Document:

EXHIBIT 4.30

Execution Copy

CONFIDENTIAL

 

YIXIN CAPITAL LIMITED

 

SHARE SUBSCRIPTION AGREEMENT

 

Dated as of August 1, 2016

 

     

     

    

 

Execution Copy

CONFIDENTIAL

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	Article I DEFINITIONS AND TERMS	1
	Section 1.1 	Definitions	1
	Section 1.2	Other Definitional Provisions	8
	Article II PURCHASE AND SALE	9
	Section 2.1	Sale and Issuance of Subscription Shares	9
	Section 2.2	Closing, Payment and Delivery	10
	Article III CONDITIONS TO CLOSING	11
	Section 3.1	Conditions to the Initial Purchasers’ Obligations to Effect the Initial Closing	11
	Section 3.2	Conditions to Baidu’s Obligations to Effect the Baidu Closing	13
	Section 3.3	Conditions to the Company’ Obligations to Effect the Closing	13
	Article IV REPRESENTATIONS AND WARRANTIES	14
	Section 4.1	Representations and Warranties of the Company	14
	Section 4.2	Representations and Warranties of the Company and the Key Holder	20
	Section 4.3	Representations and Warranties of the Key Holder	20
	Section 4.4	Representations and Warranties of Each Purchaser	21
	Article V COVENANTS	23
	Section 5.1	Noncompetition	23
	Section 5.2	Further Assurances	24
	Section 5.3	Use of Proceeds	24
	Section 5.4	Cooperation	24
	Section 5.5	SAFE Registration	24
	Section 5.6	Permits	24
	Section 5.7	Access	24
	Section 5.8	Conduct of Business of the Company	25
	Section 5.9	Compliance with Legal Requirements	25
	Section 5.10	The Form Employment Contract	25
	Section 5.11	The Equity Transfer by Bitauto	25
	Section 5.12	Domain Name	25
	Section 5.13	Transfer of Trademarks and Trademarks Applications	26
	Section 5.14	Secondment Contract	26
	Section 5.15	Tax Filings	26

 

     

     

    

 

Execution Copy

CONFIDENTIAL

 

	Section 5.16	Permits for Automobile Operating Leasing Business	26
	Section 5.17	Execution of Business Cooperation Agreement	26
	Section 5.18	Related Party Transactions	26
	Article VI INDEMNIFICATION	26
	Section 6.1	Survival of the Representations and Warranties	26
	Section 6.2	Indemnification	27
	Section 6.3	Third Party Claims	27
	Section 6.4	Other Claims	28
	Section 6.5	Limitations on Liability	28
	Section 6.6	Exclusive Remedy	29
	Article VII MISCELLANEOUS	29
	Section 7.1	Disclosure Schedule References	29
	Section 7.2	Governing Law; Arbitration	29
	Section 7.3	Amendment	30
	Section 7.4	Binding Effect	30
	Section 7.5	Assignment	30
	Section 7.6	Notices	30
	Section 7.7	Entire Agreement	30
	Section 7.8	Severability	30
	Section 7.9	Fees and Expenses	30
	Section 7.10	Confidentiality	31
	Section 7.11	Specific Performance	32
	Section 7.12	Termination	32
	Section 7.13	Headings	32
	Section 7.14	Execution in Counterparts	33
	Section 7.15	Press Release and Public Filing	33
	Section 7.16	Waiver	33
	Section 7.17	Subsequent Purchaser	33

	Schedule	 	 
	Schedule A	Schedule of Purchasers	1
	Schedule B	Address for Notice	1
	 	 	 
	Exhibits	 	 
	Exhibit A	Form of Restated Articles	1
	Exhibit B	Form of Restated Shareholders Agreement	1
	Exhibit C	Legal Opinion Items	1

 

    	 	 ii	 

     

    

 

Execution Copy

CONFIDENTIAL

 

	Annexes	 	 
	Annex A	List of Trademark Applications	1

 

    	 	 iii	 

     

    

  

SHARE SUBSCRIPTION AGREEMENT

 

This Series B Preferred
Share Subscription Agreement (this “Agreement”) is made as of August 1, 2016, by and between:

 

(i) Bitauto Holdings
Limited, a company incorporated in the Cayman Islands (the “Key Holder”),

 

(ii) Yixin Capital
Limited, a company incorporated in the Cayman Islands (the “Company”), and

 

(iii) the purchasers
listed on Schedule A (each a “Purchaser” and collectively, the “Purchasers”).

 

The Purchasers, the
Key Holder and the Company are each referred to herein as a “Party,” and collectively as the “Parties.”

 

WITNESSETH:

 

WHEREAS, the Company
is engaged in the following businesses: online financial services business, financial leasing business, operating lease business,
automobile-related insurance business, financial assessment business, auto-finance agency services, auto-finance information and
advertising services, and other related financial business in the PRC (including but not limited to stock financing services for
trade partners and sales of asset-backed securities) (collectively, the “Business”), and is seeking expansion
capital to grow the Business.

 

WHEREAS, the Company
desires to issue, sell and deliver to each Purchaser, and each Purchaser desires to purchase and acquire from the Company, upon
the terms and conditions set forth in this Agreement, the Series B preference shares of the Company, par value US$0.0001 per share
(the “Series B Preference Shares”); and

 

WHEREAS, the Parties
desire to enter into this Agreement and make the respective representations, warranties, covenants and agreements set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing recitals and the mutual promises hereinafter set forth, the Parties agree as follows:

 

Article
I

 

DEFINITIONS AND TERMS

 

Section 1.1           Definitions.
As used in this Agreement, the following terms shall have the following respective meanings:

 

“Accounting Principles”
means, with respect to the Company and its Subsidiaries, (i) on or prior to December 31, 2015, the International Financial Reporting
Standards as issued by the International Accounting Standards Board, and (ii) after December 31, 2015, the Generally Accepted Accounting
Principles of the United States.

 

     

     

    

 

“ACT”
shall have the meaning set forth in Section 2.2(c).

 

“Actions”
shall mean actions, claims, demands, investigations, examinations, indictments, litigations, suits or other criminal, civil or
administrative or investigative proceedings.

 

“Affiliate”
shall of a Person (the “Subject Person”) means (a) in the case of a Person other than a natural person, any
other Person that directly or indirectly Controls, is Controlled by or is under common Control with the Subject Person and (b)
in the case of a natural person, any other Person that is directly or indirectly Controlled by the Subject Person or is a Relative
of the Subject Person; provided that the Company and its Subsidiaries shall be deemed not to be Affiliates of any Purchaser.

 

“Agreement”
shall have the meaning set forth in the Preamble.

 

“Articles”
shall mean the Memorandum and Articles of Association of the Company in force and effect, as amended and restated from time to
time.

 

“Authorization”
means consent, approval, order or authorization of, or registration with, or the giving notice to, any Governmental Authority or
any third party.

 

“Baidu”
means Baidu (Hong Kong) Limited, a company incorporated under the laws of Hong Kong.

 

“Baidu Closing”
shall have the meaning set forth in Section 2.2(b)(i).

 

“Business”
shall have the meaning set forth in the Recitals.

 

“Business
Cooperation Agreement” shall have the meaning set forth in Section 3.2(b).

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks located in the Cayman Islands,
New York, the PRC or Hong Kong are authorized or required by law or executive order to be closed and on which no tropical cyclone
warning No. 8 or above and no “black” rainstorm warning signal is hoisted in Hong Kong at any time between 8:00 a.m.
and 6:00 p.m. Hong Kong time.

 

“Claim Notice”
shall have the meaning set forth in Section 6.3(a).

 

“Closing”
shall mean the Initial Closing or the Baidu Closing, as applicable; and “Closings” shall mean both the Initial
Closing and the Baidu Closing.

 

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

 

“Company Intellectual Property”
means all patents, patent applications, trademarks, trademark applications, service marks, service mark applications, tradenames,
copyrights, trade secrets, domain names, mask works, information and proprietary rights and processes, similar or other intellectual
property rights, subject matter of any of the foregoing, tangible embodiments of any of the foregoing, licenses in, to and under
any of the foregoing, and any and all such cases as are necessary to the Company in the conduct of the Company’s Business.

 

    	 	2	 

     

    

 

“Competitor”
shall mean any Person or Affiliates of such Person whose primary business is in direct competition with the Business.

 

“Confidential
Information” shall have the meaning set forth in Section 7.10(a).

 

“Contemplated
Transactions” shall mean the transactions contemplated by the Transaction Documents.

 

“Contract”
means, as to any Person, a contract, agreement, indenture, note, bond, loan, instrument, lease, mortgage, franchise, license, commitment,
purchase order, and other legally binding arrangement, whether written or oral.

 

“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management of a Person,
whether through the ownership of voting securities, by contract, credit arrangement or proxy, as trustee, executor, agent or otherwise.
For the purpose of this definition, a Person shall be deemed to Control another Person if such first Person, directly or indirectly,
owns or holds more than 50% of the voting Equity Securities in such other Person. The term “Controlled” has the meaning
correlative to the foregoing.

 

“Control Documents”
shall mean, collectively, the agreements made from time to time, which enable the Company to exclusively Control, and consolidate
in its financial statements the results of the VIE Entity, entered into between the WFOE on the one hand and the VIE Entity or
the shareholders of the VIE Entity on the other hand.

 

“Director’s
Indemnification Agreement” shall mean the indemnification agreement by and between each director appointed to the board
of directors of the Company by the Purchasers and the Company in form and substance reasonably satisfactory to Purchasers.

 

“Disclosure
Schedule” shall mean the disclosure schedule dated the date hereof regarding this Agreement that has been provided by
the Company to the Purchasers.

 

“Dispute”
shall have the meaning set forth in Section 7.2.

 

“Encumbrance”
shall mean any mortgage, charge, pledge, lien (otherwise than arising by statute or operation of law), hypothecation, equities,
adverse claims, or other encumbrance, priority or security interest, over or in any property, assets or rights of whatsoever nature
or interest or any agreement for any of the same.

 

“Equity Securities”
means, with respect to any Person, such Person’s capital stock, membership interests, partnership interests, registered capital,
joint venture or other ownership interests (including, without limitation, in the case of the Company, Ordinary Shares and Preference
Shares) or any options, warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable
for, such capital stock, membership interests, partnership interests, registered capital, joint venture or other ownership interests
(whether or not such derivative securities are issued by such Person).

 

    	 	3	 

     

    

 

“ESOP”
shall mean the 2015 Share Incentive Plan of the Company, as amended and restated from time to time.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated thereunder.

 

“Financial
Statements” shall have the meaning set forth in Section 4.1(o).

 

“FINRA”
shall have the meaning set forth in Section 4.4(f)(vi).

 

On a “fully
diluted basis” shall mean, for the purpose of calculating share numbers, that the calculation is to be made assuming
that all outstanding options, warrants and other securities convertible into or exercisable or exchangeable for Ordinary Shares
(whether or not by their terms then currently convertible, exercisable or exchangeable), have been so converted, exercised or exchanged,
and, in case of calculating the numbers of the Shares, giving effect to the Closings and the Ordinary Shares reserved for issuance
under the ESOP.

 

“Framework
Cooperation Agreement” means the Framework Cooperation Agreement entered into between the VIE Entity and Baidu Online
Network Technology (Beijing) Co. Ltd. (百度在线网络技术(北京)有限公司)
on the date hereof.

 

“Fundamental
Representations” shall mean the representations and warranties made by the Company to the Purchasers pursuant to Section
4.1(a), Section 4.1(b), Section 4.1(c), Section 4.1(d), Section 4.1(e), Section 4.1(f),
Section 4.1(g) and Section 4.1(j).

 

“Governmental
Authority” shall mean any government or political subdivision thereof, whether on a federal, central, state, provincial,
municipal or local level and whether executive, legislative or judicial in nature, including any agency, authority, board, bureau,
commission, court, department or other instrumentality thereof and any governing body of any securities exchange.

 

“Group”
or “Group Companies” means collectively the Company and its Subsidiaries, and a “Group Company”
means any of them.

 

“Indebtedness”
shall mean as of any time with respect to any Person, without duplication, (a) all Liabilities for borrowed money, whether
current or funded, secured or unsecured, all obligations evidenced by bonds, debentures, notes or similar instruments, (b)
all Liabilities for the deferred purchase price of property (other than trade payables in the ordinary course outstanding for
ninety (90) days or less); (c) all Liabilities in respect of any lease of (or other arrangement conveying the right to use)
real or personal property, or a combination thereof, which liabilities are required to be classified and accounted for under
the Accounting Principles as capital leases; (d) all Liabilities for the reimbursement of any obligor on any letter of
credit, banker’s acceptance or similar credit transaction securing obligations of a type described in clauses (a), (b)
or (c) above to the extent of the obligation secured, and all Liabilities as obligor, guarantor, or otherwise, to the extent
of the obligation secured; (e) all guarantees of obligations of any other Person with respect to any of the foregoing, and
(f) any accrued and unpaid interest on any of the foregoing.

 

    	 	4	 

     

    

 

“Indemnified
Party” shall have the meaning set forth in Section 6.2.

 

“Indemnifying
Party” shall have the meaning set forth in Section 6.2.

 

“Indemnity
Notice” shall have the meaning set forth in Section 6.4.

 

“Initial Closing”
shall have the meaning set forth in Section 2.2(a)(i).

 

“Initial Purchaser”
shall have the meaning set forth in Section 2.1(a).

 

“Key Holder”
shall have the meaning set forth in the Preamble.

 

“Key Holder
Party” shall mean the Key Holder and its Subsidiaries (including any variable interest entities Controlled by such Subsidiaries).

 

“JD”
means JD Financial Investment Limited, a company incorporated under the laws of the British Virgin Islands.

 

“Law”
or “Laws” shall mean all applicable laws, regulations, rules and Orders of any Governmental Authority, securities
exchange or other self-regulating body, including any common or customary law, constitution, code, ordinance, statute or other
legislative measure and any regulation, rule, treaty, order, decree or judgment; and “lawful” shall be construed accordingly.

 

“Leading Investors”
shall mean the Key Holder, Tencent, JD and Baidu.

 

“Liabilities”
shall mean any and all debts, liabilities, commitments and obligations of any kind, whether fixed, contingent or absolute, matured
or unmatured, liquidated or unliquidated, accrued or not accrued, asserted or not asserted, known or unknown, determined, determinable
or otherwise, whenever or however arising (including, whether arising out of any contract or tort based on negligence or strict
liability) and whether or not the same would be required by the Accounting Principles to be reflected in financial statements or
disclosed in the notes thereto.

 

“Long-Stop
Date” shall have the meaning set forth in Section 7.12(a).

 

“Losses”
shall have the meaning set forth in Section 6.2.

 

    	 	5	 

     

    

 

“Material Adverse Effect”
shall mean any event, fact, circumstance or occurrence that, individually or in the aggregate with any other events, facts, circumstances
or occurrences, results in or would reasonably be expected to result in a material adverse change in or a material adverse effect
on any of (i) the condition, assets, liabilities, results of operations, or business of the Group Companies taken as a whole, except
to the extent that any such Material Adverse Effect results from (A) the identity of the Purchasers or their affiliates, (B) changes
in the Accounting Principles or generally accepted accounting principles that are generally applicable to comparable companies
(to the extent not materially disproportionately affecting the Company or its Subsidiaries), (C) changes in general economic and
market conditions (to the extent not materially disproportionately affecting the Business, the Company or its Subsidiaries), (D)
acts of war, sabotage or terrorism or natural disaster involving any jurisdiction in which the Company and its Subsidiaries operate,
(E) any action taken by the Company or the Group Companies that is required or expressly contemplated to be taken pursuant to the
Transaction Documents, or (F) any action taken (or omitted to be taken) at the request of a Purchaser or its Affiliates; or (ii)
the ability of the Company or its Affiliates to consummate the Contemplated Transactions.

 

“Order”
shall mean any order, ruling, decision, verdict, decree, writ, subpoena, mandate, command, directive, consent, approval, award,
judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Authority.

 

“Ordinary
Shares” shall mean the ordinary shares of par value of US$0.0001 each in the capital of the Company.

 

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

 

“Person”
shall mean any natural person, firm, partnership, association, corporation, company, trust, public body or government or other
entity of any kind or nature.

 

“PRC”
shall mean the People’s Republic of China, but for the purposes of this Agreement, excluding Hong Kong, Macau and Taiwan.

 

“Preference
Shares” shall mean the Series A Preference Shares and the Series B Preference Shares.

 

“Purchase
Price” shall have the meaning set forth in Section 2.2(a)(ii).

 

“Purchasers”
shall have the meaning set forth in the Preamble.

 

“Related Party”
means any of the following: (a) any shareholder of the Company or the VIE Entity, who beneficially owns more than 5% of the voting
securities or ownership interests of the Company or the VIE Entity, as the case may be (each, a “Substantial Shareholder”),
(b) any director or executive officer of any Group Company, (c) Mr. Bin Li, (d) the Key Employees (as defined in the agreed form
of the Restated Shareholders Agreement) and (e) any Person in which any Substantial Shareholder, director or executive officer
of any Group Company, Mr. Bin Li, Key Employees (as defined in the agreed form of the Restated Shareholders Agreement) or Substantial
Shareholder owns more than 5% of the voting securities or ownership interests.

 

“Related Party
Transaction” means a transaction between any Group Company, on the one hand, and any Related Party, on the other hand.

 

“Relative”
of a natural person means any spouse, parent, child, or sibling of such person.

 

“Restated
Articles” shall mean the Second Amended and Restated Memorandum and Articles of Association of the Company in the form
as attached hereto as Exhibit A.

 

    	 	6	 

     

    

 

“Restated Shareholders Agreement”
shall mean the Amended and Restated Shareholders Agreement to be entered into by and among the Purchasers and the Company, dated
the date of the Initial Closing, in the form attached hereto as Exhibit B.

 

“Restructuring”
shall mean the restructuring as contemplated pursuant to the Restructuring Documents.

 

“Restructuring
Documents” shall have the meaning set forth in the series A subscription agreement entered into by and among the Company,
the Key Holder, Dongting Lake Investment Limited, JD Financial Investment Limited and Hammer Capital Management Limited on January
9, 2015.

 

“SAFE”
means the State Administration of Foreign Exchange of the PRC and its local branches.

 

“SAFE Rules
and Regulations” means the SAFE Circular of State Administration of Foreign Exchange on Foreign Exchange Administration
of Offshore Investment, Financing and Return Investment by Domestic Residents Utilizing Special Purpose Vehicles (《国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》(汇发
[2014] 37号)) issued by SAFE on July 4, 2014
with effect from the same date, and any other related guidelines, implementing rules, reporting and registration requirements
issued by SAFE.

 

“SEC”
shall mean the Securities and Exchange Commission of the United States of America or any other federal agency at the time administering
the Securities Act.

 

“Securities
Act” shall mean the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute
and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the time.

 

“Securities
Laws” shall mean the Securities Act, the Exchange Act, the listing rules of, or any listing agreement with, the applicable
stock exchange and any other applicable law regulating securities or takeover matters.

 

“Series A
Preference Shares” shall mean the Series A Preference Shares of the Company, par value US$0.0001 per share.

 

“Series B
Preference Shares” shall have the meaning set forth in the Recitals.

 

“Share Pledge”
shall mean the share pledge agreement between the WFOE, the VIE Entity and its shareholders as one of the Control Documents, as
amended and restated from time to time.

 

“Shareholders
Agreement” shall mean the Shareholders Agreement by and among the holders of the Series A Preference Shares and the Company,
dated January 9, 2015.

 

    	 	7	 

     

    

 

“Subscription Shares”
shall mean the Series B Preference Shares issued to the Purchasers pursuant to this Agreement.

 

“Subsidiary”
shall mean, with respect to any Person, any corporation, partnership, limited liability company, or other organization, whether
incorporated or unincorporated, which is Controlled by such Person. For the avoidance of the doubt, a “variable interest
entity” Controlled by a Person shall be deemed a Subsidiary of such Person.

 

“Tencent”
means Morespark Limited, a company incorporated under the laws of Hong Kong.

 

“Third Party
Claim” shall have the meaning set forth in Section 6.3(a).

 

“Transaction
Documents” shall mean, collectively, this Agreement, the Restated Shareholders Agreement, the Restated Articles, the
Director’s Indemnification Agreement and any other agreements, documents or certificates executed and delivered pursuant
hereto or thereto or in connection herewith or therewith.

 

“VIE Entity”
shall mean Beijing Yixin Information Technology Co., Ltd., (北京易鑫信息科技有限公司),
a company incorporated in the PRC.

 

“WFOE”
shall mean Shanghai Techuang Advertising Co., Ltd. (上海特创广告有限公司),
a wholly foreign-owned entity established directly or indirectly by the Company.

 

Section 1.2           Other
Definitional Provisions 

. Unless the express context otherwise
requires:

 

(a)          the
words “hereof,” “hereby,” “hereto,” “herein,” and “hereunder” and words
of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of
this Agreement;

 

(b)          the
terms defined in the singular have a comparable meaning when used in the plural, and vice versa;

 

(c)          any
references herein to “Dollars” and “$” and “US$” are to United States Dollars and any references
herein to RMB are to PRC Renminbi;

 

(d)          any
references herein to a specific Section, Schedule or Exhibit or to the Recitals or Preamble shall refer, respectively, to Sections,
Schedules, Exhibits, Recitals or Preamble of this Agreement, unless otherwise specified;

 

(e)          wherever
the word “include,” “includes” or “including” is used in this Agreement, it shall be deemed
to be followed by the words “without limitation;”

 

(f)          references
herein to any gender shall include each other gender as the context requires;

 

    	 	8	 

     

    

 

(g)          the
word “or” shall not be exclusive;

 

(h)          references
to “written” or “in writing” include in electronic form;

 

(i)          the
Parties have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation
should arise, this Agreement shall be construed as if drafted jointly by the Parties and no presumption of burden of proof shall
arise favoring or burdening any Party by virtue of the authorship of any provision in this Agreement;

 

(j)          reference
to any Person includes such Person’s successors and permitted assigns;

 

(k)          any
reference to “days” shall mean calendar days unless Business Days are expressly specified;

 

(l)          when
calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this
Agreement, the date that is the reference date in calculating such period shall be excluded and if the last day of such period
is not a Business Day, the period shall end on the next succeeding Business Day;

 

(m)          any
reference to any Law shall be deemed (i) to refer to the applicable Law in effect as of the date hereof without giving effect to
the Contemplated Transactions (unless the applicable Law addressed matters as of an earlier date, in which case, applicable Law
shall be deemed to mean the applicable Law in effect as of the date thereof) and (ii) also to refer to all rules and regulations
promulgated thereunder, unless the context requires otherwise; and

 

(n)          any
reference in this Agreement to any agreement or instrument (other than the Disclosure Schedule) is a reference to that agreement
or instrument as amended or novated or supplemented.

 

Article
II

 

PURCHASE AND SALE

 

Section 2.1           Sale
and Issuance of Subscription Shares .

 

(a)          Subject
to the terms and conditions of this Agreement, each Initial Purchaser agrees to subscribe for and purchase at the Initial Closing
(as defined below) and the Company agrees to issue and sell to each Initial Purchaser at the Initial Closing that number of Series
B Preference Shares set forth opposite each Initial Purchaser’s name on Schedule A (the “Initial Purchaser”,
at a purchase price of US$3.3220813432 per share.

 

(b)          Subject
to the terms and conditions of this Agreement, Baidu agrees to subscribe for and purchase at the Baidu Closing (as defined below)
and the Company agrees to issue and sell to Baidu at the Baidu Closing that number of Series B Preference Shares set forth opposite
Baidu’s name on Schedule A, at a purchase price of US$3.3220813432 per share.

