Document:

EX-4.53

 Exhibit 4.53 

On March 11, 2022, the Registrant, through a subsidiary, entered into a separate Minority Vendor Agreement (this “Agreement”) in Chinese
with each of the 153 minority shareholders of Ningbo Meishan Baoshui Area Deppon Investment Holding Company Limited (the “Target Company”; the minority shareholders of the Target Company collectively hereinafter referred to as the
“Minority Vendors” and each a “Minority Vendor”). Except for the personal information of each Minority Vendors, the number and the corresponding considerations of the target shares, the main context of the Minority
Vendor Agreement executed by each of them is consistent. Set forth below is an English summary of the template of this Agreement. 
  

	1.	 Parties to the Minority Vendor Agreement 

This Minority Vendor Agreement is made and entered into by and between a Minority Vendor and Suqian Jingdong Zhuofeng Enterprise Management Co., Ltd., a
limited liability company incorporated under the laws of the PRC (the “Transferee” or the “Investor”) on March 11, 2022. 

The parties to this Agreement are hereinafter referred to individually as a “Party” and collectively as the
“Parties”. 
 For the purpose of this Agreement, 
  

	 	(i)	 “First Instalment” means the first instalment under the Founding Vendors Agreement;

  

	 	(ii)	 “First Instalment Conditions” means all the conditions precedent to the closing relevant to
the First Instalment under the Founding Vendors Agreement; 

  

	 	(iii)	 “Founder” means Cui Weixing, a natural person of Chinese nationality; 

 

	 	(iv)	 “Founding Vendors” means Cui Weixing and Xue Xia; 

 

	 	(v)	 “Founding Vendors Agreement” means a Founding Vendors Agreement in Chinese entered into by and
among the Founding Vendors and the Investor on the date hereof. 

  

	2.	 The Minority Vendor agrees to transfer ______ shares of the Target Company (the “Minority Vendor Target
Shares”, and such transaction hereinafter referred to as the “Minority Vendor Transaction”) at the price of RMB _______ (the “Consideration”). 

 

	3.	 The Minority Vendor has made customary representations and warranties and has confirmed that the
representations and warranties true, accurate, not misleading and containing no omission of any material facts on the date of this Agreement and on the Closing Date (as defined below) of the Minority Vendor Transaction, and the Investor can rely on
the representations and warranties the Minority Vendor made. 

  
 1 

	4.	 The Minority Vendor Target Shares shall be deemed to have transferred to the Transferee on the Closing Date.
Thereby, the Transferee shall, from the Closing Date, enjoy all the rights and interests as the shareholder of the Target Company and assume the corresponding obligations. For the avoidance of doubt, after the execution of this Agreement, the
Minority Vendor shall not claim any payment or distribution in respect of the undistributed profits from the Target Company. The Minority Vendor confirms that it has no claim of any kind to the Target Company (or the subsidiaries the Target Company
controls) and there is no dispute between the Minority Vendor and the Target Company (or the subsidiaries the Target Company controls). The Minority Vendor hereby consents to the Acquisition (as defined in the Founding Vendors Agreement) and waives
its right of first refusal, veto right or other similar rights (if any), to any transfer of shares by any other shareholders of the Target Company to the Transferee. 

 

	5.	 The Minority Vendor shall complete the relevant registrations and procedures relating to the Minority Vendor
Transaction at Guangzhou Equity Exchange within 10 business days (or any later date required by the Transferee) after the Minority Vendor Transaction and the transactions contemplated by the Founding Vendors Agreement have been approved by the
relevant PRC authorities in relation to antitrust review. The Transferee shall provide reasonable and necessary cooperation to the registrations and procedures in relation to the transfer of the Minority Vendor Target Shares. 

 

	6.	 The Transferee shall pay the Consideration to the bank account designated by the Minority Vendor after
deducting the Tax Payable the Transferee withheld for it in accordance with Section 9 hereof within 10 business days after the satisfaction, or waiver of all of the following conditions (the date on which the Transferee make fully payment of
the Consideration in accordance with Section 6 hereof hereinafter referred to as the “Closing Date”): 

  

	(1)	 on the Closing Date, this Agreement has been duly signed by the Minority Vendor and the Transferee and shall
remain fully effective, and the representations and warranties made by the Minority Vendor remain true, accurate, not misleading, and containing no omission of any material facts. The Minority Vendor has fulfilled its respective obligations under
this Agreement; 

  

	(2)	 all the First Instalment Conditions set forth in the Founding Vendors Agreement have been satisfied;

  
 2 

	(3)	 the Minority Vendor has completed the relevant registrations and procedures relating to the transfers of the
Minority Vendor Target Shares with Guangzhou Equity Exchange, such that the shareholders of the Target Company shall have transferred an aggregate of more than 51% equity interest in the Target Company and such transfers have been reflected in the
register of shareholders of the Target Company; 

  

	(4)	 the Minority Vendor (if a natural person) has provided his/her information on income tax in relation to the
Minority Vendor Transaction to the Transferee. 

  

	7.	 In the event of any dispute, controversy, contradiction or claim arising out of or in connection with this
Agreement, including the existence, validity, interpretation, performance, breach or termination hereof or any dispute regarding non-contractual obligations arising out of or in connection with this Agreement
(the “Dispute”), the Parties concerned shall attempt in the first instance to resolve such Dispute through amicable negotiation. Should the negotiation fail, either Party shall have the right to submit such Dispute to Shanghai
Arbitration Commission (the “Shanghai Arbitration Commission”) for arbitration in accordance with the arbitration rules in force at the time of applying for arbitration. The arbitration tribunal shall consist of 3 arbitrators
appointed in accordance with arbitration rules. The claimant shall appoint 1 arbitrator, and the respondent shall appoint 1 arbitrator. The third arbitrator shall be appointed by the above two arbitrators through consultation or by Shanghai
Arbitration Commission.The language of arbitration shall be Chinese. The arbitration shall take place in Shanghai. The arbitration award shall be final and binding on the Parties, and the Parties agree to be bound thereby and to act accordingly. The
costs of arbitration and enforcement of the arbitration award (including witness fees and reasonable attorney fees) shall be borne by the losing party, unless otherwise agreed in the arbitration award. When a dispute occurs and such dispute has been
submitted to arbitration, the Parties shall continue to exercise and perform its remaining rights and obligations under this Agreement except for the matters in dispute. 

