the Warrantors in Section 4 shall be, in all material respects, true and correct and complete when made, and shall be, in all material
respects, true and correct and complete as of the Closing with the same force and effect as if they have been made on and as of the Closing. 

7.2 Performance of Obligations. Each Warrantor shall have, in all material respects, performed and complied with all agreements,
obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

7.3 Proceedings and Documents. All corporate and other proceedings of the Major Group Companies and the Founder Holding Companies in
connection with the transactions contemplated by the Transaction Documents and all documents and instruments incidental to such transactions shall be satisfactory in substance and form to the Investor. 

7.4 Consents and Waivers. Each Warrantor shall have obtained any and all corporate authorizations and consents of third parties (other
than any Approval which shall be obtained after the Closing pursuant to the Transaction Documents) necessary for the consummation of the transactions contemplated hereby, including but not limited to waivers of any consent rights, anti-dilution
rights, rights of first refusal, preemptive rights and all similar rights in connection with the issuance of the Purchased Shares and the execution and the performance of Kuaishou BCA at the Closing, each of which shall be in full force and effect
as of the Closing, and shall have delivered copies of the foregoing to the Investor. 
 7.5 Adoption of Restated Articles. The
Restated Articles shall have been duly adopted by the Company by all necessary corporate actions of the Board and requisite shareholders and submitted for filing with competent corporate registry of the Cayman Islands as of the Closing as evidenced
by an email confirmation from the registered agent of the Company, and the scanned copy of which shall have been delivered to the Investor. 

  
 29 

 7.6 Execution of Transaction Documents. At the Closing, the Company shall have
delivered to the Investor all the Transaction Documents to which the Investor is a party, duly executed by the Company and all other parties thereto (except for the Investor). 

7.7 Kuaishou BCA. The Domestic Enterprise shall have entered into the Kuaishou BCA with Chengdu Kuaigou. 

7.8 No Company Material Adverse Effect. There shall have been no Company Material Adverse Effect since the Balance Sheet Date. 

 

	8.	 CONDITIONS TO COMPANY’S OBLIGATIONS AT THE CLOSING 

The obligations of the Company to consummate the transactions under Section 2 of this Agreement are subject to the
fulfillment, to the satisfaction of the Company on or prior to the Closing, or waiver by the Company, of the following conditions: 
 8.1
Representations and Warranties True and Correct. The representations and warranties made by the Investor in Section 5 shall be, in all material respects, true and correct and complete when made, and shall be, in all
material respects, true and correct and complete as of the Closing with the same force and effect as if they have been made on and as of the Closing. 

8.2 Performance of Obligations. The Investor shall have, in all material respects, performed and complied with all agreements,
obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

8.3 Consents and Waivers. The Investor shall have obtained any and all corporate authorizations and consents of third parties (other
than any Approval which shall be obtained after the Closing pursuant to the Transaction Documents) necessary for the consummation of the transactions contemplated hereby, each of which shall be in full force and effect as of the Closing. 

8.4 Execution of Transaction Documents. At the Closing, the Investor shall have delivered to applicable Warrantors all the Transaction
Documents to which the Investor is a party, duly executed by such Person and all other parties thereto. 
 8.5 Kuaishou BCA. The
Domestic Enterprise shall have entered into the Kuaishou BCA with Chengdu Kuaigou. 
  

	9.	 INDEMNITY 

The Parties hereby agree to the provisions set forth in Schedule F, which is incorporated hereby into this Agreement. 

 

	10.	 MISCELLANEOUS 

10.1 Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the Law of Hong Kong without regard
to its principles of conflicts of laws. 

  
 30 

 10.2 Survival. The Company Warranties shall survive the Closing for a period of
twenty-four (24) months, except that the Fundamental Company Warranties shall survive until the expiration of the applicable statute of limitation under applicable Law. 

10.3 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors, assigns, heirs, executors and administrators of the Parties hereto whose rights or obligations hereunder are affected by such amendments. This Agreement and the rights and obligations therein may not be assigned by the
Investor without the written consent of the Company except to the Investor’s Affiliates. This Agreement and the rights and obligations therein may not be assigned by any Warrantor without the written consent of the Investor. 

10.4 Entire Agreement. This Agreement and the Transaction Documents, including the schedules and exhibits hereto and thereto, which are
hereby expressly incorporated herein by this reference, constitute the entire understanding and agreement between the Parties with regard to the subjects hereof and thereof; provided, however, that nothing in this Agreement or
Transaction Documents shall be deemed to terminate or supersede the provisions of any confidentiality and nondisclosure agreements executed by the Parties hereto prior to the date hereof, which agreements shall continue in full force and effect
until terminated in accordance with their respective terms. 
 10.5 Notices. Except as may be otherwise provided herein, all notices,
requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other Party, upon delivery; (b) when sent by facsimile
at the number set forth in Schedule E hereto, upon receipt of confirmation of error-free transmission; (c) seven (7) Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed
to the other Party as set forth in Schedule E; (d) three (3) Business Days after deposit with an overnight delivery service, postage prepaid, addressed to the Parties as set forth in Schedule E with next-business day delivery
guaranteed, provided that the sending Party receives a confirmation of delivery from the delivery service provider; or (e) when sent by email at the email address set forth in Schedule E hereto, upon sending by email (without
errors in transmission), if sent on a Business Day and during normal business hours of the recipient, otherwise on the next Business Day. Each Person making a communication hereunder by facsimile shall promptly confirm by telephone to the Person to
whom such communication was addressed each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A Party may change or supplement the addresses given
above, or designate additional addresses, for purposes of this Section 10.5 by giving the other Party written notice of the new address in the manner set forth above. 

10.6 Amendments. Any term of this Agreement may be amended only with the written consents of the Parties hereto. 

10.7 Delays or Omissions; Waivers. No delay or omission to exercise any right, power or remedy accruing to any Party hereto, upon any
breach or default of any Party hereto under this Agreement, shall impair any such right, power or remedy of such Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach of
default thereafter occurring; nor shall any waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit or approval of any kind or character on the part of any Party of any condition or breach of default under this
Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party shall be cumulative and not alternative. 

  
 31 

 10.8 Finder’s Fees. Each Party represents and warrants to the
others that it has retained no finder or broker in connection with the transactions contemplated by this Agreement and hereby agrees to indemnify and to hold harmless the other Parties from and against any liability for any commission or
compensation in the nature of a finder’s fee of any broker or other Person or firm (and the costs and expenses of defending against such liability or asserted liability) for which the indemnifying Party or any of its employees or
representatives are responsible. 
 10.9 Interpretation; Titles and Subtitles. This Agreement shall be construed according to its fair
language. The rule of construction to the effect that ambiguities are to be resolved against the drafting Party shall not be employed in interpreting this Agreement. The titles of the sections and subsections of this Agreement are for convenience of
reference only and are not to be considered in construing this Agreement. Unless otherwise expressly provided herein, all references to Sections and Exhibits herein are to Sections and Exhibits of this Agreement. Unless a provision hereof expressly
provides otherwise: (i) the term “or” is not exclusive; (ii) the terms “herein”, “hereof”, and other similar words refer to this Agreement as a whole and not to any particular section, subsection, paragraph,
clause, or other subdivision; and (iii) the masculine, feminine, and neuter genders will each be deemed to include the others. 
 10.10
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

10.11 Severability. If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed,
to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same terms as originally set forth herein, and if no feasible interpretation would
save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights or benefits intended by the Parties. In such event, the Parties shall
use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly affects the Parties’ intent in entering into this Agreement. 