 

    	 	9	 

     

    

 

(c)          The
obligations of the Purchasers hereunder shall in all matters be several and not joint. None of the Purchasers shall have any liability
whatsoever for the obligations of the other Purchasers hereunder.

 

Section 2.2           Closing,
Payment and Delivery.

 

(a)          Initial
Closing. 

 

(i)          The
closing of the purchase and sale of the Subscription Shares between the Initial Purchaser and the Company (the “Initial
Closing”) shall take place remotely via exchange of documents and signatures as soon as practicable, but in no event
later than three (3) Business Days after all closing conditions specified in Section 3.1 and Section 3.3 hereof have
been waived (to the extent permissible by the party or parties entitled to the benefit of such conditions) or satisfied (other
than those conditions to be satisfied at the Initial Closing, but subject to the satisfaction or waiver thereof at the Initial
Closing), or at such other time and place as the Company and the Initial Purchasers mutually agree.

 

(ii)         At
the Initial Closing: (A) each Initial Purchaser shall pay and deliver, or cause to be paid and delivered, the applicable Purchase
Price (the “Purchase Price”) in such amount as set forth opposite such Purchaser’s name on Schedule
A in U.S. dollars, by wire transfer or by such other method as the Parties may mutually agree, of immediately available funds
to such bank account designated in writing by the Company to such Purchaser at least seven (7) Business Days prior to the Closing,
and (B) against payment of the applicable amount as provided in this Section 2.2(a)(ii) by such Purchaser, the Company shall
deliver a duly executed share certificate to each Initial Purchaser for the applicable Subscription Shares in original form, a
certified true copy of the register of members of the Company showing such Purchaser as the legal and beneficial holder of the
relevant Subscription Shares, and a certified true copy of the register of directors of the Company showing each director nominated
by the Key Holder and Tencent as a director of the board of directors of the Company.

 

(b)          Baidu
Closing.

 

(i)          The
closing of the purchase and sale of the Subscription Shares between Baidu and the Company (the “Baidu Closing”)
shall take place remotely via exchange of documents and signatures as soon as practicable, but in no event later than three (3)
Business Days after all closing conditions specified in Section 3.2 and Section 3.3 hereof have been waived (to the
extent permissible by the party or parties entitled to the benefit of such conditions) or satisfied (other than those conditions
to be satisfied at the Baidu Closing, but subject to the satisfaction or waiver thereof at the Baidu Closing), or at such other
time and place as the Company and Baidu mutually agree.

 

(ii)         At
the Baidu Closing: (A) Baidu shall pay and deliver, or cause to be paid and delivered, the applicable Purchase Price in such amount
as set forth opposite Baidu’s name on Schedule A in U.S. dollars, by wire transfer or by such other method as the
Parties may mutually agree, of immediately available funds to such bank account designated in writing by the Company to Baidu at
least seven (7) Business Days prior to the Baidu Closing, and (B) against payment of the applicable amount as provided in this
Section 2.2(b)(ii) by Baidu, the Company shall deliver a duly executed share certificate for the applicable Subscription
Shares in original form, a certified true copy of the register of members of the Company showing Baidu as the legal and beneficial
holder of the relevant Subscription Shares, a certified true copy of the register of directors of the Company showing the director
nominated by Baidu as a director of the board of directors of the Company and the documents as provided in Section 3.1(d),
Section 3.1(f), Section 3.1(g),Section 3.1(i), Section 3.1(j) and Section 3.1(k).

 

    	 	10	 

     

    

 

(c)          Restrictive
Legend. The certificate representing the Subscription Shares shall be endorsed with the following legend:

 

THIS SECURITY
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE “ACT”) OR UNDER THE SECURITIES LAWS OF ANY
STATE. THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED: (A) IN THE ABSENCE OF (1) AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (2) AN EXEMPTION OR QUALIFICATION UNDER APPLICABLE SECURITIES LAWS.

 

The securities
represented by this certificate are subject to certain restrictions on transfer as set forth in THE APPLICABLE Shareholders’
Agreement, a copy of which is on file at the principal office of the Company and will be furnished upon request to the holder of
record of the shares represented by this certificate.

 

Article
III

 

CONDITIONS TO CLOSING

 

Section 3.1           Conditions
to the Initial Purchasers’ Obligations to Effect the Initial Closing. The obligation of each Initial Purchaser to purchase
and pay for its respective Subscription Shares as contemplated by this Agreement at the Initial Closing is subject to the satisfaction,
on or before the Initial Closing, of the following conditions, any of which may be waived in writing by such Purchaser in its sole
discretion:

 

(a)          Representations
and Warranties; Performance. (i) The Fundamental Representations shall have been true and correct on the date of this Agreement
(and if any Fundamental Representation expressly speaks of another date, then also for such other specified date) and true and
correct in all respects on and as of the Initial Closing and all other representations and warranties of the Company contained
in Section 4.1 and Section 4.2 shall have been true and correct on the date of this Agreement and true and correct
in all material respects (or, if qualified by materiality or Material Adverse Effect, true and correct in all respects) on and
as of the Initial Closing (except for representations and warranties that expressly speak as of an earlier date, in which case
as of such specified date) and (ii) the representations and warranties of the Key Holder (other than in its capacity as the Purchaser)
contained in Section 4.2 shall have been true and correct on the date of this Agreement and true and correct in all material
respects on and as of the Initial Closing; and the Company shall have performed and complied in all material respects with all,
and not be in breach or default in any material respects under any, agreements, covenants, conditions and obligations contained
in this Agreement and the other Transaction Documents that are required to be performed or complied with on or before the Initial
Closing.

 

    	 	11	 

     

    

 

(b)          No
Prohibition. No Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered
any Law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise
makes illegal the consummation of the Contemplated Transactions, or imposes any damages or penalties in connection with the Contemplated
Transactions; and no action, suit, proceeding or investigation shall have been instituted or threatened by a Governmental Authority
of competent jurisdiction or any third party that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation
of the Contemplated Transactions, or imposes any damages or penalties in connection with the Contemplated Transactions.

 

(c)          Authorizations.
The Company shall have obtained any and all Authorizations necessary for the consummation by the Company of the issuance of the
Subscription Shares, and the entry by the Company into any Transaction Document to which it is a party, such Authorizations to
include the consent of AutoTrader Group, Inc. pursuant to that certain Shareholder Agreement, dated November 1, 2012, by Bitauto
Holdings Limited, AutoTrader Group, Inc. and the management vehicles party thereto, if necessary, on or prior to the Initial Closing,
all of which shall be in full force and effect.

 

(d)          Closing
Certificate. The Company shall have delivered to each Purchaser a certificate, dated the date of the Initial Closing and signed
by an authorized signatory of the Company, certifying that the conditions set forth in Section 3.1(a) to Section 3.1(c)
have been satisfied.

 

(e)          Restated
Articles. The Restated Articles shall have been duly adopted by the Company and shall remain in full force and effect.

 

(f)          Constitutional
Documents. The Company shall have provided each Purchaser with true and correct copies of the constitutional documents of each
Group Company (other than the Company).

 

(g)          Restated
Shareholders Agreement. The Company shall have duly executed and delivered the Restated Shareholders Agreement and the Restated
Shareholders Agreement shall, subject to occurrence of the Initial Closing, remain in full force and effect.

 

(h)          Board
of Directors. As of the Initial Closing, the authorized size of the board of directors of the Company shall be no more than
eight (8) directors, who initially shall be Bin Li, Andy Xuan Zhang, Sidney Xuande Huang, Juhong Chen, Shengqiang Chen and Leiwen
Yao.

 

(i)          Indemnification
Agreement. The Company shall have delivered the Director’s Indemnification Agreement for each of the directors nominated
by the relevant Purchasers, duly executed and in full force and effect.

 

(j)          Legal
Opinions. The Company shall have delivered to each Purchaser opinions of the Company’s outside legal counsel for the
Cayman Islands and the PRC, dated the date of the Initial Closing, relating to the Contemplated Transactions, and including those
items set forth on Exhibit C.

 

    	 	12	 

     

    

 

(k)          Board
Resolutions. The Company shall have delivered to each Purchaser duly executed board resolutions of the Company approving immediately
upon payment of the applicable Purchase Price (a) the issue of the applicable Subscription Shares to each Purchaser, free and clear
of all Encumbrances (except for restrictions on transfer pursuant to applicable Securities Laws, the Shareholders Agreement, the
Restated Shareholders Agreement, the Articles and/or the Restated Articles) and (b) the register of members of the Company to be
written up to record each Purchaser as the legal owner of the applicable Subscription Shares fully paid and non-assessable and
(c) the issue of a certificate in the name of the applicable Purchaser in respect of the applicable Subscription Shares and (d)
the updating of the register of directors and officers of the Company to reflect the appointment of directors nominated by the
relevant Leading Investors respectively.

 

Section 3.2           Conditions
to Baidu’s Obligations to Effect the Baidu Closing 

. The obligation of Baidu to purchase and
pay for its Subscription Shares as contemplated by this Agreement at the Baidu Closing is subject to the satisfaction, on or before
the Baidu Closing, of the following condition, which may be waived in writing by Baidu in its sole discretion:

 

(a)          The
Initial Closing shall have occurred; and

 

(b)          The
applicable Group Company and the applicable Affiliate of Baidu shall have entered into definitive supplemental business cooperation
agreements with respect to the business cooperation set forth in Section 1.2.3 of the Framework Cooperation Agreement (the “Business
Cooperation Agreement”).

 

Section 3.3           Conditions
to the Company’ Obligations to Effect the Closing 

. The obligation of the Company to issue
the Subscription Shares to each Purchaser as contemplated by this Agreement at the applicable Closing is subject to the satisfaction,
on or before the Closing, of each of the following conditions, any of which may be waived in writing by the Company in its sole
discretion:

 

(a)          Representations
and Warranties; Performance. The representations and warranties of such Purchaser contained in Section 4.4 shall have
been true and correct on the date of this Agreement and true and correct in all material respects (or, if qualified by materiality
or Material Adverse Effect, true and correct in all respects) on and as of the Closing; and such Purchaser shall have performed
and complied in all material respects with all, and not be in breach or default in any material respect under any, agreements,
covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before
the Closing.

 

(b)          No
Prohibition. No Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered
any Law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise
makes illegal the consummation of the Contemplated Transactions, or imposes any damages or penalties in connection with the Contemplated
Transactions; and no action, suit, proceeding or investigation shall have been instituted or threatened by a Governmental Authority
of competent jurisdiction or any third party that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation
of the Contemplated Transactions, or imposes any damages or penalties in connection with the Contemplated Transactions.

 

    	 	13	 

     

    

 

(c)          Authorizations.
Such Purchaser shall have obtained any and all Authorizations necessary for the consummation by such Purchaser of the purchase
of the Subscription Shares on or prior to the Closing, all of which shall be in full force and effect.

 

(d)          Restated
Shareholders Agreement. Such Purchaser shall have duly executed and delivered the Restated Shareholders Agreement, and with
respect of Baidu, the Deed of Adherence to the Restated Shareholders Agreement, and the Restated Shareholders Agreement shall,
subject to occurrence of the Initial Closing, remain in full force and effect.

 

Article
IV

 

REPRESENTATIONS
AND WARRANTIES

 

Section 4.1           Representations
and Warranties of the Company. Subject to Section 7.1, except as set forth in the Disclosure Schedule, the Company hereby
represents, warrants and undertakes to each Purchaser that, as of the date hereof and as of the date of the Initial Closing, the
following representations and warranties are true and correct:

 

(a)          Due
Formation. Each Group Company is duly formed, validly existing and in good standing in the jurisdiction of its organization.
Each Group Company has all requisite power and authority to carry on its business as it is currently being conducted.

 

(b)          Authority.
Each Group Company has full power and authority to enter into, execute and deliver each Transaction Document to which it is or
shall be made a party and each other agreement, certificate, document and instrument to be executed and delivered by such Group
Company pursuant to this Agreement or any Transaction Document and to perform its obligations hereunder and thereunder. The execution
and delivery by each Group Company of each Transaction Document to which it is or shall be made a party and the performance by
such Group Company of its obligations hereunder and thereunder have been duly authorized by all requisite actions on its part.

 

(c)          Valid
Agreement. This Agreement has been, and each Transaction Document to which any Group Company is a party has been or will be,
duly executed and delivered by such Group Company and constitutes (or, when executed and delivered in accordance herewith will
constitute), the legal, valid and binding obligations of such Group Company, enforceable against it in accordance with their respective
terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief, or other equitable remedies, and (iii) any Authorizations to be obtained under the Contribution Agreement or
each other Restructuring Documents or each Control Documents to which the Group Company is a party or shall be a party.

 

    	 	14	 

     

    

 

(d)          Articles.
As of the date of the Initial Closing, the Articles shall be in full force and effect and shall not have been superseded or amended.

 

(e)          Capitalization.

 

(i)          Except
as set forth in Schedule 4.1(e) to the Disclosure Schedule, there are no authorized or outstanding Equity Securities in
the Company. All issued and outstanding Equity Securities are validly issued, fully paid and non-assessable. The capitalization
table attached hereto as Schedule 4.1(e) to the Disclosure Schedule truly and accurately describes the shareholding of the
Company (1) immediately prior to the Initial Closing and (2) immediately after the Baidu Closing.

 

(ii)         All
outstanding Equity Securities of the Company and all outstanding Equity Securities of each of the other Group Companies have been
issued and granted in compliance with (x) all applicable Securities Laws and other applicable Laws and (y) all requirements set
forth in applicable contracts, without violation of the preemptive rights, rights of first refusal or other similar rights.

 

(iii)        The
rights of the Subscription Shares are as stated in the Articles.

 

(f)          Due
Issuance of the Subscription Shares. The Subscription Shares have been duly authorized and, when issued and delivered to and
paid for by the applicable Purchaser pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free
and clear of any Encumbrance, except for restrictions arising under the Securities Act or created by virtue of this Agreement or
other Transaction Documents and upon delivery and entry into the register of members of the Company, the Subscription Shares will
transfer to the applicable Purchaser with good and valid title, free and clear of any Encumbrance, except for restrictions arising
under the Securities Act or created by virtue of this Agreement or other Transaction Documents.

 

(g)          Title.
Immediately following the Closing, each Purchaser shall acquire good and valid title to the applicable Subscription Shares that
are being purchased hereunder, free and clear of any and all Encumbrances (except for restrictions arising under the Securities
Act or created by virtue of this Agreement or other Transaction Documents). There are no outstanding options, warrants, rights
(preemptive or otherwise), calls, contracts or other binding commitments to which the Company or any of its Affiliates is a party
or by which the Company is bound to issue or adjust Equity Securities as a result of the issuance of the Subscription Shares. Except
for the Contemplated Transactions, the Company has not assigned, transferred, sold, distributed, pledged or otherwise disposed
of or agreed to dispose of all or any portion, or any interest in, any other Equity Securities of the Company. Except for the Transaction
Documents, no voting or similar agreements exist in relation to the Equity Securities of any Group Company that are presently outstanding
or that may hereafter be issued.

 

    	 	15	 

     

    

 

(h)          Non-contravention;
Litigation. None of the execution and the delivery of this Agreement and the Transaction Documents to which any Group Company
is a party or shall be made a party, nor the consummation of the Contemplated Transactions, will (i) violate any provision of the
organizational documents of any Group Company or violate any Law or Order of any Governmental Authority to which any Group Company
is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation
of an Encumbrance under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract,
lease, license, instrument, or other arrangement to which any Group Company is a party or by which any Group Company is bound or
to which any of the Group Companies’ assets are subject, except for such violations, conflicts, breaches, or defaults which
would not have a Material Adverse Effect. There is no action, suit or proceeding, pending or, to the best knowledge of the Company,
threatened in writing against any Group Company that questions the validity of this Agreement or the right of any Group Company
to enter into this Agreement or to consummate the Contemplated Transactions, except for such actions, suits or proceedings which
would not have a Material Adverse Effect.

 

(i)          Consents
and Approvals. None of the execution and delivery by any Group Company of this Agreement or any other Transaction Document,
nor the consummation of any of the Contemplated Transactions, nor the performance by any Group Company of this Agreement or any
other Transaction Documents in accordance with their respective terms requires any Authorization which is required to be obtained
by such Group Company, except such as have been or will have been obtained, made or given on or prior to the Closing, (ii) as set
forth in the Transaction Documents.

 

(j)          Brokers.
The Company has not dealt with any broker, finder, commission agent, placement agent or arranger in connection with the issuance
of the Subscription Shares, and none of the Group Companies is under any obligation to pay any broker’s fee or commission
in connection with the issuance of the Subscription Shares or the Contemplated Transactions.

 

(k)          Control
Documents. As of the date of the Closing, each Control Document is, and all of the Control Documents taken as a whole are,
legal, valid, enforceable and admissible as evidence under PRC Laws, and constitute the legal and binding obligations of the relevant
parties.

 

(l)          Intellectual
Property. The Company owns or possesses or can acquire on commercially reasonable terms sufficient legal rights to all Company
Intellectual Property without any known conflict with, or infringement of, the rights of others. To the Company’s knowledge,
no product or service marketed or sold (or proposed to be marketed or sold) by any Group Company violates or will violate any license
or infringes or will infringe any intellectual property rights of any other party. Other than with respect to commercially available
software products under standard end-user object code license agreements, there are no outstanding options, licenses, agreements,
claims, encumbrances or shared ownership interests of any kind relating to the Company Intellectual Property, nor is the Group
Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks, service
marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other Person. The
Company has not received any communications alleging that any Group Company has violated, or by conducting its business, would
violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets, mask works or other proprietary rights
or processes of any other Person. Each of the Group Companies has obtained and possesses valid licenses to use all of the software
programs present on the computers and other software-enabled electronic devices that it owns or leases or that it has otherwise
provided to its employees for their use in connection with the Company’s Business. To the Company’s knowledge, it will
not be necessary to use any inventions of any of its employees or consultants (or Persons it currently intends to hire) made prior
to their employment by the Company or any other Group Company. Each employee and consultant has assigned to the Group Company all
intellectual property rights he or she owns that are related to such Group Company’s business as now conducted and as presently
proposed to be conducted.

 

    	 	16	 

     

    

 

(m)          Material
Contracts: Liabilities. Except as may be set forth in the Disclosure Schedule, the Transaction Documents or the agreements
in connection with issuance of the Series A Preference Shares (any such agreement so disclosed, a “Material Contract”),
there are no agreements, understandings or contracts to which any Group Company is a party or by which it is bound, that include
(i) obligations (contingent or otherwise) of, or payments to, such Group Company in excess of US$10,000,000, (ii) the license of
any patent, copyright, trademark, trade secret or other intellectual property or proprietary right to or from such Group Company
other than (x) the license to such Group Company of generally commercially available third party products, including open source
software, for a total cost of less than US$1,000,000, (y) license agreements with customers entered into in the ordinary course
of business and (z) limited-term marketing and promotion agreements with third parties entered into in the ordinary course of business,
(iii) the grant of rights to manufacture, produce, assemble, license, market, or sell its products to any other person or affect
such Group Company’s exclusive right to develop, manufacture, assemble, distribute, market or sell its products or services
other than the grant in the ordinary course of business, (iv) indemnification by such Group Company with respect to infringements
of intellectual property or proprietary rights except for agreements with third parties entered into in the ordinary course of
business, or (v) provisions restricting or otherwise limiting such Group Company from competing in any form in any line of business
or industry in the PRC. There are no liabilities of the Group Companies other than liabilities (i) disclosed in, related to or
arising under any agreements, instruments or other matters disclosed in the Transaction Documents (including the Disclosure Schedule),
(ii) incurred in the ordinary course of business, or (iii) other undisclosed liabilities that are not material to the Group Companies
taken as a whole.

 

(n)          Title
to Property and Assets. Each Group Company owns its property and assets free and clear of all encumbrances, other than (i)
statutory liens for the payment of current taxes that are not yet delinquent or are being contested in good faith, (ii) encumbrances
and liens that arise in the ordinary course of business and (iii) as would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.

 

(o)          Financial
Statements. The Company has delivered to each Purchaser its audited financial statements as of December 31, 2015 and its unaudited
financial statements (including balance sheet, income statement and statement of cash flows) as of June 30, 2016 and for the 6-month
period ended June 30, 2016 (collectively, the “Financial Statements”). The Financial Statements have been prepared
in accordance with the Accounting Principles applied on a consistent basis throughout the periods indicated, except that the unaudited
Financial Statements may not contain all footnotes required by the Accounting Principles. The Financial Statements fairly present
in all material respects the financial condition and operating results of the Company as of the dates, and for the periods, indicated
therein, subject in the case of the unaudited Financial Statements to normal year-end audit adjustments. Except as set forth in
the Financial Statements, the Company has no material liabilities or obligations, contingent or otherwise, other than (i) liabilities
incurred in the ordinary course of business subsequent to June 30, 2016; (ii) obligations under contracts and commitments incurred
in the ordinary course of business; and (iii) liabilities and obligations of a type or nature not required under the Accounting
Principles to be reflected in the Financial Statements, which, in all such cases, individually and in the aggregate would not have
a Material Adverse Effect. The Company maintains and will continue to maintain a standard system of accounting established and
administered in accordance with the Accounting Principles.

 

    	 	17	 

     

    

 

(p)          Changes.
Since June 30, 2016 there has not been:

 

(i)          any
change in the assets, liabilities, financial condition or operating results of the Company from that reflected in the Financial
Statements, except changes in the ordinary course of business that have not caused, in the aggregate, a Material Adverse Effect;

 

(ii)         any
damage, destruction or loss, whether or not covered by insurance, that would have a Material Adverse Effect;

 

(iii)        any
waiver or compromise by the Company of a valuable right or of a material debt owed to it;

 

(iv)        any
satisfaction or discharge of any lien, claim, or encumbrance or payment of any obligation by the Company, except in the ordinary
course of business and the satisfaction or discharge of which would not have a Material Adverse Effect;

 

(v)         any
material change to a material contract or agreement by which the Company or any of its assets is bound or subject;

 

(vi)        any
material change in any compensation arrangement or agreement with any employee, officer, director or stockholder;

 

(vii)       any
resignation or termination of employment of any senior officer of the Company;

 

(viii)      any
mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of its material properties
or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially
impair the Company’s ownership or use of such property or assets;

 

(ix)         any
loans or guarantees made by the Company to or for the benefit of its employees, officers or directors, or any members of their
immediate families, other than travel advances and other advances made in the ordinary course of its business;

 

    	 	18	 

     

    

 

(x)          any
declaration, setting aside or payment or other distribution in respect of any of the Company’s share capital, or any direct
or indirect redemption, purchase, or other acquisition of any of such share capital by the Company;

 

(xi)         any
sale, assignment or transfer of any Company Intellectual Property that could reasonably be expected to result in a Material Adverse
Effect;

 

(xii)        receipt
of notice that there has been a loss of, or material order cancellation by, any major customer of the Company;

 

(xiii)       any
arrangement or commitment by the Company to do any of the things described in this Section 4.1(p).

 

(q)          Tax
Filings; Interested Party Transaction.

 

(i)          Each
of the Group Companies has timely filed or caused to be filed all tax returns required to be filed by it, all such tax returns
are true, correct and complete in all material respects, and each of the Group Companies has paid, or provided adequate reserves,
for all deficiencies or other assessments of tax owed by it. No unassessed tax deficiency has been proposed or threatened against
any Group Company.