 

	8.	 This Agreement constitutes the entire agreement between the Parties on the matters described in this Agreement
and supersedes all prior oral or written discussions, understandings or agreements among the Parties with respect to such matters (if any). Without the prior written consent of the Transferee, the Minority Vendor shall never transfer any of its
rights or obligations under this Agreement. The Transferee may transfer any of its rights or obligations under this Agreement to Suqian Jingdong Yueguan Enterprise Management Co., Ltd. or any of its affiliates as approved by the Founder upon giving
a 10-business-day prior written notice to the Minority Vendor. The Minority Vendor shall cooperate with such transfer. 

  
 3 

	9.	 Unless otherwise agreed herein, the Parties shall bear its own taxes incurred by the performance and completion
of the transactions described in this Agreement. The Minority Vendor shall promptly pay any and all applicable income tax and other taxes payable on the Consideration as required by applicable laws and relevant competent tax authority
(“Taxes Payable”). If the Minority Vendor is a natural person, the Transferee shall have the right to withhold all or part of the Taxes Payable on behalf of the Minority Vendor, and the Minority Vendor shall take all necessary
actions and execute all necessary documents to provide cooperation; if the Transferee performs the withholding obligation, the Transferee shall have the right to withhold and pay the relevant Taxes Payable with respect to the Consideration and shall
only pay the Consideration after the deduction of Taxes Payable; if the Transferee is unable to withhold any Taxes Payable for the Minority Vendor due to reasons not attributable to the Transferee, the Transferee shall have no obligation to make any
payment (including but not limited to the Consideration) to the Minority Vendor under this Agreement before the Minority Vendor provides the Transferee with the tax payment receipt evidencing the payment of all due taxes, even if the conditions
under Section 6 have been satisfied. After the Minority Vendor provides the Transferee with the tax payment receipt evidencing the payment of the Taxes Payable, the Transferee shall pay the relevant amount to the Minority Vendor within 10
business days after the satisfaction of all the conditions set forth in Section 6 hereof. 

  

	10.	 If either Party (the “Breaching Party”) is in breach of this Agreement, the Breaching Party
shall indemnify and hold harmless the other Party (the “Non-breaching Party”), in which case, the Breaching Party shall indemnify the Non-breaching Party for any loss, damage, liability, cost
or expense incurred as a result of such breach, including but not limited to any reasonable litigation/arbitration costs and attorney’s fees. 

  

	11.	 This Agreement shall come into effect on the execution date of this Agreement and shall be terminated on the
termination date of the Founding Vendors Agreement. For the avoidance of doubt, if the closing of the First Instalment fails to occur within 9 months after the execution of the Founding Vendors Agreement (or a longer period as the Founder and the
Investor may otherwise agree in writing) (including but not limited to that the closing of the First Instalment fails to take place because the percentage of shares aggregately transferred to the Transferee did not exceed 51%), the Transferee shall
be entitled to terminate this Agreement. After the termination of this Agreement, the Parties shall restore the status of the Parties to the status when this Agreement is executed (including the refund of the price received under this Agreement to
the Transferee, the completion of the relevant registrations and procedures relating to the return of the transferred Shares to the Minority Vendor with Guangzhou Equity Exchange, etc.) based on the principles of fairness, reasonableness, honesty
and credibility. 

  
 4 

 The Share Transfer Information of the Minority Vendors 

 

													
	 No.
	  	 Name of the Minority Vendors
	  	Number of Shares	 	  	Consideration (RMB)	 	  	 Note

	1.	  	Zhuhai Chenying Equity Investment Partnership
(Limited Partnership)	  	 	3,086,072	 	  	 	295,113,810.68	 	  	/
	2.	  	Ningbo Debang Growth Investment Partnership
(Limited Partnership)	  	 	2,575,622	 	  	 	246,300,677.14	 	  	/
	3.	  	Li Yunman	  	 	2,535,596	 	  	 	242,473,084.85	 	  	/
	4.	  	Ding Shaohong	  	 	2,386,115	 	  	 	228,178,568.22	 	  	/
	5.	  	Ningbo Debang Growth Phase II Investment Partnership
(Limited Partnership)	  	 	2,331,718	 	  	 	222,976,710.98	 	  	/
	6.	  	Zhu Yu	  	 	1,497,837	 	  	 	143,234,631.22	 	  	/
	7.	  	 Ningbo Debang
 Growth Phase III Investment
Partnership
(Limited Partnership)
	  	 	1,106,049	 	  	 	105,768,865.79	 	  	/
	8.	  	Zhuhai Xuanying Equity Investment Partnership (Limited Partnership	  	 	1,016,420	 	  	 	97,197,855.22	 	  	/

  
 5 

													
	 No.
	  	 Name of the Minority Vendors
	  	Number of Shares	 	  	Consideration (RMB)	 	  	 Note

	9.	  	Ren Guifang	  	 	1,003,230	 	  	 	95,936,526.53	 	  	/
	10.	  	Jiang Haiping	  	 	995,634	 	  	 	95,210,138.90	 	  	/
	11.	  	Li Zhongmin	  	 	960,000	 	  	 	91,802,543.25	 	  	/
	12.	  	Meng Qingxin	  	 	923,400	 	  	 	88,302,571.29	 	  	/
	13.	  	Chen Weijie	  	 	872,440	 	  	 	83,429,386.29	 	  	/
	14.	  	Zhong Wenyi	  	 	848,015	 	  	 	81,093,680.95	 	  	/
	15.	  	Liu Yanlan	  	 	843,075	 	  	 	80,621,280.37	 	  	/
	16.	  	Li Yong	  	 	840,077	 	  	 	80,334,588.67	 	  	There is one additional condition precedent to the closing in relation to Li Yong’s transfer of shares, which is that he has resigned from his position as director, supervisor, or senior management of the Target Company and
the Listed Company for no less than 6 months and there has been no selling restrictions in relation to the target shares held by him.
	17.	  	Yang Chongjun	  	 	827,604	 	  	 	79,141,825.01	 	  	/