10.12 Confidentiality and Non-Disclosure. None of the Warrantors may represent the
Investor’s views on any matter, or use the Investor’s name in any written material provided to third parties, without the Investor’s prior written consent. The Parties hereto agree to be bound by the confidentiality and non-disclosure provisions of Section 6 of the Shareholders Agreement. Each Warrantor shall expressly inform any Person to whom it discloses any information under this
Section 10.12 of the restrictions set out herein with regards disclosure of such information and shall procure their compliance with the terms of this Section 10.12 as if they each were party to
this Agreement as such Warrantor and such Warrantor shall be responsible for any breach by any such Person of the provisions of this Section 10.12. 

10.13 Further Assurances. Each Party shall from time to time and at all times hereafter make, do, execute, or cause or procure to be
made, done and executed such further acts, deeds, conveyances, consents and assurances without further consideration, which may reasonably be required to effect the transactions contemplated by this Agreement. 

  
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 10.14 Dispute Resolution. 

(a) Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity
hereof, shall first be subject to resolution through consultation of the parties to such dispute, controversy or claim. Such consultation shall begin within seven (7) days after one Party hereto has delivered to the other Parties involved a
written request for such consultation. If within thirty (30) days following the commencement of such consultation the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of any Party with notice to the
other Parties. 
 (b) The arbitration shall be conducted in Hong Kong under the auspices of the HKIAC. There shall be three arbitrators. The
complainant and the respondent to such dispute shall each select one arbitrator within thirty (30) days after giving or receiving the demand for arbitration. Such arbitrators shall be freely selected, and the parties shall not be limited in
their selection to any prescribed list. The Chairman of the HKIAC shall select the third arbitrator, who shall be qualified to practice Law in Hong Kong. If either party to the arbitration does not appoint an arbitrator who has consented to
participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the HKIAC. 

(c) The arbitration proceedings shall be conducted in English and Chinese. The arbitration tribunal shall apply the arbitration rules of the
HKIAC (the “Rules”) in effect at the time of the arbitration. However, if such Rules are in conflict with the provisions of this Section 10.14, including the provisions concerning the appointment of
arbitrators, the provisions of this Section 10.14 shall prevail. 
 (d) The arbitrators shall decide any dispute
submitted by the parties to the arbitration strictly in accordance with the substantive Law of Hong Kong and shall not apply any other substantive law. 

(e) Each Party hereto shall cooperate with any party to the dispute in making full disclosure of and providing complete access to all
information and documents requested by such Party in connection with such arbitration proceedings, subject to any confidentiality obligations binding on the Party receiving the request. 

(f) The award of the arbitration tribunal shall be final and binding upon the disputing parties, and any party to the dispute may apply to a
court of competent jurisdiction for enforcement of such award. 
 (g) Any party to the dispute shall be entitled to seek preliminary
injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal. 
 (h) The costs
and expenses of the arbitration, including the fees of the arbitrators, shall in the first instance be borne equally by the Parties that are the parties to the dispute, and each Party shall in the first instance pay its own fees, disbursements and
other charges of its counsel, and the liability for such costs and expenses of the arbitration and the parties’ fees, disbursement and counsel charges shall be borne by the party or parties as determined by the arbitrators in the award. 

  
 33 

 10.15 Immunity. To the extent any Warrantor may be entitled in any jurisdiction to
claim for himself/itself or his/its assets immunity in respect of his/its obligations under this Agreement or any Transaction Document from any suit, execution, attachment (whether provisional or final, in aid of execution, before judgment or
otherwise) or other legal process or to the extent that in any jurisdiction that immunity (whether or not claimed) may be attributed to him/it or his/its assets, such Warrantor irrevocably agrees not to claim and irrevocably waives such immunity to
the fullest extent permitted now or in the future by the Law of such jurisdiction. 
 10.16 Expenses. Each Party shall pay all of its
own costs and expenses incurred in connection with the negotiation, execution, delivery and performance of this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby; provided that, within five
(5) days after receipt of the Cash Purchase Price as indicated opposite the Investor’s name on Schedule A, the Company shall pay or reimburse all reasonable
out-of-pocket costs and expenses incurred or to be incurred by the Investor up to a maximum of RMB 500,000 which shall include all expenses and costs, including out-of-pocket expenses and third party consulting or advisory expenses incurred in connection with the transactions contemplated by this Agreement. 

10.17 Termination. 
 (a)
This Agreement may be terminated by the Company, by written notice to the Investor if the Closing has not occurred due to any reasons solely attributable to the Investor within sixty (60) days after the date hereof. 

(b) This Agreement may be terminated by the Investor with respect to itself by written notice to the other Parties pursuant to
Section 3.4. 
 (c) Any termination under this Section 10.17 shall be without prejudice
to any claims for damages or other remedies that the Parties may have under this Agreement or applicable Law. 
 (d) Without prejudice to
paragraph (c) above, in the case of termination, each relevant Party’s further rights and obligations hereunder shall terminate immediately save that the provisions of Section 9,
Section 10.1, Section 10.2, Section 10.5, Section 10.12, Section 10.14, Section 10.16 and
this Section 10.17 shall survive such termination. 
 - REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK -

  
 34 

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

					
	COMPANY:	  	AIHUISHOU INTERNATIONAL CO. LTD. 
			
		  	By:	  	 /s/ CHEN Xuefeng

		  	Name:	  	CHEN Xuefeng (陈雪峰)
		  	Title:	  	Director
		
	HK SUBSIDIARY:	  	AIHUISHOU INTERNATIONAL COMPANY LIMITED
			
		  	By:	  	 /s/ CHEN Xuefeng

		  	Name:	  	CHEN Xuefeng (陈雪峰)
		  	Title:	  	Director 
		
	DOMESTIC ENTERPRISE:	  	SHANGHAI WANWUXINSHENG ENVIRONMENTAL PROTECTION TECHNOLOGY GROUP CO., LTD.
(上海万物新生环保科技集团有限公司 (Seal)
		
		  	 /s/ Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd.

		  	Seal of Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd.
			
		  	By:	  	 /s/ CHEN Xuefeng

		  	Name:	  	CHEN Xuefeng (陈雪峰)
		  	Title:	  	Legal Representative
		
	HK CO:	  	AHS DEVICE HONG KONG LIMITED
			
		  	By:	  	 /s/ CHEN Xuefeng

		  	Name:	  	CHEN Xuefeng (陈雪峰)
		  	Title:	  	Director

 Signature Page to Share Purchase Agreement 

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

					
	DOMESTIC SUBSIDIARIES:	  	SHANGHAI YUEYI NETWORK INFORMATION TECHNOLOGY CO., LTD.
(上海悦亿网络信息技术有限公司) (Seal)
		
		  	 /s/ Shanghai Yueyi Network Information Technology Co., Ltd.

		  	Seal of Shanghai Yueyi Network Information Technology Co., Ltd.
			
		  	By:	  	 /s/ CHEN Yike

		  	Name:	  	CHEN Yike (陈逸轲)
		  	Title:	  	Legal Representative
		
		  	CHANGZHOU YUEYI NETWORK INFORMATION TECHNOLOGY CO., LTD.
(常州悦亿网络信息技术有限公司)
(Seal)
		
		  	 /s/ Changzhou Yueyi Network Information Technology Co., Ltd.

		  	Seal of Changzhou Yueyi Network Information Technology Co., Ltd.
			
		  	By:	  	 /s/ CHEN Yike

		  	Name:	  	CHEN Yike (陈逸轲)
		  	Title:	  	Legal Representative

  
 Signature Page to
Share Purchase Agreement 

					
		  	YUEYI COMMERCIAL FACTORING (SHENZHEN) CO., LTD.
(乐易商业保理(深圳)有限公司) (Seal)
		
		  	 /s/ Yueyi Commercial Factoring (Shenzhen) Co., Ltd.

		  	Seal of Yueyi Commercial Factoring (Shenzhen) Co., Ltd.
			