 

(ii)         Except
set forth in the Transaction Documents, the Control Documents or the agreements in connection with issuance of Series A Preference
Shares, none of the direct or indirect shareholders or officers, employees or directors of a Group Company, or officer, employee
or director of any Group Company’s direct or indirect shareholder, or any affiliate of any foregoing party, has any contract,
understanding, proposed transaction with, or is indebted to, any Group Company, nor is any Group Company indebted (or committed
to make loans or extend or guarantee credit) to any of such Persons (other than for accrued salaries, reimbursable expenses or
other standard employee benefits).

 

(r)          Labor
Agreement and Actions. None of the Group Companies is bound by or subject to any contract or arrangement with any labor union,
and no labor union has requested or, to the Company’s knowledge, has sought to represent any of the employees, representatives
or agents of any Group Company. Each of the Group Companies has paid, or made provision for the payment of, all social insurance
contributions required under applicable laws and contracts for the labor and employment of its employees, except as would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(s)          Employee
Matters. No employee of any Group Company has been granted the right to any material compensation following termination of
employment with such Group Company. To the Company’s knowledge, no employee of any Group Company, nor any consultant with
whom such Group Company has contracted, is in material violation of any term of any employment contract or other agreement relating
to the right of any such individual to be employed by, or to contract with, such Group Company. None of the Group Companies has
received any notice alleging that any such violation has occurred. Each employee, consultant and officer of the Group Companies
has executed an agreement with the relevant Group Company regarding confidentiality and proprietary information. The Company is
not aware that any of its employees or consultants is in material violation thereof.

 

    	 	19	 

     

    

 

(t)          FCPA
Compliance. None of the Group Companies and, to the best knowledge of the Company, any of the Group Companies’ respective
directors, administrators, officers, board of directors (supervisory and management) members or employees have made, directly or
indirectly, any payment or promise to pay, or gift or promise to give or authorized such a promise or gift, of any money or anything
of value, directly or indirectly, to (i) any foreign official (as such term is defined in The Foreign Corrupt Practices Act of
1977, as amended) for the purpose of influencing any official act or decision of such official or inducing him or her to use his
or her influence to affect any act or decision of a governmental authority, or (ii) any foreign political party or official thereof
or candidate for foreign political office for the purpose of influencing any official act or decision of such party, official or
candidate or inducing such party, official or candidate to use his, her or its influence to affect any act or decision of a foreign
governmental authority, in the case of both (i) and (ii) above in order to assist any Group Company to obtain or retain business
for, or direct business to any Group Company, subject to applicable exceptions and affirmative defenses. None of the Group Companies,
and to the best knowledge of the Company, any of the Group Companies’ respective directors, administrators, officers, board
of directors (supervisory and management) members and employees has made any bribe, rebate, payoff, influence payment, kickback
or other unlawful payment of funds or received or retained any funds in violation of any law, rule or regulation subject to applicable
exceptions and affirmative defenses.

 

(u)          Compliance
with Laws. The Group Companies have not been in violation of any Law or Order applicable to them since their establishment,
other than as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section 4.2           Representations
and Warranties of the Company and the Key Holder. Subject to Section 7.1, each of the Company and the Key Holder (other
than in its capacity as the Purchaser) hereby jointly and severally represents, warrants and undertakes to each Purchaser that,
as of the date hereof and as of the Initial Closing, in each case, except as set forth in the Disclosure Schedule, the following
representations and warranties are true and correct:

 

(a)          The
relevant Key Holder Parties and the Company have completed the Restructuring in accordance with the Restructuring Documents.

 

(b)          As
at the Initial Closing, there have not been any changes to the Business of the Company since the date of this Agreement except
for any changes that, when taken in aggregate, have not, or would not have, resulted in a Material Adverse Effect.

 

Section 4.3           Representations
and Warranties of the Key Holder. Subject to Section 7.1, the Key Holder (other than in its capacity as the Purchaser)
hereby represents, warrants and undertakes to each Purchaser that, as of the date hereof and as of the Initial Closing, the following
representations and warranties are true and correct:

 

(a)          Due
Formation. The Key Holder is duly formed, validly existing and in good standing in the jurisdiction of its organization and
has all requisite power and authority to carry on its business as it is currently being conducted.

 

    	 	20	 

     

    

 

(b)          Authority.
The Key Holder has full power and authority to enter into, execute and deliver this Agreement and each other agreement, certificate,
document and instrument to be executed and delivered by the Key Holder pursuant to this Agreement and to perform its obligations
hereunder and thereunder. The execution and delivery by the Key Holder of this Agreement and the performance by the Key Holder
of its obligations hereunder have been duly authorized by all requisite actions on its part.

 

(c)          Valid
Agreement. This Agreement has been duly executed and delivered by the Key Holder and constitutes the legal, valid and binding
obligations of the Key Holder, enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights
generally, or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies.

 

(d)          Non-contravention.
None of the execution and the delivery of this Agreement nor the consummation of the Contemplated Transactions will (i) violate
any provision of the organizational documents of the Key Holder or violate any Law or Order of any Governmental Authority to which
the Key Holder is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration
of or creation of an Encumbrance under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement,
contract, lease, license, instrument, or other arrangement to which the Key Holder is a party or by which the Key Holder is bound
or to which any of the Key Holders’ assets are subject, except for such violations, conflicts, breaches, or defaults which
would not have a Material Adverse Effect.

 

(e)          Consents
and Approvals. None of the execution and delivery by the Key Holder of this Agreement, nor the consummation of any of the Contemplated
Transactions, nor the performance by the Key Holder of this Agreement requires any Authorization which is required to be obtained
by the Key Holder, except (i) such as have been or will have been obtained, made or given on or prior to the Closings, (ii) as
set forth in the Transaction Documents.

 

Section 4.4           Representations
and Warranties of Each Purchaser. Each Purchaser hereby severally and not jointly represents and warrants to the Company as
of the date hereof and as of the date of the applicable Closing, as follows:

 

(a)          Due
Formation. Such Purchaser is duly formed, validly existing and in good standing in the jurisdiction of its organization and
has all requisite power and authority to carry on its business as it is currently being conducted.

 

(b)          Authority.
Such Purchaser has full power and authority to enter into, execute and deliver this Agreement, each Transaction Document to which
it is or shall be made a party and each other agreement, certificate, document and instrument to be executed and delivered by such
Purchaser pursuant to this Agreement or any Transaction Document and to perform its obligations hereunder and thereunder. The execution
and delivery by such Purchaser of this Agreement and each Transaction Document to which it is or shall be made a party and the
performance by such Purchaser of its obligations hereunder and thereunder have been duly authorized by all requisite actions on
its part.

 

    	 	21	 

     

    

 

(c)          Valid
Agreement. This Agreement has been, and each Transaction Document to which such Purchaser is a party has been or will be, duly
executed and delivered by such Purchaser and constitutes (or, when executed and delivered in accordance herewith will constitute),
the legal, valid and binding obligations of such Purchaser, enforceable against it in accordance with their respective terms, except
(i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting
enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance,
injunctive relief, or other equitable remedies.

 

(d)          Non-contravention;
Litigation. None of the execution and the delivery of this Agreement and the Transaction Documents to which such Purchaser
is a party or shall be made a party, nor the consummation of the Contemplated Transactions, will (i) violate any provision of the
organizational documents of such Purchaser or violate any Law or Order of any Governmental Authority to which such Purchaser is
subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of
an Encumbrance under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease,
license, instrument, or other arrangement to which such Purchaser is a party or by which such Purchaser is bound or to which any
of such Purchaser’s assets are subject. There is no action, suit or proceeding, pending or threatened against such Purchaser
that questions the validity of this Agreement or the right of such Purchaser to enter into this Agreement or to consummate the
Contemplated Transactions.

 

(e)          Consents
and Approvals. None of the execution and delivery by such Purchaser of this Agreement or any Transaction Document, nor the
consummation by such Purchaser of any of the Contemplated Transactions, nor the performance by such Purchaser of this Agreements
or any Transaction Document in accordance with its terms requires any Authorization, except such as have been or will have been
obtained, made or given on or prior to the Closing.

 

(f)          Status
and Investment Intent.

 

(i)          Experience.
Such Purchaser has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the
merits and risks of its investment in the Subscription Shares. Such Purchaser is capable of bearing the economic risks of such
investment, including a complete loss of its investment.

 

(ii)         Solicitation.
Such Purchaser was not identified or contacted through the marketing of the Subscription Shares. Such Purchaser did not contact
the Company as a result of any general solicitation or directed selling efforts. The issuance of the Subscription Shares to such
Purchaser was not solicited by or through anyone other than the Company.

 

    	 	22	 

     

    

 

(iii)        Restricted
Securities. Such Purchaser acknowledges that the Subscription Shares are “restricted securities” that have not
been registered under the Securities Act or any applicable state securities law. Such Purchaser further acknowledges that, absent
an effective registration under the Securities Act, the Subscription Shares may only be offered, sold or otherwise transferred
(x) to the Company, (y) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act or (z) pursuant
to an exemption from registration under the Securities Act.

 

(iv)        Not
U.S. Person. Such Purchaser is not a “U.S. person” as defined in Rule 902 of Regulation S.

 

(v)         Offshore
Transaction. Such Purchaser has been advised and acknowledges that in issuing the Subscription Shares to such Purchaser pursuant
hereto, the Company is relying upon the exemption from registration provided by Regulation S. Such Purchaser is acquiring the Subscription
Shares in offshore transactions in reliance upon the exemption from registration provided by Regulation S.

 

(vi)        FINRA.
Such Purchaser does not, directly or indirectly, own more than five percent of the outstanding common stock (or other voting securities)
of any member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or a holding company for a FINRA
member, and is not otherwise a “restricted person” for the purposes of the Free-Riding and Withholding Interpretation
of FINRA.

 

Article
V

 

COVENANTS

 

Section 5.1           Noncompetition.

 

(a)          Noncompetition.
Except otherwise permitted under the Transaction Documents or approved by the Leading Investors, following the date of this Agreement,
the Key Holder (other than in its capacity as the Purchaser) shall not, and shall cause its Subsidiaries and consolidated PRC Affiliates
not to, directly or indirectly (including through any Subsidiary), invest in, own, manage, operate, or Control any Competitor,
other than through the Group Companies, provided, however, that the restrictions contained in this paragraph (a) shall not
restrict the acquisition by such individual, directly or indirectly, of less than 5% of the outstanding share capital of any Competitor
that is a publicly traded company.

 

(b)          Specific
Performance; Modification of Covenant. The Key Holder (other than in its capacity as the Purchaser) acknowledges and agrees
that the agreements and covenants contained in this Section 5.1 are reasonable in scope and duration, an integral part of
the Contemplated Transactions and necessary to protect and preserve the Company’s legitimate business interests and the value
of the Business and to prevent any unfair advantage. The Key Holder (other than in its capacity as the Purchaser) further acknowledges
and agrees that if it breaches any provision of this Section 5.1, any remedy at law may be inadequate and insufficient and
may cause the Company irreparable harm and that the Company, in addition to seeking monetary damages in connection with such breach,
shall be entitled to specific performance and injunctive and other equitable relief to prevent or restrain a breach of this Section
5.1 or to enforce the provisions hereof without the requirement of posting bond or other security. If a final judgment of a
Governmental Authority determines that any term or provision contained in this Section 5.1 is invalid or unenforceable,
then the Parties agree that the court or tribunal will have the power to reduce the scope, duration or geographic area of the term
or provision, to delete specific words or phrases or to replace any invalid or unenforceable term or provision with a term or provision
that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision.
This Section 5.1 will be enforceable as so modified after the expiration of the time within which the judgment may be appealed.
The Parties expressly acknowledge and agree that the provisions of this Section 5.1(b) shall apply notwithstanding the provisions
of Section 6.6.

 

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Section 5.2           Further
Assurances. From the date of this Agreement until the applicable Closing, the Parties shall use their commercially reasonable
best efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the Contemplated Transactions.

 

Section 5.3           Use
of Proceeds. The Company shall use the Purchase Price for the general corporate purposes of the Group Companies.

 

Section 5.4           Cooperation.
The Parties shall use their commercially reasonable efforts to cooperate to facilitate the further development of the Business
following the applicable Closing.

 

Section 5.5           SAFE
Registration. The Company shall cause Mr. Bin Li and any other person who is PRC resident (as defined in the SAFE Rules and
Regulations) and holds Equity Securities in the Company directly or indirectly through the Key Holder (other than in its capacity
as the Purchaser) or any person who is not a Purchaser to, at the expense of the Company, fully comply with all applicable Laws
of the PRC with respect to his direct or indirect holding of Equity Securities in the Group Companies on a continuing basis (including,
but not limited to, all reporting and filing obligations imposed by and all approvals and permits required by the SAFE Rules and
Regulations and the SAFE in connection therewith). In particular, if required by the SAFE Rules and Regulations or the SAFE, the
Company shall cause Mr. Bin Li and any other person who is PRC resident (as defined in the SAFE Rules and Regulations) and holds
Equity Securities in the Company directly or indirectly through the Key Holder or any person who is not a Purchaser to update their
registration forms with SAFE with respect to the Contemplated Transactions within the applicable required time period.

 

Section 5.6           Permits.
If applicable PRC laws require any Group Company to obtain any other permits for any business proposed to be conducted by such
Group Company, the Company shall ensure that such Group Company promptly obtain such permits prior to such Group Company conducting
such business.

 

Section 5.7           Access.
From the date of this Agreement until the Initial Closing, the Company shall, and shall cause its Affiliates to (a) give each Purchaser,
its counsel, financial advisors, auditors and other representatives reasonable access to the offices, properties, books and records
of the Group Companies and the Business; (b) furnish to each Purchaser, its counsel, financial advisors, auditors and other representatives
such information relating to the Group Companies and the Business a as may be reasonably requested; and (c) instruct the employees,
counsel, accountants and other advisors of the Company and its Affiliates to cooperate with each Purchaser in its investigation
of the Group Companies and the Business.

 

    	 	24	 

     

    

 

Section 5.8           Conduct
of Business of the Company. From the date of this Agreement until the Initial Closing, the Company shall, and the Company shall
cause each of the Group Company to, (i) conduct its business and operations in the ordinary course of business consistent with
past practice, and (ii) not take any action, or omit to take any action, that would reasonably be expected to make any of its representations
and warranties in this Agreement untrue at, or as of any time before, the Initial Closing in any material respects unless the Purchasers
shall otherwise consent in writing.

 

Section 5.9           Compliance
with Legal Requirements. The Company shall, and the Company shall cause each of the Group Company to comply in all material
respects with all legal requirements applicable to the Business, including but not limited to, applicable PRC Laws relating to
telecommunication business, software, Intellectual Property, SAFE Rules and Regulations, borrowing, foreign exchange control, anti-money
laundering, anti-corruption, corporate formation and governance and conduct of business in general, possession of necessary and
effective licenses and permits, ownership of assets and properties, taxation, employment, and social welfare and benefits.

 

Section 5.10         The
Form Employment Contract. As soon as practicable after the Initial Closing, the Company shall use its commercially reasonable
efforts to update the form employment contract of the Group Companies. The Company shall cause the relevant Group Company to enter
into the employment contract in such updated form with the employees who are recruited after the adoption of the new form employment
contract.

 

Section 5.11         The
Equity Transfer by Bitauto. As soon as practicable after the Initial Closing and in any event within three (3) years after
the Closing, subject to the applicable laws, the Company and the Key Holder (other than in its capacity as the Purchaser) shall
use its best efforts to complete the transfer of all the equity interests held by the Key Holder to the Company in Dalian Rongxin
Financing Guarantee Co., Ltd. (大连融鑫融资担保有限公司)
and Shenyang Heping District Yifa Petty Loan Co., Ltd. (沈阳市和平区溢发小额贷款有限责任公司)
on the terms approved by the Board, and in any case the transfer price so approved shall be no higher than the acquisition costs
or set-up costs (as applicable) of the Key Holder.

 

Section 5.12         Domain
Name. As soon as practicable after the Initial Closing and in any event within six (6) months after the Initial Closing, the
Company shall complete the registration of duaikuan.com, chedaizhijia.com, and weichedai.com under the intent content provider
license of the VIE Entity.

 

    	 	25	 

     

    

 

Section 5.13         Transfer
of Trademarks and Trademarks Applications. As soon as practicable after the Initial Closing and in any event within twelve
(12) months after the Initial Closing, the Company and the Key Holder (other than in its capacity as the Purchaser) shall complete
the transfer of all the registered trademarks and trademark applications as set forth in Annex A from Beijing Bitauto Information
Technology Company Limited (北京易车信息科技有限公司)
to the VIE Entity. In the event that the transfer of the relevant registered trademarks is rejected by the Governmental Authority,
the Key Holder shall enter into a license agreement with the Company within three (3) months following the Key Holder’s receipt
of such rejection from the Governmental Authority, under which the Key Holder shall grant the Company an exclusive, irrevocable,
perpetual and free-of-charge license in relation to such trademarks. In the event that the transfer of the relevant trademark applications
is rejected by the Governmental Authority, the Key Holder shall enter into a license agreement with the Company within three (3)
months following Key Holder’s receipt of authorization announcement of the relevant trademarks from the Governmental Authority,
under which the Key Holder shall grant the Company an exclusive irrevocable, perpetual and free-of-charge license in relation to
such trademarks.

 

Section 5.14         
Secondment Contract. As soon as practicable after the Initial Closing and in any event within three (3) months
after the Initial Closing, the Company and the Key Holder (other than in its capacity as the Purchaser) shall use their commercially
reasonable efforts to cause Mr. Andy Xuan Zhang to enter into a secondment contract with the Company, which shall be in a form
reasonably satisfactory to Tencent and JD.

 

Section 5.15         Tax
Filings. After the Closing, if requested by the Purchasers, the Company shall make its commercially reasonable efforts to cooperate
with the Purchasers to provide such information, documents or materials in relation to the Subscription Shares as required for
the tax filings or other communications with the relevant PRC tax authorities.

 

Section 5.16         Permits
for Automobile Operating Leasing Business. Insofar as any Group Company is required by applicable Law or any competent Governmental
Authority to obtain any permits or make any filings in relation to the automobile operating lease business, the Company shall promptly
take all reasonable actions necessary to ensure compliance with such requirement by the applicable Group Companies.

 

Section 5.17         Execution
of Business Cooperation Agreement. From the date of this Agreement until the Baidu Closing, the Company and Baidu shall each
use all reasonable efforts and take all reasonable actions to procure that each of their respective Affiliates enter into the Business
Cooperation Agreement as soon as practicable.

 

Section 5.18         Related
Party Transactions. Without the approval of the Initial Purchasers, the Company shall not enter into a Related Party Transaction
which is not on arms-length terms.

 

Article
VI

 

INDEMNIFICATION

 

Section 6.1           Survival
of the Representations and Warranties. All representations and warranties made by the Company and the Key Holder (other than
in its Capacity as the Purchaser) to the Purchasers or by a Purchaser to the Company shall expire on the date that is eighteen
(18) months after the Closing, except the Fundamental Representations, which shall expire on the expiration of the applicable statute
of limitations. Notwithstanding the foregoing, any claims which have been asserted in writing pursuant to Section 6.2 against
the Party making such representations and warranties on or prior to such applicable expiration date shall continue to survive and
be fully effective and enforceable until a final and nonappealable Order of a Governmental Authority of competent jurisdiction
has been issued. The covenants and agreements of any Party contained in this Agreement shall survive the applicable Closing until
they are terminated, whether by performance thereof, their express terms or as a matter of applicable Law.

 

    	 	26	 

     

    

 

Section 6.2           Indemnification.
From and after the Closing, each Party, as applicable (the “Indemnifying Party”), shall indemnify and hold the
other Parties and their respective directors, officers and agents (collectively, the “Indemnified Party”) harmless
from and against any losses, claims, damages, liabilities, judgments, fines, obligations, expenses and liabilities of any kind
or nature whatsoever, including but not limited to any investigative, legal and other expenses incurred in connection with, and
any amounts paid in settlement of, any pending or threatened legal action or proceeding, and any taxes or levies that may be payable
by such person by reason of the indemnification of any indemnifiable loss hereunder (collectively, “Losses”)
resulting from or arising out of: (i) the breach of any representation or warranty of the Indemnifying Party contained in this
Agreement; or (ii) the violation or nonperformance, partial or total, of any covenant or agreement of the Indemnifying Party contained
in this Agreement.

 

Section 6.3           Third
Party Claims.

 

(a)          If
any third party shall notify any Indemnified Party in writing with respect to any matter involving a claim by such third party
(a “Third Party Claim”) which such Indemnified Party believes would give rise to a claim for indemnification
against the Indemnifying Party under this Article VI, then the Indemnified Party shall promptly following receipt of notice
of such claim (i) notify the Indemnifying Party thereof in writing and (ii) transmit to the Indemnifying Party a written notice
(“Claim Notice”) describing in reasonable detail the nature of the Third Party Claim, a copy of all papers served
with respect to such claim (if any), and the basis of the Indemnified Party’s request for indemnification under this Agreement.
Notwithstanding the foregoing, no failure or delay in providing such notice shall constitute a waiver or otherwise modify the Indemnified
Party’s right to indemnity hereunder, except to the extent that the Indemnifying Party shall have been prejudiced by such
failure or delay. If the Indemnifying Party does not notify the Indemnified Party in writing within thirty (30) days from receipt
of such Claim Notice that the Indemnifying Party disputes such claim for indemnification under this Agreement, the Indemnifying
Party shall be deemed to have accepted and agreed with such claim for indemnification under this Agreement.

 

(b)          Upon
receipt of a Claim Notice with respect to a Third Party Claim, the Indemnifying Party shall have the right to assume the defense
of any Third Party Claim by, within thirty (30) days of receipt of the Claim Notice, notifying the Indemnified Party in writing
that the Indemnifying Party elects to assume the defense of such Third Party Claim, and upon delivery of such notice by the Indemnifying
Party, the Indemnifying Party shall have the right to fully control and settle the proceeding; provided, that any such settlement
or compromise shall be permitted hereunder only with the written consent of the Indemnified Party. Notwithstanding the foregoing,
the Indemnifying Party shall not be entitled to assume the defense of any Third Party Claim if (i) the Third Party Claim relates
to or arises in connection with any criminal action, (ii) the Third Party Claim seeks an injunction or equitable relief against
any Indemnified Party, (iii) the Third Party Claim is or would reasonably be expected to result in Losses in excess of the amounts
available for indemnification pursuant to Section 6.5 or (iv) the Indemnifying Party has not acknowledged that such Third
Party Claim is subject to indemnification pursuant to this Article VI. If the Indemnifying Party assumes the defense of
a Third Party Claim pursuant to this Section 6.3(b), the Indemnifying Party shall conduct such defense in good faith.

 

    	 	27	 

     

    

 

(c)          If
requested by the Indemnifying Party, the Indemnified Party shall, at the sole cost and expense of the Indemnifying Party, cooperate
reasonably with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects
to contest, including in connection with the making of any related counterclaim against the person asserting the Third Party Claim
or any cross complaint against any person. The Indemnified Party shall have the right to receive copies of all pleadings, notices
and communications with respect to any Third Party Claim, other than any privileged communications between the Indemnifying Party
and its counsel, and shall be entitled, at its sole cost and expense, to retain separate co-counsel and participate in, but not
control, any defense or settlement of any Third Party Claim assumed by the Indemnifying Party pursuant to Section 6.3(b).

 

(d)          In
the event of a Third Party Claim for which the Indemnifying Party elects not to assume the defense, fails to make such an election
within the thirty (30) days of the Claim Notice or otherwise fails to continue the defense of the Indemnified Party reasonably
and in good faith, the Indemnified Party may, at its option, defend, settle, compromise or pay such action or claim at the expense
of the Indemnifying Party; provided that any such settlement or compromise shall be permitted hereunder only with the written
consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed.

