Document:

Shareholders' Agreement dated November 8, 2006

 Exhibit 4.4 
 EXECUTION VERSION 
 SHAREHOLDERS AGREEMENT 
 among 
 ML Global Private Equity Fund, L.P. 
 Merrill Lynch Ventures L.P. 2001 
 Samtung
Investment Limited 
 Hanmax Investment Limited 
 S-Yangtse Holdings Limited 
 Paraway Investment Limited 
 Lodway Investment Limited 
 Raywill Holdings
Limited 
 Spark Ventures Group Limited 
 Joyful Hub Limited 
 Jia Cheng Investment Limited 
 Silver Grant International Industries Limited 
 Wang Xiaochun 
 Wang Shaolan 
 GLHH Fund I, L.P. 

GLHH Fund II, L.P. 
 Himark Group
(Holdings) Company Limited 
 and 
 Tongjitang Chinese Medicines Company 
 November 8, 2006 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I
 DEFINITIONS

			
	 1.1
	  	 Definitions
	  	2
	 1.2
	  	 Other Definitional Provisions
	  	10
	
	 ARTICLE II
 BOARD OF DIRECTORS; RESTRICTED ACTIVITIES

			
	 2.1
	  	 Board of Directors
	  	10
	 2.2
	  	 Restricted Activities
	  	11
	 2.3
	  	 Limitation on Rights of the Buyers
	  	14
	
	 ARTICLE III
 TRANSFER OF ORDINARY SHARES

			
	 3.1
	  	 General
	  	14
	 3.2
	  	 Restrictions on Transfer
	  	14
	 3.3
	  	 Permitted Transfers
	  	15
	 3.4
	  	 Rights of First Offer
	  	16
	 3.5
	  	 Other Shareholders’ Rights of First Refusal
	  	17
	 3.6
	  	 Tag-Along Rights
	  	18
	 3.7
	  	 Execution of this Agreement
	  	19
	 3.8
	  	 Buyers’ Put Rights
	  	19
	 3.9
	  	 Restrictions on Transfer of SPV Shares
	  	21
	 3.10
	  	 The Buyers’, the Recent Investors’ and Parents’ Rights of First Refusal
	  	21
	 3.11
	  	 Compliance with Applicable Law, Etc
	  	23
	 3.12
	  	 Notices of Sales
	  	23
	
	 ARTICLE IV
 PREEMPTIVE RIGHTS

			
	 4.1
	  	 Limitation On Share Issuances
	  	24
	 4.2
	  	 Exemptions
	  	24
	
	 ARTICLE V
 REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS

			
	 5.1
	  	 Title to the Ordinary Shares
	  	24
	 5.2
	  	 Authorization
	  	25
	 5.3
	  	 No Violations
	  	25
	 5.4
	  	 Consents and Approvals
	  	25
	 5.5
	  	 Litigation
	  	25
	 5.6
	  	 No Other Shareholder Agreements
	  	25
	 5.7
	  	 Non-Competition
	  	26
	 5.8
	  	 Business Practices
	  	26
	 5.9
	  	 Tax
	  	26

  

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	 ARTICLE VI
 REPRESENTATIONS AND WARRANTIES OF THE PARENTS
	  	
			
	 6.1
	  	Title to the Ordinary Shares	  	26
	 6.2
	  	Authorization	  	26
	 6.3
	  	No Violations	  	27
	 6.4
	  	Consents and Approvals	  	27
	 6.5
	  	Litigation	  	27
	 6.6
	  	No Other Parent Agreements	  	27
	 6.7
	  	Non-Competition	  	27
	 6.8
	  	Business Practices	  	27
	
	 ARTICLE VII
 CERTAIN COVENANTS

			
	 7.1
	  	Further Actions	  	28
	 7.2
	  	Other Shareholders Agreement	  	28
	 7.3
	  	Financial Information	  	28
	 7.4
	  	Books and Records	  	29
	 7.5
	  	Maintenance of Governmental Approvals	  	29
	 7.6
	  	Maintenance of Properties; Insurance	  	29
	 7.7
	  	Labor Practices	  	30
	 7.8
	  	Access to Information	  	30
	 7.9
	  	Non-Disclosure of Confidential Information	  	30
	 7.10
	  	Competition with the Company	  	30
	 7.11
	  	Business Practices	  	31
	 7.12
	  	Restricted Activities	  	32
	 7.13
	  	The Company and the Controlling Shareholders Indemnity	  	33
	 7.14
	  	Guarantee by Wang Xiaochun	  	34
	 7.15
	  	Guarantee by Wang Shaolan	  	34
	 7.16
	  	Guarantee by Silver Grant	  	35
	 7.17
	  	No Limitation Based on Prior Knowledge	  	35
	 7.18
	  	Limitation on Indemnification	  	36
	 7.19
	  	Indemnification Procedures; Third Party Claims	  	36
	 7.20
	  	Maintenance of Shareholding by Parent Guarantors	  	37
	 7.21
	  	Compliance with Applicable Law	  	38
	 7.22
	  	Public Disclosures	  	38
	 7.23
	  	Disclosure to Boards	  	38
	 7.24
	  	Disclosure and Cooperation With Respect to Transfers	  	38
	 7.25
	  	Current Public Information	  	38
	 7.26
	  	Registration of Shareholders Agreement	  	38
	 7.27
	  	Registered Public Offering	  	39
	 7.28
	  	Liquidation Preference	  	39
	 7.29
	  	Tax	  	39

  

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	ARTICLE VIII
MISCELLANEOUS
			
	 8.1
	  	 Termination
	  	40
	 8.2
	  	 Waivers and Amendments
	  	40
	 8.3
	  	 Notices, etc
	  	40
	 8.4
	  	 Dispute Resolution.
	  	40
	 8.5
	  	 Governing Law
	  	42
	 8.6
	  	 Successors and Assigns
	  	42
	 8.7
	  	 No Third Party Beneficiaries
	  	42
	 8.8
	  	 Delays or Omissions
	  	42
	 8.9
	  	 Expenses
	  	43
	 8.10
	  	 Currency
	  	43
	 8.11
	  	 Specific Performance
	  	43
	 8.12
	  	 Entire Agreement
	  	43
	 8.13
	  	 Severability
	  	43
	 8.14
	  	 Shares Subject to Agreement
	  	44
	 8.15
	  	 Descriptive Headings; Interpretation
	  	44
	 8.16
	  	 No Strict Construction
	  	44
	 8.17
	  	 Counterparts
	  	44

  

 iii 

 SHAREHOLDERS AGREEMENT 
 SHAREHOLDERS AGREEMENT (this “Agreement”), dated November 8, 2006, is by and among ML Global Private Equity Fund, L.P., an exempted
limited partnership organized and existing under the laws of the Cayman Islands acting by its general partner MLGPE Ltd. (“MLGPE”), Merrill Lynch Ventures L.P. 2001, a limited partnership organized and existing under the laws of the
State of Delaware, United States of America (“MLV”, and together with MLGPE, the “Buyers”), GLHH Fund I, L.P., an exempted limited partnership organized and existing under the laws of the Cayman Islands, GLHH Fund
II, L.P., an exempted limited partnership organized and existing under the laws of the Cayman Islands, Himark Group (Holdings) Company Limited, a company organized and existing under the laws of the British Virgin Islands (together with GLHH Fund I,
L.P. and GLHH Fund II, L.P., the “Recent Investors”), Tongjitang Chinese Medicines Company, an exempted limited liability company organized and existing under the laws of the Cayman Islands (the “Company”), the
existing shareholders of the Company whose names and shareholdings in the Company are specified in Exhibit A hereto and other shareholders as may, from time to time, become parties to this Agreement in accordance with the provisions hereof
(individually, an “Other Shareholder” and, collectively, the “Other Shareholders” and, together with the Buyers and the Recent Investors, the “Shareholders”), Wang Xiaochun, Wang Shaolan and Silver
Grant International Industries Limited, a limited liability company organized and existing under the laws of Hong Kong, China. 
 WHEREAS,
the Company operates the business of the development, manufacturing and marketing of traditional Chinese medicines and other pharmaceutical products (the “Business”); 
 WHEREAS, the Buyers have agreed pursuant to the terms of a share purchase agreement, dated November 8, 2006 (the “Share Purchase
Agreement”), among other things, to purchase from the Company 9,929,008 newly issued Ordinary Shares, 
 WHEREAS, pursuant to the
Share Purchase Agreement, one of the conditions to the consummation of the transactions contemplated thereby is the execution of this Agreement; 
 WHEREAS, the Shareholders desire to set forth certain agreements among them as shareholders of the Company; 
 WHEREAS, Wang
Xiaochun wholly owns Hanmax Investment Limited, through which he controls and beneficially owns 63.0% of the Ordinary Shares of the Company, and Wang Xiaochun wishes to guarantee the performance and observance of the obligations of Hanmax Investment
Limited under this Agreement; 
 WHEREAS, Wang Shaolan wholly owns S-Yangtse Holdings Limited through which he controls and beneficially owns
9.7% Ordinary Shares of the Company, and Wang Shaolan wishes to guarantee the performance and observance of the obligations of S-Yangtse Holdings Limited under this Agreement; 
  

 1 

 WHEREAS, Silver Grant International Industries Limited (“Silver Grant”), a limited
liability company organized under the law of Hong Kong through its wholly owned subsidiary Samtung Investment Limited, controls and beneficially owns 12.0% the Ordinary Shares of the Company, and Silver Grant wishes to guarantee the performance and
observance of the obligations of Samtung Investment Limited under this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and of
the mutual agreements and covenants contained herein, the sufficiency of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Definitions. Unless otherwise defined herein, the following terms used in this Agreement shall have the meanings specified below: 
 “Affiliate” shall mean, with respect to any party, any Person that, alone or together with any other Person, directly or indirectly, through one or more intermediaries controls, or is controlled by,
or is under common control with, such party. For the purposes of this definition, “control” (including the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any
party shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of such party, whether through the ownership of voting securities, by contract, agency or otherwise. 
 “Agreement” shall have the meaning set forth in the recitals hereof. 
 “Applicable Law” shall mean, with respect to any Person, any statute, law, regulation, ordinance, rule, judgment, rule of common law,
order, decree, award, Governmental Approval, concession, grant, franchise, license, agreement, directive, guideline, policy, requirement, or other governmental restriction or any similar form of decision of, or determination by, or any
interpretation or administration of any of the foregoing by, any Governmental Authority, whether in effect as of the date hereof or thereafter and in each case as amended, applicable to such Person or its Subsidiaries or their respective assets.

 “Basket Amount” shall have the meaning set forth in Section 7.18(a) herein. 
 “Big Four Accounting Firms” shall mean Deloitte Touche Tohmatsu, Ernst & Young, PriceWaterhouseCoopers and KPMG, or their
successors or assigns. 
  

 2 

 “Board” shall have the meaning set forth in Section 2.1(a) herein. 
 “Business” shall have the meaning set forth in the recitals hereof. 
 “Business Day” shall mean any day excluding (i) Saturday, Sunday and any day which shall be a legal holiday in the City of New
York, United States, the Cayman Islands, the British Virgin Islands, Hong Kong or Shenzhen, China, or (ii) a day on which commercial banks in the City of New York, United States, the Cayman Islands, the British Virgin Islands, Hong Kong or
Shenzhen, China are authorized or required by law or other government actions to close. 
 “Buyers” shall have the meaning
set forth in the recitals hereof. 
 “Centre” shall have the meaning set forth in Section 8.4(b) herein. 
 “China” or “PRC” shall mean the People’s Republic of China, excluding, for the purposes of this Agreement only,
Taiwan and the special administrative regions of Hong Kong and Macau. 
 “Closing” shall mean the simultaneous closing of
the transactions contemplated under the Share Purchase Agreement, this Agreement and the Registration Rights Agreement. 
 “Code” shall mean the United States Internal Revenue Code of 1986 and any successor statute, as amended from time to time. 
 “Company” shall have the meaning set forth in the recitals hereof. 
 “Competition” shall have the meaning specified in Section 7.10(b) herein. 
 “Controlled
Substance” shall mean narcotics and substance so defined under Section 102 of the United States Controlled Substances Act, as amended. 
 “Controlling Shareholders” shall mean Hanmax and Wang Xiaochun and “Controlling Shareholder” shall mean either of them. 
 “Defaulting Party” shall have the meaning specified in Section 3.10(e) herein. 
 “Encumbrance” shall mean any lien, encumbrance, proxy, voting trust or similar arrangement, pledge, security interest, collateral
security agreement, limitations on voting rights, limitations on rights of ownership, financing statement (and similar notices) filed with any Governmental Authority, claim (including any claim as defined in the Code), charge, equities, mortgage,
pledge, objection, title defect, option, restrictive covenant, restriction on transfer or any comparable interest or right created by or arising under Applicable Law, of any nature whatsoever. 
  

 3 

 “Exercising Party” shall have the meaning specified in Section 3.10(c) herein.

 “First Parent Response Period” shall have the meaning specified in Section 3.10(b) herein. 
 “First Parent Sale Offer” shall have the meaning set forth in Section 3.10(a) herein. 
 “First Pro Rata Portion” shall have the meaning set forth in Section 3.5(b) herein. 
 “First Purchase Notice” shall have the meaning set forth in Section 3.5(b) herein. 
 “First Response Period” shall have the meaning set forth in Section 3.5(b) herein. 
 “First Sale Offer” shall have the meaning set forth in Section 3.5(a) herein. 
 “Fiscal Year” shall mean a fiscal year from January 1 to December 31. 
 “GAAP” shall mean, in the case of the Company the generally accepted accounting principles in the United States, as in effect from time
to time and as adopted by the Company or, in the case of a PRC Subsidiary, the generally accepted accounting principles in the PRC, as in effect from time to time and as adopted by such PRC Subsidiary, in each case with the consent of the
independent public accountants of the Company or its PRC Subsidiaries, as the case may be, consistently applied. 
 “Government
Official” shall mean (i) any employee or official of any government, including any employee or official of any entity owned or controlled by a government, (ii) any employee or official of a political party, (iii) any
candidate for political office or his employee, or (iv) any employee or official of an international organization. For the avoidance of doubt, the term Government Official shall include any employee or official of a hospital, clinic or other
healthcare institution owned or controlled by government. 
 “Governmental Approval” shall mean any action, order,
authorization, consent, approval, license, lease, ruling, permit, tariff, rate, certification, exemption, filing or registration by or with any Governmental Authority. 
 “Governmental Authority” shall mean any government or political subdivision thereof, governmental department, commission, board, bureau, agency, regulatory authority, instrumentality, judicial or
administrative body having jurisdiction over the matter or matters in question. 
  

 4 

 “Hanmax” shall mean Hanmax Investment Limited, a limited liability company organized and
existing under the laws of the British Virgin Islands. 
 “Immediate Family” shall mean such person’s spouse, parents,
siblings, sons, daughters, mothers and fathers-in-law, sons and daughters-in-law and brothers and sisters-in-law, grandparents, granddaughters and grandsons. 
 “Indebtedness” shall mean, as to any Person, without duplication (i) all Obligations of such Person for borrowed money or for the deferred purchase price of property or services (other than trade
payables incurred in the ordinary course of business), (ii) all Obligations of such Person evidenced by a note, bond, debenture or similar instrument, (iii) all reimbursement obligations of such Person with respect to all letters of credit
securing Obligations of the type described in clauses (i), (ii), (iv) and (v) of any other Person, but only to the extent of the Obligations secured, (iv) all Obligations under any interest rate or currency protection agreement
(including, without limitation, any swaps, forward contracts, caps, floors, collars and similar agreements) and commodity swaps, forward contracts and similar agreements and (v) all guarantees issued in respect of Obligations described in
clauses (i)-(iv) above of any other Person. 
 “Initiating Holders” shall have the meaning assigned in the Registration
Rights Agreement. 
 “Information” shall have the meaning specified in Section 7.9 herein. 
 “Lock-up Period” shall have the meaning set forth in Section 3.2(c) herein. 
 “Losses” shall mean any and all losses, claims, damages, liabilities, obligations, penalties, judgments, awards, costs, reasonable
expenses and disbursements as incurred (and any and all actions, suits, proceedings and investigations in respect thereof and any and all reasonable legal and other costs, reasonable expenses or disbursements in giving testimony or furnishing
documents in response to a subpoena or otherwise), including, without limitation, the costs, reasonable expenses and disbursements as and when incurred, of investigating, preparing or defending any such action, suit, proceeding or investigation.

 “Material Adverse Effect” shall mean, with respect to any Person, an event or series of events having a material adverse
effect on the business, condition (financial or otherwise), affairs, operations, liabilities, assets, properties or prospects of such Person or any of its Subsidiaries, individually or taken as a whole. 
 “Material Subsidiaries” shall mean Unisources Enterprises Limited and Guizhou Tongjitang Pharmaceutical Co., Ltd. 
  

 5 

 “NASDAQ Market” shall mean the electronic stock market owned by the National Association
of Securities Dealers, including NASDAQ Global Select MarketSM, NASDAQ Global MarketSM and NASDAQ Capital Market®. 
 “Obligations” shall mean, in respect of any indebtedness, any principal, interest, penalties, fees, guarantees, reimbursements and other liabilities pursuant to the terms thereof. 
 “Observer” shall have the meaning set forth in Section 2.1(b) herein. 
 “OFAC” shall have the meaning specified in Section 7.12(b) herein. 
 “Offer Notice” shall mean a notice of any Buyer’s or Recent Investor’s intent to sell the Ordinary Shares pursuant to
Section 3.4 and specifying with respect to such proposed sale, the number of the Ordinary Shares, the purchase price per Ordinary Share and all other material payment terms including, without limitation, the form of consideration and, in the
case of non-cash consideration, the specific assets and/or securities constituting such consideration. 
 “Offered Buyer
Shares” shall have the meaning set forth in Section 3.4(a) herein. 
 “Offered Shares” shall have the meaning
set forth in Section 3.5(a) herein. 
 “Offered SPV Shares” shall have the meaning set forth in Section 3.10(a)
herein. 
 “Ordinary Shares” shall mean the ordinary shares in the capital of the Company, par value U.S.$0.001 per share.

 “Organizational Documents” shall mean, with respect of any Person, the memorandum of association, articles of
association, articles of incorporation, certificate of incorporation, bylaws and any charter, partnership agreements, joint venture agreements or other Organizational documents of such entity and any amendments thereto. 
 “Original Currency” shall have the meaning set forth in Section 8.10(a) herein. 
 “Other Shareholder” shall have the meaning set forth in the recitals hereof. 
 “Parent” shall mean Wang Xiaochun (in respect of Hanmax), Wang Shaolan (in respect of S-Yangtse) and Silver Grant (in respect of
Samtung). 
 “Permitted Parent Transfer” shall have the meaning set forth in Section 3.9(a) herein. 
  

 6 

 “Permitted Transfer” shall have the meaning specified in Section 3.3(a) herein.

 “Permitted Parent Transferee” shall have the meaning set forth in Section 3.9(a) herein. 
 “Permitted Transferee” shall have the meaning specified in Section 3.3(a) herein. 
 “Person” shall mean any natural person, Company, corporation, association, partnership, organization, business, firm, joint venture,
trust, unincorporated organization or any other entity or organization, including a government or any political subdivision thereof, department or agency of any government. 
 “PRC Subsidiary” shall mean any Subsidiary of the Company that is organized and existing under the laws of the PRC. 
 “Preemptive Shares” shall have the meaning specified in Section 4.1 herein. 
 “Proportionate Amount” shall have the meaning specified in Section 4.1 herein. 
 “Proposed Transferee” shall have the meaning specified in Section 3.5(a) herein. 
 “Pro Rata Portion” shall have the meaning specified in Section 3.10(e) herein. 
 “Purchase Price” shall mean the aggregate purchase price of the Shares at the amount of U.S.$15,459,234.61. 
 “Put” shall have the meaning specified in Section 3.8(a) herein. 
 “Put Closing” shall have the meaning specified in Section 3.8(c) herein. 
 “Put Event” shall have the meaning specified in Section 3.8(a) herein. 
 “Put Notice” shall have the meaning specified in Section 3.8(a) herein. 
 “Put Price” shall have the meaning specified in Section 3.8(e) herein. 
 “Put Shares” shall have the meaning specified in Section 3.8(a) herein. 
 “Qualified Party” shall have the meaning specified in Section 3.10(e) herein. 
  

 7 

 “Qualified Public Offering” shall mean the listing of the Ordinary Shares on a NASDAQ
Market, the New York Stock Exchange, the Hong Kong Stock Exchange or the London Stock Exchange or the admission of the Ordinary Shares on another international stock exchange as agreed by the Buyers, in each case including any such listing or
admission in the form of depositary shares. 
 “Qualified Remaining Shareholders” shall have the meaning set forth in
Section 3.5(c) herein. 
 “Receiving Party” shall have the meaning specified in Section 7.9 herein. 
 “Recent Investors” shall have the meaning set forth in the recitals hereof. 
 “Registration Rights Agreement” shall mean the Registration Rights Agreement to be entered into among the Company and the Shareholders,
as amended from time to time. 
 “Registrable Securities” shall have the meaning assigned in the Registration Rights
Agreement. 
 “Remaining Shareholders” shall have the meaning set forth in Section 3.5(a) herein. 
 “Response Period” shall have the meaning specified in Section 3.4(b) herein. 
 “Restricted Period” shall have the meaning set forth in Section 3.1(a) herein. 
 “RMB” shall mean the lawful currency of the PRC. 
 “Samtung” shall mean Samtung Investment Limited, a limited liability company organized and existing under the laws of the British Virgin Islands. 
 “Second Purchase Notice” shall have the meaning set forth in Section 3.5(c) herein. 
 “Second Parent Response Period” shall have the meaning specified in Section 3.10(e) herein. 
 “Second Parents Sale Offer” shall have the meaning specified in Section 3.10(e) herein. 
 “Second Pro Rata Portion” shall have the meaning set forth in Section 3.5(c) herein. 
  

 8 

 “Second Response Period” shall have the meaning set forth in Section 3.5(c) herein.

 “Second Sale Offer” shall have the meaning set forth in Section 3.5(c) herein. 
 “Securities Act” shall have the meaning set forth in Section 3.1(a) herein. 
 “Selling Parent” shall have the meaning set forth in Section 3.10(a) herein. 
 “Selling Shareholder” shall have the meaning specified in Section 3.5(a) herein. 
 “Shareholders” shall have the meaning specified in the recitals hereof. 
 “Share Incentives” shall mean options to purchase Ordinary Shares, share appreciation rights, dividend equivalent rights, restricted
shares, restricted share units, share payments and deferred shares. 
 “Share Purchase Agreement” shall have the meaning set
forth in the recitals hereof. 
 “Shares” shall mean the 9,929,008 Ordinary Shares that the Buyers will purchase under the
Share Purchase Agreement at the Closing. 
 “Silver Grant” shall have the meaning specified in the recitals hereof.

 “SPV Shares” shall have the meaning specified in Section 3.9(a) herein. 
 “SPV Shares Offerees” shall have the meaning specified in Section 3.10(a) herein. 
 “Subsidiary” shall mean any Person of which the Company (either alone or through or together with any other Subsidiary) owns, directly
or indirectly, more than 50% of the stock or other equity interest the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such Person. 
 “S-Yangtse” shall mean S-Yangtse Holdings Limited, a limited liability company organized and existing under the laws of the British
Virgin Islands. 
 “Tag-Along Election Shares” shall have the meaning set forth in Section 3.6(b) herein. 

“Tag-Along Notice” shall have the meaning set forth in Section 3.6(a) herein. 
  

