Document:

Form of Deposit Agreement between the Registrant and JPMorgan Chase Bank

 Exhibit 4.3 

  
  
 ELONG,
INC. 
  
 AND 
  
 JPMORGAN CHASE BANK, 
 As Depositary 
  
 AND

  
 HOLDERS OF AMERICAN DEPOSITARY RECEIPTS 
  

  
 Deposit Agreement 
  
 Dated as of [DATE], 2004 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 PARTIES
	  	1
	 RECITALS
	  	1
			
	 Section 1.
	  	 Certain Definitions
	  	 
			
	               (a)
	  	 ADR Register
	  	1
	               (b)
	  	 ADRs; Direct Registration ADRs
	  	1
	               (c)
	  	 ADS
	  	1
	               (d)
	  	 Custodian
	  	1
	               (e)
	  	 Deliver, execute, issue et al.
	  	1
	               (f)
	  	 Delivery Order
	  	1
	               (g)
	  	 Deposited Securities
	  	1
	               (h)
	  	 Direct Registration System
	  	1
	               (i)
	  	 Holder
	  	1
	               (j)
	  	 Securities Act of 1933
	  	1
	               (k)
	  	 Securities Exchange Act of 1934
	  	2
	               (l)
	  	 Shares
	  	2
	               (m)
	  	 Transfer Office
	  	2
	               (n)
	  	 Withdrawal Order
	  	2
	 Section 2.
	  	 ADRs
	  	2
	 Section 3.
	  	 Deposit of Shares
	  	2
	 Section 4.
	  	 Issue of ADRs
	  	3
	 Section 5.
	  	 Distributions on Deposited Securities
	  	3
	 Section 6.
	  	 Withdrawal of Deposited Securities
	  	3
	 Section 7.
	  	 Substitution of ADRs
	  	3
	 Section 8.
	  	 Cancellation and Destruction of ADRs
	  	3
	 Section 9.
	  	 The Custodian
	  	3
	 Section 10.
	  	 Co-Registrars and Co-Transfer Agents
	  	5
	 Section 11.
	  	 Lists of Holders.
	  	5
	 Section 12.
	  	 Depositary’s Agents
	  	5
	 Section 13.
	  	 Successor Depositary
	  	5
	 Section 14.
	  	 Reports
	  	5
	 Section 15.
	  	 Additional Shares
	  	5
	 Section 16.
	  	 Indemnification
	  	5
	 Section 17.
	  	 Notices
	  	6
	 Section 18.
	  	 Miscellaneous
	  	6
	 Section 19.
	  	 Consent to Jurisdiction
	  	6
	 TESTIMONIUM
	  	8
	 SIGNATURES
	  	8

  

 - i - 

 EXHIBIT A 
  

					
	 	  	 	  	Page

	 	  	 	  	 
	 FORM OF FACE OF ADR
	  	A-1
		
	               Introductory Paragraph
	  	A-1
			
	               (1)
	  	 Issuance of ADRs
	  	A-1
	               (2)
	  	 Withdrawal of Deposited Securities
	  	A-2
	               (3)
	  	 Transfers of ADRs
	  	A-2
	               (4)
	  	 Certain Limitations
	  	A-3
	               (5)
	  	 Taxes
	  	A-3
	               (6)
	  	 Disclosure of Interests
	  	A-4
	               (7)
	  	 Charges of Depositary
	  	A-4
	               (8)
	  	 Available Information
	  	A-5
	               (9)
	  	 Execution
	  	A-5
		
	               Signature of Depositary
	  	A-5
		
	               Address of Depositary’s Office
	  	A-5
		
	 FORM OF REVERSE OF ADR
	  	A-6
			
	               (10)
	  	 Distributions on Deposited Securities
	  	A-6
	               (11)
	  	 Record Dates
	  	A-7
	               (12)
	  	 Voting of Deposited Securities
	  	A-7
	               (13)
	  	 Changes Affecting Deposited Securities
	  	A-7
	               (14)
	  	 Exoneration
	  	A-7
	               (15)
	  	 Resignation and Removal of Depositary; the Custodian
	  	A-8
	               (16)
	  	 Amendment
	  	A-8
	               (17)
	  	 Termination
	  	A-9

  

 - ii - 

 DEPOSIT AGREEMENT dated as of [DATE], 2004 (the “Deposit Agreement”) among ELONG, INC. and its successors
(the “Company”), JPMORGAN CHASE BANK, as depositary hereunder (the “Depositary”), and all holders from time to time of American Depositary Receipts issued hereunder (“ADRs”) evidencing American Depositary Shares
(“ADSs”) representing deposited Shares (defined below). The parties hereto agree as follows: 
  
 1.    Certain Definitions. 
  
 (a)    “ADR Register” is defined in paragraph (3) of the form of ADR. 
  
 (b)    “ADRs” mean the American Depositary
Receipts executed and delivered hereunder. ADRs may be either in physical certificated form or Direct Registration ADRs. ADRs in physical certificated form, and the terms and conditions governing the Direct Registration ADRs (as hereinafter
defined), shall be substantially in the form of Exhibit A annexed hereto (the “form of ADR”). The term “Direct Registration ADR” means an ADR, the ownership of which is recorded on the Direct Registration System.
References to “ADRs” shall include certificated ADRs and Direct Registration ADRs, unless the context otherwise requires. The form of ADR is hereby incorporated herein and made a part hereof; the provisions of the form of ADR shall be
binding upon the parties hereto. 
  
 (c)    Subject to
paragraph (13) of the form of ADR, each “ADS” evidenced by an ADR represents the right to receive (                ) Share and a pro rata share in any
other Deposited Securities. 
  
 (d)    “Custodian” means the agent or agents of the Depositary (singly or collectively, as the context requires) and any additional or substitute Custodian appointed pursuant to Section 9. 
  
 (e)    The terms “deliver”,
“execute”, “issue”, “register”, “surrender”, “transfer” or “cancel”, when used with respect to Direct Registration ADRs, shall refer to an entry or
entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or
cancellation of certificates representing the ADRs. 
  
 (f)    “Delivery Order” is defined in Section 3. 
  
 (g)    “Deposited Securities” as of any time means all Shares at such time deposited under this Deposit Agreement and any and all other Shares, securities, property and cash at such time
held by the Depositary or the Custodian in respect or in lieu of such deposited Shares and other Shares, securities, property and cash. 
  
 (h)    “Direct Registration System” means the system for the uncertificated registration of ownership of securities established
by The Depository Trust Company (“DTC”) and utilized by the Depositary pursuant to which the Depositary may record the ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic statements
issued by the Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile Modification System maintained by DTC which provides for automated transfer of ownership between DTC
and the Depositary. 
  
 (i)    “Holder”
means the person or persons in whose name an ADR is registered on the ADR Register. 
  
 (j)    “Securities Act of 1933” means the United States Securities Act of 1933, as from time to time amended. 
  
 (k)    “Securities Exchange Act of 1934” means the United States Securities Exchange Act of 1934,
as from time to time amended. 

 (l)    “Shares” mean the ordinary shares of the Company or interim
certificates representing such Shares, and shall include the rights to receive Shares specified in paragraph (1) of the form of ADR. 
  
 (m)    “Transfer Office” is defined in paragraph (3) of the form of ADR. 
  
 (n)    “Withdrawal Order” is defined in Section 6.

  
 2.    ADRs.    (a) ADRs
in certificated form shall be engraved, printed or otherwise reproduced at the discretion of the Depositary in accordance with its customary practices in its American depositary receipt business, or at the request of the Company typewritten and
photocopied on plain or safety paper, and shall be substantially in the form set forth in the form of ADR, with such changes as may be required by the Depositary or the Company to comply with their obligations hereunder, any applicable law,
regulation or usage or to indicate any special limitations or restrictions to which any particular ADRs are subject. ADRs may be issued in denominations of any number of ADSs. ADRs in certificated form shall be executed by the Depositary by the
manual or facsimile signature of a duly authorized officer of the Depositary. ADRs in certificated form bearing the facsimile signature of anyone who was at the time of execution a duly authorized officer of the Depositary shall bind the Depositary,
notwithstanding that such officer has ceased to hold such office prior to the delivery of such ADRs. 
  
 (b)    Direct Registration ADRs.    Notwithstanding anything in this Deposit Agreement or in the form of ADR to the
contrary, ADSs shall be evidenced by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder. 
  
 (c)    Holders shall be bound by the terms and conditions of this Deposit Agreement and of the form of ADR, regardless of whether their ADRs are
Direct Registration ADRs or certificated ADRs. 
  