 

Section 6.4           Other
Claims. In the event any Indemnified Party should have a claim against the Indemnifying Party hereunder which does not involve
a Third Party Claim, the Indemnified Party shall promptly transmit to the Indemnifying Party a written notice (the “Indemnity
Notice”) describing in reasonable detail the nature of the claim, the Indemnified Party’s best estimate
of the amount of Losses attributable to such claim and the basis of the Indemnified Party’s request for indemnification under
this Agreement; provided, that no failure or delay in providing such notice shall constitute a waiver or otherwise modify
the Indemnified Party’s right to indemnity hereunder, except to the extent that the Indemnifying Party shall have been prejudiced
by such failure or delay. If the Indemnifying Party does not notify the Indemnified Party within thirty (30) days from its receipt
of the Indemnity Notice that the Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to have accepted
and agreed with such claim.

 

Section 6.5           Limitations
on Liability. Notwithstanding the foregoing, other than with respect to fraud, breach of the Fundamental Representations and
indemnification pursuant to Section 6.2(ii), (i) no Party shall have liability (for indemnification or otherwise) with respect
to any Losses unless the aggregate amount of such Losses exceeds US$1,500,000 (in which case, the entire amount of Losses, subject
to Section 6.5(ii) below, shall be payable by the liable Party), and (ii) the maximum liability for the Company and the
Key Holder (other than in its capacity as the Purchaser) with respect to each Purchaser and the maximum liability for each Purchaser,
in each case, shall not exceed an amount equal to 50% of such Purchaser’s Purchase Price. No Indemnifying Party shall be
required to compensate any Indemnified Party more than once (whether under this Agreement or any other Transaction Document) in
respect of the same Loss.

 

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Section 6.6           Exclusive
Remedy. Subject to Section 7.11 and other than with respect to fraud, from and after the Closing, this Article VI
shall provide the exclusive remedy for any misrepresentation, breach of warranty, covenant or other agreement or other claim
resulting from or arising out of this Agreement.

 

Article
VII

 

MISCELLANEOUS

 

Section 7.1           Disclosure
Schedule References. The Parties agree that any reference in a particular Section of the Disclosure Schedule shall be deemed
to be an exception to (or, as applicable, a disclosure for purposes of) (i) the representations and warranties (or covenants, as
applicable) of the relevant Party that are contained in the corresponding Section of this Agreement and (ii) any other representations
and warranties of such Party that is contained in this Agreement (regardless of the absence of an express reference or cross reference
thereto), but only if the relevance of that reference as an exception to (or a disclosure for purposes of) such representations
and warranties would be reasonably apparent. The Parties acknowledge and agree that the Disclosure Schedule may include certain
items and information solely for informational purposes for the convenience of the Purchasers, and the disclosure by the Company
of any matter in the Disclosure Schedule shall not be deemed to constitute an acknowledgment by the Company that the matter is
required to be disclosed by the terms of this Agreement or that the matter is material.

 

Section 7.2           Governing
Law; Arbitration. This Agreement shall be governed and interpreted in accordance with the internal laws of Hong Kong. Any dispute
arising out of or relating to this Agreement, including any question regarding its existence, validity or termination (“Dispute”)
shall be referred to and finally resolved by arbitration at the Hong Kong International Arbitration Centre in accordance with the
Hong Kong International Arbitration Centre Administered Arbitration Rules then in force. There shall be three arbitrators. The
Company shall have the right to appoint one arbitrator, the Purchasers shall have the right to jointly appoint one arbitrator,
and the third arbitrator shall be appointed by the Hong Kong International Arbitration Centre. The language to be used in the arbitration
proceedings shall be English. Each of the Parties irrevocably waives any immunity to jurisdiction to which it may be entitled or
become entitled (including without limitation sovereign immunity, immunity to pre-award attachment, post-award attachment or otherwise)
in any arbitration proceedings and/or enforcement proceedings against it arising out of or based on this Agreement or the Contemplated
Transactions. The award of the arbitration tribunal shall be final and binding upon the Parties, and the prevailing Party may apply
to a court of competent jurisdiction for enforcement of such award. Any Party shall be entitled to seek preliminary injunctive
relief from any court of competent jurisdiction pending the constitution of the arbitration tribunal.

 

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Section 7.3           Amendment.
This Agreement shall not be amended, changed or modified, except by another agreement in writing executed by the Parties.

 

Section 7.4           Binding
Effect. This Agreement shall inure to the benefit of, and be binding upon, each of the Parties and their respective heirs,
successors and permitted assigns and legal representatives.

 

Section 7.5           Assignment.
Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by the any Party without the express
written consent of the other Parties. Any purported assignment in violation of the foregoing sentence shall be null and void. Notwithstanding
the foregoing, each Purchaser may assign its rights hereunder to any Affiliate of such Purchaser.

 

Section 7.6           Notices.
All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given if (a) in writing and served by personal delivery upon the party for whom it is intended; (b) if delivered by facsimile
or electronic mail with receipt confirmed; or (c) if delivered by certified mail, registered mail or courier service, return-receipt
received to the party at the address as set forth in Schedule B. Any Party may change its address for purposes of this Section
7.6 by giving the other Parties written notice of the new address in the manner set forth above.

 

Section 7.7           Entire
Agreement. This Agreement (together with the schedules and exhibits hereto and the other Transaction Documents) constitutes
the entire understanding and agreement between the Parties with respect to the matters covered hereby, and all agreements and understandings,
oral or in writing, if any, between the Parties with respect to the matters covered hereby prior to the execution of this Agreement
are merged and superseded by this Agreement and the other Transaction Documents.

 

Section 7.8           Severability.
If any provisions of this Agreement shall be adjudicated to be illegal, invalid or unenforceable in any action or proceeding whether
in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from
the Agreement in order to render the remainder of the Agreement and any provision thereof both valid and enforceable, and all other
provisions hereof shall be given effect separately therefrom and shall not be affected thereby.

 

Section 7.9           Fees
and Expenses. Except as otherwise provided in this Agreement, the Parties will bear their respective expenses incurred in connection
with the negotiation, preparation and execution of this Agreement and the Contemplated Transactions, including fees and expenses
of attorneys, accountants, consultants and financial advisors. Except as otherwise provided in this Agreement, any taxes arising
from this Agreement and the Contemplated Transactions shall be borne by the Parties pursuant to the applicable tax Law.

 

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Section 7.10         Confidentiality.

 

(a)          Each
Party shall keep confidential any non-public material or information with respect to the business, technology, financial conditions,
and other aspects of the other Parties which it is aware of, or have access to, in signing or performing this Agreement (including
written or non-written information, hereinafter the “Confidential Information”). Confidential Information shall
not include any information that is (a) previously known on a non-confidential basis by the receiving Party, (b) in the public
domain through no fault of such receiving Party, its Affiliates or its or its Affiliates’ officers, directors or employees,
(c) received from a party other than the Company or the Company’s representatives or agents, so long as such party was not,
to the best knowledge of the receiving Party, subject to a duty of confidentiality to the Company or (d) developed independently
by the receiving Party without reference to confidential information of the disclosing Party. No Party shall disclose such Confidential
Information to any third party. The Parties hereby agree, for the purpose of this Section 7.10, that the existence and terms
and conditions of this Agreement and schedules hereof shall be deemed as Confidential Information; provided that, notwithstanding
any other provision of this Agreement, the Key Holder shall be permitted to include a description of this Agreement and its terms,
which description shall be true and consistent with the terms hereunder in all respects, in any filing with the SEC and/or any
securities exchange, and any documents or communications undertaken in connection with such filing(s), subject to the Key Holder
providing each Purchaser with a reasonable opportunity to review a draft of any such description and giving due consideration to
such Purchaser’s reasonable comments, if any, to such disclosure to the extent permitted by applicable Laws (including any
rules or regulations of any securities exchange or valid legal process). Notwithstanding any other provision of this Section
7.10 or any provisions under the Shareholders Agreement, this Section 7.10 and any provisions under the Shareholders
Agreement shall not restrict any Purchaser’s or its Affiliates’ normal accounting or tax reporting in respect of such
Purchaser investment in the Company as required by (i) applicable Law and (ii) the Accounting Principles, as applicable.

 

(b)          Notwithstanding
any other provisions in this Section 7.10, if any Party believes in good faith that any announcement or notice must be prepared
or published pursuant to applicable Laws (including any rules or regulations of any securities exchange or valid legal process)
or information is otherwise required to be disclosed to any Governmental Authority, such Party may, in accordance with its understanding
of the applicable Laws, make the required disclosure in the manner it deems in compliance with the requirements of applicable Laws;
provided that, the Party who is required to make such disclosure shall, to the extent permitted by Law and so far as it
is practicable, provide the other Parties with prompt notice of such requirement and cooperate with the other Parties at such other
Parties’ request and at the requesting Party’s cost, to enable such other Parties to seek an appropriate protection
order or remedy. In addition, each Party may disclose, after giving prior notice to the other Parties to the extent practicable
under the circumstances and subject to any practicable arrangements to protect confidentiality, Confidential Information to the
extent required under judicial or regulatory process or in connection with any judicial process regarding any legal action, suit
or proceeding arising out of or relating to the Transaction Documents; provided that, the Party who is required to make
such disclosure shall, to the extent permitted by Law and so far as it is practicable, at the other Parties’ request and
at the requesting Party’s cost, cooperate with the other Parties to enable such other Parties to seek an appropriate protection
order or remedy.

 

(c)          Each
Party may disclose the Confidential Information only to its Affiliates and its and its Affiliates’ officers, directors, employees,
agents and representatives on a need-to-know basis in the performance of the Transaction Documents; provided that, such
Party shall ensure such persons strictly abide by the confidentiality obligations hereunder.

 

(d)          The
confidentiality obligations of each Party hereunder shall survive the termination of this Agreement. Each Party shall continue
to abide by the confidentiality clause hereof and perform the obligation of confidentiality it undertakes until the other Party
approves release of that obligation or until a breach of the confidentiality clause hereof will no longer result in any prejudice
to the other Party.

 

    	 	31	 

     

    

 

Section 7.11         Specific
Performance. The Parties agree that irreparable damage would occur in the event any provision of this Agreement were not performed
in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition
to any other remedy at law or equity.

 

Section 7.12         Termination.

 

(a)          This
Agreement shall terminate upon the earliest to occur of (i) the written consent of each of the Parties, (ii) written notice of
any Party delivered at any time following three (3) months after the date hereof (such date, as may be extended in accordance with
this Section 7.12(a), the “Long-Stop Date”), if the Initial Closing has not occurred on or prior to such
date, provided that no Party shall be permitted to terminate this Agreement pursuant to this Section 7.12(a)(ii)
if the failure to consummate the Contemplated Transactions was proximately caused by the breach by such Party or its Affiliate
of any representation, warranty or covenant in this Agreement.

 

(b)          Any
Party may terminate this Agreement, upon written notice to the other Parties, if any Governmental Authority shall have issued any
Order or taken any other action permanently retraining, enjoining or otherwise prohibiting the Contemplated Transactions and such
Order or other action has become final and nonappealable (provided that no Party shall be permitted to terminate this Agreement
pursuant to this Section 7.12(b) if the imposition of such Order or other action was proximately caused by the breach by
such Party or its Affiliate of any representation, warranty or covenant in this Agreement).

 

(c)          A
Purchaser may terminate this Agreement if there exists a breach of any warranty of the Company such that the condition set forth
in Section 3.1 would not be satisfied and breach has not been cured (or is incapable of being cured) by the Company within
thirty (30) days following its receipt of notice from such Purchaser of such breach.

 

(d)          The
Company may terminate this Agreement if there exists a breach of any warranty of a Purchaser such that the condition set forth
in Section 3.3 would not be satisfied and breach has not been cured (or is incapable of being cured) by such Purchaser within
thirty (30) days following its receipt of notice from the Company of such breach.

 

(e)          Upon
any termination of this Agreement, this Agreement will have no further force or effect, except for the provisions of Article
VI and this Article VII, which shall survive any termination under this Section 7.12; provided, that no
termination of this Agreement shall relieve any Party of liability for any breach of this Agreement prior to such termination.

 

Section 7.13         Headings.
The headings of the various articles and sections of this Agreement are inserted merely for the purpose of convenience and do not
expressly or by implication limit, define or extend the specific terms of the section so designated.

 

    	 	32	 

     

    

 

Section 7.14         Execution
in Counterparts. For the convenience of the Parties and to facilitate execution,
this Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute but one and the same instrument. Delivery of executed signature pages by facsimile or electronic transmission
(via scanned PDF) will constitute effective and binding execution and delivery of this Agreement.

 

Section 7.15         Press
Release and Public Filing. Upon the signing of this Agreement by all of the Parties, each Party may issue a press release regarding
the Contemplated Transactions, in the form previously agreed by the Parties.

 

Section 7.16         Waiver.
No waiver of any provision of this Agreement shall be effective unless set forth in a written instrument signed by the Party waiving
such provision. No failure or delay by a Party in exercising any right, power or remedy under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of the same preclude any further exercise thereof or the exercise of any
other right, power or remedy.

 

Section 7.17         Subsequent
Purchaser. The Parties hereby acknowledge and agree that before the Initial Closing, the Key Holder in its capacity as the
Purchaser may subsequently transfer its entitlement to the 4,515,240 Subscription Shares under this Agreement to BAI GmbH, provided
that (i) BAI GmbH shall enter into a share subscription agreement in substantially the same form as this Agreement; (ii) such share
subscription agreement shall be delivered to the Initial Purchasers; and (iii) the amount of Subscription Shares to be subscribed
by the Key Holder pursuant to this Agreement shall be reduced accordingly.  

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	33	 

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed as of the day and year first above written.

 

	 	MORESPARK LIMITED
	 	 	 
	 	By: 	/s/James Gordon MITCHELL
	 	Name:	James Gordon MITCHELL
	 	Title:	Authorized Signatory

 

[SIGNATURE PAGE TO SHARE SUBSCRIPTION AGREEMENT]

 

     

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed as of the day and year first above written.

 

	 	JD Financial investment limited
	 	 	 
	 	By: 	/s/Liu Qiangdong
	 	Name:	Liu Qiangdong
	 	Title:	 

 

[SIGNATURE PAGE TO SHARE SUBSCRIPTION AGREEMENT]

 

     

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed as of the day and year first above written.

 

	 	BAIDU (HONG KONG) LIMITED
	 	 	 
	 	By: 	/s/  Authorised Signatory
	 	Name:	 
	 	Title:	 

 

[SIGNATURE PAGE TO SHARE SUBSCRIPTION AGREEMENT]

 

     

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed as of the day and year first above written.

 

	 	HCM IV LIMITED
	 	 	 
	 	By:	/s/Tsang Ling Kay Rodney
	 	Name:	Tsang Ling Kay Rodney
	 	Title:	Director

 

[SIGNATURE PAGE TO SHARE SUBSCRIPTION AGREEMENT]

 

     

     

    

 

I

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed as of the day and year first above written.

 

	 	Genius Concept Limited
	 	 	 
	 	By: 	/s/Leung Chun Keung
	 	Name:	Leung Chun Keung
	 	Title:	Authorised Signatory

 

[SIGNATURE PAGE TO SHARE SUBSCRIPTION AGREEMENT]

 

     

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed as of the day and year first above written.

 

	 	BITAUTO HOLDINGS LIMITED
	 	 	 
	 	By: 	/s/ Bin Li 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	BITAUTO HONG KONG LIMITED
	 	 	 
	 	By: 	/s/  Bin Li 
	 	Name:	 
	 	Title:	 

 

[SIGNATURE PAGE TO SHARE SUBSCRIPTION AGREEMENT]

 

     

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed as of the day and year first above written.

 

	 	YIXIN CAPITAL LIMITED
	 	 	 
	 	By: 	/s/ Xuan Zhang
	 	Name:	 
	 	Title:	 

 

[SIGNATURE PAGE TO SHARE SUBSCRIPTION AGREEMENT]

 

     

     

    

 

Schedule
A           Schedule of Purchasers

 

	Name of Purchaser	 	Jurisdiction of
 Incorporation	 	Number of
 Subscription
 Shares	 	 	Purchase Price
 (US$)	 
	Initial Purchasers	 	 	 	 	 	 	 	 	 	 
	1.	 	Bitauto Hong Kong Limited	 	Cayman Islands	 	 	77,060,120	 	 	 	256,000,000	 
	2.	 	Morespark Limited	 	British Virgin Islands	 	 	38,229,050	 	 	 	127,000,000	 
	3.	 	JD Financial Investment Limited	 	British Virgin Islands	 	 	9,030,480	 	 	 	30,000,000	 
	4.	 	HCM IV Limited	 	British Virgin Islands	 	 	9,632,520	 	 	 	32,000,000	 
	5.	 	Genius Concept Limited	 	Samoa	 	 	4,515,240	 	 	 	15,000,000	 
	Other Purchasers	 	 	 	 	 	 	 	 	 	 
	6.	 	Baidu (Hong Kong) Limited	 	Hong Kong	 	 	27,091,450	 	 	 	90,000,000	 

 

    	 	Schedule A-1	 

     

    

 

Schedule
B           Address for Notice

 

	if to the Company:	 	
        New Century Hotel Office Tower 6/F

        No. 6 South Capital Stadium Road

        Beijing, 100044

        The People’s Republic of China

        Attention: Andy Xuan Zhang

        Facsimile: (86 10) 6849-2200

         

	with a copy (which shall not constitute notice) to:	 	
        Skadden, Arps, Slate, Meagher & Flom LLP

        c/o 42/F, Edinburgh Tower, The Landmark

        15 Queen’s Road Central

        Hong Kong

        Attention: Z. Julie Gao, Esq.

        Tel: +852 3740-4700

         

	if to Bitauto:	 	
        New Century Hotel Office Tower 6/F

        No. 6 South Capital Stadium Road

        Beijing, 100044

        The People’s Republic of China

        Attention: Bin Li

        Facsimile: (86 10) 6849-2200

         

	with a copy (which shall not constitute notice) to :	 	
        Skadden, Arps, Slate, Meagher & Flom LLP

        c/o 42/F, Edinburgh Tower, The Landmark

        15 Queen’s Road Central

        Hong Kong

        Attention: Z. Julie Gao, Esq.

        Tel: +852 3740-4700

         

	if to Tencent:	 	
        c/o Tencent Holdings Limited

        29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai,
        Hong Kong

        Attn: Compliance and Transactions Department

        E-mail:

         

	with a copy (which shall not constitute notice) to:	 	
        Tencent Building, Kejizhongyi Avenue, Hi-tech Park, Nanshan
        District, Shenzhen, 518057, P.R.China

        Attn: Mergers and Acquisitions Department

        E-mail:

         

	with a copy (which shall not constitute notice) to:	 	
        Paul, Weiss, Rifkind, Wharton & Garrison LLP

        12th Floor, The Hong Kong Club Building, 3A Chater Road, Central,
        Hong Kong

        Attn. : Jeanette K. Chan, Esq.

        Fax No. (852) 2840-4300

        E-mail:

 

    	 	Schedule B-1	 

     

    

 

	 	 	
        Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue
        of the Americas, New York, NY 10019-6064, USA

        Attn.: Steven J. Williams, Esq.

        Fax No. (212) 492-0257

        E-mail:

         

	if to JD:	 	
        JD.com, Inc.

        21/F, Building A, No.18 Kechuang 11th Street, Yizhuang Economic
        and Technological Development Zone, Daxing District, Beijing 101111, PRC

        Attention: Legal Department (Mergers and Acquisitions Group)

        Email:

	with a copy (which shall not constitute notice) to:	 	
        20/F, Building A, No. 18 Kechuang 11th Street, Yizhuang Economic
        and Technological Development Zone, Daxing District, Beijing 101111, PRC

        Attention: Corporate Development Department (Strategy and Investment
        Department)

        Email:

	with a copy (which shall not constitute notice) to:	 	
        Orrick, Herrington & Sutcliffe LLP

        47/F PARK PLACE

        1601 NANJING ROAD WEST

        SHANGHAI 200040 CHINA

        Attention: Jie SUN (Jeffrey)

        Email:

         

	if to HCM IV Limited:	 	
        Suites 3607-09, 36/F, ICBC Tower

        3 Garden Road

        Central

        Hong Kong

        Attn.: Amanda Chau

        Fax No. (852) 2660-6996

        E-mail:

	if to Baidu:	 	
        Baidu Campus

        No. 10 Shangdi 10th Street

        Haidian District, Beijing 100085

        People’s Republic of China

        Attention: Xu Xiaohan

        Facsimile: +86-10-59920031

        Telephone: +86-10-50817709

        Email:

        and

 

    	 	Schedule B-2	 

     

    

 

	 	 	
        Baidu Campus

        No. 10 Shangdi 10th Street

        Haidian District, Beijing 100085

        People’s Republic of China

        Attention: Wang Hanyu

        Facsimile: +86-10-59920031

        Telephone: +86-10-50817904

        Email:

         

	with a copy (which shall not constitute notice) to:	 	
        Allen & Overy LLP

        46th Floor China World Tower

        No. 1 Jian Guo Men Wai Avenue

        Beijing 100004 China

        Attention: Ling LI

        Facsimile: +86 10 6535 4198

        Email:

         

	if to Genius Concept Limited	 	
        C/o CMBC International Holdings Limited

        23/F, COSCO Tower

        183 Queen’s Road Central

        Hong Kong

        Attn: Stacey Wong

        Facsimile No.: +852 3728 8099

        Telephone No.: +852 3728 8000

        Email Address:

         

        and

         

        C/o Intellectus Capital Limited

        Room 1401-02, Allied Kajima Building

        138 Gloucester Road, Wanchai

        Hong Kong

        Attn: Terence Leung

        Facsimile No.: +852 3752 2699

        Telephone No.: +852 9043 1503

        Email Address:

 

    	 	Schedule B-3	 

     

    

 

Exhibit
A           Form of Restated Articles

 

    	 	Exhibit A-1	 

     

    

 

Exhibit
B           Form of Restated Shareholders Agreement

 

    	 	Exhibit B-1	 

     

    

 

Exhibit
C           Legal Opinion Items

 

PRC Legal Opinion Items

 

Below is indicative form of opinions
to be delivered on the Closing Date. This form is prepared based on our understanding of the deal, and is subject to further changes
if the deal structure changes. All capitalized terms used but not defined in this form of opinion have the meanings given to them
in the Share Subscription Agreement. 

 

Opinions:

 

		1.	Each of the PRC Companies has been duly incorporated and is validly existing with limited liability
under the PRC Laws and its business license is in full force and effect. The articles of association of each of the PRC Companies
comply with the requirements of applicable PRC Laws and are in full force and effect. The total registered capital of each of the
PRC Companies that is required to be paid prior to the date hereof under the relevant PRC Laws and its articles of association
has been fully paid up. All of the equity interests in each of the PRC Companies are legally owned by its shareholders as indicated
in Appendix 1 of this Opinion. To the best of our knowledge after due inquiry, all of the equity interests in each of the
PRC Companies, other than those held by Shenzhen Tencent Industry Investment Fund Co., Ltd. (深圳市腾讯产业投资基金有限公司,
“Shenzhen Tencent”) and Beijing Jiasheng Investment Management Co., Ltd. (北京甲盛投资管理有限公司,
“Beijing Jiasheng”), are free and clear of all Encumbrances, and equities or claims or any third-party right,
except for those provided under the Transaction Documents. All Authorizations of and from the Governmental Authorities of the PRC
required under the PRC Laws for the ownership by each shareholder (other than Shenzhen Tencent and Beijing Jiasheng) of the PRC
Company of its equity interests in each of the PRC Companies have been duly obtained. To the best of our knowledge after due inquiry,
there are no outstanding rights, warrants or options to acquire from any of the Company, Yixin Capital Hong Kong Limited (易鑫资本香港有限公司,
the “HK Company”, together with the Company and the PRC Companies, the “Group Companies”,
each a “Group Company”), the PRC Companies or Li Bin, or instruments to which the Group Companies or Li Bin
is a party and convertible into or exchangeable for, nor any agreements or other obligations, to which the Group Companies or Li
Bin is a party, to issue or other rights to convert any obligation into, any equity interest in any of the PRC Companies, except
for those provided under the Transaction Documents.