		  	By:	  	 /s/ CHEN Yike

		  	Name:	  	CHEN Yike (陈逸轲)
		  	Title:	  	Legal Representative

 Signature Page to Share Purchase Agreement 

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

					
	WFOE:	  	SHANGHAI AIHUI TRADING CO., LTD. (上海艾慧商贸有限公司) (Seal)
		
		  	 /s/ Shanghai Aihui Trading Co., Ltd.

		  	Seal of Shanghai Aihui Trading Co., Ltd.
			
		  	By:	  	 /s/ CHEN Xuefeng

		  	Name:	  	CHEN Xuefeng (陈雪峰)
		  	Title:	  	Legal Representative
		
	WFOE SUBSIDIARY:	  	SHANGHAI YUEOU INFORMATION TECHNOLOGY CO., LTD. (上海悦欧信息技术有限公司)
(Seal)
		
		  	 /s/ Shanghai Yueou Information Technology Co., Ltd.

		  	Seal of Shanghai Yueou Information Technology Co., Ltd.
			
		  	By:	  	 /s/ CHEN Xuefeng

		  	Name:	  	CHEN Xuefeng (陈雪峰)
		  	Title:	  	Legal Representative

 Signature Page to Share Purchase Agreement 

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

			
	FOUNDERS:
	
	 /s/ SUN Wenjun

	SUN Wenjun (孙文俊)
	
	 /s/ CHEN Xuefeng

	CHEN Xuefeng (陈雪峰)
	
	FOUNDER HOLDING COMPANIES:
	
	S&WJ GROUP LIMITED
		
	By:	 	 /s/ SUN Wenjun

	Name: SUN Wenjun (孙文俊)
	Title: Director
	
	C&XF GROUP LIMITED
		
	By:	 	 /s/ CHEN Xuefeng

	Name: CHEN Xuefeng (陈雪峰)
	Title: Director

 Signature Page to Share Purchase Agreement 

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

			
	 INVESTOR:
  

Cosmic Blue Investments Limited

		
	By:	 	 /s/ Su Hua

	Name: Su Hua
	Title: Director

 Signature Page to Share Purchase Agreement 

 SCHEDULE A 

 

					
	 Name of Investor
	  	 Number and Type of Purchased Shares
	  	 Total Purchase Price (USD)

	 Cosmic Blue
	  	2,572,995 Series F Preferred Shares	  	28,000,000 in cash to be paid at the Closing
	  	22,000,000 in form of business resources to be contributed under Kuaishou BCA

 Schedules to Share Purchase Agreement 

 SCHEDULE B 

LIST OF KEY OFFICERS 
  

					
	 Name of Key Officer
	  	 PRC ID Number
	  	 Title

	 CHEN Xuefeng
(陈雪峰)
	  	***	  	CEO
			
	 SUN Wenjun
(孙文俊)
	  	***	  	President Office Staff
			
	 QIU Jiawen
(仇佳文)
	  	***	  	Senior Software Engineer
			
	 WANG Dengting
(王登庭)
	  	***	  	Vice President
			
	 DU Xiaochen
(杜晓忱)
	  	***	  	Vice President
			
	 GUO Jingwei
(郭经纬)
	  	***	  	Vice President
			
	 WANG Yongliang
(王永良)
	  	***	  	President
			
	 LAI Fangxiao
(赖方潇)
	  	***	  	Vice President
			
	 CHEN Chen
(陈晨)
	  	***	  	CFO

 Schedules to Share Purchase Agreement 

 SCHEDULE C 

DISCLOSURE SCHEDULE 

Schedules to Share Purchase Agreement 

 SCHEDULE D 

CAPITALIZATION TABLE 

AS OF THE EXECUTION DATE OF THIS AGREEMENT 
  

									
	 Shareholders
	  	# of Shares	 	  	%	 
	 Ordinary Shares
	  				  			
	 S&WJ Group Limited
	  	 	4,231,722	 	  	 	2.6180	% 
	 C&XF Group Limited
	  	 	11,287,336	 	  	 	6.9830	% 
	 Morningside China TMT Fund II, L.P.
	  	 	369,034	 	  	 	0.2283	% 
	 International Finance Corporation
	  	 	297,902	 	  	 	0.1843	% 
	 Shanghai Jinglin Jinghui Equity Investment Center (Limited Partnership)
	  	 	992,513	 	  	 	0.6140	% 
	 Being Capital Fund I LP
	  	 	240,617	 	  	 	0.1489	% 
	 Tian Zhan Investment Limited
(天展投資有限公司)
	  	 	120,309	 	  	 	0.0744	% 
	 JD.com Development Limited
	  	 	160,411	 	  	 	0.0992	% 
	 Internet Fund IV Pte. Ltd.
	  	 	200,514	 	  	 	0.1240	% 
	 Tiger Pacific Capital
	  	 	160,412	 	  	 	0.0992	% 
	 YIHENG CAPITAL PARTNERS, L.P.
	  	 	160,411	 	  	 	0.0992	% 
	 PLUTO CONNECTION LIMITED
	  	 	401,028	 	  	 	0.2481	% 
	 DESIGN TIME LIMITED
	  	 	160,411	 	  	 	0.0992	% 
	 ESOP
	  				  			
	 ESOP (reserved)
	  	 	28,096,153	 	  	 	17.3819	% 
	 Series A Preferred Shares
	  				  			
	 Morningside China TMT Fund II, L.P.
	  	 	9,497,040	 	  	 	5.8754	% 
	 Series B-1 Preferred Shares
	  				  			
	 Morningside China TMT Fund II, L.P.
	  	 	1,758,711	 	  	 	1.0880	% 
	 Series B-2 Preferred Shares
	  				  			
	 Morningside China TMT Fund II, L.P.
	  	 	2,879,784	 	  	 	1.7816	% 
	 Series B-3 Preferred Shares
	  				  			
	 International Finance Corporation
	  	 	2,948,341	 	  	 	1.8240	% 
	 Series C-1 Preferred Shares
	  				  			
	 Morningside China TMT Top Up Fund, L.P.
	  	 	1,825,679	 	  	 	1.1295	% 
	 International Finance Corporation
	  	 	921,671	 	  	 	0.5702	% 

  
 Schedules to Share
Purchase Agreement 

									
	 Series C-2 Preferred Shares
	  				  			
	 Tiantu China Consumer Fund I, L.P.
	  	 	7,450,811	 	  	 	4.6095	% 
	 JD.com Development Limited
	  	 	7,450,811	 	  	 	4.6095	% 
	 EAGLE INTELLIGENCE LIMITED
	  	 	2,197,879	 	  	 	1.3597	% 
	 Series C-3 Preferred Shares
	  				  			