 9 

 “Tag-Along Response Period” shall have the meaning set forth in Section 3.6(b)
herein. 
 “Tag-Along Shares” shall have the meaning set forth in Section 3.6(a) herein. 
 “Total Pro Rata Portion” shall have the meaning set forth in Section 3.5(c) herein. 
 “Transfer” shall have the meaning set forth in Section 3.2(a) herein. 
 “U.S. Dollars” and the sign “U.S.$” shall each mean freely transferable lawful currency of the United States of
America. 
 “Uncommitted Shares” shall have the meaning set forth in Section 3.5(c) herein. 
 Other terms may be defined elsewhere in the text of this Agreement and, unless otherwise indicated, shall have such meaning throughout this Agreement.
Terms used but not defined in this Agreement shall have the same meanings as specified under the Share Purchase Agreement or the Registration Rights Agreement. 
 1.2 Other Definitional Provisions. The words “hereof,” “herein,” and “hereunder” and words of similar import shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. The terms defined in the singular shall have a comparable meaning when used in the plural and vice versa. 
 ARTICLE II 
 BOARD OF DIRECTORS; RESTRICTED ACTIVITIES 
 2.1 Board of Directors. Prior to the Company’s Qualified Public Offering, each of the Shareholders shall vote all of its Ordinary Shares
(including Ordinary Shares acquired after the date of this Agreement whether upon exercise of options, warrants, conversion of other securities, by purchase or otherwise) and shall take all other necessary actions within its control (whether in its
capacity as shareholder or otherwise, including, without limitation, causing its directors and officers to take all such necessary action), and shall cause the Company to take all necessary action, in order to cause: 
 (a) the number of directors on the board of directors of the Company to be three, the number of directors on the board of directors of Unisources
Enterprises Limited to be seven, the number of directors on the board of directors of Guizhou Tongjitang Pharmaceutical Co., Ltd. to be six, the number of directors on the board of directors of Guizhou Tongjitang Medicine Distribution Co., Ltd. to
be five, the number of directors on the board of directors of Guizhou Tongjitang Pharmacy Chain Co., Ltd. to be one and the number of directors on the board of directors of Guizhou Tongjitang Chinese Medicines Planting Co., Ltd. to be three. The
boards of directors of the Company and of its Material Subsidiaries are each referred to herein as a “Board” and collectively the “Boards.” 
  

 10 

 (b) if requested by the Buyers, (i) the Boards to invite one representative designated by the Buyers
to attend and observe any meetings of the Boards and each of their respective committees, including, without limitation to, the Boards’ respective audit committees, executive committees, and nomination and compensation committees (the
“Observer”); 
 (c) the Boards to meet not less than semi-annually; and 
 (d) the Company to provide to the Observer all information and materials provided to the Boards and to each of their respective committees, including
notices of all meetings. 
 2.2 Restricted Activities. Subject to Section 2.3, each Shareholder shall take all such action as a
shareholder of the Company necessary to forbid the Company and its Subsidiaries from taking any of the following actions, in each case unless such action is approved by the Buyers: 
 (i) the sale, merger, consolidation, spin-off or recapitalization of the Company or any Subsidiary or the acquisition of any Person by the
Company or any Subsidiary (or any similar transaction); 
 (ii) the liquidation, dissolution or winding up of the Company or
any Subsidiary; 
 (iii) other than in the ordinary course of business, the pledge, sale, transfer or disposition of, in one
or a series of transactions, any assets exceeding RMB15,000,000 (by way of a sale, lease, purchase or otherwise); 
 (iv) the
filing of a voluntary petition in bankruptcy or commencement of a voluntary legal procedure for reorganization, arrangement, adjustment, relief or composition of indebtedness or other similar law now or hereafter in effect, the consent to the entry
of an order for relief in an involuntary case under such law or the application for or consent to the appointment of a receiver, liquidator, assignee, custodian or trustee (or similar official) of the Company or any Subsidiary; 
 (v) the amendment of any of the Organizational Documents of the Company or any Subsidiary; 
 (vi) any change of the capital of the Company or any Subsidiary, or the authorization, issuance or entering into of any agreement
providing for the sale or issuance (contingent or otherwise) of capital shares or equity interests of the Company or any Subsidiary or any securities convertible into or exchangeable for, or options, rights or 

  

 11 

 
warrants to acquire, any such capital shares, equity interests or such securities, including authorizations, issuances or agreements in connection with the
2006 Share Incentive Plan, but not including the issuance of Ordinary Shares specifically contemplated by the Share Purchase Agreement; 
 (vii) the transfer, sale, pledge or disposition of, in one or a series of transactions of any outstanding shares of capital stock or any equity interests of any Subsidiary; 
 (viii) the declaration of any dividends or distributions on or with respect to capital shares or equity interests (as the case may be) of
the Company or any Subsidiary; 
 (ix) the entering into any transaction or series of transactions, directly or indirectly, by
the Company or any Subsidiary with any Person in which any of the Shareholders or their Affiliates, any officer or director of the Company or any Subsidiary or any member of the Immediate Family of any of such persons, has an interest which exceeds
5% of the equity of such Person, except in the case of such Person being a publicly traded company, in which case such interest exceeds 10% of the equity of such Person; 
 (x) other than in the ordinary course of business, (a) the authorization, incurrence or entering into of any agreement for the
incurrence, in one transaction or series of transactions, of any indebtedness, obligations or liabilities, including guarantees, by the Company and any Subsidiary of an aggregate amount in excess of RMB15,000,000 or the entering into any off-balance
sheet transaction by the Company or any Subsidiary or (b) the amendment of any material term of any indebtedness, obligations, liabilities, including guarantees, or off-balance sheet transactions of an aggregate amount in excess of
RMB15,000,000 in a manner adverse to the Company or any Subsidiary; 
 (xi) other than in the ordinary course of business, the
creation, assumption or incurrence of any Encumbrance on the assets of the Company or any Subsidiary of an aggregate amount in excess of RMB15,000,000; 
 (xii) other than in the ordinary course of business, the acquisition of any assets (including securities) by the Company or any Subsidiary in one transaction or a series of transactions with a value in excess of
RMB15,000,000 in any one Fiscal Year; 
 (xiii) other than the granting of franchise rights in the ordinary course of
business, the sale, transfer, assignment, pledge or disposition of in one or a series of transactions any permit, license, authorization or concession granted or relating to the businesses of the Company or any Subsidiary as presently conducted;

  

 12 

 (xiv) other than transactions solely among the Company and its Subsidiaries or the
granting of advances to employees in the ordinary course of business, the lending of money or granting of credits to any Person; 
 (xv) any change in excess of 25% in the salary of any officer or employee of the Company or its Subsidiaries whose individual annual salary exceeds RMB 2,000,000, provided that annual salary for this purpose shall include any bonuses,
consultancy fees and equity-based compensation but shall exclude any sales commission-based payments; 
 (xvi) the public
offering of capital shares or other securities of the Company or any Subsidiary, except in the case of a Qualified Public Offering underwritten by a reputable international underwriter; 
 (xvii) any change in the Company’s or any Subsidiary’s Fiscal Year, method of accounting or accounting practices, except such
changes necessary to comply with changes to GAAP; 
 (xviii) the selection of the Company’s or any Subsidiary’s
independent accountants (which as of the date hereof is Deloitte Touche Tohmatsu), except that the Company may select another of the Big Four Accounting Firms; 
 (xix) the making of any material changes in the business activities of the Company or its Subsidiaries or the entering into the ownership,
active management or operation of any business other than the traditional Chinese medicine business; 
 (xx) the redemption,
purchase or other acquisition of any securities of the Company or any Subsidiary; 
 (xxi) the creation of, or the delegation
of any power to, any committee of the Boards; 
 (xxii) the appointment of any successors, if any, to the persons serving on
the date hereof as chief executive officer (or an officer with comparable responsibilities) of the Company; 
 (xxiii) any
change in the use of the net proceeds to the Company from the sale of the Shares under the Share Purchase Agreement (which has been designated for to the acquisition of other Chinese pharmaceutical companies or as the Company’s working
capital); 
  

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 (xxiv) the establishment of an annual budget providing for expenditures of the Company
and its Subsidiaries on a monthly basis, which shall be presented to the Buyers for each Fiscal Year no later than one month before the commencement of such Fiscal Year; or 
 (xxv) taking any action, directly or indirectly, in furtherance of any of the foregoing. 
 2.3 Limitation on Rights of the Buyers. The rights of the Buyers provided in Sections 2.1 and 2.2 shall terminate with respect to the Buyers at
the earlier of (i) a Qualified Public Offering or (ii) in the event that the Buyers, together with their Affiliates, cease to own Ordinary Shares, excluding any Ordinary Shares acquired by such Affiliates in the public market for trading
purposes or not for their own account after the date of this Agreement, representing, in the aggregate, at least one third of the Shares that the Buyers purchased under the Share Purchase Agreement. 
 ARTICLE III 
 TRANSFER OF ORDINARY SHARES

 3.1 General. During the period commencing on the Closing and ending on the closing of the sale of the Company’s Ordinary
Shares pursuant to a Qualified Public Offering (the “Restricted Period”), each certificate representing the Ordinary Shares shall be stamped or otherwise imprinted with a legend in substantially the following form: 
 “The transfer of the securities represented by this certificate may only be done in compliance with and pursuant to the terms of the Shareholders
Agreement, dated November 8, 2006, among the shareholders of Tongjitang Chinese Medicines Company listed therein. The securities represented hereby have not been registered under the United States Securities Act of 1933, as amended (the
“Securities Act”). The securities represented by this certificate may, unless effectively registered, be offered, sold or otherwise transferred only (a) to Tongjitang Chinese Medicines Company, (b) outside the United States in
accordance with Rule 904 of Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the Securities Act or (d) in compliance with certain other procedures satisfactory to Tongjitang Chinese Medicines
Company.” 
 3.2 Restrictions on Transfer. (a) During the Restricted Period, Shareholders may not sell, assign, pledge or
otherwise dispose of (whether with or without consideration and whether voluntarily or involuntarily or by operation of law) (a “Transfer”) any of its Ordinary Shares except (i) as provided in this Article III or (ii) pursuant to
the Registration Rights Agreement, if applicable. None of the Buyers or Recent Investors may Transfer any of its Ordinary Shares prior to the earlier of (i) the second anniversary of the Closing or (ii) the end of the Restricted Period,
except pursuant to Section 3.3 or Section 3.6 herein or with the prior written consent of the Company. 
  

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 (b) The foregoing restrictions on Transfer shall not apply to the sale of any Ordinary Shares in
connection with the Share Purchase Agreement. 
 (c) The Buyers, the Recent Investors and the Other Shareholders shall enter into a lock-up
agreement with the underwriters for a Qualified Public Offering, pursuant to which the Buyers, the Recent Investors and the Other Shareholders shall agree for a period of 180 days beginning from the date of the Company’s Qualified Public
Offering (the “Lock-up Period”) not to (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise
transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares held immediately prior to the effectiveness of a registration statement governing such offering
or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Ordinary Shares, whether any such transaction described in clause (i) or (ii) above
is to be settled by delivery of Ordinary Shares or other securities, in cash or otherwise. Any sales made by an Other Shareholder in a Qualified Public Offering that has been agreed on by the underwriters for the Qualified Public Offering shall not
be subject this Section 3.2(c). 
 3.3 Permitted Transfers. (a) The restrictions on Transfer provided in this Article III
shall not be applicable to any Transfer (i) by a Shareholder to an Affiliate of such Shareholder, from an Affiliate of the Shareholder to such Shareholder or between Affiliates of such Shareholder, (ii) pursuant to unanimous consent of all
Shareholders, (iii) in the case of the Buyers, pursuant to the Buyers’ exercise of their Put Rights under Section 3.8, (iv) in the case of the Recent Investors, pursuant to their put rights to Hanmax Investment Limited under the
share purchase agreements dated November 1, 2006 pursuant to which the Recent Investors acquired the number of Ordinary Shares listed in Exhibit B or (v) by Wang Xiaochun in accordance with Section 7.20(b) herein. Any such transferee
shall be referred to herein as a “Permitted Transferee” and any such transfer be referred to as a “Permitted Transfer.” 
 (b) In the case of any such Permitted Transfer, the transferring Shareholder shall have provided the other Shareholders with written notice of such proposed Transfer at least 30 days prior to consummating such Transfer stating the name and
address of the Permitted Transferee, the relationship between the transferring Shareholder and the Permitted Transferee, and the Permitted Transferee shall have executed a copy of this Agreement as a Shareholder of the Company. 
 (c) If any such Permitted Transferee to whom Ordinary Shares have been transferred by a Shareholder ceases to be a Permitted Transferee, such Ordinary
Shares shall be transferred back to the transferring Shareholder immediately prior to the time such Person ceases to be a Permitted Transferee of such Shareholder. 
 (d) In the case of any transfer to a Permitted Transferee, the transferring Shareholder and such Permitted Transferee shall be jointly and severally liable for any breach of this Agreement by such Permitted
Transferee. 
  

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 3.4 Rights of First Offer. (a) On any date after the second anniversary of the Closing and
prior to the end of the Restricted Period, if a Buyer or a Recent Investor desires to Transfer all or part of its Ordinary Shares other than pursuant to (i) a Permitted Transfer or (ii) the Registration Rights Agreement, such Buyer or
Recent Investor shall, prior to consummating such Transfer, give an Offer Notice to the Company and each other Shareholder in respect of the Ordinary Shares being offered by such Buyer or Recent Investor (the “Offered Buyer Shares”).

 (b) Each Shareholder to which an Offer Notice is sent pursuant to Section 3.4(a) shall have the right, for a period of 20 days after
the Offer Notice is sent to the Company and the Shareholders by the means specified in Section 8.3 (the “Response Period”) to purchase, pursuant to terms specified in the Offer Notice, in whole but not in part, the Offered Buyer
Shares. This right shall be exercisable by delivering a written notice to such Buyer or Recent Investor, all other Shareholders and the Company, within the Response Period, stating therein that such Shareholder agrees to purchase all of such Offered
Buyer Shares pursuant to the terms of the Offer Notice. 
 (c) In the event that more than one Shareholder delivers notice of its intention
to purchase the Offered Buyer Shares pursuant to Section 3.4(b), each Shareholder shall have the right to purchase such number of the Offered Buyer Shares equal to the product of the number of the Offered Buyer Shares multiplied by a fraction,
the numerator of which shall be equal to the number of Ordinary Shares held by such Shareholder and the denominator of which shall be the number of Ordinary Shares held by all such Shareholders exercising rights pursuant to Section 3.4(b).

 (d) In the event that there has been a timely election by any Shareholder(s) to exercise rights pursuant to Sections 3.4(b), then the
purchase of the Offered Buyer Shares shall close at a time and place reasonably acceptable to such Buyer or Recent Investor, provided that such closing shall not occur more than 45 days after the expiration of the Response Period. At such closing,
such Shareholder(s) shall deliver to such Buyer or Recent Investor the price set forth in the Offer Notice for such Offered Buyer Shares, in the funds specified in the Offer Notice, and such Buyer or Recent Investor shall deliver to such
Shareholder(s) the original certificate(s) representing such Offered Buyer Shares and all other documents required to effect the sale of such securities. In the event that such Shareholder(s) shall not have completed purchase of the Offered Buyer
Shares within such 45-day period, then such Buyer or Recent Investor may sell the Offered Buyer Shares without respect to the restrictions set forth in this Section 3.4. 
 (e) In the event there has not been a timely election by any Shareholder to acquire the Offered Buyer Shares pursuant to Section 3.4(b), then such
Buyer or Recent Investor may, within 90 days following the expiration of the Response Period, sell the Offered Buyer Shares, at a price not lower than that contained in the Offer Notice and on terms not more favorable to the purchaser than those
contained in the Offer Notice to any other Person. Promptly after any sale pursuant to this Section 3.4(e), such Buyer or Recent Investor shall notify each other Shareholder and the Company of the consummation thereof and shall furnish such
evidence of the completion of such sale (including time of completion) and of the terms thereof as any Shareholder may request. 
  

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 (f) If at the end of any such 90-day period provided for in Section 3.4(e), such Buyer or Recent
Investor has not completed the sale of the Offered Buyer Shares, such Buyer or Recent Investor shall no longer be permitted to sell such Offered Buyer Shares pursuant to this Section 3.4 without again fully complying with the provisions of this
Section 3.4 and all the restrictions on Transfer contained in this Agreement shall again be in effect. 
 3.5 Other
Shareholders’ Rights of First Refusal. (a) During the Restricted Period, if any Other Shareholder (the “Selling Shareholder”) desires to Transfer all or part of its Ordinary Shares to any other Person (the “Proposed
Transferee”) other than pursuant to Permitted Transfers, such Selling Shareholder shall, prior to consummating any such Transfer and at the expiration of the Tag-Along Response Period (as defined in Section 3.6(a)), give written notice (a
“First Sale Offer”) to the other Shareholders (the “Remaining Shareholders”), containing (i) the number of Ordinary Shares proposed to be transferred pursuant to such bona fide written offer from the Proposed Transferee plus
the number of the Tag-Along Election Shares (as defined in Section 3.6(b)), if any (the “Offered Shares”), (ii) the name and address of the Proposed Transferee, (iii) the proposed purchase price, terms and payment and other
material terms and conditions of the Proposed Transferee’s offer and (iv) an offer to sell the Offered Shares set forth in the First Sale Offer at the same price and on the same terms and conditions as offered by the Proposed Transferee.
The consideration specified in both the offer from the Proposed Transferee and in the First Sale Offer shall be cash. 
 (b) Each Remaining
Shareholder shall have the right, for a period of 20 days after the receipt of the First Sale Offer (the “First Response Period”) to purchase pursuant to the First Sale Offer, its First Pro Rata Portion (as hereinafter defined) of the
Offered Shares, exercisable by delivering a written notice (a “First Purchase Notice”) to the Selling Shareholder, all other Remaining Shareholders and the Company, within the First Response Period, stating therein that the First Pro Rata
Portion (in whole but not in part) will be purchased by such Remaining Shareholder. The “First Pro Rata Portion” of each Remaining Shareholder will be a number of Ordinary Shares equal to the product of (x) the total number of the
Offered Shares multiplied by (y) a fraction, the denominator of which shall be the total number of the Ordinary Shares then owned by the Remaining Shareholders, and the numerator of which shall be the number of the Ordinary Shares then owned by
each Remaining Shareholder. 
 (c) After the expiration of the First Response Period, if any of the Offered Shares that have not been agreed
to be purchased (the “Uncommitted Shares”), the Selling Shareholder shall send a second written notice (a “Second Sale Offer”) offering the Uncommitted Shares to those Remaining Shareholders who have elected to purchase their
respective First Pro Rata Portion in response to the First Sale Offer (the “Qualified Remaining Shareholders”). Except for the number of the Ordinary Shares proposed to be transferred, the terms and conditions of the Second Sale Offer
shall be the same as those in the First Sale Offer. Each Qualified Remaining Shareholder shall have the right, for a period of 10 days after the receipt of the Second Sale Offer (the “Second Response Period”) to purchase its Second Pro
Rata Portion (as hereunder defined) of the Uncommitted Shares, exercisable by delivering a written notice (a “Second Purchase 

  

 17 

 
Notice”) to the Selling Shareholder, all other Qualified Remaining Shareholders and the Company, within the Second Response Period, stating therein that
the Second Pro Rata Portion (in whole but not in part) will be purchased by such Qualified Remaining Shareholder. The “Second Pro Rata Portion” of each Qualified Remaining Shareholder will be a number of Ordinary Shares equal to the
product of (x) the total number of the Uncommitted Shares multiplied by (y) a fraction, the denominator of which shall be the total number of the Ordinary Shares then owned by the Qualified Remaining Shareholders, and the numerator of
which shall be the number of the Ordinary Shares then owned by each Qualified Remaining Shareholder. In respect of each Remaining Shareholder, the Second Pro Rata Portion of such Remaining Shareholder (if any), together with the First Pro Rata
Portion of such Remaining Shareholder, shall be referred to as the “Total Pro Rata Portion.” 
 (d) Under the circumstances set
forth in Section 3.5(c), a Remaining Shareholder that has timely delivered a First Purchase Notice or both a First Purchase Notice and a Second Purchase Notice shall have 45 days from the expiration of the Second Response Period to complete
such purchase. In the event that any Remaining Shareholder shall not have completed any such purchase within such 45-day period, then the Selling Shareholder shall have the right to sell such Offered Shares that were not so purchased without respect
to the restrictions set forth in this Section 3.5. 
 (e) If (i) at the end of the First Response Period no Remaining Shareholder
has given notice of its decision to purchase the Offered Shares or (ii) at the end of the Second Response Period no Qualified Remaining Shareholder has given notice of its decision to purchase the Uncommitted Shares, the Selling Shareholder
shall have 90 days in which to sell the Offered Shares or the Uncommitted Shares, as the case may be, to the Proposed Transferee at a price not lower than that contained in the First Sale Offer and on terms not more favorable to the Proposed
Transferee than were contained in the First Sale Offer. Promptly after any sale pursuant to this Section 3.5(e), the Selling Shareholder shall notify each other Shareholder and the Company of the consummation thereof and shall furnish such
evidence of the completion (including time of completion) of such sale and of the terms thereof as any other Shareholder may request. 
 (f)
If at the end of any such 90-day period provided for in Section 3.5(e), the Selling Shareholder has not completed the sale of the Offered Shares or the Uncommitted Shares, as the case may be, the Selling Shareholder shall no longer be permitted
to sell such Offered Shares or the Uncommitted Shares, as the case may be, pursuant to this Section 3.5 without again fully complying with the provisions of this Section 3.5 and all the restrictions on Transfer contained in this Agreement
shall again be in effect. 
 3.6 Tag-Along Rights. (a) Without prejudice to the generality of Section 3.5, if during the
Restricted Period any Other Shareholder receives an offer from any Proposed Transferee(s) to purchase all or any part of the Ordinary Shares owned by such Other Shareholders, such Other Shareholders shall within 5 Business Days after receipt of such
offer provide a written notice (the “Tag-Along Notice”) to the Buyers and the Recent Investors containing (i) the name and address of such Proposed Transferee(s), (ii) the number of Ordinary Shares proposed to be Transferred,
(iii) the proposed amount and 

  

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form of consideration to be paid for the Ordinary Shares and the terms and conditions of payment offered by each Proposed Transferee; (iv) confirmation
that the Proposed Transferee(s) has been informed of the Buyers’ and Recent Investors’ rights provided for in this Section 3.6 and has agreed to purchase the Ordinary Shares held by the Buyers and the Recent Investors in accordance
with the terms hereof and (v) the total number of the Ordinary Shares held by the Buyers and the Recent Investors (the “Tag-Along Shares”) that the Buyers and the Recent Investors shall be entitled to sell in connection with such
proposed Transfer, which shall be, for each Buyer or Recent Investor, a number of Ordinary Shares equal to the product of (x) the total number of the Ordinary Shares held by such Buyer or Recent Investor on the date such Buyer or Recent
Investor received the Tag-Along Notice multiplied by (y) a fraction, the numerator of which shall be the number of the Ordinary Shares proposed to be sold by the Other Shareholder and the denominator of which shall be the total number of the
Ordinary Shares held by the Other Shareholder. 
 (b) Within 15 days of its receipt of a Tag-Along Notice (the “Tag-Along Response
Period”), each of the Buyers and the Recent Investors shall provide written notice to the Other Shareholder that delivered such Tag-Along Notice of the number of Tag-Along Shares that such Buyer or Recent Investor wants to sell in the Transfer
(the “Tag-Along Election Shares”). 
 (c) If at the expiration of the Tag-Along Response Period, any Buyer or Recent Investor has
not provided notice of its desire to sell its Tag-Along Shares, such Buyer or Recent Investor shall be deemed to have elected not to exercise its tag-along rights. 
 3.7 Execution of this Agreement. Notwithstanding anything deemed to state the contrary, as a condition of any purchase of the Ordinary Shares, any purchaser shall execute a copy of this Agreement as a
shareholder of the Company. 
 3.8 Buyers’ Put Rights. (a) If for any reason (i) the Company has not completed a
Qualified Public Offering on or prior to the second anniversary of the Closing or (ii) the Company or either of the Controlling Shareholders has breached any representation, warranty, covenant or provision contained in this Agreement, the Share
Purchase Agreement or the Registration Rights Agreement (such failure to complete or such breach a “Put Event “), the Buyers shall have the right to require the Company at any time to repurchase (the “Put”) all of the Ordinary
Shares purchased by the Buyers pursuant to the Share Purchase Agreement (including any Ordinary Shares obtained through a stock split, stock dividend or any similar issuance in respect of such original Ordinary Shares, the “Put Shares”) by
delivering a written notice to the Company specifying their intention to exercise the Put (the “Put Notice”). The Buyers’ right to exercise the Put shall terminate 180 days following the second anniversary of the Closing. The
right to exercise the Put is solely for the benefit of the Buyers in respect of the Ordinary Shares purchased pursuant to the Share Purchase Agreement (including any Ordinary Shares obtained through a stock split, stock dividend or any similar
issuance). Other than in the case of a transfer to an Affiliate pursuant to Section 3(a)(i), if the Buyers transfer any such Ordinary Shares to a third party (it being understood and agreed 