 3.    Deposit of Shares.    In connection with the deposit of Shares hereunder, the Depositary or the Custodian may require the following in form satisfactory to it: (a) a written order
directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order a Direct Registration ADR or ADRs evidencing the number of ADSs representing such deposited Shares (a “Delivery Order”); (b)
proper endorsements or duly executed instruments of transfer in respect of such deposited Shares; (c) instruments assigning to the Custodian or its nominee any distribution on or in respect of such deposited Shares or indemnity therefor; and (d)
proxies entitling the Custodian to vote such deposited Shares. As soon as practicable after the Custodian receives Deposited Securities pursuant to any such deposit or pursuant to paragraph (10) or (13) of the form of ADR, the Custodian shall
present such Deposited Securities for registration of transfer into the name of the Custodian or its nominee, to the extent such registration is practicable, at the cost and expense of the person making such deposit (or for whose benefit such
deposit is made) and shall obtain evidence satisfactory to it of such registration. Deposited Securities shall be held by the Custodian for the account and to the order of the Depositary at such place or places and in such manner as the Depositary
shall determine. Deposited Securities may be delivered by the Custodian to any person only under the circumstances expressly contemplated in this Deposit Agreement. To the extent that the provisions of or governing the Shares make delivery of
certificates therefor impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian may reasonably accept, including, without limitation, by causing them to be credited to an account maintained by the
Custodian for such purpose with the Company or an accredited intermediary, such as a bank, acting as a registrar for the Shares, together with delivery of the documents, payments and Delivery Order referred to herein to the Custodian or the
Depositary. 
  

 2 

 4.    Issue of ADRs.    After any such deposit of Shares, the
Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable,
telex or facsimile transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR or ADRs
registered as requested and evidencing the aggregate ADSs to which such person is entitled. 
  
 5.    Distributions on Deposited Securities.    To the extent that the Depositary determines in its discretion that any distribution pursuant to paragraph (10) of the form of ADR
is not practicable with respect to any Holder, the Depositary may make such distribution as it so deems practicable, including the distribution of foreign currency, securities or property (or appropriate documents evidencing the right to receive
foreign currency, securities or property) or the retention thereof as Deposited Securities with respect to such Holder’s ADRs (without liability for interest thereon or the investment thereof). 
  
 6.    Withdrawal of Deposited
Securities.    In connection with any surrender of an ADR for withdrawal of the Deposited Securities represented by the ADSs evidenced thereby, the Depositary may require proper endorsement in blank of such ADR (or duly
executed instruments of transfer thereof in blank) and the Holder’s written order directing the Depositary to cause the Deposited Securities represented by the ADSs evidenced by such ADR to be withdrawn and delivered to, or upon the written
order of, any person designated in such order (a “Withdrawal Order”). Directions from the Depositary to the Custodian to deliver Deposited Securities shall be given by letter, first class airmail postage prepaid, or, at the request, risk
and expense of the Holder, by cable, telex or facsimile transmission. Delivery of Deposited Securities may be made by the delivery of certificates (which, if required by law shall be properly endorsed or accompanied by properly executed instruments
of transfer or, if such certificates may be registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means as the Depositary may deem practicable, including, without limitation, by
transfer of record ownership thereof to an account designated in the Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as a registrar for the Deposited Securities. 
  
 7.    Substitution of ADRs.    The
Depositary shall execute and deliver a new Direct Registration ADR in exchange and substitution for any mutilated certificated ADR upon cancellation thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR,
unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, upon the Holder thereof filing with the Depositary a request for such execution and delivery and a sufficient indemnity bond and satisfying any other
reasonable requirements imposed by the Depositary. 
  
 8.    Cancellation and Destruction of ADRs.    All ADRs surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy ADRs in certificated form so
cancelled in accordance with its customary practices. 
  
 9.    The Custodian.    Any Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible solely to it. The Depositary may from time to time
appoint one or more agents to act for it as Custodian hereunder. Each Custodian so appointed (other than JPMorgan Chase Bank) shall give written notice to the Company and the Depositary accepting such appointment and agreeing to be bound by the
applicable terms hereof. Any Custodian may resign from its duties hereunder by at least 30 days written notice to the Depositary. The Depositary may discharge any Custodian at any time upon notice to the 

  

 3 

 
Custodian being discharged. Any Custodian ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities held by
it to a Custodian continuing to act. 
  
 10.    Co-Registrars and Co-Transfer Agents.    The Depositary may appoint and remove (i) co-registrars to register ADRs and transfers, combinations and split-ups of ADRs and to countersign
ADRs in accordance with the terms of any such appointment and (ii) co-transfer agents for the purpose of effecting transfers, combinations and split-ups of ADRs at designated transfer offices in addition to the Transfer Office on behalf of the
Depositary. Each co-registrar or co-transfer agent (other than JPMorgan Chase Bank) shall give notice in writing to the Company and the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement.

  
 11.    Lists of
Holders.    The Company shall have the right to inspect transfer records of the Depositary and its agents and the ADR Register, take copies thereof and require the Depositary and its agents to supply copies of such portions
of such records as the Company may request. The Depositary or its agent shall furnish to the Company promptly upon the written request of the Company, a list of the names, addresses and holdings of ADSs by all Holders as of a date within seven days
of the Depositary’s receipt of such request. 
  
 12.    Depositary’s Agents.    The Depositary may perform its obligations under this Deposit Agreement through any agent appointed by it, provided that the Depositary shall notify the
Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed. 
  
 13.    Successor Depositary.    The Depositary may at any time resign as Depositary hereunder by written notice of
its election so to do delivered to the Company. The Depositary may at any time be removed by the Company by written notice of such removal. Notwithstanding anything to the contrary contained herein, in case at any time the Depositary acting
hereunder shall resign or be removed, it shall continue to act as Depositary for the purpose of terminating this Deposit Agreement pursuant to paragraph (17) of the form of ADR. Any bank or trust company into or with which the Depositary may be
merged or consolidated, or to which the Depositary shall transfer substantially all its American depositary receipt business, shall be the successor of the Depositary without the execution or filing of any document or any further act. 
  
 14.    Reports.    On or before the
first date on which the Company makes any communication available to holders of Deposited Securities or any securities regulatory authority or stock exchange, by publication or otherwise, the Company shall transmit to the Depositary a copy thereof
in English or with an English translation or summary. The Company has delivered to the Depositary, the Custodian and any Transfer Office, a copy of all provisions of or governing the Shares and any other Deposited Securities issued by the Company or
any affiliate of the Company and, promptly upon any change thereto, the Company shall deliver to the Depositary, the Custodian and any Transfer Office, a copy (in English or with an English translation) of such provisions as so changed. The
Depositary and its agents may rely upon the Company’s delivery thereof for all purposes of this Deposit Agreement. 
  
 15.    Additional Shares.    Neither the Company nor any company controlling, controlled by or under common control
with the Company shall issue additional Shares, rights to subscribe for Shares, securities convertible into or exchangeable for Shares or rights to subscribe for any such securities or shall deposit any Shares under this Deposit Agreement, except
under circumstances complying in all respects with the Securities Act of 1933. The Depositary will use 

  

 4 

 
reasonable efforts to comply with written instructions of the Company not to accept for deposit hereunder any Shares identified in such instructions at such times and
under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with securities laws in the United States. 
  
 16.    Indemnification.    The Company shall indemnify, defend and save harmless each
of the Depositary and its agents against any loss, liability or expense (including reasonable fees and expenses of counsel) which may arise out of acts performed or omitted, in accordance with the provisions of this Deposit Agreement and of the
ADRs, as the same may be amended, modified or supplemented from time to time in accordance herewith (i) by either the Depositary or its agents or their respective directors, employees, agents and affiliates, except, subject to the penultimate
paragraph of this Section 16, for any liability or expense directly arising out of the negligence or bad faith of the Depositary, or (ii) by the Company or any of its directors, employees, agents or affiliates. 
  
 The indemnities set forth in the preceding paragraph shall apply to any liability or
expense which may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement
memorandum) relating to the offer or sale of ADSs, except to the extent any such liability or expense arises out of (i) information relating to the Depositary or its agents (other than the Company), as applicable, furnished in writing by the
Depositary and not changed or altered by the Company expressly for use in any of the foregoing documents or (ii) if such information is provided, the failure to state a material fact necessary to make the information provided not misleading.

  
 Except as provided in the next succeeding paragraph, the Depositary
shall indemnify, defend and save harmless the Company against any loss, liability or expense incurred by the Company in respect of this Deposit Agreement to the extent such loss, liability or expense is due to the negligence or bad faith of the
Depositary and its agents appointed hereunder. 
  
 Notwithstanding any other
provision of this Deposit Agreement or the form of ADR to the contrary, neither the Company nor the Depositary, nor any of their agents, shall be liable to the other for any indirect, special, punitive or consequential damages (collectively
“Special Damages”) except (i) to the extent such Special Damages arise from the gross negligence or willful misconduct of the party from whom indemnification is sought or (ii) to the extent Special Damages arise from or out of a claim
brought by a third party (including, without limitation, Holders) against the Depositary or its agents, except to the extent such Special Damages arise out of the gross negligence or willful misconduct of the party seeking indemnification hereunder

  
 The obligations set forth in this Section 16 shall survive the
termination of this Deposit Agreement and the succession or substitution of any indemnified person. 
  

 5 

 17.    Notices.    Notice to any Holder shall be deemed given when
first mailed, first class postage prepaid, to the address of such Holder on the ADR Register or received by such Holder. Notice to the Depositary or the Company shall be deemed given when first received by it at the address or facsimile transmission
number set forth in (a) or (b), respectively, or at such other address or facsimile transmission number as either may specify to the other by written notice: 
  

	 	(a)	 	JPMorgan Chase Bank 

 Four New York Plaza 
 New York, New York 10004 
 Attention: ADR Administration 
 Fax: (212) 623-0079 
  

	 	(b)	 	eLONG, INC. 