 

		2.	The ownership structure of the PRC Companies as set forth in Appendix 1 (other than ownership
by Shenzhen Tencent and Beijing Jiasheng) (i) is not in breach or violation of any existing PRC Laws, and (ii) to the best of our
knowledge after due inquiry, has not been challenged by any Governmental Authority of the PRC and there are no legal, arbitration,
governmental or other legal proceedings, pending before or threatened by any Governmental Authority of the PRC, and immediately
after the Closing will not be in breach or violation of any applicable PRC Laws in any material respect.

 

    	 	Exhibit C-1	 

     

    

 

		3.	Each of the PRC Companies has obtained all necessary Authorizations of and from all Governmental
Authorities of the PRC to conduct its business as described in its business license and as it currently conducts. To the best of
our knowledge after due inquiry, none of the PRC Companies has received any notification of proceedings relating to the modification,
suspension or revocation of any such necessary Authorizations; we are not aware of anything which causes us to reasonably believe
that any regulatory body is considering modifying, suspending, revoking or not renewing, any such necessary Authorizations; and
to the best of our knowledge after due inquiry, each of the PRC Companies is in compliance with the provisions of such necessary
Authorizations in all material aspects.

 

		4.	Each of the PRC Companies has legal and valid titles to the intellectual properties as set out
in Appendix 2 herein (“Intellectual Properties”). To the best of our knowledge after due inquiry, (A)
there is no pending or threatened action, suit, proceeding or claim by others challenging any PRC Companies’ rights in or
to any of their Intellectual Properties; (B) there is no pending or threatened action, suit, proceeding or claim by others challenging
the validity, enforceability or scope of any such Intellectual Properties; (C) there is no pending or threatened action, suit,
proceeding or claim by others that any PRC Companies infringes, misappropriates or otherwise violates or conflicts with any intellectual
properties or other proprietary rights of others.

 

		5.	To the best of our knowledge after due inquiry, none of the PRC Companies is in breach or violation
of or in default, as the case may be, under (A) its articles of association, business license or other constituent documents, or
(B) the terms or provisions of any Material Contract governed by PRC Laws to which any of the PRC Companies is a party or by which
it or any of its properties is bound, in each case except for any breach, violation or default that would not reasonably be expected
to have a Material Adverse Effect.

 

		6.	To the best of our knowledge after due inquiry, none of the PRC Companies has taken any action
nor have any steps been taken or legal or administrative proceedings been commenced or threatened for the winding up, dissolution
or liquidation, or for the appointment of a liquidation committee or similar officers in respect of the assets of any of the PRC
Companies, or for the suspension, withdrawal, revocation or cancellation of any of their respective business license, or articles
of association, as applicable.

 

		7.	To the best of our knowledge after due inquiry, (i) there is no legal, arbitration or governmental
proceedings pending in the PRC to which any of the PRC Companies is a party or of which any property of any of the PRC Companies
is the subject, and (ii) no such proceedings are threatened by any Governmental Authority of the PRC, in each case except for those
that would not reasonably be expected to have a Material Adverse Effect.

 

		8.	All dividends and other distributions declared and payable upon the interests held by the HK Company
in the PRC Company, in accordance with their articles of associations and PRC Laws in Renminbi, after full payment of withholding
tax, may be converted into foreign currency that may be transferred out of the PRC.

 

    	 	Exhibit C-2	 

     

    

 

		9.	Each PRC Company has completed all relevant Authorizations from the State Administration of Foreign
Exchange (the “SAFE”) required under the applicable PRC laws concerning foreign exchange; none of Li Bin, Qu
Weihai and Shao Jingning is required to update the relevant Authorizations obtained by him from the SAFE or apply for new Authorizations
from the SAFE for the transactions contemplated under the Transaction Documents as of the Closing under current PRC Laws concerning
foreign exchange.

 

		10.	The issuance and sale of the Subscription Shares or the consummation of the transactions contemplated
by the Share Subscription Agreement or any of the Transaction Documents prior to or on the date hereof, do not require Authorizations
from the Governmental Authority of the PRC under the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign
Investors, which became effective on September 8, 2006 and was issued jointly by the Ministry of Commerce, the State Assets Supervision
and Administration Commission, the State Administration for Taxation, the State Administration for Industry and Commerce, the China
Securities Regulatory Commission and the SAFE, and any amendment or PRC Laws in connection with or related thereto.

 

		11.	Subject to applicable provisions of the Civil Procedure Law, the General Principles of Civil Law
of the PRC and Arrangement of Cross Enforcement of Arbitration Awards between Mainland and Hong Kong Special Administration Region
(the “Arrangement”) issued by the Supreme People’s Court of PRC on January 24, 2000, the choice of
Hong Kong law and the irrevocable submission of the Company to the Hong Kong International Arbitration Centre in accordance with
the Hong Kong International Arbitration Centre Administered Arbitration Rules, do not conflict with PRC Laws, and service of process
effected in the manner set forth in the Transaction Documents will be effective to confer valid personal jurisdiction over the
Company in the PRC, so long as the service of process in the PRC shall be effected in the manner required under the PRC Laws, and
any arbitration award obtained in the Hong Kong International Arbitration Centre arising out of or in relation to the obligations
of the Company under the Transaction Documents will be recognized in PRC courts by virtue of the Arrangement subject to applicable
provisions of the Civil Procedure Law, the General Principles of Civil Law of the PRC and the Arrangement.

 

		12.	As a matter of PRC Laws, none of the PRC Companies or any of their respective properties, assets
or revenues, are entitled to any right of immunity on the grounds of sovereignty or otherwise from any legal action, suit or proceeding,
set-off or counterclaim, the jurisdiction of any court in the PRC, service of process, attachment prior to or in aid of execution
of judgment, or other legal process or proceeding for the granting of any relief or the enforcement of any judgment.

 

    	 	Exhibit C-3	 

     

    

 

		13.	Each PRC Company has all requisite power and authority and has taken all necessary corporation
actions to enter into, execute and perform its obligations under the Transaction Documents to which it is a party. The execution,
delivery and performance of the Transaction Documents have been authorized by and on behalf of a PRC Company who is a party to
such Transaction Documents and, such Transaction Documents constitutes the legal, valid and binding obligations of such PRC Company
enforceable in accordance with their terms.

 

		14.	To the best of our knowledge after due inquiry, the issue and sale of the Subscription Shares and
the execution and delivery by the Company of, and the performance by the Company of its obligations under, the Transaction Documents,
do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
under, any Material Contract governed by the PRC Laws to which any of the PRC Companies is a party or by which any of the PRC Companies
is bound or to which any of the property or assets of any of the PRC Companies is subject, nor will such action result in any violation
of the provisions of the articles of association, business license or any other constituent documents of any of the PRC Companies
or any PRC Laws.

 

		15.	Each PRC Company that is a party to a Control Document has all requisite power and authority and
has taken all necessary corporate actions to enter into, execute and perform its obligations under such Control Document. Each
of the Control Documents has been duly executed and delivered on behalf of each PRC Company that is a party to such Contract Document
and constitutes the legal, valid and binding obligations of such party enforceable in accordance with their terms. Each of the
Control Documents does not, and the execution and delivery thereof by the relevant PRC Companies thereto, or the performance by
each of such parties of its obligations thereunder, or the consummation by each of such parties of the transactions contemplated
therein, (A) will not result in any violation of the provisions of such party’s articles of association or business license
or any Authorization from the Governmental Authorities of the PRC; and (B) will not result in any violation of any PRC Laws.

 

		16.	No Authorization of or with any Governmental Authorities in the PRC is required to be obtained
by the Company or the PRC Companies for the issue and sale of the Subscription Shares under the Share Subscription Agreement, and
the conversion of the Subscription Shares into Ordinary Shares, and the consummation of the transactions contemplated by the Transaction
Documents as of the Closing except as provided in Section 4.1(i) and Section 4.3(e) of the Share Subscription Agreement.

 

		17.	The entry into, and performance or enforcement of each of the Transaction Documents in accordance
with its respective terms will not subject the Purchaser to any requirement to be licensed or otherwise qualified to do business
in the PRC, nor will the Purchaser be deemed to be resident, domiciled, carrying on business through an establishment or place
in the PRC solely by reason of entry into, performance or enforcement of the Transaction Documents.

 

    	 	Exhibit C-4	 

     

    

 

		18.	To the best of our knowledge after due inquiry, there are no outstanding guarantees by any of the
PRC Companies in respect of indebtedness of third parties other than other Group Companies.

 

Cayman Legal Opinion Items

 

		1.1	Each of the Company and the Key Holder has been duly incorporated as an exempted company with limited
liability and is validly existing and in good standing under the laws of the Cayman Islands.

 

		1.2	Each of the Company and the Key Holder has all requisite power and authority to enter into, execute
and perform its obligations under the Transaction Documents.

 

		1.3	The execution and delivery of the Transaction Documents do not, and the performance by each of
the Company and the Key Holder of its obligations under the Transaction Documents will not, conflict with or result in a breach
of any of the terms or provisions of its respective memorandum and articles of association or any law, public rule or regulation
applicable to the Company or the Key Holder currently in force in the Cayman Islands.

 

		1.4	The execution, delivery and performance of the Transaction Documents have been authorised by and
on behalf of the Company and the Key Holder, the Transaction Documents have been duly executed and delivered on behalf of the Company
and the Key Holder and will constitute the legal, valid and binding obligations of the Company and the Key Holder enforceable in
accordance with their terms.

 

		1.5	No authorisations, consents, approvals, licences, validations or exemptions are required by law
from any governmental authorities or agencies or other official bodies in the Cayman Islands in connection with:

 

		(a)	the execution, creation or delivery of the Transaction Documents by and on behalf of the Company
and the Key Holder;

 

		(b)	subject to the payment of the appropriate stamp duty, enforcement of the Transaction Documents
against the Company and the Key Holder; or

 

		(c)	the performance by each of the Company and the Key Holder of its obligations under the Transaction
Documents.

 

		1.6	No taxes, fees or charges (other than stamp duty) are payable (either by direct assessment or withholding)
to the government or other taxing authority in the Cayman Islands under the laws of the Cayman Islands in respect of:

 

    	 	Exhibit C-5	 

     

    

 

		(a)	the execution or delivery of the Transaction Documents;

 

		(b)	the enforcement of the Transaction Documents; or

 

		(c)	payments made under, or pursuant to, the Transaction Documents.

 

The Cayman Islands currently
have no form of income, corporate or capital gains tax and no estate duty, inheritance tax or gift tax.

 

		1.7	The courts of the Cayman Islands will observe and give effect to the choice of the relevant law
as the governing law of the Transaction Documents.

 

		1.8	No writ, originating summons, originating motion, petition (including any winding-up petition),
counterclaim nor third party notice ("Originating Process") nor any amended Originating Process pending before
the Grand Court of the Cayman Islands, in which the Company or the Key Holder is identified as a defendant or respondent and no
steps have been taken, or are being taken, to wind-up the Company or the Key Holder.

 

		1.9	The courts of the Cayman Islands will recognise and enforce arbitral awards made pursuant to an
arbitration agreement in a jurisdiction which is a party to the United Nations Convention on the Recognition and Enforcement of
Foreign Arbitral Awards (the "New York Convention").  Subject to certain exceptions outlined below artbitration
awards made in Hong Kong pursuant to the Transaction Documents will be recognised and enforced in the Cayman Islands.

 

In general,
the courts of the Cayman Islands will enforce a foreign arbitration award made under the Convention or a foreign arbitration award
under the Arbitration Law (each an “Award”) unless it is proved by the party against whom the Award was made that:

 

(a)        a party
to the arbitration agreement was (under the law applicable to him) under some incapacity; or

 

(b)       the
arbitration agreement was not valid under the law to which the parties subjected it or, failing any indication thereon, under the
law of the country where the award was made; or

 

(c)       he was
not given proper notice of the appointment of the arbitrator or of the arbitration proceedings or was otherwise unable to present
his case; or

 

(d)       the
award deals with a difference not contemplated by or not falling within the terms of the submission to arbitration or contains
decisions on matters beyond the scope of the submission to arbitration (save that in such case an award on matters submitted to
arbitration may be enforceable to the extent these matters can be separated from those not submitted); or

 

    	 	Exhibit C-6	 

     

    

 

(e)       the
composition of the arbitral authority or the arbitral procedure was not in accordance with the agreement of the parties or, failing
such agreement, with the law of the country where the arbitration took place; or

 

(f)       the
award has not yet become binding on the parties, or has been set aside or suspended by a competent authority of the country in
which, or under the law of which, it was made.

 

Enforcement
of an Award may also be refused by the courts of the Cayman Islands where the Award is in respect of a matter which is not capable
of settlement by arbitration or where it would be contrary to the public policy of the Cayman Islands to enforce such an Award.

 

A foreign arbitration
award may also be enforced in the Cayman Islands pursuant to common law principles by action on the award.

 

		1.10	It is not necessary to ensure the legality, validity, enforceability or admissibility in evidence
of the Transaction Documents that any document be filed, recorded or enrolled with any governmental authority or agency or any
official body in the Cayman Islands. 

 

		1.11	None of the parties to the Transaction Documents (other than the Company and the Key Holder) is
or will be treated as resident, domiciled or carrying on or transacting business in the Cayman Islands solely by reason of the
negotiation, preparation or execution of the Transaction Documents

 

		1.12	Neither the Company nor the Key Holder is entitled to any immunity under the laws of the Cayman
Islands whether characterised as sovereign immunity or otherwise for any legal proceedings in the Cayman Islands to enforce or
to collect upon the Transaction Documents

 

		1.13	The Articles do not violate, conflict with or result in a breach of any law, public rule or regulation
applicable to the Company or the Key Holder in the Cayman Islands currently in force.

 

		1.14	Based solely on our review of the memorandum of association and the shareholder resolutions, the
Company has an authorised share capital of [US$150,000 divided into 988,416,450 Ordinary Shares of a nominal or par value of US$0.0001
each and 500,583,550 Preference Shares of a nominal or par value of US$0.0001 each, of which 346,024,690 are designated as Series
A Preference Shares and 165,448,860 are designated as Series B Preference Shares].

 

		1.15	The Subscription Shares have been duly authorised.  When the Subscription Shares are
issued upon payment of the Purchase Price in accordance with this Agreement and entered as fully paid on the register of members
(shareholders), the Subscription Shares will be legally issued and allotted, fully paid and non-assessable. Upon entry on the register
of members of the Company, each Purchaser will be the registered holder of such number of Series B Preference Shares as will be
noted against its name on such register.

 

    	 	Exhibit C-7	 

     

    

 

		1.16	There is no exchange control legislation under Cayman Islands law and accordingly there are no
exchange control regulations imposed under Cayman Islands law.

 

		1.17	It is not necessary or advisable in order for any Purchaser to enforce its rights under the Transaction
Documents to which it is a party, including the exercise of remedies thereunder, that it be licensed, qualified or otherwise entitled
to carry on business in the Cayman Islands.

 

		1.18	Each of the Purchasers has standing to bring an action or proceedings before the appropriate courts
in the Cayman Islands for the enforcement of the Transaction Documents. It is not necessary or advisable in order for a Purchaser
to enforce its rights under the Transaction Documents, including the exercise of remedies thereunder, that it be licensed, qualified
or otherwise entitled to carry on business in the Cayman Islands.

 

		1.19	The obligations of the Company under the Transaction Documents will rank at least pari passu in
priority of payment with all other unsecured unsubordinated indebtedness of the Company, other than indebtedness which is preferred
by virtue of any provision of the laws of the Cayman Islands of general application.

 

    	 	Exhibit C-8	 

     

    

 

Annex
A        List of Trademark Applications

 

	No.	 	Trademark	 	Type	 	Date of 

Application

 for Transfer	 	Application

 No.	 	Registration

 Date	 	Status
	1.	 	易车贷	 	35	 	2015/06/23	 	15630723	 	-	 	转让中,
    驳回复审评审实审裁文发文
	2.	 	易车贷	 	36	 	2015/06/23	 	15630722	 	-	 	转让中,
    驳回复审评审实审裁文发文
	3.	 	易车贷	 	42	 	2015/06/23	 	15630711	 	-	 	转让中,
    驳回复审评审实审裁文发文
	4.	 	易车•车贷	 	09	 	2015/06/23	 	15557024	 	-	 	转让中,
    等待驳回复审
	5.	 	易车•车贷	 	35	 	2015/06/23	 	15557022	 	2015/12/14	 	已注册,
    转让中
	6.	 	易车•车贷	 	36	 	2015/06/23	 	15557021	 	-	 	转让中,
    等待驳回复审
	7.	 	车贷通	 	09	 	2015/06/23	 	15557003	 	-	 	转让中,
    驳回复审评审实审裁文发文
	8.	 	车贷通	 	12	 	2015/06/23	 	15557002	 	-	 	转让中,
    驳回复审评审实审裁文发文
	9.	 	车贷通	 	36	 	2015/06/23	 	15557000	 	-	 	转让中,
    驳回复审评审实审裁文发文
	10.	 	车贷通	 	42	 	2015/06/23	 	15556997	 	-	 	转让中,
    驳回复审评审实审裁文发文

 

     

     

    

 

	No.	 	Trademark	 	Type	 	Date of 

Application

 for Transfer	 	Application

 No.	 	Registration

 Date	 	Status
	11.	 	易车金融	 	09	 	2015/06/23	 	15557031	 	-	 	转让中,
    等待驳回复审
	12.	 	易车金融	 	36	 	2015/06/23	 	15557028	 	-	 	转让中,
    等待驳回复审
	13.	 	易车车贷之家	 	12	 	2015/08/17	 	16760413	 	-	 	申请中,
    转让中
	14.	 	易车车贷之家	 	35	 	2015/12/03	 	16760412	 	-	 	申请中,
    转让中
	15.	 	易车车贷之家	 	38	 	2015/08/17	 	16760410	 	-	 	申请中,
    转让中
	16.	 	chedaizhijia.com	 	09	 	2015/09/01	 	16771967	 	2016/06/14	 	已注册,
    转让中
	17.	 	chedaizhijia.com	 	12	 	2015/08/17	 	16771968	 	2016/06/14	 	已注册,
    转让中
	18.	 	chedaizhijia.com	 	36	 	2015/08/17	 	16771969	 	2016/06/14	 	已注册,
    转让中
	19.	 	chedaizhijia.com	 	41	 	2015/08/17	 	16771986	 	2016/06/14	 	已注册,
    转让中
	20.	 	chedaizhijia.com	 	42	 	2015/09/11	 	16771970	 	2016/06/14	 	已注册,
    转让中
	21.	 	chedaizhijia.com	 	45	 	2015/09/01	 	16771987	 	2016/06/14	 	已注册,
    转让中
	22.	 	chedaizhijia.com	 	35	 	2015/09/11	 	16771984	 	2016/06/14	 	已注册,
    转让中
	23.	 	chedaizhijia.com	 	38	 	2015/09/11	 	16771985	 	2016/06/14	 	已注册,
    转让中Exhibit 4.31

 

AMENDMENT
TO CONVERTIBLE NOTE PURCHASE AGREEMENT

 

This
AMENDMENT TO CONVERTIBLE NOTE PURCHASE Agreement (this “Amendment”) is
made and effective as of June 13, 2016 (the “Effective Date of Amendment”) by and among Bitauto Holdings Limited,
a Cayman Islands company (the “Company”), PA Grand Opportunity Limited, a British Virgin Islands company (the
“Purchaser Representative”), and the purchasers named in the Purchase Agreement (defined below) (the “Purchasers”).
The Company, the Purchaser Representative and the Purchasers are hereinafter also referred to collectively as the “Parties”
and individually as a “Party.”

 

RECITALS

 

AThe
Parties entered into a convertible note purchase agreement dates as of June 6, 2016 (the “Purchase Agreement”).

 

BThe
Parties intend to clarify the aggregate amount of principal value and the aggregate amount of purchase price contemplated under
the Purchase Agreement.

 

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

 

1.          DEFINITIONS
AND INTERPRETATION.

 

Capitalized
terms used herein shall have, unless expressly defined in this Amendment, the same meanings as ascribed to such terms in the Agreement.

 

2.          AMENDMENTS
TO THE AGREEMENT.

 

The
Parties hereby agree the following amendments to the Agreement:

 

		2.1.	Section
                                         2.1 of the Purchase Agreement is amended and restated in full to read as follows:

 

“2.1
Sale and Issuance of the Notes. Subject to the terms and conditions of this Agreement, at the Closing, the Company agrees
to issue and sell to the Purchasers the Notes with an aggregate principal value of US$150,000,000 allocated in accordance with
the Schedule of Purchasers and, in exchange, upon the basis of the representations, warranties and agreements of the Company herein
contained and subject to all the terms and conditions set forth herein, the Purchasers jointly and severally agree to subscribe
for and purchase the Notes from the Company for an aggregate price of US$150,000,000 (being 100% of the face value thereof) (the
“Purchase Price”).”

 

		2.2.	Schedule
                                         2 of the Purchase Agreement is amended and restated in full to read as follows:

 

	 Name
	 	Jurisdiction	 	Address	 	Note
    Allocation	 
	PA Grand Opportunity
    Limited	 	British Virgin Islands	 	Commence Chambers,
    P.O. Box 2208, Road Town, Tortola, British Virgin Islands	 	US$150,000,000	 

 

    	 	1	 

     

    

 

3.          GENERAL
PROVISIONS.

 

3.1.          Save
and except as specifically contemplated herein, the provisions of the Purchase Agreement remain in full force and effect, un-amended
as of the date hereof.

 

3.2.          This
Amendment is governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law
rules thereunder.

 

3.3.          This
Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. Signatures in the form of facsimile or electronically imaged “PDF”
shall be deemed to be original signatures for all purposes hereunder.

 

3.4.          The
dispute resolution mechanism under Section 6.2 and Section 6.12 of the Purchase Agreement shall apply mutatis mutandis to any
dispute arising from or in connection with this Amendment.

 

[Remainder
of this page intentionally left blank]

 

    	 	2	 

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Amendment as of the Effective Date of Amendment first set forth above.

 

	 	 BITAUTO HOLDINGS
        LIMITED

        

	 	 
	 	By:	/s/
Bin Li
	 	 	Name:	 
	 	 	Title:	 

 

[Signature
Page to Amendment to Convertible Note Purchase Agreement]

 

     

     

    

  

IN
WITNESS WHEREOF, the Parties have executed this Amendment as of the Effective Date of Amendment first set forth above.