  

 19 

 
that any such transfer is subject to the provisions of Article III hereof) the Put will irrevocably terminate with respect to such Ordinary Shares upon such
transfer. For the avoidance of doubt, even if Buyers subsequently repurchase any Ordinary Shares described in the previous sentence, there shall be no Put with respect to such shares. 
 (b) If the breach of an item specified in Section 3.8(a)(ii) is susceptible to cure, the breaching party shall have 30 days following such
party’s receipt of the Buyers’ written notice of such breach to cure the breach. Without prejudice to the generality of the proceeding sentence, if the Company has breached its covenant under Section 7.5(b) to keep its good
manufacturing practice certificates in full force and effect, it shall have 120 days following its receipt of the Buyers’ written notice of such breach to cure the breach. If such breach is cured during such 30-day or 120-day period, as the
case may be, the Buyers shall not be entitled to exercise their Put right pursuant to Section 3.8(a) to remedy such breach. 
 (c) Upon
the delivery of each Put Notice, (subject to the provisions hereof) within 10 days after the delivery of the Put Notice, the Buyers may, upon written notice to the Company and the other Shareholders, withdraw and rescind the Put Notice, whereupon
the Put shall be deemed not to have been exercised and neither the Buyers nor the Company shall be obligated to satisfy their respective obligations under this Section 3.8; thereafter, if the Buyers elect not to withdraw and rescind the Put
Notice, the Company shall purchase and the Buyers shall sell all Put Shares within 90 days (180 days in the case of a breach of Section 7.5(b)) after the delivery of the Put Notice and at place designated by the Buyers in good faith (the
“Put Closing”). 
 (d) At the Put Closing, the Company shall cause the Company’s registered office to make the corresponding
entries in its register of members and the Buyers shall deliver to the Company original certificate(s) representing the Put Shares purchased by the Company, and the Company shall deliver to an account designated by the Buyers the aggregate Put Price
for the Put Shares in U.S. Dollars in immediately available funds. 
 (e) The purchase price for all Put Shares (the “Put Price”)
shall be equal to the Purchase Price, provided that the Put Price shall be ratably reduced to take account of any previous Transfers by the Buyers (in accordance with Article III of this Agreement) of any Ordinary Shares acquired by the Buyers
pursuant to the Share Purchase Agreement. 
 (f) The Company shall be deemed to have satisfied its obligations under Section 3.8(a) if
it arranges for a third party to purchase the Put Shares and to pay the Put Price pursuant to and in accordance with terms and conditions set forth in Section 3.8. 
 (g) If for any reason (whether as a result of inability to pay, legal or contractual prohibitions or otherwise) the Company fails to pay in cash the full amount of the aggregate Put Price within 90 days (180 days in
the case of a breach of Section 7.5(b)) following the delivery of the Put Notice at the request of the Buyers, all Shareholders shall use their commercially reasonable efforts to take all acts, execute all instruments and use its best efforts
to cause the Company to do the same (including, without limitation, to vote in such manner) as may be necessary or (in the opinion of the 

  

 20 

 
Buyers) desirable to enable the Company to pay in cash the full amount of the Put Price in accordance with the terms of this Agreement. Under the
circumstance described in the proceeding sentence, the Buyers shall have the right to Put all of the Put Shares to Wang Xiaochun by delivering a written notice. Within 90 days after the receipt of such notice to him, Wang Xiaochun shall purchase and
the Buyers shall sell all Put Shares at the applicable Put Price of a place designated by the Buyers in good faith. 
 (h) EACH SHAREHOLDER
OTHER THAN THE BUYERS IRREVOCABLY WAIVES ANY AND ALL RIGHTS THAT IT HAS OR MAY HAVE, UNDER APPLICABLE LAW OR OTHERWISE, TO REQUIRE THE COMPANY TO REPURCHASE OR REDEEM ANY ORDINARY SHARES HELD BY SUCH SHAREHOLDER IN CONNECTION WITH ANY EXERCISE BY
THE BUYERS OF THE PUT. 
 3.9 Restrictions on Transfer of SPV Shares. (a) During the Restricted Period, no Parent may Transfer
any of the capital shares it controls or that it beneficially owns in the respective Shareholder controlled or beneficially owned by it (the “SPV Shares”) except (i) as provided in Section 3.10 hereof or (ii) any Transfer of
the SPV Shares to an Affiliate of such Parent, from an Affiliate of the Parent to such Parent or between Affiliates of such Parents. Any such transferee of the SPV Shares designated in clause (i) or (ii) of the preceding sentence shall be
referred to herein as a “Permitted Parent Transferee” and any such transfer be referred to as a “Permitted Parent Transfer.” 
 (b) In the case of any such Permitted Parent Transfer, the transferring Parent shall have provided each Shareholder with written notice of such proposed Transfer at least 30 days prior to consummating such Permitted Parent Transfer stating
the name and address of the Permitted Parent Transferee, the relationship between the transferring Parent and the Permitted Parent Transferee, and the Permitted Parent Transferee shall have executed a copy of this Agreement. 
 (c) If such Permitted Parent Transferee to whom the SPV Shares have been transferred ceases to be a Permitted Parent Transferee, such SPV Shares shall be
transferred back to the transferring Parent immediately prior to the time such Person ceases to be a Permitted Parent Transferee of such Parent. 
 (d) The transferring Parent and such Permitted Parent Transferee shall be jointly and severally liable for any breach of this Agreement by such Permitted Parent Transferee. 
 3.10 The Buyers’, the Recent Investors’ and Parents’ Rights of First Refusal. (a) During the Restricted Period, if any Parent
(a “Selling Parent”) desires to Transfer all or part of its SPV Shares to a Proposed Transferee other than pursuant to Permitted Parent Transfers, such Selling Parent shall, prior to consummating any such Transfer, give written notice (a
“First Parent Sale Offer”) to the Buyers, the Recent Investors and the other Parents (the “SPV Shares Offerees”), containing (i) the number and class of the SPV Shares proposed to be transferred pursuant to such bona fide
written offer (the “Offered SPV Shares”), (ii) the name and address of the Proposed Transferee, (iii) the 

  

 21 

 
proposed purchase price, terms and payment and other material terms and conditions of the Proposed Transferee’s offer and (iv) an offer to sell the
Offered SPV Shares set forth in the First Parent Sale Offer at the same price and on the same terms and conditions as offered by the Proposed Transferee. 
 (b) The SPV Shares Offerees shall have the right, for a period of 20 days after the receipt of the First Parent Sale Offer (the “First Parent Response Period”) to purchase, pursuant to terms specified in the
First Parent Sale Offer, in whole but not in part, the Offered SPV Shares. This right should be exercised by delivering a written notice to the Selling Parent and the SPV Shares Offerees, within the First Parent Response Period, stating therein that
such SPV Shares Offeree agrees to purchase all of such Offered SPV Shares pursuant to the terms of the First Parent Sale Offer. 
 (c) In the
event that more than one SPV Shares Offeree delivers notice of its intention to purchase the Offered SPV Shares pursuant to Section 3.10(b), each SPV Shares Offeree exercising rights pursuant to Section 3.10(b) (an “Exercising
Party”) shall have the right to purchase such number of the Offered SPV Shares equal to the product of (x) the number of the Offered SPV Shares multiplied by (y) a fraction, the numerator of which shall be the number of Ordinary
Shares controlled or beneficially owned by such Exercising Party and the denominator of which shall be the number of Ordinary Shares beneficially owned or controlled by all such Exercising Parties. 
 (d) An Exercising Party who has notified the Selling Parent within the First Parent Response Period of its desire to purchase all of the Offered SPV
Shares shall complete such purchase within 45 days from the expiration of the First Parent Response Period. In the event that there is one or more Exercising Parties and that no Exercising Party shall have completed the purchase within the 45-day
period, the Selling Parent shall have the right to sell the Offered SPV Shares without respect to the restrictions set forth in this Section 3.10. 
 (e) In the event that there are more than one Exercising Parties and one or more such Exercising Parties have failed to complete their purchase (a “Defaulting Party”) within the period specified in
Section 3.10(d), then the Selling Parent shall send a second written notice (a “Second Parent Sale Offer”) offering the Defaulting Party’s portion of the Offered SPV Shares to those Exercising Parties other than the Defaulting
Party (a “Qualified Party”). Except for the number of the SPV Shares to be transferred, the terms and conditions of the Second Parent Sale Offer shall be the same as those in the First Parent Sale Offer. Each Qualified Party shall have the
right, for a period of 10 days after the receipt of the Second Parents Sale Offer (the “Second Parent Response Period”) to purchase its Pro Rata Portion (as defined hereafter) of the Defaulting Party’s portion of the Offered SPV
Shares. This right may be exercised by delivering a written notice to the Selling Parent and the Exercising Parties, within the Second Parent Response Period, stating therein that the Pro Rata Portion (in whole but not in part) will be purchased by
such Qualified Party under this Section 3.10(e). The “Pro Rata Portion” of each Qualified Party will be a number of the SPV Shares equal to the product of (x) the total number of the Defaulting Party’s portion of the Offered
SPV Shares multiplied by (y) a fraction, the denominator of which shall be the total number of the Ordinary Shares then 

  

 22 

 
owned by all Qualified Parties, and the numerator of which shall be the number of the Ordinary Shares then owned by each Qualified Party. A Qualified Party
that has timely delivered its purchase notice within the Second Parent Response Period shall complete such purchase within 45 days from the expiration of the Second Parent Response Period. In the event that the Qualified Parties shall not have
completed the purchase within the 45-day period, then the Selling Parent shall have the right to sell all of the Defaulting Party’s portion of the Offered SPV Shares without respect to the restrictions set forth in this Section 3.10.

 (f) If at the end of the First Parent Response Period none of the SPV Shares Offerees have given notice of their decision to purchase the
Offered SPV Shares, the Selling Parent shall sell the Offered SPV Shares to the Proposed Transferee at a price not lower than that contained in the First Parent Sale Offer and on terms not more favorable to the Proposed Transferee than were
contained in the First Parent Sale Offer within 45 days after the expiration of the First Parent Response Period. 
 (g) If at the end of any
such period provided for in Sections 3.10(e) and 3.10(f), the Selling Parent has not completed the sale of the Offered SPV Shares, the Selling Parent shall no longer be permitted to sell such Offered SPV Shares pursuant to this Section 3.10
without again fully complying with the provisions of this Section 3.10 and all the restrictions on Transfer contained in this Agreement shall again be in effect. 
 3.11 Compliance with Applicable Law, Etc. The exercise of rights set forth in Sections 3.4, 3.5 and 3.10 and the completion of any transfer or sale of Ordinary Shares or the SPV Shares contemplated hereunder
shall be subject to compliance with Applicable Law. The Company, each of the Shareholders and each of the Parents shall cooperate with each other and shall take all such action, including, without limitation, obtaining all Governmental Approvals
required to comply with Applicable Law in connection with the sale or transfer of the Ordinary Shares or the SPV Shares pursuant to this Agreement. Each of the Company, the Shareholders and each of the Parents shall bear its own costs and expenses
in connection with obtaining any such Governmental Approvals, provided, however, that no Shareholder (or its respective Parent) shall be required to bear any costs or expenses in order for another Shareholder or Parent to obtain any
such Governmental Approvals. 
 3.12 Notices of Sales. In the event any Shareholder or Parent transfers any Ordinary Shares or the SPV
Shares in accordance with the provisions of this Agreement, in addition to the other notices provided for in this Agreement the transferring Shareholder or Parent shall provide every other Shareholder and Parent written notice 2 Business Days
following the date of completion of any such transfer, which notice shall set forth the number of Ordinary Shares or SPV Shares transferred, the price per share, the name and address of the purchaser and the terms of payment and any other material
terms and conditions of such sale. 
  

 23 

 ARTICLE IV 
 PREEMPTIVE RIGHTS 
 4.1 Limitation On Share Issuances. During the Restricted Period, the Company
shall not offer, issue or sell, or enter into any agreement or commitment to issue or sell any shares or options, rights or other securities to acquire any such shares (collectively, the “Preemptive Shares”), unless the Company shall first
offer in writing to sell to each of the Shareholders, on the same terms and conditions and at the same equivalent price, the number of shares equal to the Proportionate Amount (as defined below); provided that in the event a Shareholder
elects not to exercise its rights pursuant to this Section 4.1, whether in full or in part, each other Shareholder shall have the right, which right shall not be transferable, to subscribe for such non-electing Shareholder’s Proportionate
Amount. In the event the subscription by each other Shareholder for the non-electing Shareholder’s Proportionate Amount exceeds the Proportionate Amount, each other Shareholder shall be entitled to subscribe for the pro rata portion of such
Proportionate Amount based on the number of Ordinary Shares held by each Shareholder on such date. The “Proportionate Amount” shall be equal to the product of (x) all such Preemptive Shares to be sold or issued multiplied by
(y) a fraction (i) the numerator of which shall be the number of Ordinary Shares owned by such Shareholder, as the case may be, and (ii) the denominator of which shall be the aggregate number of outstanding Ordinary Shares. Such offer
shall remain outstanding for at least 30 days from the date of such written notice and shall be exercised by a Shareholder serving written notice to the Company within such 30-day period. Following the completion of such 30-day period, the Company
shall have the right, for a period of 45 days to sell any Preemptive Shares not purchased by existing Shareholders, at a price per share not less than the per share price in respect of the Preemptive Shares offered to such Shareholders. Thereafter,
any offer, sale or issuance of Preemptive Shares shall be subject to the provisions of this Section 4.1. 
 4.2 Exemptions. The
foregoing preemptive rights shall not apply to (i) the issuance by the Company of any Ordinary Shares in connection with the Share Purchase Agreement, (ii) the issuance by the Company of any Share Incentives to the Company’s
directors, officers or employees under a share incentive plan adopted by the Board of the Company or (iii) the issuance by the Company of Ordinary Shares in connection with a Qualified Public Offering or any merger or acquisition transaction
approved by the Board of the Company. 
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS 
 Each of the Shareholders represents and warrants to
each of the other Shareholders, with respect to itself, (i) as of the date hereof and (ii) as of the date of each annual meeting of the Shareholders as follows: 
 5.1 Title to the Ordinary Shares. Each of the Shareholders owns, and has the complete and unrestricted power and the unqualified right to sell, assign, transfer and deliver, the Ordinary Shares set forth
opposite his or her name on Exhibit B hereof, free and clear of all Encumbrances. 
  

 24 

 5.2 Authorization. Each of the Shareholders has all requisite right, power and authority and full
legal capacity to enter into this Agreement, to carry out its respective obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by each of the Shareholders and the consummation of
the transactions contemplated hereby has been duly authorized by all necessary action on the part of each of the Shareholders, and no other proceedings (corporate or otherwise) on the part of the Shareholders or any other Person are necessary to
authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by each of the Shareholders and constitutes a legal, valid and binding obligation of the Shareholders enforceable
against each of the Shareholders in accordance with its terms (assuming this Agreement is the valid and binding obligation of each of the other parties hereto). 
 5.3 No Violations. The execution, delivery and performance of this Agreement by each of the Shareholders or the consummation of the transactions contemplated hereby or thereby do not and will not
(a) conflict with, or result in a breach of or default under, any terms or conditions of the Organizational Documents of any of the Shareholders, (b) conflict with or violate any Applicable Law, (c) result in the creation of any
Encumbrance on its Ordinary Shares or (d) result in any breach of, or constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation pursuant to any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument to which any of the Shareholders or by which its Ordinary Shares may be bound,
excluding from clause (d), such violations, conflicts, breaches and defaults that, in the aggregate, would not have a Material Adverse Effect on such Shareholder or that would not adversely affect, in a material respect, the ability of such
Shareholder to consummate the transactions provided for by this Agreement. 
 5.4 Consents and Approvals. The execution, delivery and
performance of this Agreement by each Shareholder does not and will not, require any consent, approval, authorization, Governmental Approval or other action by, or filing with or notification to, any third party or any Governmental Authority.

 5.5 Litigation. There is no action, suit, investigation or proceeding by or before any court, arbitrator, administrative agency or
other Governmental Authority pending or threatened against or affecting any Shareholder or any Shareholder’s ability to consummate the transactions provided for by this Agreement. There is no injunction, writ, preliminary restraining order or
any order of any nature issued by an arbitrator, court or other Governmental Authority affecting any Shareholder or its Ordinary Shares, directing that any of the material transactions provided for in this Agreement not be consummated as herein
provided. 
 5.6 No Other Shareholder Agreements. There are no agreements, arrangements or understandings (whether oral or written)
among the Shareholders of the Company with respect to the holding, voting or transfer or otherwise with respect to any securities of the Company. Except for this Agreement or as set forth in Schedule 5.6, no 

  

 25 

 
Shareholder has any right of first refusal, tag-along rights, put rights or preemptive rights in connection with the sale of the Ordinary Shares or any other
securities of the Company. 
 5.7 Non-Competition. With the exception of the ownership or control of Shanghai Tongjitang
Pharmaceutical Co., Ltd. by Wang Xiaochun as specified in Section 7.10(b) herein, none of the Other Shareholders is engaged in Competition (as defined in Section 7.10(b) herein) with the Company. 
 5.8 Business Practices. None of the Shareholders, any of their Subsidiaries or any of their respective officers, employees, directors,
representatives or agents has, either lawfully or unlawfully, made or authorized any offer, payment, promise to pay or contribution of anything of value to any Government Official or Governmental Authority in order to assist the Company or any of
its Subsidiaries in obtaining or retaining business for or with, or directing business to, any Person or otherwise with any corrupt intent. 
 5.9 Tax. Except for the Buyers, none of the Shareholders is a “United States Shareholder” of the Company or its Subsidiaries as this term is defined in section 951 of the Code. To the extent a Shareholder becomes a
“United States Shareholder” it will promptly notify the Company and the Buyers. 
 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES OF THE PARENTS 
 Each of the Parents represents and warrants to the Buyers and each of the other Parents, with respect to itself, (i) as of the date hereof and (ii) as of the date of each annual meeting of the Parents (if applicable) as follows:

 6.1 Title to the Ordinary Shares. Each of the Parents owns, and has the complete and unrestricted power and the unqualified right to
sell, assign, transfer and deliver its respective SPV Shares set forth opposite his or her name on Exhibit C hereof, free and clear of all Encumbrances. 
 6.2 Authorization. Each of the Parents has all requisite right, power and authority and full legal capacity to enter into this Agreement, to carry out its respective obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery of this Agreement by each of the Parents and the consummation of the transactions contemplated hereby has been duly authorized by all necessary action on the part of each of the Parents
(if applicable), and no other proceedings (corporate or otherwise) on the part of the Parents or any other Person are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly executed
and delivered by each of the Parents and constitutes a legal, valid and binding obligation of the Parents enforceable against each of the Parents in accordance with its terms (assuming this Agreement is the valid and binding obligation of each of
the other parties hereto). 
  

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 6.3 No Violations. The execution, delivery and performance of this Agreement by each of the
Parents or the consummation of the transactions contemplated hereby or thereby do not and will not (a) conflict with, or result in a breach of or default under, any terms or conditions of the Organizational Documents of any of the Parents (if
applicable), (b) conflict with or violate any Applicable Law, (c) result in the creation of any Encumbrance on the SPV Shares or (d) result in any breach of, or constitute a default (or event which with the giving of notice or lapse
of time, or both, would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation pursuant to any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other
instrument to which any of the Parents or by which the SPV Shares may be bound, excluding from clause (d), such violations, conflicts, breaches and defaults that, in the aggregate, would not have a Material Adverse Effect on such Parent or that
would not adversely affect, in a material respect, the ability of such Parent to consummate the transactions provided for by this Agreement. 
 6.4 Consents and Approvals. The execution, delivery and performance of this Agreement by each Parent does not and will not, require any consent, approval, authorization, Governmental Approval or other action by, or filing with or
notification to, any third party or any Governmental Authority. 
 6.5 Litigation. There is no action, suit, investigation or
proceeding by or before any court, arbitrator, administrative agency or other Governmental Authority pending or threatened against or affecting any Parent or any Parent’s ability to consummate the transactions provided for by this Agreement.
There is no injunction, writ, preliminary restraining order or any order of any nature issued by an arbitrator, court or other Governmental Authority affecting any Parent or the SPV Shares, directing that any of the material transactions provided
for in this Agreement not be consummated as herein provided. 
 6.6 No Other Parent Agreements. Except for this Agreement, there are
no agreements, arrangements or understandings (whether oral or written) with a Parent as a party with respect to the holding, voting or transfer or otherwise with respect to any securities of the respective Shareholder. Except for this Agreement, no
Parent has any right of first refusal, tag-along rights, put rights or preemptive rights in connection with the sale of the SPV Shares or any other securities of the respective Shareholder. 
 6.7 Non-Competition. With the exception of the ownership or control of Shanghai Tongjitang Pharmaceutical Co., Ltd. by Wang Xiaochun as specified
in Section 7.10(b) herein, none of the Parents is engaged in Competition (as defined in Section 7.10(b)) with the Company. 
 6.8
Business Practices. None of the Parents, any of their Subsidiaries or any of their respective officers, employees, directors, representatives or agents has, either lawfully or unlawfully, made or authorized any offer, payment, promise to pay
or contribution of anything of value to any Government Official or Governmental Authority in order to assist the Company or any of its Subsidiaries in obtaining or retaining business for or with, or directing business to, any Person or otherwise
with any corrupt intent. 
  