 10 Jiuxianqiao Middle Road 
 13/F, Xingke Plaza Building B 
 Chaoyang District 
 Beijing 100021, China 
 Attention: Justin Tang 
 Fax: 86
(10) 6431-5872 
  
 18.    Miscellaneous.    This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Holders, and their respective successors hereunder, and shall not give any legal
or equitable right, remedy or claim whatsoever to any other person. The Holders and owners of ADRs from time to time shall be parties to this Deposit Agreement and shall be bound by all of the provisions hereof. If any such provision is invalid,
illegal or unenforceable in any respect, the remaining provisions shall in no way be affected thereby. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute
one instrument. 
  
 19.    Consent to
Jurisdiction.    The Company irrevocably agrees that any legal suit, action or proceeding against the Company brought by the Depositary or any Holder, arising out of or based upon this Deposit Agreement or the transactions
contemplated hereby, may be instituted in any state or federal court in New York, New York, and irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the
non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company has appointed [CT Corporation System, 111 Eighth Avenue, New York, New York 10011], as its authorized agent (the “Authorized Agent”) upon which
process may be served in any such action arising out of or based on this Deposit Agreement or the transactions contemplated hereby which may be instituted in any state or federal court in New York, New York by the Depositary or any Holder, and
waives any other requirements of or objections to personal jurisdiction with respect thereto. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and the Company agrees to take any
and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service
to the Company shall be deemed, in every respect, effective service of process upon the Company. If, for any reason, the Authorized Agent named above or its successor shall no longer serve as agent of the Company to receive service of process in New
York, the Company shall promptly appoint a successor acceptable to the Depositary, so as to serve and will promptly advise the Depositary thereof. In the event the Company fails to continue such designation and appointment in full force and effect,
the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered 

  

 6 

 
mail, return receipt requested, directed to the Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5)
days after the same shall have been so mailed. Notwithstanding the foregoing, any action based on this Agreement may be instituted by the Depositary or any Holder in any competent court in The People’s Republic of China. 
  
 To the extent that the Company or any of its properties, assets or revenues may have or
may hereafter be entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim,
from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief
or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or other matter under or arising out of or in connection with the Shares or Deposited
Securities, the ADSs, the ADRs or this Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement.

  
 IN WITNESS WHEREOF, ELONG, INC. and JPMORGAN CHASE BANK have duly
executed this Deposit Agreement as of the day and year first above set forth and all holders of ADRs shall become parties hereto upon acceptance by them of ADRs issued in accordance with the terms hereof. 
  

			
	 ELONG, INC.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 JPMORGAN CHASE BANK

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 Vice President

  

 7 

 EXHIBIT A 
 ANNEXED TO AND INCORPORATED IN 
 DEPOSIT AGREEMENT 
  
 [FORM OF FACE OF ADR] 
  

					
	  

	 	No. of ADSs:
	Number	 	 	  	 
	 	 	 	  	

	 	 	 	  	Each ADS represents
	 	 	 	  	[EXCHANGE] Share
			
	 	 	 	  	CUSIP:

  
 AMERICAN DEPOSITARY RECEIPT

  
 evidencing 
  
 AMERICAN DEPOSITARY SHARES 
  
 representing 
  
 ORDINARY SHARES 
  
 of 
  
 ELONG, INC. 
  
 (Incorporated under the

 laws of the Cayman Islands) 
  
 JPMORGAN CHASE BANK, a New York corporation, as depositary hereunder (the “Depositary”), hereby certifies that
             is the registered owner (a “Holder”) of      American Depositary Shares (“ADSs”), each (subject to paragraph (13)) representing
[EXCHANGE] ordinary shares (including the rights to receive such ordinary shares described in paragraph (1), “Shares” and, together with any other securities, cash or property from time to time held by the Depositary in respect or in lieu
of deposited Shares, the “Deposited Securities”), of eLONG, INC., a corporation organized under the laws of The Cayman Islands (the “Company”), deposited under the Deposit Agreement dated as of [DATE], 2004 (as amended from time
to time, the “Deposit Agreement”) among the Company, the Depositary and all Holders from time to time of American Depositary Receipts issued thereunder (“ADRs”), each of whom by accepting an ADR becomes a party thereto. The
Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed in accordance with the laws of the State of New York. 
  
 (1)    Issuance of ADRs.    This ADR is one of the ADRs issued under the Deposit
Agreement. Subject to paragraph (4), the Depositary may so issue ADRs for delivery at the Transfer Office (defined in paragraph (3)) only against deposit with the Custodian of: (a) Shares in form satisfactory to the Custodian; (b) rights to receive
Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share ownership or transactions; or, (c) other rights to receive Shares (until such Shares are actually deposited pursuant to (a) or (b) 

  

 A-1 

 
above, “Pre-released ADRs”) only if (i) Pre-released ADRs are fully collateralized (marked to market daily) with cash or U.S. government securities held by
the Depositary for the benefit of Holders (but such collateral shall not constitute “Deposited Securities”), (ii) each recipient of Pre-released ADRs agrees in writing with the Depositary that such recipient (a) owns such Shares, (b)
assigns all beneficial right, title and interest therein to the Depositary, (c) holds such Shares for the account of the Depositary and (d) will deliver such Shares to the Custodian as soon as practicable and promptly upon demand therefor and (iii)
all Pre-released ADRs evidence not more than 30% of all ADSs (excluding those evidenced by Pre-released ADRs), provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems
appropriate. The Depositary may retain for its own account any earnings on collateral for Pre-released ADRs and its charges for issuance thereof. At the request, risk and expense of the person depositing Shares, the Depositary may accept deposits
for forwarding to the Custodian and may deliver ADRs at a place other than its office. Every person depositing Shares under the Deposit Agreement represents and warrants that such Shares are validly issued and outstanding, fully paid, nonassessable
and free of pre-emptive rights, that the person making such deposit is duly authorized so to do and that such Shares (A) are not “restricted securities” as such term is defined in Rule 144 under the Securities Act of 1933 unless at the
time of deposit they may be freely transferred in accordance with Rule 144(k) and may otherwise be offered and sold freely in the United States or (B) have been registered under the Securities Act of 1933. Such representations and warranties shall
survive the deposit of Shares and issuance of ADRs. The Depositary will not knowingly accept for deposit under the Deposit Agreement any Shares required to be registered under the Securities Act of 1933 and not so registered; the Depositary may
refuse to accept for such deposit any Shares identified by the Company in order to facilitate the Company’s compliance with such Act. 
  
 (2)    Withdrawal of Deposited Securities.    Subject to paragraphs (4) and (5), upon surrender of (i) a certificated
ADR in form satisfactory to the Depositary at the Transfer Office or (ii) proper instructions and documentation in the case of a Direct Registration ADR, the Holder hereof is entitled to delivery at the Custodian’s office of the Deposited
Securities at the time represented by the ADSs evidenced by this ADR. At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities at such other place as may have been requested by the Holder.
Notwithstanding any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from
time to time) under the Securities Act of 1933. 
  
 (3)    Transfers of ADRs.    The Depositary or its agent will keep, at a designated transfer office in the Borough of Manhattan, The City of New York (the “Transfer Office”), (a) a
register (the “ADR Register”) for the registration, registration of transfer, combination and split-up of ADRs, and, in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will
be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business of the Company or a matter relating to the Deposit Agreement and (b) facilities for the delivery and receipt of ADRs. The
term ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) or upon delivery to the
Depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York; provided that the Depositary, notwithstanding any notice to the
contrary, may treat the person in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the
Deposit Agreement to any holder of an ADR, unless such holder is the Holder thereof. Subject to 

  

 A-2 

 
paragraphs (4) and (5), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other ADRs into one ADR, evidencing the same
number of ADSs evidenced by this ADR, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper
instruments of transfer and duly stamped as may be required by applicable law; provided that the Depositary may close the ADR Register at any time or from time to time when deemed expedient by it or requested by the Company. At the request of
a Holder, the Depositary shall, for the purpose of substituting a certificated ADR with a Direct Registration ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized number of
ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case may be, substituted. 
  
 (4)    Certain Limitations.    Prior to the issue, registration, registration of
transfer, split-up or combination of any ADR, the delivery of any distribution in respect thereof, or, subject to the last sentence of paragraph (2), the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of
this paragraph (4), the Company, the Depositary or the Custodian may require: (a) payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the
registration of transfers of Shares or other Deposited Securities upon any applicable register and (iii) any applicable charges as provided in paragraph (7) of this ADR; (b) the production of proof satisfactory to it of (i) the identity and
genuineness of any signature and (ii) such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations,
provisions of or governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and (c) compliance with such regulations as the Depositary may establish consistent with the Deposit Agreement. The
issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence of paragraph (2), the withdrawal of Deposited Securities may be suspended, generally
or in particular instances, when the ADR Register or any register for Deposited Securities is closed or when any such action is deemed advisable by the Depositary or the Company. 
  