 

	 	PA GRAND
    OPPORTUNITY Limited
	 	 
	 	as
                                         a Purchaser and the Purchaser Representative for and on behalf of all Purchasers

        

	 	 
	 	By:	/s/
    Jon Robert Lewis
	 	 	Name:	Jon
    Robert Lewis
	 	 	Title:	Director
    of PAX Secretaries Limited

 

[Signature
Page to Amendment to Convertible Note Purchase Agreement]

 

     

     

    

  

EXECUTION VERSION

 

 

 

CONVERTIBLE NOTE PURCHASE AGREEMENT

by and among

BITAUTO HOLDINGS LIMITED

PA GRAND OPPORTUNITY LIMITED

and

PURCHASERS NAMED HEREIN

Dated as of June 6, 2016

  

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	Definitions and Interpretation	 
	 	 	 
	Section 1.1	Definitions	1
	 	 	 
	Section 1.2	Interpretation and Rules of Construction	6
	 	 	 
	ARTICLE II	Purchase and Sale of the Notes	 
	 	 	 
	Section 2.1	Sale and Issuance of the Notes	7
	 	 	 
	Section 2.2	Closing	7
	 	 	 
	Section 2.3	Purchasers and Purchaser Representative	8
	 	 	 
	ARTICLE III	Representations and Warranties	 
	 	 	 
	Section 3.1	Representations and Warranties of the Company	9
	 	 	 
	Section 3.2	Representations and Warranties of the Purchasers	18
	 	 	 
	ARTICLE IV	Conditions	 
	 	 	 
	Section 4.1	Conditions to the Purchasers’ Obligations	20
	 	 	 
	Section 4.2	Conditions to the Company’s Obligations	21
	 	 	 
	Section 4.3	Conditions of Each Party’s Obligations	21
	 	 	 
	ARTICLE V	Covenants	 
	 	 	 
	Section 5.1	Conversion Shares and Conversion ADSs	21
	 	 	 
	Section 5.2	Use of Proceeds	22
	 	 	 
	Section 5.3	Indenture	22
	 	 	 
	Section 5.4	Restriction on Sale of ADSs and Ordinary Shares	22
	 	 	 
	Section 5.5	Purchaser Representative	22

 

    	 	i	 

     

    

 

	Section 5.6	Euroclear	22
	 	 	 
	Section 5.7	Further Assurances	22
	 	 	 
	ARTICLE VI	Miscellaneous	 
	 	 	 
	Section 6.1	Successors and Assigns; No Third Party Beneficiaries	23
	 	 	 
	Section 6.2	Governing Law; Selection of Forum; Submission to Jurisdiction; Service of Process.	23
	 	 	 
	Section 6.3	Specific Performance	24
	 	 	 
	Section 6.4	Counterparts	24
	 	 	 
	Section 6.5	Notices	24
	 	 	 
	Section 6.6	Fees and Expenses	25
	 	 	 
	Section 6.7	Entire Agreement	25
	 	 	 
	Section 6.8	Amendment	25
	 	 	 
	Section 6.9	Waiver and Extension	26
	 	 	 
	Section 6.10	Severability	26
	 	 	 
	Section 6.11	Public Disclosure	26
	 	 	 
	Section 6.12	Waiver of Jury Trial	27
	 	 	 
	Section 6.13	Further Assurances	27
	 	 	 
	Section 6.14	Effectiveness	27
	 	 	 
	Section 6.15	Termination	27

 

	SCHEDULE 1	SIGNIFICANT SUBSIDIARIES
	SCHEDULE 2	SCHEDULE OF PURCHASERS
	EXHIBIT A	FORM OF CONVERTIBLE NOTE
	EXHIBIT B	FORM OF OPINION OF CAYMAN ISLANDS COUNSEL
	EXHIBIT C	FORM OF REGISTRATION RIGHTS AGREEMENT
	EXHIBIT D	FORM JOINDER

 

    	 	ii	 

     

    

 

THIS CONVERTIBLE NOTE PURCHASE AGREEMENT (this
“Agreement”) is made on June 6, 2016, by and among:

 

(1)          Bitauto
Holdings Limited, a Cayman Islands company (the “Company”);

 

(2)          PA
Grand Opportunity Limited, a British Virgin Islands company (the “Purchaser Representative”); and

 

(3)          the
purchasers listed in the Schedule of Purchasers (the “Purchasers”).

 

WITNESSETH:

 

WHEREAS, the Company desires to issue, sell and
deliver to the Purchasers, and the Purchasers desire to purchase from the Company, the Notes (as defined below) pursuant to the
terms and subject to the conditions of this Agreement;

 

WHEREAS, the Company, the Purchaser Representative
and the Purchasers desire to enter into this Agreement on the terms and conditions hereof.

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual representations, warranties, covenants and agreements set forth herein, as well as other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

ARTICLE
I

Definitions and Interpretation

 

Section 1.1           Definitions.
As used herein, the following terms shall have the meanings set forth below:

 

“2006 Plan”
means the Company’s share incentive plan, adopted on December 31, 2006.

 

“2010 Plan”
means the Company’s share incentive plan, adopted on February 8, 2010.

 

“2012 Plan” means the Company’s
share incentive plan, adopted on August 7, 2012.

 

“Accounting Principles” means
(i) with respect to any date or period on or prior to December 31, 2015, the International Financial Reporting Standards as issued
by the International Accounting Standards Board, and (ii) with respect to any date or period after December 31, 2015, the Generally
Accepted Accounting Principles of the United States.

 

“Additional Affiliate Holders”
means, to the extent applicable, additional holders of the Notes or any portion thereof that are Affiliates of the Purchaser Representative.

 

“ADR” shall have the meaning
ascribed to this term in Section 3.1(c).

 

     

     

    

 

“ADS” means an American depositary
share, representing one Ordinary Share of the Company as of the date hereof.

 

“Affiliate” means, with respect
to any specified Person, any Person that controls, is controlled by, or is under common control with such Person. For purposes
of this definition, the term “control” (including the terms “controlling,” “controlled by”
and “under common control with”), when used with respect to any specified Person, means the possession, directly or
indirectly, individually or together with any other Person, of the power to direct or to cause the direction of the management
and policies of a Person, whether through ownership of voting securities or other interests, by contract or otherwise.

 

“Agreement” shall have the
meaning ascribed to this term in the preamble hereto.

 

“Anti-Money Laundering Laws”
shall have the meaning ascribed to this term in Section 3.1(f)(iv).

 

“Board of Directors” means
the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

 

“Business Day” means any day
that is not a Saturday, a Sunday or other day on which banking institutions in the Cayman Islands, the State of New York, Beijing,
Shanghai or Hong Kong are required by Law to be closed.

 

“Closing” shall have the meaning
ascribed to this term in Section 2.2(a).

 

“Closing Date” shall have the
meaning ascribed to this term in Section 2.2(a).

 

“Company” has the meaning ascribed
to this term in the preamble hereto.

 

“Company Financial Statements”
shall have the meaning ascribed to this term in Section 3.1(h)(ii).

 

“Company Material Adverse Effect”
means any change, event, circumstance, development or effect that, individually or in the aggregate, has had or would reasonably
be expected to have a material adverse effect on (a) the business, condition (financial or otherwise), prospects, results of operations,
shareholders’ equity, assets or liabilities of the Company and the Significant Subsidiaries, taken as a whole, or (b) the
authority or ability of the Company to duly perform its obligations under this Agreement, the Registration Rights Agreement or
the Notes; provided, however, that for purposes of clause (a) above, no change, event, circumstance, development
or effect attributable to or resulting from any of the following shall be deemed to be, or taken into account in determining whether
there has been or would reasonably be expected to be, a Company Material Adverse Effect: (i) changes, events, developments
or circumstances in or affecting general economic conditions or the securities, credit or financial markets in general (including
interest rates and exchange rates), (ii) changes, events, developments or circumstances generally affecting the industries
in which any of the Company and the Significant Subsidiaries operate, (iii) changes or developments in the Accounting Principles,
other applicable accounting rules or applicable Law, or the enforcement or interpretation thereof, or changes or developments in
political, regulatory or legislative conditions, (iv) changes, events, circumstances or developments resulting from any weather-related
or other force majeure event or natural disaster (including hurricane, tornado, flood, earthquake, tsunami or volcano eruption)
or outbreak or escalation of hostilities or acts of war (whether or not declared) or terrorism, (v) any failure by the Company
or any of the Significant Subsidiaries to meet any internal or published projections, forecasts, estimates or projections or analysts’
expectations in respect of revenues, cash flow, earnings or other financial or operating metrics for any period or (vi) any
changes in the market price or trading volume of Ordinary Shares or ADSs; provided, however, that (x) the underlying
cause(s) of such change or failure shall not be excluded in the case of clauses (v) and (vi) (unless otherwise excepted under the
foregoing clauses (i) through (iv)) and (y) any changes, events, circumstances or developments referred to in clauses (i),
(ii), (iii) and (iv) shall not be excluded to the extent the same disproportionately affect (individually or together with other
changes, events, circumstances or developments) the Company and the Significant Subsidiaries, taken as a whole, as compared to
other similarly situated Persons operating in the same principal industries in which the Company and the Significant Subsidiaries
operate.

 

    	 	2	 

     

    

 

“Company SEC Documents” shall
have the meaning ascribed to this term in Section 3.1(h)(i).

 

“Conversion ADSs” means the
ADSs into which the Notes are convertible.

 

“Conversion Shares” means the
Ordinary Shares represented by the Conversion ADSs.

 

“Credit Support Documents”
shall have the meaning ascribed to this term in the Swap Agreement.

 

“Deposit Agreement” means the
deposit agreement dated November 2010 between the Company and the Depositary.

 

“Depositary” means Citibank,
N.A., the depositary of the Company’s ADS program.

 

“Exchange Act” means the United
States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“FCPA” shall have the meaning
ascribed to this term in Section 3.1(f)(ii).

 

“Governmental Authority” means
any federal, national, supranational, state, provincial, local, municipal or other government, any governmental, quasi-governmental,
supranational, judicial, regulatory or administrative authority (including any governmental division, department, agency, commission,
instrumentality, organization, unit or body, political subdivision, and any court or other tribunal) or any stock exchange or self-regulatory
organization (including the NYSE) with competent jurisdiction.

 

“Governmental Order” means
any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority.

 

    	 	3	 

     

    

 

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

 

“Indenture” means the indenture
dated as of the Closing Date between the Company and the Trustee.

 

“Intellectual Property” means
all (i) trademarks, service marks, brand names, certification marks, collective marks, d/b/a’s, Internet domain names, logos,
symbols, trade dress, trade names, and other indicia of origin, all applications and registrations for the foregoing, and all goodwill
associated therewith and symbolized thereby, including all renewals of same; (ii) inventions and discoveries, whether patentable
or not, and all patents and applications therefor, including provisional applications, divisions, continuations, continuations-in-part,
extensions, reexaminations and reissues; (iii) confidential information, trade secrets and know-how, including processes, schematics,
business methods, formulae, drawings, prototypes, models, designs, customer lists and supplier lists; (iv) published and unpublished
works of authorship, whether copyrightable or not (including, without limitation, databases and other compilations of information),
copyrights therein and thereto, and registrations and applications therefor, and all renewals, extensions, restorations and reversions
thereof; and (v) other intellectual property or proprietary rights.

 

“Law” means any statute, law,
ordinance, regulation, rule, code, order, judgment, writ, injunction, decree or requirement of law (including common law) enacted,
issued, promulgated, enforced or entered by a Governmental Authority.

 

“Lien” means, with respect
to any property or asset, any mortgage, pledge, claim, security interest, easement, covenant, restriction, reservation, defect
in title, encroachment or other encumbrance, lien (choate or inchoate), charge, equity, or other restriction or limitation, whether
arising by contract or under Law.

 

“Lock-up Period” shall have
the meaning ascribed to this term in Section 5.4.

 

“Lock-up Securities” shall
have the meaning ascribed to this term in Section 5.4.

 

“Notes” means the convertible
note(s) issued to the Purchasers in the aggregate principal value set forth in Section 2.1 pursuant to this Agreement, the
form of which is attached hereto as Exhibit A.

 

“NYSE” means The New York Stock
Exchange.

 

“Ordinary Shares” means ordinary
shares of the Company, par value US$0.00004 per ordinary share.

 

“Permits” shall have the meaning
ascribed to this term in Section 3.1(f)(v).

 

“Person” means an individual,
a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an
unincorporated organization or a Governmental Authority.

 

    	 	4	 

     

    

 

“PFIC” shall have the meaning
ascribed to this term in Section 3.1(r).

 

“Proceeding” means any action,
suit, claim, litigation, arbitration, proceeding (including any civil, criminal, administrative or appellate proceeding), hearing,
investigation or public inquiry commenced, brought, conducted or heard by or before, or otherwise involving, any arbitrator, arbitration
panel, court or other Governmental Authority.

 

“Purchase Price” shall have
the meaning ascribed to this term in Section 2.1.

 

“Purchaser Material Adverse Effect”
means any change, event, circumstance, development or effect that, individually or in the aggregate, has had or would reasonably
be expected to have a material adverse effect on the authority or ability of a Purchaser to duly perform its obligations under
this Agreement.

 

“Purchaser Representative”
shall have the meaning ascribed to this term in the preamble hereto.

 

“Registration Rights Agreement”
shall have the meaning ascribed to this term in Section 2.2(d)(iii).

 

“Sanctions” shall have the
meaning ascribed to this term in Section 3.1(f)(iii).

 

“Sarbanes-Oxley Act” shall
have the meaning ascribed to this term in Section 3.1(h)(i).

 

“Schedule of Purchasers” means
the Schedule 2 hereto, which may be updated in accordance with this Agreement from time to time on or prior to the Closing.

 

“SEC” means the United States
Securities and Exchange Commission.

 

“Securities Act” means the
United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Significant Subsidiaries”
means the entities set forth on Schedule 1 hereto.

 

“Structured Entities” shall
have the meaning ascribed to this term in Section 3.1(p).

 

“Subscription Agreement” means
the subscription agreement to be entered into by and among the Company, JD.com Global Investment Limited, Morespark Limited, and
Baidu Holdings Limited on the date hereof.

 

“Subsidiary” means, as of the
relevant date of determination, with respect to any Person (the “subject entity”), (i) any Person (x) more than fifty
percent (50%) of whose shares or other interests entitled to vote in the election of directors or (y) more than fifty percent
(50%) interest in the profits or capital of such Person are owned or controlled directly or indirectly by the subject entity or
through one (1) or more Subsidiaries of the subject entity, (ii) any Person, including for the avoidance of doubt any “variable
interest entity,” whose financial statements, or portions thereof, are or are intended to be consolidated with the financial
statements of the subject entity for financial reporting purposes in accordance with the Accounting Principles or (iii) any Person
with respect to which the subject entity has the sole power to control or otherwise direct the business and policies of that entity
directly or indirectly through another subsidiary or otherwise.

 

    	 	5	 

     

    

 

“Swap Agreement” means the
2016 ISDA Master Agreement and the Confirmation regarding Corporate Convertible Bond Total Return Swap, each dated as of the date
hereof, by and between PA Grand Opportunity Limited and Ease Win Enterprises Limited.

 

“Trustee” means a reputable
bank to be engaged by the Company prior to Closing to act as the trustee for the Notes.

 

Section 1.2          Interpretation
and Rules of Construction. In this Agreement, except to the extent otherwise provided or that the context otherwise requires:

 

(a)          The
words “party” and “parties” shall be construed to mean a party or the parties to this Agreement, and any
reference to a party to this Agreement or any other agreement or document contemplated hereby shall include such party’s
successors and permitted assigns.

 

(b)          When
a reference is made in this Agreement to an article, section or clause, such reference is to an article, section or clause of this
Agreement.

 

(c)          The
headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation of this
Agreement.

 

(d)          Whenever
the words “include,” “includes” or “including” are used in this Agreement, they are deemed
to be followed by the words “without limitation.”

 

(e)          The
words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement,
refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

(f)          All
terms defined in this Agreement have the defined meanings when used in any certificate or other document made or delivered pursuant
hereto, unless otherwise defined therein.

 

(g)         The
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms.

 

(h)         The
use of “or” is not intended to be exclusive unless expressly indicated otherwise.

 

(i)          The
term “US$” means United States Dollars.

 

(j)          The
term “days” shall refer to calendar days.

 

    	 	6	 

     

    

 

(k)          The
word “will” shall be construed to have the same meaning and effect as the word “shall.”

 

(l)          A
reference to any legislation or to any provision of any legislation shall include any modification, amendment, re-enactment thereof,
any legislative provision substituted therefor and all rules, regulations and statutory instruments issued or related to such legislation.

 

(m)          References
herein to any gender include the other gender.

 

(n)          The
parties hereto have each participated in the negotiation and drafting of this Agreement and if any ambiguity or question of interpretation
should arise, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof
shall arise favoring or burdening either party by virtue of the authorship of any of the provisions in this Agreement or any interim
drafts thereof.

 

ARTICLE
II

Purchase and Sale of the Notes

 

Section 2.1          Sale
and Issuance of the Notes. Subject to the terms and conditions
of this Agreement, at the Closing, the Company agrees to issue and sell to the Purchasers the Notes with an aggregate principal
value up to US$150,000,000 allocated in accordance with the Schedule of Purchasers and, in exchange, upon the basis of the representations,
warranties and agreements of the Company herein contained and subject to all the terms and conditions set forth herein, the Purchasers
jointly and severally agree to subscribe for and purchase the Notes from the Company for an aggregate price up to US$150,000,000
(being 100% of the face value thereof) (the “Purchase Price”).

 

Section 2.2          Closing.

 

(a)          Subject
to the satisfaction or waiver of the conditions set forth in Article IV, the closing of the transactions described in this
Agreement (the “Closing”) shall occur at 10:00 a.m., Hong Kong time, on a date as the parties hereto shall mutually
agree in writing (the “Closing Date”).

 

(b)          The
Closing shall take place at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, 42/F, Edinburgh Tower, The Landmark, 15
Queen’s Road Central, Hong Kong, or at such other place as the parties hereto shall mutually agree in writing.

 

(c)          At
the Closing, the Purchasers shall jointly and severally pay and deliver the Purchase Price to the Company in U.S. dollars by wire
transfer, or by such other method as the parties hereto may mutually agree, of immediately available funds to a bank account designated
in writing by the Company to the Purchaser Representative at least two (2) Business Days prior to the Closing.

 

(d)         At
the Closing, the Company shall

 

    	 	7	 

     

    

 

(i)          deliver
to each of the Purchaser a Note dated as of the Closing Date and registered in the name of the applicable Purchaser;

 

(ii)         deliver
to the Purchaser Representative an opinion of Conyers Dill & Pearman, Cayman Islands counsel to the Company, dated as of the
Closing Date and substantially in the form attached hereto as Exhibit B;

 

(iii)        execute
and deliver to the Purchasers the Registration Rights Agreement substantially in the form attached hereto as Exhibit C (the
“Registration Rights Agreement”);

 

(iv)        deliver
to the Purchaser Representative a certificate, dated as of the Closing Date and signed by the Chief Executive Officer or the Chief
Financial Officer of the Company, certifying on behalf of the Company that the conditions specified in Section 4.1(a) and
(b) hereof have been fulfilled and in form and substance reasonably satisfactory to the Purchaser Representative;

 

(v)         deliver
to the Purchaser Representative reasonable evidence of the Notes being accepted for clearing through Euroclear (including without
limitation the availability of ISIN Code and the Common Code); and

 

(vi)        deliver
to the Purchaser Representative a copy of the Indenture for the Notes duly executed by the Company and the Trustee.

 

Section 2.3          Purchasers
and Purchaser Representative.

 

(a)         On
or prior to the Closing, by a written notice to the Company at least three (3) Business Days in advance, the Purchaser Representative
may update the Schedule of Purchasers to include the names of additional Purchasers and allocation of the Notes among multiple
Purchasers, provided that (i) each of such Purchasers shall be an Affiliate of the Purchaser Representative, and (ii) each of such
Purchasers shall have signed a joinder substantially in the form attached hereto as Exhibit D to become a party to this
Agreement as a Purchaser prior to or upon Closing.

 

(b)         Each
of the Purchasers hereby constitutes and appoints, and to the extent applicable shall cause each Additional Affiliate Holder to
appoint, the Purchaser Representative as its representative and its true and lawful attorney-in-fact, with full power and authority
in each of its name and on behalf of each of them:

 

(i)          to
act on behalf of each of the Purchasers or any one of them in the absolute discretion of the Purchaser Representative, with respect
to all provisions hereof;

 

(ii)         in
general, to do all things and to perform all acts, including executing and delivering all agreements, certificates, receipts, notices,
instructions and other instruments contemplated by or deemed advisable to effectuate the provisions hereof; and

 

    	 	8	 

     

    

 

(iii)        to
act in accordance with Section 5.5.

 

(c)          The
appointment and grant of power and authority in accordance with Section 2.3(b) is coupled with an interest and is in consideration
of the mutual covenants made herein and is irrevocable and shall not be terminated by any act of any Purchaser or any Additional
Affiliate Holder or by operation of law. Each of the Purchasers and applicable Additional Affiliate Holders hereby consents to
the taking of any and all actions and the making of any decisions required or permitted to be taken or made by the Purchaser Representative
pursuant to this Agreement. The Company shall not be liable to any Purchaser or any Additional Affiliate Holder for its reliance
on any action taken or omitted to be taken by the Purchaser Representative on behalf of the Purchaser or Additional Affiliate Holder
pursuant to the power and authority conferred in Section 2.3(b). Each of the Purchasers and applicable Additional Affiliate
Holders agrees that the Company shall be entitled to rely on any agreement, settlement, notice, waiver, decision, act, consent
or instruction of the Purchaser Representative, including an amendment, extension or waiver of this Agreement, and that each action
of the Purchaser Representative pursuant to the power and authority conferred in Section 2.3(b) shall constitute a decision
of all the Purchasers and any Additional Affiliate Holders and shall be final, binding and conclusive upon all the Purchasers and
any Additional Affiliate Holders as if all the Purchasers and any Additional Affiliate Holders had taken such action.

 

ARTICLE
III

Representations and Warranties

 

Section 3.1           Representations
and Warranties of the Company. Except as set forth in the Company SEC Documents (excluding any disclosures set forth in risk
factors or any “forward looking statements” within the meaning of the Securities Act or the Exchange Act), in connection
with the transactions provided for herein, the Company hereby represents and warrants to the Purchasers that, as of the date hereof
and as of the Closing:

 

(a)          Organization,
Good Standing and Qualification. The Company is an exempted company, duly incorporated, validly existing and in good standing
under the Laws of the Cayman Islands and each of the Company’s Significant Subsidiaries is duly incorporated or organized,
validly existing and in good standing (where such concept is applicable) under the Laws of the jurisdiction of its incorporation
or organization. The Company and each of its Significant Subsidiaries has the requisite corporate power and authority to own or
lease all of its properties and assets and to carry on its business as it is now being conducted, and is duly licensed or qualified
to do business in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties
and assets owned or leased by it makes such licensing or qualification necessary, except where the failure so to qualify or to
be in good standing would not, individually or in the aggregate, result in a Company Material Adverse Effect.

 

    	 	9	 

     

    

 

(b)          Authorization.
The Company has all requisite corporate power to enter into this Agreement, the Registration Rights Agreement and the Notes and
to carry out and perform its obligations hereunder and thereunder. The execution, delivery and performance of each of this Agreement,
the Registration Rights Agreement and the Notes by the Company have been duly authorized by all necessary corporate action on the
part of the Company, its officers, directors and shareholders. Each of this Agreement, the Registration Rights Agreement and the
Notes has been or will be (as appropriate) duly executed and delivered by the Company and, assuming due authorization, execution
and delivery by the Purchaser Representative or the Purchasers, as appropriate, constitutes a legal, valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms, except as enforcement may be limited by general principles
of equity, whether applied in a court of Law or a court of equity, and by applicable bankruptcy, insolvency and similar Law affecting
creditors’ rights and remedies generally. Without limiting the generality of the foregoing, no approval by any one or more
shareholders of the Company is required in connection with this Agreement, the Registration Rights Agreement or the Notes, the
performance by the Company of its obligations hereunder or thereunder, or the consummation by the Company of the transactions contemplated
hereby or thereby, including issuance of the Conversion ADSs and Conversion Shares.