  
 6 

													
	 No.
	  	 Name of the Minority Vendors
	  	Number of Shares	 	  	Consideration (RMB)	 	  	 Note

	18.	  	Zhou Qiulan	  	 	801,164	 	  	 	76,613,429.96	 	  	/
	19.	  	Lu Weiqing	  	 	799,403	 	  	 	76,445,029.67	 	  	/
	20.	  	Mao Dabing	  	 	720,000	 	  	 	68,851,907.44	 	  	/
	21.	  	Niu Huizhen	  	 	710,778	 	  	 	67,970,029.26	 	  	/
	22.	  	Shi Wen	  	 	690,077	 	  	 	65,990,441.29	 	  	/
	23.	  	Yu Xilai	  	 	683,605	 	  	 	65,371,539.15	 	  	/
	24.	  	Cao Zhongyu	  	 	682,290	 	  	 	65,245,788.79	 	  	/
	25.	  	Yan Xuefeng	  	 	680,077	 	  	 	65,034,164.80	 	  	/
	26.	  	Zhang Xueyuan	  	 	590,336	 	  	 	56,452,443.93	 	  	/
	27.	  	Deng Xiaobo	  	 	576,250	 	  	 	55,105,432.86	 	  	/
	28.	  	Luo Xingling	  	 	530,000	 	  	 	50,682,654.09	 	  	/
	29.	  	Wang Xiaoyu	  	 	478,135	 	  	 	45,722,926.06	 	  	/
	30.	  	Liu Lihua	  	 	460,000	 	  	 	43,988,718.64	 	  	/
	31.	  	Liu Meisong	  	 	451,915	 	  	 	43,215,569.10	 	  	/

  
 7 

													
	 No.
	  	 Name of the Minority Vendors
	  	Number of Shares	 	  	Consideration (RMB)	 	  	 Note

	32.	  	Ye Fen	  	 	413,287	 	  	 	39,521,664.26	 	  	/
	33.	  	Yu Xianchun	  	 	398,430	 	  	 	38,100,924.28	 	  	/
	34.	  	Qiu Fusheng	  	 	391,173	 	  	 	37,406,954.43	 	  	/
	35.	  	Wei Biao	  	 	390,954	 	  	 	37,386,011.97	 	  	/
	36.	  	Qiu Yuyong	  	 	375,935	 	  	 	35,949,780.31	 	  	/
	37.	  	Gao Xiaoqiong	  	 	370,000	 	  	 	35,382,230.21	 	  	/
	38.	  	Yu Dapeng	  	 	344,185	 	  	 	32,913,602.45	 	  	/
	39.	  	Zhou Xuezhen	  	 	334,280	 	  	 	31,966,410.58	 	  	/
	40.	  	Wang Bin	  	 	320,000	 	  	 	30,600,847.75	 	  	/
	41.	  	Changxing Mingjun Enterprise Management
Consulting Studio	  	 	307,800	 	  	 	29,434,190.43	 	  	/
	42.	  	Zhang Xuemei	  	 	293,360	 	  	 	28,053,327.18	 	  	/
	43.	  	Shi Huiying	  	 	275,255	 	  	 	26,321,988.59	 	  	/
	44.	  	Liu Jianqing	  	 	261,800	 	  	 	25,035,318.57	 	  	/
	45.	  	Shi Kunxiang	  	 	255,812	 	  	 	24,462,700.20	 	  	/

  
 8 

													
	 No.
	  	 Name of the Minority Vendors
	  	Number of Shares	 	  	Consideration (RMB)	 	  	 Note

	46.	  	Ningbo Meishan Baoshui Area Deppon Changqing Phase IV Investment Partnership (limited partnership)	  	 	249,365	 	  	 	23,846,188.75	 	  	/
	47.	  	Zhang Qijie	  	 	245,168	 	  	 	23,444,839.50	 	  	/
	48.	  	Pu Jiayao	  	 	215,483	 	  	 	20,606,132.74	 	  	/
	49.	  	Zhou Qing	  	 	209,148	 	  	 	20,000,331.58	 	  	/
	50.	  	Zhang Xiaobo	  	 	203,512	 	  	 	19,461,374.15	 	  	/
	51.	  	Li Yandong	  	 	193,521	 	  	 	18,505,958.30	 	  	/
	52.	  	Xiong Wei	  	 	184,675	 	  	 	17,660,036.12	 	  	/
	53.	  	Wang Xueren	  	 	183,920	 	  	 	17,587,837.24	 	  	/
	54.	  	Kang Bo	  	 	180,964	 	  	 	17,305,161.91	 	  	/
	55.	  	Qiu Wentong	  	 	170,850	 	  	 	16,337,983.87	 	  	/
	56.	  	Liang Deqi	  	 	153,864	 	  	 	14,713,652.62	 	  	/
	57.	  	Wang Jing	  	 	150,000	 	  	 	14,344,147.38	 	  	/
	58.	  	Cui Weifang	  	 	150,000	 	  	 	14,344,147.38	 	  	/

  
 9 

													
	 No.
	  	 Name of the Minority Vendors
	  	Number of Shares	 	  	Consideration (RMB)	 	  	 Note

	59.	  	Sun Guangsheng	  	 	149,863	 	  	 	14,331,046.40	 	  	/
	60.	  	Wu Baoguo	  	 	143,900	 	  	 	13,760,818.72	 	  	/
	61.	  	Zhang Jie	  	 	143,680	 	  	 	13,739,780.64	 	  	/
	62.	  	Ou Changhong	  	 	140,460	 	  	 	13,431,859.61	 	  	/
	63.	  	Huang Zhaohong	  	 	140,000	 	  	 	13,387,870.89	 	  	/
	64.	  	Liu Zhigang	  	 	132,645	 	  	 	12,684,529.53	 	  	/
	65.	  	Hu Yanhong	  	 	125,540	 	  	 	12,005,095.08	 	  	/
	66.	  	Li Jianxiong	  	 	117,780	 	  	 	11,263,024.53	 	  	/
	67.	  	Liang Jianfei	  	 	117,282	 	  	 	11,215,401.96	 	  	/
	68.	  	Wu Yanli	  	 	112,897	 	  	 	10,796,074.71	 	  	/
	69.	  	Qiu Junjiang	  	 	110,000	 	  	 	10,519,041.41	 	  	/
	70.	  	Feng Haibing	  	 	100,000	 	  	 	9,562,764.92	 	  	/
	71.	  	Xu Wei	  	 	98,603	 	  	 	9,429,173.10	 	  	/
	72.	  	Jiang Kaiyong	  	 	97,730	 	  	 	9,345,690.16	 	  	/