	 Euro Eco Limited
(欧之碧有限公司)
	  	 	4,552,729	 	  	 	2.8166	% 
	 JD.com Development Limited
	  	 	6,490,541	 	  	 	4.0154	% 
	 Qianhai Fund of Fund Equity Investment (Shenzhen) Co., Ltd.
	  	 	1,262,446	 	  	 	0.7810	% 
	 YYT CAPITAL Inc.
	  	 	563,845	 	  	 	0.3488	% 
	 Tiantu China Consumer Fund II, L.P.
	  	 	429,089	 	  	 	0.2655	% 
	 Generation Mu HK Investment Limited
	  	 	400,293	 	  	 	0.2476	% 
	 Shenzhen Dachen Chuanglian Equity Investment Fund Partnership (Limited Partnership) (深圳市达晨创联股权投资基金合伙企业(有限合伙))
(warrant)
	  	 	2,819,225	 	  	 	1.7441	% 
	 Being Capital Fund I LP
	  	 	338,307	 	  	 	0.2093	% 
	 Tian Zhan Investment Limited
(天展投資有限公司)
	  	 	169,153	 	  	 	0.1046	% 
	 Internet Fund IV Pte. Ltd.
	  	 	281,923	 	  	 	0.1744	% 
	 Tiger Pacific Capital
	  	 	225,538	 	  	 	0.1395	% 
	 YIHENG CAPITAL PARTNERS, L.P.
	  	 	225,538	 	  	 	0.1395	% 
	 PLUTO CONNECTION LIMITED
	  	 	563,845	 	  	 	0.3488	% 
	 DESIGN TIME LIMITED
	  	 	225,538	 	  	 	0.1395	% 
	 Shenzhen Tiantu Xingli Investment Enterprise (Limited Partnership)
	  	 	3,383,070	 	  	 	2.0930	% 
	 Shanghai Chenxi Venture Capital Center (Limited Partnership)
	  	 	1,884,511	 	  	 	1.1659	% 
	 Shanghai Jinglin Jinghui Equity Investment Center (Limited Partnership)
	  	 	563,845	 	  	 	0.3488	% 
	 Series D-1 Preferred Shares
	  				  			
	 JD.com Development Limited
	  	 	2,115,755	 	  	 	1.3089	% 
	 Series D-2 Preferred Shares
	  				  			
	 Internet Fund IV Pte. Ltd.
	  	 	7,952,405	 	  	 	4.9198	% 
	 Series E Preferred Shares
	  				  			
	 Morningside China TMT Fund II, L.P.
	  	 	840,614	 	  	 	0.5201	% 
	 Tiantu China Consumer Fund II, L.P.
	  	 	280,205	 	  	 	0.1734	% 
	 Internet Fund IV Pte. Ltd.
	  	 	560,410	 	  	 	0.3467	% 

  
 Schedules to Share
Purchase Agreement 

									
	 Fresh Capital Fund I, L.P.
	  	 	280,205	 	  	 	0.1734	% 
	 Generation Mu HK Investment Limited
	  	 	560,410	 	  	 	0.3467	% 
	 JD.com Development Limited
	  	 	30,302,146	 	  	 	18.7467	% 
	 Guotai Junan Finance (Hong Kong) Limited
國泰君安財務(香港)有限公司 
	  	 	1,401,024	 	  	 	0.8668	% 
	 Refresher Limited
	  	 	403,747	 	  	 	0.2498	% 
	 Shanghai Qingxin Investment Management Co., Ltd.
(上海清新投资管理有限公司)
	  	 	403,747	 	  	 	0.2498	% 
	 Tianjin Huihe Haihe Intelligent Logistics Industry Fund Partnership (Limited Partnership) (天津汇禾海河智能物流产业基金合伙企业(有限合伙))
	  	 	282,623	 	  	 	0.1748	% 
	 Zibo Minsheng Ouming Equity Investment Partnership (Limited Partnership) (淄博民生欧明股权投资合伙企业(有限合伙))
	  	 	807,494	 	  	 	0.4996	% 
	 InnoVen Capital China Pte. Ltd.
	  	 	56,041	 	  	 	0.0347	% 
	 Series F Preferred Shares
	  				  			
	 Being Capital Fund I LP
	  	 	1,080,658	 	  	 	0.6686	% 
	 Tian Zhan Investment Limited
(天展投資有限公司)
	  	 	540,329	 	  	 	0.3343	% 
	 JD.com Development Limited
	  	 	720,439	 	  	 	0.4457	% 
	 Internet Fund IV Pte. Ltd.
	  	 	900,548	 	  	 	0.5571	% 
	 Tiger Pacific Capital
	  	 	720,439	 	  	 	0.4457	% 
	 YIHENG CAPITAL PARTNERS, L.P.
	  	 	720,439	 	  	 	0.4457	% 
	 PLUTO CONNECTION LIMITED
	  	 	1,801,097	 	  	 	1.1143	% 
	 DESIGN TIME LIMITED
	  	 	720,439	 	  	 	0.4457	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	161,640,150	 	  	 	100.0000	% 
		  	  
	  
	 	  	  
	  
	 

 Note: the Ordinary Shares reserved under the ESOP includes up to 153,570 Ordinary Shares reserved for issuance for proposed
SVB Warrant (as defined in the Disclosure Schedule). 
 Schedules to Share Purchase Agreement 

 CAPITALIZATION TABLE 

AFTER THE CLOSING 
  

									
	 Shareholders
	  	# of Shares	 	  	%	 
	 Ordinary Shares
	  				  			
	 S&WJ Group Limited
	  	 	4,231,722	 	  	 	2.5770	% 
	 C&XF Group Limited
	  	 	11,287,336	 	  	 	6.8736	% 
	 Morningside China TMT Fund II, L.P.
	  	 	369,034	 	  	 	0.2247	% 
	 International Finance Corporation
	  	 	297,902	 	  	 	0.1814	% 
	 Shanghai Jinglin Jinghui Equity Investment Center (Limited Partnership)
	  	 	992,513	 	  	 	0.6044	% 
	 Being Capital Fund I LP
	  	 	240,617	 	  	 	0.1465	% 
	 Tian Zhan Investment Limited
(天展投資有限公司)
	  	 	120,309	 	  	 	0.0733	% 
	 JD.com Development Limited
	  	 	160,411	 	  	 	0.0977	% 
	 Internet Fund IV Pte. Ltd.
	  	 	200,514	 	  	 	0.1221	% 
	 Tiger Pacific Capital
	  	 	160,412	 	  	 	0.0977	% 
	 YIHENG CAPITAL PARTNERS, L.P.
	  	 	160,411	 	  	 	0.0977	% 
	 PLUTO CONNECTION LIMITED
	  	 	401,028	 	  	 	0.2442	% 
	 DESIGN TIME LIMITED
	  	 	160,411	 	  	 	0.0977	% 
	 ESOP
	  				  			
	 ESOP (reserved)
	  	 	28,096,153	 	  	 	17.1096	% 
	 Series A Preferred Shares
	  				  			
	 Morningside China TMT Fund II, L.P.
	  	 	9,497,040	 	  	 	5.7834	% 
	 Series B-1 Preferred Shares
	  				  			
	 Morningside China TMT Fund II, L.P.
	  	 	1,758,711	 	  	 	1.0710	% 
	 Series B-2 Preferred Shares
	  				  			
	 Morningside China TMT Fund II, L.P.
	  	 	2,879,784	 	  	 	1.7537	% 
	 Series B-3 Preferred Shares
	  				  			
	 International Finance Corporation
	  	 	2,948,341	 	  	 	1.7954	% 
	 Series C-1 Preferred Shares
	  				  			
	 Morningside China TMT Top Up Fund, L.P.
	  	 	1,825,679	 	  	 	1.1118	% 

  
 Schedules to Share
Purchase Agreement 

									
	 International Finance Corporation
	  	 	921,671	 	  	 	0.5613	% 
	 Series C-2 Preferred Shares
	  				  			
	 Tiantu China Consumer Fund I, L.P.
	  	 	7,450,811	 	  	 	4.5373	% 
	 JD.com Development Limited
	  	 	7,450,811	 	  	 	4.5373	% 
	 EAGLE INTELLIGENCE LIMITED
	  	 	2,197,879	 	  	 	1.3384	% 
	 Series C-3 Preferred Shares
	  				  			