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 ARTICLE VII 
 CERTAIN COVENANTS 
 7.1 Further Actions. The Shareholders and each Parent shall promptly and duly
execute and deliver such documents and take, and cause the Company to take, such further action that may be required under Applicable Law in order to carry out effectively and accomplish the intent and purpose of this Agreement and any other
agreement executed by the Company or Shareholders at or prior to the Closing and to establish and protect the rights and remedies created or intended to be created hereby or under such other agreements. 
 7.2 Other Shareholders Agreement. None of the Shareholders or the Parents who are or may become parties to this Agreement will enter into any
agreement, arrangement or understanding (whether oral or written) among the Shareholders of the Company with respect to the holding, voting or transfer or otherwise with respect to any securities of the Company, other than amendments or
modifications of this Agreement. 
 7.3 Financial Information. Prior to a Qualified Public Offering, as long as a Buyer or Recent
Investor continues to hold no less than 50% of the Shares that they purchased under the Share Purchase Agreement, the Company and its Subsidiaries shall furnish to such Buyer or Recent Investor: 
 (a) As soon as practicable after the end of each Fiscal Year, and in any event within 120 days thereafter, audited consolidated balance sheets of the
Company and its Subsidiaries, and the related statements of income, the statements of changes in shareholders’ equity and the statements of cash flows for the years then ended, including footnotes thereto, certified by Deloitte Touche Tohmatsu
(or another Big Four Accounting Firm if such firm has been retained by the Company), independent certified public accountants, prepared in accordance with GAAP applied consistently with past practice and setting forth in comparative form the figures
for the previous Fiscal Year; 
 (b) As soon as practicable after the end of each quarter, and in any event within 45 days thereafter,
unaudited consolidated balance sheets of the Company and its Subsidiaries, and the related statements of income, retained earnings and changes in financial position for the three months then ended, including footnotes thereto; 
 (c) As soon as practicable after the end of each month, and in any event within 30 days thereafter, monthly management accounts and operational reports
of the Company and its Subsidiaries; 
 (d) As soon as available, information and data on any change in, or any event or condition which may
adversely change, the Company’s or any of its Subsidiaries’ assets, liabilities, business, prospects, financial condition or operations; 
 (e) As soon as available, any additional reports, audit letters, management letters, or other detailed information concerning significant aspects of the Company’s or 

  

 28 

 
any of its Subsidiaries operations or financial affairs given to the Company or its Subsidiaries by their independent certified public accountant (and not
otherwise contained in other materials provided hereunder) and any responses to such reports, letters, or other information prepared by management of the Company or its Subsidiaries; 
 (f) As soon as practical after each board or shareholders meetings of the Company or its Subsidiaries, and in any event within (A) in the case of
the Company and its non-PRC Subsidiaries, 14 days thereafter, and (B) in the case of a PRC Subsidiary, 30 days thereafter, the minutes of such board’s or shareholders’ meetings; 
 (g) As soon as available, details of any offer that the Company or any Subsidiary receives in respect of the purchase of any material assets, shares of
the capital stock or equity interests in the Company or its Subsidiaries; and 
 (h) Additional information as reasonably requested by such
Buyer or Recent Investor. 
 7.4 Books and Records. The Company shall maintain books and records accurately to disclose all payments
made and to permit the preparation of financial statements in accordance with GAAP. 
 7.5 Maintenance of Governmental Approvals.
(a) The Company and each Subsidiary shall keep in full force and effect all such Governmental Approvals, including but without limitation to those set forth in Disclosure Schedule 4.15(a) (except and excluding those set forth in Disclosure
Schedule 4.15(b) of the Share Purchase Agreement, that may be required for (i) the carrying on of the business of the Company or any of its Subsidiaries as it is presently carried on and is contemplated to be carried on, (ii) the due
execution and delivery of, and the performance by the Company or any of its Subsidiaries of its obligations and the exercise of its rights under, this Agreement, the Registration Rights Agreement and the Share Purchase Agreement required to be in
effect as of such date, and (iii) the exercise by the Shareholders of their rights and remedies under this Agreement, the Registration Rights Agreement or the Share Purchase Agreement. 
 (b) Without prejudice to the generality of Section 7.5(a), Guizhou Tongjitang Pharmaceutical Co., Ltd., the Company’s manufacturing Subsidiary,
shall comply with good manufacturing practice standards, as may be amended by the relevant PRC Government Authority from time to time, and it shall keep in full force and effect its good manufacturing practice certificates. 
 (c) The Company and its Subsidiaries shall use their best reasonable efforts to obtain the Governmental Approvals, required to be obtained, including
those set forth in Disclosure Schedules 4.15(b), 4.15(c) and 4.27 of the Share Purchase Agreement, as soon as such Governmental Approvals become necessary. 
 7.6 Maintenance of Properties; Insurance. The Company and each Subsidiary shall maintain or cause to be maintained in good repair, working order and condition all 

  

 29 

 
properties used or useful in the business of the Company or the Subsidiaries and from time to time will make or cause to be made all appropriate repairs,
renewals and replacements thereof, and the Company and the Subsidiaries shall maintain or cause to be maintained, with financially sound and reputable insurers, insurance with respect to their properties and business against loss or damage of the
kinds customarily insured against by corporations of established reputation engaged in the same or similar business in the country in which each of the Company and its Subsidiaries conducts its business, in such amounts as are customarily carried
under similar circumstances by such other corporations, including without limitation those policies set forth in Disclosure Schedule 4.21 of the Share Purchase Agreement. 
 7.7 Labor Practices. The Company and each Subsidiary shall comply with all Applicable Laws with respect to labor practices in all material aspects, including, without limitation to, those laws respecting
employment and employment practices, child labor, terms and conditions of employment, pay equity and wages and hours and not to engage in any unfair labor practices. 
 7.8 Access to Information. Upon a Buyer’s or Recent Investor’s reasonable prior notice, the Company and each Subsidiary shall permit any authorized representatives designated by such Buyer or Recent
Investor, without expense to the Company, to have reasonable access to any of the assets or properties of the Company or any of its Subsidiaries, including books of account, and to make copies and take extracts therefrom, and to discuss its affairs,
finances and accounts with its officers and independent public accountants (and to authorize such accountants to discuss with such representatives the affairs, finances and accounts of the Company or its any of its Subsidiaries, with the presence of
a representative of the Company), all at such reasonable times and as often as may be reasonably requested. 
 7.9 Non-Disclosure of
Confidential Information. Each Shareholder hereto agrees that during the term of this Agreement, it shall take reasonable steps to prevent disclosure of any confidential or proprietary information (the “Information”) of the Company
which it receives. Notwithstanding the foregoing, the Shareholder receiving the Information (the “Receiving Party”) shall have no obligations hereunder with respect to Information which is (i) known to the Receiving Party on a
non-confidential basis at the time of disclosure from the Company; (ii) at the time of that disclosure, or comes thereafter, in the public domain other than pursuant to a breach of an existing obligation by the Receiving Party;
(iii) rightfully received from a third party without a restriction on further disclosure and without breach of the other provisions of this Section 7.9; (iv) independently developed by the Receiving Party; or (v) Information
which is required to be disclosed by law, rule or regulatory authority on request of any governmental body, court of law or regulatory authority; provided, however, that the Company is given prior notice. For the avoidance of doubt, each Shareholder
may disclose the Information to its agents, advisors, prospective lenders or Affiliates who have agreed to be bound by the obligations of this Section 7.9. 
 7.10 Competition with the Company. (a) At all times while an Other Shareholder owns Ordinary Shares, each Other Shareholder shall use its best efforts to 

  

 30 

 
promote the interests of the Company and each Other Shareholder will not, directly or indirectly, on his behalf, or for the benefit of any other person or
entity, do any of the following: (i) engage in Competition (as defined below); (ii) solicit, accept any business that is the same as or similar to the businesses of the Company or its Subsidiaries from, or perform any services for, any
customer or supplier of the Company which is currently a customer or supplier of the Company at any time during the term of his employment with the Company; (iii) cause or induce or attempt to cause or induce any customer or supplier of the
Company to withdraw any business from the Company; (iv) solicit or accept from any prospective customer or supplier of the Company any business or service which was solicited on behalf of the Company by such party or by any employee of the
Company; (v) cause or induce or attempt to cause or induce any employee of the Company to terminate his or her employment with the Company, or advise or recommend to any other person that they employ or solicit for employment any employee of
the Company; or (vi) otherwise interfere with the business or accounts of the Company. 
 (b) For purposes of this Agreement,
“Competition” by an Other Shareholder shall mean such Other Shareholder’s (i) engaging in, or otherwise, directly or indirectly, being employed by; or (ii) acting, directly or indirectly, formally or informally, as a
consultant or lender to; or (iii) being a director, officer, employee, principal or agent of; or (iv) owning in excess of 10% of the equity interests of; or (v) permitting such Other Shareholder’s name to be used in connection
with the activities of; or (vi) obtaining any benefit, monetary or otherwise, direct or indirect, at or about the time of such occurrence from; or (vii) receiving any promise, agreement, arrangement or understanding to receive any benefit,
monetary or otherwise, direct or indirect, at any time in the future, from any other business or organization in China which competes or intends to compete, directly or indirectly, with the Business at any time during the term of this Agreement.
Notwithstanding the obligations of this Section 7.10, Mr. Wang Xiaochun may continue to own or control Shanghai Tongjitang Pharmaceutical Co., Ltd., a business that he currently owns and controls and which is not permissible for foreign
investors in China, provided Mr. Wang Xiaochun does not expand such business beyond manufacturing and marketing of sliced herbs and Dingzhiqing Plaster. 
 (c) The Company shall have the option to purchase Shanghai Tongjitang Pharmaceutical Co., Ltd. at fair market price, exercisable whenever PRC regulatory restrictions on foreign investment in such businesses are
relaxed or lifted. 
 7.11 Business Practices. (a) The Company, its Subsidiaries and their respective officers, employees,
directors, representatives or agents shall not offer, promise, authorize or make, directly or indirectly, (i) any unlawful payments or (ii) payments or other inducements (whether lawful or unlawful) to any Government Official, with the
intent or purpose of: 
  

	 	(1)	influencing any act or decision of such Government Official in his official capacity; 

  

	 	(2)	inducing such Government Official to do or omit to do any act in violation of the lawful duty of such Government Official; 

  

 31 

	 	(3)	securing any improper advantage; or 

  

	 	(4)	inducing such Government Official to use his influence with a government or instrumentality thereof, political party or international organization to affect or influence any act or
decision of such government or instrumentality, political party or international organization; 

 in order to assist the Company in obtaining
or retaining business for or with, or directing business to, any Person. Further, no such payments or other inducements shall be offered or provided to Government Officials described above in violation of any Cayman Islands, British Virgin Islands,
PRC and United States law against improper payments or inaccurate recordkeeping, deeming, for the purposes of this Section 7.11(a), that the Company has had a class of securities registered under Section 12(g) of the United States
Securities Act 1934, as amended. 
 (b) Notwithstanding anything else in Section 7.11(a), any facilitating or expediting payment made to
a Government Official for the purpose of expediting or securing the performance of a routine governmental action by a Government Official shall not constitute a breach of the representation made in Section 7.11(a). 
 7.12 Restricted Activities. (a) Neither the Company nor any of its Subsidiaries shall take any of the following actions in furtherance of the
Arab boycott of Israel or any other foreign boycott not sanctioned by the United States: 
 (i) refuse to do business with any
Person; 
 (ii) refuse to employ or otherwise discriminate against any Person on the basis of race, religion, sex or national
origin; 
 (iii) furnish information with respect to the race, religion, sex or national origin of any Person; 
 (iv) furnish information about whether any Person is blacklisted or has business relationships in Israel or another boycotted country; or

 (v) pay a letter of credit requiring any of the above. 
 The Company and its Subsidiaries shall cooperate with the Buyers to remain in compliance with all applicable reporting requirements pertaining to the reporting of requests to cooperate with unsanctioned boycotts.

 (b) Neither the Company nor any of its Subsidiaries shall conduct or enter into any contract to conduct any transaction with, the
governments or any of sub-division thereof, agents or representatives, residents of, or any entity based or resident in any countries that are subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
Department (“OFAC”); and neither the Company nor any of its Subsidiaries shall finance the activities of any Person subject to any U.S. sanctions administered by OFAC. 
  

 32 

 (c) Neither the Company nor any of its Subsidiaries shall export or trade in firearms or military
weaponry, narcotics or other Controlled Substances. 
 7.13 The Company and the Controlling Shareholders Indemnity. (a) The
Company and each Controlling Shareholder will jointly and severally indemnify the Buyers, their respective partners, stockholders, officers, directors, employees, authorized agents, authorized representatives, and successors and assigns
(collectively, the “Buyer Indemnitees”) in respect of, and save and hold each Buyer Indemnitee harmless against and pay on behalf of or reimburse each Buyer Indemnitee as and when incurred, any Losses which any Buyer Indemnitee suffers,
sustains, or becomes subject to as a result of, or by virtue of, without duplication: 
 (i) any facts or circumstances that
constitute a misrepresentation by the Company or either Controlling Shareholder set forth in Articles V and VI of this Agreement (including any Schedule or Exhibit attached hereto), or any certificate delivered by the Company or either Controlling
Shareholder pursuant to this Agreement (provided that the Company and the Controlling Shareholder are given written notice of such Loss); or 
 (ii) any nonfulfillment or breach of any covenant of the Company or a Controlling Shareholder set forth in Article VII of this Agreement. 
 (b) Any payment of Losses due to the Buyers under this Section 7.13 may be payable by the Company or a Controlling Shareholder in the form of cash or securities with a fair market value equal to such payment, in
any case on terms and conditions satisfactory to the Buyers. 
 (c) The Company and the Controlling Shareholders acknowledge that the
agreement contained in this Section 7.13 is an integral part of the transactions contemplated by this Agreement, and that, without such agreement, the Buyers would not enter into this Agreement; accordingly, if the Company or a Controlling
Shareholder fails to pay promptly the amounts due pursuant to this Section 7.13 and, in order to obtain such amounts, the Buyers commence a suit against the Company or either Controlling Shareholder to collect the amounts provided for herein,
the Company or the Controlling Shareholder shall also be liable to pay to the Buyers their costs and expenses (including attorneys’ fees) in connection with such suit. 
 (d) The Company may, at the option of the Buyers, be joined in any action or proceeding commenced by the Buyers against either of the Controlling
Shareholders in connection with and based upon any breach of any representation, warranty, covenant, obligation or agreement under this Agreement. Recovery may be had against the Company in such action or proceeding or in any independent action or
proceeding against such Controlling Shareholders without the Buyers first asserting, prosecuting, or exhausting any remedy or claim against the Company or any other indemnitor. 
  

 33 

 7.14 Guarantee by Wang Xiaochun. (a) Wang Xiaochun unconditionally and irrevocably guarantees
to the Buyers the due and proper performance and observation by Hanmax of all its obligations under this Agreement or arising from or related to this Agreement. Wang Xiaochun will indemnify the Buyer Indemnitees in respect of, and save and hold each
Buyer Indemnitee harmless against and pay on behalf of or reimburse each Buyer Indemnitee as and when incurred, any Losses which any Buyer Indemnitee suffers, sustains, or becomes subject to as a result of, or by virtue of, without duplication:

 (i) any facts or circumstances that constitute a misrepresentation by Hanmax set forth in this Agreement (including any
Schedule or Exhibit attached hereto), or any certificate delivered by Hanmax pursuant to this Agreement (provided that Wang Xiaochun is given written notice of such Loss); or 
 (ii) any nonfulfillment or breach of any covenant of Hanmax set forth in this Agreement. 
 (b) Any payment of Losses due to the Buyers under this Section 7.14 may be payable by Wang Xiaochun in the form of cash or securities with a fair
market value equal to such payment, in any case on terms and conditions satisfactory to the Buyers. 
 (c) Wang Xiaochun acknowledges that
the agreement contained in this Section 7.14 is an integral part of the transactions contemplated by this Agreement, and that, without such agreement, the Buyers would not enter into this Agreement; accordingly, if Wang Xiaochun fails to pay
promptly the amounts due pursuant to this Section 7.14 and, in order to obtain such amounts, the Buyers commence a suit against Wang Xiaochun to collect the amounts provided for herein, Wang Xiaochun shall also be liable to pay to the Buyers
their costs and expenses (including attorneys’ fees) in connection with such suit. 
 7.15 Guarantee by Wang Shaolan.
(a) Wang Shaolan unconditionally and irrevocably guarantees to the Buyers the due and proper performance and observation by S-Yangtse of all its obligations under this Agreement or arising from or related to this Agreement. Wang Shaolan will
indemnify the Buyer Indemnitees in respect of, and save and hold each Buyer Indemnitee harmless against and pay on behalf of or reimburse each Buyer Indemnitee as and when incurred, any Losses which any Buyer Indemnitee suffers, sustains, or becomes
subject to as a result of, or by virtue of, without duplication: 
 (i) any facts or circumstances that constitute a
misrepresentation by S-Yangtse set forth in this Agreement (including any Schedule or Exhibit attached hereto), or any certificate delivered by S-Yangtse pursuant to this Agreement (provided that Wang Shaolan is given written notice of such Loss);
or 
  

 34 

 (ii) any nonfulfillment or breach of any covenant of S-Yangtse set forth in this
Agreement. 
 (b) Any payment of Losses due to the Buyers under this Section 7.15 may be payable by Wang Shaolan in the form of cash or
securities with a fair market value equal to such payment, in any case on terms and conditions satisfactory to the Buyers. 
 Wang Shaolan
acknowledges that the agreement contained in this Section 7.15 is an integral part of the transactions contemplated by this Agreement, and that, without such agreement, the Buyers would not enter into this Agreement; accordingly, if Wang
Shaolan fails to pay promptly the amounts due pursuant to this Section 7.15 and, in order to obtain such amounts, the Buyers commence a suit against Wang Shaolan to collect the amounts provided for herein, Wang Shaolan shall also be liable to
pay to the Buyers their costs and expenses (including attorneys’ fees) in connection with such suit. 
 7.16 Guarantee by Silver
Grant. (a) Silver Grant unconditionally and irrevocably guarantees to the Buyers the due and proper performance and observation by Samtung of all its obligations under this Agreement or arising from or related to this Agreement. Silver
Grant will indemnify the Buyer Indemnitees in respect of, and save and hold each Buyer Indemnitee harmless against and pay on behalf of or reimburse each Buyer Indemnitee as and when incurred, any Losses which any Buyer Indemnitee suffers, sustains,
or becomes subject to as a result of, or by virtue of, without duplication: 
 (i) any facts or circumstances that constitute
a misrepresentation by Samtung set forth in this Agreement (including any Schedule or Exhibit attached hereto), or any certificate delivered by Samtung pursuant to this Agreement (provided that Silver Grant is given written notice of such Loss); or

 (ii) any nonfulfillment or breach of any covenant of Samtung set forth in this Agreement. 
 (b) Any payment of Losses due to the Buyers under this Section 7.16 may be payable by Silver Grant in the form of cash or securities with a fair
market value equal to such payment, in any case on terms and conditions satisfactory to the Buyers. 
 Silver Grant acknowledges that the
agreement contained in this Section 7.16 is an integral part of the transactions contemplated by this Agreement, and that, without such agreement, the Buyers would not enter into this Agreement; accordingly, if Silver Grant fails to pay
promptly the amounts due pursuant to this Section 7.16 and, in order to obtain such amounts, the Buyers commence a suit against Silver Grant to collect the amounts provided for herein, Silver Grant shall also be liable to pay to the Buyers
their costs and expenses (including attorneys’ fees) in connection with such suit. 
 7.17 No Limitation Based on Prior
Knowledge. The parties expressly agree that the Buyers’ right to indemnification under Sections 7.13, 7.14, 7,15 and 7.16 shall not be limited by any knowledge obtained pursuant to any investigation conducted by or on behalf of the Buyers
before or after the date of this Agreement. 
  

 35 

 7.18 Limitation on Indemnification. The indemnification provided for in Sections 7.13, 7.14, 7.15
and 7.16 shall be subject to the following limitations: 
 (a) None of the Company, the Controlling Shareholders or the Parents shall be
obligated to pay any indemnification to an Indemnified Party until the aggregate amount of all amounts payable to the Indemnified Parties in respect of indemnification exceeds U.S.$200,000 (the “Basket Amount”). For the avoidance of
doubt, the Basket Amount is not a deductible and if the aggregate amount for any indemnification exceeds the Basket Amount, the Company, the Controlling Shareholders or the Parents, as the case may be, shall be obligated to pay the full amount of
such aggregated indemnification; 
 (b) Notwithstanding anything to the contrary in this Agreement, the aggregate indemnification payable by
the Company, the Controlling Shareholders and the Parents for the Losses of all Indemnified Parties in respect of all breaches of the representations and warranties herein and of any other provisions of this Agreement shall in any event not exceed
75% of the Purchase Price; 
 (c) To the extent that the Buyers receive payment of the Put Price following an exercise of the Put, the rights
of any Indemnified Party to be indemnified, or to recover damages at law, for a breach of any representation or warranty herein shall be offset in an amount equal to the Put Price actually received by the Buyers; 
 (d) If the Buyers receive full payment of the Put Price following their exercise of the Put, they agree to provide the Company with a written
acknowledgment that such payment of the Put Price has released the obligations of the Company to pay any amount in respect of indemnification under the Share Purchase Agreement; and 
 (e) For the avoidance of doubt, the limitations of Sections 7.18(a) and (b) are without prejudice to the rights of parties under Section 8.11
or other rights the parties may have at law or equity. 
 7.19 Indemnification Procedures; Third Party Claims. The Buyers shall give
prompt written notice to the Company, the Parent or any Controlling Shareholder of any claim, assertion, event or proceeding concerning any liability or damage as to which they may request indemnification from each of the Company, the Parents or
Controlling Shareholders hereunder; provided, however, that any failure by the Buyers to notify the Company, any Parent or Controlling Shareholder shall not relieve the Company, any Parent or Controlling Shareholder from its
obligations hereunder except to the extent the Company, the Parent or Controlling Shareholder is materially prejudiced by such failure and shall not relieve the Company, the Parent or Controlling Shareholder from any other obligation or liability
that it may have to the Buyers otherwise than under Sections 7.13, 7.14, 7.15 and 7.16. If the Company, any Parent or Controlling Shareholder so elects or is requested by the Buyers, the Company, the Parent or Controlling Shareholder will assume the
defense of such action or proceeding, including the employment of counsel 

  

 36 

 
reasonably satisfactory to the Buyers and the payment of the fees and expenses of such counsel. In the event, however, the Buyers determine in the reasonable
judgment of counsel that having common counsel would present such common counsel with a conflict of interest or (i) other than an action solely for monetary damages if the Company, a Parent or a Controlling Shareholder fails to assume the
defense of the action or proceeding in a timely manner, (ii) if in the reasonable judgment of the Buyers, the defense is being handled in such a manner that the Buyers’ reputation or future business prospects will be materially damaged or
(iii) a court of competent jurisdiction rules that the Company, the Parent or Controlling Shareholder has failed or is failing to prosecute or defend vigorously such claim, then the Buyers may employ separate counsel to represent or defend it
in any such action of proceeding and the Company, the Parent or Controlling Shareholder will pay the fees and expenses of such counsel. In any action or proceeding the defense of which the Company, the Parent or Controlling Shareholder assumes, the
Buyers will have the right to participate in such litigation and to retain its own counsel at the Buyers’ own expense. 
 The Company,
the Parents and the Controlling Shareholders agree that, without the Buyers’ prior written consent, none of them will settle, compromise or consent to entry of any judgment in any pending or threatened claim, action or proceeding in respect of
which indemnification could be sought under the indemnification provision of this Agreement (whether or not either Buyer is an actual or potential party to such claim, action or proceeding so long as it is reasonably likely that they would be named
as a party), unless such settlement, compromise or consent includes and unconditional release of the Buyers from all liabilities arising out of such claim, action or proceeding and does not include a statement as to an admission of fault,
culpability or a failure to act on behalf of the Buyers. 
 7.20 Maintenance of Shareholding by Parent Guarantors. (a) After the
Closing, Wang Xiaochun, Silver Grant and Wang Shaolan shall respectively control or own 56.8%, 10.8% and 8.7% of the Ordinary Shares. Prior to a Qualified Public Offering and notwithstanding any other provisions of this Agreement, Wang Xiaochun,
Silver Grant and Wang Shaolan will maintain their respective shareholding percentage in the Company. 
 (b) Prior to a Qualified Public
Offering, Wang Xiaochun may (i) Transfer no more than 6.4% of the Ordinary Shares outstanding as of the date herein to a third party or (ii) Transfer the Ordinary Shares that he beneficially owns through Hanmax in any Transfer made
primarily for his tax and estate planning purposes. Other than the Transfers specified in the proceeding sentence, Wang Xiaochun shall not Transfer any Ordinary Shares that he beneficially owns or controls without the Buyers’ prior written
consent. Any Transfers of Ordinary Shares made pursuant to Section 7.20(b)(ii) may be made without complying with Section 3.5. 
 (c) Until the end of the two year period following the Closing of a Qualified Public Offering, Wang Xiaochun will continue to own or control, directly or indirectly, 75% of the Ordinary Shares that he beneficially owns or controls prior the
such Qualified Public Offering. 
  