 

(c)          Valid
Issuance. The Notes have been duly and validly authorized for issuance and sale to the Purchasers by the Company, and when
issued and delivered by the Company against payment therefor by the Purchasers in accordance with the terms of this Agreement,
the Notes will be legally binding and valid obligations of the Company and enforceable against the Company in accordance with its
terms, except as enforcement may be limited by general principles of equity, whether applied in a court of Law or a court of equity,
and by applicable bankruptcy, insolvency and similar Law affecting creditors’ rights and remedies generally. At or prior
to the Closing and at all times thereafter, the Company will have authorized and have available for issuance at least the number
of Ordinary Shares to be deposited with the Depositary in respect of the Conversion ADSs into which the Notes may be converted.
The Conversion Shares and Conversion ADSs have been duly authorized for issuance and, when issued upon conversion of the Notes
will be duly and validly issued, fully paid and non-assessable, assuming due issuance of the Conversion ADSs by the Depositary,
and will not be subject to any pre-emptive or similar rights and will rank pari passu in all respects with all other existing
Ordinary Shares and ADSs. For the purposes of this representation, the term “non-assessable” in relation to the Conversion
Shares and Conversion ADSs means that holders of such Conversion Shares and Conversion ADSs, having fully paid up all amounts due
on such Conversion Shares and Conversion ADSs, are under no further personal liability to contribute to the assets or liabilities
of the Company in their capacities purely as holders of such Conversion Shares and Conversion ADSs. The Deposit Agreement has been
duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery by the Depositary,
constitutes a valid and legally binding obligation of the Company, enforceable in accordance with its terms, subject, as to enforceability,
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to
or affecting creditors’ rights and to general equity principles. Upon due execution and delivery by the Depositary of American
depositary receipts (“ADRs”) evidencing the Conversion ADSs to be issued upon conversion of the Notes and the
deposit of the Conversion Shares in respect thereof in accordance with the provisions of the Deposit Agreement, such ADRs will
be duly and validly issued and the holders of such ADRs will be entitled to the rights specified therein and in the Deposit Agreement.

 

    	 	10	 

     

    

 

(d)          No
Violation. The execution, delivery and performance by the Company of this Agreement, the Registration Rights Agreement and
the Notes, the issuance of the Conversion ADSs and Conversion Shares and the consummation of the other transactions contemplated
hereby and thereby, do not and will not (i) violate, conflict with or result in the breach of any provision of the memorandum
and articles of association (or similar organizational documents) of the Company or any of its Significant Subsidiaries, (ii) subject
to the truth and accuracy of the representations and warranties of the Purchasers in Section 3.2, conflict with or violate
any Law or Governmental Order applicable to the Company or any of its Significant Subsidiaries or the assets, properties, businesses
or operations of the Company or any of its Significant Subsidiaries or (iii) conflict with, result in any breach of, constitute
a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent
under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of, any note,
bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement
to which the Company or any of its Significant Subsidiaries is a party or result in the creation of any Liens upon any of the properties
or assets of the Company or any of its Significant Subsidiaries, other than, in the case of clauses (ii) and (iii) above, any such
conflict, violation, default, termination, amendment, acceleration, suspension, revocation, cancellation or encumbrance that would
not have, individually or in the aggregate, a Company Material Adverse Effect.

 

(e)          Consents
and Approvals. Subject to the truth and accuracy of the representations and warranties of the Purchasers in Section 3.2,
the execution, delivery and performance by the Company of this Agreement, the Registration Rights Agreement and the Notes, and
the issuance of the Conversion ADSs and Conversion Shares and the consummation of the other transactions contemplated hereby and
thereby, do not and will not require any consent, approval, authorization or other order of, action by, filing with, or notification
to, any Governmental Authority or any other party.

 

(f)          Compliance
with Applicable Laws; Permits.

 

(i)          Each
of the Company and each of its Significant Subsidiaries (A) is, and has at all times since December 31, 2015 through
the date hereof been, in compliance with applicable Laws and (B) to the knowledge of the Company, since December 31,
2015 through the date hereof, has not received notice from any Governmental Authority alleging that the Company or any of its Significant
Subsidiaries is in violation of any applicable Law, except, in the case of each of clauses (A) and (B), for such non-compliance
and violations that, individually or in the aggregate, would not have a Company Material Adverse Effect. Except as would not reasonably
be expected to have a Company Material Adverse Effect, no investigation or review by any Governmental Authority with respect to
the Company or any of its Significant Subsidiaries is pending or, to the knowledge of the Company, threatened, nor, to the knowledge
of the Company, has any Governmental Authority indicated an intention to conduct the same.

 

    	 	11	 

     

    

 

(ii)         Neither
the Company nor any of its Subsidiaries nor any of the Company’s or its Subsidiaries’ directors, officers, agents,
employees or Affiliates, in their capacity as a director, officer, agent, employee or Affiliate of the Company or any of its Subsidiaries
has taken any action that would result in a violation by such Persons of the Foreign Corrupt Practices Act of 1977, as amended,
and the rules and regulations thereunder (the “FCPA”) and any other applicable anti-corruption Laws to which
they may be subject, (B) the Company and its Subsidiaries and, to the knowledge of the Company, its Affiliates have conducted
their businesses in compliance with the FCPA and any other applicable anti-corruption Laws to which they may be subject and (C) the
Company and its Subsidiaries have instituted and maintain policies and procedures designed to ensure, and which are reasonably
expected to continue to ensure, continued compliance therewith.

 

(iii)        None
of the Company, its Subsidiaries and, the Company’s and its Subsidiaries’ respective directors, officers, and to the
Company’s knowledge, employees, representatives, agents or Affiliates has conducted or entered into a contract to conduct
any transaction with the governments or any sub-division thereof, agents or representatives, residents of, or any entity based
or resident in the countries that are currently, or at the time such transaction was conducted or such contract entered into were,
subject to any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department, the United Nations
Security Council, the European Union or Her Majesty’s Treasury (collectively, “Sanctions”); and neither
the Company nor any of its Subsidiaries has financed the activities of any person currently subject to any Sanctions. The Company
will not directly or indirectly use the proceeds from the sale of the Notes, or lend, contribute or otherwise make available such
proceeds to any Subsidiary, Affiliate, joint venture partner or other person or entity for the purpose of financing the activities
of any person currently subject to any Sanctions.

 

(iv)        None
of the Company, its Subsidiaries and, the Company’s and its Subsidiaries’ respective directors, officers, and to the
Company’s best knowledge, employees, representatives, agents or affiliates, has violated, and the Company’s participation
in the transaction contemplated hereby will not violate, any Anti-Money Laundering Laws (as defined below). As used herein, “Anti-Money
Laundering Laws” means all applicable Laws regarding anti-money laundering, including, without limitation, Title 18 U.S.
Code section 1956 and 1957, the USA Patriot Act, the Bank Secrecy Act, and international anti-money laundering principals or procedures
published by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which
the United States is a member and with which designation the United States representative to the group or organization continues
to concur, in each case as amended, and any executive order, directive, or regulation pursuant to the authority of any of the foregoing,
or any orders or licenses issued thereunder. There is no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to Anti-Money Laundering Laws
that is pending or, to the best knowledge of the Company after due inquiry, threatened.

 

    	 	12	 

     

    

 

(v)         Except
in each case as, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material
Adverse Effect, (A) the Company and its Significant Subsidiaries have, and at all times since December 31, 2015 have
had and have been in compliance with, all licenses, permits, qualifications, accreditations, approvals, registrations, consents,
authorizations, franchises, variances, exemptions and orders of any Governmental Authority (collectively, the “Permits”),
and have made all necessary filings required under applicable Laws, necessary to conduct the business of the Company and its Significant
Subsidiaries, (B) since December 31, 2015 through the date hereof, neither the Company nor any of its Significant Subsidiaries
has received any written notice of any violation of or failure to comply with any Permit or any actual or possible revocation,
withdrawal, suspension, cancellation, termination or material modification of any Permit and (C) each such Permit has been
validly issued or obtained and is in full force and effect.

 

(g)          Capitalization;
Significant Subsidiaries.

 

(i)          The
authorized capital stock of the Company consists of 1,250,000,000 Ordinary Shares, of which 60,444,168.5 were issued and outstanding
as of March 31, 2016. The Company has not issued any shares of capitals stock since March 31, 2016 except pursuant to exercise
of the outstanding share options disclosed in paragraph (ii) below and pursuant to the Subscription Agreement. Except as set forth
in this Section 3.1(g) and in the Subscription Agreement, the Company has no outstanding bonds, debentures, notes or other
obligations, the holders of which have the right to vote (or which are convertible into or exercisable for securities having the
right to vote) with the shareholders of the Company on any matter. All issued and outstanding Ordinary Shares and ADSs have been
duly authorized and validly issued and are fully paid and non-assessable, are free of preemptive rights, were issued in compliance
with applicable U.S. and other applicable securities Laws and were not issued in violation of any preemptive right, resale right,
right of first refusal, or similar right; upon issuance, the Conversion ADSs will be duly listed and admitted and authorized for
trading on the NYSE.

 

(ii)         As
of March 31, 2016, options to purchase 189,301.5 Ordinary Shares and 155,000 restricted share units were outstanding under the
2006 Plan; options to purchase 1,638,145.5 Ordinary Shares and 107,588 restricted share units were outstanding under the 2010 Plan;
and 876,330 restricted share units were granted and outstanding under the 2012 Plan. The Company has not issued any share options
or restricted share units since March 31, 2016.

 

    	 	13	 

     

    

 

(iii)        Except
as set forth above in this Section 3.1(g) and in the Subscription Agreement, there are no outstanding (A) shares of capital
stock or voting securities of the Company, (B) securities of the Company convertible into or exchangeable for shares of capital
stock or voting securities of the Company or (C) preemptive or other outstanding rights, options, warrants, conversion rights,
“phantom” stock rights, stock appreciation rights, redemption rights, repurchase rights, agreements, arrangements,
calls, commitments or rights of any kind that obligate the Company to issue or sell any shares of capital stock or other securities
of the Company or any securities or obligations convertible or exchangeable into or exercisable for, or giving any Person a right
to subscribe for or acquire, any securities of the Company, and no securities or obligations evidencing such rights are authorized,
issued or outstanding. The authorized capital stock of the Company is sufficient to accommodate any and all issuances of Ordinary
Shares or ADSs upon conversion of the Notes.

 

(iv)        All
outstanding shares of capital stock or other securities of the Significant Subsidiaries are duly authorized, validly issued, fully
paid and non-assessable (except for Beijing Xinbao Information Technology Company Limited, which has a registered capital of RMB400,000,000
of which RMB250,000,000 has been paid while the remaining RMB150,000,000 has not become payable yet, and Bitauto (Tianjin) Commerce
Company Limited, which has a registered capital of RMB20,000,000 of which RMB5,000,000 has been paid while the remaining RMB15,000,000
has not become payable yet) and all such shares or other securities of the Significant Subsidiaries (except for directors’
qualifying shares or other ownership interests required to be held by directors under applicable Law) are owned or controlled,
directly or indirectly, by the Company free and clear of any Liens except as disclosed in the Company SEC Documents.

 

(v)         Other
than the Significant Subsidiaries set forth on Schedule 1, there are no Subsidiaries that meet the definition of a
“significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act.

 

(h)          SEC
Matters; Financial Statements.

 

(i)          The
Company has filed or furnished, as applicable, on a timely basis, all registration statements, proxy statements and other statements,
reports, schedules, forms and other documents required to be filed or furnished by it with the SEC during the period since December 31,
2015 (the “Company SEC Documents”). None of the Significant Subsidiaries is required to file periodic reports
with the SEC pursuant to the Exchange Act. As of their respective effective dates (in the case of the Company SEC Documents that
are registration statements filed pursuant to the requirements of the Securities Act) and as of their respective SEC filing or
furnishing dates (in the case of all other Company SEC Documents), or in each case, if amended prior to the date hereof, as of
the date of the last such amendment: (A) each of the Company SEC Documents complied in all material respects with the applicable
requirements of the Securities Act or the Exchange Act and the Sarbanes-Oxley Act of 2002, as amended, and any rules and regulations
promulgated thereunder (the “Sarbanes-Oxley Act”) applicable to the Company SEC Documents (as the case may be)
and (B) none of the Company SEC Documents contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading.

 

    	 	14	 

     

    

 

(ii)         The
financial statements (including any related notes) contained in the Company SEC Documents (collectively, the “Company
Financial Statements”): (A) were prepared in accordance with the Accounting Principles applied on a consistent basis
throughout the periods covered thereby and (B) fairly present in all material respects the consolidated financial position
of the Company and its Subsidiaries as of the respective dates thereof and the consolidated results of operations and cash flows
of the Company and its Subsidiaries for the periods covered thereby, except as disclosed therein and as permitted under the Exchange
Act.

 

(iii)        The
Company has established and maintains a system of internal control over financial reporting (as defined in Rule 13a-15 or
15d-15, as applicable, under the Exchange Act) sufficient to provide reasonable assurance regarding the reliability of financial
reporting, including policies and procedures that (A) mandate the maintenance of records that in reasonable detail accurately
and fairly reflect the material transactions and dispositions of the assets of the Company, (B) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with the Accounting Principles,
and that receipts and expenditures of the Company are being made only in accordance with appropriate authorizations of management
and the Board of Directors and (C) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of the assets of the Company. There are no material
weaknesses or significant deficiencies in the Company’s internal controls. The Company’s auditors and the audit committee
of the board of directors of the Company have not been advised of any fraud, whether or not material, that involves management
or other employees who have a significant role in the Company’s internal controls over financial reporting. Since December
31, 2015, there has been no change in the Company’s internal control over financial reporting that has materially affected,
or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

(iv)        The
“disclosure controls and procedures” (as defined in Rules 13a-15(e) or 15d-15(e), as applicable, under the Exchange
Act) of the Company are designed to ensure that all material information required to be disclosed by the Company in the reports
that it files or submits under the Exchange Act is accumulated and communicated to the management of the Company as appropriate
to allow timely decisions regarding required disclosure.

 

    	 	15	 

     

    

 

(v)         Neither
the Company nor any of its Significant Subsidiaries is a party to, nor has any commitment to become a party to, any joint venture,
off-balance sheet partnership or any similar contract, agreement, arrangement or undertaking (including any contract, agreement,
arrangement or undertaking relating to any transaction or relationship between or among one or more of the Company and/or any of
its Significant Subsidiaries, on the one hand, and any unconsolidated Affiliate, including any structured finance, special purpose
or limited purpose entity or Person, on the other hand), or any “off-balance sheet arrangements” (as defined in Item 303(a)
of Regulation S-K promulgated by the SEC), where the result, purpose or intended effect of such contract, agreement, arrangement
or undertaking is to avoid disclosure of any material transaction involving, or material liabilities of, the Company or any of
its Significant Subsidiaries in the Company’s or such Significant Subsidiary’s published financial statements or other
Company SEC Documents.

 

(i)          Absence
of Certain Changes. Since December 31, 2015, (i) the Company and its Significant Subsidiaries have operated in the
ordinary course of business in all material respects and (ii) there has not been a Company Material Adverse Effect.

 

(j)          No
Undisclosed Liabilities. Except as has not had, and would not reasonably be expected to have, individually or in the aggregate,
a Company Material Adverse Effect, neither the Company nor any of its Significant Subsidiaries has any liabilities or obligations
of a type required to be reflected on a balance sheet in accordance with the Accounting Principles other than (i) liabilities
or obligations disclosed and provided for in the Company Financial Statements or in the notes thereto, (ii) liabilities or
obligations that have been incurred by the Company or its Significant Subsidiaries since December 31, 2015 in the ordinary
course of business or (iii) liabilities or obligations arising under or in connection with the transactions contemplated by
this Agreement or the Registration Rights Agreement.

 

(k)          Litigation.

 

(i)          As
of the date of this Agreement, there is no pending Proceeding, and, to the knowledge of the Company, since December 31, 2015,
no Person has threatened to commence any Proceeding: (i) against the Company or any of its Significant Subsidiaries or any
director or officer thereof (in their capacity as such), in each case, as would have, if decided adversely, individually or in
the aggregate, a Company Material Adverse Effect or (ii) that challenges, or would reasonably be expected to have the effect
of making illegal, restraining, enjoining or otherwise prohibiting or preventing the transactions contemplated by this Agreement
or the Registration Rights Agreement.

 

(ii)         There
is no Governmental Order in effect to which the Company or any of its Significant Subsidiaries is a party or subject which materially
interferes with the business of the Company and its Significant Subsidiaries as currently conducted, taken as a whole.

 

    	 	16	 

     

    

 

(l)          Intellectual
Property. The Company owns, or possesses the right to use, all of the Intellectual Property, licenses, permits and other authorizations
that are reasonably necessary for the operation of its business, without conflict with the rights of any other Person, except for
failures to so own, or so possess the right to use, that would not have a Company Material Adverse Effect. To the best knowledge
of the Company, no slogan or other advertising device, product, process, method, substance, part or other material now employed,
or now contemplated to be employed, by the Company or any of its Significant Subsidiaries infringes upon any rights held by any
other Person, except for such infringements that would not have a Company Material Adverse Effect. No claim or litigation regarding
any of the foregoing is pending or, to the best knowledge of the Company, threatened, which, either individually or in the aggregate,
could reasonably be expected to have a Company Material Adverse Effect.

 

(m)        Investment
Company. The Company is not, and immediately after receipt of payment for the Notes will not be, an “investment company”
within the meaning of the Investment Company Act of 1940, as amended.

 

(n)          Offering.
Subject to the truth and accuracy of the representations and warranties of the Purchasers in Section 3.2, the offer, sale
and issuance of the Notes are conducted outside the United States in an “offshore transaction” as defined in Rule 902
of Regulation S under the Securities Act and are exempt from the registration requirements of the Securities Act in reliance upon
Regulation S and the Notes are not required to be qualified under the Trust Indenture Act of 1939. No “directed selling efforts”
as defined in Rule 902 of Regulation S under the Securities Act have been made in the United States by the Company or any person
acting on its behalf in connection with the Notes.

 

(o)        Listing.
The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act and the ADSs are listed on the NYSE, and the Company
has no action pending to terminate the registration of the Ordinary Shares under the Exchange Act or delist the ADSs from NYSE,
nor has the Company received any notification that the SEC or the NYSE is currently contemplating terminating such registration
or listing. The Company is not in violation of any listing requirements of the NYSE and has no knowledge of any facts that would
reasonably be expected to lead to delisting or suspension of its ADSs from the NYSE in the foreseeable future.

 

(p)        Structured
Entities. The Company controls the structured entities set forth on Schedule 1 (the “Structured Entities”)
through a series of contractual arrangements and there is no enforceable agreement or understanding to rescind, amend or change
the nature of such captive structure or material terms of the contractual arrangements with the Structured Entities.

 

(q)        Transactions
with Directors and Officers. None of the officers or directors of the Company is presently a party to any transaction with
the Company or any of its Subsidiaries (other than for services as officers and directors including director indemnity agreements,
or the contractual arrangement that the Company uses to control its Structured Entities), including any contract, agreement or
other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from,
or otherwise requiring payments to or from any officer, director or, to the knowledge of the Company, any entity in which any officer
or director has a substantial interest or is an officer, director, trustee or partner, other than (a) for payment of salary or
consulting fees for services rendered, (b) reimbursement for expenses incurred on behalf of the Company and (c) for other employee
benefits, including stock option agreements under the 2006 Plan, 2010 Plan or the 2012 Plan.

 

    	 	17	 

     

    

 

(r)         Passive
Foreign Investment Company. The Company reasonably believes that there is a significant risk that the Company will be a Passive
Foreign Investment Company (“PFIC”) within the meaning of Section 1297(a) of the United States Internal Revenue
Code of 1986, as amended, and the regulations and published interpretations thereunder for the taxable year ending December 31,
2016 and future taxable years, but the Company has no plan or intention to conduct its business in a manner that would be reasonably
expected to result in the Company becoming a PFIC in the future under current laws and regulations.

 

(s)         Brokers.
Neither the Company nor any other Person authorized by the Company to act on its behalf has retained, utilized or been represented
by any broker or finder in connection with the transactions contemplated by this Agreement or the Registration Rights Agreement
whose fees the Purchasers would be required to pay.

 

(t)         No
Additional Representations. The Company acknowledges that the Purchasers make no representations or warranties as to any matter
whatsoever except as expressly set forth in this Agreement, the Registration Rights Agreement or in any certificate delivered by
the Purchasers to the Company in accordance with the terms hereof and thereof.

 

Section 3.2          Representations
and Warranties of the Purchasers. In connection with the transactions provided for herein, the Purchasers hereby jointly and
severally represent and warrant to the Company that, as of the date hereof and as of the Closing:

 

(a)         Existence
and Power. Each of the Purchasers is duly incorporated, validly existing and in good standing under the Laws of its jurisdiction
of organization and has all necessary corporate power and authority to enter into this Agreement, the Registration Rights Agreement
and the Notes, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and
thereby.

 

(b)         Authorization.
Each of the Purchasers has all requisite corporate or similar power to enter into this Agreement and the Registration Rights Agreement
and to carry out and perform its obligations hereunder and thereunder. The execution, delivery and performance of this Agreement
and the Registration Rights Agreement by each of the Purchaser have been duly authorized by all necessary corporate or similar
action on the part of the applicable Purchaser, its officers, directors and shareholders. Each of this Agreement and the Registration
Rights Agreement has been duly executed and delivered by the applicable Purchaser and, assuming due authorization, execution and
delivery by the Company, constitutes legal, valid and binding obligation of the applicable Purchaser, enforceable against the applicable
Purchaser in accordance with its terms, except as enforcement may be limited by general principles of equity, whether applied in
a court of Law or a court of equity, and by applicable bankruptcy, insolvency and similar Law affecting creditors’ rights
and remedies generally. Without limiting the generality of the foregoing, no approval by its shareholders is required in connection
with this Agreement, the Registration Rights Agreement and the Notes, the performance by it of its obligations hereunder and thereunder,
or the consummation by each of the Purchasers of the transactions contemplated hereby and thereby.

 

    	 	18	 

     

    

 

(c)          Purchase
Entirely for Own Account. Other than as contemplated in the Swap Agreement and the Credit Support Documents, each of the Purchasers
is acquiring the Notes for investment for its own account and not with a view to the distribution thereof in violation of the Securities
Act. Each of the Purchasers acknowledges that it can bear the economic risk of its investment in the Notes, and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the
Notes.

 

(d)          No
Violation. The execution, delivery and performance by each of the Purchasers of this Agreement, the Registration Rights Agreement
and the Notes do not and will not (i) violate, conflict with or result in the breach of any provision of its memorandum and articles
of association (or similar organizational documents), (ii) subject to the truth and accuracy of the representations and warranties
of the Company in Section 3.1, conflict with or violate any Law or Governmental Order applicable to it or any of its assets,
properties or businesses or (iii) conflict with, result in any breach of, constitute a default (or event which with the giving
of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of
termination, amendment, acceleration, suspension, revocation or cancellation of, any note, bond, mortgage or indenture, contract,
agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which it is a party or result in the
creation of any Liens upon any of its properties or assets, other than, in the case of clauses (ii) and (iii) above, any such conflict,
violation, default, termination, amendment, acceleration, suspension, revocation or cancellation that would not have, individually
or in the aggregate, a Purchaser Material Adverse Effect.