  
 10 

													
	 No.
	  	 Name of the Minority Vendors
	  	Number of Shares	 	  	Consideration (RMB)	 	  	 Note

	73.	  	Song Rongjun	  	 	93,577	 	  	 	8,948,548.53	 	  	/
	74.	  	Niu Xiaoyue	  	 	92,340	 	  	 	8,830,257.13	 	  	/
	75.	  	Wang Wanyou	  	 	92,340	 	  	 	8,830,257.13	 	  	/
	76.	  	Gao Xiaoping	  	 	91,472	 	  	 	8,747,252.33	 	  	/
	77.	  	Liu Guojun	  	 	90,020	 	  	 	8,608,400.98	 	  	/
	78.	  	Li Keju	  	 	90,000	 	  	 	8,606,488.43	 	  	/
	79.	  	Lu Ning	  	 	86,662	 	  	 	8,287,283.34	 	  	/
	80.	  	Zhang Wencong	  	 	83,317	 	  	 	7,967,408.85	 	  	/
	81.	  	Guo Zhiguang	  	 	82,908	 	  	 	7,928,297.14	 	  	/
	82.	  	Zhang Chun	  	 	80,000	 	  	 	7,650,211.94	 	  	/
	83.	  	Zhong Changhua	  	 	77,913	 	  	 	7,450,637.03	 	  	/
	84.	  	Guo Jingang	  	 	73,663	 	  	 	7,044,219.52	 	  	/
	85.	  	Wang Xiulian	  	 	72,625	 	  	 	6,944,958.02	 	  	/
	86.	  	Song Jie	  	 	72,340	 	  	 	6,917,704.14	 	  	/

  
 11 

													
	 No.
	  	 Name of the Minority Vendors
	  	Number of Shares	 	  	Consideration (RMB)	 	  	 Note

	87.	  	Yin Chengdong	  	 	70,000	 	  	 	6,693,935.45	 	  	/
	88.	  	Kuang Zhuran	  	 	68,120	 	  	 	6,514,155.46	 	  	/
	89.	  	Ma Anping	  	 	62,340	 	  	 	5,961,427.65	 	  	/
	90.	  	Yuan Yongjuan	  	 	62,320	 	  	 	5,959,515.10	 	  	/
	91.	  	He Yuanlong	  	 	61,560	 	  	 	5,886,838.09	 	  	/
	92.	  	Qiu Tao	  	 	61,560	 	  	 	5,886,838.09	 	  	/
	93.	  	Xu Yi	  	 	61,560	 	  	 	5,886,838.09	 	  	/
	94.	  	Guo Zongxiang	  	 	61,249	 	  	 	5,857,097.89	 	  	/
	95.	  	Liang Jie	  	 	60,000	 	  	 	5,737,658.95	 	  	/
	96.	  	Mao Gongtao	  	 	60,000	 	  	 	5,737,658.95	 	  	/
	97.	  	Liu Hongqing	  	 	59,008	 	  	 	5,642,796.33	 	  	/
	98.	  	Meng Bao	  	 	58,799	 	  	 	5,622,810.15	 	  	/
	99.	  	Zhu Yinghao	  	 	58,255	 	  	 	5,570,788.71	 	  	/
	100.	  	Ren Luwen	  	 	55,871	 	  	 	5,342,812.39	 	  	/

  
 12 

													
	 No.
	  	 Name of the Minority Vendors
	  	Number of Shares	 	  	Consideration (RMB)	 	  	 Note

	101.	  	Muo Gongfa	  	 	55,860	 	  	 	5,341,760.49	 	  	/
	102.	  	Huang Kailong	  	 	55,000	 	  	 	5,259,520.71	 	  	/
	103.	  	Yang Chongming	  	 	53,081	 	  	 	5,076,011.25	 	  	/
	104.	  	Wang Wei	  	 	51,560	 	  	 	4,930,561.59	 	  	/
	105.	  	Li Yangshe	  	 	51,279	 	  	 	4,903,690.22	 	  	/
	106.	  	Zhang Jun	  	 	50,458	 	  	 	4,825,179.92	 	  	/
	107.	  	Zeng Zuosheng	  	 	50,458	 	  	 	4,825,179.92	 	  	/
	108.	  	He Yuantao	  	 	50,000	 	  	 	4,781,382.46	 	  	/
	109.	  	Wang Wei	  	 	50,000	 	  	 	4,781,382.46	 	  	/
	110.	  	Zhang Jincheng	  	 	47,128	 	  	 	4,506,739.85	 	  	/
	111.	  	Li Dongsheng	  	 	41,560	 	  	 	3,974,285.10	 	  	/
	112.	  	Li Yingqing	  	 	41,560	 	  	 	3,974,285.10	 	  	/
	113.	  	Luo Guangfeng	  	 	41,560	 	  	 	3,974,285.10	 	  	/
	114.	  	Zhang Feng	  	 	40,674	 	  	 	3,889,559.00	 	  	/

  
 13 

													
	 No.
	  	 Name of the Minority Vendors
	  	Number of Shares	 	  	Consideration (RMB)	 	  	 Note