 37 

 7.21 Compliance with Applicable Law. The Company and each of the Other Shareholders shall comply
with (i) Applicable Law, and (ii) all obligations incurred pursuant to the terms of each Organizational Document and this Agreement, whether oral or written, express or implied, as such obligations become due. 
 7.22 Public Disclosures. None of the Company, any Shareholder nor any of the Parents shall, nor shall the Company permit any Subsidiary to,
disclose the Buyers’ names or identify either Buyer as a holder of the Company’s equity securities in (i) business transactions with third parties, (ii) any press release or other public announcement, or (iii) any document
or other materials filed with any governmental entity, without the prior written consent of the Buyers, unless such disclosure is required by Applicable Law or by an order of a court of competent jurisdiction, in which case, prior to making
such disclosure, the Company, any applicable Shareholder or Parent shall (i) give written notice to the Buyers, which notice shall describe in reasonable detail the proposed content of such disclosure, and (ii) permit the Buyers to review
and comment upon the form and substance of such disclosure. 
 7.23 Disclosure to Boards. The Company shall, and shall cause each of
its officers, directors, agents, employees and other representatives to, each Controlling Shareholder and Parent shall use its best efforts to, cause the Company and each of its officers, directors, agents, employees and other representatives to,
promptly disclose to the Boards all details (and will provide any written proposals, inquiries or other materials) regarding any information, inquiry, communication (whether written or oral) or other indication of interest in any reorganization,
consolidation, merger, sale of all or substantially all of the Company’s or its Material Subsidiary’s assets, sale of the Company’s or its Material Subsidiary’s capital shares or equity interests or any other transaction which,
if consummated, would materially affect the Company and its Subsidiaries, taken as a whole. 
 7.24 Disclosure and Cooperation With
Respect to Transfers. Upon the request of the Buyers, the Company shall (i) promptly supply to the Buyers or their prospective transferees all information regarding the Company required to be delivered in connection with such transfer, if
applicable, and (ii) otherwise cooperate and take all other actions as reasonably requested by the Buyers in connection with any transfers permitted pursuant to the terms of Article III hereof. 
 7.25 Current Public Information. At all times after the Company has registered as a publicly-held company with the United States securities and
exchange commission pursuant to the United States securities laws, or with the Company shall, and each Controlling Shareholder shall, use its best efforts to cause the Company to file and disclose all reports and information required to be filed and
disclosed under Untied States securities laws. Upon request, the Company shall deliver to any holder of Ordinary Shares a written statement as to whether it has complied with such requirements. 
 7.26 Registration of Shareholders Agreement. As promptly as possible (but in no event later than fifteen Business Days) following the Closing, the
Company shall cause (A) copies of written resolutions of the Directors approving the issue of the Shares 

  

 38 

 
and all actions taken in connection therewith) to be delivered to the Buyers and their special counsel, and (B) this Agreement to be registered at the
head office of the Company. 
 7.27 Registered Public Offering. As an inducement for the Buyers to enter into this Agreement, each of
the parties hereto agrees to use their commercially reasonable efforts to cause the Company, prior to December 31, 2007, to effect the registration under the United States securities laws of all or part of the Registrable Securities held by one
or more holders of the Registrable Securities pursuant to the provisions of the Registration Rights Agreement. 
 7.28 Liquidation
Preference. (a) Each of the Shareholders other than the Buyers agrees that in the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, the Buyers shall be entitled to receive, in cash, prior
and in preference to any distribution of the assets of the Company to the other Shareholders, an amount per Common Share equal to the quotient of the Purchase Price divided by the number of the Shares purchased by the Buyers under the Share Purchase
Agreement, plus a further amount equal to any declared but unpaid dividends there on, before any payment shall be made or any assets distributed to the other Shareholders. 
 (b) Following the completion of the distribution of the stated liquidation preference described in Section 7.28(a) to the Buyers, any remaining
assets of the Company shall be distributed to the other Shareholders pro rata in accordance with their respective ownership of the Ordinary Shares. 
 7.29 Tax. (a) The Company and its Subsidiaries shall, and the Controlling Shareholders shall cause the Company and its Subsidiaries to, use reasonable efforts to comply with a written request by the Buyers for the Company to
provide such information as may reasonably be necessary (i) to determine whether the Company or any Subsidiary thereof is or may be a “controlled foreign corporation” or a “passive foreign investment company” (within the
meaning of Section 951 and 1297 of the Code), (ii) for the Buyers (or their direct and indirect owners) to comply with any tax reporting or filing requirement, and (iii) (to the extent the Company or any Subsidiary thereof becomes a
“passive foreign investment company”) to make a qualified electing fund election pursuant to Section 1295(b) of the Code and to make annual filings on such Buyers’ U.S. federal tax returns with respect to such election.

 (b) The Company or any of its Subsidiaries shall not, and the Controlling Shareholders shall not permit the Company or any of its
Subsidiaries to, knowingly enter into any transaction that is, at the time such transaction is entered into, a “listed transaction” within the meaning of U.S. Treasury regulations promulgated under section 6011 of the Code (or otherwise
knowingly enter into any transaction specifically designed to avoid U.S. federal income tax on the income of any U.S. person) without the written consent of each of the Shareholders, and shall not knowingly participate in any “reportable
transaction” described in the aforesaid U.S. Treasury regulations unless each of the Shareholders is provided information sufficient for it and its Affiliates to timely comply with any resulting U.S. tax reporting obligations. 
  

 39 

 ARTICLE VIII 
 MISCELLANEOUS 
 8.1 Termination. This Agreement may be terminated (a) by written consent of all
the parties hereto (b) as to any Shareholder if such Shareholder shall have disposed of all of its Ordinary Shares in accordance with the terms of this Agreement or (c) at a Qualified Public Offering, whichever happens first. However, the
provisions of Sections 7.13, 7.14, 7.15, 7.16, 7.17, 7.18, 7.19 and 7.20 shall survive the termination of this Agreement. 
 8.2 Waivers
and Amendments. This Agreement may only be modified with the written consent of the parties hereto. Neither this Agreement nor any provision hereof may be changed, waived, discharged or terminated orally, but only by a statement in writing
signed by the party against which enforcement of the change, waiver, discharge or termination is sought. 
 8.3 Notices, etc. Except
as otherwise provided in this Agreement, all notices and other communications pursuant to this Agreement shall be in writing and shall be delivered in person, by courier, by facsimile transmission (with oral confirmation of receipt), by e-mail (as
long as the sender receives no non-delivery notice and the notice is followed by delivery in person, by courier or facsimile transmission) or by certified air mail (postage prepaid, return receipt requested, if available). All such notices shall be
sent to the facsimile number, e-mail address or address (as the case may be) specified for the intended recipient in Schedule 8.3, or to such other number or address as such recipient may have last specified by notice to the other parties. All such
notices shall be effective upon receipt. 
 8.4 Dispute Resolution. 
 (a) Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof, shall
be resolved through consultation. Such consultation shall begin immediately after one party hereto has delivered to the other parties hereto a written request for such consultation. If within 30 days following the date on which such notice is given
the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of any party with written notice to the other parties. 
 (b) The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “Centre”). There shall be three arbitrators of whom each party shall select one
arbitrator within 30 days after respectively giving or receiving the demand for arbitration. Such arbitrators shall be freely selected and the parties shall not be limited in their selection to any prescribed list. The chairman of the Centre shall
select a third arbitrator to serve as presiding arbitrator within 30 days of the selection of the second arbitrator. The third arbitrator shall be qualified to practice New York State law. If any arbitrator has not been appointed within the time
limits specified herein, such appointment shall be made by the chairman of the Centre upon the written request of any party. 
  

 40 

 (c) The arbitration proceedings shall be conducted and the award shall be rendered in the English
language. The arbitration tribunal shall apply the Arbitration Rules of the Centre in effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Section 8.4, including the provisions concerning the
appointment of arbitrators, the provisions of this Section 8.4 shall prevail. 
 (d) The hearing shall commence no later than 90 days
following the appointment of the last of the three arbitrators and the award shall be rendered no later than 30 days following the close of the hearing. 
 (e) The arbitrators shall decide any dispute submitted by the parties to the arbitration strictly in accordance with the substantive law of the State of New York and shall not apply any other substantive law.

 (f) Consistent with the expedited nature of arbitration, each party will, upon the written request of the other party, provide the other
with copies of documents relevant to the issue raised by any claim or counterclaim. Other discovery may be ordered by the arbitrator to the extent the arbitrator deems additional discovery relevant and appropriate, and any dispute regarding
discovery, relevance or scope thereof, shall be determined by the arbitrator, which determination shall be conclusive. 
 (g) The parties
hereby waive any rights of application or appeal to any court or tribunal of competent jurisdiction (including without limitation the courts of the United States, the British Virgin Islands, the Cayman Islands, Hong Kong and China) to the fullest
extent permitted by law in connection with any question of law arising in the course of the arbitration or with respect to any award made except for actions relating to enforcement of the arbitration agreement or an arbitral award and except for
actions seeking interim or other provisional relief in any court of competent jurisdiction. 
 (h) By agreeing to arbitration, the parties do
not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings and the enforcement of any award. Without prejudice to such provisional remedies in aid
of arbitration as may be available under the jurisdiction of a national court, the arbitral tribunal shall have full authority to grant provisional remedies and to award damages for the failure of any party to respect the arbitral tribunal’s
orders to that effect. 
 (i) The award shall be final and binding upon the parties, and shall be the sole and exclusive remedy between the
parties regarding any claims, counterclaims, issues, or accounting presented to the arbitral tribunal. Judgment upon any award may be entered in any court having jurisdiction thereof. 
 (j) Subject to the receipt of any applicable governmental approval, any monetary award shall be made and promptly payable in U.S. Dollars free of any
tax, 

  

 41 

 
deduction or offset, and the arbitral tribunal shall be authorized in its discretion to grant pre-award and post-award interest at commercial rates. Any
costs, fees, or taxes incident to enforcing the award shall, to the maximum extent permitted by law, be charged against the party resisting such enforcement. The arbitral tribunal shall have the authority to award any remedy or relief proposed by
each party pursuant to this Agreement, including without limitation, a declaratory judgment, specific performance of any obligation created under this Agreement or the issuance of an injunction. 
 (k) This Agreement and the rights and obligations of the parties shall remain in full force and effect pending the award in any arbitration proceeding
hereunder. 
 (l) All notices by one party to the other in connection with the arbitration shall be in accordance with the provisions of
Section 8.3 hereof. 
 (m) This arbitration agreement set forth in Section 8.4 shall be binding upon the parties, their successors
and the permitted assigns in accordance with Section 8.6 hereof. 
 8.5 GOVERNING LAW. THIS AGREEMENT AND, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ALL MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 
 8.6 Successors and Assigns. (a) No party to this Agreement may assign any of its rights or obligations under this Agreement, without the
prior written consent of the other parties hereto, except that a Buyer may assign their rights and obligations to one or more Affiliates of such Buyer, which shall agree in writing to be bound by the terms hereof. Any such assignment shall not
relieve such Buyer of its obligations hereunder. Any attempted assignment in contravention hereof shall be null and void. 
 (b) This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto or their successors and permitted assigns. 
 8.7 No Third Party Beneficiaries. Except as otherwise expressly provided herein, nothing in this Agreement shall convey any rights upon any person or entity that is not a party or permitted designee of a party to this Agreement.

 8.8 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy on the part of the Company
or any Shareholder upon any breach or default of any party to this Agreement shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach or default, or any acquiescence therein, or if in any similar
breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. It is further agreed that any waiver, permit, consent or approval of
any kind or character on the Company or any Shareholder’s part of any breach or default under this Agreement must be in writing and shall be effective 

  

 42 

 
only to the extent specifically set forth in such writing and that all remedies either under this Agreement, or by law otherwise afforded to the Company or
any Shareholder, shall be cumulative and not alternative. 
 8.9 Expenses. Each party to this Agreement will bear all fees, costs and
expenses that are incurred by it in connection with the preparation, execution and delivery of this Agreement and the transactions contemplated hereby. 
 8.10 Currency. (a) Subject to the receipt of any applicable Governmental Approval, all payments due to any party hereunder shall be made and promptly payable in U.S. Dollars free of any withholding tax,
deduction or offset. If for the purposes of making a payment required to be made hereunder it is necessary to convert all or any part of a sum due hereunder in any currency (the “Original Currency”) into U.S. Dollars, the parties hereto
agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which, in accordance with normal banking procedures, the parties could purchase the Original Currency with U.S. Dollars, on the Business
Day immediately preceding the day on which any such payment, or any relevant part thereof, is paid or otherwise satisfied. 
 (b) The
obligation of the Company in respect of any sum due hereunder in the Original Currency shall, notwithstanding any payment in U.S. Dollars, be discharged only to the extent that on the Business Day following receipt by a party of any sum adjudged to
be so due in U.S. Dollars, the party may, in accordance with normal banking procedures, purchase the Original Currency with U.S. Dollars. If the amount of the Original Currency so purchased is less than the sum originally due to the party in the
Original Currency, the Company shall, as a separate obligation and notwithstanding any such payment, indemnify the party against such loss, and if the amount of the Original Currency so purchased exceeds the sum originally due to the party, the
party shall remit such excess to the Company. 
 8.11 Specific Performance. Without limiting the rights of each party hereto to pursue
all other legal and equitable rights available to such party for any other parties’ failure to perform their obligations under this Agreement, the parties hereto acknowledge and agree that the remedy at law for any failure to perform their
obligations hereunder would be inadequate and that each of them, respectively, to the extent permitted by Applicable Law, shall be entitled to specific performance, injunctive relief or other equitable remedies in the event of any such failure.

 8.12 Entire Agreement. This Agreement, the Exhibits and Schedules to this Agreement and the other documents delivered pursuant
hereto constitute the full and entire understanding and agreement between the parties, and supersede all prior understandings, negotiations and prior agreements between the parties with regard to the subjects hereof and thereof. 
 8.13 Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable in any respect for any reason, the parties shall negotiate in good faith with 

  

 43 

 
a view to the substitution therefor of a suitable and equitable solution in order to carry out, so far as may be valid and enforceable, the intent and
purpose of such invalid provision; provided, however, that the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way impaired
thereby, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law. 
 8.14 Shares Subject to Agreement. This Agreement shall apply to the Ordinary Shares to the extent specified herein, including, to the extent specified herein, Ordinary Shares acquired upon the exercise of the options or warrants, any
Ordinary Shares issuable upon conversion of the any other securities, including by way of merger, recapitalization, share exchange or other transaction. 
 8.15 Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word including
in this Agreement shall be by way of example rather than by limitation. 
 8.16 No Strict Construction. The parties hereto have
participated jointly in the negotiation and drafting of the Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
 8.17
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute one and the same instrument. 
  

 44 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of the date
first above written. 
  

					
	HANMAX INVESTMENT LIMITED
		
	By:	 	 /s/ Wang Xiaochun

		 	Name: Wang Xiaochun
		 	Title: Director

  

					
	PARAWAY INVESTMENT LIMITED
		
	By:	 	 /s/ Xu Qian

		 	Name: Xu Qian
		 	Title: Director

  

					
	SAMTUNG INVESTMENT LIMITED
		
	By:	 	 /s/ Chen Yongcun

		 	Name: Chen Yongcun
		 	Title: Director

  

					
	S-YANGTSE HOLDINGS LIMITED
		
	By:	 	 /s/ Wang Shaolan

		 	Name: Wang Shaolan
		 	Title: Director

  

					
	JIA CHENG INVESTMENT LIMITED
		
	By:	 	 /s/ Hon Kwok Lung

		 	Name: Hon Kwok Lung
		 	Title: Director

  

					
	LODWAY INVESTMENT LIMITED
		
	By:	 	 /s/ Chen Yan

		 	Name: Chen Yan
		 	Title: Director

  

 45 

					
	ML GLOBAL PRIVATE EQUITY FUND, L.P.;
BY MLGPE LTD., ITS GENERAL PARTNER
		
	By:	 	 /s/ Mandakini Puri

		 	Name: Mandakini Puri
		 	Title: Managing Director

  

					
	MERRILL LYNCH VENTURES L.P. 2001; BY
MERRILL LYNCH VENTURES, LLC, ITS
GENERAL PARTNER
		
	By:	 	 /s/ Mandakini Puri

		 	Name: Mandakini Puri
		 	Title: Executive Vice President

  

					
	TONGJITANG CHINESE MEDICINES
COMPANY
		
	By:	 	 /s/ Wang Xiaochun

		 	Name: Wang Xiaochun
		 	Title: Director

  

					
	JOYFUL HUB LIMITED
		
	By:	 	 /s/ Wang Meng

		 	Name: Wang Meng
		 	Title: Director

  

 46 

					
	SILVER GRANT INTERNATIONAL
INDUSTRIES LIMITED
		
	By:	 	 /s/ Chen Yongcun

		 	Name: Chen Yongcun
		 	Title: Director

  

	
	WANG XIAOCHUN
	
	 /s/ Wang Xiaochun

  

	
	WANG SHAOLAN
	
	 /s/ Wang Shaolan

  

					
	SPARK VENTURES GROUP LIMITED
		
	By:	 	 /s/ Zhang Haitao

		 	Name: Zhang Haitao
		 	Title: Director

  

					
	RAYWILL HOLDINGS LIMITED
		
	By:	 	 /s/ Chen Jian

		 	Name: Chen Jian
		 	Title: Director

  

 47 

					
	GLHH FUND I, L.P.; BY HILLHOUSE
CAPITAL MANAGEMENT, LTD., ITS
GENERAL PARTNER
		
	By:	 	 /s/ Lei Zhang

		 	Name: Lei Zhang
		 	Title: Managing Director

  

					
	GLHH FUND II, L.P.; BY HILLHOUSE
CAPITAL MANAGEMENT, LTD., ITS
GENERAL PARTNER
		
	By:	 	 /s/ Lei Zhang

		 	Name: Lei Zhang
		 	Title: Managing Director

  

					
	HIMARK GROUP (HOLDINGS) COMPANY
LIMITED
		
	By:	 	 /s/ Eiji Tanaka

		 	Name: Eiji Tanaka
		 	Title: Director

  

 48 

 EXHIBIT A 
 OTHER SHAREHOLDERS OF THE COMPANY 
 Samtung Investment Limited, a limited liability company organized and existing under the
laws of the British Virgin Islands, controls and beneficially owns 10,844,000 Ordinary Shares of the Company. 
 Hanmax Investment Limited, a limited
liability company organized and existing under the laws of the British Virgin Islands, controls and beneficially owns 56,962,692 Ordinary Shares of the Company. 
 S-Yangtse Holdings Limited, a limited liability company organized and existing under the laws of the British Virgin Islands, controls and beneficially owns 8,748,000 Ordinary Shares of the Company. 
 Paraway Investment Limited, a limited liability company organized and existing under the laws of the British Virgin Islands, controls and beneficially owns 5,400,000
Ordinary Shares of the Company. 
 Lodway Investment Limited, a limited liability company organized and existing under the laws of the British Virgin
Islands, controls and beneficially owns 796,000 Ordinary Shares of the Company. 
 Raywill Holdings Limited, a limited liability company organized and
existing under the laws of the British Virgin Islands, controls and beneficially owns 90,364 Ordinary Shares of the Company. 
 Spark Ventures Group Limited,
a limited liability company organized and existing under the laws of the British Virgin Islands, controls and beneficially owns 180,728 Ordinary Shares of the Company. 
 Joyful Hub Limited, a limited liability company organized and existing under the laws of the British Virgin Islands, controls and beneficially owns 542,184 Ordinary Shares of the Company. 
 Jia Cheng Investment Limited, a limited liability company organized and existing under the laws of the British Virgin Islands, controls and beneficially owns 180,728
Ordinary Shares of the Company. 
  

 i 

 EXHIBIT B 
 LIST OF SHAREHOLDERS OF THE COMPANY 
  

					
	 Name of Shareholder
	 	No. of Ordinary
Shares	 	Percentage of total
	 ML Global Private Equity Fund, L.P.
	 	7,446,756	 	7.43%
			
	 Merrill Lynch Ventures L.P. 2001
	 	2,482,252	 	2.48%
			
	 Raywill Holdings Limited
	 	90,364	 	0.09%
			
	 Spark Ventures Group Limited
	 	180,728	 	0.18%
			
	 Joyful Hub Limited
	 	542,184	 	0.54%
			
	 Jia Cheng Investment Limited
	 	180,728	 	0.18%
			
	 Hanmax Investment Limited
	 	56,962,692	 	56.80%
			
	 Samtung Investment Limited
	 	10,844,000	 	10.81%
			
	 S-Yangtse Holdings Limited
	 	8,748,000	 	8.72%
			
	 Paraway Investment Limited
	 	5,400,000	 	5.38%
			
	 Lodway Investment Limited
	 	796,000	 	0.79%
			
	 GLHH Fund I, L.P.
	 	643,861	 	0.64%
			
	 GLHH Fund II, L.P.
	 	2,575,443	 	2.57%
			
	 Himark Group (Holdings) Company Limited
	 	3,400,000	 	3.39%

  

 ii 

 EXHIBIT C 
 LIST OF PARENTS OF THE COMPANY 
 Wang Xiaochun controls and beneficially owns one common share, representing 100% of the
shares of the capital stock of Hanmax Investment Limited. 
 Wang Shaolan controls and beneficially owns one common share, representing 100% of the shares of
the capital stock of S-Yangtse Holdings Limited. 
 Silver Grant International Industries Limited, a limited liability company organized and existing under
the laws of Hong Kong, controls and beneficially owns one common share, representing 100% of the shares of the capital stock of Samtung Investment Limited. 
  

 iii 

 Schedule 5.6 
 The Existing Shareholders Agreement (as defined in the Share Purchase Agreement), among the Company and the other parties thereto, which will be terminated concurrently with the actions occurring or deemed to be
occurring at the Closing. 
  