 

(e)          Governmental
Consents and Approvals. The execution, delivery and performance by each of the Purchasers of this Agreement, the Registration
Rights Agreement and the Notes do not and will not require any consent, approval, authorization or other order of, action by, filing
with, or notification to, any Governmental Authority.

 

(f)          Legend.
The Purchasers understand that the certificate representing each of the Notes will bear a legend to the following effect:

 

“THIS NOTE AND THE SECURITIES
REPRESENTED HEREBY WERE ISSUED IN AN OFFSHORE TRANSACTION TO PERSONS WHO WERE NOT U.S. PERSONS AND WERE NOT PURCHASING FOR THE
ACCOUNT OR BENEFIT OF U.S. PERSONS PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). ACCORDINGLY, THIS NOTE AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR
UNDER ANY OTHER SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES
OR TO U.S. PERSONS EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. “UNITED STATES”
AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE SECURITIES ACT. HOLDERS SHOULD BE AWARE THAT THEY MAY BE
REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.”

 

    	 	19	 

     

    

 

(g)        Regulation
S Placement. The Purchasers understand that (a) the Notes have not been registered under the Securities Act or any state securities
Laws, by reason of their issuance by the Company in a transaction exempt from the registration requirements thereof and (b) the
Notes may not be sold unless such disposition is registered under the Securities Act and applicable state securities Laws or is
exempt from registration thereunder. Each of the Purchasers represents that it is not a U.S. person and is located outside of the
United States, as such terms are defined in Rule 902 of Regulation S under the Securities Act. Each of the Purchasers (w) has conducted
its own investigation of the Company and the terms of this Agreement, the Registration Rights Agreement and the Notes, (x) has
had access to the Company’s public filings and to such business, financial and other information as it deems necessary to
make its investment decision, (y) has been afforded the opportunity to ask questions of and receive answers from the management
of the Company concerning this investment, and (z) has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to its purchase of the Notes.

 

(h)        Brokers.
Neither the Purchasers nor any other Person authorized by the Purchasers to act on their behalf has retained, utilized or been
represented by any broker or finder in connection with the transactions contemplated by this Agreement or the Registration Rights
Agreement whose fees the Company would be required to pay.

 

(i)          No
Additional Representations. The Purchasers acknowledge that the Company makes no representations or warranties as to any matter
whatsoever except as expressly set forth in this Agreement, the Registration Rights Agreement or in any certificate delivered by
the Company to the Purchaser Representative or the Purchasers in accordance with the terms hereof and thereof.

 

ARTICLE
IV

Conditions

 

Section 4.1         Conditions
to the Purchasers’ Obligations. The obligations of the Purchasers under this Agreement are subject to the satisfaction,
on or before the Closing Date, of the following conditions, any of which may be waived in writing by the Purchasers in their sole
discretion:

 

(a)        The
accuracy of the representations and warranties of the Company contained herein as of the date hereof and as of the Closing.

 

(b)        The
performance by the Company of its material obligations hereunder to be performed on or before the Closing Date (which, for the
avoidance of doubt, shall include but not limit to due execution and delivery of all the documents referred to Section 2.2(d)
at the Closing).

 

(c)        The
Company shall have obtained the written consent of ATA Global Management L.P. to allow directors of the Company to vote in favor
of the transactions contemplated by this Agreement, the Registration Rights Agreement and the Notes.

 

    	 	20	 

     

    

 

(d)        All
corporate proceedings and other legal matters incident to the authorization, form and validity of this Agreement, the Registration
Rights Agreement and the Notes and all other legal matters relating to this Agreement, the Registration Rights Agreement and the
Notes and the transactions contemplated hereby and thereby shall be reasonably satisfactory in all material respects to the Purchasers,
and the Company shall have furnished to the Purchasers all documents and information that they may reasonably request to enable
them to pass upon such matters.

 

(e)        The
Swap Agreement and the Credit Support Documents shall have been executed and delivered by the parties thereto (other than the Purchasers
or any Affiliates of the Purchasers).

 

(f)         The
Notes shall have been accepted for clearing through Euroclear.

 

(g)        There
shall exist no event or condition that would constitute an Event of Default (as defined under the Notes).

 

Section 4.2          Conditions
to the Company’s Obligations

. The obligations of the Company under this Agreement are subject
to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived in writing by the Company
in its sole discretion:

 

(a)        The
accuracy of the representations and warranties of each of the Purchasers contained herein as of the date hereof and as of the Closing.

 

(b)        The
performance by each of the Purchasers of its material obligations hereunder to be performed on or before the Closing Date.

 

Section 4.3          Conditions
of Each Party’s Obligations. The obligations of the parties under this Agreement are subject to the satisfaction, on
or before the Closing Date, of the following conditions, any of which may be waived in writing by the Company or the Purchasers,
as applicable, in its sole discretion:

 

(a)        No
Governmental Order or other Law preventing or making illegal the consummation of the transactions contemplated under this Agreement
or the Registration Rights Agreement shall be in effect.

 

ARTICLE
V

Covenants

 

Section 5.1           Conversion
Shares and Conversion ADSs

. At any time that any portion of the Notes is outstanding, the
Company shall cause to be maintained all authorizations required for the issuance of a number of Conversion Shares and Conversion
ADSs which the Company may be liable to issue upon the conversion of the Notes from time to time remaining outstanding, in accordance
with the terms and conditions of the Notes. All Conversion Shares and Conversion ADSs delivered upon conversion of the Notes shall
be newly issued shares or shares held in treasury by the Company, shall have been duly authorized and validly issued and shall
be fully paid and non-assessable and free of any Lien and shall not be subject to any pre-emptive rights or similar rights and
shall rank pari passu in all respects with other existing Ordinary Shares and ADSs. The Company will use commercially reasonable
efforts to cause any Conversion ADSs to be listed on the NYSE or, if the ADSs are no longer listed on the NYSE, the primary stock
exchange or quotation system on which the ADSs or Conversion Shares are then listed by the Company.

 

    	 	21	 

     

    

 

Section 5.2           Use
of Proceeds. The Company shall use the proceeds from the issuance and sale of Notes pursuant to this Agreement solely for
general capital expenditure use.

 

Section 5.3           Indenture.
The Company shall engage a reputable bank to act as the Trustee for the Notes and duly authorize and execute the Indenture with
the Trustee on or prior to Closing.

 

Section 5.4           Restriction
on Sale of ADSs and Ordinary Shares

. For the period of ninety (90) days after the Closing Date (the
“Lock-up Period”), other than pursuant to the Swap Agreement, the Credit Support Documents, and the Subscription
Agreement, the Company will not, without the prior written consent of the Purchaser Representative, (i) directly or indirectly,
offer, sell, pledge, contract to sell, announce the intention to sell, issue, lend, grant or purchase any option, right or warrant
for the sale of, or otherwise dispose of or transfer, any ADSs, Ordinary Shares underlying the ADSs or any securities convertible
into or exercisable or exchangeable for ADSs or Ordinary Shares (the “Lock-up Securities”), (ii) file or publicly
disclose its intention to file any registration statement under the Securities Act with respect to any of the foregoing, or (iii)
enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the
economic consequence of ownership of the Lock-up Securities, whether any such swap or transaction described in clause (i), (ii)
or (iii) above is to be settled by delivery of the Lock-up Securities, in cash or otherwise. The foregoing sentence shall not apply
to (A) the issuance of share options to the Company’s directors, officers, employees, consultants and advisors pursuant to
the 2006 Plan, 2010 Plan or the 2012 Plan, or (B) the issuance of the Ordinary Shares and ADSs upon the exercise of share options
issued by the Company pursuant to the 2006 Plan, 2010 Plan or the 2012 Plan.

 

Section 5.5           Purchaser
Representative. Following the Closing until none of the Purchaser Representative and its Affiliates hold any Notes or any
portion thereof, the Purchaser Representative shall act on behalf of (i) each of the Purchasers that hold Notes or any portion
thereof and (ii) each of any Additional Affiliate Holders, in the absolute discretion of the Purchaser Representative, with respect
to all provisions under the Notes except for Section 2.2, Article 3, and Section 5.1 of the Notes.

 

Section 5.6           Euroclear.
The Company shall use commercially reasonable efforts to enable the Notes eligible for clearing through Euroclear on or prior
to Closing.

 

Section 5.7           Further
Assurances. Each party agrees to cooperate with each other and their respective officers, employees, attorneys, accountants
and other agents, and, generally, do such other reasonable acts and things in good faith as may be necessary to effectuate the
intents and purposes of this Agreement, the Registration Rights Agreement and the Notes, subject to the terms and conditions hereof
and thereof and compliance with applicable Laws, including taking reasonable action to facilitate the filing of any document or
the taking of reasonable action to assist the other parties hereto or thereto in complying with the terms hereof or thereof.

 

    	 	22	 

     

    

 

ARTICLE
VI

Miscellaneous

 

Section 6.1           Successors
and Assigns; No Third Party Beneficiaries. This Agreement and the rights and obligations herein may not be assigned by any
party without the prior written consent of the other parties except that a Purchaser may assign this Agreement and all of its
rights and obligations hereunder to any Affiliate of the Purchaser without any consent of the Company. This Agreement shall be
binding upon and inure solely to the benefit of the parties hereto and their respective successors and permitted assigns and nothing
herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy
of any nature whatsoever, except as expressly provided in this Agreement.

 

Section 6.2           Governing
Law; Selection of Forum; Submission to Jurisdiction; Service of Process.

 

(a)          THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES
OF CONFLICT OF LAWS. The Company irrevocably consents and agrees, for the benefit of the Purchasers, that any legal action, suit
or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this
Agreement or the Notes or the transactions contemplated herein or therein shall be brought in the courts of the State of New York
or the courts of the United States located in the Borough of Manhattan, New York City, New York and hereby (i) irrevocably
consents and submits to the exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to
any action, suit or proceeding for itself in respect of its properties, assets and revenues, (ii) waives, to the fullest extent
permitted by Law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits
or proceedings arising out of or in connection with this Agreement or the Notes or the transactions contemplated herein or therein
brought in any such court, (iii) waives and agrees not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum and (iv) subject to Section 6.2(b), agrees that
service of process upon such party in any such action or proceeding shall be effective if notice is given in accordance with Section
6.5.

 

(b)          The
Company irrevocably appoints Law Debenture Corporate Service Inc. as its authorized agent in the Borough of Manhattan, New York
City, New York upon which process may be served in any such suit or proceeding, and agrees that service of process upon such agent,
and written notice of said service to the Company by the person serving the same to Bitauto Holdings Limited, New Century Hotel
Office Tower 6/F, No. 6 South Capital Stadium Road, Beijing 100044, People’s Republic of China, Attention: Mr. Bin Li, shall
be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company further agrees
to take any and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect.
If for any reason such agent shall cease to be such agent for service of process, the Company shall forthwith appoint a new agent
of recognized standing for service of process in the State of New York and deliver to the Purchasers a copy of the new agent’s
acceptance of that appointment within ten Business Days of such acceptance. Nothing herein shall affect the right of the Purchasers
to serve process in any other manner permitted by Law or to commence legal proceedings or otherwise proceed against the Company
in any other court of competent jurisdiction. To the extent that the Company has or hereafter may acquire any sovereign or other
immunity from jurisdiction of any court or from any legal process with respect to itself or its property, the Company irrevocably
waives such immunity in respect of its obligations hereunder or under the Notes.

 

    	 	23	 

     

    

 

Section 6.3           Specific
Performance. The Purchasers and the Company agree that irreparable damage would occur and that the Company and the Purchasers,
as applicable, would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached, and that money damages or other legal remedies would not be
an adequate remedy for any such failure to perform or breach. Accordingly, the Purchasers and the Company agree that in the event
of any breach or threatened breach by the Company on the one hand and the Purchasers on the other hand, of any of their respective
covenants or obligations set forth in this Agreement, the Company and the Purchasers, as applicable, shall without the necessity
of proving the inadequacy of money damages or posting a bond or other security be entitled to an injunction or injunctions to
prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms, provisions and covenants contained
herein, this being in addition to any other remedy to which they are entitled at law or in equity.

 

Section 6.4           Counterparts.
This Agreement may be signed in any number of counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

Section 6.5           Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed duly given,
made or received (i) on the date of delivery if delivered in person, (ii) on the date of confirmation of receipt of transmission
by facsimile or other form of electronic delivery (provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party) or (iii) three (3) Business Days after deposit with an internationally recognized
express courier service to the respective parties hereto at the following addresses (or at such other address for a party as shall
be specified in a notice given in accordance with this Section 6.5):

 

If to the Company, to:

 

Bitauto Holdings Limited

New Century Hotel Office Tower 6/F

No. 6 South Capital Stadium Road

Beijing 100044, People’s Republic of China

Attention: Mr. Bin Li

Facsimile: +86.10.6849.2200

 

    	 	24	 

     

    

 

with a copy to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

42/F, Edinburgh Tower, The Landmark

15 Queen’s Road Central

Hong Kong

Attention: Z. Julie Gao, Esq.

Facsimile: +852.3740.4727

 

If to the Purchaser Representative and/or to the Purchasers,
to:

 

PA Grand Opportunity Limited

Commence Chambers, P.O. Box 2208

Road Town, Tortola

British Virgin Islands

 

with a copy to:

 

15/F, AIA Central, Central, Hong Kong

Attention: Jon Lewis / Herman Fong

Facsimile: +1.284.494.2889

 

with a copy to:

 

Simpson Thacher & Bartlett

35/F, ICBC Tower

3 Garden Road Central

Hong Kong

Attention: Leiming Chen, Esq.

Facsimile: +852.2869.7694

 

Section 6.6           Fees
and Expenses. At the Closing, the Company shall reimburse the Purchasers for 50% of the reasonable fees and expenses of Simpson
Thacher & Bartlett LLP, counsel for the Purchasers, provided that the Company shall not be liable for any such fees and expenses
in excess of US$100,000.

 

Section 6.7           Entire
Agreement. Except as otherwise provided herein, this Agreement, the Registration Rights Agreement and the Notes and the other
documents delivered pursuant hereto constitute the entire agreement between the parties with respect to the subject matter of
this Agreement and supersede all prior agreements and understandings, both oral and written, between the parties and/or their
Subsidiaries and Affiliates with respect to the subject matter of this Agreement.

 

Section 6.8           Amendment.
Any provision of this Agreement may be amended if, but only if, such amendment is in writing and is duly executed and delivered
by or on behalf of each of the parties hereto.

 

    	 	25	 

     

    

 

Section 6.9           Waiver
and Extension. Any party to this Agreement may (a) extend the time for the performance of any of the obligations or other
acts of the other party, (b) waive any inaccuracies in the representations and warranties of the other party contained herein
or in any document delivered by the other party pursuant hereto or (c) waive compliance with any of the agreements of the
other party or conditions to such party’s obligations contained herein. Any such extension or waiver shall be valid only
if set forth in an instrument in writing signed by the party to be bound thereby. No waiver of any representation, warranty, agreement,
condition or obligation granted pursuant to this Section 6.9 or otherwise in accordance with this Agreement shall be construed
as a waiver of any prior or subsequent breach of such representation, warranty, agreement, condition or obligation or any other
representation, warranty, agreement, condition or obligation and no waiver of any condition granted pursuant to this Section
6.9 or otherwise in accordance with this Agreement shall be construed as a waiver of any representation, warranty, agreement
or covenant to which such condition relates. The failure of any party hereto to assert any of its rights hereunder shall not constitute
a waiver of any of such rights.

 

Section 6.10         Severability.
If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced under any applicable
Law or any Governmental Order, such term or other provision shall be excluded from this Agreement and all other terms and provisions
of this Agreement shall nevertheless remain in full force and effect for so long as the economic or legal substance of the transactions
contemplated by this Agreement is not affected in any manner materially adverse to either party hereto. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the Company and the Purchaser Representative
shall negotiate together in good faith to modify this Agreement so as to effect the original intent of both the Company and the
Purchasers as closely as possible in an acceptable manner in order that the transactions contemplated by this Agreement are consummated
as originally contemplated to the greatest extent possible.

 

Section 6.11         Public
Disclosure. Without limiting any other provision of this Agreement, the Purchaser Representative and the Company shall consult
with each other and issue a joint press release with respect to the execution of this Agreement, the Registration Rights Agreement
and the Notes and the transactions contemplated hereby and thereby. Thereafter, neither the Company nor the Purchasers, nor any
of their respective Subsidiaries, shall issue any press release or other public announcement or communication (to the extent not
previously publicly disclosed or made in accordance with this Agreement) with respect to the transactions contemplated hereby
or thereby without the prior written consent of the other party (such consent not to be unreasonably withheld, conditioned or
delayed), except to the extent a party’s counsel deems such disclosure necessary in order to comply with any Law or the
regulations or policies of any securities exchange or other similar regulatory body (in which case the disclosing party shall
give the other parties notice as promptly as is reasonably practicable of any required disclosure to the extent permitted by applicable
Law), shall limit such disclosure to the information such counsel advises is required to comply with such Law or regulations,
and if reasonably practicable, shall consult with the other party regarding such disclosure and give good faith consideration
to any suggested changes to such disclosure from the other party. Notwithstanding anything to the contrary in this Section
6.11, each of the Purchaser Representative and the Company may make public statements in response to specific questions by
the press, analysts, investors or those attending industry conferences or financial analyst conference calls, so long as any such
statements are not materially inconsistent with previous press releases, public disclosures or public statements made by the Company
and do not reveal material, non-public information regarding the other parties or the transactions contemplated by this Agreement.

 

    	 	26	 

     

    

 

Section 6.12         Waiver
of Jury Trial. EACH OF THE COMPANY AND THE PURCHASERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE REGISTRATION
RIGHTS AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Section 6.13         Further
Assurances. From time to time, each party hereto shall execute and deliver to the other party hereto such additional documents
and shall provide such additional information to such other party as such other party may reasonably require to carry out the
terms of this Agreement, the Registration Rights Agreement and the Notes.

 

Section 6.14         Effectiveness.
The provisions of this Agreement shall take effect upon the date first above written.

 

Section 6.15        Termination

 

(a)         This
Agreement shall automatically terminate upon the earliest to occur of:

 

(i)          the
written consent of each of the parties hereto; and

 

(ii)         by
either the Company or the Purchaser Representative if the Closing shall not have occurred by the 90th day after the
date of this Agreement; provided, however, that the right to terminate this Agreement under this Section 6.15
shall not be available to any party whose failure to fulfill any obligation under this Agreement shall have been the principal
cause of, or shall have resulted in, the failure of the Closing to occur on or prior to such date.

 

(b)          Upon
any termination of this Agreement, this Agreement will have no further force or effect, provided, that no termination of this Agreement
shall relieve any party hereto of liability for any breach of this Agreement prior to such termination.

 

[The rest of this page has deliberately been
left blank]

 

    	 	27	 

     

    

 

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

 

	 	BITAUTO HOLDINGS LIMITED
	 	 	 
	 	By:	/s/  Bin Li 
	 	 	 
	 	Name:	 
	 	 	 
	 	Capacity:	 

 

[Signature Page to Convertible Note Purchase
Agreement]

 

     

     

    

 

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

 

	 	PA GRAND OPPORTUNITY LIMITED
	 	 
	 	as a Purchaser and the Purchaser Representative
    for and on behalf of all Purchasers
	 	 	 
	 	By:	/s/
    Jon Robert Lewis
	 	 	 
	 	Name:	Jon Robert Lewis
	 	 	 
	 	Capacity:	Director of PAX Secretaries Limited
	 	 	 
	 	In its capacity as the Director of PA Grand Opportunity
    Limited

 

[Signature Page to Convertible Note Purchase
Agreement]

 

     

     

    

 

SCHEDULE 1

SIGNIFICANT SUBSIDIARIES

 

Subsidiaries

 

Bitauto Hong Kong Limited

Yixin Capital Limited

Yixin Capital Hong Kong Limited

Beijing Bitauto Internet Information Company
Limited

Shanghai Yixin Financing Leasing Company Limited

Shanghai Techuang Advertising Company Limited

Bitauto (Xi’an) Information Technology
Company Limited

 

Structured Entities

 

Beijing C&I Advertising Company Limited

Beijing Bitauto Information Technology Company
Limited

Beijing Easy Auto Media Company Limited

Beijing Chehui Interactive Advertising Company
Limited

Beijing Bitauto Interactive Advertising Company
Limited

Beijing You Jie Information Company Limited

Beijing Xinbao Information Technology Company
Limited

Bitauto (Tianjin) Commerce Company Limited

Beijing Bit EP Information Technology Company
Limited

Beijing Bitcar Interactive Information Technology
Company Limited

Beijing Runlin Automobile and Technology Company

Target Net (Beijing) Technology Company Limited

Beijing New Line Advertising Company Limited

Beijing BitOne Technology Company Limited

Beijing Yi Xin Information Technology Company
Limited

 

    	 	Schedule 1	 

     

    

 

SCHEDULE 2

SCHEDULE OF PURCHASERS

 

	Name	 	Jurisdiction	 	Address	 	Note Allocation
	Pacific Alliance Asia Opportunity Fund L.P.	 	Cayman Islands	 	
        PO Box 472

        2nd Floor, Harbour Place

        103 South Church Street

        George Town, Grand Cayman KY1-1106

        Cayman Islands
	 	US$	85,000,000
	PAG ASIA ALPHA LP	 	Cayman Islands	 	
        PO Box 472

        2nd Floor, Harbour Place

        103 South Church Street

        George Town, Grand Cayman KY1-1106

        Cayman Islands
	 	US$	10,000,000
	PAG-P Asia Fund L.P.	 	Cayman Islands	 	
        PO Box 472

        2nd Floor, Harbour Place

        103 South Church Street

        George Town, Grand Cayman KY1-1106

        Cayman Islands
	 	US$	15,000,000
	PA Grand Opportunity Limited	 	British Virgin Islands	 	
        Commence Chambers

        P.O. Box 2208

        Road Town, Tortola

        British Virgin Islands
	 	US$	40,000,000

 

    	 	Schedule 2	 

     

    

 

EXHIBIT A

FORM OF CONVERTIBLE NOTE

 

    	 	Exhibit A	 

     

    

 

EXHIBIT B

FORM OF OPINION OF CAYMAN
ISLANDS COUNSEL

 

    	 	Exhibit B	 

     

    

 

EXHIBIT C

FORM OF REGISTRATION
RIGHTS AGREEMENT

 

    	 	Exhibit C	 

     

    

 

EXHIBIT D

FORM JOINDER

 

This Joinder Agreement (this “Joinder
Agreement”) is made as of the date written below by the undersigned (the “Joining Purchaser”) in accordance
with the Convertible Note Purchase Agreement dated as of June 6, 2016 (the “Purchase Agreement”) between Bitauto
Holdings Limited (the “Company”), PA Grand Opportunity Limited and the Purchasers named therein. Capitalized
terms used, but not defined, herein shall have the meaning ascribed to such terms in the Purchase Agreement.

 

The Joining Purchaser hereby acknowledges, agrees
and confirms that, by its execution of this Joinder Agreement, the Joining Purchaser shall be deemed to be a party to the Purchaser
Agreement as of June 6, 2016 and shall, subject to the written consent of the Company as indicated below, have all or part of the
corresponding rights and obligations of a “Purchaser” thereunder as if it had executed the Purchase Agreement. The
Joining Purchaser hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions
contained in the Purchase Agreement.

 

	Joining Purchaser	 
	 	 	 
	By:	 	 
	Name:	 	 
	Position:	 	 
	 	 	 
	Consent by Bitauto Holdings Limited	 
	 	 	 
	By:	 	 
	Name:	 	 
	Position:	 	 
	 	 	 
	[Date]	 	 

 

    	 	Exhibit D

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