 (5)    Taxes.    If any tax or other governmental charge shall become payable by or on
behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be paid by the Holder hereof to the
Depositary. The Depositary may refuse to effect any registration, registration of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2), any withdrawal of such Deposited Securities until such payment is made. The
Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities (after attempting by reasonable means
to notify the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of
ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such
authority or agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Depositary or the
Custodian. If the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is 

  

 A-3 

 
obligated to withhold, the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and
practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto. 
  
 (6)    Disclosure of Interests.    To
the extent that the provisions of or governing any Deposited Securities may require disclosure of or impose limits on beneficial or other ownership of Deposited Securities, other Shares and other securities and may provide for blocking transfer,
voting or other rights to enforce such disclosure or limits, Holders and all persons holding ADRs agree to comply with all such disclosure requirements and ownership limitations and to cooperate with the Depositary in the Depositary’s
compliance with any Company instructions in respect thereof, and the Depositary will use reasonable efforts to comply with such Company instructions. 
  
 (7)    Charges of Depositary.    The Depositary may charge each person to whom ADSs are issued against deposits of
Shares, including deposits in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in paragraph (10)), and each person surrendering ADSs for withdrawal of Deposited Securities, U.S. $5.00 for each 100 ADSs (or
portion thereof) delivered or surrendered. The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions, Rights and Other Distributions prior to such deposit to pay such charge.
The following additional charges shall be incurred by the Holders, by any party depositing or withdrawing Shares or by any party surrendering ADRs or to whom ADRs are issued (including, without limitation, issuance pursuant to a stock dividend or
stock split declared by the Company or an exchange of stock regarding the ADRs or the Deposited Securities or a distribution of ADRs pursuant to paragraph (10)), whichever is applicable (i) a fee of $.02 or less per ADS (or portion thereof) for any
Cash distribution made pursuant to the Deposit Agreement, (ii) to the extent not prohibited by the rules of any stock exchange or interdealer quotation system upon which the ADSs are traded, a fee of $1.50 per ADR or ADRs for transfers made pursuant
to paragraph (3) hereof, (iii) a fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such fee being in an amount equal to the fee for the execution and delivery of ADSs referred to above which would have been charged as
a result of the deposit of such securities (for purposes of this paragraph (7) treating all such securities as if they were Shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the Depositary to
Holders entitled thereto, (iv) a fee of $0.02 per ADS (or portion thereof) per year to cover such expenses as are incurred by the Depositary in administering the ADR program covered by the Deposit Agreement (which fee shall be assessed against
Holders of record as of the date set by the Depositary in accordance with paragraph (11) hereof not more often than once each calendar year and shall be payable in the manner described in (vi) below), (v) such fees and expenses as are incurred by
the Depositary (including without limitation expenses incurred on behalf of Holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in delivery of Deposited Securities
or otherwise in connection with the Depositary’s or its Custodian’s compliance with applicable law, rule or regulation and (vi) any other charge payable by any of the Depositary, any of the Depositary’s agents, including, without
limitation, the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed against Holders as of the date or dates set by the Depositary in
accordance with paragraph (11) hereof and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more Cash dividends or other Cash distributions). The Company will pay all other
charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant to agreements from time to time 

  

 A-4 

 
between the Company and the Depositary, except (i) stock transfer or other taxes and other governmental charges (which are payable by Holders or persons depositing
Shares), (ii) cable, telex and facsimile transmission and delivery charges incurred at the request of persons depositing, or Holders delivering Shares, ADRs or Deposited Securities (which are payable by such persons or Holders), (iii) transfer or
registration fees for the registration or transfer of Deposited Securities on any applicable register in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing
Deposited Securities; there are no such fees in respect of the Shares as of the date of the Deposit Agreement), and (iv) expenses of the Depositary in connection with the conversion of foreign currency into U.S. dollars (which are paid out of such
foreign currency). These charges may be changed in the manner indicated in paragraph (16). 
  
 (8)    Available Information.    The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which are both received
by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited Securities, are available for inspection by Holders at the offices of the Depositary and the Custodian and at the Transfer
Office. The Depositary will distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company. The Company is subject to the periodic reporting requirements of the Securities Exchange
Act of 1934 and accordingly files certain reports with the United States Securities and Exchange Commission (the “Commission”). Such reports and other information may be inspected and copied at public reference facilities maintained by the
Commission located at the date hereof at Judiciary Plaza, 450 Fifth Street, N.W., Washington, D.C. 20549. 
  
 (9)    Execution.    This ADR shall not be valid for any purpose unless executed by the Depositary by the manual or
facsimile signature of a duly authorized officer of the Depositary. 
  
 Dated: 
  

			
	 JPMORGAN CHASE BANK, as Depositary

		
	 By
	 	  

	 Authorized Officer

  
 The Depositary’s
office is located at 4 New York Plaza, New York, New York 10004. 
  

 A-5 

 [FORM OF REVERSE OF ADR] 
  
 (10)    Distributions on Deposited Securities.    Subject to paragraphs (4) and (5), to the extent practicable, the
Depositary will distribute to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder’s address shown on the ADR Register, in proportion to the number of Deposited Securities (on which the following
distributions on Deposited Securities are received by the Custodian) represented by ADSs evidenced by such Holder’s ADRs: (a) Cash. Any U.S. dollars available to the Depositary resulting from a cash dividend or other cash distribution or
the net proceeds of sales of any other distribution or portion thereof authorized in this paragraph (10) (“Cash”), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution
being impermissible or impracticable with respect to certain Holders, and (iii) deduction of the Depositary’s expenses in (1) converting any foreign currency to U.S. dollars by sale or in such other manner as the Depositary may determine to the
extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary may determine to the extent that it determines that such
transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable time and (4) making any sale
by public or private means in any commercially reasonable manner. (b) Shares. (i) Additional ADRs evidencing whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on Deposited Securities
consisting of Shares (a “Share Distribution”) and (ii) U.S. dollars available to it resulting from the net proceeds of sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs
were issued therefor, as in the case of Cash. (c) Rights. (i) Warrants or other instruments in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for additional Shares or
rights of any nature available to the Depositary as a result of a distribution on Deposited Securities (“Rights”), to the extent that the Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the
Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the
Depositary from the net proceeds of sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and such sales cannot practicably be accomplished by reason of the nontransferability of the Rights,
limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse). (d) Other Distributions. (i) Securities or property available to the Depositary resulting from any distribution on Deposited Securities other
than Cash, Share Distributions and Rights (“Other Distributions”), by any means that the Depositary may deem equitable and practicable, or (ii) to the extent the Depositary deems distribution of such securities or property not to be
equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Other Distributions as in the case of Cash. Such U.S. dollars available will be distributed by checks drawn on a bank in the United States for
whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the Depositary in accordance with its then current practices. 
  
 (11)    Record Dates.    The Depositary may, after consultation with the Company if practicable, fix a record date
(which shall be as near as practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be entitled to receive any distribution on or in respect of Deposited Securities, to give instructions for the
exercise of any voting rights, for the determination of the Holders who shall be responsible for the fee assessed by the Depositary for administration of the ADR program and for any expenses provided for in paragraph (7) hereof, to receive any
notice or to act in respect of other matters and only such Holders shall be so entitled. 
  

 A-6 

 (12)    Voting of Deposited Securities.    As soon as practicable
after receipt from the Company of notice of any meeting or solicitation of consents or proxies of holders of Shares or other Deposited Securities, the Depositary shall distribute to Holders a notice stating (a) such information as is contained in
such notice and any solicitation materials, (b) that each Holder on the record date set by the Depositary therefor will, subject to any applicable provisions of Cayman Islands law, be entitled to instruct the Depositary as to the exercise of the
voting rights, if any, pertaining to the Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs and (c) the manner in which such instructions may be given, including instructions to give a discretionary proxy to a person
designated by the Company. Upon receipt of instructions of a Holder on such record date in the manner and on or before the date established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and permitted under
the provisions of or governing Deposited Securities to vote or cause to be voted the Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs in accordance with such instructions. The Depositary will not itself exercise any
voting discretion in respect of any Deposited Securities. 
  
 (13)    Changes Affecting Deposited Securities.    Subject to paragraphs (4) and (5), the Depositary may, in its discretion, amend this ADR or distribute additional or amended ADRs (with or
without calling this ADR for exchange) or cash, securities or property on the record date set by the Depositary therefor to reflect any change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any
Share Distribution or Other Distribution not distributed to Holders or any cash, securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited
Securities to any person and to sell by public or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the
assets of the Company, and to the extent the Depositary does not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results from any of the
foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically represent its pro rata interest in the Deposited Securities as then constituted. 
  