 S-1 

 Schedule 8.3 
 Notice 
  

			
	 Notice to the MLGPE:
	 	Notice to MLV:
	 ML Global Private Equity Fund, L.P.
	 	Merrill Lynch Ventures L.P. 2001
	 c/o Merrill Lynch & Co., Inc.
	 	c/o Merrill Lynch & Co., Inc.
	 4 World Financial Center, 23rd Floor
	 	4 World Financial Center, 23rd Floor
	 New York, NY 10080
	 	New York, NY 10080
	 Attn: Mandakini Puri
	 	Attn: Mandakini Puri
	 Facsimile number: +1-212-449-1119
	 	Facsimile number: +1-212-449-1119
	 E-mail Address: Mandy_Puri@ml.com
	 	E-mail Address: Mandy_Puri@ml.com
		
	 With a copy to:
	 	With a copy to:
	 Merrill Lynch (Asia Pacific) Limited
	 	Merrill Lynch (Asia Pacific) Limited
	 17th
Floor ICBC Tower
	 	17th Floor ICBC Tower
	 Citibank Plaza
	 	Citibank Plaza
	 3 Garden Road, Central
	 	3 Garden Road, Central
	 Hong Kong
	 	Hong Kong
	 Attn: Chin Chin Teoh
	 	Attn: Chin Chin Teoh
	 Facsimile number: +852 2161 7022
	 	Facsimile number: +852 2161 7022
	 E-mail Address: Chinchin_Teoh@ml.com
	 	E-mail Address: Chinchin_Teoh@ml.com
		
	 With a copy to:
	 	With a copy to:
	 Cleary Gottlieb Steen & Hamilton LLP
	 	Cleary Gottlieb Steen & Hamilton LLP
	 39th
Floor Bank of China Tower
	 	39th Floor Bank of China Tower
	 One Garden Road, Central
	 	One Garden Road, Central
	 Hong Kong
	 	Hong Kong
	 Attn: David W. Hirsch
	 	Attn: David W. Hirsch
	 Facsimile number: +852 2160-1060
	 	Facsimile number: +852 2160-1060
	 E-mail Address: dhirsch@cgsh.com
	 	E-mail Address: dhirsch@cgsh.com

  

 S-1 

			
	 Notice to the Company:
	 	
	 Justin Chen
	 	
	 Tongjitang Chinese Medicines Company
	 	
	 Rooms 06-07, 5th Floor, Block B,
	 	
	 Baiying Medical Device Park
	 	
	 Nanhai Avenue South, Nanshan District,
	 	
	 Shenzhen, Guangdong Province, PRC
	 	
	 Facsimile number: +86 755 2667 0096
	 	
	 E-mail Address: jychen@chinahaidian.com
	 	
		
	 With a copy to:
	 	
	 David Zhang
	 	
	 Latham & Watkins LLP
	 	
	 41st
Floor, One Exchange Square
	 	
	 Eight Connaught Place, Hong Kong
	 	
	 Facsimile number: 852 2522 7006
	 	
	 E-mail Address: david.zhang@lw.com
	 	
		
	 Notice to Samtung:
	 	Notice to Hanmax:
	 Chen Yongcun
	 	Wang Xiaochun
	 Samtung Investment Limited
	 	Hanmax Investment Limited
	 Suite 4901, 49/F., Office Tower
	 	Address: Flat B, 28/F., Tower II, Hua Yuan
	 Convention Plaza, 1 Harbour Road
	 	Building, No. 3500 Kaixuan Road
	 Wanchai, Hong Kong
	 	Shanghai, PRC
	 Facsimile number: +852 2802 9506
	 	Facsimile number: +86 851 551 6228
	 E-mail Address: cycchen@ciiltd.com.hk
	 	E-mail Address: tjtjt2004@126.com
		
	 Notice to S-Yangtse:
	 	Notice to Lodway:
	 Wang Shaolan
	 	Chen Yan
	 S-Yangtse Holdings Limited
	 	Lodway Investment Limited
	 Suites 2701-2705 & 2715-2716,
	 	Flat 2106, Block R, Kornhill
	 27/F., Two International Finance
	 	Quarry Bay, Hong Kong
	 Centre, 8 Finance Street, Central,
	 	Facsimile number: +852 2865 2583
	 Hong Kong
	 	E-mail Address: jychen@chinahaidian.com
	 Facsimile number: +852 2865 2583
	 	
	 E-mail Address: wangsl@chinahaidian.com.cn
	 	

  

 S-2 

			
	 Notice to Paraway:
	 	Notice to Silver Grant:
	 Xu Qian
	 	 Chen Yongcun

	 Paraway Investment Limited
	 	Silver Grant International Industries Limited
	 7/F., Fu Zhong International Plaza
	 	Address: Suite 4901, 49/F., Office Tower,
	 126 Xin Hua Road, Guiyang City
	 	Convention Plaza, 1 Harbour Road,
	 Guizhou Province, PRC
	 	Wanchai, Hong Kong
	 Facsimile number: +86 851 551 6228
	 	Facsimile number: +852 2802 9506
	 E-mail Address: cwxp@163.com
	 	E-mail Address: cycchen@ciiltd.com.hk
		
	 Notice to Wang Xiaochun:
	 	Notice to Wang Shaolan:
	 Wang Xiaochun
	 	Wang Shaolan
	 Flat B, 28/F., Tower II, Hua Yuan
	 	Suites 2701-2705 & 2715-2716,
	 Building, No. 3500 Kaixuan Road,
	 	27/F., Two International Finance
	 Shanghai, PRC
	 	Centre, 8 Finance Street, Central,
	 Facsimile number: +86 851 551 6228
	 	Hong Kong
	 E-mail Address: tjtjt2004@126.com
	 	Facsimile number: +852 2865 2583
		 	E-mail Address: wangsl@chinahaidian.com.cn
		
	 Notice to Raywill Holdings Limited
	 	Notice to Spark Ventures Group Limited
	 Chen Jian
	 	Zhang Haitao
	 Raywill Holdings Limited
	 	Spark Ventures Group Limited
	 Flat F, 17/F., Block H, Fu Cheong
	 	Room 3015, 30/F., Convention Plaza
	 Yuen, No. 16 Chi Fu Fa Yuen
	 	Apartments, Wanchai, Hong Kong
	 Hong Kong
	 	Facsimile number: +852 2865 2583
	 Facsimile number: +852 2865 2583
	 	E-mail Address: Not available
	 E-mail Address: Not available
	 	
		
	 Notice to Joyful Hub Limited
	 	Notice to Jia Cheng Investment Limited
	 Wang Meng
	 	Hon Kwok Lung
	 Joyful Hub Limited
	 	Jia Cheng Investment Limited
	 Flat D, 40/F., Tower Two
	 	Room 21B, No. 8, Tai Hang Road,
	 The Belcher’s, 89 Pokfulam Road
	 	Hong Kong
	 Hong Kong
	 	Facsimile number: +852 2865 2583
	 Facsimile number: +852 2865 2583
	 	E-mail Address: Not available
	 E-mail Address: Not available
	 	

  

 S-3 

			
	Notice to GLHH I:	 	Notice to GLHH II:
	GLHH Fund I, L.P.c/o Walkers SPV Limited,	 	GLHH Fund II, L.P.
	c/o Walkers SPV Limited,	 	c/o Walkers SPV Limited,
	P.O. Box 908 GT,	 	P.O. Box 908 GT,
	Mary Street, George Town,	 	Mary Street, George Town,
	Grand Cayman,	 	Grand Cayman,
	Cayman Islands	 	Cayman Islands
	Attn: Lei Zhang	 	Attn: Lei Zhang
	E-mail Address: lzhang@gaoling.com	 	E-mail Address: lzhang@gaoling.com
		
	With a copy to:	 	With a copy to:
	Hillhouse Capital Management, Ltd.	 	Hillhouse Capital Management, Ltd.
	Suite 1505-6, Albion Plaza,	 	Suite 1505-6, Albion Plaza,
	2-6 Granville Road, Tsimshatsui,	 	2-6 Granville Road, Tsimshatsui,
	Kowloon, Hong Kong	 	Kowloon, Hong Kong
	Attn: Tracy Ma	 	Attn: Tracy Ma
	E-mail Address: cfma@gaoling.com	 	E-mail Address: cfma@gaoling.com
		
	With a copy to:	 	With a copy to:
	Haiwen & Partners	 	Haiwen & Partners
	Suite 1711, Beijing Silver Tower,	 	Suite 1711, Beijing Silver Tower,
	No.2, Dong San Huan North Road,	 	No.2, Dong San Huan North Road,
	Chao Yang District, Beijing, 100027,	 	Chao Yang District, Beijing, 100027,
	P.R.C.	 	P.R.C.
	Attn: Jiping Zhang	 	Attn: Jiping Zhang
	Facsimile number: +86 (10) 6410-6928/29	 	Facsimile number: +86 (10) 6410-6928/29
	E-mail Address: Zhangjiping@haiwen-law.com	 	E-mail Address: Zhangjiping@haiwen-law.com
		
	 Notice to Himark:
	 	
	Himark Group (Holdings) Company Limited	 	
	Suite A, 36/F	 	
	Bank of China Tower	 	
	1 Garden Road	 	
	Central Hong Kong	 	
	Attn: Samuel Kong	 	
	Facsimile number: +852 2868-6981	 	

  

 S-4Registration Rights Agreement dated November 8, 2006

 Exhibit 4.5 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT 
 among 
 ML Global Private Equity Fund, L.P. 
 Merrill Lynch Ventures L.P. 2001 
 the
Additional Shareholders 
 and 
 Tongjitang Chinese Medicines Company 
 November 8, 2006 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	
	ARTICLE I
DEFINITIONS
	
	ARTICLE II
REGISTRATION UNDER SECURITIES ACT OR APPLICABLE FOREIGN LAW
			
	2.1	  	 Registration on Request
	  	5
	2.2	  	 Incidental Registration
	  	7
	2.3	  	 Registration Procedures
	  	8
	2.4	  	 Underwritten Offerings
	  	13
	2.5	  	 Preparation; Reasonable Investigation
	  	14
	2.6	  	 Rights of Requesting Holders
	  	15
	2.7	  	 Indemnification
	  	15
	2.8	  	 Adjustments Affecting Registrable Securities
	  	18
	
	ARTICLE III
THE COMPANY UNDERTAKINGS
			
	3.1	  	 No Inconsistent Agreements
	  	19
	3.2	  	 Rules 144 and 144A
	  	19
	
	ARTICLE IV
			
	4.1	  	 Term
	  	20
	4.2	  	 Amendments and Waivers
	  	20
	4.3	  	 Notices
	  	20
	4.4	  	 Assignment
	  	20
	4.5	  	 Descriptive Headings
	  	20
	4.6	  	 Governing Law
	  	20
	4.7	  	 Specific Performance
	  	21
	4.8	  	 Dispute Resolution
	  	21
	4.9	  	 Delays or Omissions
	  	22
	4.10	  	 Counterparts
	  	23
	4.11	  	 Entire Agreement
	  	23
	4.12	  	 Severability
	  	23

  

 i 

 REGISTRATION RIGHTS AGREEMENT 
 REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of November 8, 2006, is by and among Tongjitang Chinese Medicines
Company, an exempted limited liability company organized and existing under the laws of the Cayman Islands (the “Company”), ML Global Private Equity Fund, L.P, an exempted limited partnership organized and existing under the laws of
the Cayman Islands acting by its general partner MLGPE Ltd. (“MLGPE”), Merrill Lynch Ventures L.P. 2001, a limited partnership organized and existing under the laws of the State of Delaware, United States of America
(“MLV,” and together with MLGPE, the “Buyers”) and the shareholders of the Company listed on Exhibit A (the “Additional Shareholders,” and together with the Buyers, the “Holders”).

 WHEREAS, the Company and the Buyers have entered into a share purchase agreement dated November 8, 2006 (the “Share Purchase
Agreement”), pursuant to which the Buyers agreed to purchase from the Company 9,929,008 newly issued Ordinary Shares (the “Company Shares”), and the Additional Shareholders own the Ordinary Shares specified in Exhibit A
(the “Additional Shareholder Shares,” together with the Company Shares, the “Shares”); 
 WHEREAS, the
execution and delivery of this Agreement by the Company is a condition precedent to the obligations of the Buyers under the Share Purchase Agreement; 
 NOW, THEREFORE, in consideration of the mutual promises, covenants and conditions hereinafter set forth, intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Capitalized terms used and not defined herein shall have the meanings set forth in the Share Purchase Agreement. As used herein, unless the context
otherwise requires, the following terms have the following respective meanings: 
 “Additional Shareholders” shall have the
meaning set forth in the recitals hereof. 
 “Additional Shareholder Shares” shall have the meaning set forth in the
recitals hereof. 
 “Adverse Disclosure” means public disclosure of material non-public information that in the good faith
judgment of a majority of the board of directors of the Company, after consultation with outside counsel to the Company, (i) would be required to be made in any registration statement filed by the Company so that such registration statement
would be not false or misleading in any material respect; (ii) would not be required to be made at such time but for the filing or publication of such registration statement; and (iii) would be reasonably likely to have a material adverse
effect on the Company, as certified by the Company’s chief executive officer. 

 “Affiliate” shall mean, with respect to any party, any Person that, alone or together
with any other Person, directly or indirectly, through one or more intermediaries controls, or is controlled by, or is under common control with, such party. For the purposes of this definition, “control” (including the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any party shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
policies of such party, whether through the ownership of voting securities, by contract, agency or otherwise. 
 “Agreement”
shall have the meaning set forth in the recitals hereof. 
 “Applicable Law” shall mean, with respect to any Person, any
statute, law, regulation, ordinance, rule, judgment, rule of common law, order, decree, award, Governmental Approval, concession, grant, franchise, license, agreement, directive, guideline, policy, requirement, or other governmental restriction or
any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority, whether in effect as of the date hereof or thereafter and in each case as amended, applicable to
such Person, its subsidiaries or their respective assets. 
 “Business Day” shall mean any day excluding (i) Saturday,
Sunday and any day which shall be a legal holiday in the City of New York, United States, the Cayman Islands, or Shenzhen, China, or (ii) a day on which commercial banks in the City of New York, United States, the Cayman Islands, or Shenzhen,
China are authorized or required by law or other government actions to close. 
 “Buyers” shall have the meaning set forth
in the recitals hereof. 
 “Centre” shall have the meaning set forth in Section 4.8 herein. 
 “China” or “PRC” shall mean the People’s Republic of China, excluding, for the purposes of this Agreement only,
Taiwan and the special administrative regions of Hong Kong and Macau. 
 “Commission” shall mean the United States
Securities and Exchange Commission or any other U.S. federal agency at the time administering the Securities Act. 
 “Company” shall have the meaning set forth in the recitals hereof. 
 “Company Shares” shall have
the meaning set forth in the recitals hereof. 
 “Demand Suspension” shall have the meaning set forth in Section 2.1(d)
herein. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, or any similar U.S. federal statute, and the rules
and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Financial Statement
Matters” shall have the meaning set forth in Section 2.1(d) herein. 
  

 2 

 “Free Writing Prospectus” shall mean any free writing prospectus (as defined in Rule 405
under the Securities Act) prepared by or on behalf of the Company or used or referred to by the Company in connection with any registrations under Article 2 herein. 
 “Governmental Approval” shall mean any action, order, authorization, consent, approval, license, lease, ruling, permit, tariff, rate, certification, exemption, filing or registration by or with any
Governmental Authority. 
 “Governmental Authority” shall mean any government or political subdivision thereof, including
without limitation, any governmental department, commission, board, bureau, agency, regulatory authority, instrumentality, judicial or administrative body, having jurisdiction over the matter or matters in question. 
 “Holdbacks” shall have the meaning set forth in Section 2.4(c)(i) herein. 
 “Holders” shall have the meaning set forth in the recitals hereof, and shall include subsequent holders of Registrable Securities in
accordance with Section 4.4 herein. 
 “Initiating Holders” shall mean any Holder or Holders of Registrable Securities
holding at least 20% of the Registrable Securities (by number of shares at the time issued and outstanding) and initiating a request pursuant to Section 2.1 herein for the registration of all or part of such Holder’s or Holders’
Registrable Securities. 
 “Inspector” shall have the meaning set forth in Section 2.3(a)(xi) herein. 
 “MLGPE” shall have the meaning set forth in the recitals hereof. 
 “MLV” shall have the meaning set forth in the recitals hereof. 
 “Ordinary Shares” shall mean the ordinary shares in the capital of the Company, par value U.S.$0.001 per share. 
 “Person” shall mean any natural person, company, corporation, association, partnership, organization, business, firm, joint venture,
trust, unincorporated organization or any other entity or organization, including a government, or any political subdivision, department or agency of any government. 
 “Prospectus” shall mean the prospectus included in a registration statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, and
in each case including any document incorporated by reference therein. 
 “Qualified Independent Underwriter” shall have the
meaning ascribed to such term under Rule 2720(b)(15) of the Conduct Rules of the National Association of Securities Dealers, Inc. 
 “Registrable Securities” shall mean (i) the Shares, (ii) any depositary receipts representing the Shares and (iii) any securities issued or issuable with respect to the securities 

  

 3 

 
referred to in clauses (i) or (ii) above by way of stock dividend or stock split or in connection with a combination of shares, recapitalization,
merger, consolidation or other reorganization or otherwise. As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities when (a) a registration statement with respect to the sale of such
securities shall have become effective under the Securities Act or other applicable non-U.S. securities laws and such securities shall have been disposed of in accordance with such registration statement, (b) they shall have been distributed to
the public pursuant to Rule 144, (c) they shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent disposition of them shall not
require registration or qualification of them under the Securities Act or other applicable non-U.S. securities laws or any similar state law then in force, or (d) they shall have ceased to be outstanding. 
 “Registration Expenses” shall mean all expenses incident to the Company’s performance of or compliance with Article 2 herein,
including, without limitation, all registration, filing and National Association of Securities Dealers, Inc. fees, all stock exchange listing fees, all fees and expenses of complying with securities or blue sky laws, all word processing,
duplicating, printing, messenger and delivery expenses customarily paid by the issuer in connection with registration, the fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any
special audits or “cold comfort” letters required by or incident to such performance and compliance, the fees and disbursements of any one counsel retained by the Holder or Holders of the Registrable Securities being registered and
premiums and other costs of policies of insurance against liabilities arising out of the public offering of the Registrable Securities being registered if the Company so desires. In addition, the Company shall pay its general overhead expenses
(including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties) as well as the expenses of preparing financial statements or other data normally prepared by the Company in the ordinary
course of its business and which the Company would have incurred in any event. 
 “Regulation S” shall mean Regulation S
under the Securities Act, as such regulation may be amended from time to time. 
 “Requesting Holder” shall have the meaning
set forth in Section 2.6 herein. 
 “Rule 144” shall mean Rule 144 under the Securities Act, as such rule may be
amended from time to time. 
 “Rule 144A” shall mean Rule 144A under the Securities Act, as such rule may be amended from
time to time. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar U.S. federal statute,
and the rules and regulations of the Commission thereunder, all as of the same shall be in effect at the time. 
 “Share Purchase
Agreement” shall have the meaning set forth in the recitals hereof. 
  

 4 

 “Shareholders Agreement” shall mean the shareholders agreement among the Buyers, the
Additional Shareholders, certain other Persons and the Company dated November 8, 2006. 
 “Shares” shall have the
meaning set forth in the recitals hereof. 
 ARTICLE II 
 REGISTRATION UNDER SECURITIES ACT OR APPLICABLE FOREIGN LAW 
 2.1 Registration on Request.
(a) Request. At any time or from time to time after the Qualified Public Offering (as defined in the Shareholders Agreement), upon the written request of one or more Initiating Holders, requesting that the Company effect the registration
under the Securities Act or other applicable non-U.S. securities laws of all or part of such Initiating Holders’ Registrable Securities and specifying the intended method of disposition thereof, the Company will promptly give written notice of
such requested registration to all registered Holders of Registrable Securities, and, provided that the Registrable Securities to be registered by such Initiating Holders and any additional Holders is greater than 20% of the Registrable Securities
outstanding, the Company will, subject to the terms of this Agreement, use its reasonable best efforts to effect the registration under the Securities Act or other applicable non-U.S. securities laws of: 
 (i) the Registrable Securities that the Company has been so requested to register by such Initiating Holders for disposition in accordance with the
intended method of disposition stated in such request; 
 (ii) all other Registrable Securities the Holders of which shall have made a
written request to the Company for registration thereof within 30 days after the giving of such written notice by the Company (which request shall specify the intended method of disposition of such Registrable Securities); and 
 (iii) all shares of securities which the Company may elect to register in connection with the offering of Registrable Securities pursuant to this
Section 2.1, 
 all to the extent requisite to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable
Securities and the additional securities so to be registered. 
 (b) Registration Statement Form. Registrations under this
Section 2.1 shall be on such appropriate registration form of the Commission or appropriate non-U.S. Governmental Authorities (i) as shall be selected by the Company and as shall be reasonably acceptable to the Holders of more than 50% of
the Registrable Securities so to be registered and (ii) as shall permit the disposition of such Registrable Securities in accordance with the intended method or methods of disposition specified in their request for such registration. If, in
connection with any registration under this Section 2.1 that is proposed by the Company to be on Form F-3 (or any successor form under the Securities Act) or any similar short form registration statement under applicable non-U.S. securities
laws, the managing underwriters, if any, shall advise the Company in writing that, in their opinion, the use of another permitted form is of material importance to 

  

 5 

 
the success of the offering, then such registration shall be on such other permitted form; provided that in such event the Holders of the Registrable
Securities registered pursuant to such registration statement shall bear any incremental Registration Expenses resulting solely from the use of such other form. 
 (c) Number of Effective Registration Statements. The Holders of Registrable Securities shall be entitled to request four registrations pursuant to this Section 2.1 in which the Company will pay all
Registration Expenses, not including registrations on Form F-3 (or any successor form under the Securities Act), any similar short form registration statement under applicable non-U.S. securities laws or registrations pursuant to Section 2.2
herein, which shall have no such limit. A registration requested pursuant to this Section 2.1 shall not be deemed to have been effected (i) unless a registration statement with respect thereto has become effective, provided that a
registration which does not become effective after the Company has filed a registration statement with respect thereto solely by reason of the refusal to proceed of the Initiating Holders (other than a refusal to proceed based upon the advice of
counsel relating to a matter relating primarily to the Company) shall be deemed to have been effected by the Company at the request of such Initiating Holders unless the Initiating Holders shall have elected to pay all Registration Expenses in
connection with such registration, (ii) if, after it has become effective, such registration becomes subject to any stop order, injunction or other order or requirement of the Commission or appropriate non-U.S. Governmental Authorities or other
governmental agency or court for any reason, or (iii) the conditions to closing specified in the purchase agreement or underwriting agreement entered into in connection with such registration are not satisfied, other than by reason of some act
or omission by such Initiating Holders. 
 (d) Delay in Filing; Suspension of Registration. If the filing, initial effectiveness or
continued use of a registration statement pursuant to this Section 2.1 at any time would require the Company to make an Adverse Disclosure or to utilize financial statements that, in the reasonable opinion of the independent public accountants
of the Company, do not comply with the requirements of Applicable Law (“Financial Statements Matters”), the Company may, upon giving prompt written notice of such action to the Holders, delay the filing, publication or initial
effectiveness of, or suspend use of, such registration statement (a “Demand Suspension”); provided, however, that the Company shall not be permitted to exercise a Demand Suspension (A) in the case of an Adverse Disclosure
(i) more than once during any 12-month period, or (ii) for a period exceeding 40 days on any one occasion and (B) in the case of Financial Statements Matters (i) if the Company is not using its best efforts to prepare the
financial statements for the Company that do comply with Applicable Law, or (ii) if despite such best efforts, the financial statements do not so comply with Applicable Law for a period of more than 60 days. In the case of a Demand Suspension,
the Holders agree to suspend use of the applicable Prospectus in connection with any sale or purchase, or offer to sell or purchase Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the
Holders upon the termination of any Demand Suspension, and amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such number of copies of the amended or supplemented
Prospectus as the Holders may reasonably request. 
 (e) Selection of Underwriters. If the Holders of more than 50% of the Registrable
Securities that are included in any offering pursuant to this Section 2.1 so elect, such 

  

 6 

 
offering shall be in the form of an underwritten offering. The Holders of more than 50% of the Registrable Securities included in such offering shall, after
consulting with the Company, have the right to select managing underwriters for the offering; provided, that such managing underwriters shall be reasonably acceptable to the Company and that the underwriting agreement shall have customary
commercial terms. 
 (f) Priority in Requested Registrations. If a requested registration pursuant to this Section 2.1 involves
an underwritten offering, and the managing underwriters shall advise the Company in writing (with a copy to each Holder of Registrable Securities requesting registration) that, in its opinion, the number of securities requested to be included in
such registration (including securities of the Company which are not Registrable Securities) exceeds the number which can be sold in such offering within a price range acceptable to the Holders of a majority (by number of shares) of the Registrable
Securities requested to be included in such registration, the Company will include in such registration, to the extent of the number that the Company is so advised can be sold in such offering, (i) first, Registrable Securities requested to be
included in such registration by the Holder or Holders of Registrable Securities, pro rata among such Holders on the basis of the number of shares of such securities so proposed to be sold and so requested to be included by such Holders and
(ii) second, securities the Company proposes to sell and other securities of the Company included in such registration by the Holders thereof. 
 2.2 Incidental Registration. 
 (a) Right to Include Registrable Securities. If the Company at any time proposes to
register any of its securities under the Securities Act or other applicable non-U.S. securities laws (other than by a registration on Form F-4 or S-8 or any successor or similar forms and other than pursuant to Section 2.1 herein), whether or
not for sale for its own account, it will each such time give prompt written notice to all Holders of Registrable Securities of its intention to do so and of such Holders’ rights under this Section 2.2. Upon the written request of any such
Holder made within 30 days after the receipt of any such notice (which request shall specify the number of Registrable Securities intended to be disposed of by such Holder and the intended method of disposition thereof), the Company will, subject to
the terms of this Agreement, effect the registration under the Securities Act or other applicable non-U.S. securities laws of all Registrable Securities that the Company has been so requested to register by the Holders thereof, to the extent
requisite to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered, by inclusion of such Registrable Securities in the registration statement that covers the
securities which the Company proposes to register, provided that if, at any time after giving written notice of its intention to register any securities and prior to the effective date of the registration statement filed in connection with
such registration, the Company shall determine for any reason either not to register or to delay registration of such securities, the Company may, at its election, give written notice of such determination to each Holder of Registrable Securities
and, thereupon, (i) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay the Registration Expenses in
connection therewith), without prejudice, however, to the rights of any Holder or Holders of Registrable Securities entitled to do so to request that such registration be effected as a registration under Section 2.1 (subject to the minimum
offering size requirement specified 
  