	 Euro Eco Limited
(欧之碧有限公司)
	  	 	4,552,729	 	  	 	2.7725	% 
	 JD.com Development Limited
	  	 	6,490,541	 	  	 	3.9526	% 
	 Qianhai Fund of Fund Equity Investment (Shenzhen) Co., Ltd.
	  	 	1,262,446	 	  	 	0.7688	% 
	 YYT CAPITAL Inc.
	  	 	563,845	 	  	 	0.3434	% 
	 Tiantu China Consumer Fund II, L.P.
	  	 	429,089	 	  	 	0.2613	% 
	 Generation Mu HK Investment Limited
	  	 	400,293	 	  	 	0.2439	% 
	 Shenzhen Dachen Chuanglian Equity Investment Fund Partnership (Limited Partnership) (深圳市达晨创联股权投资基金合伙企业(有限合伙))
(warrant)
	  	 	2,819,225	 	  	 	1.7168	% 
	 Being Capital Fund I LP
	  	 	338,307	 	  	 	0.2060	% 
	 Tian Zhan Investment Limited
(天展投資有限公司)
	  	 	169,153	 	  	 	0.1030	% 
	 Internet Fund IV Pte. Ltd.
	  	 	281,923	 	  	 	0.1717	% 
	 Tiger Pacific Capital
	  	 	225,538	 	  	 	0.1373	% 
	 YIHENG CAPITAL PARTNERS, L.P.
	  	 	225,538	 	  	 	0.1373	% 
	 PLUTO CONNECTION LIMITED
	  	 	563,845	 	  	 	0.3434	% 
	 DESIGN TIME LIMITED
	  	 	225,538	 	  	 	0.1373	% 
	 Shenzhen Tiantu Xingli Investment Enterprise (Limited Partnership)
	  	 	3,383,070	 	  	 	2.0602	% 
	 Shanghai Chenxi Venture Capital Center (Limited Partnership)
	  	 	1,884,511	 	  	 	1.1476	% 
	 Shanghai Jinglin Jinghui Equity Investment Center (Limited Partnership)
	  	 	563,845	 	  	 	0.3434	% 
	 Series D-1 Preferred Shares
	  				  			
	 JD.com Development Limited
	  	 	2,115,755	 	  	 	1.2883	% 
	 Series D-2 Preferred Shares
	  				  			
	 Internet Fund IV Pte. Ltd.
	  	 	7,952,405	 	  	 	4.8427	% 
	 Series E Preferred Shares
	  				  			
	 Morningside China TMT Fund II, L.P.
	  	 	840,614	 	  	 	0.5119	% 

  
 Schedules to Share
Purchase Agreement 

									
	 Tiantu China Consumer Fund II, L.P.
	  	 	280,205	 	  	 	0.1706	% 
	 Internet Fund IV Pte. Ltd.
	  	 	560,410	 	  	 	0.3413	% 
	 Fresh Capital Fund I, L.P.
	  	 	280,205	 	  	 	0.1706	% 
	 Generation Mu HK Investment Limited
	  	 	560,410	 	  	 	0.3413	% 
	 JD.com Development Limited
	  	 	30,302,146	 	  	 	18.4529	% 
	 Guotai Junan Finance (Hong Kong) Limited
國泰君安財務(香港)有限公司 
	  	 	1,401,024	 	  	 	0.8532	% 
	 Refresher Limited
	  	 	403,747	 	  	 	0.2459	% 
	 Shanghai Qingxin Investment Management Co., Ltd.
(上海清新投资管理有限公司)
	  	 	403,747	 	  	 	0.2459	% 
	 Tianjin Huihe Haihe Intelligent Logistics Industry Fund Partnership (Limited Partnership) (天津汇禾海河智能物流产业基金合伙企业(有限合伙))
	  	 	282,623	 	  	 	0.1722	% 
	 Zibo Minsheng Ouming Equity Investment Partnership (Limited Partnership) (淄博民生欧明股权投资合伙企业(有限合伙))
	  	 	807,494	 	  	 	0.4917	% 
	 InnoVen Capital China Pte. Ltd.
	  	 	56,041	 	  	 	0.0341	% 
	 Series F Preferred Shares
	  				  			
	 Being Capital Fund I LP
	  	 	1,080,658	 	  	 	0.6581	% 
	 Tian Zhan Investment Limited
(天展投資有限公司)
	  	 	540,329	 	  	 	0.3290	% 
	 JD.com Development Limited
	  	 	720,439	 	  	 	0.4387	% 
	 Internet Fund IV Pte. Ltd.
	  	 	900,548	 	  	 	0.5484	% 
	 Tiger Pacific Capital
	  	 	720,439	 	  	 	0.4387	% 
	 YIHENG CAPITAL PARTNERS, L.P.
	  	 	720,439	 	  	 	0.4387	% 
	 PLUTO CONNECTION LIMITED
	  	 	1,801,097	 	  	 	1.0968	% 
	 DESIGN TIME LIMITED
	  	 	720,439	 	  	 	0.4387	% 
	 Cosmic Blue
	  	 	2,572,995	 	  	 	1.5669	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	164,213,145	 	  	 	100.0000	% 
		  	  
	  
	 	  	  
	  
	 

 Note: the Ordinary Shares reserved under the ESOP includes up to 153,570 Ordinary Shares reserved for issuance for proposed
SVB Warrant (as defined in the Disclosure Schedule). 
 Schedules to Share Purchase Agreement 

 SCHEDULE E 

NOTICES 
 IF TO THE WARRANTORS:

  

			
	Attention:	  	CHEN Xuefeng (陈雪峰)
		
	Address:	  	12/F, Tower 6, KIC Corporate Avenue, 433 Songhu Road, Yangpu District, Shanghai 200433, PRC
		
	Tel:	  	***
		
	Email:	  	***

 IF TO COSMIC BLUE 
  

			
	Attention:	  	WANG Yi (王一)
		
	Address:	  	No. 6, Shangdi West Road, Haidian District, Beijing, China
		
	Tel:	  	***
		
	Email:	  	***

 Schedules to Share Purchase Agreement 

 Schedule F 

Indemnification 
 1. Indemnification by
the Warrantors. 
 (a) General Indemnity. To the fullest extent permitted by law, each of the Warrantors covenants and agrees
jointly and severally to indemnify and hold harmless the Indemnitee, from and against any and all Losses, as incurred, insofar as such Losses arise out of or are based upon: (i) any inaccuracy in or breach of any Company Warranty, covenant or
agreement made by the Warrantors in the Transaction Documents; (ii) the failure of any Warrantor to perform or observe fully any covenant, agreement or other provision to be performed or observed by it pursuant to the Transaction Documents. If
and to the extent that such indemnification is unenforceable for any reason, each Warrantor will make the maximum contribution to the payment and satisfaction of such indemnified liabilities permissible under applicable Law. 

(b) Tax Indemnity. Each of the Warrantors shall jointly and severally indemnify and hold harmless the each Indemnitee from and against
any Loss attributable to (i) non-payment of any Tax of any Group Company for all taxable periods ending on or before the Closing and the portion through the end of the Closing for any taxable period that
includes (but does not end on) the Closing, (ii) all liability for non-payment of any Tax of any other Person imposed by any Governmental Authority on any Group Company as a transferee, successor, or
withholding agent in connection with an event or transaction occurring before the Closing, and (iii) all liability for Tax attributable to any misrepresentation or breach of Warranty made in Section 4.19 of this
Agreement. The indemnification obligation of the Warrantors under this Section 1(b) shall not be affected, qualified or restricted in any way by any matter disclosed in the Disclosure Schedule. 

(c) SAFE Indemnity. Each of the Warrantors shall jointly and severally indemnify and hold harmless the Indemnitee from and against any
Loss attributable to any liability for any non-compliance regarding the SAFE registration according to the Circular 37 or any of the SAFE Rules and Regulations by any of the Founders or any other employee of
the Group Companies who is required to comply with such SAFE Rules and Regulations with respect to their holdings of Equity Securities in the Company and round-trip investment in the PRC through the WFOE. The indemnification obligation of the
Warrantors under this Section 1(c) shall not be affected, qualified or restricted in any way by any matter disclosed in the Disclosure Schedule. 