 (14)    Exoneration.    The Depositary, the Company, their agents and each of them
shall: (a) incur no liability (i) if any present or future law, regulation of the United States, the People’s Republic of China, the Cayman Islands or any other country, or of any governmental or regulatory authority or stock exchange, the
provisions of or governing any Deposited Securities, act of God, war or other circumstance beyond its control shall prevent, delay or subject to any civil or criminal penalty any act which the Deposit Agreement or this ADR provides shall be done or
performed by it, or (ii) by reason of any exercise or failure to exercise any discretion given it in the Deposit Agreement or this ADR; (b) assume no liability except to perform its obligations to the extent they are specifically set forth in this
ADR and the Deposit Agreement without gross negligence or bad faith; (c) in the case of the Depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited
Securities or this ADR; (d) in the case of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR, which in its opinion
may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required; or (e) not be liable for any action or inaction by
it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person believed by it to be competent to give such advice or information. The Depositary, its agents
and the Company may rely and shall be protected in acting upon any written notice, 

  

 A-7 

 
request, direction or other document believed by them to be genuine and to have been signed or presented by the proper party or parties. The Depositary and its agents
will not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any such vote is cast or for the effect of any such vote. The Depositary and its agents may own and deal in any
class of securities of the Company and its affiliates and in ADRs. Notwithstanding anything to the contrary set forth in the Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or requests for
information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related hereto to the extent such information is requested or required by or pursuant to any lawful authority,
including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators. The Company has agreed to indemnify the Depositary and its agents under certain circumstances and the Depositary has
agreed to indemnify the Company under certain circumstances. Neither the Company nor the Depositary nor any of their respective agents shall be liable to Holders or beneficial owners of interests in ADSs for any indirect, special, punitive or
consequential damages. No disclaimer of liability under the Securities Act of 1933 is intended by any provision hereof. 
  
 (15)    Resignation and Removal of Depositary; the Custodian.    The Depositary may resign as Depositary by written
notice of its election to do so delivered to the Company, or be removed as Depositary by the Company by written notice of such removal delivered to the Depositary. The Depositary may appoint substitute or additional Custodians and the term
“Custodian” refers to each Custodian or all Custodians as the context requires. 
  
 (16)    Amendment.    Subject to the last sentence of paragraph (2), the ADRs and the Deposit Agreement may be
amended by the Company and the Depositary, provided that any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, cable, telex or
facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders, shall become effective 30 days after notice of such amendment shall have been given to the Holders.
Every Holder of an ADR at the time any amendment to the Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no
event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Any amendments or supplements
which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to be traded solely in electronic book-entry form and
(ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules
or regulations which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the ADR at any time in accordance
with such changed rules. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for
compliance. 
  
 (17)    Termination.    Upon the resignation or removal of the Depositary pursuant to the Deposit Agreement, the Depositary may, and shall at the written direction of the Company, terminate the
Deposit Agreement and this ADR by mailing notice of such termination to the 

  

 A-8 

 
Holders at least 30 days prior to the date fixed in such notice for such termination. After the date so fixed for termination, the Depositary and its agents will
perform no further acts under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions on Deposited Securities and deliver Deposited Securities being withdrawn. As soon as practicable after the expiration of six months
from the date so fixed for termination, the Depositary shall sell the Deposited Securities and shall thereafter (as long as it may lawfully do so) hold in a segregated account the net proceeds of such sales, together with any other cash then held by
it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of the Holders of ADRs not theretofore surrendered. After making such sale, the Depositary shall be discharged from all obligations in
respect of the Deposit Agreement and this ADR, except to account for such net proceeds and other cash. After the date so fixed for termination, the Company shall be discharged from all obligations under the Deposit Agreement except for its
obligations to the Depositary and its agents. 
  

 A-9Investors' Rights Agreement dated August 29, 2003

 Exhibit 4.5 

  
  
  
 eLong, Inc. 
  
 INVESTORS’ RIGHTS AGREEMENT 
  
 August 29, 2003 
  
  
  

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page

	 1. Registration Rights
	  	1
	 	 	 1.1
	 	Definitions	  	1
	 	 	 1.2
	 	Request for Registration	  	2
	 	 	 1.3
	 	Company Registration	  	3
	 	 	 1.4
	 	Form F-3 Registration	  	4
	 	 	 1.5
	 	Obligations of the Company	  	5
	 	 	 1.6
	 	Information from Holder	  	7
	 	 	 1.7
	 	Expenses of Registration	  	7
	 	 	 1.8
	 	Delay of Registration	  	7
	 	 	 1.9
	 	Indemnification	  	7
	 	 	 1.10
	 	Reports Under the 1934 Act	  	9
	 	 	 1.11
	 	Assignment of Registration Rights	  	10
	 	 	 1.12
	 	Limitations on Subsequent Registration Rights	  	10
	 	 	 1.13
	 	Termination of Registration Rights	  	10
		
	 2. Covenants of the Company
	  	10
	 	 	 2.1
	 	Delivery of Financial Statements	  	10
	 	 	 2.2
	 	Inspection	  	11
	 	 	 2.3
	 	Termination of Information and Inspection Covenants	  	11
	 	 	 2.4
	 	Right of First Offer	  	11
	 	 	 2.5
	 	Employee Agreements	  	13
	 	 	 2.6
	 	Termination of Certain Covenants	  	13
		
	 3. Miscellaneous
	  	13
	 	 	 3.1
	 	Successors and Assigns	  	13
	 	 	 3.2
	 	Governing Law	  	13
	 	 	 3.3
	 	Counterparts	  	13
	 	 	 3.4
	 	Titles and Subtitles	  	14
	 	 	 3.5
	 	Notices	  	14
	 	 	 3.6
	 	Expenses	  	14
	 	 	 3.7
	 	Entire Agreement; Amendments and Waivers	  	14
	 	 	 3.8
	 	Severability	  	14
	 	 	 3.9
	 	Aggregation of Shares	  	14
		
	 Schedule A    Investors
	  	 
	 Schedule B    Common Holders
	  	 

  

 i 

 INVESTORS’ RIGHTS AGREEMENT 
  
 THIS INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is made as of the 29th day of August, 2003, by and
among eLong, Inc., an International Business Company under the laws of the British Virgin Islands (the “Company”), the investors listed on Schedule A hereto, each of which is herein referred to as an
“Investor” and collectively, the “Investors” and the holders of the Company’s Common Shares (the “Common Shares”) listed on Schedule B hereto, each of which is herein referred to as a
“Common Holder” and collectively, the “Common Holders”. 
  
 RECITALS 
  
 WHEREAS, the Company and
the Investors are parties to the Series A Preferred Shares Purchase Agreement of even date herewith (the “Series A Agreement”); and 
  
 WHEREAS, in order to induce the Investors to purchase Series A Preferred Shares (the “Series A Preferred Shares” or “Preferred
Shares”) and invest funds in the Company pursuant to the Series A Agreement, the Investors, the Common Holders and the Company hereby agree that this Agreement shall govern the rights of the Investors and the Common Holders to cause the
Company to register Common Shares issued or issuable to them and certain other matters as set forth herein; 
  
 NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS: 
  
 1.    Registration Rights.    The Company covenants and agrees as follows: 
  
 1.1    Definitions.    For purposes of
this Section 1: 
  
 (a)    The term
“Act” means the Securities Act of 1933, as amended. 
  
 (b)    The term “Form F-3” means such form under the Act as in effect on the date hereof or any registration form under the Act subsequently adopted by the SEC that
permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 
  
 (c)    The term “Holder” means any person owning or having the right to acquire Registrable Securities or any
assignee thereof in accordance with Section 1.11 hereof; provided, however, that the Common Holders shall not be deemed to be Holders for purposes of Sections 1.4 and 1.12. 
  
 (d)    The term “Initial Offering” means the Company’s first firm commitment
underwritten public offering of its Common Shares where the shares are subsequently traded primarily on the Nasdaq Stock Market’s National Market, the New York Stock Exchange or another comparable exchange or marketplace approved by the Board
of Directors of the Company (the “Board of Directors”). 
  
 (e)    The term “1934 Act” means the Securities Exchange Act of 1934, as amended. 
  
 (f)    The terms “register,” “registered,” and “registration” refer to a
registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or document. 
  
 (g)    The term “Registrable
Securities” means (i) the Common Shares issuable or issued upon conversion of the Preferred Shares, (ii) the 17,900,000 Common Shares issued to the Common Holders; provided, however, that such Common Shares shall not be deemed
Registrable Securities for the purposes of Sections 1.4, 1.12, 2.1 and 2.2 and (iii) any Common Shares issued as (or issuable upon the conversion or exercise of any 

  

 1 

 
warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in replacement of, the shares referenced
in (i) and (ii) above, excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which his rights under this Section 1 are not assigned. 
  
 (h)    The number of shares of Registrable Securities outstanding shall be determined by the
number of Common Shares outstanding that are, and the number of Common Shares issuable pursuant to then exercisable or convertible securities that are, Registrable Securities. 
  
 (i)    The term “Rule 144” shall mean Rule 144 under the Act. 
  
 (j)    The term “Rule 144(k)”
shall mean subsection (k) of Rule 144 under the Act. 
  
 (k)    The term “SEC” shall mean the Securities and Exchange Commission. 
  