 7 

 
therein), and (ii) in the case of a determination to delay registering, shall be permitted to delay registering any Registrable Securities, for the same
period as the delay in registering such other securities. No registration effected under this Section 2.2 shall relieve the Company of its obligation to effect any registration upon request under Section 2.1 (subject to the minimum
offering size requirement specified therein), nor shall any such registration hereunder be deemed to have been effected pursuant to Section 2.1. The Company will pay all Registration Expenses in connection with each registration of Registrable
Securities requested pursuant to this Section 2.2. 
 (b) Priority in Incidental Registrations. If a registration pursuant to
this Section 2.2 involves an underwritten offering of the securities so being registered, whether or not for sale for the account of the Company, the Company will, if requested by any Holder of Registrable Securities and subject to the
provisions of this Section 2.2, use its reasonable best efforts to arrange for such underwriters to include all the Registrable Securities to be offered and sold by such Holder among the securities to be distributed by such underwriters.
Notwithstanding anything to the contrary, if the managing underwriters of such underwritten offering shall, in writing, inform the Holders of the Registrable Securities requesting such registration and the holders of any of the Company’s other
securities which shall have exercised registration rights in respect of such underwritten offering of its belief that the number of securities requested to be included in such registration exceeds the number that can be sold in (or during the time
of) such offering, then the Company will include in such registration, to the extent of the number that the Company is so advised can be sold in (or during the time of) such offering, (i) first, Registrable Securities requested to be included
in such registration by the Holder or Holders of Registrable Securities, pro rata among such Holders requesting such registration on the basis of the number of such securities requested to be included by such holders (but only to the extent
that the inclusion of any Registrable Securities in such offering pursuant to this clause (i) does not exceed the lesser of (x) 30% of the maximum offering size figure and (y) the number of secondary shares that can be sold in the
offering, each as communicated by the managing underwriters) and (ii) second, securities proposed by the Company to be sold for its own account. 
 2.3 Registration Procedures. If and whenever (a) the Company is required to use its reasonable best efforts to effect the registration of any Registrable Securities under the Securities Act or other
applicable non-U.S. securities laws as provided in Sections 2.1 and 2.2 herein or (b) there is a Requesting Holder (as defined hereafter) in connection with any other proposed registration by the Company under the Securities Act or other
applicable non-U.S. securities laws, the Company shall, as expeditiously as possible: 
 (i) prepare and file with the Commission or
appropriate non-U.S. Governmental Authorities (in the case of a registration pursuant to Section 2.1 herein, such filing to be made within 60 days after the initial request of one or more Initiating Holders of Registrable Securities or in any
event as soon thereafter as possible) the requisite registration statement to effect such registration (including such audited financial statements as may be required by the Securities Act or other applicable non-U.S. securities laws or the rules
and regulations promulgated thereunder) and thereafter use its reasonable best efforts to cause such registration statement to become and remain effective, provided however that the Company may discontinue any registration of its securities
that are not Registrable Securities (and, under the 
  

 8 

 
circumstances specified in Section 2.2(a) herein, its securities that are Registrable Securities) at any time prior to the effective date of the
registration statement relating thereto, provided further that before filing such registration statement or any amendments thereto, the Company will furnish to the counsel selected by the Holders of Registrable Securities that are to be
included in such registration copies of all such documents proposed to be filed, which documents will be subject to the prior review and comment of such counsel; 
 (ii) prepare and file with the Commission or appropriate non-U.S. Governmental Authorities such amendments and supplements to such registration statement and the Prospectus and all Free Writing Prospectuses, if any,
used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act or other applicable non-U.S. securities laws with respect to the disposition of all securities
covered by such registration statement until the earlier of such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement or
(i) in the case of a registration pursuant to Section 2.1 herein, the expiration of 180 days after such registration statement becomes effective, or (ii) in the case of a registration pursuant to Section 2.2 herein, the
expiration of 90 days after such registration statement becomes effective; 
 (iii) furnish to each seller of Registrable Securities covered
by such registration statement and each Requesting Holder and each underwriter, if any, of the securities being sold by such seller, such number of conformed copies of such registration statement and of each such amendment and supplement thereto (in
each case including all schedules and exhibits), such number of copies of the Prospectus contained in such registration statement, any Free Writing Prospectus related to such registration statement and any other prospectus filed under Rule 424 under
the Securities Act, in conformity with the requirements of the Securities Act or other applicable non-U.S. securities laws; 
 (iv) use its
reasonable best efforts to register or qualify all Registrable Securities and other securities covered by such registration statement under such other securities laws or “blue sky laws” of such jurisdictions as any seller thereof and any
underwriter of the securities being sold by such seller and any Requesting Holder shall reasonably request, and take any other action which may be reasonably necessary or advisable to keep such registration or qualification in effect so as to enable
such seller and underwriter to consummate the disposition in such jurisdictions of the securities owned by such seller, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation
in any jurisdiction wherein it would not but for the requirements of this subdivision (iv) be obligated to be so qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such
jurisdiction; 
 (v) use its reasonable best efforts to cause all Registrable Securities covered by such registration statement to be
registered with or approved by such other Governmental Authorities as may be necessary to enable the seller or sellers thereof to consummate the disposition of such Registrable Securities; 
 (vi) furnish: 
  

 9 

 (A) to each seller of Registrable Securities and each Requesting Holder a signed
counterpart, addressed to such seller, such Requesting Holder and the underwriters, if any, of an opinion or opinions of counsel for the Company, dated the effective date of such registration statement (or, if such registration includes an
underwritten public offering, an opinion or opinions dated the date of the closing under the underwriting agreement), reasonably satisfactory in form and substance to such sellers and underwriters, if any, covering such matters as are customarily
covered in opinions of issuer’s counsel; and 
 (B) to the underwriters, if any, a signed counterpart (with copies to the
Holders of the Registrable Securities included in such registration) of a “comfort” letter (or, in the case of any such Person which does not satisfy the conditions for receipt of a “comfort” letter specified in Statement on
Auditing Standards No. 72, as amended, an “agreed upon procedures” letter), dated the effective date of such registration statement and a “bring-down” letter of like kind dated the date of the closing under the underwriting
agreement, signed by the independent public accountants who have certified the Company’s financial statements included in such registration statement, covering substantially the same matters with respect to such registration statement (and the
Prospectus included therein or any Free Writing Prospectus related to such registration statement) and, with respect to events subsequent to the date of such financial statements, as are customarily covered in accountants’ letters delivered to
the underwriters in underwritten public offerings of securities (with, in the case of an “agreed upon procedures” letter, such modifications or deletions as may be required under Statement on Auditing Standards No. 35, as amended);

 (vii) notify the Holders of Registrable Securities and the managing underwriters, if any, promptly and confirm such advice in writing
promptly thereafter: 
 (A) when the registration statement, any Prospectus or any Free Writing Prospectus related thereto or
post-effective amendment to the registration statement has been filed, and, with respect to the registration statement or any post-effective amendment thereto, when the same has become effective; 
 (B) of any request by the Commission or appropriate non-U.S. Governmental Authorities for amendments or supplements to the registration
statement or the Prospectus or any Free Writing Prospectus or for additional information; 
 (C) of the issuance by the
Commission or appropriate non-U.S. Governmental Authorities of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings by any Person for that purpose; 
 (D) if at any time the representations and warranties of the Company made as contemplated by Section 2.4 below cease to be true and
correct; or 
 (E) of the receipt by the Company of any notification with respect to the suspension of the qualification of
any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such purpose; 
  

 10 

 (viii) notify each seller of Registrable Securities covered by such registration statement and each
Requesting Holder, at any time when a Prospectus or a Free Writing Prospectus relating thereto is required to be delivered under the Securities Act or other applicable non-U.S. securities laws, upon the Company’s discovery that, or upon the
happening of any event as a result of which, the Prospectus included in or a Free Writing Prospectus related to such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and at the request of any such seller or Requesting Holder promptly prepare and furnish to such seller or
Requesting Holder and each underwriter, if any, a reasonable number of copies of a supplement to or an amendment of such Prospectus or a Free Writing Prospectus as may be necessary so that, as thereafter delivered to the purchasers of such
securities, such Prospectus or Free Writing Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of
the circumstances then existing; 
 (ix) use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness
of the registration statement at the earliest possible moment; 
 (x) otherwise use its reasonable best efforts to comply with all applicable
rules and regulations of the Commission or appropriate non-U.S. Governmental Authorities, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months, but not
more than eighteen months, beginning with the first full calendar month after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder or any other applicable non-U.S. securities laws, and will furnish to each such seller and each Requesting Holder at least five Business Days prior to the filing thereof a copy of any such earnings statement and shall not make available
to security holders any such earnings statement to which sellers or Requesting Holders of at least a majority of the Registrable Securities covered by such registration statement shall have reasonably objected on the grounds that such amendment or
supplement does not comply in all material respects with the requirements of the Securities Act or other applicable non-U.S. securities laws or of the rules or regulations thereunder; 
 (xi) make available, upon reasonable advance notice and at reasonable times, it being understood that reasonable times may fall outside normal business
hours, for inspection by a representative or representatives of the Holders of Registrable Securities, any underwriter participating in any disposition pursuant to the registration statement and any attorney or accountant retained by such selling
Holders or underwriter (each, an “Inspector”), all financial and other records, pertinent corporate documents and properties of the Company and cause the Company’s officers, directors and employees to supply all information reasonably
requested by any such Inspector in connection with such registration in order to permit a reasonable investigation within the meaning of Section 11 of the Securities Act; 
  

 11 

 (xii) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities
covered by such registration statement from and after a date not later than the effective date of such registration statement; 
 (xiii) use
its reasonable best efforts to list all Registrable Securities covered by such registration statement on any securities exchange or over-the-counter market on which any of the securities of the same class as the Registrable Securities are then
listed; and 
 (xiv) use its reasonable best efforts to provide a Committee on Uniform Security Identification Procedures (CUSIP) number for
the Registrable Securities, or such comparable number in the applicable foreign jurisdictions, not later than the effective date of the registration statement. 
 The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish the Company such information regarding such seller and the distribution of such securities as the
Company may from time to time reasonably request in writing. 
 The Company will not file any registration statement pursuant to
Section 2.1 herein or amendment thereto or any Prospectus or Free Writing Prospectus (including such documents incorporated by reference and proposed to be filed after the initial filing of the registration statement) to which the Holders of at
least a majority of the Registrable Securities covered by such registration statement or the underwriter or underwriters, if any, shall reasonably object, provided that the Company may file such document in a form required by applicable law
or upon the advice of its counsel. 
 Each Holder of Registrable Securities agrees by acquisition of such Registrable Securities that, upon
receipt of any notice from the Company of the occurrence of any event of the kind described in subdivision (viii) of this Section 2.3, such Holder will forthwith discontinue such Holder’s disposition of Registrable Securities pursuant
to the registration statement relating to such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended Prospectus or Free Writing Prospectus contemplated by subdivision (viii) of this
Section 2.3 and, if so directed by the Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the Prospectus or the Free Writing Prospectus
relating to such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any such notice, the period mentioned in paragraph (ii) of this Section 2.3 shall be extended by the length of the
period from and including the date when each seller of any Registrable Securities covered by such registration statement shall have received such notice to the date on which each such seller has received the copies of the supplemented or amended
Prospectus or Free Writing Prospectus contemplated by paragraph (viii) of this Section 2.3. 
 If any such registration statement
refers to any Holder of Registrable Securities by name or otherwise as the holder of any securities of the Company, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance satisfactory to
such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the Company’s 

  

 12 

 
securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Company, or
(ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act or other applicable non-U.S. securities laws or any similar federal or non-U.S. statute then in force, the deletion of the reference
to such Holder. 
 2.4 Underwritten Offerings. 
 (a) Requested Underwritten Offerings. If requested by the underwriters for any underwritten offering by Holders of Registrable Securities pursuant to a registration requested under Section 2.1 herein, the
Company will enter into an underwriting agreement with such underwriters for such offering, such agreement to be satisfactory in substance and form to the Company, each such Holder and the underwriters, and to contain such representations and
warranties by the Company and such other terms as are generally prevailing in agreements of this type, including, without limitation, indemnities to the effect and to the extent provided in Section 2.7 herein. The Holders of the Registrable
Securities will cooperate with the Company in the negotiation of the underwriting agreement and will give consideration to the reasonable suggestions of the Company regarding the form thereof, provided that nothing herein contained shall
diminish the foregoing obligations of the Company. The Holders of Registrable Securities to be distributed by such underwriters shall be parties to such underwriting agreement and may, at their option, require that the representations and warranties
by, and the other agreements on the part of, the Company to and for the benefit of such underwriters stating that each of the registration statement, related prospectus and any issuer free writing prospectus does not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading shall also be made to and for the benefit of such Holders of Registrable Securities. Any such Holder of
Registrable Securities shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations and warranties contained in a writing furnished by such Holder expressly for use
in such registration statement or agreements regarding such Holder, such Holder’s Registrable Securities and such Holder’s intended method of distribution and any other representation required by Applicable Law. 
 (b) Incidental Underwritten Offerings. If the Company at any time proposes to register any of its securities under the Securities Act or other
applicable non-U.S. securities laws as contemplated by Section 2.2 herein and such securities are to be distributed by or through one or more underwriters, then the Holders of Registrable Securities to be distributed by such underwriters shall
be parties to the underwriting agreement between the Company and such underwriters and may, at their option, require that the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such
underwriters stating that each of the registration statement, related prospectus and any issuer free writing prospectus does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading shall also be made to and for the benefit of such Holders of Registrable Securities. Any such Holder of Registrable Securities shall not be required to make any representations or warranties to
or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s Registrable Securities and such Holder’s intended method of distribution and any other
representation required by Applicable Law. 
  

 13 

 (c) Holdback Agreements. 
 (i) Each Holder of Registrable Securities agrees, if so required by the managing underwriters, that it would agree to “Holdbacks” to the extent
that (a) such Holdbacks are applied to the Company on terms equal to or less favorable than the terms applicable to the Holders of Registrable Securities and (b) such Holdbacks are limited to 90 days after any underwritten registration
pursuant to Section 2.1 or 2.2 herein has become effective. For the purpose of this Agreement, to “Holdback” is to refrain from selling, making any short sale of, loaning, granting any option for the purchase of, effecting any public
sale or distribution of or otherwise disposing of any securities of the Company, except as part of such underwritten registration, whether or not such Holder participates in such registration. Notwithstanding the foregoing sentence, each Holder of
Registrable Securities subject to the foregoing sentence shall be entitled to sell during the foregoing period securities in a private sale. Each Holder of Registrable Securities agrees that the Company may instruct its transfer agent to place stop
transfer notations in its records to enforce such Holdbacks. 
 (ii) The Company agrees, if so required by the managing underwriters,
(a) that it would be subject to the same Holdbacks as the Holders of Registrable Securities, except (A) pursuant to registrations on Form F-4 or S-8 or any successor or similar forms thereto, (B) pursuant to registrations for offering
and sale to employees pursuant to any employee stock plan or other employee benefit plan arrangement, (C) securities to be issued solely in an acquisition or business combination and (D) for public sales or distributions of securities
which are not the same, or similar to, or convertible or exchangeable into, the Registrable Securities being registered, and (b) to use reasonable best efforts to cause each holder of its securities or any securities convertible into or
exchangeable or exercisable for any of such securities, in each case purchased from the Company at any time after the date of this Agreement (other than in a public offering) to agree to such Holdbacks. 
 (d) Participation in Underwritten Offerings. No Person may participate in any underwritten offering hereunder unless such Person (i) agrees
to sell such Person’s securities on the basis provided in any underwriting arrangements approved, subject to the terms and conditions hereof, by the Company and the Holders of a majority (by number of shares) of Registrable Securities to be
included in such underwritten offering and (ii) completes and executes all questionnaires, indemnities, underwriting agreements and other documents (other than powers of attorney) required under the terms of such underwriting arrangements.
Notwithstanding the foregoing, no underwriting agreement (or other agreement in connection with such offering) shall require any Holder of Registrable Securities to make any representations or warranties to or agreements with the Company or the
underwriters other than representations and warranties contained in a writing furnished by such Holder expressly for use in the related registration statement or agreements specifically regarding such Holder, such Holder’s Registrable
Securities and such Holder’s intended method of distribution and any other representation required by Applicable Law. 
 2.5
Preparation; Reasonable Investigation. In connection with the preparation and filing of each registration statement under the Securities Act or other applicable non-U.S. securities laws pursuant to this Agreement, the Company will give the
Holders of Registrable Securities registered under such registration statement, their underwriters, if any, each 

  

 14 

 
Requesting Holder and their respective counsel and accountants, the opportunity to participate in the preparation of such registration statement, each
Prospectus or Free Writing Prospectus included therein or used or filed with the Commission or appropriate non-U.S. Governmental Authorities, and each amendment thereof or supplement thereto, and will give each of them such reasonable access to its
pertinent books and records and such reasonable opportunities to discuss the business of the Company with its officers and the independent public accountants who have certified its financial statements as shall be necessary, in the reasonable
opinion of such Holders’ and such underwriters’ respective counsel, to conduct a reasonable investigation within the meaning of the Securities Act. 
 2.6 Rights of Requesting Holders. The Company will not file any registration statement under the Securities Act or other applicable non-U.S. securities laws (other than by a registration on Form F-4 or Form S-8
or any similar form under applicable non-U.S. securities laws), unless it shall first have given to each Holder of Registrable Securities at the time outstanding (other than any such Person who acquired all such securities held by such Person in a
public offering registered under the Securities Act or other applicable non-U.S. securities laws or as the direct or indirect transferee of shares initially issued in such an offering), at least 30 days prior written notice thereof. Any such Person
who shall so request within 30 days after such notice (a “Requesting Holder”) shall have the rights of a Requesting Holder provided in Sections 2.1, 2.2, 2.3, 2.5 and 2.7. In addition, if any such registration statement refers to any
Requesting Holder by name or otherwise as the holder of any securities of the Company, then such Requesting Holder shall have the right to require (a) the insertion therein of language, in form and substance satisfactory to such Requesting
Holder, to the effect that the holding by such Requesting Holder of such securities does not necessarily make such Requesting Holder a “controlling person” of the Company within the meaning of the Securities Act or applicable non-U.S.
securities laws and is not to be construed as a recommendation by such Requesting Holder of the investment quality of the Company’s debt or equity securities covered thereby and that such holding does not imply that such Requesting Holder will
assist in meeting any future financial requirements of the Company, or (b) in the event that such reference to such Requesting Holder by name or otherwise is not required by the Securities Act or other applicable non-U.S. securities laws or any
rules and regulations promulgated thereunder, the deletion of the reference to such Requesting Holder. 
 2.7 Indemnification.

 (a) Indemnification by the Company. In the event of any registration of any securities of the Company under the Securities Act or
other applicable non-U.S. securities laws, the Company will, and hereby does agree to, indemnify and hold harmless (i) in the case of any registration statement filed pursuant to Section 2.1 or 2.2 herein, the Holder of any Registrable
Securities covered by such registration statement, its directors and officers and each other Person, if any, who controls such Holder within the meaning of the Securities Act, and (ii) in the case of any registration statement of the Company,
any Requesting Holder, its directors and officers and each other Person, if any, who controls such Requesting Holder within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, under the Securities
Act or other applicable non-U.S. securities laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement 

  

 15 

 
of any material fact contained in any registration statement under which such securities were registered under the Securities Act or other applicable
non-U.S. securities laws, any preliminary Prospectus contained therein, or any Free Writing Prospectus with respect to any securities that are subject to any such registration statement or any “issuer information” filed or requested to be
filed pursuant to Rule 433(d) under the Securities Act or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will reimburse such
Holder, such Requesting Holder and each such director, officer and controlling person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, liability, action or
proceeding, provided that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement
or alleged untrue statement or omission or alleged omission made in such registration statement, any such Prospectus, Free Writing Prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the
Company through an instrument duly executed by such Holder or Requesting Holder, as the case may be, specifically stating that it is for use in the preparation thereof. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such Holder or such Requesting Holder or any such director, officer or controlling person and shall survive the transfer of such securities by such Holder. 
 (b) Indemnification by the Sellers. The Company may require, as a condition to including any Registrable Securities in any registration statement
filed pursuant to Section 2.3 herein, that the Company shall have received an undertaking satisfactory to it from the prospective seller of such Registrable Securities, to indemnify and hold harmless (in the same manner and to the same extent
as set forth in subdivision (a) of this Section 2.7) the Company, each director of the Company, each officer of the Company and each other person, if any, who controls the Company within the meaning of the Securities Act, with respect to
any statement or alleged statement in or omission or alleged omission from such registration statement, any Prospectus contained therein, or any Free Writing Prospectus with respect to any securities that are subject to any such registration
statement, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company through an instrument duly executed by such seller specifically stating
that it is for use in the preparation of such registration statement, Prospectus or Free Writing Prospectus; provided, that the obligation to indemnify shall be individual, and not joint and several, for each seller and shall be limited to
the net amount of proceeds received by such seller from the sale of Registrable Securities pursuant to such registration statement. Any such indemnity shall remain in full force and effect, regardless of any investigation made by or on behalf of the
Company or any such director, officer or controlling person and shall survive the transfer of such securities by such seller. 
 (c)
Notices of Claims, etc. Promptly after receipt by an indemnified party of notice of the commencement of any action or proceeding involving a claim referred to in the preceding subdivisions of this Section 2.7, such indemnified party
will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action, provided that the failure of any indemnified party to give notice as provided herein shall
not relieve the indemnifying party of its obligations under the preceding subdivisions of this Section 2.7, except to the extent that the indemnifying party is actually 

  

 16 

 
prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, the indemnifying party shall be entitled to
participate in and, to the extent that the indemnifying party may wish, jointly with any other indemnifying party similarly notified, to assume the defense of such action at its own expense, with counsel chosen by it and reasonably satisfactory to
such indemnified party, and after notice from the indemnifying party to such indemnified party. The indemnifying party shall not be liable to such indemnified party for any legal or other expenses in connection with the defense of such action
incurred subsequent to assumption by the indemnifying party of the defense thereof other than reasonable costs of investigation. The indemnified party shall have the right to employ separate counsel in any such action and participate in the defense
thereof, but the fees and expenses of such counsel shall be paid by the indemnified party unless (i) the indemnifying party agrees to pay the same, (ii) the indemnifying party fails to assume the defense of such action with counsel
reasonably satisfactory to the indemnified party or (iii) the named parties to any such action (including any impleaded parties) include both the indemnifying party and the indemnified party and such parties have been advised by such counsel
that either (x) representation of such indemnified party and the indemnifying party by the same counsel would be inappropriate under applicable standards of professional conduct or (y) there may be one or more legal defense available to
the indemnified party which are different from or additional to those available to the indemnifying party. In any of such cases, the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified
party, it being understood, however, that the indemnifying party shall not be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all indemnified parties. No indemnifying party shall,
without the consent of the indemnified party, consent to entry of any judgment or enter into any settlement of any such action (whether or not the indemnified party is an actual or potential party to such action or claim) unless such judgment or
settlement (i) includes as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation and (ii) does not include a statement as to
an admission of fault, culpability or a failure to act on behalf of any indemnified party. No indemnified party shall consent to entry of any judgment or enter into any settlement of any such action the defense of which has been assumed by an
indemnifying party without the consent of such indemnifying party. 
 (d) Other Indemnification. Indemnification similar to that
specified in the preceding subdivisions of this Section 2.7 (with appropriate modifications) shall be given by the Company and each seller of Registrable Securities with respect to any required registration or other qualification of securities
under any federal or state law or regulation of any Governmental Authority, other than the Securities Act or other applicable non-U.S. securities laws and to the underwriters, including any Qualified Independent Underwriter, if necessary.