	115.	  	Han Xiyou	  	 	40,000	 	  	 	3,825,105.97	 	  	/
	116.	  	Li Dongliang	  	 	40,000	 	  	 	3,825,105.97	 	  	/
	117.	  	Hong Chaojie	  	 	40,000	 	  	 	3,825,105.97	 	  	/
	118.	  	Liang Desheng	  	 	40,000	 	  	 	3,825,105.97	 	  	/
	119.	  	Wu Yong	  	 	40,000	 	  	 	3,825,105.97	 	  	/
	120.	  	Liu Renchao	  	 	40,000	 	  	 	3,825,105.97	 	  	/
	121.	  	A Yunshun	  	 	40,000	 	  	 	3,825,105.97	 	  	/
	122.	  	Wang Xiaofei	  	 	40,000	 	  	 	3,825,105.97	 	  	/
	123.	  	Lin Kai	  	 	39,875	 	  	 	3,813,152.51	 	  	/
	124.	  	Pi Shenping	  	 	38,000	 	  	 	3,633,850.67	 	  	/
	125.	  	Ye Hanwen	  	 	37,648	 	  	 	3,600,189.74	 	  	/
	126.	  	Xu Yuhan	  	 	34,274	 	  	 	3,277,542.05	 	  	/
	127.	  	Duan Jianshe	  	 	32,927	 	  	 	3,148,731.61	 	  	/
	128.	  	Wu Wanfeng	  	 	32,340	 	  	 	3,092,598.18	 	  	 /

  
 14 

													
	 No.
	  	 Name of the Minority Vendors
	  	Number of Shares	 	  	Consideration (RMB)	 	  	 Note

	129.	  	Qiu Liangren	  	 	31,160	 	  	 	2,979,757.55	 	  	/
	130.	  	Huang Jianyong	  	 	30,780	 	  	 	2,943,419.04	 	  	/
	131.	  	Wu Xiaogang	  	 	30,780	 	  	 	2,943,419.04	 	  	/
	132.	  	Yang Yongying	  	 	30,284	 	  	 	2,895,987.73	 	  	/
	133.	  	He Wenbin	  	 	30,000	 	  	 	2,868,829.48	 	  	/
	134.	  	Huang Huan	  	 	30,000	 	  	 	2,868,829.48	 	  	/
	135.	  	Su Jiabin	  	 	30,000	 	  	 	2,868,829.48	 	  	/
	136.	  	Liang Ruijie	  	 	30,000	 	  	 	2,868,829.48	 	  	/
	137.	  	Wang Huazhong	  	 	29,504	 	  	 	2,821,398.16	 	  	/
	138.	  	Li Junjie	  	 	29,152	 	  	 	2,787,737.23	 	  	/
	139.	  	Lai Jianzhao	  	 	28,301	 	  	 	2,706,358.10	 	  	/
	140.	  	Liu Liangwu	  	 	27,189	 	  	 	2,600,020.15	 	  	/
	141.	  	Cai Zhishou	  	 	26,170	 	  	 	2,502,575.58	 	  	/
	142.	  	Wu Haipeng	  	 	25,000	 	  	 	2,390,691.23	 	  	/

  
 15 

													
	 No.
	  	 Name of the Minority Vendors
	  	Number of Shares	 	  	Consideration (RMB)	 	  	 Note

	143.	  	Liu Weijun	  	 	22,130	 	  	 	2,116,239.88	 	  	/
	144.	  	Wang Xiangyang	  	 	21,064	 	  	 	2,014,300.80	 	  	/
	145.	  	Chen Songfeng	  	 	20,780	 	  	 	1,987,142.55	 	  	/
	146.	  	Zeng Yongping	  	 	20,310	 	  	 	1,942,197.56	 	  	/
	147.	  	Zhang Yi	  	 	20,000	 	  	 	1,912,552.98	 	  	/
	148.	  	Xia Guoqing	  	 	20,000	 	  	 	1,912,552.98	 	  	/
	149.	  	Li Zhiqiang	  	 	15,956	 	  	 	1,525,834.77	 	  	/
	150.	  	Xiong Shanshan	  	 	15,647	 	  	 	1,496,285.83	 	  	/
	151.	  	Peng Yunhua	  	 	10,000	 	  	 	956,276.49	 	  	/
	152.	  	Liang Shujun	  	 	5,000	 	  	 	478,138.25	 	  	/
	153.	  	Yang Biao	  	 	5,000	 	  	 	478,138.25	 	  	/
	 Total
	  	 	46,295,323	 	  	 	4,427,112,908.38	 	  	/

  
 16EX-4.54

 Exhibit 4.54 

March 25, 2022 
 JD
LOGISTICS, INC. 
 AND 

JINGDONG TECHNOLOGY GROUP CORPORATION 
  

 
 SUBSCRIPTION
AGREEMENT 
  
  

 CONTENTS 
  

					
	CLAUSE	  	PAGE	 
		
	 1. Subscription and Price
	  	 	1	 
		
	 2. Conditions to Closing
	  	 	1	 
		
	 3. Closing
	  	 	2	 
		
	 4. Representations and Warranties
	  	 	2	 
		
	 5. Expenses
	  	 	2	 
		
	 6. Confidentiality
	  	 	3	 
		
	 7. Termination
	  	 	3	 
		
	 8. Announcements
	  	 	3	 
		
	 9. Governing Law; Jurisdiction and Arbitration
	  	 	4	 
		
	 10. Entire Agreement
	  	 	4	 
		
	 11. Counterparts
	  	 	4	 
		
	 Schedule 1 Subscription Details
	  	 	S-1-1	 
		
	 Schedule 2 Closing Conditions
	  	 	S-2-1	 
		
	 Schedule 3 Closing Arrangement
	  	 	S-3-1	 
		
	 Schedule 4 Representations and Warranties
	  	 	S-4-1	 
		
	 Schedule 5 Definitions
	  	 	S-5-1	 

  

  
 i 

 THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is made on March 25, 2022 

BETWEEN: 
  

	(1)	 JD LOGISTICS, INC., a company incorporated in the Cayman Islands with limited liability and
listed on the Main Board of the Stock Exchange (Stock Code: 2618), whose registered office is at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands and principal place of business in Hong Kong at
Room 1901, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong (the “Issuer”); and 

  

	(2)	 JINGDONG TECHNOLOGY GROUP CORPORATION, a company incorporated under the laws of the Cayman Islands,
whose registered office is at P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands (the “Subscriber”). 

Each of the Issuer and the Subscriber is individually referred to herein as a “Party” and together as the
“Parties.” 
 Words and expressions used in this Agreement shall be interpreted in accordance with Schedule 5. 

WHEREAS: 
  

	(A)	 The Issuer proposes to issue, and the Subscriber proposes to subscribe for, certain number of shares of the
Company set out below (collectively, the “Subscription Shares”) on the terms and conditions set out in this Agreement. 