(d) Special Indemnity. Each of the Warrantors shall jointly and severally indemnify and hold harmless the Indemnitee from and against
any Loss attributable to underpayment of social insurance premiums and housing funds for all employees by the PRC Group Companies. The indemnification obligation of the Warrantors under this Section 1(d) shall not be
affected, qualified or restricted in any way by any matter disclosed in the Disclosure Schedule. 

  
 Exhibits to Share
Purchase Agreement 

 (e) Procedure. The Indemnitee will notify the Warrantors in writing of any Action
against the Indemnitee in respect of which the Warrantors are or may be obligated to provide indemnification hereunder promptly after the receipt of notice or knowledge of the commencement thereof. The failure of the Indemnitee to notify other
Parties shall not relieve the Warrantors from any liability or obligation which it may have to the Indemnitee under this Section 1(e) of this Schedule F or otherwise unless the failure to so notify results in the
forfeiture by the Warrantors of substantial rights and defenses and will not in any event relieve the Warrantors from any obligations other than the indemnification provided for herein. The Warrantors will have the right to participate in, and, to
the extent the Warrantors so desire, to assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee. However, the Indemnitee will have the right to retain separate counsel and to participate in the defense thereof, with the
fees and expenses of such counsel to be paid by the Warrantors, if representation of the Indemnitee by the counsel retained by the Warrantors would be, in the Indemnitee’s view, inappropriate due to actual or potential differing interests
between the Indemnitee and any other party represented by such counsel in such proceeding. The Warrantors will be responsible for the expenses of such defense even if the Warrantors do not elect to assume such defense. No Warrantor may, except with
the consent of the Indemnitee, consent to the entry of any judgment or enter into any settlement which does not include as a term thereof the unconditional release of the Indemnitee of all liability in respect of such claim or litigation. 

(f) Limitations on Warrantors’ Liability. 

(i) An Indemnitee shall not be entitled to recover from the Warrantors more than once in respect of the same damages suffered by the
Indemnitee. In particular, without limitation, the foregoing shall apply where one and the same set of facts qualifies under more than one provision entitling the Indemnitee to a claim or remedy under this Agreement. 

(ii) No Warrantor shall be liable for any Losses arising under this Section 1 of this Schedule F unless the
aggregate amount of all such Losses exceeds RMB5,000,000, in which case the Warrantors shall be liable for the full amount of all indemnifiable Losses as provided in this Section 1 of this Schedule F. 

(iii) The personal assets of the Founders (other than the Equity Securities of the Group Companies directly or indirectly held by the Founders
(including the proceeds received by the Founders from the sale of any Equity Securities of the Group Companies)) shall not be used to indemnify any indemnifiable Loss. 

(iv) With respect to the Investor, the maximum aggregate amount of Losses that Indemnitee will be entitled to recover pursuant to this
Section 1 of this Schedule F shall be limited to the Purchase Price. 
 (v) Notwithstanding the foregoing or
anything else to the contrary contained herein, the limitations on indemnification set forth in this Agreement (including, without limitation, the limitations set forth in this Schedule F) shall not apply to any claim based on fraud of the
Warrantors. 
 2. Other Rights and Remedies Not Affected. Nothing in this Schedule F or elsewhere in this Agreement shall affect any
Parties’ rights to specific performance or other equitable or non-monetary remedies with respect to the covenants and agreements in the Transaction Documents or that are to be performed at or after the
Closing, including without limitation specific performance with respect to dividends rights, redemption rights and liquidation rights entitled to holders of the Purchased Shares as provided in the memorandum and articles of association of the
Company. 
 Schedules to Share Purchase Agreement 

 EXHIBIT A 

FORM OF RESTATED ARTICLES 

  
 Exhibits to Share
Purchase Agreement 

 EXHIBIT B 

FORM OF SHAREHOLDERS AGREEMENT 

Exhibits to Share Purchase Agreement 

 EXHIBIT B-1 

FORM OF JOINDER AND AMENDMENT TO THE SHAREHOLDERS AGREEMENT 

  
 Exhibits to Share
Purchase Agreement 

 EXHIBIT C 

FINANCIAL STATEMENTS 

Exhibits to Share Purchase Agreement 

 EXHIBIT D 

KUAISHOU BCA 
 Exhibits
to Share Purchase AgreementEX-10.33

 Translation Version 

 
  

 Exhibit 10.33 

Business Cooperation Framework Agreement 

between 
 Chengdu
Kuaigou Technology Co., Ltd. 
 and 

Shanghai Wanwuxinsheng Environmental Protection 

Technology Group Co., Ltd. 

May 25, 2021 

  

 Translation Version 

 
  

 This Agreement is entered into by and between the following parties in Haidian District, Beijing on May
25, 2021: 
  

	(1)	 Chengdu Kuaigou Technology Co., Ltd. (collectively, together with its Affiliates,
“Kuaishou”), a limited liability company incorporated under the laws of the People’s Republic of China with its registered address at 8F, Unit 1, Building 2, No.150,
2nd Hele Street, Chengdu Hi-Tech Industrial Development Zone, China (Sichuan) Pilot Free Trade Zone; 

 

	(2)	 Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd. (collectively, together with
its Affiliates, “Wanwuxinsheng”), a limited liability company incorporated under the laws of the People’s Republic of China with its registered address at Room 1101-1103, No.433, Songhu Road, Yangpu District, Shanghai;

 (The above parties are hereinafter referred to individually as a “Party”, and collectively as the
“Parties”.) 
 Whereas: 
  

	1.	 Kuaishou is a leading content community and social platform that provides contents such as short videos and
live streams, its business also includes e-commerce, etc.; 

  

	2.	 Wanwuxinsheng primarily engages in the business of electronic products recycling and processing, and
second-hand commodity trading, among others; 

  

	3.	 Kuaishou and Wanwuxinsheng intend to carry out relevant business cooperation pursuant to the terms and
conditions hereof. 

 NOW, THEREFRE, this Agreement is entered into by and between the Parties through negotiation to be observed by each
other. 

  
 1 

 Translation Version 

 
  

 CHAPTER I DEFINITION 

Article 1 Definition and Interpretation 
  

	1.1	 “Cooperative Business” refers to the following business operated by Wanwuxinsheng on Kuaishou
Platform: (1) recycling of second-hand commodities in the following categories: mobile phone, tablet computer, notebook, lens, SLR camera, micro single camera, digital camera, video camera, motion camera, flashlight, e-book, UAV, mobile power supply, e-dictionary, CPU, intelligent device, desktop computer, flash memory, assembled computer, graphics card, monitor, solid-state drive,
MP3/MP4, earphone, keyboard and mouse, server, hard disk, ink cartridge, projector, selenium drum, printer, game machine, musical instrument, cosmetics, luxury goods, liquor, clothing, second-hand car and book; and (2) sales of second-hand
commodities in the following categories: mobile communication, computer, photography, computer accessory, network product, peripheral product, audio-visual entertainment, office equipment, intelligent equipment, game equipment, fitness equipment,
luxury goods, bedroom furniture, living room furniture, study furniture, balcony/outdoor furniture, storage furniture, children furniture, office furniture, dining room furniture, kitchen and bath appliance, major appliance, household appliance,
small kitchen appliance, personal health care product, digital accessory, mobile phone accessory, and book. 

  

	1.2	 “Kuaishou Platform” refers to the platform set up by Kuaishou or its Affiliates, where it
provides contents such as short videos and live streams, and through which it also engages in e-commerce business, among other activities. 

  

	1.3	 “Kwai Shop” refers to the Kwai Shop tap in Kuaishou APP, which aims to provide convenient
commodity sales services for Kuaishou’s users. 