 (e) Indemnification Payments. The indemnification required by this Section 2.7 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. 
 (f) Contribution. The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling
Person of such indemnified party and 

  

 17 

 
shall survive the transfer of securities. If the indemnification provided for in the preceding subdivisions of this Section 2.7 is unavailable to an
indemnified party in respect of any expense, loss, claim, damage or liability (including reasonable attorneys’ fees) referred to therein, then each indemnifying party, in lieu of indemnifying such indemnified party, shall be entitled to
contribution as more fully set forth in an underwriting agreement to be executed in connection with such registration, except to the extent that contribution is deemed not to be permitted under Section 11(f) of the Securities Act, or any
equivalent provisions of other applicable non-U.S. securities laws. In determining the amount of contribution to which the respective parties are entitled, there shall be considered the parties’ relative knowledge and access to information
concerning the matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and any other equitable considerations appropriate under the circumstances. 
 The Company and the Holders of Registrable Securities agree that it would not be just and equitable if contribution pursuant to this subdivision
(f) were determined by pro rata allocation (even if the Holders, Requesting Holders and any underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to
include, subject to the limitations set forth in the preceding sentence and subdivision (c) of this Section 2.7, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any
such action or claim. 
 Notwithstanding the provisions of this subdivision (f), no Holder of Registrable Securities or underwriter shall be
required to contribute any amount in excess of the amount by which (i) in the case of any such Holder, the net proceeds received by such Holder from the sale of Registrable Securities or (ii) in the case of an underwriter, the total price
at which the Registrable Securities purchased by it and distributed to the public were offered to the public exceeds, in any such case, the amount of any damages that such Holder or underwriter has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. 
 2.8 Adjustments Affecting Registrable Securities. The Company will not effect or permit to occur any combination
or subdivision of shares that would adversely affect the ability of the Holders of Registrable Securities to include such Registrable Securities in any registration of its securities contemplated by this Section 2 or the marketability of such
Registrable Securities under any such registration. 
  

 18 

 ARTICLE III 
 THE COMPANY UNDERTAKINGS 
 3.1 No Inconsistent Agreements. 
 The Company shall not enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders of the
Registrable Securities in this Agreement or grant any additional registration rights to any Person or with respect to any securities which are not Registrable Securities which are prior in right to or inconsistent with the rights granted in this
Agreement. 
 3.2 Rules 144 and 144A. 
 (a) So long as the Company shall not have filed a registration statement pursuant to Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act, the Company
shall, at any time and from time to time, upon the request of any Holder of Registrable Securities and upon the request of any Person designated by such Holder as a prospective purchaser of any Registrable Securities, furnish in writing to such
Holder or such prospective purchaser, as the case may be, a statement as of a date not earlier than 12 months prior to the date of such request of the nature of the business of the Company and the products and services it offers and copies of the
Company’s most recent balance sheet and profit and loss and retained earnings statements, together with similar financial statements for such part of the two preceding fiscal years as the Company shall have been in operation, all such financial
statements to be audited to the extent audited statements are reasonably available, provided that, in any event the most recent financial statements so furnished shall include a balance sheet as of a date less than 12 months prior to the date
of such request, statements of profit and loss and retained earnings for the 12 months preceding the date of such balance sheet, and, if such balance sheet is not as of a date less than 6 months prior to the date of such request, additional
statements of profit and loss and retained earnings for the period from the date of such balance sheet to a date less than 6 months prior to the date of such request. 
 (b) If the Company shall have filed a registration statement pursuant to the requirements of Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act, the
Company shall timely file the reports required to be filed by it under the Securities Act and the Exchange Act (including but not limited to the reports under sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c) of Rule
144) and the rules and regulations adopted by the Commission thereunder (or, if the Company is not required to file such reports, will, upon the request of any Holder of Registrable Securities, make publicly available other information except for
such material non-public information as the Company has a valid business purpose for not disclosing publicly) and will take such further action as any Holder of Registrable Securities may reasonably request, all to the extent required from time to
time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144, Rule 144A or Regulation S, or (b) any similar rule or regulation
hereafter adopted by the Commission. Upon the request of any Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with the requirements of this Section 3.2. 
  

 19 

 ARTICLE IV 
 MISCELLANEOUS 
 4.1 Term. This Agreement shall terminate on the date as of which (A) all of the
Registrable Securities have been sold pursuant to a registration statement or (B) the holders are able to sell their Registrable Securities pursuant to Rule 144(k) of the Securities Act (or any similar provision then in force) without
limitation on the amount of securities sold or the manner of sale. 
 4.2 Amendments and Waivers. This Agreement may be amended and
the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have obtained the written consent to such amendment, action or omission to act, of each of the Holders of
Registrable Securities. Each Holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any consent authorized by this Section 4.2, whether or not such Registrable Securities shall have been marked to indicate
such consent. 
 4.3 Notices. Except as otherwise provided in this Agreement, all notices and other communications pursuant to this
Agreement shall be in writing and shall be delivered in person, by courier, by e-mail (as long as the sender receives no non-delivery notice and the notice is followed by delivery in person, by courier or facsimile transmission), by facsimile
transmission (with oral confirmation of receipt) or by certified air mail (postage prepaid, return receipt requested, if available). All such notices shall be sent to the facsimile number, e-mail address or address (as the case may be) specified for
the intended recipient in Schedule 4.3, or to such other number or address as such recipient may have last specified by notice to the other parties. All such notices shall be effective upon receipt. 
 4.4 Assignment. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors and assigns. In addition, and whether or not any express assignment shall have been made, the provisions of this Agreement which are for the benefit of the parties hereto other than the Company shall also be for the benefit of and
enforceable by any subsequent Holder of any Registrable Securities, subject to the provisions respecting the minimum numbers or percentages of shares of Registrable Securities required in order to be entitled to certain rights, or take certain
actions, contained herein. 
 4.5 Descriptive Headings. The descriptive headings of the several sections and paragraphs of this
Agreement are inserted for reference only and shall not limit or otherwise affect the meaning hereof. 
 4.6 GOVERNING LAW. THIS
AGREEMENT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ALL MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE PRINCIPLES OF CONFLICT OF
LAWS. 
  

 20 

 4.7 Specific Performance. Without limiting the rights of each party hereto to pursue all other
legal and equitable rights available to such party for the other parties’ failure to perform their obligations under this Agreement, the parties hereto acknowledge and agree that the remedy at law for any failure to perform their obligations
hereunder would be inadequate and that each of them, respectively, shall be entitled to specific performance, injunctive relief or other equitable remedies in the event of any such failure (without posting a bond or other security). 
 4.8 Dispute Resolution. 
 (a) Any
dispute, controversy or claim arising out of or relating to this Agreement (including any provision of any Schedule or Exhibit thereto) or the interpretation, breach, termination or validity hereof, shall be resolved through consultation. Such
consultation shall begin immediately after one party hereto has delivered to the other parties hereto a written request for such consultation. If within 30 days following the date on which such notice is given the dispute cannot be resolved, the
dispute shall be submitted to arbitration upon the request of any party with written notice to the other parties. 
 (b) The arbitration
shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “Centre”). There shall be three arbitrators of whom each disputing party shall select one within 30 days after giving or receiving
the demand for arbitration, respectively. Such arbitrators shall be freely selected and the parties shall not be limited in their selection to any prescribed list. The chairman of the Centre shall select a third arbitrator to serve as presiding
arbitrator within 30 days of the selection of the second arbitrator. The third arbitrator shall be qualified to practice New York State law. If any arbitrator has not been appointed within the time limits specified herein, such appointment shall be
made by the chairman of the Centre upon the written request of any disputing party. 
 (c) The arbitration proceedings shall be conducted and
the award shall be rendered in the English language. The arbitration tribunal shall apply the Arbitration Rules of the Centre in effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this
Section 4.8, including the provisions concerning the appointment of arbitrators, the provisions of this Section 4.8 shall prevail. 
 (d) The hearing shall commence no later than 90 days following the appointment of the last of the three arbitrators and the award shall be rendered no later than 30 days following the close of the hearing. 
 (e) The arbitrators shall decide any dispute submitted by the parties to the arbitration strictly in accordance with the substantive law of the State of
New York and shall not apply any other substantive law. 
 (f) Consistent with the expedited nature of arbitration, each party will, upon the
written request of the other party, provide the other with copies of documents relevant to the 

  

 21 

 
issue raised by any claim or counterclaim. Other discovery may be ordered by the arbitrator to the extent the arbitrator deems additional discovery relevant
and appropriate, and any dispute regarding discovery, relevance or scope thereof, shall be determined by the arbitrator, which determination shall be conclusive. 
 (g) The parties hereby waive any rights of application or appeal to any court or tribunal of competent jurisdiction (including without limitation the courts of the United States, the Cayman Islands and the PRC) to the
fullest extent permitted by law in connection with any question of law arising in the course of the arbitration or with respect to any award made except for actions relating to enforcement of the arbitration agreement or an arbitral award and except
for actions seeking interim or other provisional relief in any court of competent jurisdiction. 
 (h) By agreeing to arbitration, the
parties do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings and the enforcement of any award. Without prejudice to such provisional
remedies in aid of arbitration as may be available under the jurisdiction of a national court, the arbitral tribunal shall have full authority to grant provisional remedies and to award damages for the failure of any party to respect the arbitral
tribunal’s orders to that effect. 
 (i) The award shall be final and binding upon the parties, and shall be the sole and exclusive
remedy between the parties regarding any claims, counter-claims, issues, or accounting presented to the arbitral tribunal. Judgment upon any award may be entered in any court having jurisdiction thereof. 
 (j) Subject to the receipt of any applicable governmental approval, any monetary award shall be made and promptly payable in U.S. Dollars free of any
tax, deduction or offset, and the arbitral tribunal shall be authorized in its discretion to grant pre-award and post-award interest at commercial rates. Any costs, fees, or taxes incident to enforcing the award shall, to the maximum extent
permitted by law, be charged against the party resisting such enforcement. The arbitral tribunal shall have the authority to award any remedy or relief proposed by each party pursuant to this Agreement, including without limitation, a declaratory
judgment, specific performance of any obligation created under this Agreement or the issuance of an injunction. 
 (k) This Agreement and the
rights and obligations of the parties shall remain in full force and effect pending the award in any arbitration proceeding hereunder. 
 (l)
All notices by one party to the other in connection with the arbitration shall be in accordance with the provisions of Section 4.3 herein. 
 (m) This arbitration agreement set forth in Section 4.8 shall be binding upon the parties, their successors and the permitted assigns in accordance with Section 4.4 herein. 
 4.9 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy on the part of a Holder of Registrable
Securities upon any breach or default of any party to this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach or default, or any acquiescence therein, or if in 

  

 22 

 
any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on the part of any Holder of Registrable Securities must be in writing and shall be effective only to the extent
specifically set forth in such writing and that all remedies either under this Agreement, or by law otherwise afforded to a Holder of Registrable Securities, shall be cumulative and not alternative. 
 4.10 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be an original and all of which taken together
shall constitute one and the same agreement. 
 4.11 Entire Agreement. This Agreement embodies the entire agreement and understanding
between the Company and each other party hereto relating to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter. 
 4.12 Severability. If any provision of this Agreement, or the application of such provisions to any Person or circumstance, shall be held invalid,
the remainder of this Agreement, or the application of such provision to Persons or circumstances other than those to which it is held invalid, shall not be affected thereby. 
  

 23 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their
respective officers thereunto duly authorized as of the date first above written. 
  

			
	SAMTUNG INVESTMENT LIMITED
		
	By:	 	/s/ Chen Yongcun
	Name:	 	Chen Yongcun
	Title:	 	Director

  

			
	S-YANGTSE HOLDINGS LIMITED
		
	By:	 	/s/ Wang Shaolan
	Name:	 	Wang Shaolan
	Title:	 	Director

  

			
	PARAWAY INVESTMENT LIMITED
		
	 By:
	 	/s/ Xu Qian
	Name:	 	Xu Qian
	Title:	 	Director

  

			
	LODWAY INVESTMENT LIMITED
		
	 By:
	 	/s/ Chen Yan
	Name:	 	Chen Yan
	Title:	 	Director

  

 24 

			
	ML GLOBAL PRIVATE EQUITY FUND,
	L.P.; BY MLGPE LTD., ITS GENERAL
	PARTNER
		
	By:	 	/s/ Mandakini Puri
	Name:	 	Mandakini Puri
	Title:	 	Managing Director

  

			
	MERRILL LYNCH VENTURES L.P.
	2001; BY MERRILL LYNCH
	VENTURES, LLC, ITS GENERAL
	PARTNER
		
	By:	 	/s/ Mandakini Puri
	Name:	 	Mandakini Puri
	Title:	 	Managing Director

  

			
	TONGJITANG CHINESE MEDICINES
	COMPANY
		
	By:	 	/s/ Wang Xiaochun
	Name:	 	Wang Xiaochun
	Title:	 	Director

  

			
	JOYFUL HUB LIMITED
		
	By:	 	/s/ Wang Meng
	Name:	 	Wang Meng
	Title:	 	Director

  

 25 

			
	RAYWILL HOLDINGS LIMITED
		
	By:	 	 /s/ Chen Jian

	Name:	 	 Chen Jian

	Title:	 	 Director

  

 26 

			
	SPARK VENTURES GROUP LIMITED
		
	By:	 	 /s/ Zhang Haitao

	Name:	 	 Zhang Haitao

	Title:	 	 Director

  

 27 

			
	JIA CHENG INVESTMENT LIMITED
		
	By:	 	 /s/ Hon Kwok Lung

	Name:	 	 Hon Kwok Lung

	Title:	 	 Director

  

 28 

			
	GLHH FUND I, L.P.; BY HILLHOUSE
	CAPITAL MANAGEMENT, LTD.,
	ITS GENERAL PARTNER
		
	By:	 	/s/ Lei Zhang
	Name:	 	Lei Zhang
	Title:	 	Managing Director

  

			
	GLHH FUND II, L.P.; BY HILLHOUSE
	 CAPITAL MANAGEMENT, LTD.,
 ITS GENERAL PARTNER

		
	By:	 	/s/ Lei Zhang
	Name:	 	Lei Zhang
	Title:	 	Managing Director

  

			
	HIMARK GROUP (HOLDINGS)
	COMPANY LIMITED
		
	By:	 	/s/ Eiji Tanaka
	Name:	 	Eiji Tanaka
	Title:	 	Director

  

 29 

 EXHIBIT A 
 ADDITIONAL SHAREHOLDERS 
 Samtung Investment Limited, a limited liability company organized and existing under the laws of
the British Virgin Islands, controls and beneficially owns 10,844,000 Ordinary Shares of the Company. 
 S-Yangtse Holdings Limited, a limited liability
company organized and existing under the laws of the British Virgin Islands, controls and beneficially owns 8,748,000 Ordinary Shares of the Company. 
 Paraway Investment Limited, a limited liability company organized and existing under the laws of the British Virgin Islands, controls and beneficially owns 5,400,000 Ordinary Shares of the Company. 
 Lodway Investment Limited, a limited liability company organized and existing under the laws of the British Virgin Islands, controls and beneficially owns 796,000
Ordinary Shares of the Company. 
 Raywill Holdings Limited, a limited liability company organized and existing under the laws of the British Virgin Islands,
controls and beneficially owns 90,364 Ordinary Shares of the Company. 
 Spark Ventures Group Limited, a limited liability company organized and existing
under the laws of the British Virgin Islands, controls and beneficially owns 180,728 Ordinary Shares of the Company. 
 Joyful Hub Limited, a limited
liability company organized and existing under the laws of the British Virgin Islands, controls and beneficially owns 542,184 Ordinary Shares of the Company. 
 Jia Cheng Investment Limited, a limited liability company organized and existing under the laws of the British Virgin Islands, controls and beneficially owns 180,728 Ordinary Shares of the Company. 
 GLHH Fund I, L.P., an exempted limited partnership organized and existing under the laws of the Cayman Islands, controls and beneficially owns 643,861 Ordinary Shares of
the Company. 
 GLHH Fund II, L.P., an exempted limited partnership organized and existing under the laws of the Cayman Islands, controls and beneficially
owns 2,575,443 Ordinary Shares of the Company. 
 Himark Group (Holdings) Company Limited, a company organized and existing under the laws of the British
Virgin Islands, controls and beneficially owns 3,400,000 Ordinary Shares of the Company. 
  

 30 

 Schedule 4.3 
 Notice 
  

			
	 Notice to the MLGPE:
 ML Global Private Equity Fund, L.P.
 c/o Merrill Lynch & Co., Inc.
 4 World Financial Center, 23rd
Floor
 New York, NY 10080
 Attn: Mandakini Puri
 Facsimile number: +1-212-449-1119
 E-mail Address: Mandy_Puri@ml.com
	 	 Notice to MLV:
 Merrill Lynch Ventures L.P.
2001
 c/o Merrill Lynch & Co., Inc.
 4 World Financial
Center, 23rd Floor
 New
York, NY 10080
 Attn: Mandakini Puri
 Facsimile number:
+1-212-449-1119
 E-mail Address: Mandy_Puri@ml.com

		
	 With a copy to:
 Merrill Lynch (Asia Pacific)
Limited
 17th Floor ICBC
Tower
 Citibank Plaza
 3 Garden Road, Central
 Hong Kong
 Attn: Chin Chin Teoh
 Facsimile number: +852 2161 7022
 E-mail Address:
Chinchin_Teoh@ml.com
	 	 With a copy to:
 Merrill Lynch (Asia Pacific)
Limited
 17th Floor ICBC
Tower
 Citibank Plaza
 3 Garden Road, Central
 Hong Kong
 Attn: Chin Chin Teoh
 Facsimile number: +852 2161 7022
 E-mail Address:
Chinchin_Teoh@ml.com

		
	 With a copy to:
 Cleary Gottlieb Steen &
Hamilton LLP
 39th Floor
Bank of China Tower
 One Garden Road, Central
 Hong
Kong
 Attn: David W. Hirsch
 Facsimile number: +852
2160-1060
 E-mail Address: dhirsch@cgsh.com
	 	 With a copy to:
 Cleary Gottlieb Steen & Hamilton
LLP
 39th Floor Bank of
China Tower
 One Garden Road, Central
 Hong Kong
 Attn: David W. Hirsch
 Facsimile number: +852 2160-1060
 E-mail Address: dhirsch@cgsh.com

		
	 Notice to the Company:
 Justin Chen

Tongjitang Chinese Medicines Company
 Rooms 06-07, 5th Floor, Block
B,
 Baiying Medical Device Park,
 Nanhai Dadao South, Nanshan
District,
 Shenzhen, Guangdong Province, PRC
 Facsimile number:
+86 755 2667 0096
 E-mail Address: jychen@chinahaidian.com
	 	 
		
	 With a copy to:
 David Zhang
 Latham & Watkins LLP
 41st Floor, One Exchange Square
 Eight Connaught Place, Hong
Kong
 Facsimile number: 852 2522 7006
 E-mail Address:
david.zhang@lw.com
	 	 

  

 31 

			
	 Notice to Samtung:
 Chen Yongcun
 Samtung Investment Limited
 Suite 4901, 49/F., Office Tower,
Convention
 Plaza, 1 Harbour Road, Wanchai, Hong Kong
 Facsimile
number: +852 2802 9506
 E-mail Address: cycchen@ciiltd.com.hk
	  	 Notice to Lodway:
 Chen Yan
 Lodway Investment Limited
 Flat 2106, Block R, Kornhill,
 Quarry Bay, Hong Kong
 Facsimile number: +852 2865 2583
 E-mail Address: jychen@chinahaidian.com

		
	 Notice to S-Yangtse:
 Wang Shaolan
 S-Yangtse Holdings Limited
 Suites 2701-2705 & 2715-2716,
 27/F., Two International Finance Centre,
 8 Finance Street, Central,
 Hong Kong
 Facsimile number: +852 2865 2583
 E-mail Address: wangsl@chinahaidian.com.cn
	  	 Notice to Paraway:
 Xu Qian
 Paraway Investment Limited
 7/F., Fu Zhong International Plaza,
 126 Xin Hua Road, Guiyang City,
 Guizhou Province, PRC
 Facsimile number: +86 851 551 6228
 E-mail Address:
cwxp@163.com

		
	 Notice to Raywill Holdings Limited
 Chen Jian
 Raywill Holdings Limited
 Flat F, 17/F., Block H, Fu Cheong Yuen,
 No. 16 Chi Fu Fa Yuen,
 Hong Kong
 Facsimile number: +852 2865 2583
 E-mail Address: Not available
	  	 Notice to Spark Ventures Group Limited
 Zhang
Haitao
 Spark Ventures Group Limited
 Room 3015, 30/F.,
Convention Plaza
 Apartments, Wanchai, Hong Kong
 Facsimile
number: +852 2865 2583
 E-mail Address: Not available

		
	 Notice to Joyful Hub Limited
 Wang Meng
 Joyful Hub Limited
 Flat D, 40/F., Tower Two, TheBelcher’s,
 89 Pokfulam Road, Hong Kong
 Facsimile number: +852 2865 2583
 E-mail Address: Not available
	  	 Notice to Jia Cheng Investment Limited
 Hon Kwok
Lung
 Jia Cheng Investment Limited
 Room 21B, No. 8, Tai Hang
Road,
 Hong Kong
 Facsimile number: +852 2865 2583
 E-mail Address: Not available

		
	 Notice to GLHH I:
 GLHH Fund I, L.P.
 c/o Walkers SPV Limited,
 P.O. Box 908 GT,
 Mary Street, George Town,
 Grand Cayman,
 Cayman Islands
 Attn: Lei Zhang
 E-mail Address: lzhang@gaoling.com
	  	 Notice to GLHH II:
 GLHH Fund II, L.P.

c/o Walkers SPV Limited,
 P.O. Box 908 GT,
 Mary Street, George Town,
 Grand Cayman,
 Cayman Islands
 Attn: Lei Zhang
 E-mail Address: lzhang@gaoling.com

  

 32 

			
	 With a copy to:
 Hillhouse Capital Management,
Ltd.
 Suite 1505-6, Albion Plaza,
 2-6 Granville Road,
Tsimshatsui,
 Kowloon, Hong Kong
 Attn: Tracy Ma
 E-mail Address: cfma@gaoling.com
	  	 With a copy to:
 Hillhouse Capital Management,
Ltd.
 Suite 1505-6, Albion Plaza,
 2-6 Granville Road,
Tsimshatsui,
 Kowloon, Hong Kong
 Attn: Tracy Ma
 E-mail Address: cfma@gaoling.com

		
	 With a copy to:
 Haiwen & Partners
 Suite 1711, Beijing Silver Tower,
 No.2, Dong San Huan North Road,

Chao Yang District, Beijing, 100027,
 P.R.C.
 Attn: Jiping Zhang
 Facsimile number: +86 (10) 6410-6928/29
 E-mail Address: Zhangjiping@haiwen-law.com
	  	 With a copy to:
 Haiwen & Partners
 Suite 1711, Beijing Silver Tower,
 No.2, Dong San Huan North Road,

Chao Yang District, Beijing, 100027,
 P.R.C.
 Attn: Jiping Zhang
 Facsimile number: +86 (10) 6410-6928/29
 E-mail Address: Zhangjiping@haiwen-law.com

		
	 Notice to Himark:
 Himark Group (Holdings) Company
Limited
 Suite A, 36/F
 Bank of China Tower
 1 Garden Road
 Central Hong Kong
 Attn: Samuel Kong
 Facsimile number: +852 2868-6981
	  	

  

 33

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