  

	(B)	 The Issuer proposes to issue, and the Subscriber proposes to subscribe for, certain Shares as set out in
Schedule 1 on and subject to the terms and conditions set out in Schedule 1 and this Agreement (the “Subscription”). 

IT IS HEREBY AGREED as follows: 

 

	1.	 SUBSCRIPTION AND PRICE

  

	1.1	 Subject to the conditions and in accordance with the terms of this Agreement, the Issuer shall issue, and the
Subscriber shall subscribe for, the Subscription Shares at the Subscription Price set out in Schedule 1. Subject to the payment by the Subscriber of the Subscription Amount, the Subscription Shares shall be allotted and issued to the
Subscriber, credited as fully paid, with effect from Closing with full legal and beneficial title and with all rights then attaching to them. 

  

	1.2	 The Subscription Amount shall be payable by the Subscriber to the Issuer on the Closing Date by wire transfer
to a bank account notified by the Issuer to the Subscriber at least two (2) Business Days before the Closing Date or on such other date or in such other manner as the Parties may agree in writing. Immediately upon effecting payment of the
Subscription Amount, the Subscriber shall deliver to the Issuer documentary evidence that the Subscription Amount has been irrevocably made to the bank account. 

 

	2.	 CONDITIONS TO CLOSING 

 

	2.1	 Subject to the provisions under this Clause 2, Closing shall be conditional on the Closing Conditions being
satisfied with respect to all Parties. 

  
 1 

	2.2	 The date on which all the Closing Conditions set out in Schedule 2 have been satisfied shall be the
“Unconditional Date.” If the Unconditional Date has not occurred on or prior to September 30, 2022 (the “Longstop Date”), the Issuer may, at its sole and absolute discretion within ten (10) Business Days any
time after the Longstop Date: 

  

	 	(a)	 terminate this Agreement with immediate effect (other than the Surviving Provisions), by written notice to the
Subscriber, and (without prejudice to the rights and/or obligations of any Party in respect of any antecedent breach) the Parties shall be released and discharged from their respective obligations under this Agreement; or 

 

	 	(b)	 with the agreement of the Subscriber, extend the Longstop Date to such later date as the Parties may agree
(such new date being the “Extended Longstop Date”). 

  

	2.3	 If the Unconditional Date has not occurred on or prior to the Extended Longstop Date (if any), this Agreement
shall terminate with immediate effect (other than the Surviving Provisions and without prejudice to the rights and/or obligations of any Party in respect of any antecedent breach), and the Parties shall be released and discharged from their
respective obligations under this Agreement. 

  

	2.4	 The Issuer and Subscriber shall, at their own cost, use their reasonable endeavours to ensure that the Closing
Conditions set out in Schedule 2 applicable to each are fulfilled as soon as reasonably practicable after the date of this Agreement. 

  

	3.	 CLOSING 

 

	3.1	 Subject to the satisfaction of the Closing Conditions, Closing shall take place by way of electronic exchange
of relevant documents and items on or around the Closing Date at 10:00 a.m. (Hong Kong time) or by such other method or at such other place and time as the Parties may agree in writing. 

 

	4.	 REPRESENTATIONS AND WARRANTIES

  

	4.1	 Subject to and except for the information disclosed to the Subscriber in respect of any due diligence conducted
by the Subscriber, any announcement, circular or other release or communication released or published by the Issuer as it relates to specific Warranties set out in Schedule 4, the Issuer represents and warrants to the Subscriber that the
Issuer’s Warranties set out in Part A of Schedule 4 are true, accurate and complete as at the date of this Agreement. The Issuer’s Warranties, save for those that are expressed to be given only as of a specific date, shall be deemed
to be repeated by the Issuer immediately prior to Closing by reference to the facts and circumstances then existing as if references in the Issuer’s Warranties to the date of this Agreement were references to the Closing Date.

  

	4.2	 The Subscriber represents and warrants to the Issuer that the Subscriber’s Warranties set out in Part B of
Schedule 4 are true, accurate and complete as at the date of this Agreement. The Subscriber’s Warranties, save for those that are expressed to be given only as of a specific date, shall be deemed to be repeated by the Subscriber
immediately prior to Closing by reference to the facts and circumstances then existing as if references in the Subscriber’s Warranties to the date of this Agreement were references to the Closing Date. 

 

	4.3	 Each Warranty given pursuant to Clauses 4.1 and 4.2 is a separate and independent statement and is not limited
or otherwise affected by any other Warranty or by any other provision of this Agreement. 

  

	5.	 EXPENSES 

 

	5.1	 The Issuer shall be liable for all costs and expenses (including but not limited to the costs and expenses of
legal and other professional advisers) incurred in connection with the Subscription. 

  
 2 

	5.2	 Without prejudice to Clause 5.1, all stamp, issue, registration, documentary or other similar taxes and duties
payable on or in connection with the allotment and issue of the Subscription Shares shall be paid by the Issuer. 

  

	5.3	 The Issuer agrees to pay all fees, costs and expenses incurred in connection with the listing of Subscription
Shares on the Stock Exchange. 

  

	6.	 CONFIDENTIALITY 

 

	6.1	 Each Party undertakes that it shall (and shall procure that its Affiliates shall, and where relevant,
undertakes to procure that its officers, employees, agents, investment managers and professional and other advisers and those of any Affiliate (together its “Authorised Persons”) shall) use its best endeavours to keep confidential
at all times and not permit or cause the disclosure of any information (other than to its Authorised Persons) which it may have or acquire before or after the date of this Agreement relating to the provisions of, and negotiations leading to, this
Agreement and the performance of the obligations thereunder (such information being “Confidential Information”). In performing its obligations under this Clause 6.1, each Party shall apply confidentiality standards and procedures at
least as stringent as those that applies generally in relation to its own confidential information. 

  

	6.2	 Each of the Parties agrees that it shall not use Confidential Information for any purpose other than in
relation to the proper performance of its obligations and exercise of its rights under this Agreement and the transactions contemplated hereunder. 

  

	6.3	 Each Party shall use its reasonable endeavours to alert the other Party as soon as is reasonably practical
after it becomes aware of any request from a third party for disclosure of any Confidential Information. 