 1.2    Request for Registration. 
  
 (a)    Subject to the conditions of this Section 1.2, if the Company shall receive at any time after six (6) months after the effective date of
the Initial Offering, a written request from the Holders of fifty percent (50%) or more of the Registrable Securities then outstanding and held by the Investors (for purposes of this Section 1.2, the “Initiating Holders”) that the
Company file a registration statement under the Act covering the registration of Registrable Securities with anticipated aggregate proceeds of at least $7,500,000, then the Company shall, within twenty (20) days of the receipt thereof, give written
notice of such request to all known Holders, and subject to the limitations of this Section 1.2, use all commercially reasonable efforts to effect, as soon as practicable, the registration under the Act of all Registrable Securities that the Holders
request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company’s notice pursuant to this Section 1.2(a). 
  
 (b)    If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means
of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice referred to in Section 1.2(a). In such event the right of any
Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise
mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such underwriting by a majority in interest of the Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding any other
provision of this Section 1.2, if the underwriter advises the Company that marketing factors require a limitation of the number of securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of
Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number
of Registrable Securities held by all such Holders (including the Initiating Holders); provided, however, that (i) in no event shall any Registrable Securities held by an Investor be excluded from such underwriting unless all other securities
and Registrable Securities held by Common Holders are first excluded and (ii) in no event shall any Registrable Securities be excluded from such underwriting unless all other securities are first excluded. Any Registrable Securities excluded or
withdrawn from such underwriting shall be withdrawn from the registration. For purposes of the second preceding sentence concerning apportionment, for any selling shareholder that is a Holder of Registrable Securities and that is a venture capital
fund, partnership or corporation, the affiliated venture 

  

 2 

 
capital funds, partners, retired partners and shareholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts
for the benefit of any of the foregoing persons shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate amount of Registrable Securities
owned by all such related entities and individuals. 
  
 (c)    The Company shall not be required to effect a registration pursuant to this Section 1.2: 
  
 (i)    in any particular jurisdiction in which the Company would be required to execute a general consent to service of process
in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act; or 
  
 (ii)    after the Company has effected two (2) registrations pursuant to this Section 1.2, and such registrations have been
declared or ordered effective (and have not been subject to a “stop order” or otherwise withdrawn); or 
  
 (iii)    during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of
the filing of, and ending on a date one hundred eighty (180) days following the effective date of, a Company-initiated registration subject to Section 1.3 below, provided that the Company is actively employing in good faith all commercially
reasonable efforts to cause such registration statement to become effective; or 
  
 (iv)    if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form F-3 pursuant to
Section 1.4 hereof; or 
  
 (v)    if
the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.2, a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board
of Directors, it would be seriously detrimental to the Company and its shareholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than
ninety (90) days after receipt of the request of the Initiating Holders, provided that such right shall be exercised by the Company not more than once in any twelve (12)-month period and provided further that the Company shall not register any
securities for the account of itself or any other shareholder during such ninety (90) day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate
reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable
Securities, or a registration in which the only Common Shares being registered are Common Shares issuable upon conversion of debt securities that are also being registered). 
  
 1.3    Company Registration. 
  
 (a)    If (but without any obligation to do so) the Company proposes to register (including for this purpose a
registration effected by the Company for shareholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than a registration relating solely to the sale of
securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be
required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Shares being registered 

  

 3 

 
are Common Shares issuable upon conversion of debt securities that are also being registered), the Company shall, at such time, promptly give each Holder written
notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company in accordance with Section 3.5, the Company shall, subject to the provisions of Section 1.3(c), use all
commercially reasonable efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder has requested to be registered. 
  

(b)    Right to Terminate Registration.    The Company shall have the right to terminate or withdraw any
registration initiated by it under this Section 1.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the
Company in accordance with Section 1.7 hereof. 
  
 (c)    Underwriting Requirements.    In connection with any offering involving an underwriting of the Company’s shares, the Company shall not be required under this Section 1.3 to include
any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it (or by other persons entitled to select the underwriters) and enter into
an underwriting agreement in customary form with such underwriters, and then only in such quantity as the underwriters determine in their sole reasonable discretion will not jeopardize the success of the offering by the Company. If the total amount
of securities, including Registrable Securities, requested by shareholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole reasonable discretion is
compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not
jeopardize the success of the offering. In no event shall any Registrable Securities be excluded from such offering unless all other shareholders’ securities are first excluded. In the event that the underwriters determine that less than all of
the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be apportioned pro rata among the selling Holders based on the number of Registrable
Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders. 
  
 1.4    Form F-3 Registration.    In case the Company shall receive from the Holders of Registrable Securities (for
purposes of this Section 1.4, the “Initiating Holders”) a written request or requests that the Company effect a registration on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable
Securities owned by such Holder or Holders, the Company shall: 
  
 (a)    promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders, and 
  
 (b)    use all commercially reasonable efforts to effect, as soon as practicable, such
registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company, provided,
however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this section 1.4: 
  
 (i)    if Form F-3 is not available for such offering by the Holders; 
  

 4 

 (ii)    if the Holders, together with the holders of any other securities of
the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $1,000,000;

  
 (iii)    if the Company shall
furnish to Holders requesting a registration statement pursuant to this Section 1.4, a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board of Directors, it
would be seriously detrimental to the Company and its shareholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after
receipt of the request of the Initiating Holders, provided that such right shall be exercised by the Company not more than once in any twelve (12) month period and provided further that the Company shall not register any securities for the account
of itself or any other shareholder during such ninety (90) day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction
under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in
which the only Common Shares being registered are Common Shares issuable upon conversion of debt securities that are also being registered); 
  
 (iv)    if the Company has, within the twelve (12) month period preceding the date of such request, already effected one
registration on Form F-3 for the Holders pursuant to this Section 1.4; or 
  
 (v)    in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or
compliance except as may be required by the Act. 
  
 (c)    If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this
Section 1.4 and the Company shall include such information in the written notice referred to in Section 1.4(a). The provisions of Section 1.2(b) shall be applicable to such request (with the substitution of Section 1.4 for references to Section
1.2). 
  
 (d)    Subject to the
foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Initiating Holders.
Registrations effected pursuant to this Section 1.4 shall not be counted as requests for registration effected pursuant to Sections 1.2. 
  
 1.5    Obligations of the Company.    Whenever required under this Section 1 to effect the registration of any
Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
  
 (a)    prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all
commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period
of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed; 
  

 5 

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

  
 (c)    furnish to the Holders such
numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by
them; 
  
 (d)    use all commercially
reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not
be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions; 
  
 (e)    in the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering; 
  
 (f)    notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 
  

(g)    cause all such Registrable Securities registered pursuant to this Section 1 to be listed on a national exchange or
trading system and on each securities exchange and trading system on which similar securities issued by the Company are then listed; and 
  
 (h)    provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration. 
  
 Notwithstanding the provisions of this Section 1, the Company shall be entitled to postpone or suspend, for a reasonable period of time (provided that such right
shall be exercised by the Company not more than once in any twelve (12) month period) the filing, effectiveness or use of, or trading under, any registration statement if the Company shall determine that any such filing or the sale of any securities
pursuant to such registration statement would: 
  
 (i)    in the good faith judgment of the Board of Directors, materially impede, delay or interfere with any material pending or proposed financing, acquisition, corporate reorganization or other similar transaction
involving the Company for which the Board of Directors has authorized negotiations; 
  
 (ii)    in the good faith judgment of the Board of Directors, materially adversely impair the consummation of any pending or
proposed material offering or sale of any class of securities by the Company; or 
  
 (iii)    in the good faith judgment of the Board of Directors, require disclosure of material nonpublic information that, if
disclosed at such time, would be materially harmful to the interests of the Company and its shareholders; provided, however, that during any such period all executive officers and directors of the Company are also prohibited from
selling securities of the Company (or any security of any of the Company’s subsidiaries or affiliates). 
  

 6 

 In the event of the suspension of effectiveness of any registration statement pursuant to this Section 1.5. the
applicable time period during which such registration statement is to remain effective shall be extended by that number of days equal to the number of days during which the effectiveness of such registration statement was suspended. 
  
 1.6    Information from Holder.    It
shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding
itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of such Holder’s Registrable Securities. 
  
 1.7    Expenses of Registration.    All
expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 1.2, 1.3 and 1.4, including (without limitation) all registration, filing and qualification fees,
printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holders as a group (not to exceed $50,000 for each registration made pursuant to Section
1.2 and not to exceed $10,000 for each registration made pursuant to Sections 1.3 and 1.4) shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun
pursuant to Section 1.2 or Section 1.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses
pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless, in the case of a registration requested under Section 1.2, the Holders of a majority of the Registrable Securities held by the
Investors agree to forfeit their right to one demand registration pursuant to Section 1.2 and provided, however, that if at the time of such withdrawal, Holders have learned of a material adverse change in the condition, business, or
prospects of the Company from that known to such Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be
required to pay any of such expenses and shall retain their rights pursuant to Section 1.2 or 1.4. 
  
 1.8    Delay of Registration.    No Holder shall have any right to obtain or seek an injunction restraining or
otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1. 
  