  

	1.4	 “AiHuiShou Store” refers to the offline second-hand commodity recycling and sales stores
opened by Wanwuxinsheng or its Affiliates in the PRC. 

  

	1.5	 “Self-broadcasting” refers to that Wanwuxinsheng or its Affiliates carry out short video
broadcasting or live streaming and other activities on their own through their Stores or Operation Centers on Kuaishou Platform. 

  

	1.6	 “PaiPai” refers to the second-hand commodity trading platform jointly built by Wanwuxinsheng
or its Affiliates and JD Group. 

  

	1.7	 “PaiPai Store” refer to the offline second-hand commodity recycling and sales stores opened by
PaiPai in the PRC. 

  

	1.8	 “Operation Center” refers to the comprehensive operation and management sites for
Wanwuxinsheng to integrate the carrying out of second-hand commodity sorting, quality inspection, warehousing and other activities. 

  
 2 

 Translation Version 

 
  

	1.9	 “Influencer” refers to a streamer who opens an online platform account and carries out life
sharing, commodity sales and other activities through short video and live streaming, etc. 

  

	1.10	 “Overall Merchandise Volume” refers to the total amount corresponding to the orders of
second-hand commodity recycling and sales with actual payment completed by Wanwuxinsheng and its introduced third-party merchants on any relevant platform set out herein. 

 

	1.11	 “Affiliates” comprise affiliated enterprises and affiliated persons. An “affiliated
enterprise” means, in respect of either Party, any company or enterprise which shall be deemed to be affiliated with or be an affiliated company or enterprise of the Party under any of the following circumstances: (1) fifty percent
(50%) or more of the registered capital or voting rights of the company or enterprise is directly or indirectly owned by the Party; or (2) the company or enterprise directly or indirectly owns 50% or more of the registered capital or voting
rights of the Party; or (3) fifty percent (50%) or more of the registered capital or voting rights of the company or enterprise and the Party are directly or indirectly under the common ownership; or (4) the company or enterprise guides,
establishes or controls the direction of the management and policies of the Party by contract or other means; or (5) the Party guides, establishes or controls the direction of the management and policies of the company or the enterprise by
contract or other means; or (6) any director and partner of the company or enterprise is served, or 50% or more of the registered capital or voting rights of the company or enterprise is directly or indirectly owned, by an affiliated person of
the Party. An “affiliated person” refers to, in respect of a natural person, a close relative of the natural person, including his/her parent, spouse, sibling and his/her spouse, child and his/her spouse. For the avoidance of doubt,
AiFenLei Global Co., Ltd, Shanghai Yuekun Environmental Protection Technology Co., Ltd., Shanghai Yueqing Information Technology Co., Ltd., Shenzhen AiLeYou Information Technology Co., Ltd. and their respective affiliated enterprises are neither
owned by Wanwuxinsheng nor Affiliates of Wanwuxinsheng. 

  

	1.12	 “PRC” refers to the mainland of the People’s Republic of the PRC, which, for the purpose
hereof only, excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region and the Taiwan Region. 

  

	1.13	 “RMB” refers to Renminbi Yuan. 

  
 3 

 Translation Version 

 
  

 CHAPTER II BUSINESS COOPERATION ARRANGEMENT AND 

RESOURCES CONTRIBUTION 

Article 2    Cooperation Resources 
  

	2.1	 Based on the cooperation principles of equality and mutual benefit,
win-win result, resource sharing, complementary advantages and business innovation, among others, the Parties are willing to make joint contributions of business resources in such manner as agreed during the
term hereof in order to achieve their mutually agreed cooperation objectives. 

  

	2.2	 Wanwuxinsheng agrees to input resources in the following business scopes: (1) Online Recycling through
AiHuiShou Stores; (2) Self-broadcasting through PaiPai Stores and Operation Centers; (3) Merchant Expansion Cooperation; (4) Cooperation with Influencers in Live Streaming marketing services; (5) Distribution Warehouse Supply
Cooperation. Wanwuxinsheng agrees to abide by the above provisions and other future provisions made by the Parties, subject to further confirmation by the Parties through negotiation. 

 

	2.3	 Kuaishou agrees to provide the following business cooperation resources: 

 

	 	2.3.1	 Opening of Recycling Entrance on Kuaishou Platform: During the agreed term, Kuaishou will open a
second-hand commodity recycling entrance for Wanwuxinsheng in the first-level page of Kwai Shop. Wanwuxinsheng could exclusively use the aforementioned entrance in the first-level page for carrying out the second-hand mobile phones recycling
business. 

  

	 	2.3.2	 Marketing Resources Support: During the agreed term after the execution hereof, Kuaishou will provide
Wanwuxinsheng with marketing resources on Kuaishou Platform, includes Kuaishou fan headlines in the form of live streaming and short video. 

  

	 	2.3.3	 Other Commitments: Kuaishou agrees to abide by the above provisions and other future provisions made by
the Parties, subject to further confirmation by the Parties through negotiation. 

  
 4 

 Translation Version 

 
  

 Article 3    Quality Inspection Cooperation 

 

	3.1	 Kuaishou will, depending on the business cooperation between the Parties, introduce into the inspection
operation center of Wanwuxinsheng as a non-exclusive official quality inspection cooperative agency for the second-hand commodity sales business on Kuaishou Platform within a specific geographical territory,
and provide corresponding resource support therefor, subject to the specific requirements to be further confirmed by the Parties through negotiation. 

Article 4    Overall Merchandise Volume Target 

 

	4.1	 The Parties agree that they will, during the term hereof, make joint efforts to achieve the predetermined
Overall Merchandise Volume target, with the specific amount and target acknowledgment method, among others, to be subject to further confirmation by the Parties through negotiation. 

 

	4.2	 The Parties agree to set stage target requirements for the predetermined Overall Merchandise Volume target. In
addition, the Parties shall acknowledge the achievement of the Overall Merchandise Volume target according to the acknowledgment period mutually agreed, and shall, in case of failure to achieve the target, take corresponding measures in response to
the reasons for the failure. 

  

	4.3	 In no way shall Wanwuxinsheng be allowed to adopt any form of scalping for the purpose of having the Overall
Merchandise Volume target predetermined by the Parties acknowledged, subject to further confirmation by the Parties through negotiation. 

CHAPTER III OTHER PROVISIONS 

Article 5    Taxes and Fees 
  

	5.1	 Unless otherwise agreed by the Parties, taxes and expenses arising from the execution and performance hereof
shall be borne by the Parties respectively in accordance with applicable laws. 

  
 5 

 Translation Version 

 
  

 Article 6    Cooperation Term 

 

	6.1	 The Parties acknowledge that this Agreement shall be valid for a term of
thirty-six (36) months commencing from the date of execution hereof. Insofar as the Parties intend to continue their cooperation after the expiration of the aforesaid term, a separate agreement shall be
executed thereon. 

 Article 7    Confidentiality 

 

	7.1	 Unless otherwise agreed herein, the Parties shall keep the existence hereof and any information related hereto
(including without limitation financial data, intellectual property right, business information, business model, data information, customer information, and algorithm, collectively, “Confidential
Information”) in confidence without disclosure to any third party. The Parties may further make detailed agreements on the Confidentiality clause hereof. 

Article 8    Intellectual Property Rights and Data 

 

	8.1	 The ownership of any data and information provided by either Party to the other Party for the purpose hereof,
as well as any intellectual property right attached thereto, shall remain unchanged with the cooperation contemplated hereby, unless a specific intellectual property right transfer agreement therefor has been separately entered into by the relevant
parties. 