  

	6.4	 The obligation of confidentiality under Clause 6.1 does not apply to: 

 

	 	(a)	 information which at the date of disclosure is within the public domain (otherwise than as a result of a breach
of this Clause 6); 

  

	 	(b)	 the disclosure of information to the extent required to be disclosed by law, regulation or any court, tribunal
or regulatory authority; or 

  

	 	(c)	 any announcement made in accordance with the terms of Clause 8. 

 

	7.	 TERMINATION 

 

	7.1	 This Agreement may be terminated at any time prior to Closing by written agreement between the Issuer and the
Subscriber. 

  

	8.	 ANNOUNCEMENTS 

 

	8.1	 If any Party is required by law or by any stock exchange or by any governmental or regulatory authority or by
any rule thereof to make any announcement in connection with this Agreement or the transactions contemplated thereunder (other than the announcement referred to in Clause 8.2), the relevant Party shall, to the extent legally permissible, notify the
other Party as soon as practicable and shall use all reasonable endeavours to accommodate the requests of such Party with respect to the terms and provisions of such announcement. 

 

	8.2	 The Parties acknowledge and agree that the Issuer is required to publish or despatch announcements, circulars
or other communications (“Communications”) in relation to the subject matter contained herein following entry into this Agreement by the Parties in accordance with the Listing Rules. 

  
 3 

	9.	 GOVERNING LAW; JURISDICTION AND
ARBITRATION 

  

	9.1	 This Agreement is governed by and shall be construed in accordance with the law of the Hong Kong. Any disputes
that arise in connection with this Agreement shall be negotiated and attempted to be settled by the Parties in good faith and with best efforts; failing which, the dispute shall be submitted to the China International Economic and Trade Arbitration
Commission in Beijing (CIETAC) for arbitration which shall be conducted in accordance with the arbitration rules issued by CIETAC in effect at the time of applying for arbitration. The arbitral award is final and binding upon both parties.

  

	10.	 ENTIRE AGREEMENT 

 

	10.1	 This Agreement, together with any agreements or documents referred to herein, sets out the entire agreement and
understanding between the Parties with respect to its subject matter and supersedes all prior agreements, understandings, negotiations and discussions (whether oral or written) and all previous agreements in relation to the subject matter contained
herein are hereby terminated and shall have no further force or effect. 

  

	11.	 COUNTERPARTS 

 

	11.1	 This Agreement may be executed in any number of counterparts, and by each Party on separate counterparts. Each
counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Agreement by e-mail attachment or telecopy shall be an effective mode
of delivery. 

  
 4 

 For and on behalf of 

JD Logistics, Inc. 
 京东物流股份有限公司 

 

	
	 /s/ Yue Ma

	Name: Yue Ma (马越)
	Title: Chief Financial Officer

 For and on behalf of 

Jingdong Technology Group Corporation 
  

	
	 /s/ Nani Wang

	Name: Nani Wang (王娜妮)
	Title: Director

 SCHEDULE 1 

SUBSCRIPTION DETAILS 
  

							
	 Subscriber
	 	 Number of

Subscription Shares
	 	 Subscription Price
	 	 Subscription Amount

	 Jingdong Technology Group Corporation
	 	261,400,000	 	 HK$20.71

(corresponding to US$2.65)
	 	 US$692 million

(corresponding to HK$5,414 million)

  
 S-1-1 

 SCHEDULE 2 

CLOSING CONDITIONS 
  

	1.	 The approval of this Agreement and the transactions contemplated hereunder by the independent shareholders at a
general meeting of the Company (or, if earlier, at the next annual general meeting of the Company) as required under Applicable Laws. 

  

	2.	 The Listing Committee of the Stock Exchange granting approval for the listing of, and permission to deal in,
the Subscription Shares (and such listing and permission not being subsequently revoked prior to Closing). 

  
 S-2-1 

 SCHEDULE 3 

CLOSING ARRANGEMENT 

Part A Issuer Obligations 
 At Closing or
otherwise within the time period specifically stated below, and against due compliance with the provision in Schedule 3 Part B, the Issuer shall perform all of the following: 

 

	1.	 allot and issue the Subscription Shares to the Subscriber in accordance with Schedule 1, credited as
fully paid, and procure the entry of the Subscriber in the register of members of the Issuer as the owner of the Subscription Shares; and 

  

	2.	 if so prior requested by the Subscriber, deliver or ensure that there is delivered to the Subscriber a share
certificate or equivalent document(s) in the applicable jurisdiction representing the Subscription Shares subscribed for by the Subscriber. 

Part B Subscriber’s Obligations 
 At
or before Closing, the Subscriber shall: 
  

	1.	 pay or procure the payment of the Subscription Amount as set out in Schedule 1 by immediately available
funds transfer. 

  
 S-3-1 

 SCHEDULE 4 

REPRESENTATIONS AND WARRANTIES 

Part A Issuer’s Warranties 
 The
Issuer represents and warrants to the Subscriber that: 
  

	1.	 this Agreement has been duly authorised, executed and delivered by the Issuer and constitutes valid and legally
binding obligations of the Issuer, enforceable against the Issuer in accordance with its terms, and the Issuer has full right, power and authority to enter into and perform its obligations under this Agreement and any other documents to be executed
by the Issuer pursuant to or in connection with this Agreement; 

  

	2.	 the execution, delivery and performance of this Agreement, the issuance of the Subscription Shares and
compliance with the terms hereof do not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, the constitutional documents of the Issuer or infringe any existing applicable law, rule, regulation,
judgment, order, authorisation or decree of any government, governmental body or court, having jurisdiction over any member of its group or infringe the rules of any stock exchange on which securities of any member of its group are listed which
would affect the performance of this Agreement; 

  

	3.	 save as otherwise provided for under this Agreement and in the Articles: 

 

	 	(a)	 there are no restrictions on issuance of the Subscription Shares; and 

 

	 	(b)	 there are no restrictions on the voting or transfer of any of the Subscription Shares or payments of dividends
with respect to the Subscription Shares pursuant to the Issuer’s constitutional documents, or pursuant to any agreement or other instrument to which the Issuer is a party or by which it is bound. 