 1.9    Indemnification.    In the event any Registrable Securities are included in a
registration statement under this Section 1: 
  
 (a)    To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, officers, directors and shareholders of each Holder, legal counsel and accountants for each Holder,
any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which
they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based
upon any of the following statements, omissions or violations (collectively a “Violation”); (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the 

  

 7 

 
statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Act, the 1934 Act, any state securities laws or any rule or
regulation promulgated under the Act, the 1934 Act or any state securities laws, and the Company will reimburse each such Holder, underwriter, controlling person or other aforementioned person for any legal or other expenses reasonably incurred by
them in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the indemnity agreement contained in this subsection 1.9(a) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case
for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such
registration by any such Holder, underwriter, controlling person or other aforementioned person; provided further, however, that the foregoing indemnity agreement with respect to any preliminary prospectus shall not inure to the benefit of any
Holder or underwriter or other aforementioned person, or any person controlling such Holder or underwriter, from whom the person asserting any such losses, claims, damages or liabilities purchased shares in the offering, if a copy of the most
current prospectus was not sent or given by or on behalf of such Holder or underwriter or other aforementioned person to such person, if required by law so to have been delivered, at or prior to the written confirmation of the sale of the shares to
such person, and if the prospectus (as so amended or supplemented) would have cured the defect giving rise to such loss, claim, damage or liability. 
  
 (b)    To the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its directors,
each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act, legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such
registration statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Act, the 1934 Act,
any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any
Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such
Holder will reimburse any person intended to be indemnified pursuant to this subsection 1.9(b) for any legal or other expenses reasonably incurred by such person in connection with investigating or defending any such loss, claim, damage, liability
or action as such expenses are incurred; provided, however, that the indemnity agreement contained in this subsection 1.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), and provided that in no event shall any indemnity under this subsection 1.9(b) exceed the net proceeds from the offering received by such
Holder. 
  
 (c)    Promptly after
receipt by an indemnified party under this Section 1.9 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under
this Section 1.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; 

  

 8 

 
provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall
have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or
potential differing interests (as reasonably determined by the indemnified party) between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party
within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of liability to the indemnified party under this Section 1.9 to the extent of such prejudice,
but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.9. 
  
 (d)    If the indemnification provided for in this
Section 1.9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations;
provided, however, that no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 1.9(b), shall exceed the net proceeds from the offering received by such Holder. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by
the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
  
 (e)    Notwithstanding the foregoing, to the
extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control. 
  
 (f)    The
obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1, and otherwise. 
  
 1.10    Reports Under the 1934
Act.    With a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without
registration or pursuant to a registration on Form F-3, the Company agrees to: 
  
 (a)    make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the
effective date of the Initial Offering; 
  
 (b)    file with the SEC in a timely manner all reports and other documents required of the Company under the Act and the 1934 Act; and 
  
 (c)    furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith
upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company), the Act and
the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a 

  

 9 

 
registrant whose securities may be resold pursuant to Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the
Company and such other reports and documents so filed by the Company, provided, however, that if the SEC has granted confidential treatment for any exhibits filed with any such filings, the Company need only provide to the Holders the
redacted form of such exhibits as approved by the SEC, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration
or pursuant to such form. 
  
 1.11    Assignment of
Registration Rights.    The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such
securities that (i) is a subsidiary, parent, partner, limited partner, retired partner or shareholder of a Holder, (ii) is a Holder’s family member or trust for the benefit of an individual Holder, or (iii) after such assignment or transfer,
holds at least 100,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations and other recapitalizations), provided: (a) the Company is, within a reasonable time after such transfer,
furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (b) such transferee or assignee agrees in writing to be bound by and subject
to the terms and conditions of this Agreement, including, without limitation, the provisions of Section 4 of that certain Right of First Refusal and Co-Sale Agreement of even date herewith; and (c) such assignment shall be effective only if
immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act. 
  
 1.12    Limitations on Subsequent Registration Rights.    From and after the date of this Agreement, the Company
shall not, without the prior written consent of the Holders of a majority of the Registrable Securities held by the Investors, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such
holder or prospective holder (a) to include such securities in any registration filed under Section 1.2, Section 1.3 or Section 1.4 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in
any such registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included or (b) to demand registration of their securities. 
  
 1.13    Termination of Registration
Rights.    No Holder shall be entitled to exercise any right provided for in this Section 1 (i) after five (5) years following the consummation of the Initial Offering or (ii) as to any Holder, such earlier time after the
Initial Offering at which such Holder (A) can sell all shares held by it in compliance with Rule 144(k) or (B) holds one percent (1%) or less of the Company’s outstanding Common Shares and all Registrable Securities held by such Holder
(together with any affiliate of the Holder with whom such Holder must aggregate its sales under Rule 144) can be sold in any three (3) month period without registration in compliance with Rule 144. 
  
 2.    Covenants of the Company. 
  
 2.1    Delivery of Financial
Statements.    The Company shall deliver to each Investor (or transferee of an Investor): 
  
 (a)    as soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the Company, an
income statement for such fiscal year, a balance sheet of the Company and statement of shareholders’ equity as of the end of such year, and a statement of cash flows for such year, such year-end financial reports to be in reasonable 

  

 10 

 
detail, prepared in accordance with United States generally accepted accounting principles (“GAAP”), and audited and certified by independent public
accountants of nationally recognized standing selected by the Company; 
  
 (b)    as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, an unaudited income statement, statement
of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter. 
  
 (c)    as soon as practicable, but in any event at least thirty (30) days prior to the end of each fiscal year, a budget and
business plan for the next fiscal year, prepared on a monthly basis, including balance sheets, income statements and statements of cash flows for such months and, as soon as prepared, any other budgets or revised budgets prepared by the Company;

  
 (d)    with respect to the
financial statements called for in subsections (b) of this Section 2.1, an instrument executed by the Chief Financial Officer or President of the Company certifying that such financials were prepared in accordance with GAAP consistently applied with
prior practice for earlier periods (with the exception of footnotes that may be required by GAAP) and fairly present the financial condition of the Company and its results of operation for the period specified, subject to year-end audit adjustment;
and 
  
 (e)    such other information
relating to the financial condition, business or corporate affairs of the Company as the Investors may from time to time reasonably request, provided, however, that the Company shall not be obligated under this subsection (e) or any
other subsection of Section 2.1 to provide information that it deems in good faith to be a trade secret or similar confidential information. 
  
 2.2    Inspection.    The Company shall permit each Investor, at such Investor’s expense, to visit and inspect
the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Investor; provided,
however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information that it reasonably considers to be a trade secret or similar confidential information. 
  
 2.3    Termination of Information and Inspection
Covenants.    The covenants set forth in Sections 2.1 and 2.2 shall terminate and be of no further force or effect when the Initial Offering is consummated or when the Company first becomes subject to the periodic reporting
requirements of Sections 12(g) or 15(d) of the 1934 Act, whichever event shall first occur. 
  
 2.4    Right of First Offer.    Subject to the terms and conditions specified in this Section 2.4, the Company hereby grants to each Investor and Common Holder (each a
“Participating Investor”) a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined). For purposes of this Section 2.4, the term Participating Investor includes any general partners and
affiliates of an Investor. A Participating Investor shall be entitled to apportion the right of first offer hereby granted it among itself and its partners and affiliates in such proportions as it deems appropriate. 
  
 Each time the Company proposes to offer any shares of, or securities convertible into
or exchangeable or exercisable for any shares of, any class of the Company’s shares (“Shares”), the Company shall first make an offering of such Shares to each Participating Investor in accordance with the following provisions:

  
 (a)    The Company shall deliver a
notice in accordance with Section 3.5 (“Notice”) to the Participating Investors stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms upon which it
proposes to offer such Shares. 
  

 11 

 (b)    By written notification received by the Company within ten (10) calendar
days after receipt of the Notice, each Participating Investor may elect to purchase or obtain, at the price and on the terms specified in the Notice, up to that portion of such Shares that equals the proportion that the number of shares of
Registrable Securities issued and held by such Participating Investor bears to the total number of Common Shares then outstanding (assuming full conversion of the Preferred Shares then outstanding, but excluding any options, warrants or other
securities convertible into Common Shares). The Company shall promptly, in writing, inform each Participating Investor that elects to purchase all the shares available to it (a “Fully-Exercising Investor”) of any other Participating
Investor’s failure to do likewise. During the five (5) day period commencing after such information is given, each Fully-Exercising Investor may elect to purchase that portion of the Shares for which Participating Investors were entitled to
subscribe but which were not subscribed for by the Participating Investors that is equal to the proportion that the number of shares of Registrable Securities issued and held by such Fully-Exercising Investor bears to the total number of Common
Shares then outstanding (assuming full conversion and exercise of all convertible and exercisable securities then outstanding). 
  
 (c)    If all Shares that Investors are entitled to obtain pursuant to subsection 2.4(b) are not elected to be obtained as
provided in subsection 2.4(b) hereof, the Company may, during the ninety (90) day period following the expiration of the period provided in subsection 2.4(b) hereof, offer the remaining unsubscribed portion of such Shares to any person or persons at
a price not less than that, and upon terms no more favorable to the offeree than those, specified in the Notice. If the Company does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated
within sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be offered unless first reoffered to the Participating Investors in accordance herewith. 
  