  

	8.2	 Except as otherwise specified herein or the parties concerned have executed a specific intellectual property
right authorization or license agreement, without the prior written consent of the right holder, neither Party shall use or copy the other Party’s patent, trademark, name, logo, business information, technology and other data, domain name,
copyright or other intellectual property right, or apply for registration of any intellectual property right similar to the foregoing. 

  

	8.3	 The ownership of such data as generated by each Party’s platforms shall remain with the Party.
Nevertheless, for the sake of facilitating cooperation, a Party may authorize the other Party to use its own data to the extent permissible by law through negotiation by the Parties. 

 

	8.4	 Where either Party infringes upon the intellectual property rights or other legitimate rights of the other
Party in the cooperation contemplated hereby, or the goods, services and materials, among others, provided by such Party infringe upon the intellectual property rights or other legitimate rights of any third party, the Party shall bear the
corresponding legal liabilities on its own, and shall, to the extent any loss is caused to the other Party, indemnify the other Party for all such losses caused thereby. 

  
 6 

 Translation Version 

 
  

 Article 9    Modification and Termination of this Agreement 

 

	9.1	 This Agreement may be modified or changed by mutual consent of the Parties. Any modification or change must be
made in writing and shall not come into force unless being executed by the Parties. 

  

	9.2	 The Parties acknowledge that this Agreement will be automatically terminated under any of the following
circumstances: 

  

	 	9.2.1	 The Parties consent to the termination through negotiation; 

 

	 	9.2.2	 Unless otherwise expressly agreed herein, where either Party materially breaches any provision hereof and fails
to correct the same within ten (10) days upon receipt of written notification from the other Party for correction, the non-breaching Party may terminate the business cooperation hereunder;

  

	 	9.2.3	 The purposes of this Agreement are prevented by any statutory force majeure event from realization.

  

	9.3	 In the event this Agreement is terminated due to Article 9.2.2, the breaching Party shall still assume the
liability for breach under Article 10 hereof.9.2.2Article 10 

  

	9.4	 If part of the provisions hereof is rescinded or terminated, the remaining provisions shall remain valid,
subject to such provisions, if any, as otherwise confirmed by the Parties in the future through negotiation. 

 Article
10    Liability for Breach 
  

	10.1	 The Parties agree that, insofar as either Party is in breach of any provision, representation or commitment
hereunder, the non-breaching Party shall have the right to notify the breaching Party in writing of making corrections within ten (10) days. Should the breaching Party fail to make corrections within the
time limit, the non-breaching Party shall have the right to terminate this Agreement in accordance with the provisions hereof, while the breaching Party shall indemnify the
non-breaching Party for any such damages, losses, claims, lawsuits, payment demands, taxes, interests, fees and costs (including without limitation reasonable attorney’s fees), among other relevant
expenses, as may be required by the latter. 

  
 7 

 Translation Version 

 
  

 Article 11    Notice and Service 

 

	11.1	 Any notice or other communication in connection with this Agreement shall be made in written form, and be
delivered to the notified person in such ways as agreed herein. The Parties may designate the Contact (i.e., the Notified Person) under this Agreement during cooperation. 

 

	11.2	 A notice mentioned shall be deemed to have been served: 

 

	 	11.2.1	 When the notified person signs for it, if sent by personal delivery; 

 

	 	11.2.2	 On the 7th day after posting in case of registered mail,
or when the notified person signs for it in case of express, if sent by post for which registered mail or express is required; 

  

	 	11.2.3	 On the 2nd day after the
e-mail is sent to the recipient’s mailbox server, if sent by e-mail. 

Article 12    Governing Law and Dispute Resolution 

 

	12.1	 The formation, validity, interpretation and performance of, as well as any dispute resolution in connection
with, this Agreement shall be governed by and interpreted in accordance with the laws of the PRC, provided, however, that a specific matter related to this Agreement about which the currently available PRC laws are silent shall be subject to the
general international business practices to the extent permitted by the laws of the PRC. 

  

	12.2	 Any dispute arising from or in connection with the performance hereof shall be settled by the Parties through
negotiation. If the negotiation fails, either Party shall submit the dispute to the China International Economic and Trade Arbitration Commission for arbitration in accordance with its arbitration rules then in force. The seat of arbitration shall
be Beijing. The arbitration award shall final and binding upon the Parties. 

  

	12.3	 During the dispute resolution period, the Parties shall continue to respectively enjoy their other rights and
perform their obligations hereunder. 

 Article 13    Force Majeure 

 

	13.1	 “Force majeure” refers to any event that is out of reasonable control, unforeseeable, or
unavoidable even foreseen by the Parties, which prevents, affects or delays either Party’s performance of its obligations hereunder in part or in whole, including but not limited to government action, natural disaster, war, strike, epidemic
disease, hacker attack, computer virus, telecommunication failure or technical adjustment, server failure and power cut. 

  
 8 

 Translation Version 

 
  

	13.2	 In the event of force majeure, the affected Party shall promptly and fully notify the other Party in writing of
the same, indicating the possible impact of the event on this Agreement, and shall provide particulars of such event within a reasonable period of time (within ten (10) days after the occurrence of the force majeure event), together with
associated certificates issued by relevant organizations establishing that the affected Party is prevented thereby from performing all or part of its obligations hereunder. 

 

	13.3	 The Parties shall be free from liabilities to each other for any breach hereof due to the failure or delay in
performing this Agreement in whole or in part as a result of any force majeure event mentioned above. 

 Article
14    Miscellaneous 
  

	14.1	 The Parties undertake that they have obtained sufficient and necessary authorization for executing this
Agreement and performing their obligations hereunder. Neither Party will, by executing and performing this Agreement, violate the articles of association or similar organizational documents (if any) of it. 

 

	14.2	 This Agreement shall, once it comes into force, constitute an entire agreement and consensus reached by the
Parties with respect to the subject matter hereof. For the avoidance of doubt, this Agreement will in no way supersede the supplementary agreements reached by the Parties on specific matters herein. In case of any inconsistency between a specific
supplementary agreement for business cooperation and this Agreement, the supplementary agreement shall prevail. 

  

	14.3	 The Parties may appoint their Affiliates to carry out part or all of the cooperation matters contemplated
hereby. The above matters carried out by the Affiliates of either Party shall be deemed to have been carried out by the Party, with the responsibilities therefor hereunder to be borne by the Party. 

 

	14.4	 If any provision of this Agreement is invalid or unenforceable due to the law applicable to it, such provision
shall have no prejudice to the validity of remaining provisions hereof, in which circumstance, the Parties shall determine a new provision insofar as permissible by law through negotiation, so as to ensure realization of the intention depicted by
the original provision to the maximum extent. 

  
 9 

 Translation Version 

 
  

	14.5	 This Agreement shall come into force from the date of execution by the Parties. This Agreement is made in two
(2) copies, with either Party holding one set and each set having the same effect. 

 (No Text Below) 

  
 10 

 Translation Version 

 
  

 (Signature Page of the Business Cooperation Framework Agreement between Chengdu Kuaigou Technology Co., Ltd
and Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd.) 
 Chengdu Kuaigou Technology Co., Ltd. (seal) 

/s/ Seal of Chengdu Kuaigou Technology Co., Ltd. 
  

			
	By:	 	 /s/ Hongyi Jia

		
	Title:	 	 Authorized Signatory

  

 Translation Version 

 
  

 (Signature Page of the Business Cooperation Framework Agreement between Chengdu Kuaigou Technology Co., Ltd
and Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd.) 
 Shanghai Wanwuxinsheng Environmental Protection Technology Group Co.,
Ltd. (seal) 
 /s/ Seal of Shanghai Wanwuxinsheng Environmental Protection Technology Group Co., Ltd. 

 

			
	By:	 	 /s/ Xuefeng Chen

		
	Title:	 	 Chief Executive Officer

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