Part B Subscriber’s Warranties 
 The
Subscriber represents and warrants to the Issuer that: 
  

	1.	 it has full right, power and authority to enter into and perform its obligations under this Agreement and any
other documents to be executed by the Subscriber pursuant to or in connection with this Agreement, which when executed shall constitute valid and binding obligations of the Subscriber, enforceable in accordance with their respective terms; and

  

	2.	 the execution, delivery and performance of this Agreement, the subscription of the Subscription Shares and
compliance with the terms hereof do not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, the constitutional documents of the Subscriber or infringe any existing applicable law, rule,
regulation, judgment, order, authorisation or decree of any government, governmental body or court, having jurisdiction over any member of its group or infringe the rules of any stock exchange on which securities of any member of its group are
listed which would affect the performance of this Agreement. 

  
 S-4-1 

 SCHEDULE 5 

DEFINITIONS 
  

	1.	 The following terms and expressions used in this Agreement, unless the context otherwise requires, shall have
the following meanings: 

  

			
	 “Affiliate”
	  	of any specified person means any other person directly or indirectly Controlling or Controlled by or under direct or indirect common Control with such specified person;
		
	 “Applicable Laws”
	  	means, with respect to any person, any laws, rules, regulations, directives, treaties, decrees or orders of any governmental or regulatory authority that are applicable to and binding on such person and without limitation to the
foregoing, shall, in respect of the Issuer, include the Listing Rules and the Codes on Takeovers and Mergers and Share Buy-backs;
		
	 “Articles”
	  	means the Issuer’s articles of association from time to time;
		
	 “Authorised Persons”
	  	has the meaning given to it in Clause 6.1;
		
	 “Board”
	  	means the board of directors of the Issuer;
		
	 “Business Day”
	  	means a day (other than a Saturday or Sunday or public holiday and any other day on which a tropical cyclone warning no. 8 or above or a “black” rain warning signal is hoisted in Hong Kong) on which commercial banks are
open for business in the city in which the specified office of the registrar is located and in Hong Kong, and “Business Days” shall be construed accordingly;
		
	 “Closing”
	  	means the completion of the Subscription, as the case may be, in accordance with Clause 3;
		
	 “Closing Conditions”
	  	means the conditions to Closing as set out in Schedule 2;
		
	 “Closing Date”
	  	means the date of Closing, which shall be the date as the Parties agree in writing after the satisfaction of the Closing Conditions and before the Longstop Date or Extended Longstop Date (if so agreed by the Parties in accordance
with Clause 2.2(b))
		
	 “Closing Payment”
	  	has the meaning given to it in Clause 1.2;
		
	 “Communications”
	  	has the meaning given to it in Clause 8.2;
		
	 “Confidential Information”
	  	has the meaning given to it in Clause 6.1;

  
 S-5-1 

			
	 “Control”
	  	 means in relation to an undertaking:
  

(a)   the power to direct the exercise of a majority of the voting rights capable of being exercised
at a general meeting of that undertaking;
  

(b)   the right to appoint or remove a majority of the board of directors (or corresponding
officers) of that undertaking; or
  

(c)   the right to exercise a dominant influence over that undertaking by virtue of provisions
contained in its constitutional documents or under a control contract or otherwise.
  

In each case either directly or indirectly and “Controlled” and “Controlling” shall be construed
accordingly;

		
	 “Director”
	  	means a director of the Issuer;
		
	 “Extended Longstop Date”
	  	has the meaning given to it in Clause 2.2(b);
		
	 “HK$”
	  	means the legal currency of Hong Kong;
		
	 “Hong Kong”
	  	means the Hong Kong Special Administrative Region of the People’s Republic of China;
		
	 “Issuer’s Warranties”
	  	means the warranties set out in Schedule 4 Part A;
		
	 “Listing Rules”
	  	means the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited;
		
	 “Longstop Date”
	  	has the meaning given to it in Clause 2.2;
		
	 “Shares”
	  	means the ordinary shares with a par value of US$0.000025 each in the share capital of the Issuer;
		
	 “Stock Exchange”
	  	means The Stock Exchange of Hong Kong Limited;
		
	 “Subscriber’s Warranties”
	  	means the warranties set out in Schedule 4 Part B;
		
	 “Subscription”
	  	has the meaning given to it in Recital B;
		
	 “Subscription Amount”
	  	the consideration for the Subscription Shares payable by the Subscriber, as set out in Schedule 1;
		
	 “Subscription Price”
	  	the price per Subscription Share, as set out in Schedule 1;
		
	 “Subscription Shares”
	  	has the meaning given to it in Recital B and as set out in Schedule 1;
		
	 “Unconditional Date”
	  	has the meaning given to it in Clause 2.2;
		
	 “Warranties”
	  	mean the Issuer’s Warranties and Subscriber’s Warranties as set out in Schedule 4;

  
 S-5-2 

	2.	 In this Agreement: 

  

	 	(a)	 words denoting the singular shall include the plural and vice versa; 

 

	 	(b)	 words denoting one gender shall include each gender and all genders; 

 

	 	(c)	 references to persons shall be deemed to include references to natural persons, to firms, to partnerships, to
bodies corporate, to undertakings, to associations, to organisations, to trusts, to trustees, to legal representatives, to governments (or any department or agency thereof) or to any other entity howsoever designated or constituted (in each case,
whether or not having separate legal personality), but references to individuals shall be deemed to be references to natural persons only; 

  

	 	(d)	 a reference to this Agreement includes the Schedules to it, each of which forms part of this Agreement for all
purposes; 

  

	 	(e)	 references to Clauses and Schedules are, unless stated otherwise, references to clauses and schedules of this
Agreement; 

  

	 	(f)	 references to paragraphs are, unless expressly provided otherwise, references to paragraphs of the Schedule in
which the references appear; 

  

	 	(g)	 the headings are inserted for convenience only and will not affect the construction of this Agreement;

  

	 	(h)	 any reference to an enactment or a statutory provision is a reference to it as it may have been or may from
time to time be, amended, modified, consolidated or re-enacted; and 

  

	 	(i)	 the terms “hereof” and “hereunder” (and any other similar expressions) refer
to this Agreement and not to any particular clause or other portion hereof and include any agreement supplemental hereto. 

  
 S-5-3

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