 (d)    The right of first offer in this Section
2.4 shall not be applicable to (i) the issuance or sale of up to 6,100,000 Common Shares (or options therefor) to employees, directors, consultants and other service providers for the primary purpose of soliciting or retaining their services
pursuant to plans or agreements approved by the Board of Directors; (ii) the issuance of securities pursuant to an Initial Offering, (iii) the issuance of securities pursuant to the conversion or exercise of convertible or exercisable securities,
(iv) the issuance of securities in connection with a bona fide business acquisition of or by the Company, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, (v) the issuance and sale of Series A Preferred
Shares pursuant to the Series A Agreement, (vi) the issuance of securities that, with unanimous approval of the Board of Directors, are not offered to any existing shareholder of the Company, (vii) the issuance of securities as an equity component
in connection with a debt financing, provided such issuance is for other than primary equity financing purposes and provided further that, at the time of such issuance, the aggregate of such issuance and similar issuances in the
preceding twelve (12) months do not exceed 1% of the outstanding Common Shares or (viii) the issuance of securities in connection with the consummation of a strategic transaction. In addition to the foregoing, the right of first offer in this
Section 2.4 shall not be applicable with respect to any Participating Investor and any subsequent offering of Shares if (i) at the time of such offering, the Participating Investor is not an “accredited investor,” as that term is then
defined in Rule 501(a) of the Act and (ii) such offering of Shares is otherwise being offered only to accredited investors. 
  
 (e)    The rights provided in this Section 2.4 may not be assigned or transferred by any Participating Investor;
provided, however, that a Participating Investor that is a venture capital fund may assign or transfer such rights to an affiliated venture capital fund and 

  

 12 

 
provided further, that the affiliated venture capital fund executes the necessary documents to become party to the same agreements as those previously governing
the rights and obligations of the Participating Investor. 
  
 (f)    The covenants set forth in this Section 2.4 shall terminate and be of no further force or effect upon the consummation of the sale of securities pursuant to a bona fide, firmly underwritten public offering of
Common Shares registered under the Act. 
  
 2.5    Employee Agreements.    Unless approved by the Board of Directors, all future employees of the Company who shall purchase, or receive options to purchase, Common Shares following the
date hereof shall be required to execute stock purchase or option agreements providing for (i) vesting of shares over a four (4) year period with the first 25% of such shares vesting following twelve (12) months of continued employment or services,
and the remaining shares vesting in equal monthly installments over the following 36 months thereafter and (ii) a 180-day lockup period in connection with the Company’s initial public offering. The Company shall retain a right of first refusal
on transfers until the Initial Offering and the right to repurchase unvested shares at cost. 
  
 2.6    Termination of Certain Covenants.    The covenants set forth in Section 2.5 shall terminate and be of no further force or effect upon the consummation of the sale of
securities pursuant to a bona fide, firmly underwritten public offering of Common Shares registered under the Act. 
  
 3.    Miscellaneous. 
  
 3.1    Successors and Assigns.    Except as otherwise provided herein, the terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
  
 3.2    Governing Law.    This Agreement
shall be governed by and construed under the laws of the State of New York as applied to agreements among New York residents entered into and to be performed entirely within New York. Without limiting the right of any party to bring any action or
proceeding arising out of or relating to this Agreement or any of the transactions contemplated hereby or thereby (an “Action”) in the courts of other jurisdictions, each party hereto irrevocably submits in any Action to the
jurisdiction of any New York State or Federal court sitting in New York City (“New York Courts”). Each party further agrees that, in the case of any Action instituted by either such party, the New York Courts shall have exclusive
jurisdiction thereof, and each party may not institute an Action in any forum other than the New York Courts. Each party hereto consents to venue in the New York Courts and irrevocably waives, to the fullest extent permitted by law, the defense of
an inconvenient forum to the maintenance of any Action therein. Each party agrees that the summons and complaint or any other process in any Action may be served by notice given in accordance with Section 3.5, or as otherwise permitted by law.

  
 3.3    Counterparts.    This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 
  

 13 

 3.4    Titles and Subtitles.    The titles and subtitles used in
this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
  
 3.5    Notices.    All notices and other communications given or made pursuant hereto shall be in writing and shall
be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (iii) ten
(10) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) two (2) days after deposit with a internationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages attached hereto (or at such other addresses as shall be specified by notice given in accordance with this Section
3.5). 
  
 3.6    Expenses.    If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’
fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 
  
 3.7    Entire Agreement: Amendments and Waivers.    This Agreement (including the Exhibits hereto, if any)
constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof. Any term of this Agreement (other than Section 2.1, Section 2.2, Section 2.3 and Section 2.4) may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Registrable Securities,
including the written consent of the holders of a majority of the Registrable Securities then held by the Investors. The provisions of Section 2.1, Section 2.2 and Section 2.3 may be amended or waived (either generally or in a particular instance
and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Registrable Securities then held by the Investors. The provisions of Section 2.4 may be amended or waived (either generally
or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Registrable Securities then held by Participating Investors. Any amendment or waiver effected in
accordance with this paragraph shall be binding upon each holder of any Registrable Securities, each future holder of all such Registrable Securities, and the Company. 
  
 3.8    Severability.    If one or more provisions of this Agreement are held to be
unenforceable under applicable law, such provision(s) shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms.

  
 3.9    Aggregation of
Shares.    All shares of Registrable Securities held or acquired by affiliated entities (including affiliated venture capital funds) or persons shall be aggregated together for the purpose of determining the availability of
any rights under this Agreement. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 
  

 14 

 IN WITNESS WHEREOF, the parties have executed this Investors’ Rights Agreement as of the date first above
written. 
  

			
	ELONG, INC.
	
	 /s/ Justin Yue Tang

		
	 By:
	 	 Justin Yue Tang

			
		
	 Name:
	 	

			
		
	 Title:
	 	 Chairman & CEO

			
		
	 Address:
	 	 Suite 604, Union Plaza
 20 Chao Yang Men Wai Avenue
 Beijing, China

  
  
  
 SlGNATURE PAGE TO INVESTORS’ RIGHTS 
 AGREEMENT FOR ELONG, INC. 
  

 15 

			
	INVESTORS:
	
	 TIGER TECHNOLOGY PRIVATE
 INVESTMENT PARTNERS,
L.P.

		
	 By:
	 	 Tiger Technology PIP Performance,
 L.L.C., its General Partner

			
		
	 By:
	 	 /s/ Scott Shleifer

			
		
	 Name:
	 	 Scott Shleifer

	 Title:
	 	 Managing Director

			
		
	 Address:
	 	 101 Park Avenue, 48th Floor
 New York, NY 10178

  
  
  
 SIGNATURE PAGE TO INVESTORS’ RIGHTS 
 AGREEMENT FOR ELONG, INC. 
  

 16 

			
	INVESTORS (cont.):
	
	TIGER TECHNOLOGY II, L.P.
		
	 By:
	 	 Tiger Technology Performance, L.L.C.,
 its General Partner

		
	 By:
	 	 /s/ Scott Shleifer

	 Name:
	 	 Scott Shleifer

	 Title:
	 	 Managing Director

			
		
	 Address:
	 	 Walker House, P.O. Box 908GT
 George Town, Grand Cayman
 Cayman lslands

  
  
  
 SIGNATURE PAGE TO INVESTORS’ RIGHTS 
 AGREEMENT FOR ELONG, INC. 
  

 17 

			
	INVESTORS (cont.):
	
	BLUE RIDGE LIMITED PARTNERSHIP
		
	 By:
	 	 JAG Holdings LLC, General Partner

			
		
	 By:
	 	 /s/    Richard S. Bello

		
	 Name:
	 	 Richard S. Bello

	 Title:
	 	 Managing Director

	
	 Address:

	
	RMG HOLDINGS, LLC
		
	 By:
	 	 /s/    Richard M. Gerson

		
	 Name:
	 	 Richard M. Gerson

	 Title:
	 	 Managing Director

	
	 Address:

  
  
 SIGNATURE PAGE TO INVESTORS’ RIGHTS 
 AGREEMENT FOR ELONG, INC.

  

 18 

			
	COMMON HOLDERS
	
	 Billable Development, Ltd.

		
	 By:
	 	 /s/    Zhong Xiaojian

		
	 Name:
	 	     Zhong Xiaojian

		
	 Title:
	 	

			
	
	 Address:

	
	 /s/    Lawrence Auriana

	 Lawrence Auriana

	 Address:

	
	 /s/    Peter Lerner

	 Peter Lerner

	 Address:

	 	 	 

			
	
	 Ira S. Nordlicht and Helen S. Scott JTWROS

		
	 By
	 	 /s/

	 Name:
	 	 
	 Address:

			
	
	 /s/ Justin Yue Tang

	 Justin Yue Tang

	         Address:
	 	 Suite 604, Union Plaza
 20 Chao Yang Men Wai Avenue
 Beijing, China 100020

  
 SIGNATURE PAGE TO
INVESTORS’ RIGHTS 
 AGREEMENT FOR ELONG, INC. 
  

 19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}]]